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Ft Lauderdale real estate
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2010 Oct 18, 3:38am 1,004 views 2 comments
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RayAmerica
2010 Oct 18, 8:01am
KP ... FLA real estate, for the most part, remains weak. You need to find an experienced real estate agent that you can trust and have a market analysis done for any prospective purchase. If I were buying in an area, I would want to know how many comparable properties are currently on the market, the amount of market days, what similar properties have sold for in the last several months along with days on the market (also check to see how many times the property has been listed) from listing to sale, what type of financing was used, was there seller contributions? etc.
Asside from all that, you need to do some research about the employment numbers, quality of schools, crime statistics, etc.
As far as the amount of rehab money you'll need; I strongly recommend you make a detailed list of everything you think you'll need to do and then get prices. You will probably be amazed at the amount it adds up to. Better to know now than be surprised later on.
Hope this helps.
I’m looking at a few 1200 sq ft homes(7000sq ft lots on the East side(very good areas with highly rated public elementary schools.(very rare in Ft Laud.) They need about $50k to 75K in upgrades. The asking prices are between 175k-225K. These houses were valued at over 500-550K a few years ago.
Good time to buy or should I wait 6-8 months ? Thanks
Also there are some newer townhouses in the same areas for around $250-$300K. They average about 2000-2200 sq ft, built 2006-2007 .Granite, wood floors, etc They look nice but the prop. taxes are quite high (5-6K) . These were selling for 600-650K two or three yrs ago.
Any thoughts ?
#housing