Part of the Southern Florida metropolitan region, Ft. Lauderdale often plays second fiddle to its neighbor city to the south – Miami. However, with its pristine beaches, sunny climate, and less congestion, one understands why Ft. Lauderdale is known as the “Venice of America,” and Ft. Lauderdale Condos are attractive property to those looking for a first or second home, investment property, or a leisure getaway.
Currently Ft. Lauderdale is in what is considered a seller’s market. With the area interest rates presently being low, buyers hope they can find just the right property in the city’s 90 plus unique neighborhoods.
Facts to know …
1. There are currently around 1,600 Ft. Lauderdale Condos available for sale in the Ft. Lauderdale Real Estate market. Two years ago there were just fewer than 300 condos. Last year there were just over 2 thousand condos.
For recent history, the Ft. Lauderdale condos inventory peaked six months ago when the inventory was around 2,050. Compared to these periods, the current 2nd quarter numbers are 84 percent higher than two years ago. 21 and 23 percent lower than a year and six months ago, respectively.
2. Because of the lower inventory numbers and so many investors and buyers being interested in Ft. Lauderdale Condos, these single family attached properties – condo and townhome – purchases are harder to find than single family detached homes.
3. When they find their dream property now, buyers and investors quickly make reservations and/or put down deposits on Ft. Lauderdale Condos. Recently at a March auction of condo units at the Fountains on Ocean Boulevard, buyers paid twice the opening bid for average square foot. Between February 2009 and February 2011, condos at this location sold around $295 an average square foot. For the first two months of 2011, the average square foot price had dropped to $254.
In the first quarter of 2011, the average sale price for all Ft. Lauderdale Condos, which includes studios, 1, 2, 3, and 4 bedroom properties, was approximately $294 thousand. This translated to a 2 percent decrease from the previous fourth quarter in 2010 and a 5 percent decrease from the corresponding first quarter in 2010, when the average sale price for Ft. Lauderdale Condos for Sale were around $294 and $285 thousand, respectively.
Ft. Lauderdale Condos now stay on the market an average of 136 days, almost 100 days longer than the average median days on the market a year ago, but almost 10 days less than the average median days on the market six months ago.
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.
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