But all is not rosy. Just like the rest of the US the region is being buffeted by the real estate market trouble, but its rich mixture of property types keeps the region for suffering as much as other regions.
With its great location, popular tourism spots and great neighborhoods, Fort Lauderdale has held its vaulted position as providing some of the best real estate deals in Florida. Its condo market has taken a 37% decline, and makes up 50% of the housing market which skews the numbers overall. Buyers have shifted from what was once the real estate cash cow back to self standing homes whose value are not as affected as the condo market.
Because of the sinking value of the U.S. dollar relative to other currencies, a home bought by a foreigner comes with a discount averaging 30 percent, the National Association of Realtors estimates. Between April 2006 and April 2007, about 30 percent of foreign buyers come from Europe.
According to an NAR survey nearly one-third of Realtors reported that they have done business with foreign buyers. Activity is especially busy in affluent cities such as New York and in warm-weather vacation destinations such as Fort Lauderdale. Many of these investors, Realtors say, are buying homes as vacation retreats.
Dalia Baciulyte, broker with Property Global, said, “For buyers there are some magnificent deals to be had. Buyers are calling about rare deals that only an experienced realtor knows about.” Indeed, while some sellers are feeling the crunch for the overall housing decline, buyers feel as though we are near or at the bottom in the Fort Lauderdale market and are testing the waters.
Contact:
Dalia Baciulyte
(954) 600-2373