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 – $4M
- 44 Sales
- 108 Active Listings
- 14.7 Months of inventory, equal to a score of 86 on our health meter
- Price reductions between 10% to 25% can be seen (Please refer to our working examples)
There is a lot of over-priced product that stays for a high amount of days on the market. Almost no buyer pays asking price or even close to asking price. The Fort Lauderdale real estate market is not well researched, but the David Siddons Group is going to change that. It seems like realtors and sellers are using their instincts when it comes to prices rather than good analysis.
Top sales were (unsurprisingly) recorded in Seven isles, while Rio Vista shows the highest concentration of sales. What is surprising is that there were 4 sales on the Las Olas River.
Searches are best to concentrate where the most selection can be found; in this price point along the Las Olas Isles including Seven Isles and Riviera Isles. This location is ideally located 5 minutes from the beaches and downtown corridor. Also offering quick access to the Intracoastal Inlet.
Most homes sold in the 500$ – $600 per SF range, a few sold around $700 and the top was $1,046 per SF
The Rental Market
- 45 Homes for rent
- 8 Rented.
- 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
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.