Fort Lauderdale Real Estate Deal Of The Week!
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Fort Lauderdale Real Estate Deal Of The Week!
This is the second installment of our new feature on the Fort Lauderdale Real Estate Blog. Each week we are going to feature a home that we feel is a great deal, an absolute bargain…maybe even a steal! We’ll run the numbers, show you some pictures and maybe add in a little video. We’ll even have a few real estate experts give you their opinion of value and on the deal itself.
Then all you have to do is decide if you like it. But don’t wait…these homes will sell fast. Last week’s DOW was viewed by thousands of our readers and resulted in two Buyers making offers. Here’s this week’s deal of the week!
This property is offered at a substantially discounted price of $649,900.00Â
We took a quick video of the property. As you can see, the property itself needs work, if not torn down completely, but you can’t beat the location. This property sits at the end of a deepwater, ocean access canal in the “Venice of America”. From the living room, to the pool, to the yacht. Undoubedtly someone will buy this property and have a showcase of a home.
This bank owned home is located in the prestigious Coral Ridge Country Club neighborhood of east Fort Lauderdale. Coral Ridge is known as Millionaire’s Row and is located less than a half a mile from the ocean. This 3 bedroom, 2 bathroom home is perfect for those looking to enjoy the Fort Lauderdale yachting scene as the home has nearly 65 feet of unobstructed deep water, direct ocean access.
Home is not in shape to be occupied and is in need of extensive repairs to bring it up to the comparable level of other waterfront homes in the area. However that’s the good part! This is a great opportunity for a strong Buyer to grab a “STEAL” of a deal on a prime waterfront property.
A strong Buyer may be inclined to either tear this house down or to renovate the existing home into their own designer showplace. Homes in the area that have been updated or recently built are selling for prices in excess of $1,000,000.00. Property is the lowest priced deep water, direct ocean access home in the area. Property is vacant and has been on the market since April of 2008! It’s time to sell this thing!
| Price | $649,900.00 | Bedrooms: | 3 |
| Address: | 3510 Bayview Dr. | Bathrooms: | 2 |
| City: | Fort Lauderdale | Sq. Ft.: | roughly 1830 |
| State: | Florida | Annual Taxes: | $20,300.00 |
| Zip Code: | 33306 | Year Built: | 1962 |
| County: | Broward | HOA Fees: | N/A |
| Property Type: | Single Family | Market Rent: | $2,500.00 - $3,000.00 |
We think this is a great deal and it is featured because it appears that the buyer of this property will be looking at walking into a property with an equity cushion which is important in a market with declining values.
Each week we are going to have a panel of real estate experts take a look at the deal of the week and give their buy or pass recommendations. It’s our own little version of Mad Money and we’ll have our own real estate Jim Cramer’s..if you will.
This week we have Barry Johnson from Real Estate Radio USA with us to give us his take on this property. Real Estate Radio USA is arguably the top rated real estate talk radio show so I think he knows a thing or two about what is a deal and what isn’t.
Hi Robin, and thanks for having me. I love this deal and I think it absolutely makes sense. Of course, I would need to do a physical inspection, but based on pure numbers, here is my recommendation:
Right now, I believe that the property is priced too high. However, that may be because the agent who has it listed is thinking that someone will come in and buy it as is and move into it which is never going to happen.
The value and deal on this property is not what it is, but rather what it will be. I imagine a strong Buyer coming in and doing one of two things. The new Buyer will either come in and buy this home and completely renovate it from soup to nuts and have an unbelievable home. I think that one would need to spend about $250,000.00 to bring this home up to its true potential.
Or a new Buyer may opt to tear this home down and build a completely new home and possibly double the square footage in doing so and have their own McMansion on the property.
In any event, to make it viable, this property would need to be purchased around $475,000.00 to $500,000.00. If the home is purchased at that price, then by either renovating or building new, the Buyer would end up with a home worth in excess of $1,000,000.00 and have substantial equity once renovation or construction is complete.
There is finite deep water ocean access available here in South Florida which makes this property EXTREMELY valuable.
Ignore the asking price completely and offer $450,000.00. The foreclosing bank hasn’t been able to move this home in over a year and the loss they will incur is well within their Loss Severity expectations.
- Barry Johnson
Real Estate Radio USA
Well, you’ve heard what one area expert has to say about this home and what he thinks of the deal, if you’d like to know what I, as a real estate agent in the Fort Lauderdale real estate market thinks about this deal and my overall purchase strategy recommendation then please email me and I will send you information on what I would advise my clients to do regarding the viability of this deal.
There is no fee or cost associated with obtaining my recommendation. Or if you like what you see and would like to commence talks about buying this home, then click the red button below and let’s get things started!
If you have any questions about this property or any other property for sale in the metropolitan Fort Lauderdale area, please feel free to email me or give me a call at 954-709-7461.
Click here to view last week’s Deal Of The Week!
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