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Strong Planning, Upgrades, and now Sales are protecting property Values

June 25, 2012 by

Eventhough the Fort Lauderdale Real Estate market faced tough times over the last five years many condominiums and neighborhoods throughout the South Florida area approached the challenges knowing exactly what was needed to make sure as the next cycle of real estate began with property values of their homes particpating at the start of the rebound.

Neighborhoods that aggressively went after banks that were not taking care of properties whcih were in or heading to foreclosure, were protecting the value of their entire community. Cities that placed liens and refused to back down on poorly care fored properties saw banks pay attention and neglected pools were closed down properly and lawns were mowed. Condominium and homeowners associations who budgeted for unpaid maintance, foreclosed on property (when appropriate) and refused to give in on high amounts owed at closing simply because the system was slow, today are seeing the benefits of a well run property.

As these properties do proceed through the foreclosure system many well runned communitues will see nice returns back into the funds they created for “unpaid HOA dues” often in large lump sums at closing. Sometimes other, not so well runned communites, will get lucky when a realtor gets involved after many missteps by a property and gets the community a check far larger than they legally were entitled to with a large piece of it going to their own legal fees, luckily creating a surprise win for the community.

One property where Eric Miller of Keller Williams Fort Lauderdale has been very involved, as a former board member and a current property owner is the Tides at Bridgeside Square. This condominium has stayed the course throughout the real estate downtown with a great board, management company, and building staff that has risen to occasion. The building has funded reserves in a responsible fashion, worked through the process of foreclosures and short sales consistantly and is a well funded property that is watching their efforts pay off.

In 2012 the building at 10 years old completed an exterior painting of the building, there was no accessment done to complete this project. Currently the unit owners are voting on final design presenations for the new hallways, which will be upgraded beyond the level of the original construction, inlcuding marble elevator lobbies, and a new more elegant feel throughout. This huge project is also fully funded through reserves.

Just a few weeks ago numerous sales were recorded at the Tides of Bridgeside Square. In 2011 the highest recored sale was $290,000 so far in 2012 sales have been recorded at $315,000, $359,000, and with only 8 units available for sale in a building of 246 great Fort Lauderdale Beach Area Condos 2012 is certainly going be seen as the turn around year for this and many other Fort Lauderdale Beach Properties. Eric Miller and Associates were involved in everyone of the sales mention above and are always here to help you with your needs at the Tides at Bridgeside Square and every east Fort Lauderdale Property.

If you are just starting your search for real estate in the Fort Lauderdale area, and know that you like the beach area close to Oakland Park Boulvard and the Tides Fort Lauderdale, here are some other great proeprties we will be happy to show to you. That are selling to today at prices that we thing repreent very close tothe bottom of Fort Lauderale Real Estate market.  Some featured properties worth a look are below.

L’Hemitage is concerned to be one of Fort Lauderdale’s finest residential condominums, sitting on 12 acres of beachfront property. Built in 1997 the timeless architecture of the these two white tower on Fort Lauderdale Beach make it one the most desired resort style propeties in the area.  A pool side cafe and the fact that the buildings are pet freindly add to the appeal of L’ Hermitage. Today there are L’Hermitage Condos available starting at $699,000 range to just under $4,000,000.

 

At the classic Vantage View Condominium in most cases an odd numbered unit is featuring a beautiful intracostal and downtown view and an evn number is facring the ocean. At just a block form the beach this beautful building has received a new lobby and numerous upgrades over the years. One of the properties claims to fame is a roof toop swimming pool which provides from some of the most amazing views of the entire South Florida area and the beach. There are only 5 units listed for sale and they are ranging from $199,000 to $309,000 a great place to call your first Fort Lauderale home.

Curious about Fort Lauderdale Real Estate we are here to answer all your area real estate questions and may even use your question as a feature in an upcoming article.

Filed Under: Ft Lauderdale Homes for Sale, Ft Lauderdale News and Articles Tagged With: , , ,

Short Sales in Broward County Follow the Experts

May 25, 2012 by

Thinking about doing a short sale in the South Florida area there are some important facts you need to aware of. Many Realtors in South Florida have been trained as Certified Distressed Property Experts and keep up with the changes that happen with bank processes on-going. The success rate of short sales when working with an agent who has successfully completely numerous short sales over the last few years is always going to be better. Simply, experience pays off and it is becoming more and more common to find agents unwilling to take short sales. Understanding when it is not their area of expertise they are often passing on the attempt to provide a service they are not prepared for.

Just starting out, speak to an experienced real estate agent, let them refer you to an attorney and let them explain why they may become an integral part of the process, make sure you discuss with your accountant the strategy of dealing with the tax ramifications of the short sale. Being prepared and knowing the facts will help lead to a successful conclusion.

Are offers starting to show up in your mail box promising you the a “fairy tale” out come. Its simple you cannot leave your bank out of the process, you cannot just walk away, and you should not be asked to pay for services without proven results. Fairy Tales do not exist in the Short Sale arena, but when handled correctly there can be many happy endings.

Recently we have heard the promise “we can do a short sale without any documentation…”. To date we have not been able to find a bank willing to do a short sale with “zero” documentation, some require much less and others require much more. But either way the most common documentation the  bank asks for may be considered a small consultation in exchange for the release of dept and  hopefully any future judgements.

Below we have listed the most common items a bank will ask for when considering a Fort Lauderdale Short Sale, serious about getting this done, take the first step round up the paperwork and contact a Fort Lauderdale Short Sale expert to start the process.

  • Most Recent (2) years tax returns
  • Letter of explanation and the nature of your hardship ( Simply tell what happened but discuss th real estate market)
  • Most recent (2) pay stubs – Profit and Loss Statement in Self Employed
  • Most recent (2) bank statements
  • Letter of Authorization (Permission for your professional to speak to your banks)
  • Estimated HUD-1 (Your team will provide this to show the bank what they will get when they accept the offer)
  • Copy of Listing Agreement
  • Copy of Contract

Each individual bank may has the right to ask for additional documentation, the two most important things to remember are the bank cannot approve the process with out your cooperation and you always have the right to say no to the offer to settle.

Thinking about doing a Short Sale in South Florida – the Team at Eric Miller and Associates is always ready to answer your short sale questions.

 

Filed Under: Ft Lauderdale News and Articles Tagged With: , ,

Fort Lauderdale Real Estate Sees New Tower Proposal

December 3, 2011 by

Nothing can mark the start of a new Ft Lauderdale Real Estate cycyle for a community better that an application for a great project being placed infront of the city by a great local developer. It shows confidence in Fort Lauderdale Real Estate. A well known South Florida residential developer, Jorge Perez of the Related Group, has proposed a 26-story rental tower on the south bank of the New River.

The south side of the river, which is the area between downtown and the airport has always been less developed but often appeared in a holding pattern that was about to change. La Preserve a community of Glenn Wright Homes, is a south side community that got caught in the market downtown and is now very much alive. An investor has finished the remaining luxury homes, and rented them out, showing convidence in a Fort Lauderdale Real Estate turnaround. The goal now is for a Related Group subsidiary to add a 256 luxury rental building called the New River Yacht Club to the south side of the Fort Lauderdale Real Estate market at a site just west of Andrews Avenue.

Some buyers of Fort Lauderdale Condos are surprised to hear that there is very little inventory available in the Ft Lauderdale Market. Lack of new construction and high demand for rental units have kept the beach and downtown areas of Ft Lauderdale Condo market a prime target for investors. Low inventory and stablizing prices in Ft Lauderdale Real Estate often appear to be the story that the media forgot to report. Recently we spoke to a buyer who told us that “the Fountains and Sapphire on the beach had both closed their sales offices because nobody was buying”. She was right, both sales offices are now closed, but she was wrong about why, the last two buildings in the Fort Lauderdale Central Beach area are sold out.

It is great to see projects in the planning stage again, it is great to see some in fill projects that have been stalled starting to be worked on again, and it is very clear that lower inventory, stabilized prices and strong demand will allow the Fort Lauderdale Real Estate market to work through any inventory that the banks continue to work through their “system”.

Filed Under: Ft Lauderdale News and Articles Tagged With: , ,

FEMA’s NEW FLOOD MAP EXCLUDES PARTS OF BROWARD COUNTY

November 14, 2011 by

It was announced recently that a new FEMA map has indicated that more than half of Broward County properties including parts of the Fort Lauderdale Real Estate market will no longer be required to carry flood insurance. We sincerely suggest that Fort Lauderdale and Broward County Homeowners do not run out to cancel their flood insurance policy, based on FEMA’s new guidelines.

Property owners in the Ft Lauderdale Real Estate market currently carry three insurance polices, windstorm, flood, and homeowners or liability. The flood policy has always been the least expensive. Should we ever have another weather related disaster it is not hard to visualize insurance companies as they have done in the past arguing if the water in your home came from wind related issues, or rising water? By maintaining both policies you are covered and can allow the insurance companies to argue the issue.

Prior to this change there have already been parts of east Fort Lauderdale that were in what is referred to as X zones, areas that did not require flood insurance. There are areas of Victoria Park, and even areas east of the intracoastal near the beach that were not included as flood zones. Prudent property owners in these areas have always carried flood insurance, and some condos in these areas have been forced to purchase insurance by prudent lenders.

If you are in one of the areas where flood insurance is no longer required we would suggest you think twice and keep the policy and hopefully by calling your insurance agent the policy can be rerated to even a lower cost. Any questions, give your insurance company a few weeks to receive the new guidelines and give them a call.

Filed Under: Archived Ft Lauderdale News and Articles Tagged With: , ,

Fort Lauderdale Real Estate – 3 Quarter Numbers Point to a Market Shift

November 11, 2011 by

 

Fort Laudedale Real Estate prices and trends for the third quarter of 2011 showed an expected shift  for the Ft Lauderdale Real Estate market. We all know that one quarter does not mark the end of our real estate crisis but it is certainly better to witness the strong positive trend than daily dire predictions of  real estate economists that discuss real estate in term of national and international markets.

During the 3rd quarter of 2011 every single catagory we analize showed a strong increase in closed sales, lower inventory and increased average  prices. It may appear to some that that the median price of a home in Broward County is still declining but this is simply because the strongest piece of the market is still below the $200,000 price point. The lower the price point, the shorter the days on market, the higher the price sold compared to asking price, and the faster the shrinking inventory. This clearly means that these lower price points are disappearing quickly and once their gone this will lead to further price recovery.

The 3rd quarter of 2011 compared to 2010 saw a decrease of homes for sale in the Broward County area of over 30%, at the same time  sold units rose approximately 4%, and pending sale rose over 8%. If you look at the Fort Lauderdale condominium market the numbers were even stronger where year over year pending sales are up over 60%.

We are not out of the woods as of yet, with many Broward County property owners upside down.  However, continued reports of an upward trend, banks that are embracing the short sale process when needed, and clear investor confidence in the Fort Lauderdale area real estate market will all result in mounting momentum to a more balanced real estate market.

Filed Under: Archived Ft Lauderdale News and Articles

Lauderdale Harbors – Ft Lauderdale Featured Neighborhood

August 27, 2011 by

Lauderdale Harbors is one of Fort Lauderdale’s unique waterfront neighborhoods. When it come to Fort Lauderdale Real Estate living in a Fort Lauderdale Waterfront area where you can walk to many local activities is a rarity. Lauderdale Harbors is just that type of neighborhood where to can find locals dining at such places as South Port Raw Bar, and Kelley Landing.  This Ft Lauderdale Neighborhood consist of Ft Lauderdale Waterfront Homes nestled between the intracoastal waterway to the east, Cordova Road to the West and just beyond Cordova Road is the secluded Cliff Lake. Fort Lauderdale Real Estate Locals are often surprise if the wander just west of Cordova Road and find Cliff Lake, the Fort Lauderdale Real Estate looking over the small lake are truly gems as is the entire Lauderdale Harbors area.

Lauderdale Harbors Main Canal

Lauderdale Harbors consists of mainly older range style homes with an occasional two story, or a newer luxury home. While neighboring areas were being filled with brand Mediterranean Mansions, many residents simply stayed in the older Lauderdale Harbors Homes and enjoyed their modest waterfront homes of the Lauderdale Harbors neighborhood.  With Fort Lauderdale Real Estate land values, of the prime waterfront lots of Lauderdale Harbor approaching a million dollars for a 100 foot lot at the peak of the market, many of the newer homes in this area were built when this Fort Lauderdale Neighborhood could easily support values over $2,000,000. Times have settled down in the Fort Lauderdale Real Estate market, even for the most desirable of waterfront areas such as Lauderdale Harbors.

Lauderdale Harbors Real Estate today’s consists of only 6 homes for sale and one is really part of an opportunity for a buyer to purchase two lots next door to each to create 140 feet of prime estate property. The homes in on the Fort Lauderdale MLS, listed in Lauderdale Harbors today range from a two bedroom, 2 bath house listed for $595,000 on 70 feet of waterfront, built in 1954, to a brand new 4800 square foot spec home which is currently under construction in the area and is priced $2,325,000,  also on 70 feet of waterfront.
For someone looking for a large renovation project or more likely a unique opportunity to build their dream estate, 1515 SE 14th Street is currently on the market and being marketed by Eric Miller and Associates of Keller Williams Fort Lauderdale, the home or lot is priced at $750,000. It can be purchase with the lot next door 1507 NE 14th Street, market by The Fitzgerald Group which is on the market for $739,000. Each lot contains 70 feet of waterfront property, and with a current asking price of $1,489,000 for the entire 140 feet, this property represents one of the least expensive opportunities to buy over 100 feet of prime waterfront in the Fort Lauderdale Real Estate market. The two listing agents are in touch and prepared to work together to make this transaction happen. [Read more…]

Filed Under: Ft Lauderdale Waterfront Homes

Buying Ft Lauderdale Real Estate Is Cheaper Than Renting

August 20, 2011 by

According to a report by Trulia,  buying South Florida Real Estate is cheaper than renting a home in South Florida. The report was based on a study of median home list prices and median rental prices in Miami.  While home prices are expected to continue decline into 2012, finding the perfect home while inventory is still available, and rates are low appears to be the priority of many buyers of Fort Lauderdale Real Estate.  Buying South Florida Real Estate vs. Renting, simply makes sense with todays discounted prices and interest rates.  For those home buyers who have been on the side lines, there are many good good reasons to buy. For those who insist on waiting for the bottom we can only ask, “can you identify the day that represented the top”. In Fort Lauderdale Real Estate most people think the top was some tiem between 2004 and 2006, the bottom will be as clear someday.

Whether you’re a first time home buyer or experienced investor this is a great opportunity to purchase at some of the lowest prices we have ever seen.  Prices throughout the Fort Lauderdale Real Estate market and throughout the South Florida area have reached levels not seen since 2004, and with todays interest rates this makes a great time to start hunting. Interested in starting a Fort Lauderdale Real Estate search we have provided you with a link to the entire Fort Lauderdale MLS.

There are many factors that will effect what appears as median or average pricing over the next year in Fort Lauderdale Real Estate. Shorts sales, and Foreclosure’s will remain a large piece of the inventory, and a large part of the sold inventory. With this happening it will make the average and median price of a home in the Fort Lauderdale real estate market appear lower than it really is.  Foreign investment in the US Real Estate market will continue especially with Canadian buyers in the South Florida market and once the distressed properties are absorbed we will see average prices start to drift higher.

Buying Fort Lauderdale homes and condos, at a time when the rental market is gaining strength due to lack of new inventory, can be a great way to build a real estate portfolio over time.   Buying real estate close to the lows of the market is the way to build for a  long term profit.  You may get a check when you sell but in actuality the money is made the day you purchase. The investment advantages of owning real estate include the possiblity of  tax writes off when it comes to mortgage interest, real estate taxes and the cost of cost of operation. As always we suggest you discuss rental property with your accountant and real estate attorney so you know the most advantageous method of holding and purchasing your Ft Lauderale Real Estate.

Eric Miller and Associates are here to help you make the most of this unique time in the Fort Lauderdale Real Estate market.  While buying the American dream can be a great experience, working with a team of professionals can certainly increase the odds of a successful transaction.  When looking at Fort Lauderdale Homes for sale, or starting your search for  Fort Lauderdale Condominiums for sale, or when its time to find that perfect dream Ft Lauderdale Waterfront  Home remember to contact the team at Eric Miller and Associates, Keller Williams Realty Fort Lauderdale, for all your needs in Fort Lauderdale Real Estate.

Filed Under: Fort Lauderdale Condos, Uncategorized

Fort Lauderdale Real Estate Prices

August 20, 2011 by

Looking for a headline on Fort Lauderdale Real Estate prices these days and you will most likely be able to find one that still talks about the “declining median price”, or the “falling average price of home in the Fort Lauderdale Real Estate market”.  In reality the story is totally true, howvever, a little digging through the facts will expose a differant market that many Ft Lauderdale Real Estate buyers are finding totally surprising.

Ask a local realtor today about the biggest propbelm in the Fort Lauderdale Real Estate market and often you will hear that there are “no quality properties to sell”. This is the fact that leads to the misleading headline above.  With few quality properties coming on the market the larger portion of sales for sale are distressed properties in need of repair. When discussing median price of an areas housing market wouldn’t an approach calling for adjustments for condition be a more accurate picture of the market ?  An adjustment based on the proportion of sales which are distressed properties would give a clearer picture to an “average price point”, in a market.

When appraisers do an appraisel of a home they need to take into account things like a “visible leaks, roof past its life expectancy”, or a “kitchen in poor kitchen, no appliances “, once these items are addressed this house will become an “average” home in any real estate market. But as they stand today, they are below average homes, they sell for below avergae prices and these type of properties give an appearance of declining property values. In realty, what is being said is that home of below average condition sell for lower prices.

[Read more…]

Filed Under: Archived Ft Lauderdale News and Articles

Fort Lauderdale Real Estate and Power Lines

July 21, 2011 by

Ft Lauderdale Real Estate and the look of area of  South Florida Neighborhoods will benefit from cities burying distribution power lines.  Currently only one third of FPL’s distribution lines are buried. However FPL is offering to pay up to 25% of the cost to bury lines for qualified neighborhoods.  Buried power lines can be attractive to buyers looking to purchase Ft Lauderdale Real Estate.

Ft Lauderdale Homes and Ft Lauderdale Condos in four neighborhoods may soon have buried power lines.  Idlewyld, Riviera, Seven Isles and Las Olas Isles, have applied to buyer power lines.  Seventy percent of the property owners must agree to pay the costs.

Nine cities near Ft Lauderdale have agreements with FPL to pursue burying power lines, including Coconut Creek, Hollywood and Plantation.  Contact Eric Miller and Associates for more news effecting Fort Lauderdale Real Estate and discuss why  it is a great time to purchase a Fort Lauderdale Home or Condo.

Filed Under: Ft Lauderdale News and Articles Tagged With: , , ,

Oakland Park Community Redevelopment Area

July 13, 2011 by

The Oakland Park Community Redevelopment Area (CRA) has recently completed many infrastructures and landscaping projects near N.E. 12 Av and N. Dixie Hwy! These improvements affect the surrounding Oakland Park Real Estate market and adjacent Ft Lauderdale Real Estate market.
For those of us who live here in South East Florida, this CRA is good news as Oakland Park’s “Main Street” turns into “Wilton Drive” and continues south via 4th Ave into downtown Ft Lauderdale. By improving the infrastructures on this route and accomplishing visual improvements along this heavily traveled South East Corridor, the Oakland Park Real Estate market, the Wilton Manors Real Estate market, and Ft Lauderdale Real Estate can only benefit.
The progress of this CRA is a welcome sight and yet just another example of exciting things happening in both Oakland Park and Wiltons. For all your local realstate needs contact Eric Miller and Associates, ask us  “Why it’s a great time to buy Ft Lauderdale Real Estate?”

Filed Under: Ft Lauderdale News and Articles Tagged With: , , ,
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