Mortgage rates inch downward at year's end

By Polyana da Costa | Bankrate.com – Thu, Dec 27, 2012 3:00 AM EST

Mortgage rates don't seem poised to start the new year at record lows, but they'll be close enough to the bottom.  This is good news for buyers looking to make a home or condo purchase in Fort Lauderdale. 

30 year fixed rate mortgage – 3 month trend

The benchmark 30-year fixed-rate mortgage fell to 3.59 percent from 3.62 percent, according to the Bankrate.com national survey of large lenders. The mortgages in this week's survey had an average total of 0.34 discount and origination points. One year ago, the mortgage index stood at 4.21 percent; four weeks ago, it was 3.52 percent.

The benchmark 15-year fixed-rate mortgage fell to 2.87 percent from 2.89 percent. The benchmark 5/1 adjustable-rate mortgage fell to 2.77 percent from 2.78 percent.

Mortgage rates reached record lows numerous times in 2012. The 30-year fixed, which fell below 4 percent for the first time in mid-May, averaged 3.88 percent in 2012. The average for the 5/1 ARM was 2.92 percent. Will borrowers continue to enjoy the low-rate environment in 2013? It depends on your definition of low. "Who knows if we'll hit new all-time lows? But they should be low enough to keep (refinances) and purchases humming along," says John Stearns, a mortgage banker at American Fidelity Mortgage Services in Mequon, Wis.

 

Fort Lauderdale seeks to improve ocean view from Las Olas Blvd bridge

Rerouting Las Olas Blvd at A1A

City officials from Fort Lauderdale are considering altering the traffic pattern when heading East down Las Olas Blvd as you cross over the Las Olas bridge.  The reason being is that officials would like to increase the attractiveness of the ocean view from the Las Olas bridge. They envision a spectacular view from the top of the bridge that is currently occluded by palm trees and traffic lights. 

Other proposals include a twin 3 story parking garage on the north & south side of Las Olas Blvd as well as numerous streetscape improvements. 

Broward County Homes Prices Rise

Broward County - Home Price Trend

South Florida homes sold faster and for more money in November than they did a year ago, another indication that the housing market is recovering from the historic collapse.  Broward County's median price for existing homes last month was $210,000, a 9 percent increase from a year ago, the Greater Fort Lauderdale Realtors said Thursday.

Broward's median price has risen on an annual basis in every month this year.

The county saw 1,212 homes change hands last month, up 24 percent from November 2011. The homes sold in an average of 40 days, compared with 55 days last year. The market is transitioning back into a sellers market as supply is low in many submarkets of the county including Fort Lauderdale.

Condo Profile: La Rive Condo Fort Lauderdale

La Rive
Fort Lauderdale, FL

La Rive Condominum is a contemporary, exclusive building located on the intracoastal waterway in Fort Lauderdale. La Rive is only a few blocks away from Ft Lauderdale Beach and Las Olas Blvd, which offers fine dining and high end retail stores. La Rive is home to only 37 residences, so privacy is a major selling point at this condominium; in addition to the floor to ceiling glass windows.  There are currently 4 units on the market ranging in price from $874,900 to $1,250,000 for a 3 bedroom/4 1/2 bathroom residence with 3,000 ft of living space.  The interior is finished with elegant marble as well as custom closets.  The spacious unit also features generous terrace space overlooking the intracoastal waterway. 

La Rive Condo - Ft Lauderdale

Marina Lofts Fort Lauderdale: Tree removal

Marina Lofts - Ft Lauderdale
 

The developer of the planned Marina Lofts project in Fort Lauderdale cleared a hurdle by winning approval from Broward County Commissioners on Tuesday night.  The commission voted in favor 7-2 to relocate the controversial tree and developer, Asi Cymbal, would post as much as a $1,000,000 bond as collateral in case the tree is damaged during its relocation.  Asi Cymbal is planning to develop approximately 1,000 units along the New River in Fort Lauderdale as part of a 3 building rental project.  Its location lies adjacent to another recently announced rental project titled New River Yacht Club by The Related Group.  The approval moves Asi Cymbal and his Marina Lofts project one step closer.

New River Yacht Club - Fort Lauderdale Real Estate

New River Yacht Club (East View)
Fort Lauderdale, Florida

As another positive sign towards the real estate recovery in Fort Lauderdale, The Related Group, led by Jorge Perez, has started construction on a 26 story, 249 unit tower titled New River Yacht Club.  Similar to the recently announced Marina Lofts project, this residential tower is also slated to be a rental building. 

New River Yacht Club will be positioned on the South side of the New River and will further enhance the river walk promenade.  Amenities that have been proposed include a 7th floor pool area with outdoor bar, club room, game room and fitness center.  Occupancy is planned for
Spring 2014.

New River Yacht Club - Ft Lauderdale, FL
(West View)

Marina Lofts - Fort Lauderdale, Florida

Marina Lofts - Fort Lauderdale, FL

A new residential building promises to offer 'swag" to the downtown Ft Lauderdale skyline. The proposed buildings by Asi Cymbal, called Marina Lofts, blends Miami inspired architecture across 3 buildings totaling over 1,000 units. 2 of the buildings will tower 36 stories and the other 25 stories.  Restaurants & retail are planned for the ground floor space creating a mixed-use environment condusive to urban living. Current plans for this project are to position it as rental buildings.

Marina Lofts proposed location is directly on the new river, just East of Esplanade & across the river from Las Olas Riverhouse, Watergarden & Las Olas Grand. 

The design of Marina Lofts was created by Bjarke Ingels, and is said to cater to "green" building concepts.  In addition to adding value to the Fort Lauderdale tax base, it will surely add to the riverfront walkability factor by connecting buildings such as the Esplanade to buildings further East as Nu River Landing.

Marina Lofts - Ft Lauderdale