Market Update  - June, 2007

One waterfront home sale has been reported for 2007.  A four bedroom, two bath home in the "Harbor Beach Fixed Bridge" neighborhood has closed for $1,130,000.

So far there have been 184 waterfront homes sales recorded for 2006.  The number of 2006 sales will be a little over 50% of the 2005 total and the median price will be very close to the median for the 2005 sales;  however, the average price will probably end up being a lot lower in 2006 than the average selling price in 2005 because there were so many more sales over $6M in 2005 (11) than in 2006(2).

The number of waterfront homes in the Multiple Listing Service "For Sale" east of Federal Highway as of 1/01/2007 was 340 - priced from $585,000 for a home on the Middle River with one fixed bridge to the Ocean to the highest priced: the estate on the island point of SE 10 Street in Rio Vista with direct ocean access, no fixed bridges to the Ocean, for $35M. 

There are 13 single family properties with sales pending today.   In the first three quarters of 2006, 20 per cent of the closed waterfront single family home sales closed for more than $3M.  In 2005, the figure was 13 per cent.  Also in the first 3 quarters of 2006, 13 per cent of the single family home sales sold for less than $1M compared with 8.4 per cent that sold for under $1M in 2005. 

Recreational boaters need to find good homes for their crafts.  There are rental docks for boats of 100 feet and up.  There is very little rental dockage for the boats of 80 feet and less --- and the dockage that is available is very costly.  Better to buy a house, a condo, or a townhouse with dockage and enjoy the  appreciation while you also enjoy all that the water has to offer - a trip to the Bahamas, fishing off shore , or a trip to Shooters - it's always fun time in Fort Lauderdale on the water!

And NOW is "OPPORTUNITY TIME" for buyers.  Selection is great. There are over 300 single family properties for sale plus condos, co-ops and townhomes-- And prices are not going up QUITE as fast  as in the past several years. 

Buyers need to take advantage of this LULL IN THE MARKET or they will soon be lamenting "I could have bought this for ----". 

Sellers need to HIGHLIGHT EVERY ASSET of their property in the competition for a buyer for their property.

 "Pending Sales" is the forecaster of things to come.  When a buyer and a seller agree to the terms for a sale (closing date, price, mort., inspections, etc.) , that property becomes a "pending sale" in the Multiple Listing Service.  Not all "pending sales" become closed sales.  Sometimes the terms are not be met and there is no sale.  If the terms are met, the sale on the property usually follows within 7 to 45 days. (New construction some times takes a year or more)

There are 12 properties with sales pending as of 6/15/07.  Listing prices for these pending sales range from $879,000 to $6.25M with a median listing price of $1,799,000

As of the 15, June 2007, there were 184 single family waterfront home sales recorded for 2006. and the median sale price is $1,750,000.  There is one sale recorded for 2007.

Two sales topped $8M,

There were 340 waterfront homes for sale on 6/14/07,  Listing prices range from $585,000 to a RECORD-BREAKING HIGH OF $35M(see "Single Family Homes"  then "Rio Vista").   The median listing price is $2,295,000

See "Single Family Homes" on the left for properties FOR SALE by neighborhood.

 See "Single Family Sales" on the left for the sale information of waterfront properties by neighborhood..

2005 - another record setting year for single family home sales! 

FORT LAUDERDALE  MULTI FAMILY

CONDOS,  CO-OPS,  TOWNHOMES EAST OF US 1

UPDATE - 06/14/07

  As of 06/15/07, in the past 10 days there have been 48 asking price changes in these areas and for these properties. 

40 were changes to lower asking prices; 8 were changes to higher asking prices

ALSO

2005 - another record setting year for condominium and townhome sales! 

According to Gleb Nechayev, senior economist with Torto Wheaton Research, about 4,700 new condominiums units were completed in 2005 and about the same number will come on the market this year.  Several of the new buildings in the downtown area which were built to be rental units have instead become condominiums units.

Many of these units were purchased by individuals who intended to re-sell ("flip").  Some have made a good return on their investment:

Fort Lauderdale

        Steeped in history, the Broward County area is a wonderful place to live and work. Residents of this county enjoy the benefits of a vibrant regional economy, charming, family-friendly neighborhoods, and unparalleled natural resources.  In less than a century, the land once known as "unfit for human habitation" has been turned into the home of over a million people as well as the winter residence for tens of thousands more. 

      Today's Broward county is very much a product of the industrial age. With the founding of the railroad and air conditioning, south Florida and Broward county became ripe for settlement. Henry M. Flagler, the railroad's founder, needed to find prospective buyers to reap a return on the state and private lands which he'd been given in return for laying the rails. He sought immigrants both in the North and the South. He found them easily. Swedes from the Northeast formed the nucleus of Hallandale, and Danes from the Midwest founded Dania. Southern farmers, lured by better land and milder winters, joined the Swedes and Danes, and founded the cities of Pompano and Deerfield.