The city of Fort Lauderdale, located in Broward County, Florida, is considered a famous destination that once catered to spring break college students.

The city is now a business, real estate, and tourism hub for the county and South Florida as well. This place currently has a total population of 152,397 and is also the county seat. The downtown area of ​​Fort Lauderdale, particularly in and around Las Olas Boulevard, has experienced strong growth in the last 10 years and has a wide variety of new hotels, high-rise condominium developments, and shopping malls.

Other new improvements to the city include a large selection of new boutiques, galleries and restaurants, as well as improvements to Lockhart Stadium, which is home to some regional sporting events. For those planning a move to this beautiful and prosperous metropolis, they may find that now is a great time to buy a home here, as home prices are low, mortgage rates are favorable, and tax relief seems to be around the corner. from the corner. the corner, to help those in need due to the current housing shortage.

Home prices have fallen here as a result of the housing crisis

Due to the damaging effects of the foreclosure crisis, home prices and existing home sales dropped recently as the South Florida housing slump entered its third consecutive year.

For Broward County, the median price fell 14 percent in January 2008 to $314,200 from about $364,500 during the same period last year, according to data from the Florida Association of Realtors. Home sales also fell as a result, by 33 percent, to 307 of 458, and analysts have noted that this was the fewest number of registered homes to change hands in any month across the county in recent years. .

There is still good news despite the current crisis

Despite the rather bleak scenario created by the recent housing slump in the US, there is still good news for prospective buyers in this area as the market is beginning to see a drop in single-family home prices. and condominiums, indicating that the city’s real estate market is beginning to come around and slowly revive. Most say we’ll see a buyer’s market soon.

There is a wide variety of properties available for sale today, in part due to slow sales, rising foreclosures, and many investors in need of a bailout. There are currently three times as many properties on the market for sale, and only a third of the number of home buyers looking for properties. According to local real estate watchers, many sellers are now offering incentives to buy, such as making contributions to the buyer’s closing costs and allowances for previously unseen and unheard-of updates and repairs.

According to recent figures compiled by the Realtor Association of Greater Fort Lauderdale, the median price for a single-family home in Broward County is set at $353,500 and the median price for a 2-bedroom condo unit is $179,000.

Those wishing to purchase luxury condominium units prior to construction are cautioned that rising fuel costs, inflation, and inventories could make the high-end condominium sector vulnerable to many negative factors and could lead to an increase in prices or a reduction in increasing resale. long term values.

http://hometerra.com – Fort Lauderdale Homes