Thoughts about Fort Lauderdale Real Estate for the New Year
It's that time of year when we can look back at what was, and look forward to what can be. For me that means looking back at a years worth of data and closed sales, and looking forward to an even stronger 2015. My business has been made entirely possible by you, my readers. Two years ago when I started this blog I had no clue where it would go. A few months into writing I wasn't even sure if anyone was reading (except Candace who I forced into subscribing, and Alyce who was my first real subscriber). Last year the blog kind of exploded. Seemingly overnight hundreds of people were visiting my blog daily. The growth has been almost overwhelming at times. Next year we're on pace to have over 1,000 subscribers to this blog, which is now more of a community.
Truly the most enjoyable part of this whole little blog experiment has been when I get to meet my readers face to face. I've probably dragged more than 100 readers to Brew Cafe to have a coffee with me. Many have resulted in real estate sales, all have resulted in friendship and good conversation. That's what's truly incredible about this blog. I owe my success, gratitude, and undying thank you's to all of you. For those of you that I haven't met with, or spoken to, I welcome the opportunity to do so in the coming year.
Most of you follow what I write because I tend to look at real estate for what it is, a commodity like any other. I make real estate more about math, and less about drapery or color choices. Certainly if you followed my monthly numbers posts (which are always the most popular blogs I write), we saw a year worth of really interesting data. In the last six month's we've seen inventory levels double. We've seen per square foot and median pricing find somewhat of a level trading range. We've seen days on market move from 70 to 100 days, then move down again. We saw the total number of sales softening, which is something we haven't been used to seeing.
When I look forward I'm still bullish on the Fort Lauderdale housing market, though I'm not a raging bull at the moment. You have to look at Florida, Fort Lauderdale, then the local housing market. If you look at Florida you'll see population growth. Florida recently overtook New York to become the third most populous state. You can't argue the fact that those new residents are going to need housing, that will help the housing market on both the state and local level.
When you look at Fort Lauderdale you can't ignore three fundamental happenings. First, the expansion of the airport. Seeming overnight I was contacted by more buyers from Sweden and London than I thought possible. Point being the longer haul flights are now coming into Fort Lauderdale directly, where they may have gone to Miami in the past. It's opened up a larger pool of second home real estate buyers. Additionally, improving economies in colder weather states and countries (I'm talking to you Canada), along with added flights. have led to more second home and investment buyers in Fort Lauderdale.
Second has been the expansion of Port Everglades. Fort Lauderdale will now be home to an intramodal facility. Basically you can go from cargo ship onto a rail car without having to put anything on a truck first. That's bringing a whole host of jobs to Fort Lauderdale in the logistics field. I'm hearing from large and small companies alike that are relocating employees to Fort Lauderdale on a seemingly daily basis.
Finally the courthouse in Downtown Fort Lauderdale. With a larger caseload being moved from surrounding towns there has been a tremendous need for office space. There's also a huge housing need for attorneys and support staff to live in Fort Lauderdale. As the courthouse gets closer to completion the need to house all who depend on the court system for employment will grow.
I do believe we're going to see prices flatten, or possibly pull back in the first quarter. This will likely be a function of inventory. Buyers will be able to negotiate on price easily in the beginning of the year due to high levels of inventory. As always, properties priced well will continue to move, there's a lot of overpriced junk in the available inventory. If we see loosening mortgage standards, or relaxed down payment requirements on condo's, I do see a large number of buyers coming off the sidelines. Part of the story in the coming year will have to do with how lenient the banks become. That's something I have absolutely no way to predict.
Have a happy and safe New Year.
I work as a Realtor in Southeast Fort Lauderdale. If you’re interested in buying or selling a home, condominium, or townhouse (townhome) in: Rio Vista, Victoria Park, Downtown Fort Lauderdale, Fort Lauderdale Beach, Sailboat Bend, Tarpon River, Croissant Park, Collee Hammock, Wilton Manors, Oakland Park, Poinsettia Heights, Coral Ridge, or Las Olas Isles, please feel free to contact me at (786)443-7203 or through my email firstname.lastname@example.org. I am a Realtor that works on Saturdays in order to accommodate those with busy schedules.
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Written By Casey Prindle