Ft. Lauderdale Real Estate Market
Buying Property in Ft. Lauderdale, Florida
- Population: 165,000
- Condo: $150,000 – $14m
- Family home: $300,000 – $32m
- Waterfront: $400,000 – $32m
- Investment Potential rating: ***
- Nearest international Airport: Fort Lauderdale Hollywood international Airport, 5 miles.
Fort Lauderdale made its name back in the day as a spring break destination, but the city nowadays has a far more glamorous image. On its bustling streets the rich and famous go about their business, and beachfront mansions, as well as historic neighborhoods with tree-lined streets, help make the property market expensive.
The city is known for its shopping, its beaches and its yachting scene, sometimes being referred to as a mega-yacht capital. The 165 miles of canals, and access to the Intracoastal waterway make it a popular destination for boaters of all shapes and sizes. As well as this, there is a thriving arts scene, performing arts center, and museums.
The Everglades are close by for natural pleasures and the Atlantic Ocean provides water activities in abundance. People choose Fort Lauderdale as a quieter location than Miami, but still with the diverse and sophisticated nightlife, and shopping scene which that city is famous for.
Ft Lauderdale Property Market Summary
The Fort Lauderdale market is popular with Canadian buyers, many of whom are buying condos which need work, and renovating them to sell for profit. High net worth Europeans are still buying desirable South Beach property, although there has been less activity from Germany, Italy and Britain in the last few years due to the economy there.
The market in Fort Lauderdale has recovered well, with steadily rising prices, and a fairly healthy eight months of inventory in the market. Although that inventory level is 33 percent down from the same time last year. The high end of the market is thriving in Fort Lauderdale, with a large number of properties over the $2 million mark, and many over $10 million.
At the very top end, mansions on the water can set you back as much as $32 million. For more modest price points such as entry level properties suitable for refurbishment, there really isn’t much inventory below $150,000. And at that price point the home would be for long-term rental or long-term appreciation, rather than the vacation rental market.
What Can I Buy in Ft Lauderdale?
At $250,000 it’s possible to get a two bedroom townhouse which might suit as a vacation home, but for a modest water view three bedroom single family home, you’re really looking at $500,000 upwards. In the condo market it’s possible to get a one bedroom condo a couple blocks from the beach, requiring refurbishment, for around $150,000.
Otherwise a waterfront two bedroom condo on the Intracoastal Waterway water front will set you back $400,000 or more. At the luxury end of the condo market there is a sprinkling of properties which reach the $14 million mark, but most of the luxury family condo market lies in the $1 million to $3 million range.