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Fort Lauderdale area Broward County
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Old 09-22-2011, 04:18 PM
 
16 posts, read 33,786 times
Reputation: 12

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Hello all!

I'm a New Yorker, and me and my fiance are looking to buy a condo in the Fort Lauderdale area. We are not looking to move there, but to stay at when we fly down a few times a year, and maybe eventually rent out. I was hoping you guys could give me some insight on a specific area to look in.

My one most important question, is -- do you think I could find a one or two bedroom at or under $100k? It doesn't need to be brand new, or newly renovated, as we won't be living there most of the time anyway. When I look at the condo listings for Ft. Laud, I see many cheap options, and foreclosed condos, but I'm not sure if they are doing the bait & switch, or if they are in bad parts, or what the deal is.

My only two necessities are that I want to buy in a SAFE, nice area, and I want to be near the beach. And I would love if the condo had a pool. Am I being realistic here with the budget?

Also, if anyone has any recs for a real estate agent in the area, let me know!

Thanks
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Old 09-23-2011, 05:33 AM
 
76 posts, read 278,875 times
Reputation: 45
I am almost certain that any real estate agent worth his or her salt could show you numerous one-bedroom condos along A1A--that is right near the beach--for under $100,000. As long as you are not insisting on a new or fully renovated condo, you will be able to find one. Of course, a location along AIA is safe and very desirable. So, you are in luck!
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Old 09-23-2011, 07:43 AM
 
12,591 posts, read 14,743,454 times
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Watch the HOA fees/rules. Many won't allow rentals less than a year and in some buildings the HOA dues are more than your mortgage will be! Make sure the building has sizeable cash reserves for insurance issues/building remodels etc. If they don't, you will get a special assessment when they need money. Oceanfront buildings have the worst salt damage (20 yr old balconies facing the ocean will rot off, big $ repair when it is 20 stories high/30 units wide) and they will obviously have higher insurance costs. So just because a unit is cheap, look into why. Is there a 25K assessment in the pipeline for 2012, is the building planning a big remodel that current residents can't afford (fixed income, no disposable income residents)?

Lots of folks have had the dream of Florida property, rent it to cover costs and use it for free in the off season.......and they have gotten that dream turned into a nightmare!
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