February 2010 RSS Feed

On 12/29/2009 a two bedroom unit closed at Point of America for $325,000, as a short sale which was in work since April of 2009.

This unit which had a tax value of almost $500,000 was a excellent deal. As I always say the best thing about the conclusion of a short sale sale or a foreclosure is once their gone their gone, and the single biggest force effecting the value of property in the area just disappeared.

Point of America is one of the single best locations in the Fort Lauderdale area. For those of you who have gone on a cruise you have passed the gleaming white towers, as the name would suggest, when you pass the point entering in to Port Everglades.

The views are spectacular and a huge renovation over the years proves these building to be…

Just before the end of the year a 12th floor unit sold at Portofino, which is located at 77 South Birch Road, Fort Lauderdale. This building sits directly on the intracoastal waterway, on the beach side, close to beautfiul Las Olas. It is a great smaller building with only 52 units all of which go through the building, east to west.

Most have a partial ocean view on the east side (some have been partially blocked by new constrcution over the years) and a downtown, intracoastal view on the west side. In most units the western view is from the kitchen area of the units.

Over the years since its constructon in 1982 the building has been beautifully maintanined and renovated. The pool area, gym, and lobby have all been redone. The building does have dock…

Just prior to the end of the year a 2 Bedroom condo sold in the Illini Tower for $395,000.

These units are approximately 1600 square feet, and this relates to a sales price of about $246 per square foot.

In April of 2007 a unit sold for $795,000. On the surface it looks like prices have dropped almost 50%. This is not true.

The unit that sold for $795,000 had received a total, spectacular renovation that I would estimate today would cost today over $150,000.

This would place the price decrease from 2007 to 2010 at approximately 30%. This is a much more realistic number for this superior location.

The Illini is all about location, and it is not for everyone. It is located on a triangular piece of property where A1A's North and South bound…

It will not be a year that many in real estate will soon forget, but as the year came to a close we did start to see many good signs on the horizon. Please understand that a good sign does not mean we started to see prices moving dramatically in any direction. Good signs mean that we started to see signs of a normalizing market where buyers and sellers were more on an even playing field. A market where we could call both sides winners in the deal.

To help people understand the Fort Lauderdale market I thought it would be enlightening to look at the last 5 condominium sales of 2009 and the last single family home sales of 2009.

Today I will list the beach area condominium sales and over the next few entries will discuss each in more depth. If you are…