April 13, 2024

Cost of Living in a South Florida Condo Rising Quick

Insurance Crisis in South Florida Condos

Over the last few months, we have watched as South Florida Condos received their insurance quotes for the coming year. In addition to many condos receiving massive increases, some older condos such as many Palm Aire Condo buildings were not being offered the same coverage, they had received prior. It is no secret that South Florida Single family homeowners have been seeing massive increases as homes were sold and new homeowners went to get insurance, but the numbers that faced condo buildings were just so much more alarming. Many buildings that had deferred maintenance and updates simply are now being forced to pay up.

Looking Back is Not a Strategy

The monthly cost of owning a condo is rising for three obvious reasons. The cost of insurance has gone through the roof. Inflation has hit the cost of everything that buildings need to operate. Florida has passed a law requiring condos to have their reserves in place by the end of next year. These three things explain the entire story effecting South Florida Condos today. Unfortunately, some property managers have seen as part of the explanation a need to point fingers at prior boards and management companies. Simply this is not a win under any circumstance. When given a chance to vote on funding reserves over the years, many condo owners have simply voted to kick the can down the road. The State of Florida after a horrible accident has placed stringent requirements on reserve accounts. Though not the subject of this article, giving buildings one year to make up for possibly 50 years of under funding is a bit ridiculous and may need to be addressed.

3020 NE 32nd Ave Fort Lauderdale
Tides at Bridgeside Square pool and gardens add to the ocean view view.

Not all Fort Lauderdale Condo Buildings are Being Hit the Same

Throughout South Florida there are buildings that have been beautifully maintained and though not immune to rising costs, they are not facing the same issue. Recently in Palm Aire, one of the largest condo communities in Broward County in Pompano Beach Florida many parts of the community are facing the three-prong crisis, but some parts of Palm Aire are not. Some condos have funded reserves and stayed on top of maintenance throughout the years. I currently am renovating a Palm Aire Three Bedroom King in Condo 12 – Cypress Grove of Palm Aire Country Club and am selling the Two Bedroom Palm Aire I currently live in at the same building. With a new roof on the building and funded reserves the monthly increase for 2024 was less the five dollars. In Condo 12 of Palm Aire the Board of Directors and Campbell Management certainly deserve credit for making this happen. If you are in the market for a Palm Aire Condominium or any condo in the South Florida market now is simply the time to work with a Realtor who understands the condo market. Buyers need to know exactly what questions to ask so that they are fully aware of where their condo’s budget stands, the history of assessments, the goal is to prevent their South Florida Dream Condo from turning into a nightmare.

Ft Lauderdale Waterfront for Sale

Citrus Isles – Waterfront Beauty

Discover the epitome of Fort Lauderdale Waterfront living in the coveted Citrus Isles neighborhood. This Florida Keys-style home at 1121 Avocado Drive is a seamless blend of classic elegance and design, promising an ideal residence for those in search of a move-in-ready property, that some updates will become a stellar home with ocean access and no fixed bridges. Citrus Isles is characterized by its many waterfront properties, offering residents the chance to live along the waterways that crisscross the neighborhood. The canals provide direct access to the Intracoastal Waterway and the Atlantic Ocean, making it a popular choice for boating enthusiasts. The home we are introducing you to today at 1121 Avocado Isle with over 3400 square feet is truly one of the larger homes in the area that often features smaller waterfront cottages. If you are looking for a Waterfront Home, Over 3000 Square with at least 4 Bedrooms in the City of Fort Lauderdale the list is very short and this home is one of the least expensive you will find.

1121 Avocado Isle Ft Lauderdale Waterfront

1121 Avocado Isle – Four Bedroom Home for Sale in Ft Lauderdale

With a network of canals, the Citrus Isles neighborhood is often considered a boater’s paradise. Many homes have private docks, allowing residents to easily navigate the water and enjoy the marine amenities that Fort Lauderdale has to offer. 1121 Avocado Isle features 65 feet of waterfront and a 50-foot dock. The neighborhood features a mix of architectural styles and home sizes, from cozy waterfront cottages to more expensive, modern residences. This diversity adds to the charm of the community. Finding a home with 4 Bedrooms and 5 Baths in the Citrus Isle neighborhood is unique. If you are currently looking for a waterfront property do not make a decision without having your realtor show you 1121 Avocado Isle.Citrus Isles is conveniently located near downtown Fort Lauderdale, providing residents with access to a variety of amenities, including restaurants, shops, cultural attractions, and entertainment options. The boat ride through downtown Fort Lauderdale can make for a fun evening activity and it’s a breeze from your home in Citrus Isles. If you have never been to dinner at Rendezvous at Marina Bar or Yot at the Fort Lauderdale Marine Center they are boat an easy boat ride from Citrus Isles. Citrus Isles has always been one of the areas where waterfront buyers can get more home for their money in the Fort Lauderdale Real Estate market. With that in mind 1121 Avocado is the single least expensive Ocean Access Waterfront Home over 2000 sq. feet built after 2000. It is time to explore a waterfront neighborhood you may have missed.  Residents of Citrus Isles often enjoy scenic views of the water, lush landscapes, and the city skyline. The neighborhood offers a tranquil and picturesque environment, providing a retreat from the bustling city life just seconds away.

Waterfront with a Neighborhood Feel in Ft Lauderdale

The neighborhood has a relaxed and friendly atmosphere. The waterfront setting and boating opportunities contribute to a lifestyle centered around outdoor activities and a strong sense of community. Let me explain as a Fort Lauderdale Realtor of over 20 years, with experience in every waterfront neighborhood of Fort Lauderdale what makes this property so special. Prime waterfront location nestled in Citrus Isles, providing easy access to the ocean without any fixed bridges. It’s a dream come true for those seeking the ultimate Fort Lauderdale waterfront lifestyle.  This warm and welcoming two-story home has been thoughtfully designed with meticulous attention to detail. The first floor boasts spacious and bright living spaces, featuring high ceilings, a dining area, a chef’s kitchen, a family room, two guest bathrooms, and a guest bedroom. The perfect blend of comfort and style at a realistic price.  The second floor is a retreat of luxury, housing three bedrooms all with ensuite bathrooms, a den/office, and a balcony adorned with ceiling fans. From here, enjoy breathtaking views of the Fort Lauderdale skyline and stunning sunsets, creating the perfect backdrop for relaxation. Hopefully you are ready at this point to see 1121 Avocado Isle.  There’s so much more to explore in this home, from its thoughtful layout to its prime location. Immerse yourself in the allure of Fort Lauderdale, living on the waterfront for less than $1000 a square foot. If you’re in search of an awesome Fort Lauderdale home for sale with a waterfront setting, your search ends here. Connect with our experienced Fort Lauderdale waterfront realtor to explore this incredible opportunity. Your dream home awaits in Citrus Isles – where classic charm meets contemporary luxury!

Please call Amy McGrotty – Broker Associate – Castelli Real Estate Services Listing Agent at (954) 347-1732 or Eric Miller – Broker Associate – eXp Realty Services – Buyers Agent Fort Lauderdale (954) 383-8170 for your personalized showing.

Trump Fort Lauderdale – Now Conrad !

Trump Fort Lauderdale Opens – Not Really !

The long limousine stretch came down ocean drive in Fort Lauderdale this morning to crown the jewel of Fort Lauderdale Real-estate the new Trump Fort Lauderdale as it opens with much

From the Original Sale Brochure

From the Original Sale Brochure

anticipated fanfare. Fort Lauderdale Condo Buyers eagerly lined up to buy in the Trump Fort Lauderdale and placed large deposits a long time ago as they waiting the opportunity to own part of a Trump Property facing incredible Fort Lauderdale Beach. The Trump Fort Lauderdale is complete and open, Cheers to another real estate success story. Well…not so fast… that was just the paragraph that most people expected to see in approximately 2009 on the planned opening day of the Trump Fort Lauderdale. In truth that day never came, and in 2016 with a much brighter future ahead, most of the investor lawsuits are settled, the building still sits vacant as it awaits to become the Conrad of Fort Lauderdale now named after Conrad Hilton, and now with his name no longer licensed to this property Mr. Trump has tried to move on from Fort Lauderdale Beach Condos to a run for President of the United States.

Fort Lauderdale Condominium the Trump – Now the Conrad !

The very white, 24-story tower is soon to become a mix of a luxury hotel and Fort Lauderdale Condominiums. After “the building” as we will refer to it, being his name is no longer

No longer the Trump Fort Lauderdale !

No longer the Trump Fort Lauderdale !

associated with it, sat empty for all these years, having never opened, was sold to a new group of investors, a major renovation was planned. Some estimates have placed the renovation in excess of $100 million dollars. Many residents of Fort Lauderdale Beach were happy just to see work begin on this monument to the South Florida real estate crash that sat empty, with no name, for many years. Having received few rave reviews for its architecture, which was supposed to look like a cruise ship, in a city that already had the famous Sheraton Yankee Clipper, changes to the exterior were welcome. Soon it will open as the luxury Hilton brand and be known as the Conrad.

Opening Day Approaches for A Fort Lauderdale Condominium Landmark

As the property get closer to its long awaited grand opening, it was reported that two to of the final court cases against the person whose name was licensed to help sell the project. And whose name is no longer associated with the building, were settled in an appeals court decision, that basically said Mr. Trump has no liability in this project as he was not the developer and clearly indicated this in numerous sales documents. Simply, the people who lost their deposits and attempted to get their money back from the Trump organization, were not going to be able to do so, because if they had read the sales documents clearly they would have known that he was not the developer.
With all this behind the future Conrad Hilton, many in Fort Lauderdale, look forward to the grand opening of this major property on Fort Lauderdale Beach, and hopefully someday people will simply forget and not call this well remembered eyesore of Fort Lauderdale Condos the, T….P Fort Lauderdale!

415 SW 20th Street Fort Lauderdale – Croissant Park Home For Sale

Fort Lauderdale Home For Sale Just Reduced

Sometimes the cutest cottage on the street in Fort Lauderdale’s Real Estate market can open on architectural surprises and certainly this is the case at 415 SW 20th Street. This Croissant Park home that the team at Eric Miller and Associates Keller Williams Fort Lauderdale is about to bring to market, located at 415 SW 20th Street, Fort Lauderdale, FL 33315 in the South West Section of Fort Lauderdale, will amaze you from the moment you open the front door.

A large living room open to a new kitchen with floor to ceiling cabinetry and high end appliances make you realize that you are in a special property the moment you walk in through the front door. With three fireplaces the beauty and warmth of this home continues throughout. On the main floor there are two bedrooms with plus a large den that would an excellent office or even a third bedroom. Upstairs in your own private world the space opens on a huge master suite, vaulted ceilings, large closets, a master bath, and a fireplace. To the rear of the first floor is one of the largest screened in patio spaces we have ever seen, and another fireplace. The spacious screened room is the ideal place to host family and friends. The screen room is large enough where it easily accommodates both a hot tub and pool table.  

OFFERED AT  $450,000

In addition to the beauty of this Croissant Park home, the property comes with all the bells and whistles. Hurricane glass or shutters to protect all openings, a built in home generator with a 500-gallon propane tank (in case of hurricane you will be the favorite spot in the neighborhood), and two air-conditioning systems one of which is brand new. Offered for sale at $485,000 with over 2500 square feet this home is being offered at under $200 a square foot, a great value in today’s Fort Lauderdale Real Estate market.

Sincerely don’t let the cottage entrance on the street deter you from seeing this amazing property. If you have been looking for a home that truly represents a great Fort Lauderdale lifestyle close to the airport, schools, the courts and downtown Fort Lauderdale 415 SW 20th Street is not to be missed. Call the team at Eric Miller and Associates to be notified as soon as we are able to show this incredible home.

 

3209 NE 42nd Court, Fort Lauderdale – Bermuda Riveria

Bermuda Riviera

3209 NE 42nd Ct. Front view of this remodeled Bermuda Riviera Home

3209 NE 42nd Court,  Fort Lauderdale FL in the Bermuda Rivera neighborhood of Fort Lauderdale, is a Fort Lauderdale Home for sale on a lot of almost 11,000 square feet. It is completely updated with a contemporary flare and still keeps the feel of a Florida beach residence. Siting just a short distance to beautiful Fort Lauderdale Beach.

Located east of the Intracoastal, you will enter the prestigious  community of Bermuda Riviera by the gate house located on 40th Street and A1A.  Heading north on the first street through the beautiful Bermuda Rivera community with sprawling trees, you will head west on North East 42nd Ct to the property, 3209 NE 42nd Court, on the north side of the street. The neighborhood is just across the street from the beach from condominiums of the Galt Ocean Mile.

With beautifully updated landscaping and clean pool deck the exterior of the home is ready for entertaining. The house has all new impact windows. A complete renovation will allow the new owners to fell like they are moving into a new home. Finished with a contemporary designer flare using porcelain, marble, granite, and glass tiles throughout. The selection of beautiful vessel sinks and the addition of a two sided fireplace from the kitchen to the living area truly make this a Florida home worth seeing as you explore todays Florida Real Estate market.Bermuda Riviera – Fort Lauderdale Luxury Home for Sale

 If you are interested in a Bermuda Riviera, and living east of the intercostal in be growing Fort Lauderdale now is a great time to call the listing agent, Fort Lauderdale Realtors at Eric Miller and Associates so you can be one of the first to see the great property. The property is receiving the final touches of this complete renovation and will be available for viewing shortly.

1329 Guava Isle Fort Lauderdale, FL – 243 Feet of Waterfront

Waterfront homes in Fort Lauderdale rarely get the opportunity to boast 243 feet of prime Fort Lauderdale Waterfront and with 1329 Guava Isle in the Citrus Isles neighborhood of Fort Lauderdale, this beautiful piece of Fort Lauderdale Real Estate comes with an older Florida home in immaculate condition. The property sits on both the New River, and the Blue Gill Canal and with over 16,000 square feet the lot allows fro expansive views of the active Fort Lauderdale Waterfront.1329 Guava Isle – Fort Lauderdale Waterfront for Sale – Drone Tour

There are two docks ready to go at this Fort Lauderdale Waterfront home. On the New River which winds through downtown Fort Lauderdale here is a 42 foot dock which can easily house a 60 foot yacht. On the canal side there is a 58 foot dock which currently houses a sail boat. In addition, there is a lift which was set up for a Duffy, the perfect electric boat to enjoy visiting neighbors or a quick dinner downtown.

Fort Lauderdale Waterfront

1329 Guava Isle Front of this Fort Lauderdale Classic Waterfront Home

The property features is beautiful pool and hot tub which was just redone. Because of the larger than usual lot the pool area still gets a great deal of privacy from the waterfront. There are two screened in patios one off the main living area and a second private to the master bedroom street which was added in 2006. The master bedroom has a beautiful view of the waterways and an endless boat parade.

The home itself is over 2600 square feet plus an oversized two car garage. The huge living room was built for entertaining and features expansive walls of glass that allow for water views from every vantage point. The home features three bedrooms and three full baths.

Fort Lauderdale Realtor, Eric Miller with Keller Williams Fort Lauderdale is proud to announce with Fort Lauderdale Boat Show just around the corner this property is priced to sell at $1,195,000 and will be open for tours on Sunday November 1st from 1-4, and throughout boat show November 6th, 7th, and 8th from 1-4. Do not miss the chance to call this property home !  Video Tour of 1329 Guava Isle

Fort Laudedale Condominiums for Sale – Auberge

Rendering of the future Auberge Fort Lauderdale

Rendering of the future Auberge Fort Lauderdale

Auberge Fort Lauderdale !, the long awaited announcement for the future of the most desirable buildable property  along Fort Lauderdale Beach has been made and by all accounts its has been worth waiting for.  With preconstruction prices at Auberge Fort Lauderdale from at $1.5 to over $9 million, the total of 171 Fort Lauderdale Condominiums that will rise on these four square blocks are destined to become the premiere residences of Fort Lauderdale Beach.

The north tower of this most recent addition to the market of Fort Lauderdale Condominiums just went on sale. Consisting of 17 stories and just 56 units, this tower of the building will house some of he most desirable oceanfront condominiums in Fort Lauderdale. The entire condominium will sit on 450 feet of spectacular Fort Lauderdale beach front.  Condominiums at Auberge range from 1700 sq. feet of over 5000 sq. feet and all have expansive outdoor living spaces ranging from 900 sq. feet to over 4000 sq. feet.  If you have been waiting for the real estate market to come alive in Fort Lauderdale the wait is over as numerous new Fort Lauderdale Condominiums are coming to market. Auberg, with the architecture of Nichols Brosch Wurst Wolfe and Associates is destined to be the new trophy of Fort Lauderdale beach.

The team at Eric Miller and Associates, Keller Williams Realty Professionals, are award winning independent agents and can represent you throughout the buying process at Auberge Fort Lauderdale and all your local real estate needs. Eric Miller can be reached directly at (954) 383-8170 or via email at Eric@FortLaudealeGroup.com

 

Fort Lauderdale Rental Property Owners Beware

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.

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

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.

Fort Lauderdale Real Estate Sees New Tower Proposal

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”.