2024 Real Estate Forecast

2024 REAL ESTATE FORECAST

A GREAT START TO 2024!

821 Solar Isle Drive | $14,800,000 | $75,000 per month

505 Idlewyld Drive | $13,995,000

4028 Country Lane Drive | $10,750,000

1785 SE 10th Street | $10,495,000

432 Coconut Isle Drive | $7,995,000

609 Coral Way | $4,995,000

JULIE’S EXCLUSIVE LISTINGS…

31 Pelican Drive | $11,995,000

2763 NE 17th Street | $8,250,000

4322 El Mar Drive Unit #10 | $3,675,000

2000 South Ocean Drive Unit #1208/09 | $1,369,000

3055 Harbor Drive Unit #802 | $15,000 per month

JULIE JONES VP of Ultra Luxury Sales Broker Associate (954) 328-3665 Julie.Jones@Elliman.com JulieJonesLuxury.com

2023 CLOSED SALES

501 Seven Isles Drive | $12,995,000 $1,619 per SF | Represented Seller Repeat Business | Fort Lauderdale Buyer

121 Nurmi Drive | $8,495,000 $1,475 per SF | Represented Seller Florida Buyer | Off Market

2505 Laguna Terrace | $7,695,000 $1,048 per SF | Represented Seller Buyer/Expired Listing | Foreign Investor

156 Fiesta Way | $6,999,000 $1,123 per SF | Represented Seller & Buyer-Repeat Business | Fort Lauderdale Buyer

2518 Laguna Drive | $5,950,000 $2,300 per SF | Represented Buyer Repeat Business | Virginia Buyer

119 North Gordon Road | $3,495,000 Land Sale | Represented Seller & Buyer Repeat Business | Fort Lauderdale Buyer

2508 Delmar Place | $2,575,000 Land Value | Represented Buyer Florida Repeat Business | Off Market

2628 Inlet Drive | $2,399,500 $909 per SF | Represented Seller Referral Business | Foreign Investor

1601 SE 13th Street | $2,050,000 $1,714 per SF | Represented Seller Repeat Business | Fort Lauderdale Buyer

2525 Okeechobee Lane | $1,235,000 $592 per SF | Represented Seller Referral Business | Washington State

1800 South Ocean Drive #105 | $1,199,000 $632 per SF | Represented Seller Referral Business | Local Buyer

3100 NE 47th Court #303 | $1,250,000 $450 per SF | Represented Seller Referral Business | Local Buyer

© 2024 DOUGLAS ELLIMAN REAL ESTATE. EQUAL HOUSING OPPORTUNITY. 1121 E BROWARD BOULEVARD SUITE 200, FORT LAUDERDALE, FL 33301. 954.328.3665. *PRICES DISPLAYED REPRESENT LAST LIST PRICE

Broward Expert’s Forecast REAL ESTATE FINANCING While no one can predict the future, the market is currently pricing in 6 rate cuts starting in March through the end of this year. Housing stats have been increasing month over month from 1.2 million units in August 2023 to a most recent reading of 1.6 million units in November 2023. With the combination of a decrease in rates from the Fed and more inventory we should expect to see a rise in home sales transactions over the coming months.

Rich Campanella, VP Mortgage Banker, 954-647-0106 Rich.campanella@citynational.com www.citynational.com/palm-beach-mortgage-bankers

HOMEOWNER'S INSURANCE Florida Gov. DeSantis’ proposed 2024 budget includes a bit of relief for homeowners who have experienced double-digit rate increase in the past few years. The governor has proposed a one-year exemption on property insurance taxes, fees, and assessments for homeowners with property valued up to $750,000. The savings could average about 6% for owners. There is one major caveat: this measure requires state legislative approval this spring. The good news Claims-related litigation is starting to trend downward.

Jerry Katz, CEO/Founder at Premier Protection Insurance Services, 954-868-1887 jerry@premierprotectioninsurance.com www.premierprotectioninsurance.com

RESIDENTIAL CONSTRUCTION The excitement is always building at Gulf! The company is thrilled to be included in the South Florida Top 25 General Contractor & Construction Companies. As of the start of this year we have sixteen custom residences under construction, in addition to our increase in backlog of commercial projects. These residences have an overall blend of architectural styles, with a trend towards softer modern styling and a gradual move from flat roof designs. Customers are seeking more lush landscaping packages, high-end kitchens with specific appliance packages for their needs, home theatres, studios, and sophisticated home offices. We focus heavily on longevity and sustainability with our homes, including solar and energy efficient fixtures. In terms of construction costs, some products such as concrete and steel are expected to rise in 2024, although there is uncertainty on when. We also ensure that we order long lead products such as windows, generators, appliances, air conditioners and other equipment before breaking ground to avoid the delays that were so prevalent in 2022 and 2023, this is also reducing our build time correspondingly!

John Scherer, President of Gulf Building, 954-492-9191 jscherer@gulfbuilding.com www.gulfbuilding.com

MARINE INDUSTRY Denison Yachting had a very positive and exciting opening to 2024 with the relocation to their stunning new Headquarters at 1550 SE 17th Street. The Denisons are feeling optimistic about the New Year! They contribute the lowering of interest rates, and the arrival of new technologies to make boating even more comfortable and enjoyable as positive market indicators. Plus, all different kinds of new water toys are also being launched to enjoy in the SoFlo sunshine. Bob Denison is not sure if the industry will match the peak numbers of a few years ago, but demand remains high. Sales locally in South Florida area also trending up.

Bob Denison, President and Founder of Denison Yachting, 954-763-3971 jen@denisonyachting.com www.denisonyachtsales.com

1121 E Broward Blvd, Suite 200 Fort Lauderdale, FL 33301

Ultra Luxury Is Time Well Spent Julie's 2024 Forecast Forecasting or timing the luxury real estate market with precision is inherently challenging. Nevertheless, I find great value in receiving and disseminating the Douglas Elliman market reports and data. These insights provide a solid base for constructing informed predictions about the luxury market landscape. Here is an extract from the latest forecast from Forbes rated, Miller Samuel Real Estate Appraisers and Consultants based in New York: Across most Florida markets within Douglas Elliman’s footprint, listing inventory is up modestly year over year but still down about 50% from pre-pandemic levels (4Q-2019). Lower rates will help supply trickle in, but it will not be enough. Lower rates will raise demand and sell off much of the new inventory to enter, keeping pricing fairly firm. Inventory will come in as the spread reduces from what the prevailing market rate is and what someone locked in during the pandemic (80% of US mortgage holders in the US have a 5% rate or less).

The Federal Reserve's most recent statements about future rate cuts being delayed certainly add a layer of complexity to the current market dynamics.

However, this is where strategic patience and insight come into play. We are on the cusp of a shift, with both buyers and sellers anticipating improvements in rates. Once this shift occurs, we expect a significant uptick in market activity, presenting an opportune moment for luxury real estate.

For tailored reports on specific communities or price ranges, I encourage you to reach out directly to me. Remember, luxury markets exhibit a unique level of localization and dynamism, particularly in Fort Lauderdale, renowned for its diverse and expansive real estate portfolio.

I extend my heartfelt gratitude to all my esteemed clients who offered their support in the past years. It would be a privilege to have the opportunity to work with you personally in 2024. Should you have any inquiries regarding my inventory or any facet of our marketing approach, please feel free to reach out to me.

JULIE JONES | VP of Ultra Luxury Sales | Broker Associate 954.328.3665 | Julie.Jones@Elliman.com | JulieJonesLuxury.com 1121 E. BROWARD BOULEVARD, SUITE 200, FORT LAUDERDALE, FL 33301. 954.328.3665© 2023DOUGLAS ELLIMAN REAL ESTATE. ALL MATERIAL PRESENTED HEREIN IS INTENDED FOR INFORMATION PURPOSES ONLY. WHILE, THIS INFORMATION IS BELIEVED TO BE CORRECT, IT IS REPRESENTED SUBJECT TO ERRORS, OMISSIONS, CHANGES OR WITHDRAWAL WITHOUT NOTICE. ALL PROPERTY INFORMATION, INCLUDING, BUT NOT LIMITED TO SQUARE FOOTAGE, ROOM COUNT, NUMBER OF BEDROOMS AND THE SCHOOL DISTRICT IN PROPERTY INFORMATION SHOULD BE VERIFIED BY YOUR OWN ATTORNEY, ARCHITECT OR ZONING EXPERT. EQUAL HOUSING OPPORTUNITY.