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Real Estate Advice

 
Monday, June 03, 2013
Tags:   fort lauderdale condos

The Fort Lauderdale real estate market has witnessed incredible growth the past two years. Distressed properties are experiencing multiple offers leading to bidding wars, and homes and condominium selling prices are increasing monthly as a result of the decline in distressed properties and the continued demand from buyers. In fact, the pace of growth in the market is making the job of the appraiser more difficult, since the data appraisers use is not at pace with the market. Appraisers in up markets who have poor knowledge of local conditions or those who do not have accurate data mechanisms to keep up with the market, put many contracts in jeopardy, and force cancelations. Last year the National Association of Realtors reported 35% of realtors reported contract problems relating to low appraisals. In Fort Lauderdale, 11% of contracts are not coming to fruition, due to issues relating to appraisals.

According to the National Association of Realtors Confidence Index, which polls nearly 3,000 members of NAR monthly, “65 percent of Realtors® surveyed in September report no contract problems relating to home appraisals over the past three months, 11 percent said a contract was cancelled because an appraised value came in below the price negotiated between the buyer and seller, 9 percent reported a contract was delayed, and 15 percent said a contract was renegotiated to a lower sales price as a result of a low valuation.” In Fort Lauderdale, home prices have consistently risen at a fast pace due to demand and constricted inventory. These conditions give rise to appraisers issuing appraisals that do not reflect the current market, which may lead to an impasse between buyers and sellers. In some cases, contract cancellations occur unless the parties come to an agreement. Properties priced accurately are least likely to encounter these problems, making the advice of a reputable realtor, with expert neighborhood and condominium market knowledge, essential to selling your home. If you are looking to sell your waterfront home or condominium, please contact me today.

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Thursday, May 30, 2013
Tags:   berkley south, fort lauderdale condos

11F in Berkley South is newly listed on the Fort Lauderdale Condominium Marketplace for $349,500. It is far and away the best view, best location, and best value in the building. This beach area residence offers the most breathtaking views in the building, even from the kitchen! In fact, this home has incredible ocean views from the dining room, living room, kitchen and hallway as you are leaving the master bedroom, not to mention the panoramic views from the balcony. The views from this corner home extend as far north as the lighthouse in Deerfield Beach with a wall of windows providing direct ocean views east and south down A1A. In this popular beach location, you have the delights of Fort Lauderdale living at your disposal. With the most desirable two bedroom and two bath floor plan in the building and with 1,340 square feet of interior space, seeing is believing with residence 11F.

This home has been completely updated and ready for its' new owner. The large eat-in kitchen has been updated with new cabinets, recessed lights, stainless steel appliances, and a gorgeous direct ocean view from the window above the kitchen sink. Floors are updated with bamboo wood in the living areas and tasteful carpeting in the bedrooms. This residence offers enormous walk in closets, as well as extra storage. As an additional feature, the guest bedroom has a concealed custom work area that may be used for a home office between the two closets. Each bathroom has been updated, and you will find a deep Jacuzzi tub in the en suite master bath. Monthly maintenance for this residence is $725 per month which includes extra reserve funding, insurance and basic cable. There is a full time staff on hand on the premises. Given the demand for waterviews in Fort Lauderdale and the dramatically tight inventory, I expect this property to sell quickly.

Berkley South is an updated condominium just two short blocks to the beach. The designer appointed lobby is second to none. The balconies, upper parking deck and garage have been recently restored; the elevators and clubroom kitchen have been completely remodeled. Amenities include a heated freshwater pool situated on a 40,000 square foot deck, tennis court, 2 separate fitness rooms, billiards and BBQ area, bike and kayak storage. Berkley South is a pet friendly building and is leasable during the first year of occupancy with a minimum of 90 days twice a year. If you are interested in residence 11F or others in Berkley South, please contact me right away.

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