Fort Lauderdale Real Estate - The City Is Seeing A Rise In Home Property Values
Famous for being known as the "Venice of America," the city of Fort Lauderdale is located in Broward County, Florida. The city has a total population of 152,397, and is the county seat of Broward County, and forms a part of the South Florida metropolitan area.
The city's extended metro area covers 23 miles of beach front that stretches along the Atlantic Ocean waters. This pleasant metropolis has been refined into a vibrant, yet casually sophisticated city, offering more than 2,500 restaurants that have world-class dining amenities, but still retains that unique local flavor and personality. The climate in this part of the state is tropical, and averages a year-round temperature of 77 degrees.
The City Has Seen Robust Growth In The Past Decade
Fort Lauderdale's downtown area, especially within Las Olas Boulevard, has seen impressive economic growth in the past decade, and now is home to many new hotels and high-rise condominium projects. Other major enhancements include a large array of new fashionable shopping districts, boutiques, galleries, cafes and restaurants as well as the upgrading of Lockhart Stadium, to effectively attract major sporting events.
In the last 10 years, there have been 15 new development projects, with a total of 2,600 units, along the coast of Fort Lauderdale, Hollywood, and Pompano Beach, and thousands more are on the rise or are being proposed. The city and its surrounding area, from Riverwalk in the Las Olas and downtown district, to the city's sandy beaches, offer an exciting array of leisure and entertainment activities, and cultural events as well.
The Area's Property Markets Are Booming
The city's real estate market is currently thriving, despite the slowdown in the US housing market. Real estate values in Fort Lauderdale have appreciated by a whopping 33 percent in 2007.
New large-scale developments are rising in the skyline of the city's downtown area, and this includes 11 high-rise and mid-rise luxury condo projects. Famous retail chains identified the metro area as loaded with a fertile commercial base, and have established their presence here. Some of these famous and upscale commercial firms include names like Starbucks, Krispy Kreme, Whole Foods and Barnes & Noble booksellers. The revitalization of the downtown district has brought more options for dining, shopping and entertainment.
When one thinks of this city and the whole of south Florida as well, one major aspect that comes to mind is the large number of condominiums that dot this area's landscape.
Condo complexes are a very popular among people who wish to live a low-maintenance lifestyle, and also as an alternative to the traditional single-family home living arrangements, and to those who looking for part-time vacation retreats. Condo projects in this city vary from 2-floor buildings with a handful of units to high-rise towers with hundreds of units.
Tourism Is The Major Driving Force Of The Area
Fort Lauderdale's economy is very much reliant on tourism. During the 1970s, the area was famous as a spring break destination for college students. However, since the 1980s, police have cracked down on underage drinking and other illicit activity, and the tourist revenues have been largely redirected toward cruise ships and other water sports or boating activities. In the last few years, the city however has welcomed back spring break visitors with open arms, in large part due to the massive infusion of cash these visitors provide to the local economy.
http://hometerra.com - Fort Lauderdale Real Estate
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Added: March 20, 2008
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