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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Demand for homes in South Florida homes is way up and supply is still trending down. Where do you think the market is going in 2022. Here are my thoughts. Watch this video and find out.
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Serving The Greater Fort Lauderdale area since 2006
You can reach me 954-895-2431
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Located between West Palm Beach and Miami on the southern Florida coast, Boca Raton is attracting more and more residents each year. With its pristine coastline, safe reputation, quality public schools plus a plethora of restaurants, bars, and golf courses, it’s an attractive area for young couples, families, and retirees alike.
If you’re considering moving to Boca Raton, you’re probably looking to get a bit more information about the area. Keep reading for the best neighborhoods, costs of living, schools, entertainment, and shopping in the Boca Raton area so you can find out if it’s the right move for you.
There are tons of country club communities and small neighborhoods scattered around Boca Raton that make amazing places to live. The Boca area is only about 32 square miles, so it’s a relatively small city with a population of just under 100,000 people. It boasts 5 miles of some of the nicest beaches in Florida.
Boca is split between East Boca and West Boca. Depending on who you’re talking to, you’ll hear arguments claiming their side is the best. Both East and West Boca have great schools, low crime, and plenty of amenities. Which side is right for you will depend on exactly what you’re looking for in a house and neighborhoods.
East Boca is the side with the coast, so if you live here you’ll have much easier access to the beach. That being said, it’s also known for having the worst traffic. The single-family homes here tend to be older, with newer, high-rise, beach-front condos mixed in. As the city’s historic district, the homes here tend to be more expensive, often needing major upgrades, but coming with loads of character.
This side of Boca has a more urban feel with most of the fine dining, luxury shops, and walkable areas such as Mizner Park and Royal Palm Place. Downtown Boca also offers the Boca Raton Museum of Art. Two of the three universities are also in East Boca, attracting students from all over the world as well as being two of the top ten employers in the area.
On the other side of the city, you have West Boca. Although it does sit farther from the beach, there are many perks to living on this side as well. The houses are not only newer, but they’re more spread out and there’s a lot more greenery. There are both gated and non-gated communities that typically cost less than the homes in East Boca. The country club communities offer luxurious resort-style amenities like tennis courts, golf courses, irresistible pools, and their own dining options. These often come with country club fees.
With almost all of the big box stores located in West Boca, you won’t have to go as far for daily needs such as grocery shopping. You’ll also spend less time sitting in traffic unless you’re headed to the beach. There are great outdoor spaces and parks in West Boca.
Boca Raton is known for its lavish country clubs, fine dining, luxury shopping, and yachts. So it’s normal that you might be left wondering if you can afford to live in Boca Raton. The area is definitely considered one of the more expensive areas in Florida, with average home rental prices above the state and national averages. However, it is cheaper than living in Miami.
According to Area Vibes, the cost of living in Boca Raton is about 30 percent higher than the national average. Keep in mind the quality of living in the area when you consider this number. Boca Raton offers great amenities, low crime rates, and excellent public schools, making the higher cost of living worth it for some.
Housing makes up for most of the extra costs of living in Boca Raton. Some neighborhoods come with steep country club fees that are often paid with a large down payment and then a yearly or monthly membership. According to Broward, Palm Beach and St Lucie Assoc of Realtors, the median single family home price is $675,000 as of Oct 2021, up 25.7% over the past year. The median condo price is $269,500, up 12.5% over the prior year. This is to be expected when you’re living in paradise. The real estate market is made up of beachfront properties, country club homes, and luxury condos.
The good news is that outside of home prices and rent, Boca Raton is closer to par with the rest of the country. Groceries are a bit more expensive, but health care, goods and services, utilities, and transportation all fall close to the national average.
One of the main draws to Boca Raton is its breathtaking, pristine beaches. Whether you live right on the water or a bit further away in West Boca, we’re sure that you’ll love spending the sunny Florida days hanging out on one of the gorgeous beaches that Boca has to offer.
Red Reef Park - This is the perfect beach for snorkelers. The city recently extended its artificial reef to include a total of 20 modules which are expected to attract more of the fish species that are in the area. You’ll find plenty of room to picnic, swim, or even fish on this huge, white sand beach.
South Beach Park - Slightly less developed than some of the other parks in Boca Raton, this beach gets fewer visitors. It’s the perfect place to enjoy the peaceful beach or take a nature walk.
Spanish River Park - This beach has a dog-friendly section as well as tons of well-kept nature trails for bird watching. The park boasts a gorgeous picnic area with grills, green space, and even Banyan trees.
South Inlet Park - Here you will find a jetty, picnic areas with shelters, restrooms, showers, and even a play area for the kids. This beach park is smaller and often less crowded than others.
Boca Beach Club - This private beach club is perfect if you’re looking for a more luxurious day at the beach. They offer cabanas, day beds, drink and dining options, waterfront pools, and a private beach for their guests.
Deerfield Beach - Just south of Boca Raton you’ll find Deerfield beach. The well-kept beach has a great fishing pier that stretches out 1000 feet from the shoreline that’s perfect for fishing. From this beach, you can visit the Deerfield Island Park, a preservice for picnics and nature walks through the mangroves.
Boca Raton has no shortage of local and trendy eateries for residents and tourists alike. There is a very diverse restaurant scene offering options from fine dining to cafes. Being a coastal town, you can find plenty of restaurants right on the water with beachfront views. There are also a few trendy breweries where you can score bar food while tasting the local brews.
With more and more restaurants popping up every day, Boca Raton is becoming a bit of a foodie paradise. Some local favorites include Tucci’s Pizza, Kanpai, Abe & Louie’s, Kapow Noodle Bar, and Rebel House. No matter what type of food you’re looking for, from sushi to Indian to American fare, you’ll find a hip spot with raving reviews.
As far as shopping goes in Boca Raton, you’ll see all the usual big box stores that you find in most American cities. You can grab groceries and the essentials at Target, Walmart, Whole Foods, Trader Joe’s, and Publix just as you do where you live now.
If you’re looking for smaller shops and boutiques, Boca Raton has no shortage of those either. In Mizner Park, you’ll find more than 40 unique stores, dining, and even an iPic theatre. There’s an outdoor shopping center at Boca Center which also has tons of popular shops and eateries. Other shopping centers and areas include Town Center at Boca Raton, Glades Plaza, Royal Palm Place, and Downtown Boca. You’ll be able to shop til you drop!
The Boca Raton area is considered one of the best areas in Florida regarding the public school system. The schools here have a higher average proficiency than the rest of Florida in math and reading. According to Public School Review, the area has one of the highest concentrations of top-ranking schools in Florida. With an average ranking of 10/10, they’re in the top 10 percent of Florida public schools. While the public schools have a great reputation, there are also numerous private schools to choose from as well.
There is higher education available in the Boca Raton area as well. Florida Atlantic University states that it’s the most diverse public university in Florida and offers 28 different bachelor’s and master’s degrees. Lynn University and Everglades University are two private universities based in Boca Raton.
Ask anyone who lives in Boca Raton and they’ll tell you this is one of the best places to live. Great education for the kids, world-class dining, extravagant shopping, a safe environment, and epic, white sand beaches are just a few of the main draws to Boca Raton. It’s our own little slice of heaven on the southern Florida coast.
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Serving The Greater Fort Lauderdale area since 2006
You can reach me 954-895-2431
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Vacation rentals have always been popular in Florida. With the advent of Airbnb, they become even more popular. Short term vacation rentals generate much more revenues than regular annual rentals will. There are also a lot more work involved. Unless you hire a property manager and property management fees can be steep. I run my own vacation rental in Pompano Beach and have managed several other for my customers in the area. Here are some things to consider when you go to purchase a South Florida vacation property.
Location
Any home could be a short term rental. Vacation rentals do best when they are located next to local amenities tourists flock to like the beach, golf course or other attraction?
Type of Property
In my experience, those that do the best are homes with four bedrooms, a swimming pool and are located within walking distance of the beach. These homes have gotten very scarce these days and are quite pricey.
Condos - The vast majority of condos will not allow short term rentals. Most of those that will allow it are what we call condo hotels and they're just exactly as they sound. There are hotels that have a property and reservation manager on site. The Q Club, a Hilton property and Ritz Carlton are examples located on the beach in Fort Lauderdale. They may only allow you to use the property for three to six months per year, so check the rules prior to signing any contracts.
Permitting & Regulations
Every municipality in Florida is going to require you to have a short term rental permit. The requirements will vary from city to city. As well as the costs. You can count on somewhere around $1000 in permitting fees to get started. Then a few hundred per year for renewals. You will need a license from the Florida Dept of Professional Regulation.
Short term rentals are subject to sales tax. You will have to collect the tax and then submit it to both the county and state every month. To both. Currently it's 13% total in Broward County. If you are marketing your home on Airbnb or VRBO, or another platform like that. Then they will collect the sales tax and submit it to the municipalities. You are still responsible for reporting, however.
Homeowners Associations
Before you purchase is a home in subject to a homeowners association be sure to check the rules to make sure that short term rentals are allowed. It is best to avoid homeowners associations completely.
Marketing
I found it's best to use a platform like Airbnb or VRBO. To manage your rental rather than advertise on, say, Craigslist. The platforms will take a sizable cut. But they also offer insurance, credit card payments and they can be a great help determining proper rates to charge.
Property Managers
Management fees to run a single family home will run you between 17 and 30% of collected revenue. Now that seems steep. But it is very labor intensive. Be sure you know whether they are providing you with the basics like linens, toiletries, paper products and that kind of thing. With condo hotels that have management on site, they do everything and they usually take somewhere around 50% of the total revenues.
The great thing about short term rentals is allows you to use the property and rent it out when you are not going to be using it. You can vacation in paradise and cover all or most of your costs. If you have no intention of using the property, consider renting on an annual basis. It is a lot less work and generate almost the same amount of net profit after management fees than short term rentals.
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Serving The Greater Fort Lauderdale area since 2006
You can reach me 954-895-2431
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There is tons of speculation about the current real estate market being in a bubble. There is a new article everyday it seems on the supposed bubble. Here is my take, for what it is worth. Before I get started, I will preface by saying this is a very difficult market to be a realtor. I am not a cheerleader for higher prices. I personally would love to see a slowdown, a return to a normal market. Even a crash would make my job easier. I am having a very hard time finding homes for buyers. Buyers need choices and there just aren't many out there. A lot of sellers would need to buy something new, but because there are not enough choices they are staying put and not selling. Therefore, listings are hard to come by.
I see the current conditions remaining the same for at least another 18 to 24 months minimum. Unless something really bad happens to trigger mass selling. Did you know we could double the number of active listings we have today and still be in a seller’s market?
There are almost no foreclosures in the pipeline right now and that is a slow process in Florida and many other states. If we were to see a huge influx of foreclosures starting today, they wouldn't make it to the market for at least a year. Many of them could take much longer. There will be many more than there were in the last two years, but they will be easily absorbed into the market.
If I were to compare our current market cycle with what happened in the last downturn, I would say we are about where we were in 2004. There was massive speculator activity then. People were flipping contracts on pre-construction condos. Tons of apartments were being converted to condos. House flippers were going nuts. Massive speculation is the true sign of a bubble. Frankly, we are seeing far less of that kind of speculation going on right now.
Back then easy credit was fueling the market. Mortgage originators were pushing variable payment loans where borrows could choose to pay only minimum amounts that actually caused them to increase their mortgage balances rather than lower them. Interest only loans were also a big thing and so were zero down payment loans. Many new homeowners found themselves underwater on their loan within months of closing. Many simply could not afford to sell because they didn't have the equity to pay realty fees and other closing costs.
Today it is cheap credit that is fueling the market. Lending standards have improved, and homeowners have record amounts of equity in their homes today. Just about everyone that has owned a home more than 6 months could sell it today and at least break even.
There is considerable amount of building and redevelopment going on locally in South Florida. Most of it is in the upper end of the market. We are running out of land, and I think we can count on a housing shortage indefinitely unless everybody changes their mind and starts moving out.
Usually, the cure for high prices is high prices. Meaning a correction is in order at some point. The last market top was in the 3rd quarter of 2006 almost exactly 15 years ago. It wasn't obvious we had topped out until nearly a year later because the real estate market moves so slowly. Prices didn't instantly crash either. It took another 3 years to find the bottom. Just like no one know when we were at the top, few knew when we bottomed out.
For the record I think the top is still 18 to 24 months away at least. And I wouldn't count on a huge crash like we saw in the last cycle. It could be more like what we saw in the early 90s, just a small pullback. There is a very good chance I am wrong though and I hope I am. Market timers are rarely right. Very few people sold at the right time and or bought at the right time. Most that did, were just plain lucky. Remember this, real estate is a long-term investment. The longer you own it the better off you will be regardless of when in the cycle you acted. If you want to wait for the next bottom, I hope you are happy where you are now, the next one could be many years away.
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Serving The Greater Fort Lauderdale area since 2006
You can reach me 954-895-2431
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The numbers for June are in. It is a continuation of the hot market we have been seeing for about a year. The median sales price for a single family home in Broward County just hit an all time high of $498,203. Inventory is still extremely low and homes are selling faster than ever. Average days of the market shrank 75% to just 11 days. See all the stats in the graphic below.
Serving The Greater Fort Lauderdale area since 2006
You can reach me 954-895-2431
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Subscribe to my newsletter here.
Serving The Greater Fort Lauderdale area since 2006
You can reach me 954-895-2431
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On July 8th I closed my listing at 1340 S Ocean Blvd. Apt 403, Pompano Beach. It is an oceanfront condo in The Claridge. In really like The Claridge. If I were to recommend one building in the moderate price range, The Claridge would be my first choice. It was built in 1973, but unlike most condos built in that era washers and dryers are allowed to be retro fitted. That is a big deal for most buyers these days. That isn't what I like most though. The units are much bigger than the average two bedroom condo and have nice wide balconies. There are 199 units and only 9 units per floor. Plus there are 4 elevators so it is rare that you have to wait more than a minute for your ride.
Presently the building is going through some cosmetic restoration that made selling it a bit of a challenge. All the units have impact resistant glass so the accordion storm shutters are no longer needed. They are being removed, The stucco is being repaired and then it will be painted. The project started near the beginning of the year and is supposed to be finished in Dec 2021. It is a bit noisy at times and the construction staging is taking up a lot of parking spaces.
Another challenge was the owner lived in England and didn't want to come back and empty out the unit. It was sold with all the furniture and personal possessions included. Foreign sellers have special tax consideration when they sell real estate here in the US. They are subject to a 15% withholding from the purchase price until they file their taxes. The right accountant can minimize the withholding and taxes. It all closed on schedule. The asking price was $484,500.
To see what it sold for follow this link.
If you are thinking about selling your home in Pompano Beach or the surrounding area please contact me. I have a lot of experience with foreign sellers and can guide you to the right attorneys and accountants for a smooth transaction.
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Serving The Greater Fort Lauderdale area since 2006
You can reach me 954-895-2431
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On June 10 my listing at 100 Golden Isle Dr Apt 211 closed. I helped the current owners purchase this unit two years ago. They decide they wanted more space and a better view so I helped them purchase a unit on the top floor earlier in the year. So in the past two years I assisted in three sales for these clients of mine.
To see what this condo in Lake Point Towers sold for follow this link.
Serving The Greater Fort Lauderdale area since 2006
You can reach me 954-895-2431
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On June 10 my listing at 4035 W McNab Rd Apt F101 closed. This is one of many units I have helped my investor client buy and sell in Windward Lakes and nearby Palm Aire. It was listed for $179,000 and sold in just 8 days. It had been rental property since I helped them purchase in 2014. The tenant had been paying $1600 per month. To see what it sold for follow this link
If you are thinking about making a move contact my today at 954-895-2431
Serving The Greater Fort Lauderdale area since 2006
You can reach me 954-895-2431
If You Like This Post, Please Share. Thanks!
