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October 28, 2020

Fort Lauderdale Real Estate and Power Lines

Ft Lauderdale Real Estate and the look of area of  South Florida Neighborhoods will benefit from cities burying distribution power lines.  Currently only one third of FPL’s distribution lines are buried. However FPL is offering to pay up to 25% of the cost to bury lines for qualified neighborhoods.  Buried power lines can be attractive to buyers looking to purchase Ft Lauderdale Real Estate.

Ft Lauderdale Homes and Ft Lauderdale Condos in four neighborhoods may soon have buried power lines.  Idlewyld, Riviera, Seven Isles and Las Olas Isles, have applied to buyer power lines.  Seventy percent of the property owners must agree to pay the costs.

Nine cities near Ft Lauderdale have agreements with FPL to pursue burying power lines, including Coconut Creek, Hollywood and Plantation.  Contact Eric Miller and Associates for more news effecting Fort Lauderdale Real Estate and discuss why  it is a great time to purchase a Fort Lauderdale Home or Condo.

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.

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.

Taxes in the Fort Lauderdale Real Estate Market

Taxes, Taxes and more Taxes – Whats the Real Truth?

Real Estate taxes in the Fort Lauderdale Real Estate market can be confusing to some buyers new to the Fort Lauderdale area. The basic concept that all Fort Lauderdale Real Estate buyers need to understand is that their property will be reaccessed with a sale, and taxes can go  both up and down depending on the last accessment.  As a rule of thumb estimating your annual real estate taxes at 2% of the purchase price will be a good estimate.