The 2020 Fort Lauderdale Real Estate Market Report
2020 Fort Lauderdale Real Estate Market Report: Trends and Forecast
Here at the David Siddons Group we have been pumping out actionable Miami market reports for over 10 years. For the last 7 years we have been very actively selling Fort Lauderdale real estate, but this is the first time we have produced our brand of report covering the Fort Lauderdale market. We will continue to report on this market with weekly blogs and updates, and if you want a comprehensive source of information then look no further. Our live MLS data feed and analytics software will also be a continual source of education as you navigate the Fort Lauderdale real estate market.
Our focus in this 2020 Fort Lauderdale Real Estate Market Analysis and Report was to produce a detailed ‘actionable’ report for the premium Fort Lauderdale neighborhoods with a strong focus on waterfront homes. We have appropriately produced this report with a focus on Q1 data, but as it has been finished halfway through Q2 (May 2020) we make commentary on the experiences and effects of the Covid-19 Pandemic.
WE ARE CONFIDENT THAT BECAUSE THIS REPORT IS THE MOST UP TO DATE INFORMATION ON THE FORT LAUDERDALE MARKET AND BECAUSE IT WEIGHS IN ON THE CORONA OUTBREAK IT WILL BE THE MOST IMPORTANT AND USEFUL REPORT OF ITS KIND ANYWHERE.
Now more than ever we feel our clients and readers are looking for optics on the market and the production of both granular and holistic observations are fundamental parts of the report. Designed to help those on what to do next in these unpredictable times! Please remember this is not the opinion of a third party analysis group hired to translate data. We are actually agents in the field, working with buyers and sellers EVERY DAY so our observations are made from actual experience. As always, please call me for personal guidance and also please check in on the advanced analytics screen for quarterly updates.
Which Fort Lauderdale waterfront neighborhood performed best in the last year and how did that compare to the same period for previous years. This will be very useful information for potential buyers or sellers of Fort Lauderdale real estate and we will explain why specific waterfront markets are doing better than others. Can it go higher? Is there confidence to push it higher? Take a look at the inventory and absorption rate and assess if you think this will make sales slow down and bring down the peak. Do you want to move to one of the hottest markets? Understand the expectation of sellers and know if you are going to low ball an offer how likely it will be met with stone cold silence or open arms?
Part 2 of this report will cover the fast emerging luxury condo market for Fort Lauderdale. This market has been historically over-shadowed by Miami’s more glamorous and extensive luxury condo market, which has literally dozens of high-end condos such as: Continuum, Apogee, Fendi, Oceana, St Regis, 87 Park and The Four Seasons Surf Club (Read our Miami Report to browse these). In the last few years however we have seen Fort Lauderdale elevate its luxury condo selection with: Auberge, Paramount and now The new Four Seasons Fort Lauderdale. See how these stack up against each other. Which ones are best and how they stand up to the competition across South Florida. We look at the finishes, the dollar per sqft achieved and the velocity of sales over the last 6 months of the product.
In part 3 we dive into a brief summary of the performance of each luxury Fort Lauderdale neighborhood over the last 6 months. We discuss waterfront and non-waterfront properties and we take a look at the appetite, creation and absorption of new construction in the market and what prices are achieved in these homes. If you are a home owner or looking to sell your home in these markets this is a must read. It’s always important to know how you stack up against the competition and you should realize that generalized data on markets makes little sense. I’ve always disliked and distrusted analysis that states ‘Fort Lauderdale homes are doing this or doing that’. Its not until you drill down into specific neighborhoods can you appreciate the important variances that exist.
We have been on the sharp-end of the stick when it comes to relocating buyers to South Florida. Probably on account of our in depth ‘Relocation Guide‘ which has been addressing the most important issues that relocation buyers will face. What we have discovered in dozens of conversations with so many buyers are their discriminatory nature between Fort Lauderdale and Miami. Because they are unfamiliar with both, they look to compare these two cities and this is the focus of this section of the report.
Typically you will find agents either selling Miami or selling Fort Lauderdale so naturally you will get a biased opinion, because you will talk to agents in two different areas. At The David Siddons Group we are a syndicate team of industry experts with a combined knowledge of over 50 years experience. Elaine Tatum, our Fort Lauderdale agent, will be equally capable of selling you a home on Fort Lauderdale as I (David Siddons) will be able to sell you a home in say Coral Gables or Stefania Cambarau can assist you with a home on Miami Beach. But it is our ability to analyze across these markets that makes us so unique.
In this section we will analyze both condos and homes across these two markets and we will discuss Waterfront and Gated Communities, helping you decide what is right for you. We will look at the performance in the last 6 months across these markets and discuss which ones are performing best.
Much like the Miami market our education is grounded in economics. This is not a neat mathematical calculation of capitalistic mechanisms and rational behaviors driving our real estate market, but the more messy process of observing human behavior. Sometimes irrational and unpredictable, but definitely (if observed early) enough to allow us to recognize trends. Trends that can be very productive in increasing property values or extremely destructive. Either way this is only possible by being involved in the every day process of purchase and sale transactions.
Given the volatile nature of the current national and global economy we are now more that ever being exposed to the question: ‘Should I be investing in Real Estate?’. Of course it depends where you are talking about and at which price point. In this final part of our 2020 Fort Lauderdale Real Estate Report we break down the economic cycle and allow our readers to look subjectively at the market behavior over the last 12 years to recognize where investment opportunity or peril may exist.
In part 7 we discuss what we are forecasting for the Fort Lauderdale market. We discuss a hot topic of ‘slow down’ caused by COVID-19 as well as ‘Speed up’ driven by relocating buyers. We take a look at our advanced analytics and provide explanation on how to read this. Of course the ‘Condo Geeks’ analysis is our proprietary ‘Bloomberg style terminal’ for reading the South Florida market, and will enable our clients (with our help) to look back at the entire economic cycle of the market. As the saying goes; ‘You cannot see where you are going if you don’t know where you have been!’