Investment Moves North To Fort Lauderdale

Just came across the article below from The Miami Herald, dated June 2015.

Increased Real Estate Values Seen With New Railroad Stop

Condo face book

 The Real Deal, Florida edition, stated the residential housing construction boom is coming to Broward County. As I mentioned in previous postings there are various reason for this.

One additional reason is All Aboard Florida stop in Fort Lauderdale.

Money is moving from Dade to Broward.

Examples:

AquaVita Las Olas, located on Hendricks Isle, Las Olas is almost fully sold out. Last offering is priced at $2M.

L’Auberge states many unit are sold, despite the fact that ground has not yet been broken.

Transactions are on the rise in Broward County.

If you are in the market for a Real Estate Investment, I recommend Broward County.

South Florida Housing Market increases, as per Freddie Mac

South Florida’s Housing Market is increasing in value.

Many Condominiums are seeing prices nearing those of the period before the Real Estate contraction of a few years ago, as are private home sales.

Investors are back. South Americans are moving North, as the Miami Market continues to fly out of their budgets.

Come and see for your self.

Beverly Feingold, Broker Associate: Cell – 917-209-2384

c a s t e l l i  LUXURY  Real Estate Services

Miami
South Florida housing market gets favorable rating from Freddie Mac
By Paul Owers
Sun Sentinel

Freddie Mac report cites improvement in South Florida housing market
South Florida’s housing market continues to inch higher on a national index released by mortgage company Freddie Mac.

The tri-county region of Palm Beach, Broward and Miami-Dade counties scored 83.7 in July on Freddie’s Multi-Indicator Market Index, up 14 percent from a year ago.

The index measures housing markets across the country by tracking home loan applications, affordability, mortgage loan delinquencies and employment. A composite score of at least 80 is considered favorable or stable. A perfect score is 100.

South Florida’s market reached the 80 threshold in May for the first time since August 2008.

Palm Beach, Broward and Miami-Dade counties had the highest score of the eight Florida markets surveyed. Cape Coral was the only other Florida metro above 80 (81.6), but the other markets are on the rebound, according to Freddie.

“Florida has some of the most improving housing markets in the country, largely a reflection of more borrowers becoming current on their mortgage payments as the local employment picture improves and house prices rebound,” Len Kiefer, deputy chief economist for Freddie, said in a statement.

Fresno, Calif., was the nation’s top housing market with a score of 98.9. Austin, Texas, was second at 96.4.

Meanwhile, a separate report this week from real estate website Zillow.com showed that South Florida home values rose about 10 percent in August compared with a year ago.

Zillow said 16 percent of South Florida homes lost value in August from the previous year, well below the national average of 27.9 percent.

Mike Larson, a housing analyst with Weiss Research in Jupiter, said “subdued wage growth” is a concern for housing across the region. But he added that the disparity between incomes and wages is nowhere near what it was during the middle part of the last decade’s housing debacle.

“There’s nothing incredibly troubling out there on the horizon,” he said. “All told, I’m relatively optimistic about the outlook here.”

Move Over Miami Here Comes Fort Lauderdale

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Once again, South Florida is on the verge of a BOOM. Difference this time, it will be Fort Lauderdale. Where there is excellent value, still to be found and many new up and coming neighborhoods.

If it is City Life on The Beach you are seeking, make Fort Lauderdale you next homes.

Fort Lauderdale and for that matter all of Broward County offers a wonderful investment.

Remember the Boom in Miami…it is moving North the the areas along the Ocean and the miles and miles of Intracoastal Waterways and Canals. “The Venice of America” (Fort Lauderdale) is on the verge of a similar Boom.

Beverly Feingold, Broker Associate …24 years of experience in Real Estate. Make it work for you. 917-209-2384

c a s t l l i  LUXURY Real Estate Services

Auberge 2

Latin American buyers find a more affordable South Florida market

ORIGINALLY PUBLISHED ON AUGUST 21, 2015|MANSION GLOBAL

Fort Lauderdale is seeing a condo development building spree.

A year ago, there were 12 new buildings with a total of 800 units under construction in the South Florida city. Today, 45 buildings with 3,400 units are being built, said Peter Zalewski, founder of CraneSpotters.com, a website that tracks condo projects in South Florida.

As condo and land prices continue to rise in Miami, Fort Lauderdale is becoming an attractive option for both buyers and developers, Zalewski said.

Latin Americans, long a driving force in Florida’s real estate market, may become an important source of buyers for these condos.

Weaker currencies in Latin America, including the Brazilian real, could mean buyers priced out of Miami will head north to Fort Lauderdale.

“They can’t afford Miami the way they used to and Fort Lauderdale is their next best option” in South Florida, Zalewski said.

The average new condo price in Miami-Dade County this year stood at $949 a square foot; in Broward County, where Fort Lauderdale is located, the average was $481 a square foot.

In addition, an expanding international airport is introducing Fort Lauderdale to new Latin American markets.

Last year, Fort Lauderdale accounted for 8% of Florida’s total international sales. Latin Americans represented 33% of international homebuyers in the city.


Units at the two-story Auberge Beach Residences & Spa Fort Lauderdale sell from $1.5 million to over $9 million.Rendering: The Related Group

“Affluent Latin Americans are realizing that numerous factors that were once thought to exist only in Miami, including a luxury lifestyle, are very much present in the Fort Lauderdale area as well, and can be found at roughly half the price,” said Carlos Rosso, president of the condominium division at The Related Group, the developer behind the Auberge Beach Residences & Spa Fort Lauderdale.

The Related Group is set to open the Auberge in Fort Lauderdale, a two-tower 171-unit beachfront luxury condominium, in 2017.

For those considering Fort Lauderdale, here are some things to keep in mind:

PRICE TRENDS:

The average price per square foot for luxury condos in Fort Lauderdale was up 14.2% in the second quarter compared with the first quarter, and 18% more than a year before, according to Douglas Elliman Real Estate.

The average price per square foot in Miami Beach was down 16.1% from the previous quarter and 2.5% below the second quarter 2014.

ACCESS:

The Fort Lauderdale-Hollywood International Airport now serves over 20 cities in 14 countries in Latin America, including: Armenia, Colombia; Guantanamo Bay, Cuba; San Pedro Sula, Honduras; and Toluca, Mexico.

A $2.3 billion renovation program is set to modernize terminals at the airport, add gates and make room for additional commercial tenants over the next four years, according to the FLL Airport Improvements and Renovation Program.

LIFESTYLE:

With over 300 miles of inland waterways and 50,000 registered yachts, Fort Lauderdale is known as the Venice of the Americas. The  largest of 31 municipalities in Broward County, the city encompasses 33 square miles and has a population of 176,000. Each year it hosts the Fort Lauderdale International Boat Show, the largest annual show of its kind in the world.


Residences at the Auberge, which is currently 74% sold, will be smart-phone pre-wired for high-speed Internet access and Wi-Fi technology. Above, a living area. Rendering: The Related Group