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New Construction Townhomes Downtown Fort Lauderdale

September 7, 2014 by

Fort Lauderdale New ConstructionFort Lauderdale New Construction Update

South of Downtown Fort Lauderdale there is great deal going on with the latest Fort Lauderdale Real Estate boom. From the beautiful renovations and additions to Broward Health at what is known as Broward General Hospital, to the hot new dinning spots such at Tap 42, Hardy Park, Chimmney House and Keg on 7th. An addition to the Broward Center of the Perfroming Arts is nearing completetion and coming soon numerous highrise rental properties will add population to the South side of the river. Just further South in Fort Laudedale on State Road 84, Blu on Marina Boulevard  is adding to the population of the south side of town with a brand new rental community where construction is in full gear. All of this is making the once quiet south side of Fort Lauderdale a new hot spot.

Brand New Contemporary

Just south of downtown many people have watched and asked questions about a beautiful new contemporary home that has been built on the corner of SW 4th Ave and 10th Street. The home which is one of the tallest single family homes in Fort Lauderdale boosts a beautiful view of downtown, and a glass elevator rising four stories. Built on an extremely small lot, the home is truly an attention drawing masterpiece.

Fort Lauderdale Townhomes 

Coming soon right next door from the same architect are two spectacular townhome style villas. These two story plus roof deck courtyard homes will feature three bedroom, three and half baths and a huge roof deck ready for outdoor entertaining. At approxiamtely 2400 square feet the homes will feature a two car garage off a paved alley access plus a beautfiul front courtyard swimming pool. One of the homes is already spoken for and these homes are being represnted for sale by Eric Miller of Keller Williams Realty Professional Fort Lauderdale and floorplans and addtional information are available,  you can e-mail these Fort Laudedale Realtors through their website at www.FortLauderdaleGroup.com

Filed Under: Archived Ft Lauderdale News and Articles, Uncategorized

Fort Lauderdale Rental Property Owners Beware

December 1, 2013 by

Fort Lauderdale Real Estate is a market that has seen the worst over the last five years since its peak in approximately 2006. Notice I say “approximately 2006” as even this, the time frame at which the Fort Lauderdale Real Estate market peaked, remains not a fact and often a subject of debate. Everyone appears to claim to have a crystal ball about the Fort Lauderdale Real Estate market and as far as this Fort Lauderdale Realtor sees it, every one of the crystal ball owners would have sold their property sometime years back, been living in a rental, and purchased a home sometime about a year ago. The reality is that anyone who did was much luckier than they were skillful at timing the real estate market.

The best methods of timing the real estate market is what I refer to as, momentum plays. Simply, this means you have waited for the bottom, missed it, and are investing in the market as it goes up. Likewise, if you see a peak coming you are prepared to react and sell accordingly even though you know as we discussed prior your crystal ball will never select the absolute peak of any market. As with any market the best thing to react to is information. For the owners of Fort   Lauderdale rental properties the information is out that could be generating concern about valuations.

Concern about the value of Fort Lauderdale rental properties comes from a simple fact the true value of an investment is a product of the cash flow it generates. Once we accept this fact it is easy to see that the massive numbers of people who lost homes to foreclosures or short sale over the last few years generated a massive amount of renters, and therefore rents increased throughout Fort Lauderdale and BrowardCounty. This was good news for owners such as myself who held on to a severely upside down property.

Extremely low interest rates called for investors to seek higher returns anywhere they could. The quantity of investors clamoring for the returns that they could get on rental properties drove up the price of these properties. The higher the price, the lower percentage returns. Today rental property prices are very high and unless your rental property is totally unique for some reason, many owners may start thinking of heading for the door, as the supply equation is about to shift.

Armed with facts it is easy to see why rental prices could start falling especially for smaller individually owned properties. First, the cranes are everywhere from State Road 84 to Sunrise Blvd, there are thousands of rentals being built and more to come. Supply and demand is a long proven science. As the supply increases rentals prices will falter. Large rental owners are being very aggressive about ease of entry. No longer asking for first, last and security, tenants with responsible credit can often move in for less than $500. All these events plus the addition of the return of mortgage credit for the people who became renters just two years ago does not bode well for  Fort Lauderdale rental property owners.

If you have a great tenant today, treat them well.  Keep them happy and in place, and this may be the time to not consider rent increases on new leases.

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

Second mortgage vs. Line of credit

July 15, 2013 by

Second mortgage vs. Line of credit: Options to make homes affordable
The housing market has been recovering at a steady rate. This has thrown open a wide variety of lucrative options for the homeowners. This is why many of them are planning to take advantage of the conducive market trend to improve their home affordability.
One of the best ways to do so is to take out a second mortgage or a home equity line of credit. Though both of them can provide a homeowner some very good amount of instant liquid money, yet one has to weigh his/her options well before jumping onto any conclusion.
Mortgage market trend as of July 2013
Steadily increasing home prices along with increased household incomes have provided consumers with an added dose of wealth and equity to their assets. In short, growing number of homeowners has been able come out of being underwater on their loans and are well above the surface comfortably.
According to an estimate from Zillow, around 2 million homeowners have been able to successfully rise above water. Alternatively, CoreLogic’s estimates show that during the first three quarters of 2012, almost 1.4 million mortgage borrowers emerged out of water.
Apart from that, a report on the number of underwater homeowners prepared by J.P Morgan Securities show that it fell from 11 million to about 7 million through the year 2012.
The purpose of using fresh mortgage loans
Lenders had already predicted such a kind of turnaround and so, they are once again providing affordable home equity loans to homeowners. There are some homeowners who had to postpone their requirements and wants just because of the dismal performance of the U.S. economy.
For that reason, those of who had plans to remodel their homes or were planning to defend their savings from the adverse effects of tuition bill that may usurp their nest egg, then they may use a home equity loan to achieve this objective. However, prior to doing that it is important that they are aware of the outcome of their choice.
Second mortgage vs. line of credit – Which one is better?
A home equity line of credit or HELOC provides a lot more flexibility than second mortgage. Through a line of credit, you can tap into the ready pool of cash – your home, whenever you feel like. In order to meet financial obligations like tuition fees, medical debt, home improvement project or any other type of recurring debt, a HELOC is comparatively a better alternative.
On the other hand, second mortgage is more of a conservative as well as predictable type of credit. In case you prefer to stay conservative and support the concept of borrowing a fixed amount of money, then a second mortgage is just right for you. This type of loan will have you to make fixed monthly debt payments within a definite term.
A second mortgage will always have a fixed rate of interest, whereas that of the HELOC will be an adjustable or variable one. Comparing the two, one of the biggest drawbacks of second mortgage is its high rate of interest than HELOC.
The reason for this is that second mortgage loans carry fixed interest rates on them but this is not the case with HELOC. In a line of credit, you’ll be offered lower rate of interest on the loan initially in anticipation of a changing mortgage market trend.
Therefore, if the market rate increases, so will the rate on your HELOC and vice-versa. The interest rate on your HELOC will be adjusted on a monthly or quarterly basis.
Still, prior to choosing a particular type of mortgage, you should consider asking yourself some of these questions to arrive at a judicious conclusion:
• How long will be my loan’s maturity period?
• How much monthly loan repayment amount can I afford?
• What will be the most opportune time to use my home’s equity?
• Will HELOC make me careless with my spending behavior since it functions like a checking account or charge card?
• What is the purpose of such a loan?
So, before you choose any one out of the two – HELOC or second mortgage, just make sure to weigh your options well before that, keeping your retirement goals in mind.

Filed Under: Guest Posts from Real Estate Experts

Fort Lauderale Real Estate Recovery is in High Gear

May 5, 2013 by

If you were a believer that a quick swing in Fort Lauderdale Real Estate prices, driving them up by over 25% in recent months, IMG_0572was a return to the “bad old days” than you would sincerely be losing sleep after reviewing the most recent market statistics often being discussed by Fort Lauderdale Realtors. However this swing has been long predicted and is simply the result of a Fort Laudedale Real Estate market that had over corrected, bottomed out, and is now heading towards a more balanced market. Gloom and doom has been the medias story for the last 6 years, words like “shadow inventory” and reports of how many people had no equity in their homes. Rarely was it ever discussed that you could not build your “negative equity home” today for what you paid for it. So simply sooner or later the swing was going to happen as inventory was absorbed and prices stabilized. We are not speaking of prices reversing, we are speaking about a new normal and all the talk ismaking it look like a recovery is in high gear. Now the question where is the new normal ? What will be that leveling off point that the Fort Lauderdale real estate market will begin to settle down as a more balanced market ? A market where mutiple offers are not the norm !

The standard definition of a “balanced real estate market” has only to do with inventory. In describes a market where inventory is such neither a buyer or seller has an advantage with which to create an unfair negotiating situation. After watching real estate markets for decades I do think we can add to the definition of a balanced market, a market where homes can be built, and sold at a level that builders can make a return on their investment that keeps them building”. By adding this definition and looking at Fort Lauderdale real estate today it is still a buyers market, construction is still sluggish and prices have a way to go before we see new home construction start adding to inventory.

Jed Koljo of Trulia says the Recovery is Real and points to an over-correction and a lack of inventory. It is always nice to see one of the most visited real estate websites in the world, Trulia, come to a conclusion that you can see is alive and holding true in the market you write about.

There are still great deals out there but to obtain one your going to have to be a great buyer. Buyers can no longer spend days thinking about a property and expect to drop that notorious “low ball” of an offer, and be greeted with open arms.  Today as the market begins to shift packaging yourself as a great buyer in important. Just as important as working with a great realtor, and if needed a great mortgage broker. A team that can reach out to years of contacts to hopefully find a perfect  property before it even comes on the market.

Welcome to the new Fort Lauderdale Real Estate market where it is not uncommon to see multiple offers on a hot property in a matter of days. I am not suggested that a bidding war is the way to buy a home, and sincerely I feel nobody wins a bidding war. However, you will not win in today’s market if you expect to steal a great property. I good course of action is to think what the true market value is of a property, if the market is appreciating in the area, be prepared to offer a small premium. Basically you are trading the next few months of appreciation for the sellers interest in working with you today to buy the home you have chosen. In Fort Lauderdale Real Estate today where supply is short and buyers plentiful it is not a bad strategy to keep in mind.

Ready to find you perfect Fort Lauderdale Home for Sale the team at Eric Miller and Associates is here to help you navigate this Fort Lauderdale Real Estate market.

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

Fort Lauderdale Beach Real Estate Recent Purchase

March 23, 2013 by

Ft Lauderdale Real Estate has caught the eye of a European investment group.   Several Ft Lauderdale Beach Area smaller resorts have been purchased, including the Dunes, the Blue Dolphin, the Royal Palms and the Flamingo.   A spokesman for the company did not confirma reports they have also purchased the Schubert Resort and Orton Terrace, which are also well know properties in the Fort Lauderdale area.

All these properties are located  North of Las Olas Blvd and South of Sunrise Blvd indicating this is an area where investment money is heading along the beach.  This area is the heart of Ft Lauderdale beach, and for years as be ready for some redevelopement with the confines of some tough area density restrictions. With the worst of the real estate crisis behind us in the area these investments are sure to pay off well as we enter out next real estate cycle.  There are several Ft Lauderdale Beach Condo buildings within this area including the Americas on the Park, the Portofino, the Four Seasons and the Jackson Tower, that we feel represent great value for the area, and if you are starting to look for a condo in Fort Lauderdale these properties may be ones you wish to include on your list.

If you are looking to purchase Ft Lauderdale Real Estate you need an agent who knows waht is going on in the loacl market. Long considered to be an area expert the Fort Lauderdale Team at Eric Miller and Associates is always reaady to help. We are the specialists in Fort Lauderdale Beach Area Homes and Fort Lauderdale Beach Condos and provide complete access to the area Multiple Listing Service via our website.

Filed Under: Archived Ft Lauderdale News and Articles

FHA Loans Become Less of a Bargain

February 18, 2013 by

Being out blog is about Fort Lauderdale Real Estate any announcement about FHA mortgages must included the fact that as an overall percentage of mortgages in with Fort Lauderdale Real Estate home sales, FHA loans are a small percentage of all loan origination’s. Jumbo loans are available, but on these loans over $625,000 the fees are larger than the ones discussed here, The reasons are simply that most condominiums are not FHA approved and often Fort Lauderdale single family home market values exceed the limits of FHA lending without increased fees. That all being said the Federal Housing Administration most commonly known as FHA,announced it will raise premiums by 0.1%, on most of the new mortgages it insures.

Their loan are predominately low down payment loans, so the impact maybe more dramatic than it sounds in certain real estate markets. Borrowers who take a 30-year mortgage and put less than 20% down often are FHA borrowers. These buyers who put down more than 5% will pay an annual insurance premium of 1.3%, buyers who put down less than 5% down will pay a premium of 1.35%. In the past these premiums disappeared as a homeowner gained equity in the property but were always difficult to have removed. It now appears that most buyers can expect to pay these premiums for the entire time they have the loan. We have always felt when ever possible avoid loans that charge these premiums as it will add to the overall cost of home ownership and rob of you equity that you will accumulate faster with a conventional loan.

FHA historically has been the source for first time home buyers, and it is therefore sad that their fees and qualifications continue to rise as this will effect the number of first time home buyers able to enter any real estate market. In Fort Lauderdale Real Estate, FHA buyers face another obstacle and that is that it often hard to find a seller willing to accept an offer with smaller down payments, and the additional inspections qualifications required by FHA.  FHA loans face a reputation problem when it come to getting to the closing table and in a market where multiple offers are lately the norm, FHA buyers are having a harder time finding property in todays Fort Lauderdale real estate market.

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

Fort Lauderdale Market Change

February 2, 2013 by

A few backs facts of real estate, supply and demand control the market, location is an important issue and the uniqueness of the property will all effect price.
Today we opened a home for the first time for sale at $359,000. We knew we would attract a great deal of attention. After back to back showings we are expecting numerous offers before the end of the day today. Welcome to the new Fort Lauuderdale real estate market where homes are really selling for their value. If numerous buyers are ready to committ to purchase the home we know we have found the correct value. If you have been thinking about buying in Fort Lauderdale now is a great time to reach out to your local Fortt Lauderdale Real Estate expert.

Filed Under: Uncategorized Tagged With: , ,

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: , ,
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