FORT LAUDERDALE EAST SIDE WATERFRONT REPORT

JANUARY- APRIL 2015

 

MAY 10, 2015

For more detailed data & analysis about your home's or area's market value, contact Waterfront Jim.  

Your observations,  interpretations & prognostications are also invited!

 

> FORT LAUDERDALE WATERFRONT MARKET APPROACHES 2006 PEAK LEVELS 

 

> WATERFRONT INVENTORY OF ACTIVE LISTINGS CONTINUES TO DECLINE 

 

> CLOSED SALE PRICES LEAP OVER 17% FROM 2014 TO 2015

 

> WHAT'S NEXT?

 

As of May 1, 2015, there was an all-time low of 254 Active waterfront listings on the East Side of Fort Lauderdale (compared to a historical high of 450 units in 2008-2009).  The median List price in May 2015 was $644 per square foot or $2,695,000.  The average (mean) List price was $703 per square foot or $3,866,582.

 

The decreasing inventory, increasing List prices and stable demand would normally signal  an increase in Closed sale prices.

 

While the overall number of sales remained nearly the same, the year-over-year median and mean price per square foot did increase significantly in 2015 by 17.2% and 18.8% respectively.

 

During the first four months of 2015, ninety-one (91) properties closed with a median price per square foot of $530 and a mean price of $498.   During the same period in 2014, 89 properties closed at a median price of $425 and a mean price of $446.

 

In 2015, prices have almost returned to the peak levels of 2005-2006.  In late 2005 and early 2006, the aftermath of Hurricane Wilma temporarily took the wind out of the sails of the waterfront market boom.  There were only 39 closed sales from January through April of 2006 but median and mean prices per square foot continued to rise to  $555 and  $548 respectively.

 

It was not until the 2007 Lehman collapse, the financial crises and prospect of Obama's election, that the waterfront real estate market began its retreat along with the rest of the economy.  Within one year following Obama's election,  the East Side inventory of Active waterfront properties for sale rocketed to an all-time high of 450 units and prices dropped every quarter for the next four years.

 

it was not until the period from January through April 2011 that the waterfront market finally bottomed and then flat-lined.  During that 2011 period there were 80 closed sales with median and mean prices per square foot of $355 and $361, a drop from the peak of 36% and 34%, respectively.

 

What's Next?

Will the market continue its climb back to the peak and beyond?  Will  the market plateau or....fall off the cliff  again?   Give me your opinions and stay tuned.

 

                            MEDIAN PRICE PSF     MEAN PRICE PSF  

LISTINGS

2015                               $644                              $703

CLOSED (Jan - Apr)

2015                               $498                              $530

2014                               $425                              $446

2011                               $355                              $361

2006                               $555                              $548

 

Market Analysis Report CLOSED SALES 1/1/2015 - 4/30/2015 Ft. Lauderdale East Side WF
Property Type: Single Family (RE1) Status: Closed Sale Number of Properties: 91
  #Beds #FBaths SF/FF List Price LP$/SqFt Sale Price SP$/SqFt SP$/LP$ Days on Market
High 6 7 8,063 $8,495,000 $2,342 $7,090,000 $1,954 103.01 2,051
Low 1 1 895 $589,000 $201 $575,000 $202 0 0
Average 4.01 3.79 3,671.99 $2,189,782 $596 $1,964,053 $530 88.85 147.1
Median 4 4 3,300 $1,675,000 $544 $1,550,000 $498 91.21 91

 

Market Analysis Report CLOSED SALES 1/1/2014 - 4/30/2014 Ft. Lauderdale East Side WF
Property Type: Single Family (RE1) Status: Closed Sale Number of Properties: 89
  #Beds #FBaths SF/FF List Price LP$/SqFt Sale Price SP$/SqFt SP$/LP$ Days on Market
High 7 9 12,147 $10,495,000 $990 $8,350,000 $926 105.6 701
Low 2 2 1,386 $549,000 $200 $475,000 $211 0 0
Average 3.93 3.58 3,742.04 $1,930,023 $497 $1,723,685 $446 89.96 129.62
Median 4 3 3,217 $1,450,000 $462 $1,326,000 $425 91.89 86

 

Market Analysis Report  CLOSED SALES 1/1/2011 - 4/30/2011 Ft. Lauderdale East Side WF

 

Property Type: Single Family (RE1) Status: Closed Sale Number of Properties: 80
  #Beds #FBaths SF/FF List Price LP$/SqFt Sale Price SP$/SqFt SP$/LP$ Days on Market
High 7 7 8,230 $9,190,000 $831 $7,757,500 $729 110.71 1,007
Low 2 2 1,406 $474,900 $170 $444,000 $157 0 0
Average 4.04 3.75 3,668.3 $1,717,264 $417 $1,461,857 $361 86.25 227.96
Median 4 3 3,268 $1,199,500 $417 $1,035,000 $355 87.81 146

 

Market Analysis Report CLOSED SALES 1/1/2006 - 4/30/2006 Ft. Lauderdale East Side WF
Property Type: Single Family (RE1) Status: Closed Sale Number of Properties: 39
  #Beds #FBaths SF/FF List Price LP$/SqFt Sale Price SP$/SqFt SP$/LP$ Days on Market
High 7 7 7,800 $4,975,000 $979 $4,500,000 $981 100.21 895
Low 3 2 1,800 $840,000 $407 $798,000 $364 0 4
Average 4.15 3.82 3,617.22 $2,244,410 $591 $1,914,128 $548 89.55 176.15
Median 4 4 3,165 $1,997,000 $592 $1,775,000 $555 92.08 102

 

Market Analysis Report Las Olas 1/1/2015-4/30/2015
Property Type: Single Family (RE1) Status: Closed Sale Number of Properties: 18
  #Beds #FBaths SF/FF List Price LP$/SqFt Sale Price SP$/SqFt SP$/LP$ Days on Market
High 6 7 7,844 $6,000,000 $1,113 $5,600,000 $1,093 101.62 2,051
Low 1 2 895 $975,000 $378 $910,000 $331 0 0
Average 4.11 4 3,923.13 $2,689,972 $737 $2,429,097 $654 84.34 221.06
Median 4 4 3,164 $1,837,500 $650 $1,742,500 $552 87.91 109

 

Market Analysis Report 1/1/2014-4/30/2014
Property Type: Single Family (RE1) Status: Closed Sale Number of Properties: 23
  #Beds #FBaths SF/FF List Price LP$/SqFt Sale Price SP$/SqFt SP$/LP$ Days on Market
High 6 6 6,877 $5,500,000 $948 $5,300,000 $914 101.46 395
Low 3 2 1,611 $725,000 $373 $650,000 $316 0 0
Average 4.3 4 4,420.6 $2,407,952 $559 $2,185,371 $507 86.62 109.26
Median 4 4 4,156.5 $2,090,000 $520 $1,800,000 $490 88.84 67