Ft Lauderdale Real Estate Review

Welcome to my blog. I have been writing articles for home buyers and home sellers in the Greater Fort Lauderdale area since about 2007. If you are thinking of buying or selling real estate you can find some helpful tips right here. If you would like to get them sent directly to your inbox just sign up below. 

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July 2, 2018

Just Listed in Waterways Deerfield Beach - 4433 SW 11th Place

4433 SW 11th PlaceToday I listed a 2 bedroom, 2 bath townhouse in Waterways of Deerfield Beach. The 2 story home has 1100 SF of living space and a screened in patio. There are tile floors on the first floor and wood laminate on the upper floor. 

Watersway is a pet friendly community with a ton of amenities that include two outdoor pools, volleyball, basketball and tennis courts, a boat ramp and community center. Cable, HBO and internet are included in the HOA fees. This is a great starter home and FHA financing is possible.

See more details and photos here. 

Offered at $219,000

Call 954-895-2431 for a tour.

 

By Tom Day

You can reach me 954-895-2431

If You Like This Post, Please Share. Thanks!

June 25, 2018

Newsletter June 2018

The Market 

 

 Broward County

My Listings
609 Ponciana Dr, Fort Lauderdale - Open House June 24 12-4 pm  Just Listed, Las Olas waterfront $1,245,000
2617 Datura Ct, Fort Lauderdale - Open House June 23 12-4pm  Idlewyld off Las Olas Blvd $1,099,000
806 Cypress Blvd Apt 203, Pompano Beach - Just Sold in 12 Days! $189,000
4433 SW 11th Place, Deerfield Beach - Coming Soon 2/2 Townhouse in Waterways FHA financing possible $224,900

From My Blog

Best Time to Sell a House in Fort Lauderdale I know this question is on the minds of many area homeowners, because I'm asked all the time when is the best month to sell my Fort Lauderdale home. Learn more here.

 

 

Favorites From The MLS

3410 Dover Rd, Pompano Beach 3/3 2739 SF, Pool Hillsboro Shores  $949,000
1445 NE 16th Ave, Fort Lauderdale 3/2 1565 SF Pool in Progresso  $579,000
4444 El Mar Drive Unit 3-202, Lauderdale By The Sea 2/3 2585 SF Oceanfront Townhouse $1,399,000


Do you ever go to Zillow to check your homes value? I have an alternate way to check up on values, both present and forecasted! Plus keep track of sales in your neighborhood. The data comes directly from Corelogic, the largest provider of MLS services in the country. The data and listings are far more accurate and up to date then the Z@%&! Check it out here.
 

Coming next month - A look at beach area new construction in Pompano Beach and Fort Lauderdale.


 

By Tom Day

You can reach me 954-895-2431

If You Like This Post, Please Share. Thanks!

June 9, 2018

Just Listed 609 Ponciana Dr

For Sale in IdlewyldI just listed a waterfront home in the Las Olas neighborhood of Idlewyld in Fort Lauderdale. It is a two bedroom, 2 1/2 bath home with 1388 square feet of living area. There is 50 feet of waterfront and dock with direct ocean access and no fixed bridges and just minutes to the Bahia Mar Marina. It has room for a pool. Recently updated kitchen and master bath, new roof Jan 2018. Beautiful restored terrazzo flooring throughout. Vaulted living room with lots of daylight. 

For listing details and all the photos click here.

Offered For $1,245,000

For a showing call 954-895-2431.

Related:

Just Listed 2617 Datura Court - Idlewyld - Fort Lauderdale

1071 NE 27th Way is Sold! Under contract in just 12 days

 

By Tom Day

You can reach me 954-895-2431

If You Like This Post, Please Share. Thanks!

June 7, 2018

Just Sold - 806 Cypress Blvd Apt 203

806 Cypress BlvdToday my listing at 806 Cypress Blvd Apt 203 Pompano Beach closed and is now sold. The 3 bedroom 2.5 bathroom condo is located in building 93 in Palm Aire Country Club. It is an F Model with tile floors throughout. The kitchens and bathrooms are mostly in original condition. It has a very good view of the Cypress Course at Palm Aire. It has a brand new air conditioner and recent appliances and hot water heater.

It was under contract in just 12 days! 

The asking price was $189,000 and it sold for $183,000.

See the listing details here.

I have sold over three dozen homes in the Palm Aire Neighborhood. If you are considering selling your homes please contact me today.

954-895-2431

Palm Aire Closed Sales

Related:

Best Time to Sell a House in Fort Lauderdale

What To Repair If You Are Selling Your Home

Newsletter May 2018

 

By Tom Day

You can reach me 954-895-2431

If You Like This Post, Please Share. Thanks!

May 19, 2018

Newsletter May 2018

The Market

In Broward county the number of closed sales in March this year is down 10.5% from March 2017 for single family homes and down 8.9 for condo. 

The median sales price is up 5.9% for the same period for single family homes and 10.0% for condos.

The number of available home for sale has declined by 1.9% for single family homes and 4.7% for condos from March 2017 to March 2018. So with prices rising the reason for the decline in sales has to be a shrinking inventory.

Trends

Downsizing. I have had more calls from customers interested in downsizing so far this year, then probably the last 5 years combined. Folks want to get out of the big house they are in and into something more manageable.  It’s a tricky maneuver when there is a shortage of homes available. Depending on your strategy, you run the risk of being either homeless or owning two homes for a while. This could be the topic of my next blog article. It is also the sign of a healthy market.

New From My Blog

All You Need to Know About Inspections. A home inspection is a vital part of the home buying process. It can also be a source of stress for seller.  Learn more here.

Top 3 Most Read Articles From my Blog Last Month

1. When is the Best Time to Buy a House in Florida

2. The Best Time For Selling a House in Florida

3. What Does it Cost to Sell a Home in Florida

Listings

 2617 Datura Court, Fort Lauderdale. A 3 bedroom, 3 bath home in the exclusive Idlewyld neighborhood off Las Olas Blvd. Offered for $1,099,000. See the amazing drone photos and a 3-D virtual tour here.

Favorites From The MLS

1300 Mardarin Isle, Fort Lauderdale

300 SE 11th St, Pompano Beach

2501 NE 36th St, Lighthouse Point - Foreclosure

 

Do you ever go to Zillow to check your homes value? I have an alternate way to check up on values, both present and forecasted! Plus keep track of sales in your neighborhood. The data comes directly from Corelogic, the largest provider of MLS services in the country. The data and listings are far more accurate and up to date then the Z-word. Check it out here.

In other news. I still have some ways to go, but my LDL (cholesterol) is down 15 points from 6 months ago.

 

By Tom Day

You can reach me 954-895-2431

If You Like This Post, Please Share. Thanks!

May 17, 2018

All About Home Inspections

A home inspection is a vital step for buyers in the home buying process and a possible source of stress for home sellers. 

Home inspectionsIn a typical As-Is contract the buyer will have an inspection contingency. It is a clause that allows the buyers usually up to 15 days to have their chosen inspector check the house over for defects. A 4 point inspection will include the roof, HVAC systems, plumbing and electrical. They will also check for possible structural problems, moisture (mold) and of course the appliances.

It is also a good idea to inspect for wood destroying organisms (WDO) such as termites. This is usually an optional inspection at an added cost to the buyer. If the home is on the water in South Florida the seawall should be inspected. This is a very specialized inspection and also an extra expense for the buyer. They will check for settling, erosion, cracking and corrosion from the salt water.

Insurance Discounts

According to Florida Statute 626.0629, insurance companies are required to offer Florida homeowners "discounts, credits, or other rate differentials..." for construction techniques that reduce damage and loss in windstorms.

Home-owners can have what is know as a wind mitigation inspection done to qualify for those discounts. The inspector will confirm if the roof was installed correctly to codes that were updated in 1994 and 2002. They will confirm whether the proper nails or screws were used and the correct distance apart. Were the roof trusses attached using the correct methods and hardware. They will look to see if windows and door openings are protected from wind borne debris. Protection can include either accordion storm shutters, corrugated metal panels, and impact resistant glass.

After The Inspection

The home inspector will draw up a detailed report with photos that will show the defects in the home. Included in the report will be an estimate for the needed repairs. Unless the home is brand new they will always find something. The least I have ever seen was about a $1500 repair estimate. 

Typical defects found are exposed wiring, outdated electric panels, mold, termite damage, obsolete hot water heaters and air conditioners.

With the As-Is contract, if defects are found, the buyer now has the option of either moving forward with the sale, cancelling the sale, or asking for repairs to made or a reduction in price. This can be a difficult period, especially if something major is discovered. It may take several opinions and some negotiation before it is all settled or the contract falls apart. I have trusted contractors like electricians and roofers I can rely on to rebut exaggerated repair claims if necessary.  I may have been lucky but I don't recall ever having a deal completely fall apart due to the inspection. It has been close. Some buyers will use the inspection to get a better price in the end.

I recommend to sellers they have their home inspected prior to putting it on the market. It prevents surprises that could stall or kill a sale. Not to mention the stress that goes along with it. Inspectors tend to over-estimate many repair cost. 

Typical cost for inspections

Single family home $450
Condo $250
WDO $125
Wind Mitigation $150
Sea Wall $350

Related:

3 Steps To Getting Top Dollar For Your Home

Pre-Marketing Inspections - Are They Worth It?

By Tom Day

You can reach me 954-895-2431

If You Like This Post, Please Share. Thanks!

May 15, 2018

Best Time to Sell a House in Fort Lauderdale

Selling a fort lauderdale home

Timing is everything, or so we've been told.

I know this question is on the minds of many Fort Lauderdale homeowners, because I'm asked all the time when is the best month to sell my Fort Lauderdale home.

I have good news for you if you are considering selling a home in the Fort Lauderdale and the surrounding area.

It doesn't really matter that much.

I pulled some statistics from the Fort Lauderdale MLS. Specifically I wanted to know which months were sales closer to the asking price. If you look closely at the graph below in August of 2017 the average sales price was 97.55% of the asking price. That was the best month for sellers. In January the average sale price was just over 97.1%. That was the worst month for sellers from a price perspective. 

The difference from the best to worst month is just a little over one half of 1%!

fort lauderdale home sales price to asking price ratio

I also took pulled up statistics of the number of days on the market at the time of sale. With this statistic the variance from best to worst was a bit more significant. Homes that closed in August 2017 averaged 54 days on the market. That was the best month. Homes that closed in Nov 2017 took 66 days on average. This is a difference of 18%. 

When you factor in the amount of time it takes to sell then listing you home in Sept will take you the longest and listing your home in June will sell the fastest. So, if selling your home quickly is your biggest concern then avoid listing in Sept and consider the late spring and early summer instead.

There won't be much difference in price as we already learned.

fort lauderdale average days to sell a home by month

I think a lot of people get the impression that South Florida is a seasonal place to live. That is only partly true. The population surely does swell in the winter months. However, there are close to a million people that live in Broward County year round and that is growing.  This isn't Martha's Vineyard or the Hamptons where the off season population is a fraction of the in season population. I don't have that statistics for those areas, but it looks like there are some relative bargains at the end of summer.

My advice to you is that if you need, or want to sell, then go ahead and put your home on the market and don't worry too much about the timing. Besides, conditions change all the time. Right now conditions favor the seller in most cases. Right is a good time to be selling a Fort Lauderdale home. We don't know if conditions will be better or worse a year or more from now. 

Related:

What Does it Cost To Sell a Home in Florida?

Right Now is a Good Time To Sell a Florida Home

3 Steps To Get Top Dollar For Your Home

 

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By Tom Day

You can reach me 954-895-2431

If You Like This Post, Please Share. Thanks!

April 16, 2018

Just Listed 2617 Datura Court - Idlewyld - Fort Lauderdale

Home For Sale in Idlewyld Fort Lauderdale

I just listed a wonderful property in the Idlewyld neighborhood of Fort Lauderdale. I have been managing this property for two years as a vacation rental. The owner has decided to sell it and now it is ready for a new owner. 

View of Bahia Mar Marina and Resort

The home has 2125 square feet of space with 3 bedrooms and 3 baths. It was remodeled in 2015. There are views of the Intracoastal Waterway and the Bahia Mar Marina from the master bedroom and upper balcony. Wake up in the morning and watch the yachts go by.

This home is offered at $1,099,000

Call me at 954-895-2431 to schedule a showing.

See all the photos here and check out the 3D virtual tour below.

 Related:

1071 NE 27th Way is Sold! Under contract in just 12 days

What is Your Home Worth?

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By Tom Day

You can reach me 954-895-2431

If You Like This Post, Please Share. Thanks!

April 2, 2018

Here is Why You Should Make Offers on Over Priced Homes

 

Everyone likes a good deal. If you are actively looking for a new home but will only consider homes that are "priced right" you may end up looking for a long time, get outbid, or never find your dream home at all. There are many good reasons to just ignore the exorbitant price and go ahead and make offers anyway. Here are the most important.

You Wont Be Competing With Other Buyers

Here is why you should make offers on overpriced homesCertain segments of the market are very competitive right now. Here is South Florida, single family homes priced under $500,000, in good school districts, are especially competitive. When a well priced home comes on the market it gets a lot of attention and often multiple offers. It is not unusual for prospective buyers to be outbid several times before they are successful. In these competitive situations buyers can end up over paying to avoid getting out bid again.

The market is very transparent these days. It is easy to spot an over priced home. They may get a few looks but no offers. Then after a while on the market their listing has become stale. That can be the kiss of death for the seller, but a real opportunity for the buyer. When an offer finally does come in, they may be ready to take just about anything.

They could just be stubborn or unrealistic. You won't know for sure until you actually make the offer. Even if it is well below what they are asking.  And, if your offer goes no where, the seller may eventually come to their senses. When that happens you will be at the top of the list for a phone call from their agent.

The Seller Has No Leverage

On a well priced listing the seller is in total control. They don't have to negotiate. The market will do it for them. I have seen way more irrational behavior from buyers on homes priced near or even a bit below market value than on any over priced home. A lot of sellers are sure there is one special buyer who will just fall in love with their home, or they will find a buyer with more money than brains. However, they rarely appear. 

I only have anecdotal evidence, but whenever I see a sale that closed for a really good price for the buyer, it is most often an instance where the seller has set a price that is too to high, not too low. Clearly, they had little interest from buyers and they thought that would be the best they could do. So they capitulated and took that low offer.

They all think they can negotiate a great price for themselves, but if a buyer doesn't want to pay that price they will just wait for something better to come along. Time is the great equalizer.

It Takes Very Little Effort To Submit an Offer

I have said it many times before. The best deals are not found, they are made. If you see a property that looks like a good deal, chances are 100 other people see it too. It will be gone before you know it. In today's market you need to consider going where others fear to tread. You may have to make many offers, but it doesn't take that much effort to do so. A standard "as-is" contract takes me about 10 minutes to write up with the software I use. It can be signed electronically, by you, the buyer, with almost no effort at all. If you took the time to see the property you shouldn't be worried about the effort it will take to make an offer. 

I see a lot of reluctance from buyers to make offers. They don't want to offend someone, even if they are completely wrong about the value of the home.  Well, that is why you hire an agent, to do it for you. We have thick skin. We are used it. So go out and make some offers.

Related:

When is The Best Time to Buy a House in Florida

What Should I Offer on My Next Home?

Where Are The Deals? Look For Vacant Properties

 

By Tom Day

You can reach me 954-895-2431

If You Like This Post, Please Share. Thanks!

March 30, 2018

4035 W McNab Rd Apt F107 is Sold!

Windward Lakes condoOn March 23, 2018 my listing at 4035 W. McNab Rd Apt F107 closed. It was listed at $119,000 and was under contract in just SIX DAYS! The final sales price was $115,000. This was an all cash sale.

The condo is located in the Windward Lakes community near Palm Aire in Pompano Beach. It is popular with investors because there are few rental restrictions. The 2 bedroom unit has 1057 square feet of living space. It is tenant occupied, with a monthly rent of $1100 per month.

See all the listing details here.

If you are thinking of selling your property in the Pompano Beach area, please contact me at 954-895-2431

Related:

1071 NE 27th Way is Sold! Under contract in just 12 days

What Does it Cost to Sell a Home In Florida

What To Repair If You Are Selling Your Home

 

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By Tom Day

You can reach me 954-895-2431

If You Like This Post, Please Share. Thanks!