For many people, buying a beachfront condominium from Fort Lauderdale to Pompano Beach is about owning a piece of paradise. Condos on the beach, as well waterfront single-family, duplex, and triplex residences bring out the tropical lifestyle. These are vibrant areas with many restaurants and retailers as well as pedestrian promenades that lead to safe communities.
As in previous generations, Greater Fort Lauderdale is seeing a lot of people from the Northeast move to its prime markets. These buyers are from the Northeast U.S. including New York, New Jersey, and Connecticut as well as Canada’s eastern provinces and Latin America.
YOUR FORT LAUDERDALE CONDOMINIUM EXPERT REALTOR
We have the products you need to buy or sell a condo. There are still prime areas like Lake Ridge, The Corals of Oakland Park, and North Andrews Gardens. At The Gary Lanham Group at Coldwell Banker Fort Lauderdale Beach Office, we have worked to place excited new homeowners in all these communities. We are also experts in buying condos in areas such as Coral Ridge Country Club and The Landings, Imperial Point, and Coral Ridge Isles.
We first explored the appeal of 2019 Pompano Beach’s housing market as a South Florida waterfront condo, single-family, duplex, triplex, or beachfront marketplace. Pompano Beach is a premier coastal community in Broward County. Pompano Beach is the ideal neighborhood for those who want to enjoy the lifestyle, entertainment, dining, and beautiful living.
The second force was the compelling argument behind buying a residential property for purposes of investment and retirement planning. The asset value of families that bought Pompano Beach in the 1950s or even into the 2000s has seen significant growth.
This is true for Fort Lauderdale as well. Since 2008’s Great Recession, home values have rebounded with renewed energy. They are still rising.
Condominium finances are more than the listing price, offer price, closing price or monthly maintenance fee. It is important to have a Fort Lauderdale Realtor by your side to help you navigate the unknown. They will know what questions to ask and what answers to accept in current market conditions.
These are the questions you should ask each other before purchasing a condo.
What is the 40-year plan for reviewing the building’s performance? Condominiums can be proud buildings that are strong and built to withstand the elements. They also help preserve their beauty and structural integrity. They do require maintenance, just like any other building made by man. This is expensive. Considerable financial considerations are required if the condo you are considering buying was built before the 1980s or the early 1990s.
These questions are on the shortlist:
- Are impact glasses installed to prevent damage from a tropical storm?
- Are the sprinkler and fire alarm systems up-to-date?
- Have the balconies been updated or maintained, including concrete flooring and metal railing?
- Is the overall design of the building modernized?
The ocean is a constant, destructive force. Although the ocean and salt air can be beautiful to smell, feel, and see on the skin, they are also corrosive. Concrete, stone, and all metals can be affected by their effects. Upkeep is an essential part of maintaining your property. If decay and conditions don’t warrant greater attention, replacement falls under the 40-year review plan.
These repairs can run into hundreds of thousands. These funds will be derived from the building’s reserve or maintenance set aside. These funds are often money that has been saved over time for such repairs.
BEACHFRONT UPGRADES VS MODERNIZING NECESSARY
These prices do not include any renovations or refreshes that owners might want to make to a private condo. One floor can be covered by tile if the carpeting is replaced with tiles. Before you take occupancy, it is important to purchase modern appliances and update the kitchen and bathrooms of older units. Are your finances prepared?
Although corrosive air can cause damage, it is possible to repair the damage. Older buildings may have fire alarms or sprinklers that are not in compliance with modern building codes. Public safety issues and zoning changes are often not possible to “defer” until a later time. These concerns should be included in the 40-year plan of review for the association or building.
A second thing you need to do if you want to sell your condo is to tell your Realtor about your current 40-year review plan. Also, discuss your commitment to this plan. Are there any modifications that you need to make? Are assessments discussed? Your realtor will be your advocate as you negotiate the final costs versus the new owners.
What upgrades did you make to your condo? What was the process of installing insulation or flooring to improve the acoustics? Concrete or additional flooring laminate can be used to soundproof the unit. Insurance can also be sprayed around plumbing or water pipes. Residents who plan to live in the unit for a long time will find these essential. It’s easy to make a nuisance of your neighbors or your plumbing.
ADA COMPLIANCE AND OLDER CONDOS
Fourth, is emergency access and power generation current. Baby boomers who were born between 1946-1964 are more dependent on conveniences that they may not have had when they were younger. An emergency generator is able to provide power for the cooling and lighting systems in the event of a storm. This power can also ensure that the elevator works in the aftermath of a story. This is particularly important for residents who are able-bodied and live on higher floors or those with disabilities.
Are doorways, hallways, and elevators being remediated in compliance with the Americans with Disability Act?
These are important considerations that often go unnoticed when purchasing a condo. You can work with your Fort Lauderdale Realtor to determine if the 40-year review plan, financial condition, and overall condition warrant a second look.
Or whether another unit should be considered.
This post was written by Dayana Susterman Dotoli. Dayana is the head real estate agent for the Tiffany House In Ft. Lauderdale Beach. Dayana has assisted over 150 individuals with buying, selling, and leasing at Tiffany House. The Tiffany House Residences is a 12 story tower, offers 129 residences, including 1, 2 and 3-bedroom condominiums and townhomes, with exclusive, resort-style amenities and views of the Intracoastal Waterway and the Atlantic Ocean.