Thoughts from a Fort Lauderdale Realtor
Based on email and call volumes I would say interest in Fort Lauderdale real estate has really spiked up! In the absence of a specific posting topic today, I thought I'd give you some observations.
The first thing I want to point out is a trend I really see growing, the trend of price reductions! Price reductions can happen for a number of reasons. Sometimes properties are just listed too high, sometimes properties don't get the expected level of interest from buyers, and sometimes sellers panic. Whatever the reason, I'm seeing an awful lot of price reductions. Below is the inventory I monitor. For those of you new to this blog I basically cover an area north of 595, south of Oakland Park Blvd, and east of 95.
This is just the past 48 hours! 43 price reductions in 48 hours! That's amazing. A number of these reductions aren't small potato sized.
Something else that's surprised me is the slower pace of institutional buying. Typically institutional buyers are going to look at single family homes priced below $300,000 that they can purchase and rent out. They need to make sure these units rent for enough money that they cash flow positively. Though I haven't seen much data on it, my feeling is the rental market is leveling off, or possibly softening. This would impact institutional buying.
Open houses are back! The last couple of years the market felt rushed. Often times homes were selling before you could even host an open house. Buyers seem to be taking a step back and evaluating their options a lot more now than they were last year. This has led to busy open houses. Busy is good, it means there's a high level of interest!
The rapid rise in monthly condominium fees we saw over the last three years seems to be leveling off. This is a much needed relief for condominium owners that weathered the housing downturn. Unit owners that were paying, were forced to cover dues of unit owners who were not paying, in order to keep the budget. I'm hoping the fee's can come down as now almost all units should be paying monthly dues. That would really help the condo market in Fort Lauderdale.
My final thought is on existing construction versus new construction. You would expect the prices between new, and existing construction homes to be pretty wide. In a number of area's I'm seeing a thin spread in per square foot pricing between the two property types. You really have to look property by property, but there are certainly some deals to be found. This exists more on Las Olas Isles than anywhere else I can think of.
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, Pointsetta 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 to accommodate those with busy schedules.
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Written By Casey Prindle