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Real Estate Market Condominium Report from Joann Edwards!
Real Estate Market Condominium Report from Joann Edwards!

Friday, April 13, 2012

Last week, we reported the exciting news from Berkley South and this week I am pleased to share some of the other exciting developments from neighboring condominiums.  Overall there are 19 available 2 bedroom  listings in the area with an average price per square foot at $155. Last year at this time there were 30 2 bedroom  listings available at a price per square foot of $147. This is promising since the numbers show an increase in price per square foot and a reduction in inventory. The reduction in inventory has not only allowed new sellers listing their properties to list for higher prices, but has also aided those homeowners looking to refinance their mortgage to get lower interest rates.  Those looking to invest in condominium properties are no longer finding the extremely low priced properties, however the listings continue go under contract very quickly since investors see the value in the market with rental prices on the rise. Also, vacation properties comprised 11% of the market, according to the National Association of Realtors,  and Fort Lauderdale Waterfront Condominiums are some of the most premier vacation homes in Florida. I expect to witness increased demand for these properties and continued decrease in inventory. Listings are not staying on the market for long in this climate.

What is available now, How long will it be on the market, what can I expect to pay in today’s market? These are all questions I am happy to answer on the phone or in person, especially since as this is written there are likely more condos going under contract, however I would like to give and overview of what has been selling and what is listed in the area, with an explanation of the circumstances surrounding these sales. The Berkley South Condominium, as reported in detail last week has been incredibly active with 2 new listings, 3 new pending sales, and 2 closed sales. Unit 12F just closed at $301,000, the highest price since 2008. I listed designer remodel 5F for $349,000, and 5I was listed for $197,500, however 5i is under contract and was only on the market for 4 days!  Galt Ocean Terrace had 3 closed sales, two residences without updates selling for, $140,000, and currently has 4 active listings and 2 pending listings. The Everglades Club had its first closed sale in over 6 months; updated unit 405 closed at $230,000, and currently has 2 active listings and 1 pending sale.   Embassy Tower has 3 active listings, 2 pending, and no closed sales in the last 3 months. The White Egret has only 2 active listings. Of the comparable properties sold this year in the surrounding condominiums, there was only 1 short sale and 1 foreclosure, wonderful news for both the stability of the buildings as well as for the owners and future owners, since their property values are positively impacted by a financially healthy building. There are very few properties available in these buildings and I encourage those looking to sell, to contact my directly.

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