Known as the “Venice of America” for its large and elaborate canal system, Fort Lauderdale is a major boating destination complete with over 100 marinas and boatyards. This popular tourist destination sees approximately 10.35 million visitors each year and is still a prized vacation spot.
Fort Lauderdale Real Estate
Fort Lauderdale, Florida is quickly bouncing back from the real estate doldrums. This region has seen home prices increase and the amount of time that a home is sitting on the market is down dramatically.
Many people are now buying homes since market prices have decreased. As a result, sales of homes have increased quite notably. According to www.floridamoves.com, the average list price for a 4 bedroom condo is $1,277,374. Median sale prices increased across the board by 19.9%.
Trulia.com reports that the median sale price for a home in Fort Lauderdale, Florida from Feb 13 to Apr 13 was $205,850, and then by May 15, rose to $247,713 for an increase of 3.3% or $28,737.
As mentioned, real estate is selling faster than in previous years – 104 days on the market compared to 120 days last year.
Buyers looking to purchase rental homes have also picked up this past year. Fort Lauderdale has historically been an ideal destination for real estate investors. Many buyers of homes actually don’t purchase for usage, but rather to use as income-generating rentals. It seems this trend is back, as well.