Fort Lauderdale Real Estate shopping ? The first subject we might want to discuss is pricing. A good honest conversation about pricing will go a long way if you are thinking about buying property in the Fort Lauderdale Real Estate market. The premiss is simply what type of budget am I comformortable with as a Fort Lauderale Real Estate buyer, and what to we think are the best deals out there in your price range as Ft Lauderdale Realtors.
It is not unusual for people coming to look at Fort Lauderdale Real Estate to experience sticker shock. We are no longer the home of inexpensive Fort Lauderdale Beach front properties that you saw on vacation here ten years ago. The local real estate market has been experiencing strong price increases for many years, however, since hurricance Wilma and the national slow down of the real estate market we have seen a major change. A market that was as hot as the Fort Lauderdale Real Estate market has a long way to correct after years of huge increases.
The change for the time being has created a buyers market in Fort Lauerdale Real Estate. In the Fort Lauderdale Real Estate market the offers we see coming together as deals have come down, but sincerely I do not expect this to last, as inventory will be tightening. What makes the Fort Lauderdale Real Estate and Broward County Housing as a whole different from other areas of the country is simply, we are out of land. Being totally built out, the supply of property will sooner or later tighten, and we expect prices to stabilize and start the next upward cycle. As a general rule of thumb, properties in South Florida are valued based on proximity to the beach and waterfront, no different from that famous rule of real estate, location, location, location.In Fort Lauderdale Real Estate, porxmity to the things that have make this city famous, result in locatiom, location, location.
Fort Lauderdale Waterfront properties are priced based on the type of boat which can be housed in the waterway, proximity to the ocean, and waterfront footage. It is not usual to find deep water, no fixed bridge Ft Lauderdale Waterfront building lots selling for in excess of $500,000. In contrast, fixed bridge Ft Lauderdale waterfront homes, where only small boats may enter may be found in the $250,000 range. When in comes to Fort Lauerdale Condos, proximity to the water and water views, rank high on peoples wish list. In general exsisting condominiums are selling from $200 - $300 a square foot. In older buildings, where some work may needed to update the unit, $175 a square foot is a possibility. Brand new condominiums, In the Ft Lauderdale Condo market are rare. There is no new Fort Lauderdale Condominium Construction underway, or planned at the current time. The Ft Lauderdale Condos finished over the last two years were built to sell for over $500 a square foot and up, over the last year these buildings closed out under $400 a square foot. If you’re looking to be near the beach finding a 2 Bedroom/2 Bath condominium in a full service building for under $350,000 is becoming more and more difficult. When it comes to single family homes similar situations apply, and is common to find 1300 sq. foot renovated homes selling for over $300,000 - remember these are huge generalizations just to give an idea of pricing in the Fort Lauderdale Real Estae market – there are indeed exceptions to every rule, and we will do our best to come up with ideas to satisfy any wish list, and budget.
In Fort Lauderdale Real Estate we tend to define close to the beach differently than people from elsewhere in the country. Finding 2 Bedroom/2 Bath condominiums within 3 miles of the beach can change your price point dramatically, and they can be realistically found in the $150,000 to $300,000 range. Thinking of an over 55 community or being even a little further from the beach – we can still find properties in under $150,000
Please do not be shy – feel free to ask any real estate question that comes to mind we will do my best to provide you with an accurate answer. Over the next 6 months to a year buyers will certainly be picking up some bargains in South Florida and it is our job to help you spot those bargains.Thank you for spending the time reading this and I hope it has been helpful with your hunt for a home in Fort Lauderdale. A great starting point is our link diretly to the Fort Lauderdale MLS.
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