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.

Tides at Bridgeside Square – Ft Lauderdale Condo for Sale

3020 NE 32nd Ave #1014 – Fort Lauderdale Intracoastal View Condo

The incredible Tides at Bridgeside Square is located just across the street from Fort Lauderdale Famous Waterfront dining. Rarely do these condos come to market. The reason is simply that the owners of condos at the Tides at Bridgeside Square love calling the Tides at Bridgeside Square home. After a long wait land is being cleared for a new Publixs supermarket. Located just across the street behind the building this will truly be one of the most convenient spots for both full-time and part-time residents close to Fort Lauderdale Beach.

Renovated Condo at the Tides at Bridgeside Square

Tides at Bridgeside Square Amenities

Fort Lauderdale New Condominiums – 33 Intracoastal – 2895 NE 33rd Court – Coral Ridge Fort Lauderdale

33 Intracoastal – New Fort Lauderdale Boutique Condominium

Artist Rendering of 33 Intracoastal

Artist Rendering of 33 Intracoastal

Thinking about a purchase in the booming Fort Lauderdale Real Estate market ? Purchasing new, pre-construction in a market where land is the non-existent commodity makes for a great choice in Fort Lauderdale Real Estate, and 33 Intracoastal needs to added to your list to visit.  The advantages of buying early include owing a Fort Lauderdale Condominium where everything is under warranty, obtaining the design features you want from day one and of course being part of a community where like minded buyers all purchased their Fort Lauderdale homes at the same time, all ready to enjoy the Fort Lauderdale lifestyle!

Coral Ridge Country Club Fort Lauderdale – New Condominium

Intracoastal 33 is currently under construction at the corner of 33rd Court and the beautiful Fort Lauderdale Intracoastal Waterway. Intracoastal 33 features just 11 luxury Fort Lauderdale Condominium from just over 1800 square feet to 2100 square feet of air-conditioned living space. In addition each of these Fort Lauderdale Condos have a large wrap around balcony with views of the intracoastal. The property sits on 250 of prime Fort Lauderdale Waterfront with direct frontage on the intracostal waterway and a side canal. This Fort Lauderdale Waterfront Condominium  will have boat slips available which will be under control of the association. The property will be per friendly, and each unit owner will have tow garage parking spots. At five stories tall and just 11 untis 33 Intracoastal is truly a boutique Condominium by Fort Lauderdale Condo standards and yet will contain all the Florida lifestyle amenities.

Fort Lauderdale New Construction On the Intracoastal

The Property will have spectacular heated infinity pool, plus a zen garden and lush landscaping. Private elevator access and entry foyer are standard for each unit. Extra storage is included, as is an electric charging station, plus a community golf cart.  Each Fort Lauderdale Condominium at 33 Intracostal will have 10 foot ceilings, and be delivered designer ready. Your team at Eric Miller and Associates, Keller Williams Fort Lauderdale is always ready to help with recommendations to some of the finest interior designers in town to complete your condominium once it is delivered. Ready to start exploring new construction opportunities in Fort Lauderdale, please remember having a local Fort Lauderdale Condo expert represent you in the transaction will cost you nothing, but will serve you will prior to and after closing day. Prior to booking any appointments to view Fort Lauderdale New Construction projects an appointment with Eric Miller and Associates to discuss the Fort Lauderdale Real Estate market and every new construction available will be time well spent. Reach out to the team today at (954) 383-8170 today. or email us at Eric@FortLauderdaleGroup.com

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

 

Ft Lauderdale Insurance Rates

State Farm Homeowners Policies rates about to rise.

The Office of Insurance Regulation approved a 19 percent average statewide rate increase for State Farm home insurance policies.  The changes are to take effect beginning in July as policies are renewed.

From this State Farm 19 percent statewide average home owners increase here are some average rate increase breakdowns for our area. Investor owned homes that are leased out will see an average state wide increase of 62%.  Homeowners in Western Broward will see an average increase of 64%.  Homeowners East of the Intracoastal in Broward will see an average increase of 50%.  Homeowners in the “middle of Broward”  will see an average increase of 10%.

There is some good news for renters who will see their statewide average drop 15% and Florida Condominium Owners who will see an average statewide rate decrease of 3%. Again this is for State Farm Home Insurance Policy holders, only.

Home owners insurance is only one issue to be aware of when buying Ft Lauderdale Real Estate,   another is, Ft Lauderdale Condominium association dues, and Broward County Real Estate Taxes are other costs which can be specific to an area. When buying Ft Lauderdale Real Estate these are discussions to have with your  Ft Lauderdale Real Estate Agent.

Shifting Markets in Fort Lauderdale Real Estate

When the real estate market shifts to a more balanced market, a market where neither buyers nor sellers have a huge advantage in a real estate transaction does anyone truly expect it to happen to the “national real estate market”? Does anyone truly expect to able to mark their calendars on the exact day the real estate crisis ended and the market stabilized?

The answer is simply, the real estate conversation is going to shift from one of the “national real estate market to those words much more associated with real estate, location, location, location? The shift to a more balance market is going to happen neighborhood by neighborhood, city by city, with the areas with a better economic foundation moving forward first.

Recently we have seen a shift in certain neighborhoods within the Fort Lauderdale Real Estate market that indicates the shift is coming. One such area is the City of Wilton Manors, where Wilton Manors Real Estate saw the supply of homes for sale drop to less than 5 months supply based on current sales trends. Many condominium buildings are seeing Fort Lauderdale Condos for Sale at their properties drop below 10% of the number of units at the property. We once saw this 10% number as a balanced market.

There will be bumps in the road. No recovery is ever a straight line out of the woods, and we don’t expect prices to be immune to the things that place pressure on our economy as a whole. However we do see inventory shrinking, multiple offers on well prices properties, and there is major activity in the Fort Lauderdale Real Estate market, check out our market statistics tab regularly for markets.

Ft Lauderdale Real Estate Auction Proves Demand for Ft Lauderdale Real Estate

Fort Lauderdale Real Estate demand proved to be the exact opposite of what national reports keep saying about the real estate market in general. A few weeks back as we discussed in an earlier blog post the Fountains on Ocean Blvd. conducted a real estate auction for the remaining unsold inventory. The auction drew a huge crowd of buyers to the Fort Lauderdale Hilton on a beautiful sunny day in Ft. Lauderdale, to buy their own piece of Fort Lauderdale Real Estate.

Fort Lauderdale Condominiums were sold in an orderly fashion of aggressive bidding, and in just over an hour the last remaining Ft Lauderdale Condominium units at the Fountains on Ocean Boulevard were under contract and called for by lucky buyers who will get to close on one the last remaining unsold developer Fort Lauderdale Condominiums.

Ft Lauderdale Condos were sold at about 40% off of the original asking prices, with unit selling from just under $300,000 into the mid $500,000 range. The demand was strong and the prices are a true indication of market value of Ft Lauderdale Condos.

Fort Lauderdale Condominiums near the beach are part of a Ft Lauderdale Real Estate market where location is everything and has not been plagued with an endless supply of foreclosures and short sales. The bargains are out there, but if you have been waiting to purchase a Fort Lauderdale Condo near Ft. Lauderdale Beach, now is the time to plan your shopping trip, as the good inventory is clearly being sold to the highest bidder, as inventory continues to shrink when it comes to Fort Lauderdale Condominiums.

Ft Lauderdale Condos – A Change for Fort Lauderdale Real Estate

Fort Lauderdale Real Estate News reports seem to ignore a simple fact about the Fort Lauderdale Condo market today. Construction plans have stopped and sales are growing. As Fort Lauderdale Realtors, we know that 2011 will be the last year to purchase a brand new condominium in the Ft Lauderdale Condo market for at least 4 to 5 years.
If you have been thinking for years about purchasing a New Condominium in the Ft. Lauderdale area, 2011 is the year as supply is twiddling of new Condos in Ft Lauderdale.

Fort Lauderdale CondosWhen Fort Lauderdale Real Estate prices collapsed there were only a few buildings under construction in the Fort Lauderdale Condo Market. Adding Pompano Beach, and Lauderdale-by-the-Sea to the inventory of the Fort Lauderdale Real Estate, only adds three additional new developments to the inventory of Fort Lauderdale Condos.

We currently estimate that in the Fort Lauderdale Real Estate market there may be less than 150 brand new Ft. Lauderdale Condos available for sale, and this number is shrinking rapidly. As developers dropped prices to sell units the market has responded accordingly.

 

Ready to see these condos, thinking about calling one of the last new Ft. Lauderdale Condos your own, call Eric Miller and Associates and schedule our new construction tour. We will set up the appointments and turn you into experts on the Fort Lauderdale Luxury Condo market in a few short hours. As FFt Lauderdale Condost Lauderdale Real Estate experts we are excited about the great product available and the bargains that current buyers are getting, but simply it is not going to last.  In real estate, if you can purchase a Ft. Lauderdale Condo brand new for less that it would cost to build, this is a bargain.

In the Fort Lauderdale Condo market there is remaining unsold inventory in the Sapphire, Fountains on Ocean Drive, and Coconut Grove. In Pompano we add the Sonata Beach, and the Oceanside, and in Lauderdale-by-Sea we add Villas of the Sea.  At Eric Miller and Associates we are here to answer to your questions about any Ft. Lauderdale Real Estate.

Selling a Condominium

Rendering of the Auberge Fort Lauderdale

Selling a Condo – It’s different than Selling a Single-Family Home 

When you are thinking about selling a Ft Lauderdale condominium one of the first things to think about are some of the differences involved in selling a condominium compared to selling a single-family home. Many realtors will tell you “Sign calls” are a valuable source of finding buyers for a property. When it comes to most condominiums this valuable source of buyers disappears. So now it becomes even more important to listen to your Fort Lauderdale realtors marketing plan for your property and especially their plan for attracting buyers.

When selling a Ft Lauderdale Condo there are two things that are being sold. The buyer must be sold on the building or condominium association as well as the individual condominium. Make sure you and your realtor have all the association facts ready to go.  A buyer who receives quick and accurate answers to all their questions is a buyer who feels secure about making a decision. An original brochure from the community can be very helpful, newsletters, and recent condominium announcements will also help a buyer feel secure.

Condominium association rules and regulations are an important part of the process. Bringing a buyer with pets to a community that has pet restrictions is not in anyone’s best interest. Knowing the rules and regulations and having them available for your realtor will help your realtor promote the condominium to buyers who want rules and regulations consistent with the property you are looking to sell. The more information you provide the easier it will be to make sure that the people viewing your home are the ‘ready, willing and able” buyers for your condominium unit.  

Eric Miller is a broker associate with eXp Realty in Fort Lauderdale. Eric Miller and Associates is an award-winning team of realtors and can be found online at FortLauderdaleGroup.Com – Thinking about purchasing a home in the Fort Lauderdale area Eric Miller provides complete access to all listed homes at Fort Lauderdale Homes for sale.  Thinking about a Fort Lauderdale Condominium, you can find every Ft. Lauderdale Condo for sale at, Ft. Lauderdale Condominiums for sale.