Ft Lauderdale Real Estate Review

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Overall the market is healthy in the Greater Fort Lauderdale area and Broward County. Below is a graphic of sales statistics for the month of May 2019. Notable in these statistics are the number of sales of both single family homes and condos are up 9.4% and 2.9$% respectively. Prices increases for condos outpaced single family 7.1% to 4.2% which is surprising. Also notable is inventory of available homes is creeping up.

This is what we call a balanced market. Sellers have just a slight edge over buyers of single family homes and for condos it is near equal. Condition don't favor either buyers or sellers in a macro sense. In specific neighborhoods conditions can be different.

Related:

Best Time to Sell a House in Fort Lauderdale

When is The Best Time to Buy a House in Florida

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When I am out showing property to prospective buyers, one of the most frequently asked questions I get about a property is "How long has it been on the market?

The number of Days on the Market (DOM) is an important statistic. It helps gauge whether a home is priced correctly. There is a direct relationship between the length of time it takes for a home to sell and how far above it's value the asking price is set. Right now in Broward County the average days on market is 47 for single family homes and 54 days for condos. Some homes sell in a day or less and others linger on the market for months and even years without selling at all. It is a good idea to try and find out the average DOM for the neighborhood or condo building you are interested in. That number could be much different.

Last year I had a sale in the Idlewyld neighborhood of Fort Lauderdale. It was on the market for 187 days which seems like a lot.  There was nothing wrong with the house except for some minor flaws. Idlewyld is one of Fort Lauderdale's nicest neighborhoods. The average sale price in the neighborhood was just over $2,000,000. However, because of the price point, the average for the neighborhood in 2018 was 201 days on the market.

So when I answer something like "Its been on the market for 125 days" I get the eye roll and a comment like "It must be overpriced" or "So what's wrong with it?".  It is over-priced is in most cases. But check what the average is in the immediate area first. Many, many new listings start well above their market value and then lower their price until they finally get some action. That is the wrong way to do it, but that will be the subject for another article. A more important number for a buyer is how long has it been on the market at the current price. In the earlier example what if the home has been on the market for 125 days, but it just had a 5% price reduction and is now priced to sell. That would be a much more important piece of information.

Better questions to ask are What is the market history? and What is the average days on market for the neighborhood? The market history is readily available in the MLS. Once you know the average days on the market and the history of any price changes you are a much better informed buyer than simply knowing the days on market.

Now that a buyer knows the days on market or days at the current price, and the average DOM for the neighborhood, what should they do with this information? If they like the home they should make an offer for it, regardless of what the price is. If it appears to be over-priced and on the market a long time, a buyer has a couple choices.  1. Make an offer based on its true market value. 2. Do what most people do and wait for further price reductions.

Option 2 may not get you the desired result. With few exceptions, the overall market is appreciating, and the value will eventually catch up with the seller's price. In three, six or nine months it will be worth more than it is today and you won't save any money. Or, if it does drop in price you can count on increased competition from other buyers. One thing all buyers should know is, if they like a property chances are someone else does too.

A home with a high number of days on the market is usually unattractive to most buyers, no matter how nice it looks. They wonder if there is something wrong with it other than the price? Once under contract you will have the opportunity for due diligence. An inspection will tell you if it has flaws. Ask for a sellers disclosure statement. If the seller knows about needed repairs or something else that may affect it's value they must disclose that information.

Most people would agree that the longer a home is on the market the more likely a seller will bend to an aggressive offer. There is only one way to find out. Make the offer. 

Related:

Here is Why You Should Make Offers on Over Priced Homes

What Should I Offer on My Next Home?

All About Home Inspections

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On May 8th the buyers I represented closed on their new home at 8083 Songbird Terrace, Boca Raton. 

The buyers of this home are a retired couple that was downsizing from a 5 bedroom home in Pompano Beach. I sold that home for them in late Feb of this year. They did the right thing by selling their current home before trying to buy their new home. That can be a tricky maneuver. If things don't go exactly as planned you can end up either homeless or owning two homes at the same time. Fortunately for them they had a daughter that lived close by they could stay with.

The one serious challenge they had was financing their new home. Although they had excellent credit, they were retired and on a fixed income. They had some debt from their daughters student loan that was throwing off the debt ratios important to most lenders. With the help of our in-house lender we worked out a plan to have that debt paid off at closing from the proceeds from the sale of their other home. Then it came down to finding a suitable home with condo fees that weren't sky high. 

I found just the right place in the Whisper Walk community of Boca Raton. It is a large community of about 1500 villas and condos off of Yamato Rd. It is an age restricted complex. Owners must be 55 years old plus to live there. It is well maintained and well run community with gated access and a community center and pool. The attached villa had 2 bedrooms, 2 bathroom, 1310 square feet of living space, a one car garage and a pleasant water view. 

The home was listed for $199,000 and we were able to negotiate a decent price of $190,000. They are delighted with their new home and I am pleased to have another happy customer.

Are you ready to downsize or up-size? Give me a call today 954-895-2431

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Serving The Greater Fort Lauderdale area since 2006

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On my latest sale I represented a couple from Indiana seeking a vacation condo in South Florida that had dock space available. They flew into Fort Lauderdale in mid February and we spent a weekend looking at units that were mostly in the Pompano Beach area.  After looking at about ten units we found a unit in a coop that they like and would accommodate a 35 foot boat. We negotiated a very good deal for them but ran into problems with the association and the deal died. Cypress Lakes East 3 is a small complex on 7th Ave in Pompano Beach. It is run poorly to the point of absurdity, and I would recommend to everyone to stay away.

The buyers had to return to Fort Lauderdale to start the search over and we spent another couple days looking at units that were mostly in Fort Lauderdale and Hollywood. Finding condos that will accommodate a 30 foot boat is a bit of a challenge. Many have limited space and have waiting lists for docks. We narrowed it down to two strong contenders and the family decided on a unit at Lake Pointe Towers on Golden Isle Circle in Hallandale Beach. It overlooks Golden Isles Lake and the Intracoastal Waterway. It too had a waiting list for a slip, but not a long enough one to deter the buyers. Negotiating the right price took several days. We finally got a deal done that included the furniture. It was a cash deal and closed in under 30 days on May 3rd. Now everyone is happy. See the 5 star review I received from my customers.

If you and looking for a condo or townhouse with boat slips call me at 954-895-2431.

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Serving The Greater Fort Lauderdale area since 2006

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When it comes to purchasing an oceanfront condo in South Florida, Pompano Beach offers a great value. It isn’t full of hotels, the beaches aren’t crowded and some exciting new developments are sprouting up. The facelift along Pompano Beach Blvd was finished several years ago.  Construction of the new fishing pier will be completed in 2019. Construction of the Pompano Fishing Village has started. It will include a Hilton Hotel and several new restaurants and shops. There are a lot of choices when it comes to oceanfront condos in Pompano Beach, so I have narrowed it down to the buildings I like the best.

I broke up my most recommended buildings into three groups according to price. I thought I would call them Bronze, Silver and Gold because they are all pretty good. The buildings in the Bronze level price point were mostly built in the 60’s and early 70’s. Most of them will have community laundry rooms and have no pet policies. The Silver Level price point buildings are not quite as old. They generally have bigger floor plans, some have washer and dryers in the unit. The Gold price point buildings are luxury condos and the most recent construction in Pompano Beach. In the case of Sabbia Beach, it is currently under construction. Click on the links or photos for complete listings

Here are my most recommend choices for oceanfront condos in Pompano Beach. There are 14 in all. I list the pros and cons of each. Some of these are just my personal preferences. Even though they all have some disadvantages, these are the best oceanfront buildings in Pompano Beach in my opinion.

Bronze Level

Pompano Beach Club

The Pompano Beach Club North and South are the two tallest condo buildings in Pompano Beach. They are located at 111 and 113 N Pompano Beach Blvd at the end of Atlantic Blvd.  Most of the units are still selling in the low to high $200’s. Pros - Big pool and clubhouse overlooking the beach,  No pets allowed, Liberal rental policy, and Central location.  Cons - Community washer and dryer, expect to do some remodeling. 

                                                                                        
Pompano Atlantis

Pompano Atlantis is located at 1000 S Ocean Blvd. It was built in 1973 and has 19 stories. It could have almost been placed in the mid-level category. Prices begin in the mid $300’s. It has a parking garage with manned security 24 hours a day.  There are two floor plans, corner units and non-corner floor units. They are both a little over 1400 square feet. Pros - In House management office, Residents are friendly and social, Nice pool and deck overlooking the beach.  Cons – No pets allowed, Community laundry, small galley kitchens.                                                                                   

Parliament House

Parliament House is located at 405 N Ocean Blvd. It was built in 1971. It is actually semi-ocean front. It has direct ocean views but is not directly on the beach. It is on the west side of A1A. It has 19 stories and 432 units. Pros - In House management, Recent concrete restoration and exterior paint, Impact resistant glass throughout, 3 elevators means less waiting, 24 security at the lobby entrance. Cons - You have to cross A1A to get to the beach, No pets allowed, The interior hallways are dated, Limited guest parking, Community laundry.                                                                                                                                        

Silver Thatch Atlantic Plaza

Silver Thatch Atlantic Plaza is a two-building high rise complex located at 525 and 531 N Ocean Blvd. Like Parliament House is has direct ocean views available but is on the west side of A1A. Both of the towers are 18 stories tall. It had a major renovation that included concrete restoration and the windows replaced with impact resistant glass. The average sales price is in the low $300s. Pros -  Impact resistant glass throughout,  Large deck, pool and tennis court,  24 security at the lobby. Cons -  No pets allowed, Community laundry.                                                                                            

The Breakers

The Breakers is located at 710 N Ocean Blvd. It is one of the older high rise oceanfront condos in the area. It was built in 1964. It is a smaller building with 12 stories and 140 units. Pros - Wide, picturesque beach front area, Small pets allowed,  Nice pool area. Cons - Few covered parking spaces. Most are across A1A, Units are small, about 800 sf, Community laundry,  Construction of Sabbia Beach next door.                                                                             

Silver Level

Bermuda House

Bermuda House Condominium is located at 328 N Ocean Blvd, Pompano Beach. The 16 story building was built in 1964 and has 115 units. All the units have direct ocean views that include the new fishing pier currently under construction. Pros -   Central location,  All units have direct ocean views, Exterior catwalk & private balconies. Cons - Community laundry, No pets allowed.                                             

Claridge

The Claridge is an oceanfront highrise condominium located at 1340 S Ocean Blvd in Pompano Beach, FL. The uniquely shaped building built in 1972 has 23 stories. Each floor has 9 units.  All 198 of the units have 2 bedrooms and two bathrooms.  Pros - Large units from 1400 to 1800 sf, 24 hour security at the lobby, Nice amenities. Cons - No pets allowed, Not all parking is covered.                                                                                         

Ocean Monarch

The Ocean Monarch is a 16 story high-rise condominium located at 133 N. Pompano Beach Blvd in Pompano Beach, FL. Right next door to the Sea Monarch Condominium. It was built it in 1966 and has a total of 164 one, two and three bedroom units. Pros – 24 hours security guard. Great location next to the newly reconstructed fishing pier and forthcoming Pompano Beach Fishing Village. Covered garage parking. Cons – Community laundry, interior hallways, no pets.

Pompano Aegean

The Pompano Aegean condominium is located at 1010 S. Ocean Blvd in Pompano Beach. The 17 story highrise building looks very similar to the building next door, Pompano Atlantis. Their garage structures abut each other. Pompano Aegean was built in 1973. Pros - 24 hours security guard, garage parking, washer and dryers in the unit. Cons – No pets

Renaissance I &II

Renaissance Condominiums is one of the more popular condominium complexes in Pompano Beach. There are three buildings, each with a separate association. Renaissance Condominiums I & II are beachfront buildings located at 1360 and 1370 S. Ocean Blvd. Renaissance Condominiums I & II are both 28 story highrise buildings built between 1974 and 1977. They each have approximately 200 units a piece

Sea Monarch

The Sea Monarch Condominium is an 18 story high-rise building overlooking Pompano Beach. It is located at 111 N Pompano Beach Blvd., Pompano Beach, FL. Sea Monarch was built in 1970 and has 238 two and three bedroom units that range in size from 1200 square feet to 2240 square feet of living area.

Gold Level

Luna Ocean Residences

Luna Ocean Residences is a small boutique condo building located at 704 N Ocean Blvd. It has nine stories and only 32 units. Built in 2007, it is one of the more modern oceanfront condos in Pompano Beach. It features private elevators, covered garage parking with valet service, a fitness center and heated pool. Pros - Modern design features like high ceilings, Wide beach area, Pets allowed. Cons - High monthly fees.

Sabbia Beach

Sabbia Beach is a new ultra-luxury condominium project currently under construction at 730 N Ocean Blvd Pompano Beach, FL. It will have 68 units directly on the beach. First year of maintenance is free. Available for occupancy soon. Priced from $1,200,000 to $2,300,000

Sonata Beach Club

The Sonata Beach Club is located at 801 Briny Ave in Pompano Beach.  The 64 unit luxury highrise building was built in 2007. No new condominiums have been built in Pompano Beach since then.  There are five unique floor plans. They are all two bedroom units and the smallest is just under 2500 square feet.

Related: 

A Guide to Purchasing a South Florida Condo

Pet Friendly Condos in Pompano Beach

Here is Why You Should Make Offers on Over Priced Homes

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On February 22 my listing at 731 NE 13th Ave, Pompano Beach was sold. The Pine Crest home had 5 bedrooms and 2.5 bathrooms. the home had a large pool and brick paver deck. 

The home was under contract in only 26 days. I had been listed with another agent  for over a year before the listing expired in May of 2018. 

The asking price for the home was $339,000. 

Would you like to know what this home sold for? Just text the code - 731NE13THAVE to (954) 866-5550 

If you are thinking about buying or selling a home in the area give me a call at 954-895-2431

Serving The Greater Fort Lauderdale area since 2006

You can reach me 954-895-2431

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For boating enthusiasts, Pompano Beach has many good options for those that want easy access to the ocean from their home. Not only are most of the Pompano Beach waterfront homes close to the Hillsboro Inlet, they also present a better value than more expensive neighborhoods in nearby Lighthouse Point and Ft Lauderdale.

When buying a Pompano Beach waterfront home, with ocean access, an obviously important factor that will affect your decision making is the size of your boat. If you are purchasing on a canal your boat should be no longer than one-third the width of the canal, to allow for turning. Some neighborhoods have fixed bridges that will restrict taller boats access at high tide and altogether. If your boat requires a home with no fixed bridges between you and the ocean these are the neighborhoods for you to consider. Starting with the closest to Hillsboro Inlet and ending with the furthest away. You will find that waterfront homes with no fixed bridges are in the 33062 zip code and waterfront homes with with fixed bridges are in the 33060 zip code. 

Below are links to Pompano Beach Waterfront Real Estate listings. Click the links or create you own custom search.

Pompano Beach Waterfront Homes with No Fixed Bridges

Hillsboro Harbor     Country Club Isles    Harbor Village    Santa Barbara Shores  

 Pompano Isles   Pompano Shores

If you own a smaller boat that will fit under the fixed bridges you have a few more neighborhoods you can consider. These neighborhoods with limited access are generally better priced.

Pompano Beach Waterfront Homes with Fixed Bridges

Snug Harbor    Garden Isles    Cypress Harbor      Boulevard Park Isles 

The most expensive waterfront properties in Pompano Beach are directly on the Intracoastal Waterway, and or they are on Point Lots. A point lot is were a canal intersects with the Intracoastal Waterway giving that lot waterfront on two sides and more potential dock space. Keep in mind the value of the land can be a big chuck of the total value of entire property. Vacant waterfront lots start at $500,000 or so.  Prior to the market down turn it was not uncommon for older homes to be torn down and a larger more modern home built in its place. That trend stopped for a while but lately that trend has continued. If you drive through any of the waterfront neighborhoods in Pompano Beach you are likely to see new larger homes being built on a site where an older smaller home once stood. There is also a lot of renovations being done.

What to look for

The distance to the Hillsboro Inlet may influence which neighborhood you choose. That is the closest access to the ocean. If you need to be close to the inlet and don't mind spending a bit more consider a Lighthouse Point waterfront home.

Seawalls are concrete retaining walls that keep your lot from eroding into the canals. They can be expensive to renovate so be sure to have it inspected by an expert.

You are buying a property in a flood zone. Insurance will be more expensive. Flooding is rare, but during the King Tides of October it is possible the water will breach the seawall on homes at the lowest elevations. Be sure to ask the owner if that has happened.

Be sure your boat will fit the lot and or dock. Some lots are more narrow than others. At the end of a canal they can be very small. You need to allow a 5 foot set back at either side to you aren't colliding with your neighbors boat. 

One last thing. Lots at the end of a canal are not as desirable as lots closer to the intracoastal waterway. They tend to get cluttered with debris. Some worse than others. You may want to go back at different times of the day to see if that is a problem.

Related:

What Should I Offer on My Next Home?

Ft Lauderdale Condos With Docks

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Here is a quick market update for December 2018 in Broward County. 

I don't pay much attention to the month to month changes in the median sales prices. They always tend to fluctuate quite a bit. Inventory of active listings is growing. We are approaching the selling season and that will probably continue. The months supply of inventory is an important number to watch. A six month supply is considered a balanced market. Less than that is a sellers market and more than six months supply is considered a buyers market.

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Serving The Greater Fort Lauderdale area since 2006

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When selling your Fort Lauderdale home, be prepared for low-ball offers. It comes with the territory.  How a bad offer is handled could mean the difference in getting your home sold or letting it remain on the market. Many sellers get indignant and dismiss it altogether.  That would be an incorrect response. A low-ball offer doesn't mean the buyers aren't serious.  More likely, the buyer is fishing or testing the seller's motivation. A large portion of the sales in South Florida come from foreign buyers. Low offers are a common practice in some cultures and countries.  I'm going to show home sellers a better strategy that they can actually use to their advantage.

Before I get to that, make sure you are confident in your estimate of your home's value. Low-ball offers can be a matter of perception and opinion. Some times a low-ball offer ends up being closer to the homes actually value than the asking price. If you used my 3 Steps to Get Top Dollar for Your Home you can be confident you have the right price.

Low-ball offers are better than no offers at all.   I have seen many situations where dozens of potential buyers viewed a property, but none of them made offers because they felt the price was too high. If a buyer takes the time to put an offer in writing. They have become emotionally invested in the home. You have them on the hook.

Even if a deal doesn't come together, that offer can  be used for leverage.  The best way to deal with that low ball offers is to slow play them, and then make a modest concession.  A typical offer will have a set date to respond, or the offer expires. It could be two days or perhaps even less than one day. Let's use an example of a home listed at $399,000 and the expected sales price is $385,000. The offer comes in at $340,000 and the buyers want an answer in 24 hours. 

Since the expected sales price is $385,000 the sellers shouldn't accept $340,000. So forget about the buyers arbitrary time limit in the offer. I would recommend a counter offer of $395,000 but wait to present it for 48 hours. Two full days is more than most anxious buyers and hungry agent can stand. The agent will likely be calling before the 48 hours is up to see what the status is.  The first rule in negotiating is the first party to talk loses, and they just lost.

When that call or email comes I prefer not to respond to it right away.  I will let the counteroffer be the answer the following day. The buyer at this point will either go away and you haven't lost anything. Or they improve their offer. The faster their response to the counter offer, the more motivated they are. Regardless of what the number is. They may worry that another offer will come in on the home they want to buy. The seller should continue to run out the clock when responding to further counter offers. Until they get what they want.

A better offer may very well come in.  This is the best scenario in today's market. A multiple offer situation always works in the sellers favor. That is why it is so important to keep that low-ball offer engaged as long as possible.  The other potential buyers don't need to know the other offer stinks. They need to know there is another offer. Dismissing an offer completely is more about ego and could be a big mistake. Just take in stride and use it to your advantage. There's nothing to lose.

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Homelight is a company that has been around since 2012. What they offer according to them is "The Smarter Way To Find A Real Estate Agent".

Homelight is actually a real estate broker. They don't provide the typical brokerage services, however. Their income comes from referral fees paid by real estate agents when they get a customer referral from them and successfully close a sale. When an agent earns a commission from one of Homelight's referrals they pay them 25% of the gross commission. There is nothing unusual or unethical about this. It is a common practice between brokers and agents.   

I am an agent in their network. I have had numerous customers referred to me from Homelight and I have closed sales from those referrals. 

If you are expecting to go to the Homelight website and be referred just the right agent for you, you may be shocked by what really happens. There are plenty of good and even great agents in their network. There are also some not so great and average agents in their network. The problem is you will be getting calls from all of them, or it will at least seem like that is the case. Lately when I get a referral from Homelight for a home seller in Pompano Beach or Fort Lauderdale area and call them, I am the sixth, eight, or tenth agent to make contact. The reaction I get from these referrals is anywhere from cold to irate.

This is not how they claim it is supposed to work. Believe me, I do not want to be the eighth agent to call you. I don't even want to be the second agent to call. They claim that to offer a "Guaranteed Referral" to agents. This means I would be the only agent to contact a prospect. The guarantee expires 30 minutes after I get the referral notice from Homelight. Then after the 30 minutes is up they supposedly pass on the contact information to 2 or 3 other agents. The reality I am seeing is even if I make contact with the prospect in 10 or 15 minutes I am speaking with an irate homeowner that has already talked to a whole bunch other agents. Here are some examples:

Sal A. From Pompano Beach said "This is too much. It's Sunday and I have agents calling me every 5 minutes. I just had a death in the family and can't deal with this now" 

James S. from Pompano Beach said "You people are way too aggressive. I have been bombarded with calls" 

John B. from Fort Lauderdale said "You are the eighth agent to call me this morning."

When I have complained about the feedback I am getting from angry homeowners, the response has been "It is a possibility that the client went to other real estate sites". This is a plausible excuse. At least it was until I saw a clear pattern that everyone I have been able to reach has said nearly the same thing. 

Homelight's practices will not likely find you the best agent for you. It will more likely find you the agent that happened to at their desk doing nothing when they get the referral from Homelight and were to first to call you and make an appointment. 

I gladly pay agents and brokers a referral fee because they know of my abilities. I can't see paying 25% of my fee just for the privileged of being one of a small army of agents who got your contact information from a lead generating site. Unless their practices change, I will not likely accept anymore referrals from them. If you have been slammed with agent calls after contacting Homelight I would love to hear your story.

There are better ways to find a good agent. If you are in the Greater Fort Lauderdale area contact me. I have a proven track record. You can also ask friends and neighbors. Your accountant or lawyer even will likely know more than one good agent. I network with a lot of agents all over the country. If you are out of the area, let me help.

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You can reach me 954-895-2431

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