$100,000 Beach Front Area Two Bedroom Two Bath Condo in a Newer Fort Lauderdale Builiding

Posted by Eric Miller on Wednesday, November 4th, 2009 at 1:49pm.

Sorry Everyone They Don't Exsist - No time has ever been made more aware, that when we all read newpaper stories and read between the lines, a different set of realities results. So let me help you see a clearer realty about the Fort Lauderdale area market through the Ft Lauderdale MLS. Think of your home town, think of the best street in town, think of the best view in town, think of a beautiful street. Visualize it, the best address in your home town. In Fort Lauderdale this for many will be any street along the ocean, or other water ways. Now think of finding a distressed property in that area of your town. Use the numbers they talk about where you live, I know we have all read them. 1 in 300 as the media says in our city, let's look for that one perfect location property in foreclosure. If 10 out of 300 in a differant part of town are having problems that may make that property I am hunting 1 in 3000 in my great neighborhood. Or if its 100 out 300, somewhere else in town and it maybe for a reason, in order for the media statistic to hold, it may make in 1 in 30,000 on the best side of town. Now lets talk about the buyers in your home town, will they be lining up to buy that 1 in 30,000 distressed property on a great street. They will quickly bid the price to market value, and the property will be sold. Simply its happening to every prime foreclosure in Fort Lauderdale, quickly, easily, and at higher prices than the media is saying.

There is a new market value in Fort Lauderdale, but sorry real estate is not selling in prime areas for pennies on the dollar, look for reality in 2003-2004 pricing, which in many cases in great areas can be 35% off the highs of 2005. But in some areas properties may really be holding. I would still expect to start looking fo a 2 bedroom / 2 bath beach area condo in an older building in the $275,000 range, and go up quickly from there, depending on the property. Simply this is reality, we just sold a one bedrooom foreclosure for $240,000 it was a great deal for the buyer, and fit the formula of about 35% off the 2005 high, and there were multiple buyers.

As always we are here to help, Eric Miller and Associates at Keller Williams.

Eric Miller is an award winning Florida Realtor, salesperson and broker. His website, FortLauderdaleGroup.com provides an up-to-date guide to Fort Lauderdale Condos for sale, and the most complete buyer, seller and investor information for the Fort Lauderdale Real Estate Market.

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