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Welcome to the State of the Market with Joann Edwards.
Welcome to the State of the Market with Joann Edwards.

 
Friday, January 09, 2015
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2014 was an exceptionally busy year in Fort Lauderdale real estate with the demand often outpacing the supply of both condos and homes. My sellers witnessed their homes going under contract often under 30 days with proper pricing. Below are some of the insights for the past month and the current state of the market in my lead buildings; the Corinthian, Shore Club, Sunrise East, Park Tower and The Venetian.

 

Corinthian: The Corinthian had one closed sale in December, selling in original condition for $440,000 ($311/sf), and under contract in 9 days. I have another pending sale, Corinthian 3F listed for $559,000 under contract in 5 days, scheduled to close  January 16. There are currently 4 units for sale in the Corinthian, all with recent price reductions. .I encourage you to act quickly if looking to buy in the Corinthian. Values rose 21% in 2013 but show a 1%  decrease this past year.

 

Shore Club: The Shore club had one closed sale in December for $480,000 ($320/sf) and there are currently six units for sale in the building. Shore Club values increased a whopping 46% in 2013, declining 6% this past year.

 

Park Tower: Park Tower had one closed sale in December, selling for $795,000 ($468/sf) and there are currently 3 active listings. Park Tower has shown significant  increases in value for the last 2 years; 21% in 2013, and 20% in 2014.

 

The Venetian: There was one closed sale in the Venetian in December, selling for $500,000 ($417/sf); there are 2 new pending sales and only 1 active listing. Values in the Venetian increased  8% in 2013 and 23% in 2014.

 

Sunrise East: Sunrise East has no closed 2BR sales since May 2014. There is 1 pending short sale, and 4 active listings in the building.  There was a significant increase in value  of 34% in 2013, leveling off to 8% in 2014. 

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