The 30-Day Fort Lauderdale Luxury Real Estate Report | Fort Lauderdale Waterfront Homes

Our First 30-Day Fort Lauderdale Luxury Real Estate Report | Waterfront Homes

Welcome to our first Fort Lauderdale Luxury Real Estate Report. The David Siddons Group has always produced Fort Lauderdale market reports, but due to the dynamic of the current real estate market we have decided to introduce 30-Day real estate updates for the different Fort Lauderdale real estate sub-markets. Fort Lauderdale expert Elaine Tatum of the David Siddons Group wants to provide you with a complete overview of the market in less than 10 minutes. We provide you with the most important market data (months of inventory, number of active listings, sales and pending deals, key sales in the area and average sales prices per SF) in combination with our signature social narrative. Rather than just telling you prices are up and inventory is down we will provide you with background information on buyer’s and seller’s behavior and where we see the market heading; “Who is buying?, “Why is inventory so low?, “Why did a certain property sell for a record price?“, “How much longer will this market be sustainable?”. We don’t want to publish market reports for the sake of publishing them, we want to make this market more transparent and help you make a better decision whether you are selling or buying Fort Lauderdale real estate. The markets we will cover in these and following reports will be Harbor Beach, Coral Ridge, Bay Colony, Las Olas Isles, Rio Vista and Victoria Park.

The David Siddons Group represented the buyer in Fort Lauderdale’s top 5 Sale of 2021!

Take Aways from this video on the Fort Lauderdale Luxury Real Estate Market for Waterfront Homes

A New Construction Boom: Fort Lauderdale is seeing a high amount of brand new construction homes throughout all the top neighborhoods, but specifically in Harbor Beach. In this exclusive enclave 50% of the listed homes (10 in total) are in pre-construction. Those who are looking for pre-construction homes are looking at a $6M+ price tag, but will be finding their dream home on the water. Below that price level the amount of brand new properties is very limited.

Main Market Characteristics: The Fort Lauderdale waterfront market is seeing a very low inventory, which leads to increasing prices. Many buyers are relocating to Fort Lauderdale with a true need to find a home. These buyers, often from the Northeast are coming with high budgets and do not mind paying at or over asking price. The amount of good quality waterfront homes is limited and those who want the best of the best need to come in close or over asking price.

Who is buying Fort Lauderdale Waterfront Homes?

We see many buyers from the Northeast, California and Chicago. They are used to very high prices per SF and do not know the historic prices of the Fort Lauderdale real estate market. Besides this, they are relocating and are in a rush to find a home for their family. As mentioned before these buyers are not shy to come in at or over asking price just to get the deal done. This is driving up the prices for Fort Lauderdale waterfront homes.

Advice for Sellers of Fort Lauderdale Waterfront Homes.

If you are currently listing your home and it has been on the market for more than 2 months without an offer, then please rethink your position. The market is too hot right now for inventory to sit for more than 2 months. Either your property is not priced right or the marketing is not done correctly. If you are planning to bring your property to market, please know that the way you price your home is very important. We have seen this in Coral Ridge where many homes were listed for less aggressive listing prices than elsewhere, which attracted many buyers. The amount of offers these properties were receiving led to bidding wars often resulting in buyers paying over asking price.

Advice to Buyers of Fort Lauderdale Waterfront homes

Are you not finding what you are looking for? In these crazy times many (30%!!) properties are trading off -market. The top agents in town sell properties before they enter the market and therefore it is essential you work with a seasoned, well-respected realtor. The David Siddons Group sees listings before they enter the market and is always in contact with the developers and other top realtors. Besides this, we often reach out to owners of off-market properties to see if they are willing to sell to our clients. In this market, even more than normally, a good realtor makes all the difference. If you have found the home of your dreams, please don’t think you can low-ball. Do not undercut these sellers, because in the last 6 months we have seen discounts as low as 3% to 5% with many properties trading over asking price.