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Ft Lauderdale Real Estate News 12/30/13


single family homes in fort lauderdale go up 20%, price of condos rise 23.6%


The latest statistics compiled by the Florida Association of Realtors shows the real estate market in Florida continuing to move strongly upward.

In addition, prime property and great locations are outperforming the rest of the market.

Below is the November 2013 summary report for sales of single family homes across the state showing the median price increased 13.% year over year, from November to November.


nov 2013 florida single family

Sale prices on condos and townhomes rose even more. The November 2013 summary report for sales of condominiums and townhomes throughout Florida below shows a median price increase of 17.2%


nov 2013 florida condos

Closer analysis of these numbers confirms an assertion I have been telling my clients for the last couple years: that the better properties will outperform the statewide average.

This is illustrated in the two reports below.

First we look at the November 2013 report for sales of single family homes in the metropolitan area of Miami, Fort Lauderdale and Pompano. Median Price went up 20%, again year to year, from November 2012 to November 2013. In addition you must remember these numbers are still a bit skewed, for the reporting area is quite large. Were you distill them down to Broward County, this number would go up even further, and if we could isolate the east side of Fort Lauderdale, higher still.


nov 2013 fort lauderdale single family

Once more, sales of townhomes and condos showed an even greater increase. Below is the November 2013 summary report showing the median price for condominiums and townhoumes rose 23.6% year over year.


nov 2013 fort lauderdale condos

Some so-called "Experts" are offering words of caution, warning prices can't keep going up like this. (Like DUH!) This is the second dumbest thing I've heard since the Shadow Inventory. Certainly we are bouncing off a bottom and we are not going to see 20% a year. But what does that mean? Perhaps you will only see 10-12%. What, is that a bad thing? After all, who wants a measley 10-12% profit? Other analysts also point out how the inventory of homes on the market has come way down, and a tighter market by definition will always be less frothy.

I have lived in South Florida since the 50s. It has historically been a boom and bust cycle. In a "normal" year property values in South Florida might appreciate 7-10%. The real estate market crashed in the 70s, the 80s and the 90s. People were running around like chickens with their heads cut off, screaming the sky was falling. Our last downturn has been especially severe, but that was in large part due to our fine friends on Wall Street, playing the slots.

In my professional opinion we are looking at a pretty good stretch over the next couple years in South Florida, barring asteroid impacts and/or the total collapse of Western Civilization (a.k.a. my "Act of God" Disclaimer). No, you probably won't get 20% a year. But if you buy right and get good value (i.e. price versus location) you should still be able to see double-digit appreciation.




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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
Fort Lauderdale, Florida 33301

Jim Esposito

fort lauderdale homes for sale

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


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