South Florida by the numbers: Pompano Beach’s moment in the sun
It’s always exciting when the stars align for a particular South Florida neighborhood, and everyone in real estate seems to realize its promise for greatness at the exact same time. Over the past 10 years, we’ve seen this phenomenon in places like Fort Lauderdale Beach, Sunny Isles Beach, Miami’s Edgewater, and Wynwood, and now it appears to be Pompano Beach’s turn. The region’s biggest names in condo development already have pre-construction luxury projects dotting the coastline, and major improvements to the city’s innovation district and a well-known gaming complex could further elevate the area’s real estate profile. Without any further “pomp” and circumstance, we explore the transformation of Pompano Beach in this edition of “South Florida by the numbers.” 28 Number of months to complete the new Ritz-Carlton Residences, Pompano Beach, once construction starts. The Fortune International Group and Oak Capital project will have an east tower overlooking the ocean, and a west tower overlooking the Intracoastal Waterway. [NBC] $1.8 million As of March, starting prices at the Related Group’s Casamar oceanfront condominium development, where units will range from 1,000 square feet to 3,900 square feet. Casamar is the second Related Group condo already introduced in Pompano Beach this decade, with Solemar launched in 2020 and currently under construction. [TheRealDeal] $94 Million Size of a construction loan secured by New York development firm Chetrit Group to build a 121-unit condo project with a 20-slip marina in Pompano Beach’s Hillsboro Shores neighborhood. The Kobi Karp-designed project is expected to break ground and launch sales in two to three months. [TheRealDeal] 276 Acres in Pompano Beach’s downtown area, generally defined as I-95 on the west, Dixie Highway on the east, Atlantic Boulevard on the south and Northwest Sixth Street on the north. The area includes an innovation district for high-tech companies and the “Old Town” section designed as an epicenter of dining and entertainment. Several new restaurants are being developed for the sector, as are drainage and other infrastructure improvement projects. [SunSentinel] 223 Total acreage of a “city within a city” complex in what will be a yearslong remake of the current Isle Casino in southwest Pompano Beach. It will feature a dramatically expanded gaming center and parking garage, hotel, office campus, apartment units, movie theater, shops, restaurants, Tri-Rail station, and e-commerce fulfillment center. In this massive project co-developed by Caesars Entertainment and The Cordish Companies, the gaming venue will be rebranded as Harrah’s Pompano Beach, and the other elements will be under the LIVE! Resorts Pompano brand. [SunSentinel] “South Florida by the numbers” is a web feature that catalogs the most notable, quirky and surprising real estate statistics. This column is produced by the Master Brokers Forum, a network of South Florida’s elite real estate professionals where membership is by invitation only and based on outstanding production, as well as ethical and professional behavior. Photo: rendering of 2629 North Riverside Drive and a rendering of Casamar (Casamar) The post South Florida by the numbers: Pompano Beach’s moment in the sun appeared first on The Real Deal South Florida.
How Can Buyers Make Their Offers Stand Out?
Here’s how you can make your offer stand out in our crazy market. As you probably already know, we’re living through a crazy seller’s market right now. If you’re a buyer, how do you compete? Today we want to give you our best advice to make your offer stand out in a competitive market. If you want to make your offer more competitive, the best thing you can do is offer in cash. This is because cash offers have less risk and fewer strings attached. In our experience, cash offers get accepted more often because they are more likely to close. So why do cash offers have less risk than financed ones? Financed offers come with contingencies, including the inspection, appraisal, and financing contingency. We usually don’t recommend you waive your inspection contingency; it’s very risky. However, you can lower the length of the inspection period to reassure your seller. “Work with your agent to find out what’s best for you.” Typically, financed offers require an appraisal since they’ll only pay for what the home is worth. If the home appraises at a lower price than your seller wants, you can always offer to pay the difference, or the appraisal gap, in cash. This way, you can take advantage of financing while offering less risk to your seller. The last contingency is the financing contingency. If you can get rid of this contingency, your offer will be much stronger, but this isn’t an option for everyone. Talk to your lender and your agent about what makes sense for your situation. Which contingencies you decide to waive or edit can be a complicated topic, but it can also be the difference between your offer being accepted or not. If you have any questions, please call or email me or my team. We are always willing to help.
Getting Pre-Approved: The First Step of Buying a Home
Here’s why getting pre-approved should be your first step when buying a home. The idea of buying a home is incredibly exciting, so many people tend to start the process by looking for homes. However, getting a mortgage pre-approval is a much better step to take first, and there are a few reasons why. Think of what the seller’s going through: They have to allow total strangers to go through their home, and they aren’t sure whether these strangers are even able to buy it. In a hot market like ours, sellers may outright deny entry to buyers who don’t already have a pre-approval letter. On top of this, there are a variety of factors that can affect financing. There are different types of lending, such as asset-based income-based lending, and they calculate debts, income, credit scores, and many other items when figuring out your financing. Problems with these can prevent you from getting financing, which is why it’s important to figure out what issues you may need to fix. “In a hot market like ours, sellers may outright deny entry to buyers who don’t already have a pre-approval letter.” If you have any questions about pre-approvals or anything else related to real estate, feel free to reach out to me. I look forward to hearing from you soon.
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