Julie, Home Buyer in

What are the pros and cons of purchasing PH apartment on Ocean Blvd.? I just keeping thinking of the roof

Asked by Julie, Wed Jun 18, 2008

flying off during a hurricane!!!

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Over the past few years I have worked with clients who were looking for Penthouse Units on Lauderdale Beach and completely understand your concerns. What my clients did for peace of mind because of the roof issues, is bought Sub-Penthouse level units. After Wilma, the Galt and many condos on Ocean Blvd got blasted, so many of those buildings have roofs that have been replaced and some buildings installed Impact Glass. I'm quite familiar with the location you're talking about and if you can afford to go Newer, DO IT!! Buildings like The L'hermitage have are solid Buildings and have wonderful management. It's probablly one of the best run buildings in Lauderdale. The values are holding steady and the quality of construction is superb. As for the older buildings, I like Plaza-South and Playa Del Mar. Both of these buildings have had extensive renovations and have great units available. The Vue, south of Oakland Park Blvd on Ocean, is another great building with a Beach Club on the ocean side. The building was built in 2004-2005 and I believe Penthouse units are available. Hope this helps you in your quest...
0 votes Thank Flag Link Tue Jun 24, 2008
Hi Julie:

There are many items to consider when buying a penthouse apartment. First and foremost, the age of the building and the condition of the apartment. Here are more items to consider:
1. The condition of the common elements (lobby, pool area, garage, decorations)
2. Finances of the building association (Are there are any outstanding assessments or assessments coming due)
3. The last 90 days of comparables for the building you are looking at and other comparable buildings in the area with specific concentration on what other penthouses have sold for and their condition at the time of sale.
4. Is the asking selling price realistic enough with the oother factors considered? Remember it is about price and terms that make a successful negotiation.
5. The roof worry is a good question for the building association.

Remember, buying a penthouse is the most expensive apartment in the building and when you look at resale in the future it will always take you longer days on the market to sell. That should always be a consideration before purchasing a penthouse. If, in the future, you think you may have to sell quickly, you may want to consider whether a penthouse is the right buy for you.
0 votes Thank Flag Link Tue Jun 24, 2008
Hi Julie,
Insurance for windstorm coverage is a problem all over Florida. On the beach it can be even more so, but generally speaking, anything East of I95 in the Greater Fort Lauderdale area is penalized. In a condo, your insurance on the basic structure is covered by the association. Although you do not directly pay for that coverage, it is reflected in your monthly maintenance assessment. Coverage for the interior of the unit is really quite inexpensive, especially if you have impact windows or current code shutters.
0 votes Thank Flag Link Sun Jun 22, 2008
What about insurance? I heard that since getting hit with the hurricanes it's really hard to get insurance. Does that mean that living along the beach increases the rates?
0 votes Thank Flag Link Fri Jun 20, 2008
Thank you all so much!!! Guess I shouldn't just go for the view huh?
0 votes Thank Flag Link Thu Jun 19, 2008
High floor condos are very similiar to penthouses in terms of the inconveniences involved with long elevator rides, and, in the case of power outages, long stair climbs. Once above the 7th floor, all things are relatively equal in terms of the logistics of getting to your home. That being said, a penthouse does have a certain intrinsic value for resale, the lack of noise from upstairs neighbors, and quite often a penthouse will have designer extras such as higher ceilings, cove mouldings, larger balconies, and sometimes even a larger floorplan. The views are fantastic, but are equally stunning from the 15th or 16th floor as well. Personally, I prefer the 4th through 6th floors, they are high enough to see over trees and landscaping, but low enough to feel connected to the scenery below.
In terms of hurricane concerns, high rise condos on Ocean Bl. are on the barrier island and therefor in the mandatory evacuation zone. If you have already decided to stay through the storm, you are probably aware of the risks and willing to take them.
0 votes Thank Flag Link Thu Jun 19, 2008
I live in a Penthouse on Galt Ocean Drive, on the 22nd floor.
Pros: Really great views, and since no one is living above me, there is no noise above me, which is terrific. For resale, almost everyone loves the idea of a "penthouse". It seens to have a certain cache.
Cons: Often times, it is a real pain waiting for the elevator, especially when one is out of service, or it is in season and busy. After Wilma, we had no power on the Galt for 4 days, so walking up and down 22 flights was not easy: but how often does a building not have power? It does not happen that often. During Wilma, I did not have any damage in my condo, although the roof was very badly damaged and needed to be replaced. They did have to re-tar the roof, which took a few months, so the noise was awful, and my place was so hot during this time that it was unbelievable. I could feel the heat coming off of the ceiling from the roof. If the roof is new in this building, then no problems there. It is a lot scarier higher up in a hurricane! But thunderstorms higher up are amazing.
Next time around, I will live lower. I want to be able tos ee tree tops and not be so high up.
0 votes Thank Flag Link Wed Jun 18, 2008
The pros are having a great view of the ocean. The cons are possibly having roof related issues and an increased elrctric bill from being closest to the rays of sun. Many luixury buildings have PH and LPH for that reason. I understand that the smart money would choose a lower penthouse. Myself, I'd rather be at or below sea level!
0 votes Thank Flag Link Wed Jun 18, 2008
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