Ft. Lauderdale Real Estate News

Official 2023 Year End Statistics Reported by Florida Realtors

Fort Lauderdale Home Prices Show Strength and Resilience

Blue Line is latest S&P Case-Shiller Home Price Index for South Florida Metro Reporting Area
(Miami-Dade, Broward and Palm Beach Counties)
Dotted Line is Home Price Index for the U.S.
Shaded Areas on Chart represent U.S. Recessions

After shooting up 14.3% in 2022, following the astounding increase of 36.2% in 2021 and 18.9% in 2020 the Real Estate Market in Fort Lauderdale finally took its long-awaited breather in 2023, according to Year End statistics released by Florida Realtors, generated through compiling numbers reported through the MLS of local realtor associations throughout the Sunshine State.

Frankly we expected the market to cool off through '22, but they remained strong.

In 2023 the Median Sale Price of a Single Family Home in Broward County increased 5.5%, to $580,000 from $550,000 in 2022.

In the Condominium and Townhome market, the Median Sale Price went up 9.2% in Broward County, from $250,000 in 2022 to $273,000 in 2023.

Though not eye-popping like we have become used to, those are still pretty good numbers, showing resilience and strength given the tight market conditions, a double-digit decrease in Closed Sales and abnormally high mortgage rates.

Local Real Estate is currently working its way through a period of consolidation, as the South Florida market has done before after sharp rises. If you look at a chart you see a jagged edge, but always trending upward.

This is always more focused and amplified in Fort Lauderdale and Broward County, because aside from being the prime location in Florida it is not a very large geographical area. Broward County is less than 30 miles from north to south, and though it technically stretches halfway across the peninsula, around 45 miles, almost two thirds of it is wetlands, it's source of fresh water. In all Broward County there are only 471 square miles of developable dry land, and at this point it is fully developed.

Paul McCartney Predicts Real Estate Market Trend

A major factor continues to be Net Domestic Migration.

Statistics released by the United States Census Bureau tracking who is moving from where to where in the country reveal the American population are heeding the words of that old Beatles song: people are following the sun.

They are also fleeing high taxes, relocating to states and cities with lower taxes.

Depending whether you count percentage or sheer numbers the Sunshine State can be considered the fastest growing state in the nation. Florida's population growth lead the U.S., up 1.9% in 2022 and 1.6% in 2023, adding around 365,000 residents over the past couple years.

In sheer numbers of new residents, however, the fastest growing state is Texas.

Still, certain factors have changed in the Sunshine State. Between 2019 and 2022 more people were relocating to the South Florida reporting area (Miami-Dade, Broward and Palms Beach counties) than any other Metro in the U.S.

According to the latest stats from the Census Bureau folks moving into Florida flooded into less populous regions as suburbs around other large cities expanded.

When you look at the list of Counties with the highest level of population growth Florida ranked second in the nation with three in the Top 10: Polk County southwest of Orlando Number One, Pasco County north of Tampa, Number Three, and Marion County around Ocala Number Nine.

The main recipient of Net Domestic Migration was the state of Texas, with five of the Top 10 Counties around Houston, Dallas and Austin. Where are these residents moving from? That isn't a surprise. Around 150,000 left the New York City area, and almost 60,000 moved out of Chicago. People are fleeing California; over 150,000 left Los Angeles and Orange County alone.

In Florida 64 of its 67 counties grew in population. Of the only three that declined, one was Miami-Dade, as people fled its grid-locked traffic and dense urban environment.

If you want to read our latest post concerning the most recent stats about Net Domesticate Migration, click the link below.

Real Estate Equals Supply & Demand

A simple enough equation, Real Estate values continue to go up across Florida as the population grows. Given the phenomenal increase in property prices we've seen over the past couple years, and the Net Domestic Migration numbers spreading into other Metros it is not surprising to see values through Miami-Dade, Broward and Palm Beach settle and consolidate.

Following a rise of 18.9% in 2020, 36% in 2021, and 14.3% in 2022, the Fort Lauderdale Real Estate Market took a breather in 2023.

According to the Florida Realtors' Year End stats, the Median Sale Price of a Single Family Home in Broward County rose from $550,000 in 2022 to $580,000 in 2023, an increase of 5.5%.

Slightly better numbers in Condos, which had lagged somewhat while the Single Family market went through the roof. No pun intended. In Broward County the Median Sale Price of a Condominium or Townhome went up to $273,000 in 2023 from $250,000 in 2023, an increase of 9.2%.

Though showing some improvement in recent months the market remains tight. Through 2023 Closed Sales declined 14.6% in Single Family, 20.3% in Condominium and Townhome.

In addition, one stat we always follow is the Median Percentage of Original List Price Received. Historically, through the years, this usually hovered around 95-96%. In 2022 this was an astounding 100%, meaning more sellers received over asking than took money off. That has eased, but not much. In 2023 the Median of List Price Received was 96.9% in Single Family, 96.3% in Condos.

Down three point something percent. This alone should show you how strong the Fort Lauderdale Real Estate Market really is.

One other statistic sticks out: in Condos and Townhomes just under 54% of buyers paid cash. Believe it or not that's actually down from 2022 when 56.6% paid cash.

The Fabled Sunshine State

One other thing we see historically: Fort Lauderdale and Broward County, being the most desirable part of Florida, usually outperforms the rest of the state.

This was the case in 2023 once again.

The Median Sale Price for Florida increased 1.9% in Single Family, from $402,500 in 2022 to $410,000 in 2023, up 5.2% in Condos and Townhouses, from $306,500 to $322,500.

Average Sale Price were in the same neighborhood. In Single Family, Average Sale Price increased 2.1%, from $562,442 in 2022 to $573,977 in 2023. Condominiums were up 3.9% from $445,305 to $462,890.

Closed Sales were down 10.3% in Single Family, 16% in Condos, but Median Percentage of Original List Price Received was still strong, dipping only slightly from over 100% in 2022 to 96.9% in Single Family, 96.2% in Condominium.

South Florida

Perhaps the best numbers were posted by the South Florida Metro, the reporting area encompassing Miami-Dade, Broward and Palm Beach Counties.

The Median Sale Price for the South Florida Metro through 2023 was $592,995 in Single Family, a 6.5% rise from 2022's $557,500. The Average Sale Price increased 2.4%, from $901,473 in 2022 to $923,060 in 2023.

In Condos and Townhomes, the Median Sale Price rose 6.1%, from $310,000 to $329,000, with 55% of Buyers paying cash, which is rather amazing since the Average Sale Price in 2023 was over a half million dollars ($511,718 to be precise), and that was still down from 2022, when 56.2% paid cash.

Again, with Closings down 12.1% and 21.8% in Single Family and Condos, respectively, the Median Percentage of Original Listing Price Received remain remarkably strong though dipping slightly. In Single Family it was 96.2% in 2023, down from 98.9% in 2022. In Condos: 95.9% in 2022, versus 98.5% in 2022.

Gentleman, Start Your Engines

One immutable fact about Fort Lauderdale Real Estate – it does not stay dormant for long. Already showing the stirrings of a revival. In 2010, as we began to recover from the depths of that downturn, we started to advise buyers and investors it was time to get back in the market. This settling and consolidation will not last long. This is another opportunity.

As we tell folks on our home page: buy now or forever hold your piece. Of Cleveland, Newark and Detroit.

2023 Year End Real Estate Market Reports

Click on buttons to download a pdf of statistical reports.

Ft Lauderdale Real Estate News 5/15/2024

The Nostradamus of Property Values?

Paul McCartney Predicts Latest Real Estate Trend in 1964

The United States Census Bureau has released Net Domestic Migration statistics tracking who is moving from where to where in the country, from state to state, from county to county. It's basically that old Beatles song: people are following the sun.

In addition, they are also following the taxes. To be more precise, they are fleeing high taxes and not surprisingly relocating to cities and states with lower taxes.

According to some statistics Florida is still the fastest growing state in the nation. Other stats indicate it might be Texas. Either way the Sunshine State's population continues to increase, leading the U.S. in percentage, going up 1.9% in 2022 and 1.6% in 2023, adding around 365,000 residents over the past couple years.

Some things have changed, however. Between 2019 and 2022 more people were relocating to the South Florida reporting area (Miami-Dade, Broward and Palms Beach counties) than any other Metro in the U.S.

Through the past year people moving into the Sunshine State flooded into less populous regions where suburbs around other cities expanded. In 2023 the main recipient of Net Domestic Migration was the state of Texas, with five of the Top 10 Counties around Houston, Dallas and Austin. Florida was second, however, with three of the Top 10: Polk County southwest of Orlando Number One, Pasco County north of Tampa, Number Three, and Marion County around Ocala Number Nine.

Where these folks are moving from is not much of a surprise. Residents are fleeing California; over 150,000 left Los Angeles and Orange County alone. Almost 150,000 left the New York City area, and just under 60,000 bailed out of Chicago.

In Florida 64 of its 67 counties grew in population. One of the three that declined was Miami-Dade, as residents apparently tired of its dense urban environment and grid-locked traffic.

Impact on Real Estate Prices

We shouldn't have to tell you the impact continued population growth has on property values. They aren't making any more land. Real Estate prices continue to increase throughout Florida.

The Median Sale Price of a Single Family Home in Florida has increased from $348,000 in 2021 to $410,000 in 2023, an increase of nearly 18% according to the latest statistics released from the Florida Association of Realtors, numbers that are compiled directly from figures generated by Realtor Associations across the entire state.

Through that same period, the Average Sale Price of a Single Family Home in Florida increased from $505,129 in 2021 to $562,442 in 2023, up over 11%.

In Fort Lauderdale's Broward County, the most desirable location in Florida, the Median Sale Price of a Single Family Home has increased 17%, from $470,000 in 2021 to $550,000 in 2023, while the Average Sale Price went up from $668,533 in 2021 to $763,768 in 2023, rising 14.2%.

Ft Lauderdale Real Estate News 9/22/2023

Fort Lauderdale Home Prices Show Appreciation of 14.3%

You Call That a "Down" Year?

Blue Line is S&P Case-Shiller Home Price Index for South Florida Metro Reporting Area
(Miami-Dade, Broward and Palm Beach Counties) from 1987 thru May, 2023
Red Line is the Home Price Index for the U.S.

Following a staggering rise of 36.2% in 2021, and 18.9% in 2020, the Real Estate Market in Fort Lauderdale was supposed to take a bit of a breather. And we suppose you could say it did. According to 2022 Year End statistics released by Florida Realtors, data generated by compiling sales reported through the MLS of local realtor associations throughout the Sunshine State, the Average Sale Price for a Single Family Home in the city of Fort Lauderdale only rose 14.3%.

Yes. ONLY 14.3%.

Which raises two interesting questions:

The first – what kind of Real Estate Market are you in when 14.3% appreciation is considered a "down" year?

The second – why is anybody investing in Real Estate anywhere else?

With mortgage rates high and inventory tight, following two years of explosive growth, you would expect Real Estate to cool off, consolidate, as people became accustomed to the new pricing reality.

Apparently, in Fort Lauderdale, that translates to 14.3%.

An even more telling stat, perhaps, is the "Median Percent of Original List Price Received," which calculates the spread between asking and closing price. Historically, the Median Percentage of List Price Received for a Single Family Home in Broward County has been around 95-96% of the property's asking, with Condominiums and Townhomes around 94-95%. In 2022 the Median Percent of List Price received for a Single Family Home was 100% and 99.1% for Condos and Townhomes.

This is a Median statistic, remember. That means of the 14,438 sales of Single Family Homes in Broward County in 2022, at least half of those were higher than full asking price.

For those of you keeping score at home, that's two years in a row the Median Percent of Listing Price Received in Broward County has been 100%.

What The Heck Is Net Domestic Migration?

A few months ago we reported interesting numbers released in an analysis of U.S. Census Bureau data by the National Association of Realtors concerning Net Domestic Migration. This is a fancy way of saying Who's Moving Where From to Where?

According to this study, tracking the percentage of inbound moves between 2019 and 2022 more people were relocating to the South Florida reporting area (Miami-Dade, Broward and Palm Beach Counties) than any other metro in the country.

Aside from the weather (you never have to shovel sunshine out of your driveway) the main contributors to this influx of homeowners was undoubtedly Covid-19 and Taxes.

Once the Pandemic hit, many – especially in Finance thru the Northeast – began working remotely, wondered how smart it was to pay millions for a 900 sq. ft. co-op in a sub-arctic urban shithole when for equal money they could live in a luxury waterfront pool home in a tropical paradise.

In addition, California raised their State Income Tax to 16% to pay for cleaning streets where the homeless people go to the bathroom. We have a good friend, saw our blog, corrected us, claiming California only raised the State Income Tax to 13%. A tremendous consolation. Perhaps the local government should post that on billboards heading east, right before the Arizona state line, see how much difference that makes.

If you want to read our post concerning Net Domesticate Migration, click the link below.

Land of No Land

The old adage of "they're not making any more" has never applied more appropriately than it does to Fort Lauderdale. Broward County is not large, less than 30 miles north to south, and though it technically stretches halfway across the Floridian peninsula, around 45 miles, almost two thirds of it is comprised of wetlands, which is it's source of fresh water. In all Broward County there is only 471 square miles of developable dry land, and at this point it is fully developed.

The last large chunk of undeveloped land left in Broward, 61 (Everglades adjacent) acres by the corner of US-27 and Sheridan Street, was purchased by Amazon in 2021.

As a result, more and more people are moving into a location where there is no more empty land upon which to build. So this is not a "bubble." Barring cataclysmic natural disasters, asteroid impacts and/or total collapse of Western economies, it is all but impossible to envision housing prices ever retreating in Southeast Florida, particularly Broward County.

Back to Numbers

Year End 2022 stats show strength throughout Florida.

In Single Family, the Median Price increased 15.7% from $348,000 in 2021 to $402,500 in 2022, while the Average Sale Price went from $505,129 in 2021 to $562,442 in 2022, a gain of 11.3%.

Closed Sales, however, were down 18% from 350,516 in 2021 to 287,352 in 2022. This is undoubtedly another factor contributing to the rise in property values. In addition to, and possibly due to, the Median Percentage of List Price Received for the entire state of Florida was 100%.

In the South Florida reporting metro (Miami-Dade, Broward and Palm Beach Counties) the Median Price for a Single Family Home increased 17% from $265,000 in 2021 to $310,000 in 2022. Average Sale Price was up 13.9% from $446,100 in 2021 to $508,001 in 2022. Again, Closed Sales declined significantly, from 63,499 in 2021 to 51,232 in 2022, down 19.3%, while the Median Percentage of List Price Received went up from 96.7% to 98.5%.

Broward County, a more desirable location than Miami-Dade or Palm Beach, reported better stats than statewide or the South Florida reporting area. Median Price for Single Family homes rose 17% from $470,000 in 2021 to $550,000 in 2022. Average Sale Price increased 14.2% from $668,533 in 2021 to $763,768 in 2022.

Closed Sales declined 22.2% from 18,565 to 14,438, year over year, and Median Percentage of List Price Received remained at 100% for 2022.

As we cited previously, the Average Sale Price for a Single Family Residence in the city of Fort Lauderdale showed an increase of 14.3%, with Closed Sales registering a steep decline of 30% year over year. Drilling a little deeper we can see more affluent neighborhoods outperformed the County average. Zip Code 33301 (the Las Olas Isles) showed an increase of 42.9% in Median Price, and 40% in Average Sales Price. Zip Code 33304, which includes Fort Lauderdale Beach, the southern tip of Coral Ridge and the up and coming neighborhood of Poinsettia Heights, increased 30.3% in Median and 33.6% in Average Sale Price.

Check the Broward County City by City statistics, and the Broward County by Zip Code report to see more.

There is some interesting stuff:

Hillsboro Beach reported No Closed Sales, though last year their Median Price increased 46.4% to $18,295,000 based on a total of 6 Closed Sales, with Average Sale Price rising 14.4% to $15,800,000.

Lighthouse Point registered 178 Closed Sales, down 36.7% from 2021, with Median Price going up 26.4% to $1,388,888, and Average Sale Price increasing 25.4% to $1,823,269.

Lauderdale-by-the-Sea (or as we like to call it – Stoplights-by-the-Sea) reported 47 Closed Sales (down 17.5% from 2021), Median Price rising 57.7% to $1,222,500, Average Sale Price increasing 45.6% to $1,465,202.

Average Sale Price in the Town of Southwest Ranches shot up 47.4% to $2,240,290 on a total of 98 Closed Sales (down 37.6% from 2021). Median Price rose 30.2% to $1,482,500.

Condominiums and Townhomes

The Market for Condos and Townhomes showed similar resilience.

Statewide numbers report the Median Price for Condominium and Townhome properties rose 21.6% from $262,000 in 2021 to $306,500 in 2022. Average Sale Price increased from $382,963 to $445,305 year over year, representing a rise of 16.3%. Closed Sales were down 21.7% (from 160,177 in 2021 to 125,494 in 2022). Median Percentage of List Price Received went up to 99.9% from it's 2021 levels of 98.1%.

In the South Florida Metro Reporting Area (Miami-Dade, Broward and Palm Beach Counties) the Median Price of a Condo and Townhome increased 17% from $265,000 in 2021 to $310,00 in 2022. Average Sale Price was up 13.9% from $446,110 to $508,001 year over year. Closed Sales were down from 63,499 in 2021 to 51,232 in 2022, a decline of 19.3%. Median Percentage of Listing Price Received notched up from 96.7% to 98.5%.

In Broward County Median Price of a Condo and/or Townhome rose 14.9% from $271,500 to $250,000 year over year. Average Sale Price increased 20.9% from $296,632 in 2021 to $358,647 in 2022. Closed Sales went down from 21,858 in 2021 to 18,135 in 2022, a 17% decrease. Median Percentage of Listing Price Received rose from 2021's 96.9% to 99.1% in 2022.

Drilling down on the Condo numbers reveals some interesting stats.

In the city of Fort Lauderdale, Closed Sales declined 26.7% to 2,410, but the Average Sale Price shot up 39.1% to $784,049.

Further analysis reveals this increase is due largely to strong demand for the Beach.

Zip Code 33308, which includes the Galt Ocean Mile, showed a rise in the Average Sale Price of 31.8%.

Zip Code 33315 (encompassing South Lauderdale Beach, Harbor Beach and 17th Street Causeway) reported an increase of 37.8% in Average Sale Price.

And Zip Code 33304, which includes North Fort Lauderdale Beach, registered at increase in Average Sale Price of 71%.

2022 Year End Real Estate Market Reports

Click on buttons to download a pdf of statistical reports.

Ft Lauderdale Real Estate News 5/11/2023

Real Estate "Experts" Finally Catch Up To What I've Been Telling People For Years

What The Heck Is Net Domestic Migration?

It's always nice when the Real Estate "Experts" finally catch up with me. The latest statistics from Realtor.com prove what I've been telling people for years - that the dramatic rise in South Florida Home Prices has been caused by a tremendous increase in DEMAND.

This is borne out by their analysis of Net Domestic Migration. Which is a fancy way of saying: Who's Moving Where.

Main contributors to this are the Pandemic and Taxes.

Once the Covid-19 Pandemic hit and many - especially those in Finance in the Northeast - started working remotely, they began to wonder why they were paying $2 Million for an 800 square foot co-op in a sub-arctic urban shithole when the same money could buy them a luxurious waterfront home in a tropical paradise.

Here's the view $2 Million buys you
in New York City

Tough choice. Nobody who lives here
ever dreams of being THERE

In addition, California raised their State Income Tax to 16% to pay for cleaning streets where the homeless people go to the bathroom.

And where are all these people moving when they finally wise up?

Change of Inbound Moves 2019-22

States Sorted by Net Domestic Migration

Property Taxes by State

Run Cursor over map to see where each State ranks

Total Tax Burden by State

Run Cursor over map to see where each State ranks.

Overall Tax Burden by State

Before You List Your House For Sale

Ten Pro Tips to Increase My Home Value

Thinking about Listing your home for sale? Before you do, here are some helpful tips you might consider to maximize your home's value.

We're talking mainly about Single Family Homes here, but many of these tips will still apply to Condos and Townhouses.

Much depends on the architectural design of your home. Some of these tips may simply not be possible, given the size and layout of your property. In addition, we hesitate to suggest knocking down walls, adding square footage, or anything else requiring construction, which could be expensive, and may not increase your value sufficiently.

Those are business decisions which should be considered on a case by case basis.

1. The Final Frontier

Would you like to buy a dark, cramped little house? Neither would anybody else. A lot of ...

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Ft Lauderdale Real Estate News 1/31/2023

Highest Increase in Home Values in U.S.

Florida ranked Number One in home price appreciation last year, according to recent statistics released by real estate website Zillow showing the rise in property values from January to January.

According to their analysis, the average price for a home in Florida rose $56,000 through 2022, from $345,305 in January of last year to $405,939 in 2023.

That represents an increase of 17.27%, meaning home values rose more in Florida than in any other state in the nation.

Even more interesting, perhaps, is Zillow's year-over-year Home Value Index for December 2022, which shows appreciation on properties in South Florida (the "Miami" reporting area, which includes Broward and Palm Beach counties) rose more than any other major market in the United States.

Click on chart below if you wish to see larger image

Ft Lauderdale Real Estate News 6/3/2022

Fort Lauderdale Homes Up A Whopping 36%

Florida Realtors 2021 Year-End Statistics

The Average Sales Price for a Single Family Home in Fort Lauderdale rose a staggering 36.2% in 2021. In addition, the Median discount from Listing Price was Zero, meaning the vast majority of homes either sold for full asking or more than the Listed Price.

These startling figures are according to the latest year-end statistics released by the Florida Association of Realtors. Though seemingly incredible on face value these are accurate numbers. Statistics released by the Florida Realtors are generated by compiling sales reported through the MLS of local realtor associations across...

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Ft Lauderdale Real Estate News 5/19/2020

Ft. Lauderdale Home Values Rise 19% in 2020

Florida Realtors 2020 Year-End Statistics

Home values in Fort Lauderdale rose 19% in 2020.

To be precise: the Median Price of a Single Family Home in Fort Lauderdale, Florida increased to $500,000, which represents a rise of 19.0% from the previous year, according to statistics compiled and released by the Florida Association of Realtors.

What makes statistics reported by the Florida Realtors particularly valid versus other market reports...

Continue reading, click on button below

Consistent High Appreciation

What Makes Fort Lauderdale Real Estate The Smart Investment

One of the most highly respected sources of real estate statistics, the CoreLogic Home Price Index, was recently released for September, 2016.

Once again, analyzing these numbers illustrates why buying property in Fort Lauderdale is such a smart investment.

According to this report home values in the Sunshine State appreciated 7.5% in the 12 month period which concluded in September, 2016. That number tops the national average of 6.3% and ranks Florida the 6th best state in the country in home appreciation.

Delving a little deeper into these stats, however, it is particularly intriguing to look at the forecasts for the upcoming year. CoreLogic projects property values in Florida will increase 7% over the next annum. That ranks 3rd best in the U.S. behind California and Nevada, and illustrates the true strength of the Sunshine State's real estate market.

Over the past few months the Pacific Northwest has been very hot. In this Setember 2016 HPI the highest home price appreciation was found in Washington state (10.3%), Oregon (10.1%), Colorado (8.6%), Utah (7.8%) and Idaho (7.7%).

Florida ranked 6th at 7.5%.

Well, every dog has their day. Anytime you see Utah leading the nation in anything other than great salt lakes you have to know there's a story in there somewhere. In large part I think this is because home prices nationwide have recovered unevenly. The whole country took a hit when the nationwide real estate market collapsed. It took a while to stabilize. The more desirable locations like Florida and California snapped back first, then the recovery spread across the rest of the nation, through the Northeast, Midwest and the West.

Still, while other states cycled in and out of the Top Five, the Top 10 in home price appreciation, Florida has remained near the top of the rankings. Maybe it wasn't Number One in the nation, but as these reports were released, month after month, year after year, the Sunshine State was always in the Top Five.

A couple years ago the Midwest was hot. Wisconsin ranked near the top of the nation high in home price appreciation. Before that it was the Southwest; the highest increases in property values were found in Arizona. Before that it was the Northeast - New York and New Jersey. Like hotshot gunfighters riding into town, looking to make themselves a name, these states came and went. Meantime, month after month, year after year, Florida remained high on the list.

The real insight in this latest report can be found not only considering at the appreciation over the past year, but looking at the CoreLogic forecast for the upcoming annum.

Washington reported a home price increase of 10.3%, but CoreLogic projects only 5.8% growth over the course of the upcoming year. Oregon homes went up 10.1%, yet the forecast for the next annum is only 6.1%. Colorado showed an 8.6% increase; projection for the next 12 months is 5.7%. Utah and Idaho reported increases of 7.8% and 7.7% respectively for the year ending in September 2016, but over the next annum home values in those states are only projected to rise 5.1% and 4.9%.

According to this CoreLogic HPI home prices in Florida rose 7.5% in the 12 months which concluded in September, 2106, but are projected to increase 7% over the next year. That ranks 3rd in the United States.

What does this tell you? First, it is relatively obvious these other markets are experiencing a temporary uptick in high appreciation as the housing recovery cycles through their geographic region. Secondly, that Florida's real estate market offers a much more consistent, reliable appreciation. This is what has always made the state, and South Florida especially, such an attractive location for investors, and frankly anyone who wants to make money in real estate.

Florida is an appreciation driven market, which has always operated on a boom and bust cycle. In a normal year home prices will typically appreciate 7-8%. Perhaps once a decade the market spikes and you'll see property values increasing 10-12%, sometimes even more, but those times are usually followed by periods of consolidation when the market cools.

In Fort Lauderdale and Broward County, specifically, home prices are projected to keep rising at a significant rate. It is all but inevitable. Not only because Fort Lauderdale is a tropical paradise with no state income tax and a relatively low cost of living where you can swim in the ocean all year round and you must remember to turn on your car heater every so often, not because you need it, but just to keep it from rusting through. It's a simple matter of supply and demand.

There is an old adage which is usually recited about beach front property: "They're not making any more of it."

That has never been truer than it is in Fort Lauderdale, the primo location in the state of Florida. There is only so much land. Broward County is not large, approximately 27 miles north and south, perhaps 45 miles east to west. However, around 60% of this geographic area is comprised of wetlands which cannot be developed without cutting off their own water supply. They can no longer build any anything else beyond the Sawgrass Expressway and US-27, which are somewhere between 10 and 15 miles from the coast. The entire county is 1,320 square miles with 115 square miles of waterways, but when you boil it all down this leaves only 471 square miles of developable dry land.

At this point this developable land is now 99.99% developed. There are no more swaths of scrub forest east of US-27 and the Sawgrass which can be bull-dozed into housing projects. Occasionally you see quotes from developers bemoaning the fact there's no more chunks of empty land. This is like a whaling boat Captain complaining it's getting harder to find Sperm Whales. You know, pal, if you weren't there SHOOTING THEM WITH HARPOONS, might be a few more of them around.

Still, drive the Sawgrass Expressway through northern Broward you see housing developments and commercial properties along the east side of the road, and along the west side of the highway it is literally The Everglades - whip grass, wading birds and alligators.

The lack of land, however, is not stopping the influx of people moving on down. Florida recently surpassed New York as the third most populous state in the nation. This trend will undoubtedly continue as Baby Boomers across the U.S. retire and seek a warmer climate. You never have to shovel sunshine off your driveway. Broward County is simply the most desirable part of the state. In 1960 they took the Census, there were 60,000 residents. Ten years later in 1970 there were 600,000. Currently the population is around 1.75 million and projected to climb to almost 2.3 million by the year 2020.

That's over a half million more residents - an additional 31% - moving into the same 471 square miles of developable dry land.

Talk about a No Brainer, this would seem to be a simple matter of connecting the dots, what this should mean for property values in Fort Lauderdale and throughout Broward County. 1) We don't have much land. 2) The population is growing.

Add these factors up significant appreciation in property values seems relatively inevitable. In addition, whatever rate of appreciation you might wish to forecast for the overall county-wide average, it will undoubtedly be greater in prime real estate such as waterfont homes, oceanfront condos, houses and townhomes in the better nieghborhoods along the coast.

To read a detailed analysis of the prospects for appreciation in Fort Lauderdale property values, click on button below.

12 Things You Must Know

How to Buy Foreclosures

A lot of attention, in many cases too much attention, in today's market is focused upon Foreclosures, also known as REOs (Real Estate Owned). Many people believe in the old adage: "One man's trash is another man's treasure." There are, however, several other old sayings you would be wise to live by. "When something sounds too good to be true, it usually is." The other is: "Buyer beware."

True, you can find some good deals in REOs, and they might make more sense for certain investors, however we would not limit yourself to shopping Foreclosures. Buyers should not overlook regular old-fashioned sales. If a homeowner needs to sell his house they cannot List it appreciably higher than the Foreclosure or Short Sale next door, on his block, in his neighborhood.

To compete successfully in the Foreclosure market you must understand the way things work, follow methods which are at this point established. Here's a few things you should know, be prepared for:

1.) Remember Foreclosures by definition represent a home someone has walked away from. This is not an overnight process. It took months, probably over a year to get these people out. They occupied the premises for months and months not paying anything, waiting for the axe to fall. Very few care about or can afford to maintain these properties and many, in anger and resentment, pulled appliances and fixtures, perhaps even damaged the home before they left. After that the property might've sat vacant for months before the Bank managed to list it for sale. If you are not in construction, if you're not much of a Do-It-Yourselfer, if you don't have a reliable and inexpensive source for remodeling...

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