Buyers are you worried when your pre-approval letter says you are approved for more?

Money Money MoneyA colleague recently asked if he should get a new approval letter for his buyer. The reason was that he was negotiating on a house, and was planning on offering less than the approval amount that the buyer could afford. I’ve also been in a situation where my buyer has cash in the bank for a cash purchase, and the bank balance is far more than the purchase price.

The question is:  Are you giving away too much information by letting it be known that you CAN spend more than you want? Perhaps, but I don’t think this is a significant objection to overcome.

Let’s say a buyer has a mortgage approval for $400,000. A house is listed for $375,000 but is only worth $360,000.   Will it make negotiations more difficult if a seller sees a letter that says the buyer can spend $400,000? Not if I’m good at what I do.

There is absolutely no justification for a negotiation to include a dialog of “but he has the money.” What in the world does that have to do with the price of Tea in China? Nothing.

This reminds me of sellers that “need to get” to a particular price in order to buy a new property. How is that my problem? It’s not. The house is worth what the house is worth. If it’s like all the other houses on the block, it’s probably worth close to the other houses. If it’s unique, it’s worth what a buyer is willing to pay. It’s certainly not worth what my bank balance says I have. That’s like my other favorite saying “How can I be overdrawn? I still have checks left!”

Next thing out of my mouth when someone says that to me is: prove it. Show me some justification for your price. I’ve proved my client can buy it. Now you prove your worth. If you can’t? We’ll be on our way.

Snowbird Condos in South Florida – Lauderdale Oaks in Lauderdale Lakes

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Previously we wrote about our favorite collection of condominiums that are favored by Snowbirds throughout South Florida and today we are adding Lauderdale Oaks in Lauderdale Lakes to the selection because so many of our clients have discovered the community.

Lauderdale Oaks is located along Oakland Park Boulevard in central Broward between I-95 and the Turnpike, and once you enter the community the tranquility will amaze you compared to the busy congestion that surrounds the community.  Don’t let it deter you, however, as the community is located conveniently close to I-95 for easy access to the airports, and the central location means residents have access to both the beach (3.5 miles east) or to attractions further west in Weston and Sunrise.  Golf, shopping, movies, dining, and entertainment are plentiful in any direction.

Inside Lauderdale Oaks the community features 716 condominiums in 19 buildings.  Being a 55+ community means the homes are very affordable which is a surprising change from incredibly expensive new construction nearby.  A large club house features an auditorium with seating for 300 and many activities all year long.  Three pools, shuffleboard, bocce ball, and plentiful walking trails create a tranquil oasis where it’s easy to relax.

Homes available in Lauderdale Oaks

Beautiful and completely remodeled 2/2 apartment. Marble floors. Luxury finishes. Peaceful views of the lake and the gardens. Multiple amenities. 15 minutes from the beach. Very close to the Florida Medical Center. Easy access to the main avenues and highways. Ideal for snowbirds. 55+ Can be rented after one year generating excellent profits. $109,000 Active

2801 47th Ter NW 409A Lauderdale Lakes, Florida

2 Beds 2 Baths 1,021 SqFt

BEAUTIFULLY REMODELED WITH THE BEST AND READAY TO MOVE IN. NEW KITCHEN CABINETS AND GRANITE COUNTER TOPS. STAINLESS STEEL APPLIANCES. TILE FLOORS IN ENTRANCE, KITCHEN AND BALCONY. LIVING ROOM AND BEDROOMS SPECIAL WOOD FLOOR. BATHROOMS ALL REMODELED. ENCLOSED PATIO OVERLOOKING THE CANAL. NICELY FURNISHED, DECORATED WITH TASTE. MURPHY BED IN GUEST BEDROOM. NEW FRONT DOORS.. VERY ACTIVE COMMUNITY. 55+ COMMUNITY PER ASSOCIATION. MUST SEE.!!!NEGOTIABLE !!!!! $108,500 Active

2900 47 terrace NW 409-A Lauderdale Lakes, Florida

2 Beds 2 Baths

WOW THIS PROPERTY IS FURNISH, LOCATED IN AN ADULT COMMUNITY WITH LOW MAINTENANCE FEE AND LOADS OF AMMENTIES. $95,900 Active

3051 46th Ave NW 409 Lauderdale Lakes, Florida

2 Beds 2 Baths

Very nice and clean 2/2 Condo unit , Building 12, on the first floor, ready to be moved in. Very clean painted walls with Ceramic tile and floor in bedrooms. Relaxing water view from the bedroom and a back patio. Quiet 55 and over community, convenient to shopping and restaurants. Near to I-95, Turnpike and State Rd 7.The community offers 3 pools, clubhouse with a gym, library and a recreation room with pool tables. Very easy to show , call Listing Agent. Very motivated sellers. $85,500 Active

3001 46th Ave NW 102 Lauderdale Lakes, Florida

2 Beds 2 Baths

Gorgeous total remodel!! Completely contemporary modern European style 1BR 1.5BA has SS appliances, all soft-close cabinets, wine storage, reverse osmosis system, granite counters, recessed LED lighting, new outlets, subway tiles & granite design in shower. Wood flooring in living area and bedroom as well as a study/office area. Seller prefers to sell partially furnished for convenience. Please use the FIRPTA addendum, with offer. $82,000 Active

2901 46th Ave NW 404 Lauderdale Lakes, Florida

1 Beds 2 Baths

BEAUTIFUL 2/2 CORNER UNIT THAT'S LOCATED IN LAUDERDALE OAKS 55+ COMMUNITY. TILE IN THE LIVING ROOM AND TILE THROUGH OUT. IT IS VERY CLOSE TO THE ELEVATOR AND LAUNDRY FACILITIES. THIS UNIT IS VERY CLEAN AND WELL KEPT. PROPERTY BEING SOLD AS-IS WITH RIGHT TO INSPECT. $79,999 Active

3081 47th Ter NW 315 Lauderdale Lakes, Florida

2 Beds 2 Baths

Beautifully renovated 1st floor, corner, garden 2/2 in Lauderdale Oaks II. Kitchen has full-size appliances and farmhouse sink. Master ensuite. Both closets are walk-in. Gorgeous new tile throughout. Condo fee includes water, cable, maintenance and a host of amenities – pools – tennis – library – workout room – card room – community rooms – ballroom and loads of scheduled activities. Walk to bus. Affordable, turnkey, maintenance free living! $79,900 Active

3071 47th Ter NW 116 Lauderdale Lakes, Florida

2 Beds 2 Baths

TURNK KEY TOTALLY FURNISH VERY CLEAN IN MOVING CONDITION. IMPACT WINDOWS IN THE PATIO AND FRONT. AC 2008, WATER HEATER 2009. MUST SEE. VERY ACTIVE COMMUNITY: BINGO,SHUFFLEBOARD,PETANQUE,SAUNA,EXERCISE ROOM AND MUCH MORE. THIS IS AN ADULT COMMUNITY 55+ NO PET THANK YOU FOR SHOWING $78,000 Active

3091 46th Ave NW 402A Lauderdale Lakes, Florida

2 Beds 2 Baths

Beautiful turnkey unit. Mint condition. Screened balcony equipped with hurricane shutters. Serene view of the pool and common area. Association requires at least 1 resident be a min of 55yrs old, have a min annual gross income of $35,000 and a min credit score of 680 This is a must see. $72,000 Active

2999 48th Ave NW 453 Lauderdale Lakes, Florida

2 Beds 2 Baths 960 SqFt

Beautiful,clean,and charming 2/2 apartment in the 55+ Lauderdale Oaks condo community.This apt.looks great and is in Good condition.Lease after one year owned.Complex has clubhouse and swimming pools.Building has outdoor sitting area with BBQ.No condo fees. are needed to be paid in advance at closing. $69,999 Active

3071 47th Ter NW 324 Lauderdale Lakes, Florida

2 Beds 2 Baths

INVESTOR SPECIAL 10% return- cash on cash 100% renovated, everything is new long term tenant at $975.00 a mo 1-1&1/2 with screen porch $69,000 Active

3001 48TH AV NW 341 Lauderdale Lakes, Florida

1 Beds 2 Baths

2 BEDROOM 2 BATH WITH AN ADDITIONAL ENCLOSED FAMILY ROOM. ALL TILE THROUGHOUT. FIRST FLOOR. NEXT TO THE COMMUNITY POOL. 55 AND OLDER COMMUNITY. (Only one owner needs to be 55 years old or older) Next to shops and buses $68,900 Active

2999 48 AV NW 138 Lauderdale Lakes, Florida

2 Beds 2 Baths 960 SqFt

BEAUTIFUL REMODELED UNIT, OPEN KITCHEN WITH GRANITE COUNTER TOPS, NEW STAINLESS APPLIANCES,LUXURY WATERPROOF LIGHT OAK FINISH LAMINATE PLANK FLOORING. NEW AC .TURN KEY,COMES TOTALLY FURNISHED. ENCLOSE PATIO WITH A NICE VIEW. LOW MAINTENANCE ONLY $233 MONTHLY. VERY ACTIVE COMMUNITY: PETANQUE,SHUFFLEBOARD,BINGO,EXERCISE ROOM,SAUNA,HEATED POOL AND MUCH MORE. 55+ $65,000 Active

3091 46th Ave NW 206C Lauderdale Lakes, Florida

1 Beds 2 Baths

Pride of ownership !!Great opportunity to own this spacious 2/2 in quiet condo complex, bathrooms updated, tiles throughout, enclosed patio, overlooks calming greenery garden view, conveniently located to shopping, public transportation, restaurants, medical facilities. Amenities include pool, gym, community club house that hosts live shows, dances, hobby room, billiards, fitness center, library. See this home today. Association represents itself 55+ community $64,500 Active

3090 46th Ave NW 214 Lauderdale Lakes, Florida

2 Beds 2 Baths

QUITE APARTMENT WITH LUSH GARDEN VIEWS MOSTLY ORIGINAL UPDATED AIR CONDITION AND WATER HEATER. LOCATED ACROSS FROM THE ELEVATOR AND LAUNDRY ON SECOND FLOOR. COME ENJOY THE EXQUISITE CLUBHOUSE AND GROUNDS. BRING YOUR FRIENDS TO PLAY CARDS OR HANG BY THE POOL. CENTRALLY LOCATED CLOSE TO HIGHWAYS. $57,000 Active

3061 47th Ter NW 232B Lauderdale Lakes, Florida

1 Beds 2 Baths

BEAUTIFUL UPDATED UNIT NICE AND CLEAN. NO CARPET TILES THROUGH OUT, AC AND WATER HEATER NEW.HEATED POOLS. LOW MAINT.$226.00 MONTHLY. CENTRALY LOCATED,CLOSE TO STORES, RESTAURANTS AND HIGHWAY, ABOUT 20 MIN FROM THE BEACH. VERY ACTIVE COMMUNITY: SHUFFLEBOARD,PETANQUE, LIVE SHOW, BINGO, SAUNA, EXERCISE ROOM AND MUCH MORE. MUST BE 55+ READY TO MOVE IN. DON'T MISS OUT. PRICE TO SELL. $55,000 Active

2901 46th AVE NW 304 Lauderdale Lakes, Florida

1 Beds 2 Baths

Great Location!!! Close to Shopping, restaurants, and Hospitals. Great opportunity to customize to your liking. Price to sell!! This is a 55+ community. $54,000 Active

3001 48th Ave NW 432 Lauderdale Lakes, Florida

2 Beds 2 Baths

SPACIOUS 2 BED 2 BATH 2nd FLOOR END UNIT CONDO - LOVELY VIEW OF THE LANDSCAPED GARDENS , CLUBHOUSE & POOL - AS PER ASSOCIATION THIS IS AN ADULT 55+ COMMUNITY WITH SEASONAL ACTIVITIES - CLOSE TO HOSPITAL, MAJOR HIGHWAYS, GROCERY STORES. PROPERTY IS BEING SOLD 'AS-IS' $49,900 Pending Sale

3061 47th Ter NW 226A Lauderdale Lakes, Florida

2 Beds 2 Baths 922 SqFt

Fantastic top floor unit in Lauderdale Oaks. This property has been extremely well maintained! Enclosed balcony can be great for reading or open up the window to enjoy the breeze as you overlook the patio. Interior features an eat in kitchen, newer appliances & a nice bathroom. Unit includes storage locker. Best parking spot in the bldg! 10 min from the beach! Social activities like bingo, barbecue at the picnic area, library, Billiard room, exercise room, heated pool! 55 + community. $47,500 Active

2881 47th Ter NW 405 Lauderdale Lakes, Florida

1 Beds 1 Baths

2/2 corner unit priced to sell fast ! 55+ community. No pets allowed.No leasing first year. Buyer must have 700+ credit score and around 30K yearly income to qualify for residence as per association information provided. Unit is vacant and ready for new buyer's touch. Unit is in a trust and seller nor the broker have any prior property condition history or disclosures available. Unit to be sold in its present as is condition. Buyer must use seller's title agent therefore seller will pay for the title insurance. $45,900 Pending Sale

3061 47 Ter NW 333A Lauderdale Lakes, Florida

2 Beds 2 Baths 922 SqFt

Centrally Located Condo with access to major transportation and shopping. Community Pool. Priced to sell. $45,000 Active

3071 47th Ter NW 322 Lauderdale Lakes, Florida

1 Beds 1 Baths

ONE BEDROOM/1.5 BATH APARTMENT. REMODELED KITCHEN! WITH HUGE WALK IN CLOSET AND MASTER BATH. VERY CLEAN COMPLEX WITH ELEVATOR ,POOL AND CLUBHOUSE . AVAILABLE NOW FOR SHOWINGS . VERY ACTIVE ADULT COMMUNITY. $41,900 Active

3061 47th Ter NW 135B Lauderdale Lakes, Florida

1 Beds 2 Baths 662 SqFt

LOWEST PRICE IN COMPLEX........COZY ONE BEDROOM UNIT IN 55 PLUS ADULT COMMUNITY, IN GOOD CONDITION.....FEATURING AN OPEN LIVING ROOM WITH LARGE WALK-IN-CLOSET IN MASTER BEDROOM, SCREENED PATIO......READY TO MOVE IN....BEING SOLD AS-IS WITH RIGHT TO INSPECT $41,500 Active

3081 47th Ter NW 114 Lauderdale Lakes, Florida

1 Beds 1 Baths

Can I use my condo in South Florida as a short-term rental or Vacation Rental By Owner?

Your Guru gets asked every now and again to help a buyer, who fancies himself/herself an investor, locate a condo that can make a little income (or perhaps a lot of income) on the side.  You should know that there are virtually NO condos in the area that allow AirBnB, VRBO or short term rentals.

Why can’t I rent my condo short term?

Here’s the reason:  The over-supply of condos in 2005 heralded the “beginning of the end’ of the condo building boom in South Florida.  We led the nation in the real estate “bust” and in turn, led the nation in the recovery.

Cash investors bought up the bargain-priced inventory and used those condos as rental properties – in any way they saw fit.  There were traditional long-term rentals, but those investors also treated their investments like short-term rentals and even as alternative to hotel rooms.

Lending on condominiums ground to a halt because so many condos had more tenants than owners.  Most lenders didn’t see condominiums as viable investment for their lending portfolios – they believed they’d lose money on every one of them.

Condominium boards also got an earful from angry residents as tranquil buildings turned into transient communities and party-pads.  Associations responded by enacting rules requiring anything from a year of ownership before an owner could rent their unit, to restrictions on lease length, and outright bans on short-term leases.  In most cases here in South Florida you’ll find a condominium association will have a minimum of a 6-month lease, or 12 month lease, or a restriction that a unit may only be leased once or twice per year.

Our marketplace and season has matured as well.  We don’t get as many snow-birds as in the past who drove the short-term rental demand.  The Fort Lauderdale and Miami metro areas are not as tranquil as they once were, contributing to the decline in demand for quiet short term housing.

Homes for sale in the Lakeside Elementary School District in Pembroke Pines

Pembroke Pines is known for its great schools and Lakeside Elementary is considered to be one of the best. Lakeside Elementary has a Great Schools rating of 8 out of 10. Parents give complements to the great teachers, the involvement of the local PTA and a great administrative staff.

If you’re looking for a home in this great school district, check out the homes available in Lakeside Elementary

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Homes for sale in the Panther Run Elementary school district in Pembroke Pines

Pembroke Pines is known for its great schools and Panther Run Elementary is considered to be one of the best. Panther Run elementary school has a Great Schools rating of 8 out of 10. Parents give complements to the school’s diversity, the well-qualified teachers, an amazing auditorium, after-school clubs and plenty of activities.

If you’re looking for a home in this great school district, check out the homes available in Panther Run Elementary School

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