By: Melissa & Denise Stewart
Recent reports of Fort Lauderdale condo sales indicate that the Condo sales in Fort Lauderdale and the surrounding areas are up over 10%. These areas include Pompano Beach, Hollywood, Lauderdale By the Sea, and Deerfield Beach.
The main reasons seem to be consumer confidence, favorable tax laws, low mortgage rates, and beautiful weather!!
Foreclosures and short sale have almost all dried up, indicating a strong market.
One important factor is also the existing inventory of condos. In Broward County as a whole, there are about 5.5 months supply of condos, which indicates a seller's market. There are some areas in South Florida which are much higher, like the Aventura area. If you are a buyer and searching for a condo at a competitive price, Aventura is a great place to start your search!!! Just go to: www.condo.net
If you are looking or searching for a condo in the Fort Lauderdale are, and you are a cash buyer, you will be favored by most sellers. Cash buyers composr over 45% of all buyers of condos in Broward County, and some types of mortgage financing are still tough, especially if you are looking for a high loan to value mortgage, like a HUD or FHA mortgage.
As far as what you can expect to pay for your condo you are purchasing, a lot has to deal with the price. The average condo in Broward County sold for about 95% of the original list price. Most realtors we spoke to seem to tell their buyer clients that sellers always price in from 2-5% of the price for "wiggle room", which is consistent with the recent trends. This 2-5% depends a lot on the area you are searching for condos, and the competition in the building. It seems that the higher the price of the condo, the more room there is for negotiations, especially once you get over the $500k level. This is why you need the assistance of an experiences Realtor, to really find out what will motivate a seller. There are some sellers which are motivated by only the sales price of the condo, while other sellers may be more motivated by th quick close, short inspection time, or if you are a cash buyer.
The trends in condo purchasing in the Fort Lauderdale area indicate that a large portion of the condo purchasers are still looking for condos with great views, and that are close to the water. Whether it is the beaches, or the Intracoastal Waterway, buyers seem to accept that there is a premium to be paid for this amenity, and they seem to be willing to pay the price.
If you have any questions or ever want to see any properties in our area, please call, text or email us: 954 881 9148 email@example.com