Real Estate MLS Statistics Fort Lauderdale, Fl – March 2012

The winter selling season officially ended after Easter and what a season it was.  My apologies for my absence from blogging  while I was helping home buyers and home sellers.

Inventory of homes and condos is very low in many areas. The market has definitely turned a corner and we are seeing multiple offers on many homes.

Fort Lauderdale Fl real estate market March  statistics from the Realtors Association of Greater Fort Lauderdale are out. It is hard to make an accurate analogy of the entire Southeast Florida Region by viewing the general statistics. Every neighborhood is a different market & every condo building is a different market.

Waterfront properties retain more desirability than non waterfront. In neighborhoods with good school districts there is fierce competition for the best homes.

If you want a true picture of a neighborhood market ask a Realtor you trust to review the market statistics for that neighborhood to determine which way the market is headed.

Our Board of Realtors tracks our market statistics. To review the greater Fort Lauderdale real estate market statistics for March 2012 click on the link below. This is the exact report that I receive every month.

http://www.r-world.com/mls/statistics/mls-statistics-2012-03.pdf

Here are a few notes to get you started.

MLS is an acronym for the Multiple Listing Service. This is the Realtors database where all real estate activity is stored for The Greater Fort Lauderdale area which includes the western suburbs. These are March 2012 numbers.

RAGFL is an acronym for Realtors Association of Greater Fort Lauderdale.

The most interesting statistics for March are

Available inventory of single family homes is down 37% from March of 2011. It is amazing how much the inventory of single family homes has decreased. This is having a an effect of rising prices.

Available inventory of condos/townhomes is down 38 % from March of 2011.  This is for the fifth month in a row.  You thought the condo market had crashed. It has recovered quite well and prices will rise. The choices are now few for waterfront condo homes in price ranges under $300,000.

The percentage of available inventory that is bank owned or a short sale is 25 % for single family homes. That number is down from March 2011 which was 32%. Banks continue to bring the foreclosure inventory to the market place very slowly. No doubt this is an attempt not to flood the market and to effect prices.

The percentage of available inventory that is bank owned or a short sale is 19% for condos and town homes.  That number is down from March 2011  which was  30%.

The number of single family closed sales is up 4% from March 2011.

The number of condo closed sales is down 6% from March 2011

Are prices going in an upward trend? Yes. At the present time we are seeing small price increases in many neighborhoods and condo communities. This is unexpected as the market normally remains flat for a year or two after a declining market. There still are a large number of foreclosures coming through the courts so it will interesting to see what happens, however I am optimistic that prices should remain relatively stable especially in desirable waterfront & East Fort Lauderdale locations and neighborhoods with good school districts.

Has the Fort Lauderdale, Fl real estate market improved?  Yes! Inventory of levels are low and buyers are responding to interest rates in the low fours. The economy and the interest rate will be major determining factors of the future of the Fort Lauderdale real estate market.

There is now 6 months of inventory for single family homes & and 5 months of inventory for condos. When you consider the top 25% of the inventory is over priced and will never sell you are looking at inventory levels that are consistent with a sellers market.

Need more detailed information about your neighborhood? Call or write to me. I’ll be happy to provide you with answers without sales pressure.

Fort Lauderdale Beach, Fort Lauderdale Fl

Las Olas Arts Festival this Weekend in Fort Lauderdale, Fl

A New Year  tradition returns to downtown Fort Lauderdale this weekend. The Las Olas Lauderdale Arts Festival held on Las Olas Boulevard has returned. Ranked as one of the top 100 art festivals in the nation the Arts Fesival on Las Olas Boulevard is enjoyed by everyone who visits.

Locals & tourists come to view the works of over 150 artists as their works in are displayed what looks like a mini art gallery. Las Olas Boulevard  and downtown Fort Lauderdale are an exceptional backdrop for this festival.

A popular pastime is grabbing a bite to eat at one of the fine eateries on Las Olas Boulevard. If you are up for something more casual, the sausage and burgers outside at Mangoes provide a picnic snack on the go. Be sure to grab a funnel cake at the French Market outdoor eatery.

Real Estate for Sale (or is it?) Fort Lauderdale, Fl

There is no doubt that the internet is the most predominant way to search for real estate today.  When a property is properly presented you can gather so much information it is almost like being in the home or condo.

Yet there are some very big issues that many buyers are not aware of when they use the internet to search for properties.

One issue I often see is that the information on the internet is not real time.  Many of the homes a buyer views on line actually went under contract or closed many months ago.  This provides for a false market in the buyers mind. The buyer assumes there are more homes for sale than there are.

In many areas in Fort Lauderdale and the surrounding cities the inventory is very different than it was a year ago. Inventory has declined 31% in single family home & 40% in condos from last November.

The best way for a buyer to ensure they are looking a property that can be purchased is to use the following methods.

1. Zillow, Trulia &  Craigs List all have very dated data and real estate agents advertising for buyers using other realtors listings or home that sold along time ago.  Unless you want to waste you time – don’t bother with these sites.

2. Realtor.com is the best site for the buyer to search.  Although some homes are under contract depending on how the agent has entered them – the overall data is the most accurate of consumer sites.

3.  Your Realtor can give you access to their MLS system.  I set up a web site for each client where my clients can search for homes and see the same data I do.  If your agent won’t or can’t do this for you are you getting the best information and or agent?

4. RE/MAX Preferred just launced a fabulous feature on our site http://ourpreferred.com/idx/ .

Our IT department has been feverishly working to build new “Pre-Set Searches” for many of the most popular areas and property types.

There are so many preset searches that will allow you to do MLS searches based on the pre-set criteria. So, if you’re looking for a home Coral Ridge County Club on Fort Lauderdale, Fl, for example, rather than filling in a dozen particular search fields and then narrowing-down the area in which to search, the pre-set search “Fort Lauderdale Coral Ridge Homes” will allow the same MLS search with a single “click”.  No other real estate web site offers this level of convenience and unlike other web sites we show you all the homes available for sale.

Need more information about any of our search features? Call or email me & I’ll be happy to help you.

Riverview Gardens Condos

Merry Christmas from Fort Lauderdale, FL

I hope you have the most Merry Christmas and the Happiest of Holidays.

I’m looking forward to 2012 and a great year for the real estate industry.  I thank my many clients and friends for the opportunity to be your Realtor and for your referrals of your loved ones. God Bless you and yours. Merry Christmas.

2011 Winterfest Boat Parade – Christmas Fort Lauderdale Style

2012 Fort Lauderdale Fl Real Estate Predictions

1. The bottom of the market for single family homes which has come and gone is now stable and some neighborhoods will see very modest price increases.

The Greater Fort Lauderdale real estate market hit bottom sometime in 2010. Barring unforeseen economic conditions or an enormous spike in interest rates the worst is now behind us for desirable single family homes in good neighborhoods.  Many neighborhoods will see modest price increases of 2% to 3% in 2012.

2. The bottom of condo and town home market is now behind us as especially in East Fort Lauderdale, Miami, Hollywood, Aventura and Plantation

The condo market especially is desirable east locations saw an enourmous absoption of inventory in 2011. The selling season normally from January through April roared through summer and the fall likely due to low interest rates in the fours. The 2012 selling season will be very good for home owners.

3. Foreclosure inventory will decrease as short sales become more prominent.

Foreclosure inventory decreased 17% from November 2010 to November 2011. Expect this trend to continue as banks reach out to homeowners in distress and attempt to work more short sales and loan modifications.

4. Interest rates will rise and settle somewhere around 6 percent.

I have  missed this prediction twice in a row.  This year I am my ace lender Emily Ziegler (who never misses anything) predicts that rates will remain in the low fours and may periodically dip below the four’s.

5. Commercial real estate continues its upswing along with the economy.

Commercial real estate improved dramatically in 2011 with landlords offering less build out and sweet deals. Expect this trend to continue in most sectors of the commercial market. Financing remains difficult.

6. The short sale process will get shorter.

Treasury guide lines have forced banks to make the process shorter and banks have staffed up enough to get control of the process.  Short sales get shorter as banks become more in control of the process. Many large banks are now reaching out to distressed home owners.

7. Condo buildings remain financially stable.

The defaults on maintenance fees have declined in many buildings and the overall financial health is good in many condo communities.

8. The cost of renting will increase especially in single family homes.

The rental market is experiencing low inventory levels in single family homes and is hot, hot & hot.  Condos with restrictions are less desirable but are moving well also.

9. The overall economy improves bringing the real estate market with it.

Real estate is up, refinancing is in, tourism has increased, the Boat Show had a good year and consumers are spending money.  A better economy and low interest rates will fuel the housing market.

10. Thanks to your referrals of your friends, family & loved one ones – my business will continue to grow.

I thank you for your support in 2011 and look forward to another great year servicing my valued clients and their friends, family and loved ones.

Real Estate MLS Statistics Fort Lauderdale, Fl

Fort Lauderdale Fl real estate market November statistics from the Realtors Association of Greater Fort Lauderdale are out. It is hard to make an accurate analogy of the entire Southeast Florida Region by viewing the general statistics. Every neighborhood is different market & every condo building is different market.

Waterfront properties retain more desirability than non waterfront. In neighborhoods with good school districts there is fierce competition for the best homes.

If you want a true picture of a neighborhood market ask a Realtor you trust to review the market statistics for that neighborhood to determine which way the market is headed.

Our Board of Realtors tracks our market statistics. To review the greater Fort Lauderdale real estate market statistics for October 2011 click on the link below. This is the exact report that I receive every month.

http://www.r-world.com/mls/statistics/mls-statistics-2011-11.pdf

Here are a few notes to get you started.

MLS is an acronym for the Multiple Listing Service. This is the Realtors database where all real estate activity is stored for The Greater Fort Lauderdale area which includes the western suburbs. These are November  2011 numbers.

RAGFL is an acronym for Realtors Association of Greater Fort Lauderdale.

The most interesting statistics for November are

Available inventory of single family homes is down 31% from November of 2010. It is amazing how much the inventory of single family homes has decreased. This is having a an effect of rising prices.

Available inventory of condos/townhomes is down 40 % from November 2011. You thought the condo market had crashed. It has recovered quite well and prices will rise.

The percentage of available inventory that is bank owned or a short sale is 29% for single family homes. That number is down from November  2010 which was 35%. REO banks are struggling to bring the foreclosure inventory to the marketplace.

The percentage of available inventory that is bank owned or a short sale is 23% for condos and townhomes. . That number is down from November 2010 by 10%.

The number of single family closed sales is down 6% from the prior year. This is likely a result of fewer homes available for sale.

The number of condo closed sales is down 4% from the prior year.

Are prices going in an upward trend? Yes. At the present time we are seeing price increases in many neighborhoods and condo communities. This is unexpected as the market normally remains flat for a year or two after a declining market. There still are a large number of foreclosures coming through the courts so it will interesting to see what happens, however I am optimistic that prices should remain relatively stable especially in desirable waterfront & East Fort Lauderdale locations and neighborhoods with good school districts.

Has the Fort Lauderdale, Fl real estate market improved? Yes! Inventory of levels are low and buyers are responding to interest rates in the low fours. The economy and the interest rate will be major determining factors of the future of the Fort Lauderdale real estate market.

Need more detailed information about your neighborhood? Call or write to me. I’ll be happy to provide you with answers without sales pressure.

Fort Lauderdale Fl Winterfest Boat Parade 2011

The season is here & everyone in Fort Lauderdale is getting ready for the big event this Saturday –  The Winterfest Boat Parade. This is one of the top  ten parades in the world and televised over several stations.  We never tire of the parade. The lights and the boats are gorgeous.  I’ll be watching from my New River home with all my good friends.

The Winterfest Boat Parade will be held on December 10, 2011, and begin at 6:30 p.m.  The parade route runs 12 miles from the New River in Fort Lauderdale, and continues north on the Intercostal Waterway.  Consisting of over 100 boats ranging from kayaks to majestic yachts each boat is uniquely decorated and features locals, celebrities, acrobatics, lights and holiday splendor.

You can find out more about the Winterfest Boat Parade by visiting their website at http://www.winterfestparade.com/

Christmas on Las Olas,  Fort Lauderdale, Fl

A South Florida tradition returns to Fort Lauderdale, Fl when the 49th Annual Christmas on Las Olas takes place on November 29th from 5:00 to 10:00 PM.

Popular attractions include two story movie screen,  Snow mountain, dozens of school & church choirs, Santa with photo’s and the new “Skate Las Olas” a synthetic 1,800 square foot “ice” skating ring on the lawn of the Riverside Hotel.

There is much to see and do at this great event.  For more infomation visit www.LasOlasBoulevard.com.

I will see you there.

Grateful in Fort Lauderdale, Fl Real Estate & Life

This year in Fort Lauderdale as I look back over the year in real estate and life I have much to be grateful for.  I know how lucky I am.

I’m grateful for another hurricane free year in South Florida and all those unopened cans of tuna and raviolli.

I’m grateful for sunrises over Fort Lauderdale Beach and sunsets that set over the New River.

I’m grateful the Miami Dolphins have won three games in a row.

I’m grateful that I live where mangoes, limes and  avacados grow on trees in yards and all the friends who bring them to my door.

I’m grateful that as I write this it is a balmy 73 degrees, my windows are open and my electric bill was under $100  this month.

I’m grateful that the real estate market has rebounded and is on the upswing.

I’m grateful that interest rates are in the low fours and my buyers are getting great rates and great deals.

I’m grateful for a perfectly cracked stone crab and Smilin Bobs Fish Dip.

I’m grateful for my lender Emily Ziegler with Centrix who closes every home purchase on time and flawlessly.

I’m grateful for another great year in real estate and having over 90% of my business refferred to me from happy clients and friends.

I grateful all my short sales will close this year and I will not lose one family to foreclosure.

I’m grateful for my broker owners Jim Case and Paul Caillaud who run the best brokerage in South Florida allowing me to serve my sellers and buyers better.

I grateful that I belong to RE/MAX the largest and best real estate company in the world with offices in over 60 countries.

I am grateful for the sheer beauty of  Fort Lauderdale and the many things it offers. The ocean, the beaches, the Everglades, the New River, the many waterways, the foliage, the Riverwalk, the gleaming highrises, the stately mansions, the boating, the fishing  and to much more tomention.

I am grateful for my family and friends and for the clients who have become my friends.  All of them have enriched my life.

I grateful that the Pilgrims opted for a difficult journey across the Atlantic hence begining the greatest country ever.  I am especially grateful for the military that protects this great country.

Happy Thanksgiving.