Tag Archives: South Florida

Fort Lauderdale Real Estate: Apartment Rental Helps Market Survive

Considered as a prime location for many tourists, the city of Fort Lauderdale in Broward County is truly a home away from home.

Fort Lauderdale was a thriving residential market back in the 90’s, but starting to face some problems early this year. The mortgage crisis, as well as the currency devaluation of the U.S. Dollar contributed to the recent decline of the real estate market.

Major government redevelopment projects contributed to the rise of tourism in the area, from beach fronts to river walks, the city still amass a number of tourists enough to provide enough revenue to the city. But this is not enough to bring back the lost profit during the mortgage bust that is occurring nationwide.

Alive And Kicking

The U.S. mortgage crisis greatly affected the state of Fort Lauderdale real estates. The number of foreclosures helped increase the number of unsold residential units in the area, and the median prices of these homes soar every month. Also, the rising interest rates of different mortgage types are hindering the locals from acquiring these real estates for their use.

In order to counter this problem, many developers are converting condo and apartment units into rental to address the demands of people for affordable residential real estate. Analyst observes that if the median price of these residential units doesn’t continue to rise in the next couple of months, the number of unsold homes will decrease as home acquisition increases.

Despite the wobbly status of the market, many real estate firms are now developing additional residential units like apartments, family homes, condos and more. This might be a gamble in a sense, but many analysts’ report that the long term goal of these projects might be beneficial in the long run.

Finding The Right Home In Fort Lauderdale

Whether visiting the city for leisure or planning to settle down permanently, Fort Lauderdale offers an abundance of residential units that will surely let you enjoy your stay. If you plan in advance, you can search online sites that feature various apartments, condos and family homes in the city.

You can directly contact real estate agents in Fort Lauderdale if you wish to inquire about the current situation of the real estate market, while looking for the best deals in home acquisitions.

And since many of these realtors are affiliated with financing institutions in the city, you can go ahead and inquire on the loans available the will suit your budget, as well as the interest rates that goes along with it. You might need to settle your credit report, first hands, and check your credit scores whether they meet the requirement for a loan, or not.

Even if the real estate market in Fort Lauderdale is in a decline due to the housing slump that hit the nation, the locals are giving it a good fight to keep the real estate market alive and kicking.

Vanessa Arellano Doctor
HomeTerra Fort Lauderdale


South Florida Condos Buckle Under Hundreds Of Foreclosures

It has been two months since Arnold Kovelman moved into his rented condo at Club at Brickell Bay in Miami, when he heard the knock on the door at 8 a.m.

”I was kind of like sleep walking and this woman is there with a badge. She’s saying she’s the sheriff and she’s there to serve my landlord a FORECLOSURE,” said Kovelman, 27, a senior account executive for a New York-based Web development company.

Kovelman’s rental was one of 80 in the luxury condominium at 1200 Brickell Bay Dr. that dropped into FORECLOSURE in 2007. The Club at Brickell Bay ranked first among condominiums in Miami-Dade and Broward counties with the most units in FORECLOSURE. Borrowers owe lenders more than $42 million.

As the region’s housing market sputters into the new year, a collection of largely unoccupied new towers are straining under hundreds of millions of dollars in defaulted mortgages. In the 20 buildings in Miami-Dade and Broward counties with the largest numbers of units in FORECLOSURE, loans in default totaled more than $271.8 million, according to an analysis by Condo Vultures, a Bal Harbour real estate consulting firm and brokerage.

The epicenter is Miami’s financial district along Brickell Avenue, where three of the top five buildings are located. Condo Vultures’ principal Peter Zalewski jokingly refers to that area as Miami’s “FORECLOSURE district.”

Vanessa Arellano Doctor

Florida Gov Rallies For Tax Amendment

With surveys indicating that the passage of a property tax amendment is no sure bet, Florida Gov. Charlie Crist spent Wednesday barnstorming across the state and trading accusations with opponents about the true impact of the measure that goes before voters on Jan. 29.

Crist hit major media markets in Central and South Florida, telling voters that the property tax amendment would be good for Florida’s economy. However, the fate of the amendment may come down to who voters believe more: Crist or the labor unions and local officials who contend the amendment would be devastating to schools, police and fire services.

A recent internal poll done by Yes on 1, the political committee backing the amendment, showed it passing with a razor-thin 60.3 percent, just above the 60 percent threshold required to pass constitutional amendments.

”I think the governor is being disingenuous. I don’t think he’s telling the people the real ramifications of his tax amendment,” charged Fred Frost, president of the South Florida AFL-CIO, which on Thursday morning plans to hand out leaflets to workers at Jackson Memorial Hospital and BellSouth offices in Miami.

But Crist fired his own salvos right back at critics of the amendment, decrying what he called ”ludicrous” scare tactics. ”I wish they would start telling the truth to people,” said Crist as he stood in front of the three-bedroom home of Giselt Matos in the Miami neighborhood of Westchester.

Vanessa Arellano Doctor