If you can remember Connie Francis crooning "Where The Boys Are," you'll know that Fort Lauderdale has been a popular beach destination for decades. In fact, you can still cruise by the famous Elbo Room which was featured in the 1960 movie starring sun worshipper George Hamilton.

What you may not know is how much Fort Lauderdale has changed from a party town to a sophisticated retreat for business travelers, families and European visitors. While over 15,000 college students still invade the town every spring break to enjoy the town's 23 miles of pristine white sand beaches, Fort Lauderdale has broadened its appeal to residents.

Families, retirees and relocating executives are also interested in Fort Lauderdale's quality of life as well as opportunities for second home investments. Like other baby boomers and young executives across the nation, many residents are picking their vacation homes with the intention of making them retirement havens some day.

The result is a robust housing market tempered slightly by uncertain economic and political news. Yet, prices are rapidly rising.

"We are finally seeing some settling in the real estate market in South Florida," says Realtor Christine Pardo. "Homes over $200,000 have slowed slightly and are actually lasting on the market for a few weeks. Buyers are becoming more discriminate and sellers are forced to negotiate more than they have been in the past 18 months.

"But this leveling is not affecting the below $150,000 range," explains Pardo. "Properties in this price range are still moving quickly, due to a shortage of available properties in this price range. Good condition homes in the under $150,000 market are still selling in just days or hours. Property values are still on the rise. Local media is reporting how property prices are rising faster than incomes, making those lower priced properties still a hot market."

"Rise in market values is also fueled by our imminent conclusion of new construction," notes Pardo. "Our lack of developable land will bring an end to new development construction within the next few years. New homes will only be available from teardown/rebuilds or new condos replacing old structures. Additional fuel for our rising home values is the continuous rise in population and the investment of South American dollars. Sunny South Florida is still the dream destination for many American and foreign nationals. Our multicultural atmosphere makes adjusting to our new country easy. Our stable economy (much more so than many other countries - in spite of our recent national setbacks) makes South Florida the preferred location for foreign nationals to invest their dollars."

Advises Realtor Millie Lawrence-Kotei, "Interest rates have helped keep our market alive. More buyers are qualifying for higher-priced properties. Average homes are listed and sold within three months, if the price is right. As inventory increases, buyers increase and properties are sold. Prices have increased since last spring but currently hold steady."

"There are still more buyers than homes available for sale in the area, so the seller's market continues though there are some signs that things are beginning to balance out," says Realto Leanne Valdes. "Fort Lauderdale has been attracting more buyers lately than in the last few years and list/sale prices are reflecting that trend. If you're searching for a home and find one that fits your wants and needs but perhaps just needs a little work, don't hesitate for too long before placing an offer or someone else may beat you to it. Properties that are in good condition and priced correctly from the day they are listed tend to go very quickly for full or near full price and in some cases result in a higher than asked for purchase price."

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Published: June 26, 2002

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