Home Buying in 33019>Question Details

Jack, Home Buyer in Montreal, Canada

Looking to buy a condo in Hollywood.

Asked by Jack, Montreal, Canada Mon May 19, 2008

Were Canadians, and were looking to purchase a condo close to ocean, and if possible with an ocean view. One bedroom, balcony (with ocean view) furnished if possible and at a price of 200-225? Is this possible???
We were told as well to be carefull with foreclosures in a few building, since we might end up paying HOA for them, meaning spliting the overall cost with remaining tenants...Is this true??? How can we find out if a builing as to many of them?
Merci/Thanks!

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Answers

13
Bonjour Jack!

First I can assure you that you will be able to find one bedroom waterview condos in the Fort Lauderdale/Hollywood area in your price range. The furnished part is a little more difficult because that will limit you to units where the seller has spent the money to furnish the unit. A lot of our current condo stock is vacant, and the owners are simply trying to dump their investments. That being said, I am sure that I can help you find attractive furnished units in your price range.

Many buyers, particularly in newer and less stable developments, have suffered serious "sticker shock" when the monthly maintenance fees that they were promised turned out to be a fraction of the amount that they eventually were required to pay. Most of the governing documents for condominium associations require that the building be operated as a break-even proposition. Therefore, if a good number of units are empty, and/or there are residents who are unable, or refusing to pay, the association is obligated to cover its expenses by assessing those owners who are willing to foot the bill. You absolutely must (and your Realtor is your best resource in this regard) investigate the financial health of any development that you are considering a purchase within. Note that I am not suggesting that a Realtor will do this analysis for you, but a good Realtor will assist you in gathering the necessary information, and will direct you to the more stable developments in the area.

Please don't let any of these doom and gloom scenarios discourage you from purchasing in the Fort Lauderdale/Hollywood area - I do not want my answer and others to overstate the frequency with which this scenario occurs. I have sold many condos in this area and although I have heard of this kind of problem, none of my clients have ever experienced these kind of horrors for themselves.

If I can help you in any way, please do not hesitate to contact me. I am confident that I can help you find the perfect South Florida condominium, without fear of a condo association "surprise".

Bon Chance!
A bientôt,

Angela
Villa G Realty
Web Reference: http://www.villagrealty.com
1 vote Thank Flag Link Wed May 21, 2008
Hi Jack,
You have been given some good information. There are some wicked stories about condo associations. True, these are opportune times for buyers, however, all buyers must becareful. The best was to protect your interests is to work with a knowledgible real estate professional that has acces to accurate information.
Earlier today we heard from an owner in the Ft Myear area that is very worried about their home. The HOA in debt over $200,000, community services have been terminated, people have stopped paying their quarterly fees and the have association insurance policy has been terminated. You don't want to be involved with anything like that.
To avoid this sinerio, before buying, you must examine the association closely, collecting important information before committing. Be sure to examine the financial statement and secure an account of all major work as well as plans for any future plans in the future.
This is still a great time to buy but be smart and protect yourself.
Consider looking into the Sarasota/Venice area........

Good luck,
The "Eckler Team"
Century 21Almar and Associates
Venice, Fl 34285
ecklerteam@comcast.net
941-408-5363
1 vote Thank Flag Link Mon May 19, 2008
The condo association is an obligatory membership for every person who owns a unit in a condo.
With money collected the association pays all the obligations for maintenance of the building
If any owners do not pay the monthly dues, the financial situation of the association suffers, thus forcing the assoc. to place a special assessment for each unit owner. If not paid, eventually the association will place a lien on the property and then foreclose.

The Realtor should make an analysis of the building in order to present an accurate account of the condition of foreclosures in each building so that you are a properly informed buyer.
1 vote Thank Flag Link Mon May 19, 2008
Check out this guide to help you make a US property purchase:


http://www.knightsbridgefx.com/guide-for-canadians-making-u-…
0 votes Thank Flag Link Thu Aug 20, 2015
Buying in Hollywood Beach is easy. Just contact me let me show you
0 votes Thank Flag Link Mon Dec 29, 2014
Did you have any success?

Melanie K. Lichaa
C21, Laffey Associates
Greenvale, NY 11548
0 votes Thank Flag Link Thu Feb 19, 2009
HI, my mother iselling my grandmothers apartment which has a balcony, 1 bedroom, 1 and a half baths, i paqrking spot, in Hallendale on the Bay side. The ocean is across the street. Not a foreclosure!!!!! You should call Lucy her agent she is amazing and respectful! Even if you don't like my grandmother"s Lucy is a pleasure to work with, she can educate you. You can go to her home page at http://www.floridamoves.com/rayandlucymiccio My grandmothers is furnished and $149,000 well within your budget!

Best of luck to you both!

Melanie K. Lichaa
C21, Laffey Associates
Greenvale, NY 11548
0 votes Thank Flag Link Fri Feb 13, 2009
If there is a time to buy here in south florida it is now. Prices are great, and yes you have to be careful where you buy your condo. Please feel free to contact me so that i can explain.
Sara Yap Keller Williams S.E. 1-954-643-3403
0 votes Thank Flag Link Wed Oct 1, 2008
I'm actually a very happy owner in The Summit, an older building but very well managed and with great beach and Broadwalk access. I'm fairly certain there are 1-bedroom units available there in that general price range. Good luck! Hollywood is fantastic!
0 votes Thank Flag Link Tue Sep 30, 2008
I think that purchasing a condo on the ocean in this price range is certainly reasonable. It may or may not need work, but there are many choices out there from motivated sellers and you won't need to go through the possible downsides of a foreclosure.

There are several areas around the HOllywood area, and also in the Ft. Lauderdale area on the ocean that are beautiful and in locations where there are the kinds of things around that snowbirds would like...restaurants, shopping, etc.

If you'd like to call me, you can reach me at 954-303-5158 and hopefully I can answer some of your questions...
0 votes Thank Flag Link Mon Jun 30, 2008
Buying a condo is a serious decision to make in this market important to know is of course are there any possible assesments on the property and more important how many forclouses if any does the condo building have. there are many questions you need have answered in this market. hollywood has many beautiful areas. and hollywood beach is the best it has a wonderful broadwalk and wonderful entertainment and resturants. contact me anytime for more info I live and work in the hollywood area.954-643-3403 or vist my web site below
0 votes Thank Flag Link Sun Jun 29, 2008
Jack!!!
There thousands of units for sale in that area. Call me- I am a local real estate broker in Sunny Isles Beach - Hallandale - Hollywood Beach areas. We will find for you the best deal. Furnished unit, walk to the beach, and great location.
Evelina Tsigelnitskaya SIB Realty Sunny Isles Beach 305-931-6931 SIB Realty Broker/Owner
Web Reference: http://www.SIBRealty.com
0 votes Thank Flag Link Sun May 25, 2008
Jack... angela started with a good answer...
I am a Mortgage Broker in South Florida so let me add my 2cents.
You want a good team working for you. The foreclosures aren't always the best deals out there but if you find one you want then you need a good realtor to represent you and a good mortgage broker to fund you. Together the realtor and mortgage broker can represent your best interests in the transaction. There is already a commission ready to be paid to the agent and in this case I definitely believe you should have one.

going in preapproved is also important - as a bank will often not take your offer without one! Foreign National lending can be sticky and I deal with many foreign buyers down here in Florida.

Check out the Foreign National section of my website http://www.themortgagegotoguy.com ... I just posted a piece today on getting a buyer's agent for foreign nationals!!
0 votes Thank Flag Link Wed May 21, 2008
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