Fort Lauderdale foreclosure listings still feature lower-priced condo units as foreclosures continue to rise in condominium complexes, based on data from the Florida Association of Realtors.
In August, Fort Lauderdale had the biggest number of condo sales among Florida cities, with a total of 883 condo units sold. Sales marked a 61-percent increase from sales in August last year. The median sales price dropped by 36 percent to $85,100.
Statewide, condo sales are rising as condo prices drop by about one-third their prices in August last year. In other Florida cities like Miami, Boca Raton, West Palm Beach, Saint Petersburg, Tampa, Daytona Beach and Jacksonville, condo units are being snapped up as their prices fall.
According to the realtor association, almost 4,700 existing condo units throughout Florida were sold in August, an increase of 45 percent from August 2008. The median sales price dropped by 32 percent to $107,500.
Cynthia Shelton, president of the realtor association, said the supply of condos is pushing prices down from their six-digit range in the past.
Meanwhile, based on another report from an online real estate research firm, the number of homes included in Fort Lauderdale foreclosure listings in August rose to nearly 13,500 units. Existing homes for sale totaled 14,319, accounting for 51 percent of all homes included in Multiple Listing Services in the city.
The total number of homes available for sale in August, as listed in MLS in the city, was 27,790 units. New homes for sale totaled 13,471 units.
While the prices of condo units in Fort Lauderdale dropped to around $85,000, the average price of homes in the city hovered around $177,448.
In Fort Lauderdale, 46 percent of all homes are occupied by homeowners while 38 percent are occupied by renters. About 15 percent are vacant.
Based on data from the National Association of Realtors, sales of previously owned homes remained flat in August in the southeastern part of Florida, which includes Fort Lauderdale and Miami. The median price dropped by 11 percent to $157,400 compared to the median in August last year. The decrease showed that foreclosures are still pushing down prices in South Florida.
However, compared to the median sales price of $143,300 in January this year, the median in August marked an increase.
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