Fort Lauderdale Real Estate Blog

Short sales are becoming more and more popular as the real estate market in Fort Lauderdale continues in a slump. A Short Sale is a great opportunity for the Florida homeowner who can no longer afford their home to make a deal with their lender to sell for less than what is still owed on the loan. This is an opportunity for the homeowner to sell their home for less than market value and get rid of the monthly payment without having the negative impact on credit that a foreclosure has. While the Short Sale is often referred to as a pre-foreclosure it does not affect an individual the way a foreclosure does.

Short sales don’t just benefit the Ft Lauderdale seller; they are also advantageous for buyers as well. Home buyers can purchase a home for just 60-80% of the market value, allowing them to get in a home for just a fraction of what they would typically pay for the home in a flourishing real estate market. This is a good thing for the market overall because the home never goes into foreclosure and never sits empty. Instead it simply changes hands and everyone is happy.

The process of a short sale or pre-foreclosure is one that takes a bit of work, but if all procedures are followed closely and everyone agrees, then it can typically be finalized in just six to eight weeks.

As “Short Sales” become more and more a part of Ft Lauderdale real estate as well as real estate across the nation, they are a great option for both the troubled sellers as well as real estate buyers looking for bargains.

Contact me if you are considering selling your home short sale or if you are interested in buying a short sale or homes in foreclosure.

Depending on who you ask, real estate in Fort Lauderdale particularly the market for condominiums is not great right now, but the fact of the matter is that the condo market in Ft. Lauderdale is brimming with opportunities. When you take a drive around the area you will notice that there are luxury condos that are priced well below the market.In fact, if you would love a new condominium that is beautiful, spacious, close to restaurants and shopping, and also offers views of the water, you may want to consider the Downtown Las Olas area. This area offers beautiful opportunities such as Las Olas River House, Las Olas Grand, and 350 Las Olas. All of these condo communities will offer you something just a bit different but you can be sure that you’ll get quality all the way!

Other great options that also overlook the New River in the downtown area include Symphony, WaterGarden and Nu River Landing. Nearby across from the downtown financial center and a few short blocks to Las Olas Blvd is The Waverly at Las Olas. The newest addition boasting a contemporary flair is Strada 315.

All of these properties stand out because they offer great amenities, luxurious floor plans, great locations, and beautiful grounds. They say that the most important consideration when buying real estate is “location, location, location” and you simply cannot find a better location in the Ft. Lauderdale area. All of these locations offer high rise views of the water as well as the safety and security of living in a condominium community. Opportunities for Rentals are also available.

Life in Ft. Lauderdale couldn’t get any better than if you lived at the Las Olas River House, Las Olas Grand, or one of the other properties previously listed. If you’re in the market for a new condo it will be well worth your time and energy to look at all of these properties to see just how valuable an investment this could be now as well as in the future.

The BankUnited Blacklist: What it Means for Buyers, Builders, and Lenders

Much of the talk around the real estate water coolers the last few days has been about the BankUnited Blacklist. Most lenders have short lists of areas or properties that they will not lend to based on the merit of construction loans, the market, and other factors. But, the reason that the BankUnited lists stands out to most in the real estate world is because of its length. The exact number of properties on the list? 191. Two condos on the list are right here in Fort Lauderdale.

Buyers that are considering buying units in Nu River Landing, Q-Club Condo Hotel, or 189 other buildings mostly in Miami, shouldn’t turn to BankUnited for financial help as these are properties that have been black listed. The list was from an internal memo and its length surprised even the most seasoned real estate professionals.

Experts claim that the biggest factor in creating such a list would be declining market value as well as high investor concentration. The lender also had to look at things such as foreclosure rates, delinquent homeowner association dues, and structural based litigation. These are considerations that lenders have to make every time they lend, and with the market like it is right now BankUnited felt that this was the appropriate way to respond.

A spokesperson said of the list and the current market value of condos, “We look at it more from our level of risk, and we are extremely conservative in our lending guidelines. We scaled back on condo lending a few years ago. We don’t have a lot of exposure in the condo market.”

The fact is that many lenders are hesitant to lend to condo projects and that is because there is some question about the real value of a condo with sales so slow and many buyers backing out of contracts. And when a lender cannot determine the value of a property it is hard to set a loan to value ratio, therefore difficult to lend to anyone including those with good credit, with confidence. While BankUnited is the only lender that is known to have a list this long, it’s a safe bet that some other lenders are considering whether or not they should be lending to condo projects, and if they do, they’ll likely be doing away with presales altogether. Of course, doing away with presales may affect construction loans, so we may very well see a slowing trend not only in the buying of condos but also in the building of them.

Blacklisted Condos