In recent years, the Fort Lauderdale condo market has faced a wave of uncertainty. Discussions of building repair projects, special assessments, and rising costs have created hesitation among buyers. But when the dust settles, a new reality will emerge. Today market is filled with incredible opportunities for those ready to invest in high-quality buildings that will come through this crisis in better shape, better financial condition standing strong in locations that have always been considered the finest of South Florida’s Real Estate market.
While some buildings face growing pains, others—like The Tides at Bridgeside Square—are standing strong as proven favorites, offering a combination of stability, luxury, and location that buyers can count on. There is a project ahead and the building estimates there will be work done over the next three years. Let’s however bring some attention to some facts that make the downturn in sale prices at the Tides at Bridgeside a buying opportunity that may soon be forgotten.
The Tides at Bridgeside Square was built in 2002 and converted to a condo is 2004. At 25 years old the building is required to have completed its engineering study. Due in 2027 the study has already been completed, and all the work is currently heading out for bidding. Not only is the building being proactive, but once the work is complete the Tides at Bridgeside will still be a newer building (by South Florida Standards) one that was built with sprinklers and stands in one of the best beach area locations in town. With the work behind it owners that purchase today can be assured that they will own in a fully renovated building. The work will be paid for via a loan, special assessments or a combination of both. With the buildings reserve currently over $3.0 million dollars it is clear that the building to date has been well managed. What has changed as of late is a reserve study and engineering reports that called for much more aggressive funding. With only guestimates available today lower prices persist helping buyers to plan of funding what is yet unknown but on the horizon.
The Tides at Bridgeside Square if not alone in facing the future with an aggressive plan that will serve it well in future. Vantage View, Berkley South and numerous other area buildings are all at different stages of satisfying the requirements of Florida New Condo Laws. If you are thinking about buying a Fort Lauderdale Condo now is a great time to do so as long as you and your realtor know the right questions to ask and how to value your purchase accordingly.
