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Fort Lauderdale Real Estate: The Lure Of Buying Homes In The “Venice Of America”

02-26-08
V Dr.

Ft. Lauderdale is a city in Broward County, Florida that is considered one of he best places to live in the state, in part because it is rich with a network of waterways and canals, making it known as the "Venice of America", with the intercoastal waterway and Las Olas area located at the hear of the city.


Probably one of the most unique features of the city, and of Broward county as well is the strategic location of the area wherein it is situated between two other major counties - Miami-Dade and Palm Beach.

Most view this as a very convenient location, and within just a thirty minute drive, residents here will have easy access to more activities and amenities, from the region's three main airports and sea ports for travel, to more amenities for outdoor and watersports activities, entertainment, and cultural and entertainment venues

The City Has One Of The Best Beaches And State Parks In Florida

Ft. Lauderdale's beach has recently undergone a multi-million renovation, with the addition of brick walkways and lush green landscapes. With around seven miles of beautiful beaches and 185 miles of local waterways, the most popular forms of recreation here are water-based outdoor activities, with the Atlantic Ocean offering the perfect setting for divers to observe tropical underwater life, view sunken ships and coral reefs.

Broward county is also viewed as having some of the best parks anywhere in the state, with dozens from which to choose from, and tourists and residents will surely have a wide array of places to swim, jog, exercise or simply go on a picnic and enjoy a lovely day in the sun.

Hordes of sun-seekers worldwide also come to this unique city to play, relax, and sometimes even to work. Although the place has been commonly associated with mostly being only for the rich and famous that can afford opulent and luxurious lifestyles, most frequent visitors know that the city offers a much wider array of accommodations and experiences.

Real Estate Offerings Here

The greater Fort Lauderdale area offers accommodations that will surely suit every budget and preference, ranging from small and affordable family-run lodges and inns, to deluxe resorts and upscale hotels.

Around a third the area's total room count is considered ideal for meetings and convention business. The city also has a wider offering of single-family homes, apartments town homes, condominiums and waterfront residences, some of which have built-in facilities for docking boats and other pleasure watercraft.

The area also has world-class spa resorts as well as hotels and resorts with golf and other recreational activities. The city is also noted as a shopping paradise, and the Greater Fort Lauderdale area offers some of the best shopping destinations in the state where shoppers can find items ranging from diamonds and precious antiques to discounted designer wear and apparel.

The city's other off-beach attractions include a visit to the oceanfront estate of the late painter Frederic Bartlett. The biggest Broadway musicals in the nation frequently make their stop to the the Broward Center for the Performing Arts. The famous Fort Lauderdale Museum of Art has just recently completed an expansion, and is home to one of the art world's major collections of early 20th-century art. Art and music festivals in this city are frequent and have broad appeal.

Siesta Key Real Estate: Living In A Year-Round Tropical Vacation Atmosphere

02-26-08
V Dr.

Located offshore of the city of Sarasota and only a relaxing and short drive over the connecting North Bridge lies a wonderful, pristine eight-mile-long sub-tropical barrier island called Siesta Key.

This resplendent area is an island that is settled in the cool, clear waters of the Gulf of Mexico, and is seen as a place one would imagine a perfect vacation destination would be, or even better, the perfect place to live and enjoy living all year-round.

The Beaches Are Just A Short Stroll From Modern Amenities

Residents and tourists here enjoy taking a barefoot stroll along the powdery white beach, a refreshing swim in the calm aqua waters of the Gulf, or a visit to either of the Key's two main shopping centers, where buyers can find wonderful items ranging from fashion accessories, souvenir T-shirts, paintings and other art work, and also enjoy an evening of fine dining, relax at a nice an cozy *censored*tail lounge, and probably think of settling here for good.

The area's real estate options offer investors a wide variety of housing choices, from luxury and upscale hi-rise condominiums that offer wonderful views of the Gulf of Mexico, to lavish waterfront estates set in a wonderful tropical surrounding, to more modest but lovely and cozy bungalows.

The area's rise to fame has risen so fast that in only a few years, the island has become a wonderful haven for the elegant, opulent and tastefully-designed housing options, that range from waterfront estates, town homes, apartments and condominiums.

Residents Here Have Access To Wonderful Facilities And Amenities

The key's residents and tourists are afforded complete and easy access to the area's marinas, which offer boat rentals, charter fishing trips and guided water tours, as well as other watersports activities. In this locale, the residential developments here have facilities for docking boats and other pleasure craft.

Prospective home buyers in Siesta Key can choose from buying simple one-bedroom condos or standard bungalow and single-family units, to opulently designed waterfront properties, the prices may vary, but most home developments here start from $300,000 and go up to a million dollars or more. However, there are home developments that are available to suit every lifestyle and budget. Most of the beach front in this area is now lined up with condos.

In a recent study done by the University of Florida, it was noted that almost one in four individuals aged 55 and older who moved full-time to the Sunshine State between 2000 and 2003 started out as people taking a breather from harsh winter conditions in other areas. In addition, 30 percent of current winter vacation tourists have noted that it was likely or very likely, they would move to Florida year-round at some point.

The study also added that Florida led the country in the number of winter residents, with about 818,000 tourists in 2005, followed by Texas and Arizona. The winter residents also contribute billions of dollars to the local economy. However, with spiraling property taxes and the threat of hurricanes, Florida now faces stiff competition from other states that are starting to become attractive to retirees and young families, such as Georgia and the Carolinas.

How Sarasota's Condo Market Is Weathering The Housing Slump

02-25-08
V Dr.
According to real estate industry observers, roughly one-third of property buyers and investors who committed to buying downtown condo towers during Florida's post-2000 real estate boom, now have appeared to be having buyers' remorse. "The market couldn't be more different now than two years ago. It went from one extreme to the other."

Most real estate agents agree that the upper end of the Sarasota condo market remains relatively cold. The number of $1 million-plus condos far exceeds demand, and every development is struggling to sell penthouse units. Nonetheless, real estate agents are still optimistic and very much hopeful for a rebound of the Sarasota condo market.

Property Developers Are Back To The Drawing Boards

Driven by a desire to distance themselves from rampant speculation or avoid owning overpriced space, buyers are bailing from a handful of high-profile Sarasota condo high-rises. Their movement is likely mirrored by the rest of the property market across the region and the state.

Similar scenes are playing out throughout the region and Florida: Developers who had hoped to capitalize on low interest rates and perceived demand are having to reconfigure, stall or abandon projects altogether. In Sarasota alone, roughly a dozen condo developments have either been shelved, revamped or put back on the market.

The Property Market Slide Seems To Affect All Florida

Florida is not the only state imploding from the overabundance of housing supply, of course. According to state housing analysts, it was a knee-jerk reaction around the country, and just as reactionary was the total amount of new supply that was being offered by developers, who realized that residential projects provided greater immediate profitability than retail space, offices or hotel rooms.

The experts further note that demand was so strong in part because developers saw that residential development pays significantly more than a site, in the same zoning, that would be targeted for office or retail.

And the thing was, during the tremendously active period here, from 2002 to 2005, developers looked at practically every site downtown and around it as a residential site," local brokers further commented. Though many property market observers differ on predicting when the region's residential market will see a rebound, most believe that developers will have to look to product types other than condos if they hope to develop and effectively market new projects within the next five years.

Is The Market Headed For A Long-Term Slump?

Even mixed-use developments that looked like a lock to be built in 2005, like the revamped Quay known as Sarasota Bayside for example, as well as Pineapple Square, the Atrium on Ringling and Benderson Development's expansion of the 13-story Bank of America building, now seem to appear to be quite far from reaching fruition.

Some housing observes note that the market is in a coma for now, as there are too many condos, not enough buyers, and too many speculators going over the field like vultures. According to one analyst, "We're seeing a correction now from overinflated prices, caused because people thought price increases would never stop, and they did stop."

The general consensus among many home buyers, real estate brokers and analysts these days, is that the Sarasota condominium market is in far better shape than those in other places across the country.

For example, two-bedroom units at The Plaza at Five Points, started selling for around $650,000, but at present are now being resold for as much as $760,000, which represents a 17% appreciation in value, even if the certificates of occupancy have yet to be issued.

The Wide Array Of Real Estate Options in Fort Lauderdale, Florida

02-24-08
V Dr.

The city of Fort Lauderdale, located in Broward County, has a recorded population of around 173,000, as well as population density of around 4, 800 per square mile in an area that totals 36 square miles.


English is the predominant language in the city, followed by Spanish, French Creole, French and Portuguese. The city's real estate has doubled in value in recent years, with the median home value closing at $400,000, and the median home age is 38 years.

This city is famous for being considered the 'Venice of America', with the Atlantic Ocean and an elaborate network of canals, waterways, and even lakes creating a truly unique environment, especially for all types of water enthusiasts. For prospective home buyers here, the metropolis offers an assortment of home options, ranging from single-family homes, condos and loft types, as there are also plenty of waterfront properties for you to choose from.

The City's Economy Is Tourism-Dependent

Fort Lauderdale has an economy that is seen to be dependent mostly on tourism. Before, the city initially a favorite vacation spot for college students in spring break, although through the years it has turned out to be more than simple being a destination for college kids, but has also become a favorite haunt of the rich and affluent.

The city is also a significant yachting center, with the boating industry naturally thriving here, and contributing a lot to the area’s market. With tourism as most vital economic driving force, the real estate sector here has grown significantly too. The opening of several hotels, resorts, residential projects and condos has been noted, primarily to cope with the rising demand for permanent residences, as well as seasonal vacation shelters.

Waterfront Properties Are Aplenty Here

When it comes to residential real estate, Fort Lauderdale has single-family homes, apartments, condominiums and homes that have dockspaces, and those who are avid boat lovers will revel in the thought that most homes here have docking facilities. The area’s hotels, resorts, and motels also have facilities for dockage of boats, as these make a lot of commercial sense here, considering the unique makeup of the city. However, getting homes with the However, homes with these types of facilities have prices that are quite high compared to ordinary homes.

Condos Are Popular Home Choices Here Too

When someone says Ft. Lauderdale and south Florida, probably one of the first images that conjure in most minds would be the large number of condominiums that dot the landscape.

Condo complexes are truly common, and are popular with people who prefer a low-maintenance and low-upkeep alternative to traditional single-family home arrangement, and especially to those who seek a part-time winter retreat. Most condo complexes in this city from 2-floor buildings, along with the sprinkling of a handful of high-rise developments that have hundreds of residences.

At present, the city's downtown district, as well as the entertainment districts, have seen robust growth. The growth is evident in the many new hotels, high rise condominiums, boutiques, cafes, offices, malls and fine restaurants that have sprouted all over the city. Most homes in this metropolis have starting prices ranging from $300,000 and may go into the millions of dollars.

How Condo Conversions Are Changing The Miami Beach Condo Market

02-24-08
V Dr.

Condominiums are today viewed as alternative living options for people who have varying lifestyles. These housing units are made wherein individual unit buyers get the rights to the interior units, and own the building's other facilities on a coop basis, wherein they share this with the other residents of the complex.

Those who consider themselves too busy need not have to worry about the day-to-day upkeep, which is the norm when owning a standard single-family home. Instead, they are given the preference to pay a monthly fee and defer other maintenance decisions to their specific condo homeowner associations. These types of homes are now the hottest-selling forms of property in cities like Miami Beach, where the lifestyle is so vibrant, eclectic, and fast-paced at times.

How The Condo Market Is Faring These Days In Miami Beach

Many home buyers and investors have now moved to invest in condos in the Miami metropolitan area, particularly in the sunny, all-year round vacation destination that is Miami Beach. In laces like Metropolitan Miami and Midtown Miami too, large new developments have been gobbled up by buyers and speculators alike, sometimes creating an artificial vacuum in the market, and further escalating prices.

The mad rush for condos is evident in the way investors are now beginning to take sharp notice on apartments which are being converted into condos. This increasing popularity of these housing units in the Miami-Dade area has also seen roof-breaking prices. Before, from simply seeing unit price of $150 to $200 per square foot for a luxury unit just five to seven years ago, buyers are coughing up to about $350 to $800 per square foot.

Condo Conversions Are On The Rise

These times have seen a surging demand for condos, with the resulting factor being the mad rush into converting apartments to thes ehousing types. Apartment owners today are hiring property developers for the main purpose of efficiently converting these pieces of real estate into condos. This rush for condo conversions is purely not without reason.

Apart from the amenities, the most vital factor that has driven the demand for this trend among investors and buyers is location and architecture. For whatever reason is given to the rising allure of getting condos, one major fact that stands is, that these home options have unleashed a new culture that is quite adaptable to the fast-paced realities that most individuals and families are experiencing.

How Much Has The Condo Market Risen Lately?

Real estate's big news this year is condominiums, particularly in the upper spectrum. Condos have seen a 33.3 percent rise in the last decade, now accounting for 12.8 percent of the housing market. Most of this can be credited to the concentration of condos in expensive coastal areas like Miami Beach. However, the wealthy are not the only ones buying a Miami Beach condo. Both ends of the market are buying.

While the affordability of a Miami Beach condo is motivation enough to purchase, dual income professionals and empty nesters opt for a condo as a lifestyle choice. The Miami Beach condo market is very diverse and offers a large number of different solutions for those interested in purchasing or renting a condo. People from all over the world are attracted to the vibrant Miami area and its supreme climate for relocation.

Location is a key factor in selling real estate. In places like Miami Beach, South Beach is one of the most popular areas, and this is located on the southernmost 20 blocks of the city. This district was the nation's original vacation destination, and boasts of having a collection historic and lovely Art Deco hotels and apartment buildings.

In addition, because of the fact that this area is one of the most prestigious addresses in the US, and property there is in great demand , it is also viewed as a wonderful investment option. Surrounded by world-class restaurants, vibrant entertainment venues and night life, along with the fact that the city has been named as one of the top 10 beaches in the world.