Over­view: Fort Laud­erdale’s lux­ury res­i­den­tial real es­tate mar­ket

Sun Sentinel Broward Edition - Homespot - Broward East - - REAL ESTATE NEWS/PEOPLE ON THE MOVE -

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

Newspapers in English

Newspapers from USA

© PressReader. All rights reserved.