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. 

June 11, 2017

2900 NW 42nd Ave Apt A108 For Rent - 2 Bedroom Condo

 

 

 

2900 NW 42nd Ave Apt A108

2 Bedroom condo available for rent in the Township.

First floor unit with a water view. Tile floors. Enjoy all of the amenities available including a performing arts center, aquatic center with an Olympic sized pool, a two story fitness center, a sports center, recreational complex, racket club.

Asking $1300 a month.

Call 954-895-2431

 

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By Tom Day

You can reach me 954-895-2431

If You Like This Post, Please Share. Thanks!

June 10, 2017

10 Important Real Estate Terms You Should Know

Learn the Lingo of Real Estate

Buying and selling real estate can be a complicated process, so it is important to learn the lingo before you get started. So here is a short list of the more common terms you will hear and what they mean to you.

1. Equity - Equity is simply the difference between what your home is worth minus anything that must be paid off in order to sell the property such as mortgages, back taxes and closing costs. As you pay off your mortgage over time and the value of your home increase so does your Equity in your home.

2. Earnest Money Deposit - Usually the term Earnest Money Deposit gets shortened to just Deposit. This is the amount of money held by the Title Agent or Attorney during the period when an offer is accepted and when the transaction closes. If the buyer fails to perform to the terms in the contract then the Deposit is forfeited. The Deposit is a negotiable term that is typically from 2% to 10% of the purchase price.

3. Down Payment - The down payment sometimes gets confused with the Deposit. The Down Payment is the amount of cash the buyer puts up towards the purchase in a financed transaction. As an example, if the purchase price is $300,000 and the buyer is financing 80% of that ($240,000) then the Down Payment is difference which is $60,000. 

4. Appraisal - An Appraisal is estimate of value report put together by a licensed professional using standardized practices. It is based on recent sales of similar homes in the immediate area. It isn't an absolute value that a home would, or must, sell for. An appraisal is most commonly used by the lender to protect their interest in the property. They need to know if they are lending as much as 97%, or in more rare cases 100%, of the purchase price, the home is worth that much.

5. Escrow - The Earnest Money Deposit is held in Escrow by a third party such as the Title Agent or Attorney. At closing the funds in escrow are applied to the purchase when all the conditions in the contract are met. It can also be funds the lender collects in addition to the mortgage payment and paid on the buyers behalf on a monthly basis. Most commonly the lender will collect funds for the property taxes, hold them in escrow and pay them for the borrower to protect their interest in the property.

6. Due Diligence - This is research on the property the buyer will conduct prior to purchasing. Due diligence is usually done after a contract is signed. Inspection, lien searches and title searches are all part of due diligence. A contingency is written into the contract that allows the buyer to be released from the contract if defects are discovered that affect the properties value.

7. Contingency - A contingency is a provision written into a contract that allows the buyer to be released from the contract if certain requirements can't be met. Common contingencies are Inspection, Appraisal, and Financing. In other words if the inspection revealed a lot of hidden defects, or the property appraisal came in well below the purchase price, the buyer can be get out of the contract. Occasionally a sale could be contingent on the successful sale of the buyers current home. 

8. Inspection - It is highly recommended that a buyer have their home inspected prior to purchasing it. A professional home inspector can go through the property and look for hidden, and visible, defects that affect its value. Typically a purchase contract will allow one to two weeks for the buyer to have this done. If defects are found they can be released from the contract or renegotiate the terms of the contract.

9. As-Is - When a buyer purchases a property As-Is, it is just as it implies. They are buying it in its current condition without any repairs or improvements done by the seller. An As-Is contract will typically allow the buyer a period of time to do their inspections and other due diligence. If for any reason they decide they don't like what they see they can be released from the contract.

10. Closing - The transaction is completed at Closing. The Title agent or attorneys will collect all the funds and have both parties sign the required documents, then disperse the funds to all the interested parties. It is common for the buyer and seller to meet at the closing table at the same time, but not necessarily. 

Related:

What Should I Offer on My Next Home?

The Best Time For Selling Real Estate in Florida

Terrible Home Buying Advice to Avoid

 

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By Tom Day

You can reach me 954-895-2431

If You Like This Post, Please Share. Thanks!

June 6, 2017

2 Bedroom Condo For Rent in The Township

Available for Rent in The Township - Coconut Creek

This third floor corner unit has water views and is a short walk to the pool. Tenants can enjoy all the amenities The Township has to offer, such as a performing arts center, aquatic center with an Olympic sized pool, a two story fitness center, a sports center, recreational complex, racket club. The unit has tile and wood floors throughout. Screened in balcony has a view of the pool and lake. Great parking spot too.

Asking $1400 a Month

Call 954-895-2431

_________________________________________________________________

By Tom Day

You can reach me 954-895-2431

If You Like This Post, Please Share. Thanks!

May 25, 2017

3 Things To Know About Online Home Valuations

3 Things To Know About Online Home Valuations

A year or so ago I wrote a post about the the reliability, or rather the unreliability of Zillow's home value estimates known as Zestimates. Did you know that in the Metro Miami-Fort Lauderdale region they only get within 10% of the actual value of a property 55% of the time. Their median error is 8.8%. On a $300,000 home they could easily be off $26,400 in either direction.

Since then technology similar to Zillow's has become available to brokers and agents that allows them to provide an instant estimate of a homeowner's property. I have it myself. Feel free to try it out. The trade off for this free information is you must provide your contact information.  

There are a lot of things that computers can do better than humans. Estimating a home's value is not one of them, however. 

1. Inaccurate data from tax records and the MLS is pervasive. This is where these site gather their information from in the first place. Garbage In equals Garbage Out. If I am doing a valuation and see something that doesn't look right, I investigate and make phone calls to confirm the data is correct. I have seen tax records that showed a home to be 15% smaller than what an appraiser measured when the owners bought the home. Did that affect the value much? It sure did!

2. A computer won't know how great your home looks. There is no way Zillow or any other site can factor in upgrades and the remodeling you may have done. Two similarly sized homes in the same neighborhood could have valuations that are easily 20 to 30% apart based only on condition.

3. Availability of information. Even in areas with a lot of turnover, like South Florida I occasionally run into unique homes that have few or no similar comparable sales in the same market area. Fortunately, I have been trained to work around that. A computer will just crunch the numbers it has and spit out a value, mostly at random.

Online home valuation are fine if you are just a bit curious about the value of your home, or are in the early phase of your decision making process. Nothing beats a human, with training and experience when it comes to home valuations.

 

Fill out my online form.
Posted in Featured Article
May 19, 2017

Palm Aire Market Report April 2017

Home sales in Palm Aire Country Club continues to be steady through the early spring months. The number of listed properties for sale has dropped 15% since January. There are currently 224 homes for sale in Palm Aire Country Club.  

During the month of April 2017 there were 34 home sales in Palm Aire Country Club. That's two better than the prior month. The highest price paid during that time was $355,000 for a 2 bedroom villa in Misty Oaks.  At the current sales rate there is 6 months worth of inventory.

The lowest price paid was $67,500 for a one bedroom, one and a half bath unit in building 8. 

The median sales price during the month of April 2017 was $145,000.

While the median sales prices have mostly been flat over the past year The average days on market has started to drop. The average days on the market for April was 131. For much of last year it was above 150 days.

See actual recent closed sales in Palm Aire here. 

I have sold dozens of homes in Palm Aire Country Club and I have many buyers seeking condos and homes and villas in Palm Aire. If you are considering selling your Palm Aire property please contact me today. 954-895-2431.

Related:

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By Tom Day

You can reach me 954-895-2431

If You Like This Post, Please Share. Thanks!

May 18, 2017

Buying a Vacation Rental in South Florida

Renting your vacation home out is a great way to offset the cost of your second home in the South Florida region. Whether you own a single family home or a condo you will have expenses such as taxes, insurance, HOA or condo dues, utilities and repairs.

The great thing about owning a vacation home in South Florida is it is possible to get year-around income from short term renters when you aren't using the property.

 

 

 

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Buying

With my expertise I can help you find a suitable property that will attract those renters. Each city has different ordinances and fees. I can help you choose a location that fits your needs and get the best return as a rental. 

Managing

I offer all the services you need. After you have found and purchased a home I can manage it for you. You will need to register your property with the local municipality and make sure it complies with their ordinances. Rental less than six months are subject to an 11% tax payable to Broward County. I can collect the rents and taxes for you and pay the taxes, which must be reported monthly. I can also pay any other expense and disperse remaining funds to you each month.

I have housekeepers available to get the home cleaned and ready for the next guests. They will make sure the towels and linens are cleaned. The beds are made. The dishes are cleaned and put away neatly. 

I have all the other vendors needed to maintain and repair your home when needed. Pool and lawn services, pest control, handyman services and general contractors for remodeling if needed.

Marketing

Lastly I can find the right tenants for your rental by properly marketing your property. That includes have professional photos taken, putting together a well written property description, and getting the home listed on the major rental web sites and Multiple Listing Service (MLS).

With me you have all you need in one place to buy a vacation and turn it into a turnkey investment when you aren't using it. Call me today.

 

_________________________________________________________________

By Tom Day

You can reach me 954-895-2431

If You Like This Post, Please Share. Thanks!

May 18, 2017

4025 W. McNab Rd Apt E208 is sold!

On Tuesday May 16th my listing at 4025 W. McNab Rd Sold. The 2 bedroom unit is located in the Windward Lakes community near Palm Aire. The unit was tenant occupied and was sold to a foreign investor. The unit rents for $1300 per month.

The asking price was $123,500. The sold price will not be published. Interested parties may contact me if they are interested in that information. 

If you are considering buying or selling property in the Pompano Beach area please call me today.

954-895-2431.

 

2691 S Course Dr Apt 507 is Sold!

2751 N Palm Aire Dr Apt 105 is Sold!

 

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By Tom Day

You can reach me 954-895-2431

If You Like This Post, Please Share. Thanks!

May 18, 2017

2691 S Course Dr Apt 507 is Sold!

2691 S. Course Dr Apt 507, Pompano Beach, FL was sold. The one bedroom apartment is in the Palm Aire Country Club Community. I represented the buyer in this transaction. 

The unit had older updates and an open kitchen. It overlooked the 11th hole of the Palms Course at Palm Aire.

The asking price was $110,000. The sold price shall be unpublished but interested parties may contact me for that information.

If you are considering buying or selling in Palm Aire please contact me today

954-895-2431.

Related:

2751 N Palm Aire Dr Apt 105 is Sold!

Palm Aire Market Report April 2017

 

 

_________________________________________________________________

By Tom Day

You can reach me 954-895-2431

If You Like This Post, Please Share. Thanks!

May 6, 2017

Palm Aire Market Report March 2017

Home sales in Palm Aire Country Club continues to be steady through the early spring months. The number of listed properties for sale has dropped 15% since January. There are currently 218 homes for sale in Palm Aire Country Club.  

During the month of March 2017 there were 32 home sales in Palm Aire Country Club. The highest price paid during that time was $245,000 for a 3 bedroom remodeled, unit in building 77.  At the current sales rate there is 6 months worth of inventory.

The lowest price paid was $67,500 for a one bedroom, one and half bath unit in building 8. 

The median sales price during the month of March 2017 was $145,000.

While the median sales prices have mostly been flat over the past year The average days on market has started to drop. The average days on the market for March was 131. For much of last year it was above 150 days.

See actual recent closed sales in Palm Aire here. 

I have sold dozens of homes in Palm Aire Country Club. If you are considering buying or selling in Palm Aire please contact me today. 954-895-2431.

Related:

The Best Time For Selling Real Estate in Florida

What is Your Home Worth?

_________________________________________________________________

By Tom Day

You can reach me 954-895-2431

If You Like This Post, Please Share. Thanks!

March 15, 2017

2751 N Palm Aire Dr Apt 105 is sold!

Recently my listing at 2751 N Palm Aire Dr was sold. 

The one bedroom, one bathroom unit has 900 square feet of living space. It was remodeled in 2005. It overlooks the new lake behind building 6.

It had two offers and sold in just 20 days. The asking price was $84,900 and it sold for $80,000 in a cash sale.

See all the recent sales in Palm Aire right here.

I have sold dozens of homes in the Palm Aire area. If you are considering buying or selling a Palm Aire home or condo, please contact me today.

Related:

3212 SE 8th St is Sold! 

The latest Palm Aire listings  

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By Tom Day

You can reach me 954-895-2431

If You Like This Post, Please Share. Thanks!