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Standing Strong against Mortgage Roller Coaster | Fort Lauderdale Q1 and Q2 2023 Real Estate Market Report
DIVE INTO OPPORTUNITY: Fort Lauderdale’s Real Estate Market Holding Strong
Fort Lauderdale Q1 and Q2 2023 Real Estate Market Report. As a seasoned real estate practitioner keeping watch on the Fort Lauderdale property landscape, it’s apparent that the economic bedrock of Fort Lauderdale and Broward County remains steady despite the increasing lending rates. Buyers and Sellers searching for market confidence can anchor themselves in the robust economic indicators contributing to a thriving local economy.
Economic Insights
The undeniable vigor of the city is signified through its booming population, surging by an astounding 48% in the urban core. This exponential surge underscores a consistent influx of individuals drawn to Fort Lauderdale’s dynamic lifestyle and boundless opportunities. The mantra “Live Where You Vacation” mirrors the city’s staggering hotel occupancy rates, which outshine national averages by an impressive 23 points. The buoyant tourism sector showcases the area’s allure and ignites demand for investment properties and vacation abodes, forming an irresistible lure for real estate investors.
Furthermore, the appeal for foreign buyers, especially from South American nations, adds a layer of sustained demand to the market. With Broward County’s unemployment rate flaunting its superiority by sitting notably below the national average at 2.6% and the steady shrinkage of commercial office vacancy rates, the overall economic robustness firmly cements Fort Lauderdale and Broward County as prime territories for continued residential real estate demand.
Fort Lauderdale Q1 and Q2 2023 Real Estate Market Report | Single-Family Homes
The inaugural half of 2023 has seen a surge in transaction volume and persistent escalation in average price-per-square-foot valuations. Refer to the Market Trends below for quick insights. Here’s a concise glimpse into the first half of 2023 versus the latter half of 2022 for waterfront single-family homes, encompassing several important market indicators.
The Fort Lauderdale Housing Market: Comparing Q1 and Q2 of 2023 to the second half of 2022 for waterfront single-family homes, encompassing several important market indicators
The decline in price per square foot valuations in Harbor Beach and Bay Colony/The Landings is attributed to sales of older inventory close to land value. As the upward trajectory of price per square-foot valuations persists, and the scarcity of inventory remains an obstacle, numerous buyers are turning to new construction as a cost-effective way to craft their dream homes.
Peruse these figures for Active New Construction listings. Harbor Beach boasts an average new construction price per square foot (psf) of $2,532; 60% of on-the-market listings in Harbor Beach are new construction—Coral Ridge’s on-the-market new construction waterfront homes command an average of $1,628 psf, representing 48% of the active inventory. Las Olas Isles echoes these numbers at $1,483 psf for new construction, constituting 37% of the available inventory. With these higher valuation benchmarks for new construction, it’s economically sensible for specific buyers to scout land for development or consider older inventory for renovation.
This overview serves as a mere glimpse into the single-family homes market in Fort Lauderdale. Each enclave is distinct and merits a meticulous assessment to determine valuations tailored to that locality. To ascertain the accurate valuation of your property, reach out to our Fort Lauderdale Territory Director, Elaine Tatum and refer to out market statistics feature on our website.
Fort Lauderdale Q1 and Q2 2023 Real Estate Market Report | Condominiums
The luxury condo market in Fort Lauderdale has settled slightly, with a marginal 5.7% decline in the average price per square foot, setting it at $858 psf when contrasting sales of the past six months with those of the previous cycle. Transactionally, closed sales surged 11.5% for the same window, with a remarkable 80% consummated through cash transactions. The consistent prevalence of cash deals over the preceding 12 months signifies the condo market’s resilience in the face of interest rate hikes.
Here’s a brief review of performance in top-tier residential condominiums for the first half of 2023:
- Auberge’s average price per square foot ascended by 6.6% to $1,578 per SF based on two transactions.
- Four Seasons maintained stability at $1,965 per SF across eight sales.
- Paramount witnessed a 15% dip, averaging $1,008 psf over three deals.
For detailed insights into luxury condo performance in Fort Lauderdale, delve into Condo Geeks, our proprietary software, accessible on our website at luxlifemiamiblog.com or contact our Fort Lauderdale Territory Director, Elaine Tatum.
Guidance for Buyers
Buyers on the sidelines should recognize that mortgage rates are continuing their ascent and inventory remains tantalizingly scarce. Buyers can gain confidence from the economic stability in Fort Lauderdale. Real estate values are poised to surge once interest rates retreat due to heightened buyer demand so now is the time to buy.
Guidance for Sellers
Sellers must prime their properties before entering the market. Factors of focus include accurate pricing and tending to maintenance concerns. Buyers are discerning about valuations and hold higher expectations regarding property quality. Notably, properties entering the market at the right price point and in impeccable condition still induce multiple offers. Adhering to this counsel expedites sales and elevates valuation. The dedication invested in refining details will inevitably yield substantial returns.
FAQ
These are the most commonly asked Google Real Estate Related questions
1. What are the Current Best New Condos in Miami?
If you want to hear in more details our opinions on the best new Miami new construction condos. Please read this article:Best New Construction Condos 2022-2023.
2. What is the best New Construction Condo in Fort Lauderdale?
In our opinion, the Residences at Pier Sixty-six are certainly the most interesting and unique. Already well underway this 32 Acre project will be home to the first of its kind Marina where owners will be able to anchor up vessels up to a staggering 400 ft! For specifics of this project see our independent review of this project.
3. How can I compare the new luxury construction Condos to the best existing Luxury Condos in Miami?
Our Best Luxury Condos in Miami article will prove to be very useful to those looking to compare the existing to the new. You may also want to watch this video which shows the performance of the best Condos in Miami over the last 15 years!
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