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. 

May 22, 2017

Probate Explained

Probate is a court supervised process that transfers legal ownership of a person who has died, commonly known as the decedent, to his or her heirs or beneficiaries.

If there is a will, and it is found to be valid, a legal representative is appointed to  act on behalf of the decedent. This person is known as a Personal Representative or Executor. He or she is responsible for identifying all the assets of the decedent, managing them and appraising them if necessary. Any debts owed are paid, and then the remaining funds distributed to the decedents rightful heirs, according the terms of the will.

Not all property gets distributed through probate. Property owned in joint tenancy, as in husband and wife is automatically transferred. The same goes for property in a Living Trust. That goes directly to the named beneficiaries.

If you have inherited a property in South Florida and need to sell it, I have experience with estate sales. Please contact me at 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!

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.

 

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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

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

 

 

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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!

Feb. 19, 2017

Terrible Home Buying Advice to Avoid

If you are in the market to buy a home, there is no doubt you will get some bad advice from the peanut gallery. Unless your friends are experts in real estate, you would be best off to take their advice with a grain of salt. Every real estate transaction is different. Markets change constantly. What your friend or family member experienced 1, 5 or 10 years ago may not have much relevance today.

Here are some examples of bad home buying advice to avoid.

"Wait for prices to come down, we are in a bubble again"

Sorry but no. While no one can accurately predict where values will be in the next fews years, I will give you two reasons why I believe they will continue to trend upwards. Reason 1 - Rental rates are one of the best leading indicators for home values. Right now rental rates are almost out of control. Palm Beach and Broward county are seeing rental rates rise at about an 8% pace. Home values are and will follow this trend. Reason 2 - People are flocking to Florida again. Florida is second only to Texas in net domestic migration. This is a simple case of supply not being able to keep up with demand. These people moving to Florida will need a place to live.

Last year the median price of a home in South Florida rose 6%. If you were in the market for a $300,000 home it is now about $20,000 more expensive than it was a year ago.

"It's best to sleep on it before making an offer"

Actually it's more like snooze and you lose. If you see a home you like and the price also seems attractive, there is a very good choice you won't be alone. To be a successful home buyer you need to be decisive and ready to make offers on the spot. Don't worry. You are allowed to change your mind. With the standard Florida FAR/BAR As-Is purchase and sale agreement, you as a buyer, can cancel at anytime, for any reason during the inspection period. The time frame is set by the buyer. Traditionally, its set at one to two weeks. If you ask for more than that the seller may balk at that. If you are buying a condo in Florida, you have an absolute 3 day right of rescission. Buyers of condos are allow three days to review the rules & regulations and the financial statements of the association. You can cancel the contract for any reason during that 3 day period, whether you have an as-is agreement or not.   

"No one pays full price"

I have seen many, many cases where this is just not true. Savvy sellers know that one way to create a multiple offer situation that drives up the price, is to set the asking price at or slightly below market value. Do you know what a Hot listing is? It's a property that is priced to sell. Will you recognize one when you see it? Your agent should. Rely on their advice. Most buyers don't believe it until they get outbid a couple of times. Meanwhile they have wasted a of of time and emotional energy.

"Play hardball, hit em with a lowball offer"

If you watch any of the reality shows where are negotiation is involved, whether its for cars, junk, or real estate, you would think every negotiation starts with an offer of half price. I hate to break it to you, but they are all scripted and more than a bit ridiculous sometimes. In reality a low ball offer will usually end the negotiation rather quickly. Sometimes they are deserved because a home is overpriced to begin with. When a property is priced reasonable the offer should be based in reality if you actually want to get a deal done.

"But Zillow says..."

I had to get my dig into Zillow in this article. I spend an inordinate amount of time refuting information both buyers and sellers find on their site. Whether it is out dated listings or their ridiculous "Zestimates" of a home's value, the data being provided by Zillow is very unreliable. The data your agent can provide you from the MLS is far more reliable, than the junk they are pushing. Did you know they make most of their money selling buyer and seller contact information to agents?  The same goes for Trulia, now owned by Zillow.

Just be careful where you get your advice. Consider the source. Buying one or two homes does not make someone an expert in real estate. I have have sold hundreds of homes and I have learned something new from almost every successful sale. I have also had some failures along the way. And of course, I've learned from those too. Instead of listening to friends advice, hire an agent that has been working in your desired area for a while. Instead of asking for advice from your friends, I suggest you ask them if they know of a good agent they can refer you too.

Related:

Buying a Vacation Rental in South Florida

A Guide To Purchasing A South Florida Condo

Where Are The Deals? Look For Vacant Properties 

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By Tom Day

You can reach me 954-895-2431

If You Like This Post, Please Share. Thanks!

Feb. 13, 2017

Palm Aire Market Report Jan 2017

Home sales in Palm Aire Country Club continues to be steady through the early winter months. The number of listed properties for sale has also been steady for the past six months or so. There are currently 256 homes for sale in Palm Aire Country Club.  

During the month of January there were 26 home sales in Palm Aire Country Club. The highest price paid during that time was $270,000 for a 3 bedroom remodeled, corner unit in building 112.  At the current sales rate there is 10 months worth of inventory.

Palm Aire Media Sales Prices

 

The lowest price paid was $76,900 for a one bedroom, one and half bath unit in building 7. 

The median sales price during the month of Jan 2017 was $159,000.

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 Jan was 115. For much of last year it was above 150 days.

See actual recent closed sales in Palm Aire here. 

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!

Feb. 3, 2017

2300 SE 2nd Ave, Apt 12 Just Sold!

2300 SE 2nd Ave, Pompano BeachOn Feb 2 my listing at 2300 SE 2nd Ave, Apt 12, Pompano Beach closed. The one bedroom unit in Mon Petit Condominium was listed for $89,000. It has 600 square feet of living space and was tenant occupied.

I was under contract in just two days! It sold to a local investor client of mine in an all cash sale. The sale price was $85,500.

I have a database full of investors seeking this type of property. If you are considering selling your investment property please contact me today.

 

Related:

Sold in Just 14 Days! - 59 Castle Harbor Dr

See Other Closed Sales in Pompano Beach  

 

_________________________________________________________________

By Tom Day

You can reach me 954-895-2431

If You Like This Post, Please Share. Thanks!