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Ft Lauderdale Real Estate News 05/30/13

median price of homes for sale in fort lauderdale up 22% as housing and real estate market improves


Broward property owners got good news Wednesday: Their property values are rising.

Nearly every pocket of the county saw an increase in official property values the best real estate report Broward County's had since the Great Recession hit, Broward's property appraiser announced.

Values rose on average 3.9 percent, and with significant new construction projects completed, the countywide tax roll increased 4.4 percent, to an eye-popping $132 billion.

Thirty Broward cities every city except the tiny enclave of Lazy Lake posted a gain in values

The high was in Cooper City, where value increases and a gigantic new residential development contributed to an 8.6 percent leap. The low: unincorporated Broward County, registering a disappointing negative 8.3 percent, the lone pocket of real estate depression.

The numbers are tentative and will be confirmed July 1.

This year, even Lauderdale Lakes saw an increase. The city teetered on the edge of financial collapse two years ago and ran up a $9 million debt to the Broward Sheriff's Office.

"I'm very ecstatic and optimistic about the number," said City Manager Jonathan Allen.

The city's estimated 5.3 percent gain in values is "the first positive trend in more than five years," Allen said. "It's hurt us over the years, but the positive values will allow us to be more focused and forward-moving on our financial recovery plan."

The city of Fort Lauderdale, by far the real estate powerhouse of Broward with $26 billion in value, posted a solid gain of 4.4 percent, and Fort Lauderdale Mayor Jack Seiler said the values "confirmed what we believed to be true, that the real estate market's on the road to recovery and people are feeling pretty confident."

The Sun Sentinel reported last week that median housing prices in Broward rose 22 percent.

2013 Sun-Sentinel

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