How is the Real Estate Market in Ft. Lauderdale? (Miami: sales, to rent)

[MrNOM]

WHere is the most activity for buying and selling real estate in the Ft. Lauderdale area and what price ranges? I am planning on moving there and was exploring the real estate market. THe only information I have is that Miami is where most of the sales are occurring but from what I can see, Ft. lauderdale seems to be a nicer place to live than Miami.

[cfbs2691]

realtor.com

[croatbob]

the market has stabilized. prices in some sections may still rise but i think a minor correction is possible. i believe after living in both miami and broward you get better value for money in broward. rent is high in south florida so buying with a mortgage can be a lot cheaper than renting even with taxes and repairs etc. i personally like some of the gated communities of pembroke pines, weston, davie, cooper city. 400k get you in a nice 3-4 bed gated home in a nice community.

[ruski]

Originally Posted by MrNOM

WHere is the most activity for buying and selling real estate in the Ft. Lauderdale area and what price ranges? I am planning on moving there and was exploring the real estate market. THe only information I have is that Miami is where most of the sales are occurring but from what I can see, Ft. lauderdale seems to be a nicer place to live than Miami.

There are price ranges for every taste here

What is your price range?

[Momma_bear]

Originally Posted by MrNOM

WHere is the most activity for buying and selling real estate in the Ft. Lauderdale area and what price ranges? I am planning on moving there and was exploring the real estate market. THe only information I have is that Miami is where most of the sales are occurring but from what I can see, Ft. lauderdale seems to be a nicer place to live than Miami.

How much do you want to spend and what type of property are you looking to find? Broward County is very diverse and has a varied housing stock. You need to have some sort of idea what you are looking for in order for us to help you

[Nolefan34]

Originally Posted by croatbob

the market has stabilized. prices in some sections may still rise but i think a minor correction is possible. i believe after living in both miami and broward you get better value for money in broward. rent is high in south florida so buying with a mortgage can be a lot cheaper than renting even with taxes and repairs etc. i personally like some of the gated communities of pembroke pines, weston, davie, cooper city. 400k get you in a nice 3-4 bed gated home in a nice community.

I can assure you that buying is not cheaper than renting. You can rent a 3BR house or a downtown luxury condo in Las Olas for around $2000/mo. A $400K house on a 30 year fixed with 20% down, the principle & interest payments alone would be around $1500/mo. By the time you factor in insurance, taxes, repairs/upkeep, and HOA dues, that amount easily doubles. Buying is certainly the better option for the long term though. I won't debate that.

Although the market may stabilize, prices won't go down necessarily. There is strong demand driven by European and South Americans moving here en mass despite the short comings of the U.S. economy. There is also a steady of people from New York and California moving here for cheaper housing comparatively speaking. We also are landlocked here in South FL, so with no more new housing developments being constructed, there will be upward pressure on values of existing homes going forward.

[croatbob]

Originally Posted by Nolefan34

I can assure you that buying is not cheaper than renting. You can rent a 3BR house or a downtown luxury condo in Las Olas for around $2000/mo. A $400K house on a 30 year fixed with 20% down, the principle & interest payments alone would be around $1500/mo. By the time you factor in insurance, taxes, repairs/upkeep, and HOA dues, that amount easily doubles. Buying is certainly the better option for the long term though. I won't debate that.

Although the market may stabilize, prices won't go down necessarily. There is strong demand driven by European and South Americans moving here en mass despite the short comings of the U.S. economy. There is also a steady of people from New York and California moving here for cheaper housing comparatively speaking. We also are landlocked here in South FL, so with no more new housing developments being constructed, there will be upward pressure on values of existing homes going forward.

taxes on a 400k house will only be about 4k a year as taxed rates are never the real rates. 2k a year insurance or so plus a bit of maintence so low 2k's a month for ownership?? if you in a gated community add about 200 a month. most 400k houses in my hood are 2800-3200 to rent a year. plus you get the long term capital growth. your property taxes paid are also a tax deduction. the old saying... rent money is dead money!

[City Guy997S]

I know someone that recently sold a house for over 7mm.....buyer paid cash and closing was 15 days after signing the contract!

Needless to say for some people, fast transactions do occur!

[Nolefan34]

Originally Posted by croatbob

taxes on a 400k house will only be about 4k a year as taxed rates are never the real rates. 2k a year insurance or so plus a bit of maintence so low 2k's a month for ownership?? if you in a gated community add about 200 a month. most 400k houses in my hood are 2800-3200 to rent a year. plus you get the long term capital growth. your property taxes paid are also a tax deduction. the old saying... rent money is dead money!

2K for insurance on a $400K house? That seems very low. Most people I know are paying significantly higher than that, and are paying extra for flood insurance.

I do agree that buying is a much better option long term. There's no debating that.

[Mstrlucky74]

Thought I posted a follow up...sorry. Price range $150-225k