We continue to see the South Florida real estate market recover, and
the single family home and condominium prices are increasing. We strongly
believe this can be a last opportunity to buy a Single Family home in Fort
Lauderdale or a Fort Lauderdale condominium at 50% or even 60% from the peak
market prices. Much different than three years ago when we had sold a Wilton
Manors foreclosure condominium for $68,000 when at the peak market price
was $210,000. Wilton Manors real estate is experiencing a rapid recovery.
The evidence is seen in the prices of the single family homes in Wilton Manors.
In 2008 just two blocks from Wilton Drive, the main spot where the Wilton
Manors nightlife, Wilton Manors restaurants, shopping of Wilton Manors can
be found. A Wilton Manors single family home sold for $149,000.
It was a perfect 3 bedroom, 1 bath home with an updated kitchen and bath,
original Miami Dade wood floors and an above the typical
8,000 sq foot lot. All of this for $149,000! No surprise this property had
fourteen bona fide offers, most cash. But the lucky buyer is now the proud
owner of this property for the past 3 years. But more importantly to note,
this same single family home is now valued at $225,000. That is nearly a
30% equity gain.
Will we see the same gains three years from now in 2015-2016. Surely it is
a risk, as real estate investing requires a risk taking open minded buyer.
And yes, in 2007-2008 there were very risky purchases. There is not one
sale we’ve done during those times and up until now, hundreds of properties
sold, none of them have been a loss in equity.
So you’ve been waiting to buy. Wanting to buy a bank foreclosure property.
A client recently said, “I don’t want to buy as the banks have hundreds of
single family homes in Fort Lauderdale that will soon be placed onto the
market.” Well, the bad news, this shadow foreclosure inventory that so many
of you buyers have been waiting to come onto the market, however disappointingly,
most of these properties are not as what was expected. Those properties have
been vacant for three and four years or more. There has been NO maintenance
of these properties, and the prices are not reflective of the condition.
So it is our recommendation to aggressively explore the South Florida market if
a condo or a home is what you are wanting to purchase in the Aventura, Miami or
Fort Lauderdale area. The listings are out there, but there is a definite and clear
shortage of inventory and an increased demand. Simple economics tell us,
when supply is low and demand is high, prices increase.
Please contact me, Frank Vigliotti, Realtor of the HENRI FRANK GROUP at
REMAX Preferred in Wilton Manors, Fort Lauderdale, Plantation and Hillsboro
Shores, Florida, if you have any questions or if you are planning to come to
South Florida anytime soon, call us at 954-604-9999. We would be happy to
schedule properties for you to preview.
Visit our website to learn more about the South Florida market,
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