Fort Lauderdale Real Estate Pricing - Updated April 2018 - Originally Published 2009

Posted by Eric Miller on Wednesday, November 4th, 2009 at 1:30pm.

Welcome to the Fort Lauderdale Area real-estate market, an every changing arena, where prizes such as a Fort Lauderdale Beach front condo, or a Fort Lauderdale Waterfront Home, always preform differently that the homes we refer to when we speak of "Average Real Estate Prices in Fort Lauderdale". In this discussion of Homes for Sale in Fort Lauderdale we would like to discuss one subject, pricing. We sincerely hope you find it helpful as you start thinking about buying a home in the Fort Lauderdale Real Estate market. This is an indepth review of prices updates in 2018.  It is is not unusual for people coming to look at Fort Lauderdale Real Estate to experience sticker shock. We are no longer the home of inexpensive beach front properties that you saw on vacation here ten years ago. The local real estate market has been experiencing strong price increases for many years, however, since hurricance Wilma and the national slow down of the real estate market Fort Lauderdale has come back strong. Part of that comeback is that we are truly a sellers market. Well priced homes and condos are often receiving multiple offers very quickly. There is no sign of the demand on local inventory changing anytime soon. What makes the Fort Lauderdale, Broward County area different from other areas of the country is simply, we are out of land. Being totally built out, the supply of property has tighten. Demand far exceeds supply. In 2009 we said "we expect prices to stabilize and start the next upward cycle". In 2018 we look back and say "Bingo". Prices have stabilized, risen and we are close to prices seen before the last cycle.As a general rule of thumb, properties in South Florida are valued based on proximity to the beach and waterfront, no different from that famous rule of real estate, location, location, location. Waterfront properties are priced based on the type of boat which can be housed in the waterway, proximity to the ocean, and waterfront footage. It is not usual to find deep water, no fixed bridge building lots selling for in excess of $1,000,000. In contrast, fixed bridge waterfront homes, where only small boats may enter may be found in the $600,000 range. When in comes to Condominiums, proximity to the water and water views, rank high on peoples wish list – in general exsisting condominiums are selling from $300 - $400 a square foot. In older buildings, where some work may need to be done to update the unit, $250 a square foot is a possibility. Brand new condominiums, nearing completion all over the City of Fort Lauderdale are priced from $800 a square foot and up, with some even selling in excess of $1200 a square foot. If you’re looking to be near the beach finding a 2 Bedroom/2 Bath condominium in a full service building for under $400,000 is becoming more and more difficult. When it comes to single family homes similar situations apply, and is common to find 1300 sq. foot renovated homes selling for over $400,000. Please keep in mind, these are huge generalizations just to give an idea of pricing in the market – there are indeed exceptions to every rule, and we will do our best to come up with ideas to satisfy any wish list, and budget. We define close to the beach differently than people from elsewhere in the country. Finding 2 Bedroom/2 Bath condominiums within 3 miles of the beach can change your price point dramatically, and they can be realistically found in the $250,000 to $600,000 range. Thinking of an over 55 community or being even a little further from the beach – we can still find properties in the under $200,000 range, but it is getting tougher and tougher. Eric Miller and Associates at Keller Williams is here to help you understand the cost of owning property in South Florida, from taxes to insurance we can guide you in the right direction. You can reach us directly at (954) 383-8170! Please do not be shy – feel free to ask any real estate question. We will do our best to provide you with an accurate answer. 

Thank you for spending your time with us !

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.

Leave a Comment

Format example: you@domain.com
Format example: yourwebsitename.com