Cities in California, Florida, and Ohio dominated the top 25 U.S. cities with the highest foreclosure rates according to a report released by RealtyTrac on Wednesday. (more…)
As of last Friday, Fort Lauderdale based home builder, Levitt and Sons became the nation’s largest home builder to file for bankruptcy. (more…)
Levitt & Sons, the Fort Lauderdale-based home builder, has stopped construction of homes in all its Florida subdivisions as it attempts to renegotiate its debt. (more…)
Donald Trump used to have two projects bearing his name in Fort Lauderdale, however, in light of the market, Trump will be putting the Trump Las Olas Resort on hold. (more…)
Fort Lauderdale based home builder, Levitt Corp announced plans to lay off up to 200 of its 573 employees. (more…)
The Fort Lauderdale Area Association of Realtors released Listing and Sales figures for March 2007 showing the numbers for Fort Lauderdale real estate are up over the previous month. (more…)
Different houses, in different locations throughout Manatee County, with different owners, all had one thing in common: They officially fell into foreclosure Monday, continuing a record-setting surge.
William R. Scherer, Jr., a resident of Fort Lauderdale, penned this recent editorial to the South Florida Sun-Sentinel in response to the swirling property tax debate gripping the region.
Half of Fort Lauderdale’s property owners would see a slight drop in property taxes — while the other half would experience a sharp increase — under the new budget proposed by the city manager that is set to be unveiled this week, the Sun-Sentinel reports.
City Manager George Gretsas proposes that the city cash in again on major increases in real estate values by bringing in an extra $18 million in tax collections to help support the citywide spending plan, currently slated for $503.5 million overall.
The 13 percent increase in expected property tax collections, bumping them to $133.4 million, would be assumed by only half of the city’s property owners — those who own seasonal homes, rental units, industrial space or commercial real estate, and those with new properties on the tax rolls.
The rest of the property owners, or 50.1 percent of them, are protected by Save Our Homes, a state constitutional amendment that limits tax increases on a person’s primary residence. Those owners would actually see a slight reduction in taxes under the city’s proposed budget.
Gretsas said he’s trying to maintain a slow, steady approach to taxing and spending in Fort Lauderdale, Broward’s biggest housing market, and one which only three years ago almost ran out of money. He believes that drastic changes, however tempting, end up creating instability. Gretsas emphasized his budget’s proposed 4 percent reduction in the mill rate, to $5.23 per $1,000 of taxable value, because it would bring financial relief to permanent, homesteaded residents.
The city’s property values increased some 19.5 percent this year as the South Florida housing market boom continued throughout most of 2005. The proposed tax rate takes this into account, and generates an increase for almost half the city’s property owners who can’t claim a homestead exemption under Florida law.
Part of the reason for the increase is to pump money into the government’s coffers now, before the market starts to slide. Analysts agree that there are some leaner years ahead for the market, especially with Florida home loan costs rising slowly and inventory swelling. City planners worry that the windfall of tax dollars could run dry as huge increases in property values cease, and are trying to plan ahead for that possibility now.
Typically viewed as a haven for college students on spring break, Fort Lauderdale is looking to change its image. Hoping to take advantage of the exodus of those who can no longer afford a Florida home loan in nearby Palm Beach, the region has seen an above-average growth in population over the last couple years.
A strong economy has also helped drive median home prices 58% higher from 2003 to 2005, compared with a 22% rise in the national median, according to the Florida Association of Realtors and the National Association of Realtors. By the end of last year, median prices in the area hit $369,000, well above the fourth-quarter national median of $213,000.
However, as sales began to fall late last year, many brokers say this tropical seller’s paradise may be hitting a cool spot. Richard Barkett, chief executive of the Realtor Association of Greater Fort Lauderdale, expects appreciation levels to slow to the 5-7% range in 2006 from the double-digit pace of recent gains.
Other brokers note softening investor interest in the area and increasingly common price reductions on listings.
“A year ago I could sell something in a half hour with a phone call to an investor,” said Jeanette Nogosanti who owns Oceanique Realty in Pompano Beach, Fl. “Now those investors have houses they want to sell.”
Overall, Ft. Lauderdale is still an attractive alternative for those seeking a reasonable Florida home loan. The recent cooling off in sales is simply symbolic of a slightly slower housing market across the state.
