Many people love this area due to the cultural flair, arts events, close proximity to the beach and I-95, and the amenities offered in this district.  The Broward County Convention Center is located just 1/2 mile away from here, and residents have only a 5 minute drive to I-95 for commuting.

Las Olas is about 1 mile from the beach, and some condo buildings here offer dockage for those residents with boats.  Many of the condo communities allow residents to lease with few restrictions.  You can search for the best condos for sale on Las Olas and in the surrounding area with our quick property search tool here.

Search Las Olas Condos for Sale

Good news for home buyers and real estate investors in South Florida today.  The future looks bright for the Broward County real estate market in 2012 according to a few newly published statistics in the Sun Sentinel today.  Home prices are increasing, more houses are selling, and the growing competition for well priced homes may keep it that way for awhile.  We’re seeing a light at the end of the tunnel, and it’s not a train.

Last month, we posted on the encouraging real estate trends we have seen over the past two months and the subtle upturn that occurred in November 2011.  In January, we posted on the upward trend we predict will occur in the Fort Lauderdale real estate market.  Today, the Sun Sentinel published some statistics which support our claims and expectations for the real estate market in 2012.

As of today, the median home price in Broward County is $176,000, a significant increase from last year.  Homes for sale in Broward County have increased in price by approximately 15% since January 2011, partially due to decreased inventory and the growing competition for the existing homes for sale on the market.  Home buyers often find themselves competing for a home and putting in multiple offers before having one accepted.  Short sale homes are being sold for significantly more than the bank’s asking price, which is stimulating the real estate market in this area.

Even more encouraging is the fact that more homes are selling.  This year, there has been a 6% increase in home sales in Broward County.  There has never been a better time to buy property in Fort Lauderdale, Boca Raton, or surrounding areas due to low interest rates, local government supported buyer incentives, the growing rental market, the FHFA Incentive, and the Fannie Mac Financing options.  Home buyers and investors alike have noticed the advantages, and the homes for sale in Broward County are selling faster now.

This shift changes the game for many clients who come to us with the expectation of buying property for very low prices.  Most of the time, the competition for property drives home prices up beyond the approved short sale price.  The article below outlines the story of a buyer who paid $426,000 for a foreclosure townhome when the bank’s asking price was only $410,000.  This is a typical scenario these days in a real estate market that seems to be making a slow but steady  comeback.  If you are in the market in search of the best priced home for sale in Fort Lauderdale or surrounding areas in Broward County, be aware of this positive market shift.  Buying a property here has become much tougher than it was as year ago, and you need to make a strong offer to be considered.

Of course, cash is always king.  Cash buyers have a significant advantage over buyers who finance a property, often acquiring the property for less than the financers’ offers.  If you are a cash buyer, use your advantage to purchase the best properties in the area in 2012.  The rental market in this area is excellent, particularly in university areas like FAU, NSU, and BCC.  Multi-family properties are tough to find these days for the same reasons:  competitive market, decreased inventory.  The number of clients we have looking for duplexes and triplexes has tripled over the past three months for these reasons-the inventory is low for multifamily properties.

You can read more highlights on the real estate market forecast for this year in this article, which examines these new statistics in relation to the Boca Raton real estate market.

http://bocaratonforeclosures.net/2012/02/real-estate-market-news-home-sales-increase-competition-fierce/

The FHFA has announced that investors can now begin the pre-qualification process during the initial pilot phase of this program, which will allow Fannie Mae to identify investor interest in various assets.  The pilot phase will also allow Fannie Mae to identify any problem areas in effort to streamline the qualification process and measure the impact of the program in larger, metropolitan areas.  Qualified investors will then be able to purchase pools of foreclosure properties for rental purposes to stimulate growth in specified metropolitan areas.

“This is an important step toward increasing private investment in foreclosed properties to maximize value and stabilize communities,” said FHFA acting director Edward DeMarco. “I am grateful for the collaborative effort by the many stakeholders including investors, nonprofit organizations, and state and local government officials, who have worked together on this Initiative.”

Investors will have to meet the following criteria and will also sign a confidentiality agreement surrounding this incentive:

(a) financial wherewithal to acquire the assets;

(b) sufficient experience and knowledge in financial and business matters to analyze and bear the risks of the investment opportunity

(c) agreement to keep certain information about the REO and related matters confidential. Interested investors can register at FHFA’s REO Initiative page to pre-qualify

South Florida will likely be one of the first areas where this bulk REO Incentive could begin to take place. The South Florida metropolitan area is home to over 5 million people, and the real estate economy here suffered tremendously from 2006-2011.  There are many foreclosure homes on the market for sale in Fort Lauderdale, and we feel confident that this is a great area to invest in rental property.  Distressed properties represent approximately one quarter of all real estate sales right now, and there are many foreclosure properties being held back by banks which will likely be available soon.  Though we are beginning to see some significant improvements, we speculate that investors will be interested in qualifying for bulk rental properties here.  If you are interested in pursuing pre-qualification for this initiative, please contact us today.

The houses in Coral Ridge Country Club are typically ranch or Mediterranean style homes on larger than average lots.  There are dry lots and waterfront lots available, with most waterfront homes offering private dockage on deep water canals.  The homes for sale in Coral Ridge CC typically run anywhere from $425,000 to $3,995,000.  The houses here typically feature higher end features such as marble floors, crown molding, and custom closets.  Some are located on point lots overlooking the Intracoastal Waterway.  Currently, there are several pool homes on dry lots available for short sale for significantly less than market value.

There is an 18 hole, Robert Trent designed golf course within the community.  Golf lovers and golf starters alike will enjoy the beautiful, tree lined streets and this challenging golf course.  There are 11 tennis courts at the country club including 9 clay courts and 3 hydro courts for tennis lovers.  Last but not least, there is a junior olympic size swimming pool for members and guests to enjoy.  The country club offers a grand ballroom and dining for members and guests during special events.

Coral Ridge Country Club is one of the best family neighborhoods in Fort Lauderdale.  Not only are the homes here close to the beaches and surrounding entertainment, it is very close to some of the best schools in the state of Florida.  Pinecrest, a nationally renowned private school, is located just a mile or two away.  Bayview elementary school here is an A+ rated school located nearby, and Harbordale Elementary is also close to the community.

The houses for sale in Coral Ridge Country Club represent some of the finest real estate available in Fort Lauderdale.  There is nothing better than living near the beach, downtown, A rated schools, and nearly any other resource you might imagine.  If you are a golf lover, a boater, or a family looking for the best location to live, consider Coral Ridge Country Club.  You won’t be disappointed!

http://articles.sun-sentinel.com/2012-01-25/features/fl-foreclosure-sales-palm-20120125_1_distressed-homes-foreclosure-sales-distressed-properties

I recently read an article on the improvements in the real estate market, and the commenter negativity towards this claim amazed me.  One such commenter who claimed to be from “Yale,” (the people that I know who go to Yale don’t go around telling everyone who will listen, but we digress) claimed that real estate agents are less than honest because they’re trying to sell real estate.  He perseverated on this point in response to other commenters and called the real estate projections bogus due to the less than honest intentions of real estate agents.  Not only was this somewhat surprising, it is inaccurate.

There is no one better informed about the current state of the real estate market than real estate agents.  Hardworking agents who are experienced and seasoned in listing and selling homes, especially during the recession, are the people who can tell us the most about the state of the real estate market.  From the number of leads per day to the average number of contracts per home to the number of days that well priced listings are on the market, the good agents out there can tell us what will happen in the market before the rest of the world knows.  They support their families based on real estate activity, and these professionals’ livelihood depends upon the health of the real estate market.  Therefore, I see no  one more qualified to validate the real estate statistics than the front linemen-real estate agents.

Note that I am not talking about the real estate agents who are less than professional, don’t return phone calls, or don’t seem to know the market.  There are poor excuses for professionals in every line of work, and real estate is no exception.  You should choose your own agent based upon experience, professionalism, and whether or not you feel comfortable working with that person.  Otherwise, don’t waste your time with any slack professional.

Now, back to our point about the market.  Our claims about the market are in line with the statistics and the Sun Sentinel article this morning, which reports that distressed housing represents about a quarter of real estate sales in the Fort Lauderdale area.  This is much less than what it was one year ago, when distressed housing accounted for a whopping 38% of real estate sales.  In fact, foreclosures have fallen in Palm Beach County by an amazing 58% since 2010.  These are optimistic numbers that lead us to believe that our real estate market in Fort Lauderdale is beginning to recover.

Yes, we said recover.  Houses for sale in Fort Lauderdale seem to be selling more quickly (unless the owner prices the home above market value to stave off a short sale or just because he/she doesn’t understand the true value of the home), and clients are having to reduce the home price less often.  We often see clients having to put in 4-6 contracts before actually having an offer accepted by the bank or the owner.  Last year, this simply wasn’t the case.  Homes for sale in Fort Lauderdale stayed on the market for longer periods of time, and offers were few and far between.  Price reductions helped increase traffic, but many clients were forced to short sale their homes anyway.  We are seeing fewer clients resort to short sales and more clients getting asking prices for their properties.

Is there a back log of foreclosure homes?  Yes, but this isn’t a bad thing.  We need more homes on the market here-finding a foreclosure home to buy used to be an easy task, but it’s not anymore.  Our clients are having to look for much longer and compete much more for the foreclosure homes for sale in Fort Lauderdale.  We welcome the new (old?) distressed property inventory, and our buyers will, too.

Condos sales in Fort Lauderdale have picked up, but Miami, Tampa, and West Palm Beach have picked up more.  We see the same pattern mentioned above with condo sales here, particularly for the waterfront condos in Ft Lauderdale and on Las Olas.  If you’re in the market for a condo, location seems to moderate the statistics in that area of real estate.  The rental market is booming in Fort Lauderdale, and now is the time to invest in one of the distressed condos or houses for sale in Fort Lauderdale.

You can read our own article reporting the statistics which support an optimistic real estate forecast for 2012 here.  Laugh if you will, but our clients are laughing on their way to the bank.

Coral Ridge Isles is well known for being one of the best family residential areas in Fort Lauderdale.  This community consists of 1000 homes, with 400 of these homes being located on waterfront lots and 600 located on quiet residential streets.  The waterfront homes here usually  offer pools and private docks with ocean access and 1-2 fixed bridges.  Nautical lovers will love living here while keeping their boats in the back yard.  These are truly some of the best houses for sale in Fort Lauderdale.

Coral Ridge Isles is surrounded by both public and private A rated schools.  The centerpiece of this community is Floranada Park, which is owned by Floranada Elementary and operated by the city.  Floranada Elementary is an A rated public school which is well known for the 14 million dollar campus including state of the art classrooms, library, and dining facility.  This elementary school is the choice for most residents in Coral Ridge Isles and is a magnet for family sporting and entertainment events.

Coral Ridge Isles also neighbors one of the most prestigious private schools in Florida, Pinecrest.  This nationally recognized school is located on Cypress Creek Road on the north side of the community.  Some of the children in this area are within walking distance to Pinecrest.  The community also located very close to another excellent, A rated private school, Westminster Academy.  This school is located on the east side of the Coral Ridge Isles Community.  Coral Ridge Isles is one of the best family neighborhoods located close to the best A rated schools in Fort Lauderdale.

Coral Ridge Isles has a low cost Homeowner’s Association that is voluntary.  Homeowners have the option of paying low cost fees to benefit from being part of the HOA, but this is not mandatory.  There are many community events including soccer, baseball, and sand volleyball games held at Floranada Park, the central family point of the neighborhood.

The homes here are typically ranch style, one story homes with well manicured lawns. Houses for sale in this Ft Lauderdale neighborhood range anywhere from $209,000 to 750,000 depending upon size and lot type.

There are several waterfront homes for sale in Coral Ridge Isles below $400,000, including one 4 bedroom, 3 bathroom, 2 story family pool home.  This beautiful home is located on a canal with ocean access and one fixed bridge.  It is in excellent condition with over 2700 sq of living area and a beautiful pool overlooking the waterway.

There are several other waterfront homes for sale in Coral Ridge Isles below this price point with fewer than 4 bedrooms, and most of them are in excellet shape with minimal need for repairs.

If you are in the market for a new home, consider Coral Ridge Isles.  You can’t beat the location, and the prices are very affordable considering the high quality of the area.  A comparable neighborhood nearby is Imperial Point, another excellent family neighborhood.  Homes for sale in Imperial Point run around the same as Coral Ridge Isles, and it neighbors the same excellent public and private schools.  For more information on Imperial Point homes for sale, check out our article from yesterday.

Search Fort Lauderdale Real Estate for Sale

Imperial Point homes are known for their charming architecture, larger lots, tropical lawns, and close proximity to the finer amenities of Fort Lauderdale.  Most have in ground pools and two car garages with private, fenced yards. There are both dry lot homes and waterfront homes located on ocean access canals with private docks and one fixed bridge in Imperial Point.  Boat lovers can have it all:  live in a family neighborhood near the beach while docking the boat at home for an affordable price.  Most homes in Imperial Point cost an average of $200,000 to over $500,000 for the waterfront homes in the neighborhood.  Currently, there are two single family homes for sale in Imperial Point located on waterfront lots with ocean access that are listed under $400,000.  Both of these listings are in excellent shape with no true need for improvements.

The most expensive home for sale in Imperial Point as of January 23, 2012, is a remodeled 3 bedroom, 2 bathroom pool home for $510,000.  This home is located on a quieter street outside of the mainstream traffic in Imperial Point, and it includes some of the finest upgrades available.  The home is also situated on a larger lot, making this a more valuable property investment in the Imperial Point community.  The least expensive home in Imperial Point is a bank owned 3 bedroom, 2 bathroom home located on the northwest side of the development.  Though this home needs some work, it would be an excellent investment for an investor or first time home buyer looking to gain some serious equity in their new home.

Imperial Point is located close to two of the best schools in the state of Florida.  If you have children who will be attending school in the area, you should know that you have excellent choices for both private and public schooling in this neighborhood.  There are some areas of Imperial Point that are within walking distance to Bayview Elementary School, an A rated public elementary school in this area.  Bayview has won several national recognition awards for excellence and is widely known as one of the best public elementary schools in the state of Florida.  On the other end of the financial tuition spectrum is Pinecrest Day School, another nationally recognized school which produces a record number of scholars and athletes.  Imperial Point is a located very close to Pinecrest, with some of the schools on the north end of the Imperial Point development being within close walking or biking distance to this school as well.  Families with children in Imperial  Point will be glad to know that they have two excellent choices, both public and private schools.

Our favorite pick of the day in Imperial Point is a beautiful, two story home located on the west side of the development.  This 4 bedroom, 3 bathroom home is a beautiful yellow brick house with impeccably designed interior and a tropical style deep water pool in the back.  We love the colonial feel of this home, combined with the hardwood flooring, fireplace, and new picture windows.  This is one of the many houses for sale in Fort Lauderdale that have been reduced in price, and this home is currently listed for $400,000.  If you want to live in a traditional style, 2 story home in Fort Lauderdale near the beach without compromising the feel of a family neighborhood, this home may be for you.  The property taxes are in the moderate price range without claiming a Homestead exemption, so you have the ability to lower these taxes if you decide to claim Homestead exemption on this property.

Here are a few photos of our favorite single family home for sale in Fort Lauderdale this week:

That’s it for our Florida real estate pick of the week!  Imperial Point is one of our top choices for family neighborhood living, especially for our clients who want to live near the beach or downtown areas.  If you would like to look in a different area of Fort Lauderdale, there are plenty of other well priced homes here. You can search for those here:

Search all listings in Fort Lauderdale

Meet us here again next week for more of our favorite homes and condos for sale in Fort Lauderdale FL!

The City of Sunrise will reimburse homebuyers up to $2000 for select improvements to a newly purchased single family foreclosure or short sale home in Sunrise, FL.  This innovative New Homebuyer Incentive Program is an effort to attract new residents to Sunrise and benefit existing residents by helping to improve the appearance and property values in the surrounding neighborhoods.  To search for available properties in Sunrise, FL, click the link below or read more for further details regarding this new home buyer incentive in Sunrise, FL.

Search all listings in Sunrise

If you happen to find a home for sale in Sunrise that is also approved or Fannie Mac HomePath Mortgage and Renovation financing, you could put as little as 3% down on a home or condo for sale there and be reimbursed for much of that cost with this new Homebuyer Incentive Program.  Now that’s food for thought!  This initiative should spark home sales in that area and improve the homes and condos conditions there over the next several years.  This is one of the many newer incentives that we have seen happen for home buyers and investors in 2012.

Note that this new initiative is geared toward home buyers who plan to live there as their primary residence only.  This is not an initiative that will benefit investors, which makes sense since distressed home sales make up the bulk of the real estate sales in Fort Lauderdale now anyway.

Here is the remainder of the memo sent out to Fort Lauderdale realtors this afternoon:

We based our single family home picks on a combination of price, location, neighborhood surroundings, home size, and lot size.  Because most buyers want a single family home with an in ground pool and a fenced in back yard, we made these factors part of our search criteria for the best homes for sale in Ft Lauderdale.  If this is not one of your own search criteria, then this list could be very helpful for comparison purposes when you search for your property.

Our search criteria for condos for sale in Fort Lauderdale was similar.  Currently, the average selling price for a condo in Ft Lauderdale is around $83,000. Therefore, most of our picks are relatively close to that median price, with the highest condo price in this list being $125,000.  Most of our clients prefer condo buildings with low maintenance fees near waterfront in the Fort Lauderdale area, so we made association/maintenance fees less than $400/month part of the search criteria for the best condos for sale in Fort Lauderdale.  There are a few large, one bedroom oceanfront condos for sale in Fort Lauderdale that happen to fall under this price.  If you’re willing to look at these units, then you may find yourself with an oceanfront home for under $125,000 these days.

There are a few properties here that are approved for Fannie Mac Homepath Mortgage and Renovation financing.  This is a great way to purchase a home or condo for sale while reserving your cash supply since buyers can often buy these properties for as little as 3% down.  These are a great deal for most people, so we be including some approved properties.

We will also be releasing a list of our top multi-family homes for sale in Fort Lauderdale on a weekly basis.  This is a great way for any home buyer to live while renting the other units out to pay mortgage with just one tax bill.  Investors are also finding that the rental market is excellent right now, and multi-family homes are a great way to establish a consistent cash flow.  Our search criteria for these properties are price and size of course, but also building integrity and cleanliness, typical occupancy rates, taxes, and location.  Many renters depend upon public transportation to get to their place of work, and it is convenient when the property is located near one of these transportation stops.

Foreclosure or bank owned multi family properties in Fort Lauderdale are sometimes approved for Fannie Mac HomePath Mortgage and Renovation Financing, too.  Not only can buyers purchase these properties for as little as 3% down, they can use the special renovation financing to upgrade the property, gain equity, and increase the chances of generating a consistent rental cash flow.  If you are interested in purchasing a duplex or triplex in the Fort Lauderdale area, we suggest reviewing our lists for comparison purposes as you shop around the real estate market here.

We look forward to sharing the properties that we think are the best homes, condos, and multi family properties in the Fort Lauderdale area.  If you have any questions or wish to contact us, feel free to do so through this site.  Be sure to request your free list of foreclosure properties, too.

1.  Florida existing home sales rose 11% y/y in November, moderating slightly from the 13% y/y increase in October.  Though metro areas may lag behind the state sales rate, Ft Lauderdale real estate is in high demand by investors and international buyers. The state sales rate increase is encouraging, and our level of sales activity is consistent with this information.

2.  Good news!  Bank repossessions in Florida are down 33% in November according to RealtyTrac.  This is a good indication that perhaps fewer homeowners and investors are going upside down on their mortgage payments.  However, it could also be a sign of massive foreclosure delays due to improper documentation have falsely deflated the number of foreclosures, in which case it would be too early to celebrate.  Time will tell, but the fact that income rates in the Miami and Fort Lauderdale areas are expected to rise would suggest otherwise.  Our hope is that increased income levels in the area will support home ownership.

3.  More specifically, South Florida sales increased by 14% in November 2011.  This is exciting news for those of you with Fort Lauderdale homes to sell.  We can thank international buyers who have come to this area in search of a primary or secondary houses for sale in Ft Lauderdale.  These buyers typically purchase homes with all cash transactions, causing a significant sales increase during the month of November.   In Miami 64% of re-sales were all-cash transactions up from 62% a year ago, according to Dataquick. Meanwhile, CentralFlorida sales rose 10% y/y (versus +14% y/y in October), while North Florida sales rose 15% y/y (versus +9% y/y in October).

4.  Statewide median prices held steady in November, an improvement over the trend we saw in October 2011.  Statewide foreclosure delays would suggest that the price stabilization is temporary.  Though the statewide unemployment rate is 10%, the unemployment rate in the Fort Lauderdale and Miami metro areas is lower at 9%.   This rate is expected to decrease again in 2012, which may help offset the effects of the looming foreclosure backlog.  Buyers who have more cash in pocket are more likely to buy when interest rates are as low as they are right now.

5.  Florida condominium sales rose by 2% to 5,590 units in November 2011.  Though Fort Lauderdale condo sales decreased by 1%, West Palm Beach condo sales increased 19% y/y, and sales in Tampa rose 8%. Even more interestingly, Miami sales improved 2% y/y.  Fort Lauderdale condos for sale do continue to sell if priced well enough, and even then Fort Lauderdale condo prices have increased by 19%.  Even better is the fact that statewide condo prices rose by 4% in November to $86,700.

6. Real estate listings in Florida key markets are down, but the reasons for this remain unclear.  It could be that a temporary decrease in bank owned real estate listings have defrayed the number while the “shadow” inventory grows larger.  It could also be that the severe negative equity situation for many real estate owners is slowing down the listing rates.  The monthly supply of real estate listings in most major metro areas in Florida (Orlando, Tampa, Broward, Dade) are all below the national average of 7.6.  Then again, the number of mortgages not being paid in Florida are higher than the national average.  Again, we suspect that negative equity and foreclosure delays have deflated the real estate listings number.  We have read that there is about a 19 month backlog of statewide distressed inventory, not including bank owned properties.  Yikes.

As real estate professionals, we wish the Broward County supply of “shadow” inventory would make its way to MLS.  We see a shortage of real estate inventory here for our buyers, who often compete for properties and put in 2-3 contracts before having an offer accepted.

7.  The rental market is improving. Occupancy and rental rate trends improved across most Florida markets during the 3rd quarter of the year.  More specifically, Miami (+3.6%), Tampa(+3.3%) and Fort Myers (+2.3%) recorded the largest y/y increases in rent, while West Palm Beach (+0.7%), Fort Lauderdale (+1.7%), and FortMyers (+2.3%) showed less significant improvements.  While Miami and Tampa may represent the highest increases in rental rate trends, the rental market in Fort Lauderdale is alive and well.  The rental conditions across the state of Florida have improved over the past year, and we only expect that to get better in 2012.

8.  November 2011 was the best month yet for Fort Lauderdale real estate sales, with an increased sales rate of 22%.  August was also a good month, with sales increasing by 19%-perhaps due to the back to school effect.  Many people put contracts on homes during that time of year before school starts.

9.  So far, January mortgage applications are at an all time high at a 23.1% increase, which suggests that this rate of growth will continue.  At least, we hope it will.  This spike in mortgage applications means that many people are seeing the light at the end of the tunnel, and they’re not afraid to bank on it.  The people who act before others are usually those who make the most money from their investments.  We’re hoping that’s the case with the cowboys/cowgirls in this new economic frontier.

10.  Mortgage interest rates are at an all time low, which makes for an inviting scenario for those with cash in pocket.  Between the influx of international buyers who buy property with all cash transactions and the number of new home buyers and investors taking advantage of the low interest rates right now, we think there is more reason than not to feel optimistic about the Fort Lauderdale real estate market.

More good things are happening than bad in the Fort Lauderdale housing market-there is a light at the end of the tunnel, and it’s not a train, folks.  You can read more about the Fort Lauderdale real estate forecast for 2012 in our recent article on this topic, too.