Fort Lauderdale
Think the recession still rules in Fort Lauderdale?
The October unemployment rate in Florida dropped to 10.3 percent from the previous level of 10.6 percent as Florida’s economy created 23,300 jobs in October of 2011.
Movoto reports that inventory levels for all residential properties in Fort Lauderdale fell to 2,410 from 3,619 a year ago. Sales of distressed properties totaled 11 percent of the market–down from 14 percent last year at this time. Median days on the market fell to 126 from last year’s rate of 130. The price per square foot of Fort Lauderdale real estate increased to $224 from $208 last year. The median size of a recently sold home is up to 1,600 square feet from a low of around 1,300 square feet last year.
The Miami Herald reports that plans are being developed for a futuristic condo project in Fort Lauderdale that will include a car elevator that will take residents directly to their units. The condo owners will feel like the Jetsons as they are whisked away and deposited at their front doors while still in their cars. This actual development comes from a partnership between the Porsche Design Group and local investor Gil Dezer.
All signs point to a market bottom. The effects of distressed properties are lessening while unemployment is also decreasing. There are fewer homes on the market and larger homes are beginning to sell more rapidly. Exciting projects are able to obtain financing and move forward.
These are not signs of an ailing market. It’s probably time to get off the sidelines.
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