Fort Lauderdale Florida is unmistakably a destination for people that love warm weather. In fact, in most instances, people come to the area first to visit then later decide to make it their permanent residence. The condominium Market in this area of Florida is desirable to both residence and Real Estate Investors. Mind you, Florida has had its struggles in the condo industry a timer or two, but the overall picture is very promising. Let ‘s look into the condo industry here in the area and see just how many Condominiums there are. We will also take a look at some of the metrics if it helps support and make up the industry.
The average value for condominiums in Fort Lauderdale Florida increased almost 10% from 2016 The average mean value in 2016 was $325,000 up from 132,000 in the year 2000. The condo Market has had some movement concerning value, but it’s still a tight market regarding availability unless you find a loan mod. This increase in value is perhaps in part why the value has increased since inventory has been challenging to come by compared to other areas.
The population of Fort Lauderdale Florida is almost 180,000 people, yet 48% of the population are renters. The housing density of Condominiums is approximately 2998 per square mile. When you take into consideration unemployment is low, property values are high, and you have a robust economy. It all creates a favorable environment for investors in the Condominium Market perhaps even for short sales. However, the challenge this brings is the lack of availability. Despite inventory being tight, investors have an excellent opportunity to profit in the condo industry if they team up with the right mentorship.
Finding appropriate parking should not be a problem in Fort Lauderdale Florida for condominium owners. The percentage of owners that do not have a vehicle at all is quite low at only 1130 people. However, Fort Lauderdale Florida has a higher than State average for owner-occupied condo owners with a single car at 16,103 as opposed to the state average of 13476. In fact, Families having two vehicles is lower at 14,115 as opposed to the state average of 15,961. Finding condos with appropriate parking should not be an issue for the professional with transportation requirements.
The condominium values in 2016 based on the Year built provides an interesting perspective compared to other areas. The value of Condominiums built before 1939 is surprisingly High. The state average is $193,400 as opposed to Fort Lauderdale where the condo prices $437,500. For Condominiums constructed between 1940 and 1949 Fort Lauderdale prices also High coming in at $325,900 as opposed to the state average of $173,200. For condos built between 1950 to 1959, the values are $261,700 versus the state average of $170,500. The numbers begin to increase again specifically in Fort Lauderdale four buildings built between 1960 and 1969. The price is $337,800 versus the state average of $166,000. Still its significant for condos constructed between 1970 and 1979. The average value for the apartment in Fort Lauderdale is $291,100 versus $157,300 in the state. This trend continues through the 80s with Fort Lauderdale being $293,200 and Florida State average being $170,300. Condos newer than 2013 are above $560,000 which might bankrupt some people.
In the final analysis Condominiums in Fort Lauderdale maintain a very high value. The demand remains High get supply is low. Parking isn’t an issue which is another selling point again only adding to the value. If you can get your hands on a condominium in Fort Lauderdale, it will undoubtedly be worth a significant amount in the coming years.