In this post, we'll be exploring the recent comps for commercial and residential land for sale in Broward County. As a broker who specializes in commercial real estate in the the South Florida Metro area, I understand the value of vacant land in this county. If you're seeking commercial or residential land for sale in Broward County or the neighboring county of Miami-Dade, please read on.
Introduction to Broward County, Florida
Broward County is located within the Southeast Florida mega-region, which represents over one third of Florida’s overall population and is the third most densely populated area in the US. At 1,320 square miles, the county is considered the second largest in the state of Florida in terms of area. It is also the second most populated county in the State with 1.8 million people as of the 2010 census. With an inviting business environment and an exceptional quality of life, Greater Fort Lauderdale/Broward County is attracting small businesses, regional companies and Fortune 500 multinationals. In fact, CNN Money and Fortune Small Business (FSB) Report recently named Fort Lauderdale one of the top 100 U.S. cities in which to “Live and Launch a Business”.
Broward County is well known for its brilliant sunshine in the winter, and ocean breezes in the summer, but it is also a vibrant, diverse destination for many growing businesses, corporations and others who seek the unique South Florida lifestyle. Currently, the County consists of thirty-one (31) unique municipalities, from the bustling urban center of the City of Fort Lauderdale, to the tranquil rural lifestyle found in the Town of Southwest Ranches. The diversity of lifestyles and tremendous population growth has positioned Broward County to become the second most populated county in the State of Florida. Broward County is an urbanized county located in southeast Florida. It is bounded by Palm Beach County to the north, Miami-Dade County to the south, Hendry and Collier Counties to the west, and the Atlantic Ocean on the east. The County population has increased steadily from 5,135 in 1920 to more than 1.7 million in 2011. This dramatic increase has made Broward County the 15th largest County (in terms of population) in the United States and the second largest in the State of Florida, just behind Miami-Dade
One of the challenges residents of Broward County will be faced with is build-out. Broward County is the first County in the State to face the issue of build-out. Build-out occurs when there is no longer any available commercial or residential land for sale in Broward County. When build out happens, all available, vacant, or undeveloped land no longer exists. New development cannot occur without the demolishing, reconstructing, or subdividing of existing properties. As build-out becomes a reality, redevelopment within Broward County will be the future focus of how the County manages and directs growth, while protecting existing residential neighborhoods.
South Florida (Miami-Dade, Broward and Palm Beach Counties) is the 8th largest metropolitan statistical area (MSA) in the nation. The region, whose combined population is now nearly 6 million, has roughly one-third of Florida's total population. Approximately 60 percent of the population is in the prime working ages. The region has been designated a mega-region of the future and a driver of U.S. economic growth in Richard Florida's book Who's Your City?.
Broward County Development RegulationsSouth-Broward-Land-Development-Regulations
Comparable Sales - South Broward County Land
The following document is a comparable sales sheet for land parcels in South Broward County, Florida.
What are Comparable Sales?
The market or direct sales comparison approach is a strategy to estimate the of value of a property. In this approach we undertake a process of comparing market data - that is, prices paid for similar properties, prices asked by owners, and offers made by prospective buyers or the tenants willing to buy or lease.
Typically a comparison grid is used and adjustments are made to each comparable sale used for major differences between the comparable and the subject property. These adjustments are made for factors like location, construction quality, and significant amenities. In this approach (the market/direct sales approach), the attempts are made to both gauge and reflect the anticipated reaction by a typical purchaser to the subject property.
Why Comparable Sales?
Taking the direct sales comparison approach can sometimes have beneficial outcomes for the estimated value of your property as compared to other appraisal strategies. As a broker, it's my job to establish the best value I can in any property I bring to market. That's why I spend the time to create comparable sales sheetsContact and establish the value of my client's property.
Indeed, the selection of comparable sales is in most appraisals is the single most determining factor in establishing the value of the property. It is essential to fully research the local real estate market and determine which comparable sales represent the best value characteristics of the subject property.
If you're interested in receiving the most up-to-date comparable sales for your subject property, please contact me for a complementary Proposal to Market. My firm, Media Realty enables our clients to maximize their net returns by providing the best information. This allows our clients to make the most educated decision in a timely manner. Let us create value for you!
The information contained herein is not a substitute for a thorough due diligence investigation. Media Realty has not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCB's or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. The information has been obtained from sources we believe to be reliable; however, Media Realty has not verified, and will not verify, any of the information contained herein, nor has Media Realty conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all the information set forth herein.