Overview: Fort Lauderdale’s luxury residential real estate market
for affluent businesspeople, retiring baby boomers and others who are prepared to pay cash for a luxury home. International buyers, in particular, are accustomed to paying cash. It’s no surprise that 40 percent to 50 percent of purchases above $500,000 involve cash. In a competitive situation, when more than one buyer is interested in the same home, all-cash offers go to the front of the line.
Flipping is a thing of the past. What a difference a couple of years can make. Short sales and foreclosures in East Fort Lauderdale’s luxury real estate market have been absorbed. Opportunities in this market to buy a distressed property, fix it up and sell it at a substantial mark-up are negligible or non-existent. Happily, the days of distressed sales in East Fort Lauderdale are behind us.
Fort Lauderdale is hot. Both geographically and culturally, Fort Lauderdale is the perfect midpoint between Miami and Palm Beach. Local residents, West Broward suburbanites, northerners and foreigners who have vacationed here prefer East Fort Lauderdale’s casual character, convenient airport, world-class cultural institutions, great restaurants and easy access to everything they need. It’s no wonder that major developers are moving north from Miami and discovering all that East Fort Lauderdale has to offer.
Some things never change. In 2014, demand was strong for well situated canal and waterfront point lots, as well as dry lots in prime settings. Condo developers who announced new projects on the beach, along the waterways and in downtown Fort Lauderdale, are optimistic about the city’s appeal to a broad spectrum of local Left-to-right: Dennis Stevick, Michelle Howland and Dale Atkins. buyers as well as those from cities around the U.S., Canada, Latin America and Europe. Fort Lauderdale’s robust luxury real estate market once again reminds us of the three most important attributes of sound real estate investment: Location, location, location. Happy New Year! DND Associates– ONE Sotheby’s International Realty DNDFloridaHomesBy TheSea.com