Ft Lauderdale Real Estate Review

The Market Snapshot for June is out. See the graphic below. There has been a lot of hand wringing over the direction of the market lately. Are we in a recession or not? Reports on the market nationally can be deceiving. Remember that all real estate is local and the situation in South Florida hasn't changed much. It is still very much a seller's market. The inventory of single family homes has increased 22.5% from a year ago. But condo inventory declined 23.4%. The combined market inventory is still down 7% from 2021. The Months Supply of Inventory is 1.9 months and 1.7 months respectively. We won't be in a buyers market until there is at least 6 months of inventory. We are still a long way from that. In fact we could double the amount of active listings and still be in a sellers market.

Demand for mortgages drops for the fourth straight week

Featured Properties

The Best From the MLS this Week.

1. Pompano Beach Waterfront with Pool $1,075,000

2. Two Bedroom Condo in Bermuda House, Ocean views $659,000.

3. Two Bedroom Condo with docks space available. Heritage Landing $595,000.

Real Estate News & Local Interest

• Condo owners brace for steep costs — with post-Surfside reforms on the way
• Coming soon: Hof’s House of Sweets to hit Las Olas Boulevard; El Camino cruises to Boca’s Restaurant Row
• THE RITZ-CARLTON RESIDENCES IS SET TO CALL POMPANO BEACH HOME

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Serving The Greater Fort Lauderdale area since 2006

You can reach me 954-895-2431

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On April 27 my listing at 2900 N Palm Aire Dr Apt 209 closed for an amazing price. The one bedroom unit in Palm Aire Country Club was recently remodeled with an open kitchen, quartz countertops and new appliances. It was originally listed at $200,000. After one small price adjustment it quickly sold for $195,000 cash. 

See the listing here. https://www.tomdayproperties.com/property/F10318841/

This is one of 50 homes I have sold in Palm Aire. If you are thinking of selling this is a great time to do it. Contact me at 954-895-2431

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Serving The Greater Fort Lauderdale area since 2006

You can reach me 954-895-2431

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You may have a vague idea of what your home is worth, but if your are considering selling your Florida home, the real question is how much money will you walk away with when your home is sold?

There are fees and taxes you need to be aware of that comprise your total closing costs. Your agent can draw up a calculation of your estimated closing costs for you based on the purchase price of your property. This is commonly known as a Net Sheet. Here are the common fees for selling a home in Florida:

Commission

The commission is the biggest chunk of the cost to sell a home. The market commission being asked throughout much of the country is 6%. But like everything in real estate it is negotiable. At the end of 2022 the average commission was 5.2%. There has been downward pressure on commissions mostly due to the lack of available homes to sell. I am willing to lower my fees as long as I feel the asking price is reasonable.

Transaction Fee

Many brokers will charge a Transaction Fee. Sometimes referred to as an administrative fee to cover administrative and record keeping costs. $295 or $395 is a common. I do not charge these fees to my customers.

Doc Stamp Tax  

This is the transfer tax paid by the seller. It is paid at a rate of $70 per $1000 of the sale price. To make the math a little easier multiply the purchase price by .007

Lien Seach

The title agent will have a 3rd party search for any outstanding liens on the property including the mortgage. It could also include mechanics liens for unpaid repairs, code violations and utility liens. This fee can vary. Usually it is $200 to $300.

Title & Escrow Charges

This is the fee charged by the title agent to draw up the closing documents and represent the seller during the closing process. This fee can vary. It is usually $500 to $700.

Title Insurance

Who pays the title insurance varies a bit by county. In Broward County it is customary for the buyer to choose the title company and pay for the title insurance. In Palm Beach and some other counties the opposite is true. The seller chooses the title company and pays the title insurance. The promulgated rate for title insurance is 0.55%

Estoppel Fee

This applies only to sellers of condominiums and some HOAs. The title company will order what is known as an estoppel  letter. An estoppel letter outlines the current owners financial standing within the association. If any monthly dues or assessment are outstanding. This fee varies by association. Typically $200 to $500.

Property Taxes

Usually your pro-rated property taxes will be credited to the buyer of your home. The buyer will end up paying the property taxes for the whole year when due at the end of the year. You are responsible for the portion of the year you still lived there. For example if your yearly taxes were $4000 and closing took place at the beginning of April you would credit the buyer about $1000 at closing and they would pay the whole thing at the end of the year. 

Mortgage Payoff

Your mortgage isn't exactly a cost but it must be paid off at closing. It's a good idea to give your lender a call to get your actual payoff. It could vary from what you see on your monthly mortgage statement. If you haven't had the mortgage very long you could be subject to a pre-payment penalty or other administrative fees.

Miscellaneous

Many small charges for things like making wire transfers, estoppel fees, courier services can accumulate and is difficult to estimate. You can usually figure several hundred dollars in miscellaneous fees.

Below is a Net Sheet calculator for you to do a quick estimation of what your net proceeds will be after all the fees are deducted.  

Keep in mind this is for estimating purposes only and doesn't include pro-rated taxes. That is a more complex calculation. When you have your home under contract you can request a HUD closing statement from the closing agent that will give you the exact amount. You can also ask the closing agent for a preliminary HUD statement if you are in the process of negotiating and need a more exact figure before signing contracts.

Related:

Avoiding the FIRPTA Withholding for Foreign Property Sellers

The Best Time For Selling Real Estate in Florida

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Serving The Greater Fort Lauderdale area since 2006

You can reach me 954-895-2431

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I represented the buyer in this sale in the Country Glen neighborhood of Cooper City Florida.  We looked at many homes throughout Broward and Palm Beach Counties. Even in this price range the competition was fierce. Many went under contract before we were able to view them. Many also had multiple offer situations.

Like some others this home went under contract before we were able to view it. Fortunately that deal fell apart and when it did we where able to put a deal together quickly. The seller needed a long escrow period and the buyer was willing to oblige.  

Sale price $1,465,000

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Serving The Greater Fort Lauderdale area since 2006

You can reach me 954-895-2431

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On Mar 14, 2022 my listing at 2817 N Course Dr # 103 closed.  I helped the owner purchase this property in 2010 as a foreclosure for only $45,600. Some work went into the bathroom and the floors over the years. I was tenant occupied the entire time. It just sold for $225,000 to another investor that owns a majority share of the units in Breezes at Palm Aire. If you are thinking about selling a unit in Breezes or anywhere else in the immediate area please contact me at 954-895-2431.

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Serving The Greater Fort Lauderdale area since 2006

You can reach me 954-895-2431

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Here is the last Broward County Real Estate Market Report for January 2022. 

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Serving The Greater Fort Lauderdale area since 2006

You can reach me 954-895-2431

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Recently renovated unit overlooking the Palm Course at Palm Aire Country Club. Open kitchen with new stainless steel appliances. New floors, bathrooms, air conditioner and hot water heater. Walking distance to the two community pools, the clubhouse and Isle Casino. Nearby park with tennis, pickleball, basketball, volleyball and playground. Dues are 1440.04 paid quarterly. Includes basic cable, HBO and high speed internet. No leasing first two years of ownership. 20% down payment required.

View the listing here.

Offered for $200,000

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Serving The Greater Fort Lauderdale area since 2006

You can reach me 954-895-2431

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See what  South Florida home buyers looking for in my latest video. A low inventory environment has caused a challenge for buyers and their agents. It also presents a great opportunity for home sellers. I give an in depth view of what home buyers are looking for in Northeast Broward County. If you are a homeowner that is considering selling in 2022. Take a look at all the buyers I am attracting and the communities they want to live in.

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Serving The Greater Fort Lauderdale area since 2006

You can reach me 954-895-2431

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Here is the last Broward County Real Estate Market Report for 2021. Most of the trends we have been seeing continue, but in Dec of 2021 there are two statistics that I have never seen before. Watch this video to find out.

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Serving The Greater Fort Lauderdale area since 2006

You can reach me 954-895-2431

If You Like This Post, Please Share. Thanks!