Fort Lauderdale Housing Thread (real estate, foreclosure, condos)

[sunrico90]

A place to discuss Real Estate issues affecting the local community.

[compelled to reply]

Let's begin this thread with a public service announcement from compelled to reply: DO NOT BUY A HOUSE ANYWHERE IN OR NEAR FORT LAUDERDALE FOR AT LEAST TWO YEARS. Please RENT for at least a year not only because of the real estate situation, but to become familiar with the area as well. You might hate it. That is all.

[eufo]

Originally Posted by compelled to reply

Let's begin this thread with a public service announcement from compelled to reply: DO NOT BUY A HOUSE ANYWHERE IN OR NEAR FORT LAUDERDALE FOR AT LEAST TWO YEARS. Please RENT for at least a year not only because of the real estate situation, but to become familiar with the area as well. You might hate it. That is all.

Ditto! Buying right now is like trying to catch a falling knife and so many people seem to hate it here that its best to keep yourself liquid.

[Wild Style]

Originally Posted by compelled to reply

Let's begin this thread with a public service announcement from compelled to reply: DO NOT BUY A HOUSE ANYWHERE IN OR NEAR FORT LAUDERDALE FOR AT LEAST TWO YEARS. Please RENT for at least a year not only because of the real estate situation, but to become familiar with the area as well. You might hate it. That is all.

co-signed.

Actually I would rather they rent OUTSIDE of broward. More people leaving this place will force rent prices down.

[casualobserver]

I certainly appreciate that wisdom relative to the "getting familiar with the area" portion.

However, have you witnessed price declines in the 6,7 and 800 market price range as well? I am attracted to the north side of Ft. L on the east side of Rt. 1. Given what might be a more perpetual close-to-the-water location demand, I am curious to know if this location is sliding down consistent with further west areas?

[eufo]

Originally Posted by casualobserver

I certainly appreciate that wisdom relative to the "getting familiar with the area" portion.

However, have you witnessed price declines in the 6,7 and 800 market price range as well? I am attracted to the north side of Ft. L on the east side of Rt. 1. Given what might be a more perpetual close-to-the-water location demand, I am curious to know if this location is sliding down consistent with further west areas?

I believe all prices are falling, regardless of location or price range. There is a condo on the beach my buddy was looking at. Last year they were asking $350k for a 1/1, now they're only asking $215k!

[Fort Lauderdale mermaid]

Originally Posted by eufo

I believe all prices are falling, regardless of location or price range. There is a condo on the beach my buddy was looking at. Last year they were asking $350k for a 1/1, now they're only asking $215k!

Sounds like my bldg! We had one 2/2 listed originally for $625K, sold last week for $425K! Yikes! As well there are also 28 units in my bldg in foreclosure.

[Wild Style]

28 out of how man?

[Wild Style]

I read in a article today that Dade and Broward have about 10,000 condo units that will be available this year. There is already a 10 month supply of condos on market. A lot of builders plan to make these places rentals which is good, more supply and falling population (even though dade population didn't go negative it did slow from previous growth spurts) could mean lower rents. So, there are positives in all this I guess (shrugs)

[casualobserver]

Does this forum ever have participation by the realtor community?

I've noticed these housing market threads in the Austin and Atlanta forums and these receive a lot of good, up to date insights from these folks who have routine access to monthly inventory stats and trends as well as things like ratio of selling price to asking price. (I'm sure they accrue some business benefit from their participation here even without overt marketing posts.)

Based on the asking to selling price ration intimated above, I have a guess the Florida sellers are not adjusting their listing prices to more realistic numbers.