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

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 seen strong growth in the last 10 years and has a large variety of new hotels, high-rise condominium developments, and shopping centers.

Other new improvements to the city include a large selection of new boutiques, galleries and restaurants, as well as improvements to Lockhart Stadium, which hosts some regional sporting events. For those planning to move to this beautiful and thriving metropolis, you 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 appears to be around the corner. from the corner. the corner, to help those who are struggling 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 sales of existing homes fell recently as South Florida’s housing slump entered its third year in a row.

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 this was the fewest number of registered homes changing hands in any month countywide in recent years. .

There is still good news despite the current crisis

Despite the rather gloomy scenario created by the recent US housing slump, there is still good news for prospective buyers in this area as the market is starting to see a drop in single family home prices. and condominiums, signaling that the city’s real estate market is starting to come full circle and slowly revive. Most say we will 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 homebuyers 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 upgrades and repairs.

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

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

http://hometerra.com – Fort Lauderdale Homes