Fort Lauderdale Real Estate - More Residential Developments Are Coming In Despite The Housing Slump
Located between the cities of Miami and Palm Beach, the city of Fort Lauderdale is blessed with sunny weather and wide expanse of wonderful white-sand beaches.
The city has drawn hordes of job seekers and retiring baby boomers, who have pulled up the region's population by around 2.1% in December to 1.8 million from a year earlier, according to economists.
The city has also seen robust growth in smaller professional-services firms, as well as in the construction sector, which has lifted employment levels by 4.5% in January from the year earlier, which is around three times the national rate of 1.5%, based on data from the Bureau of Labor Statistics
The Region Is Bucking The Housing Slump, And Is Seeing More Housing Developments
The city, as well as the whole of Broward County, is seeing the development of more condo units, and has attracted around $1 Billion in newer high-end property developments. The recent strengthening of the city's residential property markets can be traced back to the nation's housing boom, as well as the city's decision in the 80's to redefine itself from merely being a party spot for spring break college students.
The amount of new developments in this city's residential market suggests that investors are serious. Around 4,671 new condo units were completed last year, with about as many scheduled to come on the market this year, according a senior economist working with Torto Wheaton Research.
Property market investors also bought around 15,000 apartment units to convert them into condominiums last year, which represents the fourth-highest volume among the country's major markets, according to Real Capital Analytics Inc. As of January 2008, the total available inventory for the city was placed at: Single family units - 12,132(10% higher than '07, a year ago it was 76% higher); Condo/Townhouse - 16,170 (5%, higher than 2007, a year ago it was 85% higher). Total available inventory for all types of dwellings was placed at 37,604, which was 7% higher than 2007.
Why Some Developers Are Confident Of Weathering The Housing Market Slump
Some residential developers in this metropolis are still quite confident that they can adjust their housing forecasts and new developments, to withstand any drop in demand. For example, the Rockefeller Group Development Corp. of New York plans to begin construction next month on a mixed-used development called Miramar Town Center that will have around 500 residential units. "If we were trying to get top dollar, that would give us more concern," says John Petricola, the group's regional director. "We're being very careful to make sure they're positioned around the market's median price.
Fort Lauderdale is famous forhaving an extensive network of canals, and is an especially popular destination for fishing and yachting. It's economy is heavily reliant on tourism. However, at present, the city's downtown area, as well as it's beach area, especially around as Olas Boulevard, has seen quite dramatic changes in the past decade, with rapid growth being felt, and the area now now hosts a lot of new hotels and high-rise condo developments. Other major improvements include the completion of a wide array of new boutiques, galleries, and restaurants as well as upgrades to Lockhart Stadium, which are meant to attract larger and more impressive sporting events.
http://hometerra.com - Fort Lauderdale Real Estate
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