Fort Lauderdale Condominium Foreclosures | The Anatomy of a Market

Posted by Eric Miller on Monday, September 20th, 2010 at 9:03am.

 

Fort Lauderdale Real Estate – Ft. Lauderdale Foreclosures – Just the Facts 

Daily we receive inquiries from potential buyers of Fort Lauderdale Real Estate with a similar wish list. Every agent in town has experienced it. A long list of requests that include oceanfront, three bedroom three bath condos, at prices we simply don’t have. The price point often requested has only happened through their perception of a vague television report on a real estate market that has crashed. The property is even asked for with a tone of, “I really don’t believe this exists”, remember we will always do our best to be polite but they really don’t exist.

Yes, the Fort Lauderdale Real Estate market has crashed from its 2005 high’s. Our prices are down in lesser quality properties 40%, some really tough properties maybe 50%, and the best have held their own and may only be down 20%. However lets look at the peak of the Fort Lauderdale real estate market when beach area condos were bringing over $450 a square foot. In Miami this number was close to $1000 per square foot. At 40% off that still brings in most Fort Lauderdale Beach Condos at over $270,000 per foot. A 1200 sq. foot condominium near the beach will still sell for about $324,000 give or take all the things that make price vary, and how much renovation you are willing to do. IF you want top of the line simply add it to the price tag as it is going to cost. Yes this is a 40% off sale, yes interest rate make it a great time to buy, but these are the facts about what quality condominiums in the Fort Lauderdale Condo market are selling for.

When someone says,” But I really want a Foreclosure”, what I hear is, I really want a Fort Lauderdale Foreclosed Condominium (we provide you the list for free) where the electric has been off for a year, the appliances way not work or may be gone, I simply would rather deal with a bank that will get me into a bidding war for a property and sign a contract that lucks me in very tight. I am willing to do a renovation. Can we simply agree that if the property is right for you, is priced correctly, and is a foreclosure lets be very aggressive and buy it. However, let’s be just as aggressive with shorts sales, estate sales, and ever motivated seller who want to sell you that perfect property at the right price.

Today there are 27 listed condo foreclosures along Fort Lauderdale Beach from the Port of Fort Lauderdale all the way up to Atlantic Boulevard in Pompano. They range from $54,900 for a one bedroom in the Village at Harbor Beach (there is no financing available at this property right now), to $625,000 for a two bedroom at L’ Hermitage needing work. In between the properties run the gamut from smaller older two bedrooms for $175,000, to hotel condominium units under $200,000, to newer two bedroom units from the mid $200,000’s and up. Most importantly all of these will be gone quickly, some already have contracts on them, and in today’s Fort Lauderdale Real Estate market if you want the best deals we need to work together. We need to know what you are looking for, so when it does come on the market you are ready to make a qualified offer. In this market if you wait too long instead of saying “But I really want to buy a Fort Lauderdale Foreclosure”, you maybe saying “I knew I should have bought while rates were low in the Fort Lauderdale Real Estate market. 

If you're thinking of making Fort Lauderdale Home, contact us directly (954) 383-8170 at Fort Lauderdale Real Estate Group and Eric Miller and Associates today, as you start your search for your home in Ft. Lauderdale.

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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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