Vickie Arcuri, Realtor Ft. Lauderdale Waterfront Homes

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:

1. A large number of Investors in the market are purchasing Homes in this price range
2. 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
3. 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
4. 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
5. 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

Construction of the first Oceanfront Building (4444 El Mar Drive) is now complete! This is Villas by the Sea first DIRECT OCEANFRONT Building ON THE SAND and it contains 21 Residences on the top 3 Floors of a 4-story building. Property Tax Records indicate that Closings started on August 28, 2009 and 14 Units have been purchased with purchase prices of $869,900 - $1,275,000. The most recent purchase recorded was October 20, 2009. Since 14 units have been purchased, only 7 remain with purchases that haven't been completed.

As discussed in my post in March of 2009, Construction of the first building located across from the Ocean (4445 El Mar Drive) at Villas by Sea is also complete and Closings started in October of 2008. To date (November 18, 2009), Broward County Property Tax Records indicate that Buyers have purchased 31 of the 45 Units in 4445 El Mar Drive, so the Building is almost sold out. The purchase prices of the 31 Units were $469,000 - $1,295,800. The 2009 Sales in the Building range in price from $469,000 - $1,050,000. This Building is also a 4-Story Building with Units located on the top 3 Floors. Although it isn't a direct Oceanfront Building, several corner Units on upper Floors offer beautiful Ocean views.

Additional Units are currently under Contract for purchase and successful closings will be recorded in Tax Records.

Several people have asked me why Villas by the Sea prices haven't been slashed. My response was that a deep discount in prices at Villas by the Sea isn't necessary for 3 reasons:

1. List prices at Villas by the Sea were already discounted slightly and reflect current market values, not values of several years ago.
2. Their reasonable prices are driving sales in the current market, so there isn't a problem of an excessive number of vacant units that need to be sold.
3. Villas by the Sea is a unique product and has no competition in the current market so far as the availability of similar new product in Lauderdale by the Sea, Ft. Lauderdale, or Pompano Beach, so they're not in the position of having to compete with high inventory of similar new housing nearby.

As Buyers in the current market, the immediate assumption that all prices need to be deeply discounted beyond their current list prices is very often not the correct assessment. While it is true that there are properties that are priced incorrectly for the current market, there are many others, such as Villas by the Sea, that are already correctly priced for the current market.

The most unique feature of Villas by the Sea is that the Residences offer low-rise living instead of high-rise. It's well-positioned because the Buildings are direct Oceanfront or directly across from the Ocean, within walking distance of Shops and Restaurants, and very close to Ft. Lauderdale as well.

Click to view additional details about Villas by the Sea Condo and contact me if you would like additional information about buying, selling, or leasing in Villas by the Sea.

Villas by the Sea could be a perfect fit if you're searching for Lauderdale by the Sea Oceanfront Condos or nearby Waterfront Condos in Ft. Lauderdale, Pompano Beach, Deerfield Beach, or Hillsboro Beach.

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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

Located on North Ocean Blvd. in Ft. Lauderdale, Sapphire Condo was built in 2009 and upper Floor Units offer beautiful Ocean and/or Intracoastal views.

Construction of both Towers (2821 and 2831) is complete and Closings started in June of 2009. Per Broward County Tax Records as of today (November 18, 2009), 28 units have been purchased between June 12, 2009 and October 21, 2009. 13 of the Units were purchased in the 2821 Tower and 15 Units were purchased in the 2831 Tower. Their purchase prices were $360,000 - $900,000 and 22 of the 28 units purchased were purchased for $500,000 and above. Additional Units are currently under Contract for purchase and successful closings will be recorded in Broward County Tax Records.

A number of the Units have undergone price reductions and are currently available in a price range of $500,000 - $1.5 Million.

I visited Sapphire during their Grand Opening in April and with several interested Buyers later and love the Amenities and location. View additional details about Sapphire Condo here and contact me if you would like additional information about Condos for Sale in Sapphire or Sapphire Condos for Rent.

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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

Las Olas Isles Homes are very popular because of a number of factors, including their close proximity to the Intracoastal, Beach and Atlantic Ocean, deep and Wide Canals without Fixed Bridges, and convenient access to shopping, Nightlife, Restaurants, and more.  Homes in the Las Olas Isles area are located on Ocean Access Canals, the Intracoastal, and the New River. Additionally, many Homes in the Las Olas Isles area are perfect for Mega Yacht Dockage.

In addition to Waterfront Homes located on the Las Olas Isles, other Homes in the Las Olas area are also of interest to those interested in the Las Olas area.  Other Neighborhoods in the Las Olas area include Colee Hammock, Sunrise Key, and Victoria Park.

Homes in the Las Olas Isles area are available from an average starting price of $900,000 and the highest is currently listed for $13,900,000.   Homes in the Las Olas area (but outside of Las Isles) are available from an average starting price of $500,000.  

Now, I already mentioned List prices and I'm frequently asked if Homes are actually being purchased and what their purchase prices are (yes, I know that many are skeptical and suspect that us Real Estate Agents and others are just providing positive "spin").  Well, there's no spin here.  Facts are facts and market information that I provide about Homes sold can be easily verified by searching property sales on the Broward County Property Appraiser's website.

To date in 2009, the records of property sales through Brokers indicate that 27 Las Olas Isles Homes have been purchased and their purchase price range was $600,000 - $5,937,500.   Of the Homes purchased, the average purchase price was $1.7 Million.  Click here to view their pictures and details.

If you're new to the Waterfront market or unfamiliar with the local market or the current market, it's important to first become educated about the facts of the market and Neighborhood features.  With Waterfront Ocean access Homes, it's VERY important to understand that Land value is a significant part of the price, so in Communities like Las Olas Isles, $1,000,000 (or very close to it) is the entry level of the Community.   Typically, the lowest priced Homes are purchased for prices that are very close to land value ALONE and such Homes are often purchased as "Tear Downs" by Buyers who plan to demolish the existing structure and build a new Home.

Interested in starting your search for Las Olas Homes or other Ft. Lauderdale Waterfront Homes? View listings or contact me for additional details.

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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