Fort Lauderdale Beach Real Estate

Jon C. Mumford, REALTOR-ASSOCIATE, CRS, ePRO, GRI, GREEN, RECS, SFR, SRES

Archive for the ‘Condominium Info’ Category

March 2010 Sales Statistics & “Your Home”

Posted by fortlauderdalebeachrealestate on April 7, 2010

In this month’s edition of  “Your Home” I have financial tips, kitchen & bath design trends and pet friendly remodeling ideas.  Our market in South Florida has continued to gain momentum and offers incredible opportunities to those folks looking to purchase real esate.    I just received the numbers for Broward County for March-FABULOUS!

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New Listings

Single Family-1,495, 4% higher than 09′
Condo/Townhome-1,994, 10% higher than 09′
Total all property types-5,364, 4% higher than 09′

Total Available Inventory

Single Family-5,857, 36% lower than 09′
Condo/Townhouse-8,831, 32% lower than 09′

Single Family Sold

567 closed sales, up 10% from 09′
Median sales price, $205,000, down 7% from 09′

Condo/Townhome Sold

926 closed sales, 59% higher from 09′
Median sales price, $75,000, 14% down from 09′

Pending Inventory or homes under contract

Single family homes are up 25% over 2009
Condos are up 63% over 2009

Given our current inventory and sales levels, if there were to be nothing else listed, we have a 10 month supply of single family homes on the market(down 36% from the previous year) and a 10 month supply of condos on the market(down 58% from the previous year).

Jon

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Outstanding Opportunity…

Posted by fortlauderdalebeachrealestate on February 11, 2010

I saw this condo yesterday at a brokers open with friends, and WOW.  The “Four Seasons” is my favorite building in the entire city of Fort Lauderdale.  Located on Sunset Drive just off Las Olas and just west of the Intracoastal Waterway.  This is a fully restored Mid-Century building with 24/7 doorman service, covered parking and available dockage with ocean access/no fixed bridges.  Any size pets welcome.   This was just relisted as an approved short sale for $385,000-this is the previous listing, disregard the list price.   3 bedroom, 3 bath home sized condo at 2400+ square foot.  Enjoy views of Sunset Lake, Ocean and Intracoastal.  Near 9′ ceilings add drama to already huge spaces, eat-in sized kitchen plus den/family room and Florida room.  A/C, cable and hot water are included in your monthly maintenance.

Jon

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“Your Home” & January 2010 Statistics

Posted by fortlauderdalebeachrealestate on February 2, 2010

 

Wow, it is February already-how did that happen?  In this month’s edition of  “Your Home”  I have a updates on the homebuyer tax credit, home buying trends and it is “census” time.  Our market in South Florida has continued to gain momentum and offers incredible opportunities to those folks looking to purchase real esate.    I just received the numbers for Broward County for January-FABULOUS!

___________________________________________________________________________________

New Listings

Single Family-1,319, 11% lower than 09′
Condo/Townhome-1,837, 7% lower than 09′
Total all property types-4,903, 12% lower than 09′

Total Available Inventory

Single Family-5,965, 40% lower than 09′
Condo/Townhouse-8,985, 34% lower than 09′

Single Family Sold

535 closed sales, up 42% from 09′
Median sales price, $205,000, same as last year

Condo/Townhome Sold

761 closed sales, 82% higher from 09′
Median sales price, $75,000, 11% down from 09′

Pending Inventory or homes under contract

Single family homes are up 27% over 2009
Condos are up 73% over 2009

Given our current inventory and sales levels, if there were to be nothing else listed, we have a 11 month supply of single family homes on the market(down 58% from the previous year) and a 12 month supply of condos on the market(down 63% from the previous year).

Jon

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RAGFL REALTORS #1 IN SALES

Posted by fortlauderdalebeachrealestate on January 19, 2010

I came across this and thought it was an interesting statistic.  My association-RAGFL, Realtor Association of Greater Fort Lauderdale sold over $1.98 billion in real estate in the first half of 2009.  In fact, members sold over 66% of all single family homes and over 71% of all condominums in Broward County with the highest average price by more than $20K.  That’s over 9,000 transactions-better than two sales every hour, every day, 24/7.

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FHA eases some new condo lending rules

Posted by fortlauderdalebeachrealestate on November 12, 2009

x29659937Received GOOD news yesterday from Kimber White at Eastern Trust Lending…

We just got some great news concerning condos in Florida from FHA. We can still continue doing spot approvals until Feb. 1st 2010 with possible extension after that but that is at the discretion of each lender still and 90% of lenders won’t do spot approvals but we are a direct lender and still can do spot approvals. Also under the new guidelines there only can be up to 50 % of FHA loans in a project instead of the old guideline of 30%.  Another great change is the percentage of owner occupied has been changed.  The % of owner occupied units is now 40% but the great news is that we can exclude bank owned and short sale listings when calculating those ratios which will get over the hurdle of the foreclosure issue.   Another change is the budget which used to read that there had to be 12 months reserves at time of spot approval.  The new change states that the association must show the ability of reserves over the past 12 months and ability to support the association in the future.  Another great change pertains to new contruction and conversion projects it used to have to be 50% pre-sold to get an FHA loan now its 30% pre-sold.  Also we now have a direct line to get the new projects approved with FHA during preconstruction. 

In summary this is great news I have attached the guideline changes and the bullet points of those chages.   I have 20 years in the industry and am very versed in FHA and can still do spot approvals so please feel free to call me with any questions on this and lets move some condos.  Kimber White, Eastern Trust Lending, 954.696.1436

Click here to read the entire document.

Posted in Buying Real Estate, Condominium Info, Fort Lauderdale Condos, Fort Lauderdale Real Estate, Real Estate News, Selling Real Estate, South Florida Real Estate News | Tagged: , , , , , , | Leave a Comment »

November e-News

Posted by fortlauderdalebeachrealestate on November 5, 2009

Coconut Grove

 

 

 

 

 

Wow, November already?  Hope everyone had a great Halloween.  Lots of good things to share with you this month.  Activity in our market continues to pick up and gain momentum.  The statistics just came out for October in Broward County and there is fantastic news in the numbers again.  Sales for single family homes are up 36% and available inventory is down 46%.  Condo/Townhomes showed an increase in sales of 66% over 2008 and available inventory is down 35%.  For more details check out the post below this one for all the numbers.

  • Homebuyer tax credit extension.  The senate has approved a 7 month extension of this tax credit with some added benefits for buyers who are not first time home buyers.  This will go a long way in helping to continue the upward trend in the real estate market.  It still has to pass the house and get to the president for his signature, but all signs are pointing to a positive outcome.  Click here to read the full article.
  • Short sales continue to be a big part of our market and there has been one big change in how 1st lien holders are handling them.  In the past the first mortgage was looking to recover 75-80% of what is owed-which didn’t always work depending on the amount owed and the current market value.  Now, they are accepting current market value or close to what the last comparable property closed for.  If you want more information, click on the tab above “Short Sales”.  And if you’re looking for an experienced title company that is excellent in closing them, the only game in town is Roberto & Associates, 954.776.7498, Joe Roberto.
  • I have 2 great opportunites listed-$69,000 one bedroom condo in Wilton Manors, down the street from the “Drive”.   And a one bedroom condo in Coral Ridge for $67,000 can be rented immmediately.  Lastly, looking for an inexpensive rental?  $975, two bedroom two bath also down the street from the “Drive”

Some great feedback  to share from satisifed clients-

  • “Jon is the most intuitive real estate agent I know – as well as the most patient. After describing the kind of house I wanted to purchase he took me right to my ideal home. Of course I wanted to see more and Jon worked with me and took me to see other properties. It did not take long for me to know that the first house Jon showed me was the one and I bought it. He was extremely helpful post-sale in recommending the absolute best service personnel – carpenters, etc. I highly recommend Jon as a realtor.”  Steve Cantrell
  • “As a first time home buyer I chose you as my REALTOR because my parents had used you when purchasing several properties.  We spent long hours and several months looking at homes.  It seemed like I was never going to find anything, but you kept me on track and finally found the perfect home for me.  You were so knowledgeable, helpful, and patient.  You were there for every little problem I encountered and referred me to a wonderful mortgage broker (Jim Monninger) who guided me through the involved loan process.  Thank you so much for your help and I will be recommending you to anyone I know who needs a REALTOR.”
    Andrew Toy

Jon

Posted in Blogroll, Buying Real Estate, Condominium Info, Fort Lauderdale Condos, Real Estate News, Sales Statistics, Selling Real Estate, Short Sales, South Florida Real Estate News | Tagged: , , , , , , | 1 Comment »

October e-News

Posted by fortlauderdalebeachrealestate on October 2, 2009

Lauderdale Beach

Lots of good things happening in our market to share this month!

Congratulations to Mr. Rubino on the successful sale and closing of his condominium, and to Kyle & Liz who found an awesome condo to rent for the winter.  Here is what they had to say.

The numbers are out for September and WOW-sales are up 40% and 69% from last year.  Here are all the stats.

Make it a great month everyone!

   

  • Don’t forget the deadline to qualify for the $8,000 tax credit is November 30, 2009.  In order to receive the benefits of this credit, you need to close on the property prior to November 30th.  This is a great opportunity for all my first time homebuyers as they now account for a large percentage of our sales.  Complete details are here.
  • Free foreclosure search-I am now the featured agent on USHUD.com for Northeast Fort Lauderdale.  You can now search for foreclosures throughout the state of Florida from my website or blog.  Click here for the link.
  • Although this is not new, you can also search the MLS in any one of 12 languages through my website.
  • I’ve got 3 great opportunites to share-I have 2 one bedroom condos for $69,000 each in Wilton Manors, just down the street from the “Drive”.  I also have a one bedroom condo east of Federal for $67,000-low maintenance and it can be rented immediately.  Call me for details.
  • I’ve begun to creat a list of “preferred providers“.  Whether you are looking for a handyman, mortgage broker, dentist etc. I’m compiling a comprehensive list as a resource for my clients.  These are folks either I personally use or that have been recommended to me.  I’ve found that word of mouth is the only way to go when looking for service providers.  If you or someone you know would like to be included on this page let me know, and I’ll add them.
  • I’m also creating a page where you can find out what is available for sale in different condominiums in  Fort Lauderdale and Wilton Manors.  The links are live, so at any given time you’ll be able to see what is currently available.  If you would like to see your building on here, just send me a note.
  • Don’t forget to “Fall Back” and change your clocks at the end of the month.

Jon

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Condominiums & Windows

Posted by fortlauderdalebeachrealestate on February 12, 2007

I just came across this and thought it was interesting and a “need to know” especially given the fact that we are in South Florida.

In 2004, Florida changed the insurance requirements for condominiums.  Florida law supersedes any condominium’s documents. Florida law now requires that condominiums insure our windows and patio doors.  In October 2004, Florida changed and upgradedthe statewide building code and the new code became effective January 2005.  For high-risk coastal areas, the Florida Building Code of 2005 requires special high-impact window frames and two-layer laminated glass.

In January 2006, the DPBR issued Declatory Statement DS2005-055, stating that all Florida condominium are responsible to repair and/or replace anything they are responsible for insuring.  This statement is like a court ruling and it establishes legal policy for Florida.

Your windows and doors are the responsibility of your condominium association.  Your condominium association must insure them.  If your windows need to be repaired, your condominium association is responsible.  If your window/door cannot be repaired to current code, your condominium association must replace them with new, code compliant windows.

Jon

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