About Broward County, FL

Ft Lauderdale Real Estate Market Conditions - Are Happy Days Here Again?

11-21-09

David O Midkiff: Real Estate Agent in Fort Lauderdale, FL

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Office: (954) 270-4134

With all the stimulus dollars floating in the markets, there is some measured good news on the real estate horizon.

Nationally, pending home sales rose again, marking eight consecutive monthly gains - the longest streak since measurement began in 2001, according to the National Association of Realtors® (NAR).

The Pending Home Sales Index, a forward-looking indicator based on contracts signed in September, rose 6.1 percent to 110.1 from a reading of 103.8 in August, and is 21.2 percent higher than September 2008 when it stood at 90.9. The gain from a year ago is the largest annual increase on record, and the index is at the highest level since December 2006 when it was 112.8.

Lawrence Yun, NAR chief economist, said the momentum is understandable. "What we're witnessing is a rush of first-time buyers trying to beat the expiration of the tax credit at the end of this month," he says. "Home values will stabilize sooner rather than over-correcting. That, in turn, will mean wealth stabilization for the vast number of middle-class families and lay the foundation for a durable economic recovery."

NAR estimates approximately 3 million renters are now financially well-qualified to buy a median-priced home.

Locally in Greater Ft Lauderdale and the surrounding areas, statistics are getting better as well. As of November 1st, there is a 7+ month supply of single family homes on the market and an 11+ supply of multi-family dwellings in the listings. This is the beginning of an equalization in the market place. It is no longer a buyer's market. Anytime inventory supply exceeds 12 months, it's an indication of a buyer's market. We're certainly some distance from a Seller's market where inventory is typically lower than 6 months supply. However, in certain price ranges multiple offers more the norm these days.

Are happy days here again? I think it's still too soon to call. But, I think we're heading in the right direction!

For more information regarding this topic, click here and contact me directly. I'd love to chat with you.

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HALLANDALE BEACH MOVERS (954) 454-2236 Hallandale Beach MOVING AND STORAGE

11-21-09

South Florida Movers Miami Moving and Storage Company

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Office: (305) 443-0124

Mobile: (305) 944-2110
Secondary: (954) 454-2236

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Has the Broward County Housing Market Stablizied?

11-20-09

Tiffany L. Young, CDPE - Your South Florida Realtor

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Mobile: (954) 257-5030

Wondering if the Housing Market has stabilized in Broward County Florida?

Thinking about buying or selling a home in South Florida and need the most up to date and accurate information to make an informed decision?

Interested in what’s for sale or what sold in your neighborhood?

Want to know where the housing prices are going and what are the current market trends?

For a free market activity report for your street so you can see what the market is doing click on the link below.

Below is a sample of what your South Florida customized market report will look like.

Tiffany L. Young, Realtor®
C: 954-257-5030
Email: tiffany@tiffanylyoung.com
Website: Broward County Property Values

Get your Davie Home Values, Weston Home Values, Plantation Home Values, Southwest Ranches Home Values and other Broward County Property Value report today by clicking on the sample market report above.

You are just a few clicks away from finding out what's going on in your South Florida neighborhood.

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Functional VS Cosmetic- Keller Williams Agents in Pembroke Pines Know The Difference. Do You?

11-20-09

Mark Lyon, PA, CRS, CRB

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Office: (954) 894-0008

Functional VS Cosmetic- Keller Williams Agents in Pembroke Pines Know The Difference. Do You? There always seems to be confusion when it comes to functional defect, also known as working or cosmetic condition. This issue typically comes up when the parties have received the inspection report. Buyers like to consider everything a defect and sellers don't want to consider anything. This second set of negotiations always seems to stress everyone out especially the newer agents.

Here is FAR 9 (Florida Association of Realtors) definition; "working condition" means operating in the manner in which the item was designed to operate. "Cosmetic conditions" means aesthetic imperfections that do not affect the working condition of the item, an example of a few of those items the FAR 9 lists are pitted marcite, worn spots, caulking in bathrooms and cracked mirrors. While other contracts may include bathroom caulking because it will eventually cause water damage, other contracts do not include missing or torn screens.

To cut down on the confusion read the "Warranty and Repair" section of the contract being used in the deal to clarify it for you and have buyer and sellers refer to it when they have questions. When everyone has clarity it makes life real easy.

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Broward Real Estate Market Report- October 2009 (10/1/09 - 10/31/09)

11-19-09

Vickie Arcuri, Realtor Ft. Lauderdale Waterfront Homes

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Office: (954) 306-7452

Mobile: (954) 708-9309

Wondering what's selling in Broward? How many Homes Sold in Broward in October? How many homes sold in Ft. Lauderdale and other Broward cities? Looking for a monthly Broward Real Estate Market Report?

When considering buying or selling a Home, it is important that you're familiar with REAL data/facts about homes sold (NOT rumors about how many homes are selling, which homes sold, and what they're selling for). When you're ready to place an Offer to purchase a home, this data also assists you with placing an Offer that's based in reality, an Offer that's more likely to be accepted.

Single Family Home Sales

During the month of October, 2009, there were 1,259 Single Family Homes SOLD in Broward County (they were sold at final sales prices between $6,500 and $5,000,000) through Brokers and these sales comprise the vast majority of total sales. Of the 1,259 Single Family Homes SOLD in Broward County in October, 2009 (The "Sold" prices below mean the final sale price, NOT the listing price at the time of the sale):

299 were sold for $100,000 or less
334 were sold between $100,000 - $200,000
320 were sold between $200,000 - $300,000
149 were sold between $300,000 - $400,000
67 were sold between $400,000 - $500,000
21 were sold between $500,000 - $600,000
16 were sold between $600,000 - $700,000
12 were sold between $700,000 - $800,000
11 were sold between $800,000 - $900,000
30 were sold at $900,000 and higher

After gathering this data, I looked at it very closely to find details that will help to explain the data in further detail.

Of the 1,259 Single Family Homes sold, 232 were listed as Short Sales and 417 were listed as Bank Owned properties, so distress sales were almost 50% of the total sales.

In the $100,000 and less category of Sales, 211 of the Homes were Bank owned Foreclosures. 224 of the 299 total sales were indicated to have been purchased as Cash purchases. Of 299 Homes purchased for $100,000 or less, only 75 of the purchases were financed!!! Reasons for this include the following:

A large number of Investors in the market are purchasing Homes in this price range
Many Homes in this price range are in need of significant repair and/or updates so are not of interest to Buyers who are interested in immediately occupying the Home as their primary Residence
Many Homes in this price range are smaller than desired by non-Investor Buyers and/or not located in areas that are desireable to non-Investor Buyers
Because of necessary repairs and/or missing Appliances that are often an issue with these Homes, many of these Homes will not qualify for Financing, particularly not FHA Financing
Banks that are selling properties prefer Cash Buyers and, very often, when presented a strong Cash Offer, they will accept it instead of an Offer from a Buyer who requires Financing

What this means is that the $100,000 and less market for Single Family Homes is, in most cases, not a good fit for those who are seeking Homes in this price range as their primary residence, who are usually interested in financing their purchases. Such Buyers are simply unable to compete with Investors in the current market and are left to continue Renting or to compromise and attempt to find a Condo or Townhouse that might be appropriate.

The largest number of sales occurred in the $300,000 and under price range, so the $300,000 and under price range is VERY competitive. Homes in this price range are selling EXTREMELY quickly and Buyers searching for Homes in this price range often find that the availability of Homes that meet their search criteria is very limited.

Homes in the upper price range still aren't selling as quickly and Buyers are still finding that there are challenges with obtaining Financing for Jumbo Loans (Loans over the amount of $417,000 are known as Jumbo Loans). A significant number of Buyers in the upper price range are Cash Buyers. Of 54 Single Family Homes that were purchased for $700,000 and above during the month of October, 24 of those were purchased by Cash Buyers.

Condo, Townhouse, Villa, and Co-op Sales

During the month of October, 2009, there were 1,393 Condos, Townhouses, Villas and Co-ops SOLD in Broward County with final purchase prices between $12,000 - $2,700,000 as follows:

828 were sold under $100,000
375 were sold between $100,000 and $200,000
90 were sold between $200,000 and $300,000
32 were sold between $300,000 and $400,000
27 were sold between $400,000 and $500,000
44 were sold at $500,000 and above

NOTE: My monthly Reports present information related to active, sold, and pending listings of Single Family Homes, Condos, Co-ops, Villas, and Townhouses sold through Brokers ONLY, however, these sales and listings are in no way inclusive of the ENTIRE Real Estate Market as there are Commercial Properties and Businesses that are sold, as well as Vacant Lots and Land, Docks, and multi-family dwellings (such as Duplexes, Triplexes, Fourplexes, and Apartment buildings).

Additionally, there are Developer-owned Properties (Condos, Single Family Homes, Townhouses, etc.) that are sold to Buyers directly from the Developer, many of which are not listed for sale through the MLS (non-MLS listed property sales data is available by searching local Tax Records).

Beginning Your Property Search?

Use the MLS Search feature on my site to search MLS listings in South Florida.
You can save your favorite listings and can search by Subdivision, City, Price range, Home features, Zip Code, Building Name, Year Built, and other search criteria that you specify.
Interested in information about Foreclosures? View Broward Foreclosure listings here.
Interested in information about Short Sales? Click here.
View information about the First Time Home Buyer Tax Credit.

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Vickie Arcuri, Realtor^®EWM Realtors, Inc.
1700 E. Las Olas Blvd.
Ft. Lauderdale, FL 33301
Phone: (954) 708-9309
Fax: (954) 414-0492
Vickie@vickierealestate.com
Ft. Lauderdale Homes for Sale

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