Happy Fourth of July Fort Lauderdale. July 4th is not only a day wecelebrate independence from England, but also a day when families conveneand watch fireworks and wear red, white, and blue. Florida, and FortLauderdale in particular, is fortunate to be surrounded by water and filledwith lakes so the fireworks displays are spectacular. I hope you spend theholiday with your loved ones and enjoy the festivities Fort Lauderdale hasto offer below. Happy Independence Day!
Where to Celebrate the Fourth of July?The City of Fort Lauderdale: Free festival on Fort Lauderdale Beach withfestivities beginning at 1 pm including live music, and beach games, endingwith the annual fireworks show at 9pm The fireworks are located off of A1Aand Las Olas Blvd.
Lauderdale-By-The-Sea: Celebrate with the Lauderdale by the Sea IndependenceDay parade that begins at 10:00 a.m. behind the Lauderdale-By-The-Sea TownHall. Festivities will be starting after the parade at 11:00 a.m. to 9:00p.m. and the evening concludes with fireworks at Anglin's Pier.
Pompano Beach: The City of Pompano Beach is hosting a Beach Bash andFireworks Extravaganza spanning from the Fishing Pier to the Great Lawn.Fireworks are held promptly at 9 p.m.
Deerfield Beach: Main Beach Parking, Ocean Way & SE1st St. is the site ofall day concerts and food. Fireworks will be held at the InternationalFishing Pier at 9pm. There will be a free shuttle service from the CoveShopping Center.
City of Coral Springs: 4th of July at Mullins Park This is a family friendlyevent with bounce houses, games, and food. Parking is available at theCoral Springs Gymnasium and at the main Mullins Park/Center for the Artsparking lot. There will be a firework display at 9pm
City of Hollywood: Hollywood hosts a stunning fireworks display on the oceanstarting at 9pm. Have dinner on the main strip at Young Circle and go to thefireworks after for a more romantic 4th.
The Greater Fort Lauderdale Realtors announced the May numbers last week and, despite incredibly tight inventory, buyers are still voraciously snapping up listings. Home prices are on the rise, and buyers continue to take advantage of the low mortgage rates. One of the reasons experts believe that buyers are continuing to buy is that The Federal Reserve Bank announced that they would be dismantling the mortgage buying program, which was initiated in an attempt to stimulate the economy and the housing market. Adam Cohn, of the Primary Residential Mortgage brokerage in Boca Raton noted that "We're seeing people are getting more aggressive in their home search as they're seeing interest rates going up." I am seeing the competition amongst buyers every day in the waterfront condominium market and single family home market and well priced properties are being sold within weeks of listing, in some cases, within days.Multiple offers, bidding wars, and increases in home value are all indicators of housing recovery, and the numbers that were announced in May will quiet even the most adamant skeptics. In May 2013, the sale of singlefamily homes rose 17.1% year over year, and the sale of condominiums rose 9.3%. The inventory of single family homes decreased by 19.6% and the condos decreased by 5.6% from May 2012, which means the demand has continued and there are simply not enough homes on the market to support this demand.Leading to there being currently a 3.4 month supply of single family homeand a 4.3 month supply of condominiums on the market in Broward, far below what is considered a healthy supply of 6 months. The average time for asingle family home to be on the market is now only 32 days; for condos, 41 days. Although most listing agreements stipulate a 6 month window in whicha realtor will market and sell your home, selling a home in under two months is becoming standard in the Broward real estate marketplace. If you are looking to sell your condominium or home, now could be the best time. For a complimentary comprehensive market analysis, contact me today, and you could be selling tomorrow.
Hurricane season has officially begun and extends to November 30. The secondnamed storm is expected to be announced this week, and I would like to takethe opportunity to discuss hurricane preparation, since so many of myclients have waterfront homes and condos. Having a plan and suppliesbeforehand will greatly reduce stress before during and after a storm, andif you are a part time resident, I am happy to recommend managementpersonnel to implement your individual hurricane plan. I hope you find thesetips informative and that all are safe throughout this hurricane season. Formore detailed information, the Broward County website has a complete guide.http://www.broward.org/hurricane/Pages/Default.aspxCalm Before The Storm1. Have a Plan. It is very important to have a plan in place for yourfamily, from explaining to children what is happening to going over a listof items to prepare.2. Stock up. Having bottled water, canned goods, and batteries andflashlights are always a good idea. Non perishable items may be purchased inadvanced and stored indefinitely, so getting them now can reduce stressbefore a storm and long lines later.3. Secure Your Home. Take inventory of hurricane shutters, making sure theyhave not been damaged in any way since the last time they were up. Take alook at the vulnerable areas of the home such as openings and your roof, tomake sure there are not areas that are at risk.4. Tidy up. Make sure all debris is out of your yard and have an arboristcheck the area for compromised trees or branches that need to be removed.5. Protecting your Assets. Go over your homeowners insurance to see whatsorts of documenting information is required, in the event you need to makea claim.During a Storm1. Stay Inside. This may sound like very obvious advice, however during theeye of a storm it may look very nice outside, but conditions can deterioratequickly. Be sure to stay tuned into a news radio station for updates on whenit is safe to leave your home.2. Evacuate. If you are in an evacuation zone, evacuate early to avoidtraffic.3. Refrigeration. In the event you lose power and do not have a generator,put all appliances on the highest settings and avoid opening the doors torefrigerators.After the Storm1. Document Damage. Once it is safe to leave your home, document any damageimmediately.2. Avoid Down Lines. Treat all power lines like live lines, and report downlines to FPL immediately.3. Stay In. Debris from the storm may be hazardous and filled with snakes orinsects.4. Protect Assets. Have ply wood and tarps on hand to protect property thatwas damaged, from any further damage that being exposed to the elements maycause.Hurricane Checklist, Courtesy of Broward County
While inventory throughout Fort Lauderdale is incredibly tight, with some areas well under a 3 month supply, I am pleased to have several residence listings in The Berkley South condominium. Last week I featured Unit 11F and this week, I would like to show you 3F. Both are large corner units and share the full service amenities of The Berkley South including, a heated freshwater pool, new designer finished lobby, two separate fitness rooms, tennis court, billiards, BBQ, 24 hour security and covered parking under the building . Some of the items that I did not mention regarding Berkley South in previous posts include the excellent school systems that the building is zoned for. Residents at Berkley South are zoned for Bayview Elementary School, Sunrise Middle School, and Fort Lauderdale High School. While many of my buyers are looking for second homes or investment properties, I would like to point out that a home in Berkley South is also advantageous for families seeking the best school district. With all the amenities in the building, the friendly staff, and short walk to the beach, The Berkley South provides the best of locations.
Residence 3F would thrill any buyer as it has been completely renovated and is spacious with the most popular floorplan in the building. Unit 3F is a two bedroom and 2 bath residence within 1,340 square feet under air. The gourmet open kitchen has brand new custom cabinetry, beautiful granite counters and backsplash, top of the line stainless steel appliances, and a window with serene views above the kitchen sink. Each bathroom has been completely updated with granite topped custom vanities, newly tiled walk in showers, new lighting and fixtures. This particular floor plan offers huge walk in closets as well as an oversized pantry, linen closet and extra storage. Ceilings have all been smoothed, and crown molding has been installed as well as hurricane impact glass on all openings. This residence overlooks the pool, which is situated on a 40,000 square foot deck surrounding the building. The offering price of $279,000 is an excellent value for the high quality upgrades in this unit, and it should sell quickly. For more information on this listing and others in Berkley South, I encourage you to contact me today for a showing.
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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