The Fort Lauderdale Real Estate Market Report 2019
The Fort Lauderdale Real Estate Market Report 2019 – The Last 6 Months (April till October 2019)
David Siddons and our Fort Lauderdale real estate expert and resident Elaine Tatum spent the week analyzing the Fort Lauderdale real estate market to provide our readers with a clear overview of what has happened in the last 6 months, what trends we are seeing and what we expect from this market in the months to come.
Observations in the Fort Lauderdale Real Estate Market of $2M – $4M
108 Active Listings
14.7 Months of inventory, equal to a score of 86 on our health meter
Price reductions between 10% to 25% can be seen (Please refer to our working examples)
There is a lot of over-priced product that stays for a high amount of days on the market. Almost no buyer pays asking price or even close to asking price. The Fort Lauderdale real estate market is not well researched, but the David Siddons Group is going to change that. It seems like realtors and sellers are using their instincts when it comes to prices rather than good analysis.
Top sales were (unsurprisingly) recorded in Seven isles, while Rio Vista shows the highest concentration of sales. What is surprising is that there were 4 sales on the Las Olas River.
Searches are best to concentrate where the most selection can be found; in this price point along the Las Olas Isles including Seven Isles and Riviera Isles. This location is ideally located 5 minutes from the beaches and downtown corridor. Also offering quick access to the Intracoastal Inlet.
Most homes sold in the 500$ – $600 per SF range, a few sold around $700 and the top was $1,046 per SF
The Rental Market
45 Homes for rent
A lot were designed as short term rentals, which is typical for the Fort Lauderdale rental market, unlike Miami
64 Isla Bahia Dr sold for $3,825,000 after a 25% price drop.
1016 SE 4th St sold for $3.9M after a 15% reduction off its asking price
122 N Gordon Rd sold for $3,625,000 after a 10% drop from $3,875,000
100 N Gordon Rd sold for $4M after a 20% drop
Observations in the Fort Lauderdale Real Estate Market of $4M – $6M
37 Active Listings (1 non-Waterfront Listing)
20 Of the 37 (has been on the market for more than 6 months) Even more if you consider the product re-introduced.
Comparing this to Miami, we see that only 8 waterfront homes exist in this price.
Half the Miami market is dry lot, 97% of the FL market is waterfront.
13 Sales, which means 2.16 sales per month and 17 months of inventory. Sales velocity slows down in this range and we see a 75% score on the health score indicator.
What Product does not move? Old Mediterranean homes and poorly done new product, although the older Mediterranean homes are a clear winner. No one is going to pay $750 – $800 per sqft for an older non-contemporary style home.
What product does move? The modern transitional, island style homes with attention to detail does move (we recorded 10 sales). Characteristics of these homes are; Stack stone front, glass facades and high ceilings. These kind of homes are getting around $1,000 per sqft.
This waterfront property on 2317 Delmar Pl sold for $5,150,000 within 149 days. This property closed in 4 months, which means it got into contract in 2 months.
This waterfront property on 333 Royal Plaza Dr sold for $5.2M within 120 days. This property closed in 4 months, which means it got into contract in 2 months.
Observations in the Fort Lauderdale Real Estate Market of $6M – $8M
♦ 2 Sales
♦ 2 Pending Sales
♦ 27 Active listings
♦ 40 months of inventory
♦ Over half the inventory has been on the market for more than 200 days.
You will start to see big lots and point lots at this range; one sale happened on a 30,000 lot. Very heavy, oversized Mediterranean homes do not sell. Nor do pre-construction homes, which is very early on in the stage
2506 Barcelona Drive was sold at asking price for $6,995,000 within 4 days after hitting the market. This property got a sales price of $745 per SF
1500 se 10th street achieved a sales price per SF of $897. It was sold for $6,500,000 after being on the market for 100 days. This property was listed for $7,400,000
Observations in the Fort Lauderdale Real Estate Market of $8M+
♦ 9 Sales and pending sales
♦ By majority point lots of half an acre to a full acre or even 1.5 acres.
♦$1,100 – $1,800 per SF top sales.
♦ 43 active listings.
♦ 28 months of inventory.
1575 Ponce de Leon drive sold after being on the market for 111 days for $16,016,000 (Listed for $19,900,000). The home located on a 60,604 SF point lot achieved $776 per SF
2401 Del Lago was listed for $15,950,000. It sold after 454 days for $13,000,000 at $1,221 per SF. This property is located on a 36,860SF point lot
Please Contact the David Siddons Group for more information about the Fort Lauderdale Real Estate Market
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We have only superlatives to describe how wonderful Cris Buzolin was throughout the process of selling our townhouse in Coral Gables. We were away in the UK while the transaction was taking place and Cris handled everything-from clearing out our house, selling contents when she could, arranging the moving and storage and dealing with some very difficult problems which arose. Always patient and very willing to help in every way, Cris is a consummate professional who really cares about her clients and worked extremely hard to get the price we had asked for and make things for us as easy as she could. Nothing was too much for her to handle.Cris and Marianela (who provided additional very helpful assistance to us during the transaction) are part of the team that David Siddons has assembled.When we decided to sell our property, we contacted David and he established the framework for the transaction and ensured that everything proceeded smoothly and in accordance with our wishes. In sum, David Siddons and his team are extremely competent and professional and we are totally satisfied with the service they provided. To repeat, Cris Buzolin in particular, went way beyond what one would expect from a real estate agent. The David Siddons Group has our highest recommendation!
Fantastic group of people to work with!! David and Adriana were responsive and professional throughout the entire process. We weren't familiar with South Florida so David took us under his wing and did a fabulous job giving us a tour of select neighborhoods in South Florida and shared a great deal of information about each. We fell in love with the Botaniko community in Weston and closed the deal with Adriana. If you are buying/selling this is the team you want to work with!! Thank you guys for helping us find our dream home.