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Fort Lauderdale Real Estate Market

What you need to know before buying Fort Lauderdale real estate...

By Tim Jones | Broker in Fort Lauderdale, FL

Appreciating Victoria Park

Since the BOTTOM last March the Victoria Park (South) property value TRENDLINE has inclined 33%—from $200/LIVsqft to $300/LIVsqft.  By all metrics—CLOSED  PRICE, CLOSED PRICE/LIVING AREA and CLOSED PRICE/LOT AREA—property value has INCREASED in Victoria Park (south of SE 6th Street).  In terms of PRICE, the average of the 23 sales closed during the trailing-6 months ($621,084) is 16% above the average of the 68 sales closed during the trailing-24 months ($520,241).  Likewise, in terms of average CLOSED SALE PRICE/LIVING AREA, the trailing-6 month average ($271.15/LIVsqft) is 12% above trailing-24 month average ($239.11).  And in terms of CLOSED PRICE/LOT AREA, the average of the trailing-6 ($76.59/LOTsqft) is 12.5% above the trailing-24 ($67.05).  The Trend CONTINUES—December’s eight closed sales averaged $705,563, $289.16/LIVsqft, and $74.34/LOTsqft.  Some Sellers remain unaware of the CURRENT MARKET TREND—seven of the current 16 listings are priced below the average of the trailing-24 month average in terms of Closed Price/LIVing Area; five listings are priced below the trailing 24-month average in terms of LOT Area, and; five listings are priced below in terms of Price.

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