Local Real Estate Market Report
Most of us get inundated with prepackaged (click-of-the-button) type of reports that often don’t tell the statistics of the specific area we actually reside in. For example, how many of you have received a Broward County or Florida market report that doesn’t grant much insight into what’s going on in your local community?
In an effort to provide insight into our local markets, we have begun creating customized “Local Market Watch” reports using raw transaction data. We currently have reports for Lauderdale-By-The-Sea, Galt Ocean Mile, Las Olas Area Waterfront and will soon be releasing Deerfield, Hollywood and Pompano Beach reports. Call us at 954-351-7007 if you’d like to see a new report or receive an existing one.
Here are some current report highlights…
LAUDERDALE-BY-THE-SEA:
This quaint seaside town is a great place for your primary residence, vacation home or business and is home to approximately six thousand residents. With a diverse mix of property types and a high percentage of waterfront real estate, the town is popular with beachgoers and others who enjoy diving, fishing and other water sports.
The data seems to be showing some strength for single family residences in this beach market, as sold prices in H1 2010 vs. H1 2009 increased 2% with most of this strength coming from single family waterfront properties, which increased 12.4% over the same time period. Condos in this marketplace dominate the available product type; however, prices here are still facing pressure as a result of foreclosure activity.
GALT OCEAN MILE:
Comprised of 21 beachfront high-rise condominium complexes, the Galt Ocean Mile is considered one of the most desirable locations to live in Fort Lauderdale. There are plenty of amenities and price ranges to choose from, all within close proximity to Fort Lauderdale’s activities, shopping and attractions.
The Galt Ocean Mile experienced a steep rise in the early-to-mid 2000’s, but most recently suffered from a steep decline. Prices continue to show modest declines, but one interesting piece of data actually reveals price increases of foreclosure product from H1 2010 vs. H1 2009. It’s also worth noting that the “Days on Market” for this same time period dropped by almost 60% meaning that banks seem to have improved their systems and processes for disposing of short sale and bank-owned units.
LAS OLAS AREA WATERFRONT:
Stretching from the east side of downtown Fort Lauderdale to the beach, Las Olas Boulevard is lined with some of the most desirable waterfront neighborhoods in South Florida. Although there are some multi-family buildings, most of the area is single-family with some homes dating back to the 1930s. Close to shopping and the beach, this area is popular with boating enthusiasts.
We see a recurring theme in this marketplace in that “Days on Market” have declined significantly for foreclosure product from H1 2010 vs. H1 2009; however, prices have also continued to drop. Unlike most of the other local markets, we actually experienced a price increase in 2008 vs. 2007 followed by declines in 2009 causing a bit of a seesaw adjustment. Some of this may in part be due to older product (with smaller price tags) being disposed of, but it appears that this area is still in search of finding a bottom.
