For those buyers who did not step in about a year ago to buy Fort Lauderdale
properties, it is a tough decision to make.
In the last February-March months, the real estate prices for ocean front condos hit rock bottom. Since then, prices have appreciated about 10-15%. It is very difficult to get basic sales with ocean front view properties. For those who are trying to find one, it is not an easy task either. The banks are holding on to investors releasing its prices by price and when putting propulsion for sale, putting it about 20% below the market.
What are they gaining? The banks create an auction strategy when 2-3 buyers are forced to make the best and last offer in a multi-bid situation. Not anybody can make a rational situation.
The prices for luxury real estate in Fort Lauderdale
still remains about 25-30% below the 2007 prices when the market peaked. Since then, MIAMI real estate, or for example Sunny Isles
for luxury oceanfront properties almost reached its 2007 level, as Turnberry Ocean Colony
or Jade Ocean
in Sunny Isles
are over-trying to make a line through the ceiling.
What am I trying to say? It has never been a better time to buy Fort lauderdale
real estate. The market has cleaned up on inventories and almost no new construction has been started for the last 5 years. The banks have started easing up on loans, although it is not easy yet to get the loan for a purchase.
I would not be surprised if the real estate market for luxury properties in Fort Lauderdale
soars in the next 2 years after the banks ease it’s policies with the Brazilian buyers. I have heard that Visas for Brazilian Buyers
will be waived or at least the process will get as easy as possible.