If you read last weeks newsletter and are wondering why prices are falling in other parts of the country and not South Florida it all comes down to inventory. Look at the months supply of inventory in February's Market Snapshot below. We have 2.8 months supply for single family homes and 3.2 months for condos. This is still low even though it is twice what it was a year ago. Prices won't fall unless that number gets well above 6 months supply. For context in 2008 we had around 24 months supply.

The Fed just raised rates by 0.25%. This was expected. Bank failures make people very nervous. From what I have seen, those were very poorly run banks and deserved to fail in my opinion.

Florida is booming. Unemployment is low. It's the Spring selling season. Things could be worse.

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All real estate is local! 

Yes, in some parts of the country real estate values have declined from their peak last summer. One exception is the Miami Metro area.  Most metro areas are still showing year over year increases in value, even though many are off their peak levels. Here is the latest reporting from Zillow's Home Value Index through Feb 2023.

See how San Francisco is down 9.96%, Austin TX is down, Phoenix, AZ is down 7.13% and Las Vegas, NV is down 6.72% from their peak levels. Then look at Miami and prices are still at their peak and 13.47% higher than a year ago. When you hear national reports on weakness is housing demand, just remember, all real estate is local and some markets, like South Florida are still quite robust. After nearly a year of rapidly increasing interest rates, all but three markets have year over year advances. 

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In recent years, the state of Florida has experienced an uptick in the number of condominium and cooperative (co-op) properties being built, especially in coastal areas. With this increase in development, there has also been an increase in concerns regarding the financial stability of these communities. In response to these concerns, the Florida legislature passed Bill SB 4D in 2018, which requires condominium and co-op associations to maintain reserve funds for certain purposes.

What is SB 4D?

SB 4D is a bill that requires condominium and co-op associations in Florida to maintain reserve funds for the repair, replacement, and maintenance of the common elements of the community. The bill applies to all condominium and co-op associations in Florida, regardless of the size of the community. The reserve funds must be maintained separately from the operating funds of the association and can only be used for specific purposes.

What are Reserve Requirements?

Under SB 4D, condominium and co-op associations must conduct a reserve study at least once every five years to determine the estimated cost of repair, replacement, and maintenance of the common elements of the community. The reserve study must be conducted by a person who is licensed or certified by the state of Florida to conduct such studies.

Based on the results of the reserve study, the association must establish a reserve schedule that outlines the amount of money that must be set aside in the reserve fund each year. The reserve schedule must include the estimated remaining useful life of each component of the common elements and the estimated cost to repair, replace, or maintain each component.

The reserve schedule must also take into account the estimated inflation rate and the estimated interest rate on the reserve funds. The association must review and update the reserve schedule at least once every three years.

What are the Benefits of Reserve Funds?

Maintaining reserve funds can provide several benefits to condominium and co-op associations. One of the primary benefits is that it helps to ensure that the association has the necessary funds to repair and maintain the common elements of the community. This can help to prevent the need for special assessments or loans, which can be a financial burden on the unit owners.

Additionally, maintaining reserve funds can help to increase the market value of the units in the community. Prospective buyers are often attracted to communities that have well-maintained common elements, and the existence of reserve funds can indicate that the association is financially stable and capable of maintaining the community.

Effective Dec 31,2024, Florida Bill SB 4D requires condominium and co-op associations to maintain reserve funds for the repair, replacement, and maintenance of the common elements of the community. While this requirement may seem burdensome to some associations, maintaining reserve funds can provide several benefits, including ensuring financial stability and increasing the market value of the units in the community.

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Palm Aire Country Club Real Estate

Palm Aire Country Club is a large golf course community of approximately 3500 units. It is the largest condo complex in the city of Pompano Beach. There are 13 different condo associations and well over 100 garden and high-rise buildings. Palm Aire is a popular spot for snowbirds from all over the northern part of the country and Canada. Palm Aire was built in stages beginning in the late 1960’s through the mid 1980’s. One building was completed in 2006. It is called Royal Point.  There was supposed to be several buildings in the project, but it was cut short because of market conditions at the time. Instead a park was built on the land those other buildings were to occupy.  Palm Aire Country Club is centrally located just 20 minutes from the Fort Lauderdale/Hollywood airport, a few miles to the beaches, and walking distance to the Isle Casino.

Comparing Palm Aire Country Club Real Estate

When you are looking through the Palm Aire listings you may notice a wide discrepancy in prices.  There are several other factors that affect the market prices. Many, but not all, of the buildings have rental restrictions and minimum down payment requirements of 20% of the purchase price. Some only require 10% down. Lately most of the sales have been for cash. Almost all units have a golf course view. Some are better than others. In my opinion the buildings with the best views look south over the Oaks Course on Oaks Way. And, of course, the condition of the unit will also affect the price.

View Palm Aire Condo Listings

The earliest phase of buildings surround the Palms and and what used to be the Pines courses. They are on N Palm Aire Dr, South Palm Aire Dr, and South Course Dr.  Instead of washer and dryers inside the units they have community laundry on each floor. These buildings are limited to six floors. Later the Oaks and Cypress Course were built and more condos along the fairways came. These "newer buildings" west of the Cypress Creek have washer and dryer hook-ups in the. You will notice quite a big difference in price just for the convenience of having a washer and dryer inside your condo. In the later phase of construction there are “King” models that are 20% larger in addition to the standard size. The newer buildings also have some split bedroom floor plans and up to 10 floors, so the views are better.

Factors That Affect Home Values in Palm Aire Country Club

Condition of the interior is a big factor in values. Because these condos are now about 40 years old, the condition of the interiors also vary widely. It’s possible to walk into what I call a Time Capsule. A unit that hasn’t changed or been updated since it was bought back when man first walked on the moon. On the other hand there are units that have been converted into mini palaces with new marble floors and beautifully updated kitchens and baths.   Most of the buildings have pet restrictions, but a few buildings do not. Those that allow pets are found on Cypress Grove Dr. You will end up paying a premium to live in those pet friendly buildings.

New lakes at Palm Aire

At one time there were four championship golf courses and one executive course. Around 2009 The Pines course closed and later the Sabal executive course closed. Beginning in the summer of 2012 crews began digging a lake where those golf courses used to be. The dirt, or fill, was used as fill at the airport construction project. As of the beginning of 2016 three of the lakes are complete and a fourth is near completion. Units that overlook the mess created by the project are tougher to sell. It could be an opportunity for a good deal for those that can put up with it for a little while. They are all on N. Course Drive.

It is important to note that there are a couple of complexes nearby that have Palm Aire in their name. They are not part of the Country Club development. They are Palm Aire Gardens, which was a condo conversion project and the Gardens at Palm Aire, also known as Gardens North. Breezes at Palm Aire is also a recent condo conversion.

If condos don’t appeal to you perhaps a Villa or Townhouse will do. Fairview Pointe which is a gated townhouse community on W Palm Aire Dr.. About half of them have golf course views. Lately they have been selling in the over $300,000. There are also a good selection of single family homes available.

During the market meltdown Palm Aire real estate had become ridiculously cheap. Prices dropped by 60% or more from the peak and well below replacement value. Unlike many condo communities the number of foreclosures is relatively low so its financial condition is stable. Prices have been rebounding lately so don’t delay. Units in need of updating are more readily available compared to remodeled units. 

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

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Ocean and Intracoastal Views for $320,000

I just listed a perfect vacation or investment property. Daily rentals allowed. Fully furnished. Current owner participates in the Hilton rental property at close to 100% occupancy. Self manage if you prefer. This unit is the largest one bedroom floor plan with eastern views of the ocean overlooking the Intracoastal Waterway and has a private balcony. Short walk to the Galleria Mall or beach. All the amenities of a hotel with restaurant, bars, coffee shop, conference rooms, pool, and fitness room.

Follow this link for the full listing details.

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Guide to Buying a Florida Condo With a Dock

If you are a boater there is no better place to live than South Florida. There is a reason Fort Lauderdale is nicknamed the Venice of the United States. There are tons of canals with waterfront homes giving you direct access by boat to the intracoastal Waterway and the Atlantic Ocean. Fort Lauderdale is also home to the worlds largest boat show. The Fort Lauderdale International Boat Show happens every fall and takes over the beach area and convention center.

Waterfront homes have become very expensive in recent years. You would have a difficult time finding a home with dock space for less than $1,000,000.   There are a multitude of condos and townhouse with boat slips available at much better prices.  If you prefer luxury without the maintenance concerns of owning a waterfront home, there are plenty of choices in condos over $1,000,000 as well. Finding just the right one can be a challenge, however.

Do you need a bigger boat?

Size of your boat is a big factor in locating a condo. If your boat is under 35 feet there are plenty of choices. Over 35 feet and your choice will be fewer and over 50 feet will be far fewer. If you have a wide beam boat like a catamaran, your choices will, of course, be narrowed too.  Sailors and other tall boat owners need to be concerned with fixed-bridges. Doing a search on most real estate websites will be a time consuming process and lead to a lot of frustration. That is because this kind of information is not readily available in most listings. This is where an experienced agent can be invaluable. 

Deeded or Rented Dock?

You will be faced with a couple of choices in the type of dock or boat slip available. Some condo units may come with a deeded dock. This is usually the best choice. It is also the most expensive. Other condominiums will offer dock space that you will rent from the association. If you are considering a condo with a rented dock be prepared to find yourself on a waitlist. Make sure to ask how long it is and what the typical turnover rate is. If you need a boatlift, then a deeded dock is likely what you will need. I have seen some condos that allow you to install a lift even if you are renting it, but not many.

Rules

A lot of folks that live inland and keep their boat at a marina get this idea in their head that they will buy a condo with a dock as an investment property, put a tenant in the condo and then keep their boat at the dock, thereby saving a ton of money on marina fees.  Almost every condo has rules prohibiting this. A few don't don't care, but they are like search for a needle in a haystack. Living onboard the boat will likely be prohibited too. 

Ready to find a new home for you and your boat?  Call 954-895-2431 or schedule a call with me here.

More about South Florida Condos Here

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I compiled a list the most popular Broward County neighborhood searches on my website during 2022. (with links). Here are what buyers were looking for last year when visiting here on my website. 

1. Palm Club - Lauderdale by the Sea 1018 Searches

2. Sun Harbour Townhouse - Pompano Beach 738 Seaches

3. Pompano Surf Club - Pompano Beach 468 Searches

4. Oasis at Palm Aire - Pompano Beach 411 Searches

5. Sea Haven - Pompano Beach 347 Searches

6. Ocean Monarch - Pompano Beach 261 Searches

7. Cypress Bend - Pompano Beach 236 Searches

8. Island Club - Pompano Beach 206 Searches

9. Ocean Bay Club - Lauderdale by the Sea 194 Searches

10. Cabana Village - Lauderdale by the Sea 179 Searches

If you own a home in any of these neighborhoods and are thinking of selling, I probably have a buyer for you. Contact me today for a consultation.

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I just listed a fantastic penthouse unit in Building 22 in Palm Aire country Club.  It is located at 2681 S Course Dr Apt 904. This unit is being sold turn-key with all furniture and furnishings including electronics, linens and kitchen utensils.

Watch the sun set from this fantastic penthouse unit overlooking the Palms Course at Palm Aire Country Club. Sweeping western views.  Move right in. Tile floors throughout. Updated bathrooms and kitchen with granite countertops. Matching Stainless Steel Frigidaire appliances. Two nearby community pools. One is heated. Walking distance to the Pro Shop. The Palm Aire Community has three championship golf courses, bike paths, park, tennis and pickleball courts and more.

View the complete listing and 50 photos here.

Asking price is $272,000

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Top floor unit with great views overlooking the Oaks Course at Palm Aire Country Club. Updated kitchen with granite counter tops. Tile floors in living area and laminate floors in the bedrooms. All impact resistant glass except for the sliding door. Two community pools nearby, one is heated. Prime parking space close the lobby entrance. Click this link for more photos and listing details.

Call Tom Day for a showing at 954-895-2431

Asking $245,000

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Serving The Greater Fort Lauderdale area since 2006

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The Broward County Market Snapshot is out for July 2022. Closed sales for single family homes is down 27.8% and 31.9% for condos compared to July 2021. Does this mean prices are coming down? Not yet! Sales price are up 21.2% for single family homes ad 23.3 for condos. The key statistic to watch is Months Supply of Inventory. While that number is less than 6 months we are still in a sellers market. Inventory for single family homes is up 60% from a year ago. but we still have a long way to go before ourselves in a balanced market. Remember all real estate is local. You can't apply national real estate news to what is happening here in south Florida.

 Featured Properties
The Best From the MLS this Week.

1. Terra Mar Isle Estates 2/2 home  a block to the beach $899,990

2. Ocean Colony Condo - 2/2 $525,000

3. Palm Aire condo - 3/2 $380,000

Real Estate News and Local Interest

• LIVE! RESORTS POMPANO: TOPGOLF VENUE, RETAIL CENTER, PUBLIX APPROVED
• Home Prices Just Dipped—Does That Mean They’re Poised To Plummet This Fall?
• Top 10 most expensive houses sold in Broward County last week

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Serving The Greater Fort Lauderdale area since 2006

You can reach me 954-895-2431

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