Our clients in similar situations to you have tended to lean towards luxury condo buildings either in Downtown Fort Lauderdale or Fort Lauderdale Beach. Condo buildings in both areas offer units with high-quality finishes, resort-style amenities, amazing views and the ability to walk to cafes, pubs, bars, shops, the beach and more!
Following are a few luxury condo building options for your consideration:
1. Las Olas Beach Club - http://luxurylivingfortlauderdale.com/las-olas-beach-club-101-south-fort-lauderdale-beach-blvd-fort-lauderdale/
2. Coconut Grove Residences - http://luxurylivingfortlauderdale.com/coconut-grove-residences-1200-holiday-drive/
3. Las Olas River House - http://luxurylivingfortlauderdale.com/las-olas-riverhouse-333-las-olas-way-fort-lauderdale/
4. Las Olas Grande - http://luxurylivingfortlauderdale.com/las-olas-grand/
There are many more options to choose from. Let me know if you have questions, or would like help narrowing down your choices.
Chad Gray, Realtor
Luxury Living Fort Lauderdale
No, you thinking is not fair. Honestly, you should be ashamed of yourself! First off, you were looking in the wrong price range and of course you fell in love with a home that you could not afford. Then you asked the agent to basically make up the difference so you could get the home. Do you work? How would you like it if someone comes into your office and asks you for part of your paycheck because they preceive your job as easy?! Second, the easiest part of our job is selling our clients a homes, the hardest part and where we earn our money, is getting the home closed. That process is long and complicated. We do a lot of behind the scenes work that you are unaware of to keep the process as stress free, on you, as possible. So, note to self, only look at what you can afford and don't ask for donations from realtors because you preceive our job as esay.... more
The pre-approval will be good for 90 days from issued. However if your credit is not that great, start right now by talking to a mortgage broker who can give you pointers on how to increase your scores within the next 3 months. That way your pre-app obtained in January will be much better and also at a better rate. Don't start seeing homes till february. Homes you see now will have sold way before March. But do start driving into the neighborhoods and familiarizing yourself, so whe it comes time to buy you will know exactly where to look.
Tony Vega... more
"All this gov't plans are ONLY benefit to the low income or no income. It is like penalizing the ones that who work hard for a living and struggle to live a better live."
Sean my husband and I are neither low income or no income. We are both college educated (I hold a Masters degree) and very hardworking. My husband works non-profit helping people (but unfortunately many times that equals low pay) and I work in higher education. Again helping people but not making a ton of money. We do OK. We have great credit scores and are careful with our money. We are first time home buyers. And while I think everyone should benefit from this $8K I don't think it is something that is "low income or no income" as you out it. As you say everyone is struggling in this economy. We like many other hard working educated people don't have a ton of money. We don't have rich parents that can lend us the money either. We have saved saved saved and still we would never have enough for a 10% down plus closing. This is why we need programs like FHA and the $8K refund. We are not high risk. We are just looking for a piece of the American dream like everyone else.... more
I hope you realize that everyone telling you here that it is a good time to buy has either a direct or indirect interests in keeping sales volume up in the peninsula.
Besides, some the answers are simply astounding in their idiocy...Take Kimberley Brandon who claims that interest rates have no relation to housing prices. Now that I have gathered the pieces after my head exploded after reading this, the fact that we have NATIONAL housing bubble that is now in the process of correcting is precisely because of the reckless availability of credit at very low interest rates.
Also take the comments of other realtors here that claim that prices are low in palo alto. I beg to differ. Take a look at pricing in crescent park and use 1 crescent as an example:
Year # of Sales Median Price Median Sq. Ft. Median $ per Sq. Ft. This Property at Median $ per Sq. Ft.
2009 32 $1,538,000 1,793 $823 $3,972,678
2008 124 $1,950,000 2,024 $1,050 $5,066,898
2007 30 $1,542,500 1,849 $914 $4,411,936
2006 31 $1,475,000 1,595 $913 $4,406,981
2005 45 $1,550,000 1,816 $809 $3,906,095
2004 46 $1,080,000 1,710 $666 $3,213,548
2003 45 $1,095,000 2,207 $551 $2,659,337
2002 47 $925,000 1,782 $609 $2,939,146
2001 25 $830,000 2,116 $540 $2,605,124
2000 29 $1,025,000 1,882 $641 $3,092,064
1999 42 $702,000 1,736 $446 $2,155,545
1998 37 $695,000 1,587 $435 $2,099,825
1997 41 $750,000 2,210 $375 $1,809,431
1996 34 $480,000 1,723 $337 $1,627,168
1995 36 $485,000 2,167 $304 $1,467,583
1994 38 $490,000 1,778 $302 $1,457,499
1993 40 $420,000 1,641 $281 $1,356,468
1992 30 $541,000 2,296 $280 $1,351,742
1991 25 $499,000 1,957 $256 $1,236,243
1990 24 $480,000 1,946 $313 $1,513,814
1989 22 $650,000 2,196 $314 $1,515,423
1988 31 $490,000 2,039 $270 $1,306,096
It has been stated many times in this forum that pricing started to deviate from historical norms circa '96 with a CAGR of 8% to date. Prior to this (prior 50 years!) the CAGR has been 4%. The median price per sqft is $823 today. It would have to drop to $537 next year to reach again a historically fair price. So prices indeed are still very high. I do feel sorry for anyone who paid $1K/ square foot during the boom...They will never get their money back.
Finally Pietro is probably right that Palo Alto will simply correct very slowly. It could very well stay flat for the next four years, which will also enable pricing to reach historically fair values. Flat prices, however, do not mean that you are not losing equity. When you take into account the full cost of ownership: taxes, interest expense, and the opportunity cost of not renting, you are losing on average 9% a year.
If you really wish to jump into the market, you could consider building your own home. I was in a similar position to you earlier this year, and was willing to wait out the market and continue to rent. I did find a good opportunity to build a home in los altos hills. This recession has affected contractors disproportionately and you can get very competitive rates $/sqft today. To give you some numbers, I'll have a 5000K+ property at ~$410/sqft. The price is well below the historical value for a comparable property, and I have exactly the home I want to live in.... more
By now, attentive readers have noticed that there is an informal classification of inspector called the "Deal-Killer," and in my opinion, if you want a "deal-killer," save yourself some money and kill the deal yourself before paying an inspector!
I have never attended a home inspection where the inspector wasn't at least thoroughly knowledgeable and completely competent. I have had inspectors, being human, miss things and fail to note items on their reports - all mistakes eventually corrected.
The very significant difference I've found with inspectors is how they communicate the scale of a problem. From the overly casual ("Yeah, these shower tiles are pretty loose") to the absurdly alarmist ("THESE THREE-PRONGED OUTLETS ON UNGROUNDED CIRCUITS ARE THE BIGGEST FRAUD IN THE HISTORY OF HOME BUILDING!")
It's not a mystery. Things are what they are. Inspections are cheap, and inspectors are plentiful. And hype, from whatever source, is simply hype.... more
Hello Cashseeker, thanks for your question. You are not alone if you are confused about the tax credit - there is a lot of misinformation floating around. Hopefully, I can help you understand if you qualify for the tax credit, and explain how you can take advantage of it.
First, let's discuss who is eligible for the tax credit: 1) First time homebuyers OR buyers who have not owned a home in the past 3 years. In other words, if you have not owned a home in the 3 year period prior to your closing date, you are qualified to take the tax credit. For example, if you sold a home in May 1, 2005, then rented for awhile, then purchased another home on May 2, 2008, you qualify for the tax credit. AND 2)Your adjusted gross income cannot exceed $95,000 if you are single, or $170,000 if you are married filing jointly.
Now, there are two forms of the tax credit, depending on when you purchase(d) your home. If your closing date was between April 9, 2008 and December 31, 2008, you may take the $7,500 refundable tax credit. If you ordinarily get a refund at the end of the year, you will receive $7,500 MORE than you normally would! BUT, this credit is refundable, meaning you will have to pay it back if you take it. The payment schedule is very simple - starting with your 2010 tax year filing (in 2011), you will pay back $500 per year for 15 years, but you don't have to write a check - it is withheld from your normal tax refund for each of those 15 years. This is an INTEREST-FREE LOAN, people! If you sell your home before you've fully paid back the $7,500, the balance will be taken out of your profit, but if you don't have enough profit to cover the balance, the remainder is forgiven.
The second type of tax credit is the $8,000 NON-REFUNDABLE tax credit. This tax credit applies to purchases closed between January 1, 2009 and December 1, 2009. Unlike the first type of tax credit, this one DOES NOT have to be repaid - THIS IS FREE MONEY, HONEY! It's simple, just buy a home between January 1st and December 1st of this year, and you will be entitled to receive a check for $8,000 from the government! The best part is this: you don't have to wait to file your 2009 taxes to get the money - you can amend your 2008 return (consult a qualified tax professional), claim the 2009 tax credit, and get your money as soon as your amended return is processed by the IRS! SERIOUSLY, FREE MONEY that you can use to fix up your new home, or pay someone back who loaned you the money for your down payment! And they say money doesn't grow on trees...!
The only catch is this: the amount of the tax credit may be less than $8,000 (or $7,500, which ever type of tax credit applies to you). The amount of the tax credit you may take is the lower of $8,000 ($7,500 if applicable), or 10% of the purchase price. In other words, if you bought a home for $50,000 (good luck finding that home!), you could only take a $5,000 ($50,000 X 10%) tax credit. As long as the home you purchase is $80,000 or more, you qualify for the FULL tax credit!
Now, with interest rates and prices so low and FREE MONEY waiting to be claimed by qualified home buyers, what are you waiting for?!?! Pick your share off the money tree - Call a REALTOR today!... more
You have received some good information below. Your first step is to get pre-qualified for a loan so you know where you stand financially. I work the Frisco & McKinney & Prosper areas a lot so I am very well aware of the inventory. The Frisco paper had a great article this weekend about how well single family homes are selling in Frisco and around it.
The city of Frisco also is one of the very few cities that still has a down payment assistance program for first time homebuyers...
Please call me or email me and I will be happy to share with you everything I know.
Hi Vijay, the key to understanding whether you qualify as a First Time Homebuyer is not clear based on the information provided. So, we need to go through a "guided discovery" process of sorts.
I’m not a lawyer nor am I a tax professional. So, any action you decide to take after reading the following should be reviewed by both of these professions before taking any action.
First, we need to clearly define what you really mean when using the term "Co-signer." There are various loan programs available today, and for our purposes I’m going to define these as FHA and Non-FHA. In the Non-FHA world there is no such thing as a defined “Co-signer”, there is only a Borrower and Co-borrowers. However, in the FHA world Co-signers are additionally defined. Here are the different distinctions:
Borrowers and Co-Borrowers take title to the property, are obligated on the mortgage note and must also sign the security instrument. The Borrower/Co-Borrower’s income, assets, liabilities, and credit history are considered in determining total creditworthiness of the transaction. On the other hand (just FHA world now), Co-signers do not hold ownership interest (title) in the property, but are liable for repaying the obligation and must sign all documents with the exception of the security instrument. The Co-signer's income, assets, liabilities, and credit history are considered in determining creditworthiness for the mortgage and the co-signer must complete and sign the loan application.
So, are you a Co-signer or Co-borrower?
Now let’s move on to the FTHB question. A "first-time home buyer" is defined as a buyer who has not owned a principal residence during the three-year period prior to the purchase.
If you were a Co-signer on a FHA loan, and you did not buy a personal residence over the last 3 years you are very likely a FTHB. In my opinion, a Co-signer is not a buyer because there is no transfer of title, and therefore, the three-year period test is a mute point.
On the other hand, if you were a Co-borrower on a Non-FHA loan, and it is still within the three-year window, you are likely NOT a FTHB. The only way that I am aware of where one can be a Co-borrower and treated as a FTHB is if the buyer can substantiate via records/tax returns they rented out their portion of the house. This is because ownership of a vacation home or rental property not used as a principal residence does not disqualify a buyer as a first-time homebuyer.
Best, Steve... more
"...Senator Johnny Isakson, Republican of Georgia, a former real estate broker, who was the prime sponsor of the homebuyer credit, said it was modeled after a similar, $2,000 homebuyer incentive that helped lead the country out of recession in 1975.
“We do have a history in this country with housing and it goes back to the crash of 1974, which actually in terms of inventory and price declines was comparable to what’s happening now,” Mr. Isakson said at a news conference.
“Within one year of the inception of that tax credit, two-thirds of the available inventory that was on the market was gone. The market moved back to a balanced inventory, values stabilized and things became very healthy. The only reason I know all of that is I was selling houses in 1974, that’s what I was doing to feed my family and make a living...”... more