While home prices continue to fall throughout the U.S., there are beacons of hope in a few key markets, thanks to foreign investors. According to a survey by Trulia.com that tracks home searches by potential foreign buyers, Fort Lauderdale was in the top 5 list of cities that attracted the most interest.
Top Five U.S. Cities Attracting Foreign Interest
1. Los Angeles, California
2. New York, New York
3. Cape Coral, Florida
4. Fort Lauderdale, Florida
5. Las Vegas, Nevada
“Fort Lauderdale condo prices are down about 40 – 55 percent from their peak,” says Chad Gray, a Coldwell Banker agent in Fort Lauderdale, Florida. “The weak dollar, coupled with a more long-term outlook seems to have spurred foreign investor interest. Of course, we can’t overlook the obvious; Fort Lauderdale continues to be a top destination. Whether you’re a year-round resident or seasonal visitor, living here feels like a vacation!”
In a recent CNBC news clip, Diana Olick reported, “South Florida was and is ground zero for the condominium crash. It was overbuilt and oversold to investors who used faulty financing and subsequently dumped the deals, leaving thousands of units empty. Now here in Fort Lauderdale there are barely 100 units available.”
Its no wonder the shrinking condo inventory in Fort Lauderdale is due in part to incredible foreign investor interest. As a result, we are beginning to see prices stabilize. Fortunately it’s not too late to find luxury condos for sale in Fort Lauderdale at great prices. However, unless you have cash, you may have to overcome two obstacles in order to secure a condo loan. First, the borrower has to qualify. Second, the condo association has to qualify – something the borrower has little or no control over.
Here are a few tips to help you prepare to overcome the stricter standards banks have implemented recently for getting a condo loan in Fort Lauderdale. You should check with your lender for guidance.
Qualifying for a Fort Lauderdale Condo Mortgage:
1. You need to have a great credit score, think upwards of 700.
2. Plan to make at least a 25% down payment. FHA has friendlier down-payment requirements, but has strict condo association guidelines.
3. More than half the condo units must be owner-occupied.
4. No more than 15 percent of owners can be delinquent on condo dues.
