Fort Lauderdale Foreclosure Signs

A Gay Fort Lauderdale Realtors Guide to Foreclosures

Fort Lauderdale Forecloures
Oct / Nov News Report

Florida including Fort Lauderedale has had its fair share of Foreclosuresthis is my Gay Fort Lauderdale Realtors report on Foreclosures in which I outline:

  • Current Data on Foreclosures for Sale
  • News Worthy Market Trends Impacting Foreclosures
  • Our Foreclosure Pricing Guide

There are currently 567 single family foreclosures for sale here in Fort Lauderdale – many in popular gay friendly neighborhoods!

Fort Lauderdale Single Family Homes
Foreclosures for Sale

There are currently 567 single family foreclosures for sale here in Fort Lauderdale.

The Pricing Analysis Report for these foreclosures is presented below.

Price Range Quantity
$149,999 or under 180
$150,000 – $199,999 65
$200,000 – $249,999 71
$250,000 – $299,999 63
$300,000 – $349,999 74
$350,000 – $399,999 42
$400,000 – $449,999 27
$450,000 – $499,999 17
$500,000 – $549,999 6
$550,000 – $599,999 5
$600,000 – $699,999 9
$700,000 – $799,999 1
$800,000 – $899,999 2
$900,000 – $999,999 2
$1,000,000 or over 3
Total 567

 

We can see from the report above the breakdown of inventory across the different price ranges.

Important to note is the strong number of homes for sale priced under $200,000 – with this section accounting for 43% of all foreclosures currently for sale here in Fort Lauderdale. 

Florida Foreclosures
Market Trends

The Wall Street Journal’s news section recently published this data on Florida Foreclosures.

This data was then picked up by many other news sources…

Florida Foreclosures

What we see is that the number of Florida foreclosures or homes held held by Fannie May and Freddie Mac is at the highest levels now in 2014 – higher than than in 2010!

This will impact of foreclosures coming up for sale all across Florida and here in Fort Lauderdale too!

This data on Florida Foreclosures surprised many of us Fort Lauderdale Realtors / Real Estate Agents.

Foreclosure Closed Sales Last 90 Days
Pricing Guide

Despite the large “pipeline” of supply of foreclosures held by Fannie and Freddy  – demand for Fort Lauderdale foreclosures remains strong.

The pricing guide for single family Fort Lauderdale foreclosure sales over the last 90 days is presented below.

#Beds #FBaths SF/FF Sale Price SP$/SqFt SP$/LP$ Days on Market
2 2 1,182 $115,750 $101 98.8 42
3 2 1,505 $172,362 $116 98.64 42

 

We can see from this that:

  • 2 Bedroom Homes sold as a Foreclosure over the last 90 days have sold for a median of $115,750 – with a sales price to square foot price of $101.00
  • 3 Bedroom Homes sold as a Foreclosure over the last 90 days have sold for a median of $172,362 – with a sales price to square foot price of $116.00

Important to note is the sales price to list price (SP$/LP$) and the days on market for these 2 and 3 bedroom foreclosure sales.

Kevin Wirth Fort Lauderdale Realtor

My Thoughts

Foreclosures seem set to impact the Fort Lauderdale Real Estate market for the next 2-3 years.

Our Florida court systems having been initially slow to handle foreclosures causing the backlog.  Important to note however is that while the real estate market has recovered – prices and demand remain strong including demand for foreclosures.

We can see this clearly how sought after Fort Lauderdale Foreclosures are by looking at the median days on market at just 48 days  – this is the time from the date the foreclosure was listed for sale – till the date it sold AND closed.

We can also see the strength of demand reflected in the list price to sales price percentages at 98.64% and 98.8% – again very strong numbers showing little in the way of discounts by banks!

As a gay Realtor the key if your a gay or LGBT home buyer or investor is to try to focus your search for foreclosures for sale on homes in and around popular gay friendly neighborhoods here in Ft Lauderdale

Single family homes Gay friendly in popular gay friendly neighborhoods tend to rent fast, rent for more and attract a better quality of tenants – which is great for an investor AND this is great for home buyers!

So if your looking at single family foreclosures here in Fort Lauderdale remember you will need to act fast when you see one you like and your offer will need to be very close to full price!

I hope you’ve enjoyed this Blog Post / New Report on Florida Foreclosures for Oct/ Nov 2014 – by Kevin Wirth Gay Fort Lauderdale Realtor