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September 24, 2020

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.

Fort Lauderdale Market Change

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.

Short Sales in Broward County Follow the Experts

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.

 

FEMA’s NEW FLOOD MAP EXCLUDES PARTS OF BROWARD COUNTY

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.