Julie Jones Sales Update

Mid-October has arrived and the season is underway in Fort Lauderdale. I would like to share an update of my activities I presented to my Sellers from the frontline of Fort Lauderdale ’s luxury real estate market.

The Good

· I have invested in two Internet-based marketing programs to promote my listings: Zillow and BlockShoppers. Between these two sites, and the rest of my Internet networking, I am confident in reaching over 300,000 visitors (new faces, not return browsers) per month with my listings.

· I am proud to be a sponsor of the Go Red for Women, American Heart Association initiative. I invite any lady in the Fort Lauderdale area who would like to become involved with this dynamic group, which is in association with the Cleveland Clinic, to please contact me.

· A survey conducted by the National Association for Business Economics released results in the beginning of October which stated that most economists see recovery starting in the US, but they expect that the recovery will be slow as worries over unemployment and high federal debt continue to stop consumers from making big decisions (especially real estate). This is compounded by the lack of mortgage options available to potential buyers.

· This week I have received three offers on my luxury inventory and one of the offers resulted in a contract for 320 Coral Way, Las Olas, which (subject to inspections) will close on November 18th. I am confident that this activity points to movement and sales in the luxury real estate market.

· In October four of my sellers decided to adjust their list prices. This is a wise strategy as these listings will now be set to take advantage of the sales season and hopefully achieve results.

· For those who qualify, there are some excellent mortgage rates available. If you would like assistance, please contact Mason Pruner, Branch Manager of Wells Fargo, at 954-857-3502 for the latest rates and programs available.

· People are moving for happier reasons! (Source: Relocation.com) People have returned to moving in hopes of improving their lives rather than moving to escape foreclosure or economic crisis.

The Bad

· Appraisal issues… Just over the last week our office has experienced transactions falling apart because properties are not appraising for the contract prices. It is very difficult for the appraisers because of the very limited number of sales in 2009. If you are concerned about the list price of your residence for sale, I encourage an appraisal which is totally objective and extremely useful when a contract is being negotiated. Imagine how frustrating it is for the seller when a result is finally obtained and you are planning to move – then come to find that your property will not appraise for the contract price.

The Ugly

· I am pleased to report little ugliness for October (except for the low market activity and long market times). The only possible exception is with the condominium market where in the entire Fort Lauderdale market, there has only been one sale in excess of $3M and only three sales between $2 -3M. The condominium market is very challenged, and potential buyers are increasingly concerned about the financial stability of the communities in terms of maintenance fees in default and residences in foreclosure.

· The media is still quick to remind us that the banks have held back a vast number of foreclosures and short sales. Apparently they have been waiting for the market to improve and sales to increase. These distressed sales will be released within the coming months and may be impacted by those sellers who have increased interest rates on their loans and can no longer make the payments.

If you have any questions or concerns about your property, please contact me. It is my goal to achieve the best price and terms for the residences I represent and to see a result this selling season!

If you’d like to see some exquisite luxury real estate offerings in Fort Lauderdale, please visit my website at luxuryrealestateftl.com.

-Julie Jones, Premier Estate Properties Inc.
Ocean Home Exclusive Agent for Ft. Lauderdale