A new client of mine wrote in today to ask…
“I’m looking to consult with a local agent in fort Lauderdale area for a potential investment property or vacation home. For us the most important search criteria is location. I know years ago, Wilton Manors was a good area to invest and live in for the LGBT community, is this still the case? Are there any other neighborhoods that we should be considering?
We are debating between investing in Miami or Fort Lauderdale. What are your thoughts pros and cons for each market if you are familiar with both?
Here is our search criteria
- 1-2 bedroom(s) condo
- At least 1.5 bath
- HOA fees less than $400/monthly depending on amenities could pay more
- LGBT neighborhood preferred or central location in metro FLL or close to beach
- Must include Parking and pool
- Max price -$300k
So here’s the deal in South Florida. This is going to hold especially true for southern Broward County and into Miami-Dade.
A tale of Two Markets
The single family home market is healthy and vibrant. In fact, it’s overheated. Prices are increasing. Demand is strong. Broward is an economic engine – not just a vacation destination – and demand for family homes in good school districts is strong.
The condo market is the opposite. Several agents mentioned Dave Gervase. Dave lives in Hollywood and serves greater Broward, but he is willing to work further south than I do. From Hollywood, down into Hallandale, Sunny Isles and Miami, the condo market is struggling. New development is over-built. Developers are scrambling to convert properties already out-of-the-ground into apartments. Seriously scary shit.
Me and the husband (Condo Guru Steve West) settled in Oakland Park (which may as well be Fort Lauderdale) on the north east side. We are 8 minutes to Wilton Manors, too. So I am biased. I’ll push you towards Fort Lauderdale (including Wilton Manors and Oakland Park) because I think it’s the most gay-friendly, relaxed, amazing place to live.
However Fort Lauderdale is a “Tween.” What I mean is that the only reason it exists is because it was a whistle stop on the way south to Miami from the Treasure Coast. So your North Easterners with money will choose West Palm Beach and the Treasure Coast.
Folks who want an international destination with the feel of a big city will choose Miami.
The rest of us think that Fort Lauderdale is “Just Right.” It’s a bit more quiet. It’s not as homogeneous as West Palm Beach. And after the heyday of Spring Break (which BTW is still going strong) gays and lesbians moved in and fixed the place up.
As far as what you can get? I had a fellow agent from Michigan purchase a condo in Pompano Beach for under $100,000. Pompano Beach is farther from Wilton Manors, of course. But Michael and Karl got a 2 bedroom, 2 bath, only a mile to the beach off Atlantic Boulevard, in a community with a pool, near restaurants and bars. The condo itself was gorgeous. The community was on the more basic end of the scale. They won’t lose money, however. Ever.
NOTE: You can NOT Air BNB in most condos. You probably can use your condo as an annual rental. Read this:https://sunshineguru.com/
$300,000 will almost get you a whole house. Clients Ed and Jeff close on a house in Oakland Park next week for $330,000. It’s a 2 bed, 2 bath, full 2 car garage, and a pool overlooking a canal. $300,000 will comfortably get you a townhome, almost new townhome in Pompano. A 1970’s or 1980’s townhome in Wilton Manors. Easily a condo. And if you’re near the gayborhood, you’re less susceptible to the vagaries of the market that are plaguing the beachfront in Miami-Dade.
NOTE: You can easily use a townhome or a house as an Air BNB. Heck, I have a pocket listing duplex that would allow you to keep one, and AIR BnB the other. The various villages have inspection and registration requirements. For example, a vacation rental needs a $500 inspection and registration in Fort Lauderdale. On the other hand, Oakland Park is a free-for-all. Similar for Wilton Manors.
Last but not least: You should feel comfortable anyplace in Broward. Just a matter of style of community depending on where you are. You don’t have to be right inside Wilton Manors. I have uber-business lesbians out in Coral Springs because that’s where the good schools are located. There’s a young vibrant gay community in Boca Raton because of several universities. Oakland Park seems to be “Where The Bears Are.”
