“I Want To Live By The Beach And I Only Want To Spend $70,000.00!”

Fort Lauderdale beach isn't cheap

I get calls like this all the time. Here’s how they start out…”I want a 3 bedroom 2 bath home in a gated community, near the beach and I only want to spend around $70,000.00!” Huh? “Yeah, I know the market sucks and I can probably steal something for $100,000.00 near the beach.” Huh?

Sir..can I ask you a question? “What beach are you talking about?” You must have Fort Lauderdale Beach confused with some shanty town beach lined with all you can eat fish fry’s and sleazy bars and t-shirt shops.

Seriously, I know the media has had a field day with the foreclosure crisis around the country but it seems that “foreclosureitis” has affected the IQ of many buyers looking to move to the Fort Lauderdale real estate market. If I can offer a bit of sound advice..DON’T BELIEVE THE HYPE! Seriously, don’t believe it for a minute.

While it is indeed true that South Florida was and has been in a three horse race for foreclosure ground zero with Southern California and Nevada. But the media seems to leave out a HUGE bit of relative data. Let me give you a bit of background information to lay a foundation for what I am about to tell you.

You see I invest personally in bargain basement foreclosures here in South Florida. My husband and I made our bones on dealing with distressed properties for the last 7 years throughout South Florida.

We’ve taught friends and family how to invest in the Fort Lauderdale real estate market. We cut our teeth hanging out with Bill and Jan Leon of the Broward Real Estate Investors Association and throughout the years, we know just about every neighborhood in South Florida. My husband has taught real estate agents across the Country how to buy, sell, and market distressed properties such as foreclosures and short sales.

So hopefully you recognize that I know about the South Florida market and I have the requisite background to make the statement I’m about to make. If you’re thinking that the Fort Lauderdale real estate market has taken such a hit that you’re going to be able to snag some beachfront property for $100,000.00 or so…let me be the first to tell you….it ain’t ever gonna happen!

I just did a search and there are ZERO residences available anywhere on Fort Lauderdale Beach for $100,000.00 or under. Unless of course you’re over 55 which in that case one building has a few units for you or if you want a 400 sq. foot studio to hang out in while you’re town. Other than that, forget about it!

Top 5 Reasons You Won’t Be Able To Buy A Beach Area Home For Anywhere Near $100,000.00

If by stroke of pure luck or owner ignorance that someone is willing to sell a beachfront home or condo for anywhere near $100,000.00 you’ll never see it! Every real estate agent that’s worth their salt either knows someone or is someone who would buy this property BEFORE it hit the open market.
A property on or near the beach in Fort Lauderdale available for around $100,000.00 is sort of like Bigfoot. Meaning we all have heard the stories about it being out there but we’ve never really seen it ourselves.
To paraphrase what Wil Rogers once said…they ain’t making any more land! If I may add to that, there is a finite amount of beach front property available in the entire world. When you have a finite supply of an in demand product what do you think happens? Not sure? Then go to fill up your car at the nearby Shell station and you’ll get the idea. It’s simply supply and demand economics. In case I lost you there, simply put, EVERYONE wants to be by the beach which keeps prices higher due to…you guessed it DEMAND.
The Media! Yep..the same culprit that makes everyone think that they can buy property dirt cheap in South Florida is in itself creating HUGE demand. EVERYONE wants a deal. Kind of defeats their purpose doesn’t it? But hey, we’ll take it. Our phones and emails are jammed with people thinking that there is a mad gold rush on and that you can buy beachfront property for pennies on the dollar down here on Fort Lauderdale Beach. When we tell them it’s not true they are sometimes shocked and bewildered…then we show them what they can buy for around $100,000.00. Yes, there are loads of deals under $100,000.00. Just not on the beach.
Most of the people who have purchased Fort Lauderdale Beach properties aren’t at all desperate. Most can afford to wait it out until they get their price. I know of some properties that have been on the market for over 4 years! The owner bought cash, doesn’t need to sell, and will only sell if and when he gets the price he’s asking. Most of Fort Lauderdale Beach is economically reistant. While there may have been some nouveau riche buyers who got in trouble and bought at the beach, the overwhelming majority of beach are homeowners are not in any way, shape or form in a desperate situation.

I could go on and on but hopefully you get the point. We have had buyers fly in from around the Country thinking the story they heard on the news was true. They came down check in hand ready to “steal” some beach front properties and left with their feelings a bit hurt.

I’m here to help anyone find that home or condo of their dreams. But I also feel it’s my job to shake and rattle buyers who are lost in a dream. If you want to buy a property in the Fort Lauderdale real estate market, or anywhere in South Florida there are loads and loads of homes and condos that I can show you. Just understand that you won’t be seeing any properties on the beach for under $100,000.00.

I’m also sure you’ll be very happy with what I show you. However if you’re looking for beachfront properties or luxury condos, please make sure you are prepared for the price tag. If not, you may be in for quite the rude awakening.

Check out this article on the demographic make-up of various Fort Lauderdale neighborhoods.