Loading Content...
Coral Ridge Country Club: Rising Home Values and Ownership in Fort Lauderdale's Prestigious Golfing Community
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Coral Ridge Country Club, a prestigious neighborhood in Fort Lauderdale, Florida, has experienced significant changes in homeownership rates and property values over the past decade. This area, known for its luxurious homes and exclusive golf course, reflects broader economic trends and local market dynamics. The neighborhood has maintained a high rate of homeownership, ranging from 65% to 74% between 2013 and 2022. This strong owner-occupancy trend aligns with the area's reputation as a desirable residential community. Average home prices in Coral Ridge Country Club have shown a remarkable upward trajectory, rising from $243,306 in 2010 to $582,498 in 2022, representing a substantial 139% increase over 12 years.
The relationship between homeownership rates and average home prices reveals interesting patterns. As average home prices increased from $283,983 in 2013 to $404,079 in 2020, homeownership rates also rose from 69% to 73%. This suggests that despite rising property values, the neighborhood remained attractive to potential homeowners, possibly due to its perceived value and desirability.
Federal interest rates have played a significant role in homeownership trends. From 2010 to 2016, historically low interest rates ranging from 0.09% to 0.40% coincided with stable homeownership rates around 69-70%. As interest rates rose from 2017 (1%) to 2019 (2.16%), homeownership increased to 71-73%, possibly indicating that local buyers were motivated to purchase homes before rates climbed further.
Renter percentages in the neighborhood have fluctuated inversely to homeownership rates, ranging from a high of 35% in 2015 to a low of 26% in 2021. Average rent prices have shown a steady increase, rising from $1,224 in 2013 to $1,381 in 2022, a 12.8% increase over nine years. The highest average rent of $1,486 was recorded in 2021 when the renter percentage was at its lowest (26%), suggesting a potential correlation between reduced rental supply and increased prices.
In 2023 and 2024, average home prices in Coral Ridge Country Club continued to rise, reaching $621,775 in 2023 and $634,210 in 2024. This represents a 6.7% increase from 2022 to 2023 and a further 2% increase from 2023 to 2024. Concurrently, federal interest rates rose significantly to 5.02% in 2023 and 5.33% in 2024, potentially impacting homebuying decisions in the neighborhood.
Predictive models suggest that average home prices in Coral Ridge Country Club may continue to appreciate at a more moderate pace. Over the next five years, average home prices could potentially reach the $700,000 to $750,000 range, assuming consistent economic conditions and sustained demand for luxury properties in Fort Lauderdale. Average rent prices are also expected to increase, potentially reaching $1,500 to $1,600 per month by 2029, driven by the area's desirability and overall cost of living increases.
In summary, Coral Ridge Country Club has demonstrated resilience in its real estate market, with consistently high homeownership rates and steadily increasing property values. The neighborhood has weathered various economic conditions, including fluctuating interest rates, while maintaining its appeal to both homeowners and renters. As we move forward, the area is poised to continue its trend of appreciation, solidifying its status as a premier residential destination in Fort Lauderdale.
