Value Waterfront Homes in Fort Lauderdale
Highly desirable real estate, the ocean access waterfront homes with no fixed bridges in neighborhoods around downtown Fort Lauderdale cost millions of dollars. Tear-downs and fixer-uppers in Las Olas start around seven hundred thousand dollars. One home which was on the market earlier this year in Seven Isles had such a bad mold problem anyone who went in to look at the property had to sign a health waiver, and it still sold for over $700,000. In Harbor Beach, even the tear downs, old Florida style homes built in the 50s and 60s sell for over a million dollars. It's pretty much the same in Rio Vista, though you can find some fixer-uppers through the neighboring Lauderdale Harbors in the $600-700k range. A little farther north, through the great northeast neighborhood of Coral Ridge and The Landings, the waterfront homes sell from $800,000 on up.
That's why the Citrus Isles represent such great value. Just a couple miles down the New River from central Fort Lauderdale you can find deep water homes (with no fixed bridges between you and the ocean) close to Downtown starting in the low $300,000 price range.
This neighborhood is definitely on the way up. Simply drive up and down these streets and you can tell. The neighborhood dates back to the 50s and 60s, and the architecture is classic old Florida, cinder block construction with flat-tile roofs and carports. A number of these houses are only two bedroom, but the last 10 years or so people have been buying the older homes, fixing them up, tearing some down and re-building. So the Citrus Isles have gotten a serious face lift, and much of it since the market started turning down in 2006.
With the local real estate market rebounding this trend will undoubtedly accelerate. I don't know if there is another neighborhood in Fort Lauderdale with more potential to appreciate.
Now obviously, in the 300s you should be prepared to do some work, but even the slightly more expensive homes in this neighborhood represent some pretty good value. In the $400-500,000 price range you can find houses which have already been updated. Between May 2011 and May 2012 the average median price in all Broward County went up 10%, and the prime real estate like waterfront property undoubtedly out-performed that.
Looking simply at the projected percentage of appreciation, a $400,000 investment in the Citrus Isles could be worth $600,000 in four to five years.
So if you're looking for an ocean access waterfront home with no fixed bridges and you don't want to spend millions, you might check into the Citrus Isles. You can find listings for homes for sale in this neighborhood on my website at http://www.fortlauderdalebeachproperty.com.
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