Fort Lauderdale have lone benefited from its advantage of being one of Florida’s premier vacation hot spot. For years it has been gunning when it comes to real estate market, because like its inter-state rivals it is getting much attention as well. It is known that Fort Lauderdale’s real estate market. Over the last 2 years a figure of almost 40% increase has been noted, but this year marks the opposite side of the trail. In a housing bust that kills most of the country’s real estate market, Florida has suffered some of the worst in its history. Like Miami and Orlando, Fort Lauderdale has lean on the inevitable power of the condo market thus making them also hanging on its dear life because of the trend which is what seems to be overbuilding.
Armed with a great location on the map, lovely tourism spots and friendly neighborhood, Fort Lauderdale has to be one of the best in the state. Its market should have been in good condition right? Life is unfair and we sometimes tackle some obstacles in real estate market it is the same. The condo market has suffered a rather significant decline accounting for 37% in decrease, it is such a big hit because it has 50% of the housing market, therefore the overall market of Fort Lauderdale has been in the red now. The condo market used to be the state’s main cash-cow because buyers prefer it more than residential because it is a trend.
But right now I wouldn’t recommend the condo as main focus in the real estate market.As we all know condo comes a big surprise because of what it brings to the market they can be higher as a tower but can be lower than roots. Right now you guess where is it located. I think Fort Lauderdale has the potential to rebound from the nasty market drop but as we go along, residential market as well is suffering a drop, numbers have been obvious and the foreclosure rates are getting bigger and bigger. There is nothing we can do for now but wait. Wait till our market gets in to its groove.
Jron Magcale
Fort Lauderdale Real Estate Market Joining The Trend
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