Robert Darrow, Broker Associate
Check out the pictures of this two bedroom, two bath, in Sunrise, on the Sunrise Golf Course. This condo villa offers a garage plus room for 2 more cars outside, modern design, vaulted ceilings, and several outdoor spaces. Full listing coming soon, but photos below. $163,000!
The weather report says it’s gonna hit 94 degrees today here in Fort Lauderdale. And the week-long forecast shows 90 degree days as far out as the pretty weather lady will show me. I think it’s finally dawning on me that the summer season is here to stay.
I’m having a hard time adjusting to the opposite schedule of outdoor seasons. You see, it’s only been two years since I moved here from Chicago.
In Chicago, we stay inside during winter because…
There are only 18 weeks of summer in Chicago between Memorial Day and Labor Day, and even those aren’t all guaranteed good weeks. So every chance during the summer we played outside because…
Well here in Fort Lauderdale, the Canadians are back up north, the mid-westerners are back up in Chicago and the roads are finally manageable. The typical attitude is to hunker down in an icy cold movie theater or at the mall any time leaving the house is required. What Floridians seem to think of summer is…
Despite the heat, I quite enjoy the summer season in South Florida. I have a screened in porch to keep the mosquitoes at bay, and although it’s Hurricane Season, when there are no storms nearby the weather is spectacular for sailing. The winds typically are more favorable for a sail and the westerly direction means the ocean and the waterways can be calm.
Other fun stuff to do outside this summer…..
Now let’s buck the trend and get outside and have some fun this summer!
Nearly forever in the realm of Real Estate has the Red Accent Wall been the darling of would-be decorators and home owners that desire a little extra spice in their interiors.
Your Guide is officially declaring the era of the Red Dining Room and/or Red Powder Room over. At least when it comes time to sell.
Though the pop of color could be interpreted to “add some character” all too often it’s the wrong kind. Red isn’t everyone’s cup of tea. And it is VERY hard to cover up – or at least buyers perceive it as a challenge to cover up.
Invariably, these red rooms get passed on from homeowner to homeowner because no one has the courage or tenacity to apply layer upon layer of KILZ primer to undo the dastardly deed.
In the photo below, the third set of home owners is currently enjoying the sizzling red dining room (VHT did seem to go overboard with the color correction, nonetheless it is RED.)
Let’s all agree: Henceforth for a pop of color, we will add it with throw pillows, an accent blanket and a vase of roses!
From my monthly report from Credit Suisse and their survey of real estate agents nationwide on what they’re seeing in the marketplace, another solid indicator of how quickly the market has turned around.
Traffic levels exceeded agents’ expectations in the region during the month of May, and 88% of agents reported that home prices increased in the most recent 30 days compared to the previous month.
Some of the comments from agents…
People who qualify to buy want to right now as prices are going up. But there are not enough properties out there and they are being bought up by cash buyers, finance deals are hard right now.
Rentals are getting expensive and are hard to find in desirable neighborhoods.
Prices going up frees some owners who are above water and can sell now.
We are definitely seeing the supply of homes remain tight, which is in-turn leading to shorter times to sell. But the plus side is that the rising prices means that more home owners will be able to sell leading to (hopefully) some more inventory.
With so much talk in the news about the Shadow Inventory of homes I wanted to take a moment to look at the data to see if the hype is living up to reality.
What we’re seeing is that the states that were hardest hit by the foreclosure crisis, namely Florida in particular, actually worked through their foreclosed inventory more quickly than other parts of the country and it appears that lenders are doing a good job of selling off their REO inventory rather efficiently.
We’ve seen lenders doing a great job of selling their inventory both through retail channels (listing with Realtors who are placing the homes for sale through the MLS and traditional marketing) and through bulk sales to investors.
http://www.reuters.com/article/2012/04/12/us-housing-foreclosed-bofa-idUSBRE83B1LY20120412
We’re seeing the percentage of distressed sales decrease dramatically as a percentage of all homes sold. Nationwide figures indicate that distressed properties are currently 21% of sales, down from as much as 35% of sales back in January of 2012.
If you’re curious about what’s happening in your neighborhood, check out a market report that’s customized for your neighborhood zip code here.
Even though asking home prices rose 7.0% in the last year, outpacing rent increases of 3.2%, the gap between buying and renting has narrowed only slightly. One year ago, buying was 46% cheaper than renting. Today’s it’s 44% cheaper to buy versus rent. In fact, homeownership is cheaper than renting in all of America’s 100 largest metros.
Check out the interactive map over at http://trends.truliablog.com/vis/rentvsbuy-winter-2013
Two Bedrooms
Two Baths
Parking space included
List Price $235,000
Available furnished $255,000
Assessments: $574
2012 Taxes: $1,723
Amazingly well located condo just off Federal Highway and Sunrise in Fort Lauderdale. Building is located directly on the Intra-Coastal Waterway. 6th floor unit features spacious balcony overlooking the Ft Lauderdale skyline. Inside the decor is impeccable with tile floors in the living areas and carpeted bedrooms. The baths and kitchen are partially renovated. Impact windows have been installed. This unit is available furnished for turn key vacation enjoyment for $20,000. This location is across the street from the Gateway Theater, within walking distance of the Galleria Mall, and less than 1 mile to the beach.
It’s a common question during the first interview with buyers who may be seeking a condominium here in South Florida:
It seems to be lost on home sellers during the current frenzy of activity that is fueled by investors and foreign buyers that are flush with cash these days, but the predominant purchasers of condominiums used to be first-time homebuyers that may not have saved up enough cash to put down $30,000, $50,000 or even $100,000 on a new condominium home.
However, buyers who use FHA financing, however can purchase homes with as little as 3.5% down-payment.
There’s a hitch, though! You have to find a building that is already FHA, VA or Fannie Mae approved, and here in Fort Lauderdale, there are only a handful!
It’s a great question, and one we wish more Home Owners Associations would ask about.
It’s not that hard, but does have some cost. The fees typically run around $2,000 plus the cost of a consultant if you decide to use someone who is versed in the process to guide you through it.
Typically it’s the HOA and the management company that make the decision to get the condominium FHA approved.
FHA will look at a number of factors, and three are of critical importance:
Considering that first time buyers make up the majority of potential condominium purchasers, it makes sense to your association to undertake this effort.
Low down-payment financing is not just for low income resident – in fact it’s far from the reality of what can happen if your property is only attractive to investors! Investors are typically the kinds of buyer that are looking for the best deal available, and a preponderance of investors buying in your HOA can serve to hold values stagnant or even drive values down!
I’m hoping we all see your condo or HOA on the FHA Approved List one day soon!