The post below is by Steve Roberge, my South Florida contributor writing about market conditions in Ft. Lauderdale. Interesting information, and counter to what you may think. Steve is a top producing agent with Coldwell Banker in Ft Lauderdale. He was with my office in Boston before moving to Florida and has been very active in real estate in Boston, Ft Lauderdale and Provincetown. Enjoy. Steve will be a regular contributor to the blog. Steve can be reached at [email protected].
In addition to Fort Lauderdale, six other Florida markets (Miami, Orlando, Fort Myers/Cape Coral, Sarasota and Lakeland/Winter Haven) dominate the Top 10 list, based on 3rd quarter 2011 data. All of these markets have experienced significant reduction in inventory, median price appreciation and the length of time a property sits on market for sale. Also, Florida has a lower unemployment rate and the warm climate makes it an ideal location for vacation/second home. With a decline in the US dollar, Florida has seen a steady flow of foreign buyers taking advantage of both their currency purchase power and the depressed real estate market, scooping up properties at much lower prices.
The Fort Lauderdale Real Estate market inventory has reduced by as much as 38% and real estate prices are trending upward after falling as much as 50% since 2005.
In summary, the real estate market seems to be in a recovery mode. Buyers who are on the fence about buying or convinced prices will continue to fall, may want to reconsider. Interest rates are at historic lows and now be the perfect time to jump in. Besides… the weather is great!!