Ft.Lauderdale sales market rebounds quickly thanks foreign investors

21
Nov

 

In 1998, new condo construction began within the Fort Lauderdale real estate market. L'Hermitage Tower I and L'Hermitage Tower II were two of the condominiums built. L'Hermitage Tower I sold first in ’98 with its twin selling in ’99. These two buildings marked the turn of an age. However, that age would suffer its own woes before the market would stabilize, evening out and reaching its full potential.

Fort Lauderdale real estate took a major hit when the market crashed during 2008 and 2009. 2010 saw a mild rebound with 2011 bringing the market back into focus with higher sales in oceanfront condo in Ft.Lauderdale and single family homes in Fort Lauderdale. Foreclosures and repossessions would eventually benefit the international market during 2010 and 2011 by pushing prices into the arena of the irresistible discount on prime properties such as L'Hermitage Tower II and single family homes in Fort Lauderdale.

Oceanfront condo in Ft.Lauderdale has seen the biggest rise in sales. Currently, there are only around 400 available for sale. Foreign purchasers are pushing the increase with some help from buyers in the midwest. The drive for foreign investors began with the allure of low prices as the exchange rate for the dollar decreased, giving deeper savings to investors. The lure of purchasing while the economy struggled to stabilize is the eventual savings.

According to statistical data, that approach has worked in favor of the investor. CNN reported on a 62 unit oceanfront condo in Ft.Lauderdale that grossed its overseas investor a whopping 30% in profits a mere 9 months after purchase. The investor, an Australian, bought the oceanfront condo in Ft.Lauderdale on a short sale. The advantage of this was apparent as the investor could still sell the property well below other developers to continue to see high profit returns.

Foreclosures are also enticing international buyers as investors from Canada have shown with a high interest in single family homes in Fort Lauderdale. Fort Lauderdale real estate is a virtual "candy land" for investors seeking to rent property or to use the homes for rental purposes. Available units in L'Hermitage Tower I are also appealing to investors as these can be purchased for multiple purposes once the sale has been completed.
 

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miami condos and homes
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