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Intercoastal Realty

(954) 336-3776

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Ft Lauderdale Real Estate News 04/14/14

malaysian air mystery should have "no affect" on fort lauderdale real estate market

A noted industry expert has declared the mystery surrounding the disappearance of Malaysian Air Flight 370 should have no affect on the housing market in Fort Lauderdale and South Florida.

"C'mon, man... It's on the other side of the fricking world," explains Jim Esposito, the best real estate agent in Fort Lauderdale.

"Our local real estate market is strong, and should continue to improve into the foreseeable future," Esposito went on to say, "Barring asteroid impacts or the total collapse of Western Civilization, we are looking at a real good stretch over the next couple of years."

As evidence, Esposito cites his exhaustive analysis of the South Florida housing market, posted on the "Investor Central" page of his website

Investor Central

"There is only 471 miles of developable dry land in Broward County," explains Esposito. "At this point it is 99% developed. By the year 2020 our population is projected to rise to over 2 million residents. That's an increase of an additional 25 to 30% people, all squeezing into the same 471 square miles of developable dry land.

"To me," Esposito concludes, "significant appreciation in home prices is relatively inevitable."

Esposito is also skeptical about the affects the fabled "Shadow Inventory" might have on the South Florida real estate market.

"Shadow Inventory" is a term which refers to properties which are in some stage of foreclosure that many paranoiac and ill-informed so-called industry "experts" often point to as a looming wave of foreclosures which is going to swamp the market.

"All that talk about the shadow inventory cost people millions of dollars in potential profits. Once they got caught in that robo-signing scandal, the banks will never be able to release waves of foreclosures the way they did previously. To foreclosure upon a property through the courts in Florida takes and average of 935 days. Only two states in the country take longer. We will consider to see foreclosure properties hit the market, but they simply cannot be released in sufficent numbers to significantly affect home prices.

"Remember, there are no more toxic loans. These foreclosures and distressed properties all date back to bad mortgages issued in those crazy years prior to 2005-2006. Once the bubble burst and the economy collapsed the banks tightened their lending standards. So there is a finite number of these bad mortgages. We have been working through the inventory for years. Every month, when new housing statistics come out, foreclosures and distressed properties, as well as the fabled shadow inventory, drop by double-digits."

Esposito also believes that prime property, luxury waterfront homes and oceanfront condos on the east side of Broward County, will appreciate at a higher rate than properties in the western suburbs.

"These housing statistics are averages," he explains, "and most agencies which compile these number use a reporting area which lumps Broward County in with Miami-Dade. In Miami, one in every 106 homes is in some stage of foreclosure. But you look at the latest interactive chart of Foreclosure Activity from RealtyTrac (re-printed below) and you see the city of Fort Lauderdale averages only 1 home in every 430. Furthermore Zip Code 33301 shows only 1 home in every 1,928, and 33308 only 1 home in every 928 in some stage of Foreclosure.

"This illustrates how premier neighborhoods of Fort Lauderdale outperform the statewide average."

More dramatic evidence of the strength of the South Florida housing market can be found in the Case-Shiller Home Price Index Chart (also below) from October 2013.

"The first thing that hits you when you look at this chart," Esposito explains, "is that big spike, showing how crazy our market had been from 2003 to 2005, that sharp up-tick and that steep decline. What is fascinating, however, is the long term overall trend. True, home prices went crazy, shot up and then plummeted, but in the end price levels wound up pretty much where they should've been given their historical upward climb."

To illustrate this point Esposito points to the second image of the Case-Shiller Home Price Index where he has added a brown trend line.

Interactive Chart

Foreclosure Rates, Broward County

(Run your mouse over the Zip Codes to see)

s&p case-shiller hpi miami oct 2013 a

s&p case-shiller hpi miami oct 2013 b

To see the February 2013 housing data reports
from the florida association of realtors
click on the links below:

Single Family February 2014

Condos February 2014

To see stats in indvidual markets:

Market Sales Activity February 2014

Click on Image to View The Latest
Metro Home Prices Report
from the National Association of Realtors

foreclosure single family east of Intracoastal

To see 2013 year end housing data reports
from the florida association of realtors
for statewide residential real estate activity
click on the links below:

Single Family 2013

Condos 2013

To see stats in indvidual markets:

Market Sales Activity

To see more great real estate investments go to

Investor Central


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a high rating realtor I specialize in the location
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in ft lauderdale, boca raton and south florida

Jim Esposito

Intercoastal Realty

the best ft lauderdale realtor

(954) 785-8558 Office
(954) 336-3776 Mobile


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1500 East Las Olas Boulevard
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Jim Esposito

fort lauderdale homes for sale

(954) 785-8558 Office
(954) 336-3776 Mobile


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