Ft. Lauderdale Real Estate

Kelleyfish · Feb 25, 2008

Hi Everyone,

I'm starting my research on Ft. Lauderdale's real estate market. I'm going to try to buy a cheap apartment but I've never been there.

I'd like it to be close to the action but I don't know where the action is. What marina do the 50m+ yachts hang near? If my boat goes to FT. Lauderdale I'd like to be able to live in it. If my boat isn't going there, I'd like to be able to rent it to other yachties.

Can anyone give me an idea of what area I should be looking in? I've scoured with Google Earth and done a search for where the FT. Lauderdale Int. Boat Show is held... but that's about it.

I'd like to spend less than $150k

Any help would be appreciated! : )

Kelley

Also, I'm Canadian. Anything (other than tax being double because I'm a foreigner) you can tell me about getting financing would help too. US bank? Canadian bank? BVI bank?

Thanks again.

Norseman · Feb 25, 2008

These condos are pretty nice, some of them come with a dock.

5 minutes drive to 4 or 5 boat yards and about 10 minutes to town and the big marinas.

As for being "close to the action", look at Las Olas or Hendrics Isle and Isle of Venice, etc.

Kelleyfish · Feb 26, 2008

zip code 33315

Hey there,

Thanks for the speedy reply. I did a search for bluewater crew because I figured they'd be close to where people search for daywork on the yachts. I came back with a zip code of 33315.

When I said action.. I mean parks, shopping, buses, pools, gym, people. I reread my post and noticed that it sounds like i wanted to live in my boat.. hahaha. I work on a 150' M/Y there's no way it'll be squeezing in there

I do remember seeing some places that had a spot for a small boat though... I like that idea for sure.

I'd like to hang with the megayachting community, too. Are the local watering holes nearby.. all that jazz.

If you can think of the name of the area that would be most desired if you were working on a huge yacht and you wanted to go home to sleep after work.

Thanks again!

Kelley

Ken Bracewell · Feb 26, 2008

Ft. Lauderdale is a sprawling place, so there is action everywhere.
If you want to be close to the marinas look at 33312 and 33301 (downtown Las Olas).
I wish you luck on your price point though.
If you're looking for a realtor send me a PM. There is an ex yachty whom I trust that has gone into real estate in the last year.

Jorge Lang · Feb 26, 2008

33315 is our zip code. You would be within 10 minutes of most major marinas here. As for places to have fun, all who live or work in this area can give you plenty of recommendations. Good Luck in your search.

Neil Rooney · Feb 26, 2008

Lots of condos with slips in the area of SE15th Street near Southport Raw Bar

YachtForums · Feb 26, 2008

Lots of coverage by the Sun-Sentinal on the real estate market, like most newspapers during the housing slump. A poll today reflects over 80% of respondents think the market has not hit bottom. You could argue the point, but perception is a self-fulfilling prophesy. Even an economic upswing won't correct the truth. Homes are simply over-valued and priced beyond the means of most mortals. Here's a link to the poll...

http://www.sun-sentinel.com/business/sfl-flzhousingbr0226sbfeb26,0,3403563.story

The recently passed "portability tax law" brings no relief. It favors current Florida home owners and therein lies the catch. In order to buy another home, an owner must first sell the existing home... and buyers are scarce. Even fewer want to get stuck with tax bills that are double, triple or even quadruple the rate the seller was paying. The portability tax adds no incentive to investment, out of state owners, or commercial property. Net result? The market must correct.

Although the unwaivering wisdom of the NAR would have us believe NOW is the time to buy, in my humble, homeowner wannabe opinion... NOW is the time to watch.

Kelleyfish · Feb 26, 2008

Watching Florida Properties

Yep. I'm a watcher at the moment.

I'll be ready in a few months from now though. I'm just rolling my down payment together.

This thread has helped me get a better grasp on the matters. I like having an unbiased opinion. I want to talk to a realtor but I have to wonder why they wouldn't tell me what I need to hear in order for them to make a living... I know that's what I'd do.

Looking at msn.com this morning, with a big front page article, "Prices fall sharper than ever before. Coasts were hit the most." It makes me feel like I still have time to watch things sink.

I don't have immaculate credit. But I do have a contract on a boat that pays decent salary. I figure if I rock up there with a fat down payment the banks might deal with me, no?

SeaEric · Feb 26, 2008

My Ft Lauderdale condo is in zip 33301. The neighborhood is called Victoria Park and is very convenient to Las Olas, shopping and most marinas. I can walk to most everything. The $150K price point is going to be tough. That said, there are some deals to be had in bank sales, foreclosures, etc. You can probably find a nice situation but will have to be ready to pull the trigger when it pops up. By the time you realize that the elusive "market bottom" has occurred, it may likely be too late. Good luck! I truly enjoy my time spent in Ft Lauderdale.

catmando · Mar 1, 2008

What sq ft is your condo? Covered parking?

Pascal · Mar 1, 2008

i dont' think the condo market has hit bottom yet, and i dont' think it will hit for a while.

there are currently aroudn 10 000 units being built in Miami-Dade alone that will hit the market within the next year or so. Add to this record inventory of existing condos plus a growing number of units in various state of foreclosure and it's not hard to see why it's going to take years for the inventory to come down.

I'm not too familiar with Ft Lauderdale but even if there are fewer buildings coming up, Miami prices will have an effect across the county line.

There are other issues...
Banks are only obligated to pay maintenance/association fee for 6 months on foreclosed units, as per state law. Which means that the other owners have to pick up the slack with increased fees. There is at least one building in Miami (and a nice one...) where cable has been disconnected for a while now because the association is behind. Word is they were struggling to pay the water bill too since that buidling has a 20 or 25% foreclosure rate.

Banks have black lists of buildings they will not finance or that they will only finance with large down payments (at least 50%). Many good buildings are on those lists, either because of declining values or high foreclosure rates. Even if owners find a buyer, sometimes the deal falls thru because of financing.

If you are thinking about buying something to rent, forget it! do the math first... but once you add property tax (around 2%), condo association / maintenance fees, insurance and interest, rent will not cover your costs, even excluding principal.

typical association fees in quality building (with full services like security, concierge, pool, etc...) run between $500 a month for a 1000 sqft one bedroom to over $1000 for an 1500sq ft two bedroom.

finally, many building have restrictions on leasing your unit. unless it's a seasonal building, leases must be 6 to 12 months minimum... so if you're looking at leasing your unit for 3 months while you're away, make sure the rules allow you to do so.

There will be some bargains in the future, but not for a while.

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Ft. Lauderdale Real Estate

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