A Great Time to Buy in Fort Lauderdale

Posted by Eric Miller on Tuesday, June 1st, 2010 at 8:05am.

Anyone who reads my blog posts knows that I have remained optomistic about the real estate market in South Floirda for many months. About 4 monhts back we started to see some trends in the FT. Lauderdale Real Estate market that indicated our market had bottomed out.

Notice I say trends because the timing of the real estate market, with every property and transacton being unique,  would be totally impossible. There is never going to be point where we can say definitely that a certain time and date represented the bottom of the Fort Lauderdale Real Estate market, no matter how hard the media tries.

Some things to ponder, sales of both Fort Lauderdale Condos and Fort Lauderdale Single Family homes rose last month by over 10%. For the same period the inventory of available properties in the Fort Lauderale Area decreased by over 10%.

When it comes to new construction, the available inventory is being sold, and there is almost no new inventory on the horizon. In one new building, the Fountains on Ocean Blvd.,  24% of the available inventory sold over the last 4 months. Lets be very clear what this means, the good inventory is selling, and the bad inventory will languish on the market acting as the anchor to median and average sale prices.

The anchor to prices created by the distressed inventory will sooner or later disappear and prices will start to drift higher. I am not predicting another real estate boom as there is nothing to drive it, yet. However if you are looking to buy a property in the Fort Lauderale Area, it's a great time to make a move.

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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