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Fort Lauderdale area Broward County
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Old 04-05-2010, 02:16 PM
 
4 posts, read 7,198 times
Reputation: 10

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Hi, everyone. I hope to get some feedback since I'm a first time homebuyer.
I'm not sure if I should purchase a home in the near future in South Florida, or wait it out a few more years.
I found a home in Sunrise 2bed/2ath - 1048sqft - built in 1976 for $95,000. This is a short sale and the value on the Broward tax roll is around $125,000.
Pros:
-Price is good
-No HOA
-Good neighborhood between Pine Island and Nob Hill/ North of Sunrise Blvd
-Low taxes
-new roof from 06'
-nice bathrooms
-good size yard
-garage
-seller will pay title
-nice wood floors
-nice lighting fixtures
-a/c is 6 years old
cons:
-small sq. footage
-roof over garage is original
-room floors will need to be changed
And I aside from the cons, I guess I'm just worried that the values might drop lower than $95,000. Also I'm not happy with the overall size and the kitchen is not what I find ideal. But this would be my first home, and so far is in really good shape compared to others I have seen. No HOA also makes it attractive. There are good points... but I'm just not sure if with the bad economy... if it's worth waiting.
Is this a good deal that I should not pass up?

Last edited by sunsearcher1982; 04-05-2010 at 02:47 PM..
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Old 04-05-2010, 03:42 PM
 
3,043 posts, read 7,083,587 times
Reputation: 897
Go for it. This area wont depreciate more than the general market. If the gen'l market goes down further, you'll be paying less for your next house as it will have fallen in value as well. Also, it's my instinct that values are not going to go further down. Of course you can take or leave that! Anyone's guess is as good as another.
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Old 04-05-2010, 11:21 PM
 
Location: FL
18,920 posts, read 10,140,992 times
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I think it would depend on if you think it is worth $95,000. If you plan to sell in the next few years I wouldn't do it. If you plan to stay awhile and you like the house overall I would buy it.

The only problem that I see with 2 bedrooms is that it doesn't appeal to as many buyers as a three bedroom would.

Make sure that you do a inspection and get someone to inspect for chinese drywall because if they put a roof on in 2006 it may have had water damage from the prior years hurricanes.
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Old 04-06-2010, 06:18 AM
 
4 posts, read 7,198 times
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Thank you all for responding. It's a good deal, but the size and the kitchen I think are the issues I have. I also think about the whole rent/buy senerio.... and which one is cheaper.
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Old 04-06-2010, 06:39 AM
 
Location: Weston, FL
4,293 posts, read 6,434,958 times
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how much lower than $95K can it go?
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Old 04-06-2010, 06:52 AM
 
4 posts, read 7,198 times
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Quote:
Originally Posted by ruski View Post
how much lower than $95K can it go?

not sure. can it go lower in that area? I keep reading up on how South Florida will have around a 30% drop in values. But if its value is now around $125,000... it can drop another $7500... which is not much anyway. I am not sure if it is predicted to drop more in the next coming years...
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Old 04-06-2010, 02:49 PM
 
Location: Broward County
2,517 posts, read 10,217,293 times
Reputation: 1354
you don't sound too happy with it and I can guarantee after your remodel it, you will never want to remodel another house again...you will demand a clean, turn-key home you can walk into and live out of. I would NOT do it. Another thing to think about is that your home is very small...you will outgrow it quickly. Wait....the market is not going to appreciate anytime soon and interest rates will remain low and any 1st time home buyer government rebate programs will probably be extended.

Good luck...
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Old 04-10-2010, 12:19 PM
 
157 posts, read 560,122 times
Reputation: 64
make an offer contingent on appraisal.
and yes, buying at that price will be cheaper than renting in this area.
I wouldn't spend a lot of money fixing or changing it yet, just enought to make it liveable.
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Old 04-14-2010, 06:49 AM
 
4 posts, read 7,198 times
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Default Calling all South Florida / Sunrise Residents!!

I'm not sure if I should buy this house I put an offer on in Sunrise FL. I'm not happy with the size of the house (1048 sqft) or the kitchen. But the house is $95,000 and in very good condition/ in a good area in Sunrise (between Nob Hill and Pine Island - .4 miles North of Sunrise Blvd.

I'm scared of all the risks especially now with how the economy is so unpredictable and I'm not sure of this house is worth it. I'm not sure if I should wait it out some more. But sometimes I think that if I wait it would be less economical. I'm not sure if renting is a better choice.

How is the Sunrise Florida area? How is the cost of living? How much in general are the utilities / taxes / and homeowners insurance for this area?
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Old 04-14-2010, 10:59 AM
 
3,043 posts, read 7,083,587 times
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I'm starting to think you should withdraw the offer. You dont even have it yet and you're already feeling buyer's remorse. This is the second thread you've started about this and that makes me think you want to be talked out of it, lol.

(Anyway, because it's the same subject, I have to merge the threads together.)
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