Florida Real Estate Heats Up As Sale Prices Increase

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Florida’s housing market saw more sales, an increase in median prices and a tight inventory of homes for sale in September, according to data released by Florida Realtors and reported by Legislative IQ via Lobbytools.

The statewide median sale price for a single family home hit $199.900 last month, an 11.1 percent increase year over year. Townhouses and condos saw a 5.1 percent gain over last year with a median sale price of $150,000.

Short sales were also down 43 percent year over year for townhouse and condo properties, with closed sales seeing a jump of 8.4 percent. Single-family home short sales also fell 36 percent.

“The Florida real estate market continues to hum along,” said Florida Realtors chief economist Dr. John Tuccillo. “We’re seeing increases in both sales and prices in virtually every metropolitan statistical area (MSA) and in both single-family homes and townhouses and condos. Inventory continues to decline and those declines have now reached homes at the $250,000 level.

“However, with pending sales down, mortgage accessibility increasing and interest rates due to rise, we think the market will even out as we go forward into 2016.”

Statewide inventory of homes also tightened in September, with a 4.4 month inventory of single-family homes and a 5.2 month inventory of townhomes and condo properties on the market.

http://floridapolitics.com/archives/193148-florida-real-estate-market-heats-up-as-sales-prices-increase-and-inventory-tight

The Affluent, Creating Ft Lauderdale’s Real Estate Boom

Current New Construction

Fort Lauderdale Attracts Some Of The Wealthier Tourists In The Country, And They Could Be Fueling Our Development Boom

by Lyssa Goldberg Oct 23, 2015 10:57 AM

Fort Lauderdale Attracts Some Of The Wealthier Tourists In The Country, And They Could Be Fueling Our Development Boom

More than $1 billion is being invested into Broward County hotel and condo development, the Greater Fort Lauderdale Convention & Visitors Bureau announced last week.

That includes over $704 million in new hotel development currently underway, and another $222 million in renovations at more than 10 hotels. And it’s primarily being fueled by an influx of affluent tourists, the GFLCVB said.

“What we are seeing is the next wave of transformation happening everywhere across Broward County with an increase of affluent visitors stimulating significant luxury investment here,” GFLCVB President Nicki Grossman said in a press release.

Domestic travelers to Fort Lauderdale are almost 25 percent wealthier than the average national traveler, earning an average of $112,563, according to a recent analysis of the domestic travel market in the U.S. The GFLCVB commissioned this study by research firm D.K. Shifflet & Associates Ltd.

Where are they coming from? Most travelers who earn more than $100,000 annually are from New York (26 percent), followed by Washington, D.C. (7.7 percent); Dallas-Fort Worth (6.9 percent); and Boston (6.9 percent).

These tourists spend an average of $1,531 per stay, according to the study. They are spending their money on Fort Lauderdale’s beaches (64 percent), dining at local restaurants (42 percent), experiencing nightlife and gaming (34 percent), and shopping at malls and outlet stores (33 percent).

In fact, 2014 saw the highest number of tourists—14.3 million—and highest economic impact—$11.4 billion—to Greater Fort Lauderdale on record.

“Month after month and year after year, we are experiencing tremendous growth in our visitor numbers. There are many factors contributing to this success, including our increasingly popular lifestyle appeal,” Grossman said.

At the same time, the Greater Fort Lauderdale landscape is transforming, with new condos and hotels planned to pop up along the horizon. On Fort Lauderdale Beach alone, condo-hotel projects include the Conrad Fort Lauderdale Beach Resort and its Ocean Resort Residences set to open early next year, Auberge Beach Residences & Spa opening in 2017, and Four Seasons Hotel & Private Residences opening in 2018. GFLCVB estimates more than 1,000 hotel rooms will be entering the market over the next two years.

According to Andreas Ioannou, CEO of Orchestra Hotels & Resorts, which is developing The Ocean Resort Residences at Conrad Fort Lauderdale Beach Resort, this is not a case of “If you build it, they will come.”

“[T]he weather, the beach and the entertainment available throughout Fort Lauderdale are as enticing to developers as they are to tourists and residents,” he said. “Developers on both the hotel and real estate side are quickly picking up on Fort Lauderdale’s growth and lifestyle, and they are now looking to meet the demand for luxury beachfront properties at [an] affordable price.”

Jimmy Tate of Tate Capital, the real estate firm hoping to transform the Bahia Mar Resort property into an expansive Intracoastal promenade, said it’s a simple matter of supply and demand, calling Fort Lauderdale the next luxury frontier beyond Miami-Dade and Palm Beach counties.

“One thing I’ve always said to people is the beach along the Atlantic Ocean is the same Atlantic Ocean anywhere you go,” he said. “Fort Lauderdale is the last frontier of undeveloped land. Of all three counties, it has some of the last remaining natural beachfront.”

Tate listed strong educational and cultural arts institutions, the expansion of Fort Lauderdale-Hollywood International Airport as a global hub, and a growing cruise ship port and marine industry as important reasons for the city’s increasing prosperity.

With higher quality places to eat, shop and explore being introduced to Fort Lauderdale, a different tier of tourists come to visit, Tate explained.

“It could only be kept a great secret for so long, and now what’s happening is that the secret is out,” he said.

Here’s a list of recently completed and ongoing development projects in Broward County:

  • Margaritaville Hollywood Beach Resort, which opened in September
  • Meliá Costa Hollywood Condo Resort, set to open in 2016
  • Beachwalk Resort in Hallandale Beach, which opened earlier this year
  • Hyde Resort & Residences in Hallandale Beach, opening in phases from 2016 to 2018
  • Conrad Fort Lauderdale Beach Resort and its Ocean Resort Residences, whose opening was pushed to early 2016
  • Auberge Beach Residences & Spa, opening 2017
  • Gale Boutique Hotel & Residences Fort Lauderdale Beach, opening 2017
  • Four Seasons Hotel & Private Residences, opening 2018
  • Metropica mega-development in Sunrise, whose first tower is breaking ground next week
  • The Galleria at Fort Lauderdale renovations
  • Broward County Convention Center Hotel and facility expansion

Current New Construction

First New Beach Front Condo, Sabbia, Pompano

Sabbia Beach Pompano

For a private viewing call Beverly Feingold, Broker Associate: 917-209-2384

A Canadian homebuilder held an opening soiree tonight for a 19-story condominium, Sabbia Beach in Pompano Beach, the first new condo on the ocean in 10 years.

Fernbrook Homes will build the 72-unit Sabbia Beach at 730 N. Ocean Blvd.

Two, three and four-bedroom homes will offer wrap-around terrace. The pricing will begin the low $900,000s. Two penthouses will start at $5 million.

Fernbrook spent $10.5 million for the two-acre site.

They say that they are 50% reserved and contract will be signed within a few week.

  • fitness center
  • massage rooms
  • tasting room
  • yoga area
  • 24-hour security
  • valet parking
  • Fernbrook, over the past 37 years has developed more than 4 million square feet of condos and more than 35,000 single-family homes. This will be the first for them in Florida.

HAPPY BIRTHDAY BROWARD COUNTY

Broward County SignBroward County was named after Napoleon Bonaparte Broward, the state’s governor from 1905 to 1909. Palm Beach County to the north and Dade County to the south contributed equal amounts of land to form Broward. 

 

 

  • The intended name for Broward County was Everglades County
  • Two million residents
  • 80 people from all over the world move into South Florida every day
  • 1904 The first town to incorporate in Broward County was Dania Beach
  • The most recent was Weston, in 1996
  • 1907 One of the east coast’s most powerful lighthouses started operation in Lighthouse Point.
  • 1911 Fort Lauderdale Incorporated.
  • 1915  Broward County established.The renowned Dixie Highway, still in operation today completed. Residents were then able to travel thru the county “ with ease”. Years later the Florida Turnpike was operational  and allowed passenger vehicles to travel thru the county.
  • 1926 Lillie Mae Smith was elected as the County Tax Collector, first woman to fill this post.
  • 1939  British cruiser Orion chased the German freighter Arauca into Port Everglades
  • 1942 German submarines attack Allied warships off of the Florida coast.
  • 1977, snow fell from the sky in the area.

 

South Florida Housing Starts, Not Keep Up With New Job Creation

Here in South Florida, we have one of the nation’s largest disparities. The shortage of new home construction falls far behindconcr constr job creation. According to a study from the National Association of Realtors it has become more difficult for people to find affordable housing.

A ratio for the annual change in workers to building permits for single-family homes historically is 1 to 1.6 — and anything above 1.6 indicates a shortage of construction compared to job creation.

The metro area of Palm Beach, Broward and Miami-Dade counties had a ratio of 1 to 11.1, making it the fifth-worst in the country.

Lawrence Yun, chief economist for the National Association of Realtors group, said in a statement, “Our research shows that even as the labor market began to strengthen, home building failed to keep up and is now contributing to the stronger price appreciation and eroding affordability currently seen throughout the U.S.,”

Read the article: South Florida New Construction Not On Pace With New Jobs