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Hollywood Homeowners: Navigating Challenges, Building Resilience
🌴 Hollywood Homeowners Sound the Alarm: What You Need to Know & How to Protect Your Property
Hollywood, Florida may be known for its breezy boardwalks and waterfront charm, but behind the palm trees, many homeowners are facing a storm of financial and structural challenges. From soaring insurance premiums to surprise condo assessments, the landscape is shifting—and fast. If you own property in Hollywood, here’s what’s happening, why it matters, and how to stay ahead of the curve.
💸 1. Insurance Costs Are Among the Highest in the Country
Florida’s property insurance market is evolving. Rates have jumped 34% statewide, and coastal homeowners are seeing premiums of $5,000–$8,000+ annually—with some projections nearing $15,000 by 2025.
Why it matters:
• Many insurers have pulled out of Florida, reducing competition.
• Climate risks and litigation have driven up costs.
• Homeowners are struggling to find affordable, comprehensive coverage.
What you can do:
✅ Shop around: Use platforms like Policygenius or Insurify to compare quotes. FLOIR.com has state resources as well.
✅ Mitigate risk: Install storm shutters, reinforce roofing, and document upgrades—these can reduce premiums.
✅ Explore Citizens Insurance: Florida’s state-backed insurer may be a fallback option if private coverage is unavailable.
✅ Consult a local insurance advisor: They can help navigate exclusions and find hidden savings. Note: I have insurance advisor referrals for you if needed.
🧾 2. Special Assessments & Condo Reform Fallout
Florida has implemented significant condo reform following the Surfside collapse, impacting structural integrity, financial transparency, and reserve requirements for condominium associations. These reforms have implications for special assessments, which are charges levied on unit owners in addition to regular fees, often to cover unexpected costs or major repairs.
Why it matters:
• Post-Surfside safety reforms require costly upgrades.
• Boards may push assessments without full transparency.
• Owners feel blindsided by sudden financial burdens.
What you can do:
✅ Attend board meetings: Stay informed and ask questions.
✅ Review your condo docs: Understand your rights and obligations.
✅ Join or form owner coalitions: Collective voices can influence board decisions.
✅ Consult legal aid: Organizations like Legal Aid Service of Broward County offer guidance.
🧱 3. Aging Infrastructure & Mandatory Recertifications
The 40-year building recertification process is revealing structural issues that require expensive repairs. Some boards are pushing for upgrades that go beyond safety requirements.
Why it matters:
• Repairs can trigger assessments or loan obligations.
• Delays or noncompliance can lead to fines or evacuation orders.
• Owners are questioning the necessity and scope of proposed work.
What you can do:
✅ Request engineering reports: Ask for third-party evaluations.
✅ Challenge excessive upgrades: Push for cost-effective solutions.
✅ Explore financing options: Look into PACE programs or low-interest loans for necessary repairs.
✅ Stay proactive: Schedule your own inspections to anticipate future needs.
🗣️ 4. Trust & Governance
Many homeowners feel disconnected from their boards, citing poor communication and lack of transparency.
Why it matters:
• Mismanaged funds and opaque decisions erode trust.
• Boards may not reflect the community’s best interests.
• Owners are demanding accountability.
However, there have been recent changes to be aware of: Florida has implemented new legislation, primarily House Bill 1203, impacting Homeowners Associations (HOAs) with the goal of enhancing transparency and accountability.
Key Changes in Florida HOA Documentation Laws:
- Online Posting of Governing Documents:
HOAs with 100 or more parcels must make their governing documents (including the Declaration, Articles of Incorporation, Bylaws, and Rules and Regulations) accessible online through a website or mobile application, starting January 1, 2025.
- Financial Transparency:
HOAs with at least 1,000 parcels are required to prepare audited financial statements annually, regardless of total revenue. Smaller associations must also provide detailed financial reports based on revenue thresholds.
- Access to Official Records:
HOAs must provide access to official records within 10 business days of a written request from a parcel owner. Official records include meeting minutes, financial reports, and other documents related to the HOA’s operation.
What you can do:
✅ Run for a board seat: Bring fresh perspective and transparency.
✅ Use platforms like HOA Express: Improve communication and document access.
✅ Request audit reports: Ensure financial clarity.
✅ Educate your neighbors: Host informal meetups or share resources to build community awareness.
🌟 Final Thoughts: Empowerment Starts with Information
Hollywood homeowners are resilient, but navigating these challenges requires vigilance, collaboration, and smart planning. Whether you’re in a single-family home or a high-rise condo, staying informed and proactive is your best defense.
As a longtime real estate professional and a neighbor here in the Hollywood area, I know how overwhelming these changes can feel. But you’re not alone—and you’re not powerless. Whether you’re navigating rising insurance costs, condo board decisions, or planning for long-term property health, knowledge is your greatest asset.
If you have questions about your home’s value, want help interpreting your condo docs, or simply need a sounding board, I’m here. Let’s turn uncertainty into clarity, and challenges into smart, confident moves.
📩 Feel free to reach out—whether it’s for a consultation, a coffee, or a conversation. Together, we can protect what matters most.
CONTACT ANNETTE
Let’s start working together!
Annette Dammeyer, REALTOR®, ABR®, AHWD®
Coldwell Banker Realty
901 E Las Olas Blvd STE 101, Fort Lauderdale, FL 33301
808.747.3686
SL 3535792
SE Florida Market Snapshot – July 2025
Market Trends in SE Florida
The real estate market is adjusting. With the increase in months of supply of inventory, SE Florida is leaning towards a “buyer’s market”. Seller’s are now reassessing their asking price on their properties for sale. It is crucial to examine other similar homes on the market to establish an aggressive original listing price, generating multiple buyer’s attention to your property. This is also an important time to consider a decrease in asking price if the property has been on the market without active offers. I welcome any discussions you may want to have regarding your neighborhood trends. Please reach out to chat, even if you are not ready to buy or sell, but just would like to discuss current real estate updates. Here are the Market Snapshots reflecting the last month (compared to the same month last year) for the following areas:
- Fort Lauderdale
- Wilton Manors
- Hollywood
- Dania Beach
- Hallandale Beach
These take into account all property types (Single Family Homes/Condos/Townhomes).
The real estate landscape in South Florida is evolving quickly—and making smart, timely decisions has never been more important. Whether you’re considering selling, buying, or simply staying informed, I’m here to be your local guide and resource.
Let’s talk about current market trends and how we can align your goals with today’s opportunities. I’d be happy to provide customized market reports for Fort Lauderdale, any SE Florida city, or even your specific neighborhood—all automatically delivered to your inbox.
Call or email me anytime. I’m here to help you move forward with clarity and confidence
CONTACT ANNETTE
Let’s start working together!
Annette Dammeyer, REALTOR®, ABR®, AHWD®
Coldwell Banker Realty
901 E Las Olas Blvd STE 101, Fort Lauderdale, FL 33301
808.747.3686
SL 3535792
August 2025 Essentials: Seller Checklist, Curb Appeal Tips & Buying Smarts
August 2025 Newsletter
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August is nearly here, and with it comes a renewed focus on the essentials. Whether you’re prepping to list your home or simply refreshing your space, this month’s newsletter dives into the real estate fundamentals that matter most in our Southeast Florida market. Inside, you’ll find my Ultimate Home Seller’s Checklist — a must-have guide to navigate your sale with confidence, plus stylish updates that add curb appeal, like outdoor water features and statement garage doors. And for those exploring homeownership, check out the 7 clear and practical steps to help you understand what you can afford and how to get started. Let’s simplify the process, elevate the experience, and keep our community inspired. I’m here for any questions or consultations — just reach out! Warm regards, |
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Real Estate Updates | Area Reports | June 2025
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If you have any questions or simply want to talk through your options, I’m here for you. Let’s have a conversation tailored to your goals, and map out the next steps together. I’m here to help and guide you every step of the way with experience and integrity.CONTACT ANNETTELet’s start working together!
Annette Dammeyer, REALTOR®, ABR®, AHWD® Coldwell Banker Realty 901 E Las Olas Blvd STE 101, Fort Lauderdale, FL 33301 808.747.3686 SL 3535792
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The Ultimate Home Seller Checklist for SE Florida
🌴 The Ultimate Home Seller Checklist for SE Florida: From Decision to Closing
Selling your home in Southeast Florida isn’t just a transaction — it’s a transformation. Whether you’re downsizing, moving closer to family, or simply ready for a change, I know how emotional and overwhelming this process can be. I’ve walked many sellers through this journey, and when you have a clear path forward, you’ll feel more in control, more confident, and ready to celebrate when the keys are handed over.
So, here’s the roadmap — a comprehensive checklist designed especially for SE Florida homeowners. Use this as your guide from that first “maybe it’s time” moment all the way to a victorious closing day.
🧭 Step 1: Deciding to Sell
- Identify your “why” — downsizing, relocation, lifestyle upgrade?
- Research local trends in your neighborhood (Fort Lauderdale, Hollywood, Boca, etc.)
- Estimate equity and potential profits
- Consider seasonal timing (yes, even in sunny Florida — buyer demand fluctuates)
- Talk to a trusted real estate professional (like me!) to run through your options
- Agree on a Listing Price after reviewing a Comparative Market Analysis (CMA)
I will provide you with a CMA that takes into account your neighborhood’s recently sold homes, the current competition and local market conditions.
🛠️ Step 2: Preparing the Property
- Declutter and depersonalize — less is more when buyers tour your home
- Handle repairs and maintenance: roof, HVAC, plumbing
- Boost curb appeal — South Florida buyers notice landscaping!
- Schedule a pre-listing home inspection and seawall/dock inspection if applicable (optional but smart)
- Consider professional staging (especially helpful in open layouts)
- If interested, take advantage of the RealVitalize® program that provides home sellers with home improvement resources during the listing period, with no upfront costs or interest fees.
🎨 Step 3: Marketing & Listing
- Take professional photos to showcase your property effectively online, attracting more buyers*
- Complete the Seller’s Property Disclosure Statement
- Complete the Flood Disclosure
- If applicable, order all HOA documents for disclosure
- Create emotional, lifestyle-driven marketing materials*
- Launch the listing on the MLS and other platforms*
- Feature your home in email campaigns, social posts, and open houses*
- Target buyers relocating to SE Florida — they’re often driven by lifestyle and climate*
*I will take the lead on these items. Please click link to view my Marketing Strategy:
💼 Step 4: Navigating Offers
- Review offers carefully: price, contingencies, closing timelines
- Strategically counter or accept offers based on your goals
- Handle negotiations with clarity and confidence
- Don’t forget: emotional intelligence matters here as much as market savvy
I will promptly present all offers to you so we can discuss them and prepare an appropriate response for the buyer.
📜 Step 5: Under Contract
- Handle any lender-required repairs
- Cooperate with inspections and appraisals and keep communication open
- Complete all remaining required disclosures to provide to the buyer
- Coordinate with the title company and attorney (if needed)
- Keep the property “show-ready” until all contingencies are cleared
I will keep you apprised of all appointments including inspections, appraisals and document signing. I will also make sure all required disclosures are completed and delivered by the deadlines.
🎉 Step 6: Closing Day
- Do your final walk-through the day before (yes, even sellers should check everything)
- Sign final documents and celebrate a smooth transaction
- Transfer keys, garage openers, and final information
- Celebrate!
I hope this comprehensive guide gives you clarity and confidence as you consider selling your home in beautiful Southeast Florida. Every seller’s journey is unique — and the right guidance makes all the difference.
If you have any questions, are curious about your home’s current value, or simply want to talk through your options, I’m here for you. Let’s have a conversation tailored to your goals, and map out the next steps together.
Feel free to reach out anytime to schedule a consultation — whether you’re ready to list or just exploring. Your next chapter starts with a confident first step.
CONTACT ANNETTE
Let’s start working together!
Annette Dammeyer, REALTOR®, ABR®, AHWD®
Coldwell Banker Realty
901 E Las Olas Blvd STE 101, Fort Lauderdale, FL 33301
808.747.3686
SL 3535792
SE Florida Market Snapshot – June 2025
Market Trends in SE Florida
The real estate market is adjusting. With the increase in months of supply of inventory, SE Florida is leaning towards a “buyer’s market”. Seller’s are now reassessing their asking price on their properties for sale. It is crucial to examine other similar homes on the market to establish an aggressive original listing price, generating multiple buyer’s attention to your property. This is also an important time to consider a decrease in asking price if the property has been on the market without active offers. I welcome any discussions you may want to have regarding your neighborhood trends. Please reach out to chat, even if you are not ready to buy or sell, but just would like to discuss current real estate updates. Here are the Market Snapshots reflecting the last month (compared to the same month last year) for the following areas:
- Fort Lauderdale
- Wilton Manors
- Hollywood
- Dania Beach
- Hallandale Beach
These take into account all property types (Single Family Homes/Condos/Townhomes).
With the rapidly changing real estate market, now is the time to make informed decisions. Contact me today to discuss the current market trends and how we can work together to accomplish your real estate goals. Please call or email me if you would like to be automatically sent detailed market reports for Fort Lauderdale, another SE Florida city, or your specific neighborhood. I am here to help.
CONTACT ANNETTE
Let’s start working together!
Annette Dammeyer, REALTOR®, ABR®, AHWD®
Coldwell Banker Realty
901 E Las Olas Blvd STE 101, Fort Lauderdale, FL 33301
808.747.3686
SL 3535792
July 2025 ~ Unlock Equity, Spark Joy & Celebrate!
July 2025 NewsletterJuly is nearly here, and you know what that means—fireworks, family, and a fresh batch of inspiration to make your home sparkle all year long! I’m delighted to bring you this month’s newsletter, filled with practical tips and creative ideas to elevate your space and your equity. Whether you’re cooling off poolside or prepping your patio for the perfect Fourth of July bash, I’ve curated articles that speak to the way we live—and dream—here in beautiful South Florida. This issue, we’re exploring:
Wherever you are on your homeownership journey, I’m here to help you make informed, confident, and creative choices—every step of the way. Wishing you a safe, joyful and fun-filled July! Warmly, |
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National Stories
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Real Estate Updates | Area Reports | May 2025
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Enjoy your July and celebrate in style! If you are interested in evaluating your home equity, I offer complimentary comparative market analyses to give you a clear picture of your home’s value in today’s SE Florida market. I’m here to help and guide you every step of the way with experience and integrity.
CONTACT ANNETTE
Let’s start working together!
Annette Dammeyer, REALTOR®, ABR®, AHWD®
Coldwell Banker Realty
901 E Las Olas Blvd STE 101, Fort Lauderdale, FL 33301
808.747.3686
SL 3535792
Fort Lauderdale May 2025 Area Report
Fort Lauderdale May 2025 real estate statistics have been released.
Fort Lauderdale Area Reports
Single Family Homes
Condominium & Townhouses
Fort Lauderdale Real Estate Market Overview
The Fort Lauderdale real estate market has experienced significant changes in sales activity and pricing trends over the past year. Both single-family homes and condo/townhouse markets show a decline in sales volume, while prices have generally increased.
Summary:
Single Family Homes Sales Activity
Sales of single-family homes in Fort Lauderdale have decreased significantly compared to last year. The median sales price has risen, indicating a shift towards higher-value properties.
- Number of sales decreased from 212 in May ’24 to 139 in May ’25, a drop of 34.43%.
- New listings fell from 375 in May ’24 to 288 in May ’25, a decrease of 23.2%.
- Median sales price increased by 23.95%, from $536,500 to $665,000.
- Average sales price rose by 14.83%, from $1,091,613 to $1,253,547.
- Average days on market increased from 61 to 72 days, an 18.03% rise.
Condo/Townhouse Market Trends
The condo/townhouse market in Fort Lauderdale has also seen a decline in sales, with a slight increase in median prices. This indicates a competitive market despite fewer transactions.
- Number of sales decreased from 187 in May ’24 to 134 in May ’25, a decline of 28.34%.
- New listings dropped from 456 in May ’24 to 321 in May ’25, a decrease of 29.61%.
- Median sales price increased by 7.42%, from $465,000 to $499,500.
- Average sales price decreased by 6.19%, from $679,928 to $637,825.
- Average days on market increased from 73 to 99 days, a rise of 35.62%.
Market Summary and Key Statistics
The overall market summary highlights the trends in listings, sales, and pricing for both single-family homes and condos/townhouses. The data reflects a tightening inventory and rising prices.
- Total new listings for single-family homes year-to-date: 1,898, down 3.27% from last year.
- Total sold listings for single-family homes year-to-date: 794, down 13.98% from last year.
- Total new listings for condos/townhouses year-to-date: 2,612, down 9.15% from last year.
- Total sold listings for condos/townhouses year-to-date: 789, down 5.32% from last year.
- The list/sold price ratio for single-family homes is 95.7%, while for condos/townhouses it is 94.1%.
Commonly asked questions while reviewing the reports:
What is the difference between “Median Sales Price” and “Average Sales Price”?
Median Sales Price | Price of the “”middle”” property sold -an equal number of sales were above and below this price.
Average Sales Price | Average sales price for all properties sold.
What does “Absorption Rate” mean?
Absorption Rate | Looks at the past year’s monthly supply of inventory. In a normal market there should be a 6 month supply. The higher the rate above 6 the more aggressive a seller has to be with the competition; price and having a picture perfect property.
Single Family Home Area Report listed first, Condo/Townhouses listed second:
We are entering a new real estate market in SE Florida. This is the time to work with an experienced and knowledgeable real estate professional. Please contact me if you would like to be sent updated market reports for Fort Lauderdale, or another SE Florida city. We can discuss the market, current trends and how we can work together to accomplish your real estate goals. I am here to help.
CONTACT ANNETTE
Let’s start working together!
Annette Dammeyer, REALTOR®, ABR®, AHWD®
Coldwell Banker Realty
901 E Las Olas Blvd STE 101, Fort Lauderdale, FL 33301
808.747.3686
SL 3535792
Guide for Boaters Buying SE Florida Waterfront Homes with Docks
Navigating Waterfront Home Purchases in Southeast Florida: A Comprehensive Guide for Boating Enthusiasts
As a seasoned real estate professional specializing in waterfront properties in Southeast Florida, I understand the unique considerations that boating enthusiasts must address when purchasing a home. Beyond the allure of scenic views, it’s essential to ensure that the property meets your specific boating needs. Here’s a list of considerations to help you make an informed decision.
1. Assess Dock Dimensions and Setbacks
Before finalizing a purchase, verify that the property’s dock can accommodate your vessel’s length and beam. Florida regulations often mandate setbacks from neighboring property lines to ensure safety and environmental compliance. It’s crucial to consult local zoning laws to determine specific setback requirements for the area you’re considering. The linear length of the waterfront must be able to accommodate the total length of the vessel plus the setback requirement.
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Setbacks:Docks are generally setback 5 feet from the property line, but in some cases, 10 feet is required. This setback is calculated from the property line at the bow and stern sides of the vessel.
2. Evaluate Waterway Accessibility
Determine the property’s proximity to open waters, inlets, and the ocean. Consider the presence of fixed bridges along your intended route. Most fixed bridges over the Atlantic Intracoastal Waterway in Florida offer a vertical clearance of 65 feet above mean high water, except for the Julia Tuttle Causeway in Miami, which has a 56-foot clearance. Ensure that your vessel’s height, especially with antennas or towers, can safely pass under these structures at high tide.
3. Check Water Depth and Draft Compatibility
Assess the water depth at the property’s dock during both high and low tides. Ensure that the depth accommodates your boat’s draft to prevent grounding. A minimum depth of 3 feet at mean low water is often required for single-family docks. Consult tide charts and, if possible, conduct a depth survey to confirm suitability. In my experience, it is smart to ask the current property owner if the waterway has been previously dredged. This may indicate a need for dredging in the future.
4. Inspect Seawall Integrity
A sturdy seawall is vital for protecting your property from erosion and storm surges. Regular inspections are recommended, with experts advising annual checks in areas prone to severe weather. Look for signs of wear, such as cracks, rust stains, or soil erosion. Engage a professional to assess the seawall’s condition and determine if repairs or replacements are necessary. Click link for: Broward County Regional Standards for Seawalls & Flood Barriers
The new Miami-Dade County regional seawall ordinance mandates that all new seawalls must be constructed to a minimum elevation of 5.7 feet NAVD, or 4 feet NAVD if designed to support a future elevation of 5.7 NAVD, according to the City of Miami Beach – Rising Above. It also codifies that seawalls must be upgraded if the property undergoes new construction or substantial improvements, and establishes overtopping as a trigger for seawall elevation and maintenance requirements.
5. Verify Shore Power Availability
Ensure the dock is equipped with adequate shore power to meet your vessel’s electrical needs. This includes checking for appropriate voltage, amperage, and the condition of power pedestals. Proper shore power is essential for charging batteries, running onboard systems, and ensuring comfort during docked periods.
6. Confirm Channel Width and Navigability
The waterway leading to your dock should be wide enough to allow safe maneuvering without encroaching on neighboring properties. In Broward County, Florida, a 30% rule limits the width of a docked vessel to 30% of the canal’s width, measured from the recorded property line. Also, in canals or waterways 50 feet or less wide, fixed or floating docks can extend a maximum of 5 feet from the measurement reference line. Boats cannot be moored to or tied to a seawall or other mooring structure without the owner’s permission, except in cases of distress. Ensure that the channel’s width and depth are sufficient for your vessel’s size and handling characteristics.
7. Evaluate Dock Condition and Boat Lift Feasibility
Inspect the existing dock for structural integrity and maintenance. If you plan to install a boat lift, determine whether the current dock can support it or if extensive repairs are needed. Consult with marine contractors to assess feasibility and compliance with local regulations.
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Constructing or installing docks, boat lifts, and other structures in waterways requires permits from the city engineer and building official.
8. Understand Wake Zone Regulations
If the property is located on the Intracoastal Waterway, be aware of designated wake zones. These areas require vessels to operate at idle speed to minimize wake, protecting both the shoreline and other vessels. Understanding these regulations is crucial for planning your boating activities. It is very common for waterfront home owners on the ICW to have boatlifts due to the waterway’s fluctuating water levels and potential for damage from weather and tides. A boat lift elevates the vessel above the waterline, protecting it from corrosion, algae buildup, and accidental impacts.
9. Know Flood Insurance Requirements
When purchasing a waterfront property in Southeast Florida, particularly in Broward and Miami-Dade Counties, it’s crucial to understand the implications of flood insurance:
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Mandatory for High-Risk Zones: If your property is located in a Special Flood Hazard Area (SFHA) and you have a mortgage from a federally regulated or insured lender, flood insurance is required.
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Recommended for All: Even if your property is outside of designated high-risk zones, flood insurance is strongly recommended. Flooding can occur due to heavy rains, storm surges, or infrastructure failures, and standard homeowners’ insurance policies typically do not cover flood damage.
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30-Day Waiting Period: Be aware that there is typically a 30-day waiting period after purchasing flood insurance before the policy becomes effective.
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Assessing Flood Risk: Use local resources to determine your property’s flood zone designation. Miami-Dade County provides flood zone maps, and Broward County offers an interactive flood map viewer.
Understanding and securing appropriate flood insurance is essential to protect your investment and ensure peace of mind in your waterfront home.
10. Familiarize Yourself with Local and State Regulations
Waterfront properties are subject to various local and state regulations. The Florida Department of Environmental Protection (FDEP) oversees environmental compliance, including dock construction and maintenance. Ensure that any modifications or additions to the property comply with FDEP guidelines and obtain necessary permits.
- If your property is within the BMSD (unincorporated area), you’ll need to contact the Broward County Zoning department directly. You can find their contact information and meeting schedule on their website.
- If your property is within a city or town (like Fort Lauderdale, Pompano Beach, etc.), you’ll need to contact the city or town’s zoning department.
Links to Consult Local Resources for Additional Information:
- Florida Department of Environmental Protection (FDEP)
- Broward County Zoning
- Miami-Dade County Zoning
- Dock Permitting in Florida
- Broward Safe Boating Guide (a VERY comprehensive guide on boating!)
Purchasing a waterfront home in Southeast Florida is a significant investment, especially for boating enthusiasts. By thoroughly evaluating dock specifications, waterway access, and structural integrity, you can ensure that your new home aligns with your maritime lifestyle. Partnering with a knowledgeable real estate professional can provide invaluable insights and guidance throughout this process.
Feel free to reach out if you have any questions or need assistance in finding the perfect waterfront property tailored to your boating needs.
CONTACT ANNETTE
Let’s start working together!
Annette Dammeyer, REALTOR®, ABR®, AHWD®
Coldwell Banker Realty
901 E Las Olas Blvd STE 101, Fort Lauderdale, FL 33301
808.747.3686
SL 3535792
SE Florida Market Snapshot – May 2025
Market Trends in SE Florida
The real estate market is adjusting. The most obvious trends are fewer number of properties sold and the increase in months of supply of inventory, leaning towards a “buyer’s market”. Seller’s are now reassessing their asking price on their properties for sale. This is a great time to consider a decrease in asking price if the property has been on the market without active offers. I welcome any discussions you may want to have regarding your neighborhood or some of the headlines that have affected the real estate market. Please reach out to chat, even if you are not ready to buy or sell, but just would like to discuss current trends and updates. Here are the Market Snapshots reflecting the last month (compared to the same month last year) for the following areas:
- Fort Lauderdale
- Wilton Manors
- Hollywood
- Dania Beach
- Hallandale Beach
These take into account all property types (Single Family Homes/Condos/Townhomes).
With the rapidly changing real estate market, now is the time to make informed decisions. Contact me today to discuss the current market trends and how we can work together to accomplish your real estate goals. Please call or email me if you would like to be automatically sent detailed market reports for Fort Lauderdale, another SE Florida city, or your specific neighborhood. I am here to help.
CONTACT ANNETTE
Let’s start working together!
Annette Dammeyer, REALTOR®, ABR®, AHWD®
Coldwell Banker Realty
901 E Las Olas Blvd STE 101, Fort Lauderdale, FL 33301
808.747.3686
SL 3535792
Florida Homebuyers: What You Need to Know About Closing Costs Before You Buy
Breaking Down Closing Costs: What Buyers in Southeast Florida Need to Know
Buying a home in Southeast Florida is an exciting journey, but the financial side—especially closing costs—can catch some buyers off guard. Understanding all possible and hidden fees ensures that you’re fully prepared when it’s time to sign the dotted line.
What Are Closing Costs?
Closing costs are the expenses and fees paid at the final stage of the home-buying process—usually ranging from 2% to 5% of the home’s purchase price. While buyers focus on securing a mortgage, it’s crucial to budget for these additional costs to avoid surprises.
Standard Closing Costs for Buyers
1. Loan-Related Fees
- Loan Origination Fee: Lenders charge this fee (typically 0.5%–1% of the loan amount) for processing and underwriting the mortgage.
- Discount Points: Buyers can pay points upfront to lower their interest rate over time.
- Application Fee: Some lenders charge an application fee to cover administrative costs.
2. Property-Related Fees
- Appraisal Fee: Before approving a loan, lenders require an appraisal, usually costing $300–$600.
- Home Inspection Fee: While not mandatory, inspections are essential and can cost $300–$500.
- Survey Fee: In Southeast Florida, certain properties may require a land survey, ranging from $350–$700.
3. Title and Legal Fees
- Title Search and Title Insurance: Protecting against ownership disputes, title search fees range from $200–$400, while title insurance can cost around 0.5% of the home’s price.
- Attorney Fees: While Florida doesn’t mandate attorneys for closings, hiring one for review may cost between $500–$2,000.
- Recording Fees: Florida counties charge a fee (usually around $50–$100) to officially record the deed and mortgage documents.
4. Prepaid Expenses
- Homeowners Insurance: Southeast Florida homes often require comprehensive insurance, paid upfront for the first year ($1,000–$3,000).
- Property Taxes: Buyers often need to prepay property taxes, which vary based on location and home value.
- Escrow Fees: Lenders may require several months’ worth of taxes and insurance payments held in escrow.
5. Buyer’s Agent Commission
As of July 2024, Florida requires buyers to sign a Buyer Broker Agreement before working with a real estate agent. This contract outlines the agent’s responsibilities and how their commission will be paid. Buyers can negotiate this fee with their agent, and in some cases, request that the seller covers it as part of the purchase contract.
How Buyer’s Agent Commissions Work Now
Traditionally, the seller covered the commission for both their agent and the buyer’s agent. However, under the new rules:
- Buyers must negotiate and agree on their agent’s commission upfront.
- The commission may be paid directly by the buyer or negotiated as part of the purchase offer.
- Sellers are no longer required to offer compensation to the buyer’s agent through MLS listings.
Hidden or Unexpected Fees Buyers Should Know
While the costs above are standard, buyers should also prepare for hidden fees that can add up quickly.
- HOA Transfer Fee: If the home is in a community with a homeowners association, expect transfer fees between $200–$500.
- Pest Inspection: In Florida’s humid climate, termite inspections are often required (~$100–$300).
- Flood Zone Determination Fee: Southeast Florida homes may fall within flood-prone areas, requiring an additional assessment fee (~$50–$150).
- Wire Transfer Fees: Sending funds for closing may incur bank fees (~$25–$50 per transaction).
- Courier Fees: If physical document transfers are needed, courier services might charge $30–$100.
How Buyers Can Reduce Closing Costs
- Negotiate with the Seller: In a buyer’s market, sellers may agree to cover certain fees.
- Shop for Lenders: Different lenders have varying origination and application fees.
- Check for First-Time Buyer Assistance: Florida offers programs that help cover closing costs for eligible buyers.
Understanding and preparing for closing costs is essential to avoid surprises and ensure a smooth homebuying experience in SE Florida. When you know what to expect, you can budget more effectively and move into your new home with confidence.
If you’re planning to buy a home in SE Florida and want expert guidance every step of the way, I’m here to help you navigate the process from start to finish—transparently and stress-free.
CONTACT ANNETTE
Let’s start working together!
Annette Dammeyer, REALTOR®, ABR®, AHWD®
Coldwell Banker Realty
901 E Las Olas Blvd STE 101, Fort Lauderdale, FL 33301
808.747.3686
SL 3535792
