Twenty-three miles from Miami, Ft. Lauderdale, is a principal city in the Southern Florida metropolitan region. With 5.5 million residents in the metropolitan area, Ft. Lauderdale, also known as the “Venice of America,” attracts visitors, tourists, and transplants to its 90 and counting unique neighborhoods.
Ft. Lauderdale’s economy is heavily reliant on the tourism industry, so it is an attractive place for realty investors. Currently the city boasts low interest rates. Bank foreclosures are slowing down, and buyers looking for single family homes, detached and attached, find the prices are right to get the perfect Ft. Lauderdale Condos for Sale.
Facts to know …
1. There are more than 20 thousand homes and condominiums available for sale in the Ft. Lauderdale Real Estate market.
2. Because so many investors and buyers are interested in condos and townhomes, condo and townhome purchases are harder to find than single family detached homes.
3. New attached single family home construction continually goes on to increase the supply of Ft. Lauderdale Condos for Sale. Because present inventory is so low, though, buyers and investors interested in new Ft. Lauderdale Condos for Sale are advised to make reservations and/or put down deposits when they find units they like.
In the first quarter of 2011, the average sale price for all Ft. Lauderdale Condos for Sale, which includes studios, 1, 2, 3, and 4 bedroom properties, was approximately $206 thousand. This translated to a 6% increase over the previous fourth quarter in 2010, but a 14% decrease from the corresponding first quarter in 2010, when the average sale price for Ft. Lauderdale Condos for Sale were $195 and $240 thousand, respectively.
The median sale prices for Ft. Lauderdale Condos for Sale for these three periods were $166 thousand (1st qtr 2010), $133 thousand (4th qtr 2010), and $140.5 thousand (1st qtr 2011). This translated to a 6% increase over fourth quarter in 2010, but a 15% decrease from the corresponding first quarter in 2010.
407 Ft. Lauderdale Condos for Sale left the market during the first quarter of 2011, compared to 410 during the fourth quarter of 2010, and 723 units in the first quarter of 2010. This represented a 1% decrease from the fourth quarter in 2010 and a 44% decrease from the corresponding first quarter in 2010.
For buyers who purchase Ft. Lauderdale Condos for Sale for investment purposes, currently, the average Ft. Lauderdale Condos for Sale and other similar type units within 10 miles of Ft. Lauderdale rent for $1,592. One bedroom units rent for an average of $1,119 a month, while a two bedroom rents for an average of $1,476.
For those interested in Ft. Lauderdale Condos for Sale, hot sale spots are, of course on the waterfront, with such properties as Everglades House, Atlantic Towers, and Fountains on Ocean Boulevard. Downtown Ft. Lauderdale has also been a frenzy of activity where prices are lower and better deals can generally be found.
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