Looking For…, Home Buyer in DK2770

How to find the right condo/home in Ft. Lauderdale region - close to water - nice area

Asked by Looking For 2. Home, DK2770 Sun Nov 18, 2007

We consider buying a small but nice apartment/home in the Ft. Lauderdale region. We would use this as home and office away from home when we travel to Florida, but we would also consider renting it to tourists from Scandinavia.

Would there be any restrictions for us as Danish citizens buying a property in Ft. Lauderdale? What price should we expect in the current market based on these overall specs:



* located in a nice and safe neighbourhood, close to the beach or city center

* 1400 sq ft

* Preferably 3 bedrooms

* Max. cash price preferably below $500.000

* Parking, pool, security

* Not senior citizen area

Are there any areas or communities that you would especially recommend?
What kind of price reductions are usually seen compared to the current "asking" prices?
Any negotiation techniques that we should "prepare" for in this FL market?

Thank you
Anders

Help the community by answering this question:

Answers

10
I don't know what the price range of real estate in Ft. Lauderdale is since I'm in Orlando, BUT... I was distressed to see the response from Jamie to your question.

Many people don't know what they can buy in an area for how much money, which is why we have this forum. It should not be a venue to make one feel stupid for asking.

Having said that, here is my advice from almost 30 yrs experience:
Get an agent that works in that area, tell them what you want. You may not get everything, you may have to make some concessions, but you'll have choices.

Aside from that, since you are Danish and have questions about that, I'd advise using an agent who specializes in working with foreign nationals. You may not get exactly what you want, but you may get close to it, and you need to know your options. Ft. Lauderdale is a big area, you may be able to move out a bit from the city and get what you want.

If you want to email me, I'll be happy to give you the name of someone who can help you with your real estate needs.
1 vote Thank Flag Link Sun Nov 18, 2007
If you reach the point of stepping outside of the box and consider other locations we would be happy to provide our insight on the west coate availability...Sarasota to Naples.

Good luck with your search,

The "Eckler Team"
Venice, Fl 34285
ecklerteam@comcast.net
941-408-5363
0 votes Thank Flag Link Fri May 30, 2008
Hi Anders,

I would recommend the Southeast Broward Beach areas of Hollywood, Hallandale Beach and Dania Beach, east of US1.
Westlake Village in Hollywood is a gated community of single family homes and townhomes, less than a mile from the beach with a community pool, tennis courts and a gym) -but you can rent only 1 time a year a must get the association approval (most condos and gated communities require this).

However, there are many homes east of US1 in your price range, that are not in gated communities and have no rental restrictions, within walking/biking distance to the beach . Hollywood has a great beach area with a newly remodeled broadwalk with cafes/restaurants/bars that people like to walk/jog/bike on. Downtown Hollywood also has many restaurants and cafes. Please email me at Sue@SueWeaver.com and I will set up a search that will automatically send you the available properties that are currently on the market and new properties as they become available.

Good Luck!
Sue
Coral Shores Realty
Web Reference: http://www.SueWeaver.com
0 votes Thank Flag Link Fri May 16, 2008
Hi Anders: Did you ever find anything? You would have to rent the property on a short term vacation rental basis, which can be very successful as long as you choose the property carefully. We've done this for clients who have been thrilled with the results. Your budget of $500K should enable you to buy something really suitable. Bear in mind that condos are very restrictive regarding short term rentals and are difficult to find. They are out there but your choices are limited. Your best bet is a single family home with a pool. Victoria Park, Coral Ridge Isles and Imperial Point are all good choices. Good areas, close to all the attractions and amenities and all under 3 miles from the beaches. Several of the homes in Coral Ridge Isles are on the canals, that lead to the Intracoastal. The closer you get to the ocean, the higher the price rises, and the fewer fixed bridges (restricting the type of boat you can own), the higher the price.

A good buyers agent will advise you and handle the negotiations for you. Sellers are very motivated right now and you definitely have the advantage as a qualified buyer. Obviously the motivation factor varies from seller to seller but again, a good agent will use their best efforts to research the seller's situation and use the right psychology in making an offer.

You would need someone to manage the property for you in your absence - a vacation rental home should be well maintained and managed.

If you'd like to take this to the next step, we'd love to work with you - we're a small boutique brokerage specializing in working with buyers looking for vacation homes and vacation rental properties in Fort Lauderdale. It's a perfect time to buy right now as there are some amazing deals out there.

Best of luck to you,

Angela
Villa G Realty, Inc.
Web Reference: http://www.villagrealty.com
0 votes Thank Flag Link Wed May 7, 2008
I have foreign national loans that allow you to put down only 25% with limited documentation. Rates are in the 6`s but they are fixed.

Call me if I can be of assistance
Community Mortgage
954-394-9005
0 votes Thank Flag Link Thu May 1, 2008
I agree with Paula and Angie. While I am not a realtor, I am a mortgage broker who lives in the area, so I am familiar with what is going on in the market. You should have plenty of choices. I highly recommend you work with a realtor who specializes in the Ft.Lauderdale market and onw who also has experience working with foreign nationals. You could start with a google search. Also, there are also some highly qualified realtors and other professionals on the Active Rain Real Estate Network: http://www.activerain.com
You can search by state and city - just click on the Localism section which you will see on the left side of the home page.
0 votes Thank Flag Link Mon Nov 19, 2007
Hi Anders,

The link below shows the homes for sale on Trulia that match your location, price, square-footage and bedroom needs.

I hope this helps you.

Best Wishes,

Emily Gibson
Customer Service Representative
0 votes Thank Flag Link Mon Nov 19, 2007
Anders, Hi.

I am in South Florida and I just did a quick search on the MLS for you to consider. Looking only at 3 bedrooms, condos and townhouses, and with a list price under $500K there are 578 listings. It is needless to say that also with the amount of Foreclosures occurring, there is a definite possibility that you could find a nice home in our South Florida state.

As for being Foreign Nationals, it shouldn’t be a problem here. When it comes to financing, if any, you will have to talk to a good Mortgage Broker or a Bank/Lender to see which options and rates are best for you.
As for renting the property out you will have to ask the Association if they have bylaws that might prevent this from happening. Some Associations are ok with month-to-month rentals, while others require a full year lease agreement. That is something to consider when you are looking for property.

Ft. Lauderdale, along with South Florida in general, is a beautiful place for you to consider.

I hope this helps a little better than what you had received earlier. Feel free to contact me if you have questions, no obligation.

Good Luck!
0 votes Thank Flag Link Sun Nov 18, 2007
Yes, I´m serious. Do think that it is out of the question to find a nice, well located codo/home in the Ft. Lauderdale area for 500K?
0 votes Thank Flag Link Sun Nov 18, 2007
Are you Serious?
3/2 Under $500?
NOTHING in South Florida is that cheap ....
0 votes Thank Flag Link Sun Nov 18, 2007
Hi everybody,
from what I've read you are all quite familiar with the topic. I am looking for a property in Ft. Lauderdale and there are many apartments for sale out there. Does anybody know something about http://www.riva-condo.com ? I found only a couple of reviews.. I would like to hear more opinions. Their apartments aren't cheap, but the location seems to be very good.
Flag Thu Feb 5, 2015
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