Fort Lauderdale Real Estate – Developers Plan Their Next Move In A Jittery Market

The city of Fort Lauderdale in Broward County, Florida has truly evolved from just being a preferred spring break destination in the 1980’s. The city is now a thriving and diverse residential market, and has a very exceptional educational, cultural, retail, and entertainment infrastructure.Spurred by the redevelopment of the area’s beachfront and the Riverwalk, the investments in infrastructure by the city and Broward County government, is an indicator of growing business confidence in this locale, which has previously been known as just an area that is purely dependent on tourism.What Happened Here During The Previous YearsDuring the height of the US housng slump, the prices of existing homes in Fort Lauderdale rose by as much as 32% over the past year, putting the median home values at $321,000.According to economic analysts, the Fort Lauderdale housing market is very vulnerable, as there have been lots of reports of speculative buying.” Acording to the Natonal Association of Realtors, there’s been so much appreciation that retirees, the traditional buyers of Fort Lauderdale real estate, may be priced out of the market. The market for European buyers still remains a source of demand, however that could quickly vanish if the euro weakens, or is at par with the dollar one day.Most Indicators Are Down, But The Market Is Still AliveAs the housing slump has brought about a surge in foreclosures and dropping home values, most indicators are currently down, with rices declining and the number of sales dropping as well. But the market is still alive says housing market observers, that is, if the prices are not inflated. Most analysts say that there are markets that are better than others, and times that are better than others,and you need to deal with what you have before you. Some long-time brokers here note that some residential developers changed plans from ownership to rental apartments, because getting these projects financed might be easier right now. However, when the economics shift later, they could soon convert to condos.Despite The Crisis, Some Are Still Building HomesDespite getting a lot of negative publicity about its real estate market woes, home builders and developers in this area continue to create and submit building plans to the city, for the construction of new multi-family homes, condos and estates, and construction continues on hundreds of condo units that were approved in recent years.Some have noted how construction workers recently topped of two high-rise condos at the city’s beach district, along with the new construction of a new rental condo project nearby. The city also recently approved changes to a new residential project, called the Eclipse, that was also approved in 2005, but was previously called Brickell Heights.The development project also won another six months’ time, as well as the to change the site plan. The Eclipse will have around 213 residential units when completed. Hom developers here have also in addition, sought and obtained approvals for 629 residential condos or apartments that had been approved several years ago in a slightly different form, but were never started on. However today, these projects will move forward according to developers, despite being in a jittery real estate market. – Fort Lauderdale Real Estate