Investment Sector in Fort Lauderdale, FL Boosted by Distressed Multi-Family Sales

FORT LAUDERDALE, FL — The recession struck apartment fundamentals in Broward County during the first half of 2009, and weakness in the sector will persist during the remainder of the year, according to a third-quarter Apartment Research Report by Marcus & Millichap, the nation’s largest real estate investment services firm.

Year to date, a drop in renter demand has contributed to a 110 basis point rise in the vacancy rate while pushing down asking and effective rents 1.8 percent and 2.1 percent, respectively.

(Fort Lauderdale marina, top left photo)

“Transaction velocity has rebounded in the past few months, as several lender-owned properties were sold,” says Gregory Matus, regional manager of the Fort Lauderdale office of Marcus & Millichap. Many of these assets were purchased at the height of buying activity a few years ago. “In most of these re-sales, properties were sold at discounts ranging from 5 percent to more than 60 percent off the original purchase price.”

For additional information on the Fort Lauderdale market, please contact Stacey Corso, Communications Department, (925) 953-1716.