1. Initial Contact:

Reach out to us via phone, email, or our website. We’ll answer any questions you have during our free consultation with you. We’ll also need you to provide basic information about your property.

2. Property Assessment:

We'll conduct a preliminary evaluation based on the information you provide. This may include researching public records and market data specific to your area in Broward County.

3. On-Site Visit:

If the initial assessment is promising, we'll schedule a visit to your property. This allows us to get a firsthand look at its condition and potential.

4. Offer Presentation:

Within 24-48 hours after the visit, we'll present you with a fair, no-obligation cash offer. Our offers are based on current Broward County market conditions and your property's specific characteristics.

5. Offer Acceptance:

If you accept our offer, we'll move forward with the purchase process. There's no pressure – the decision is entirely yours.

6. Closing:

We work with reputable local title companies to ensure a smooth closing process. In many cases, we can close quickly, or on your preferred timeline if you need longer.

7. Payment:

At closing, you'll receive the full cash payment for your property.

Throughout this process, we prioritize transparency and efficiency. We understand the unique challenges of the Broward County real estate market, including local regulations and property trends. Our team is prepared to handle any complexities that may arise, whether it's dealing with existing tenants in multifamily properties or navigating zoning issues for land sales. Remember, there are no fees or commissions when you sell to us. The offer we make is the amount you'll receive. Our goal is to provide a straightforward, fast, and easy selling experience for you.

When selling multifamily, commercial properties, or land in Broward County, you'll need to provide comprehensive documentation to potential buyers. This information helps buyers conduct due diligence and make informed decisions. Here's a detailed list of documents and information you should prepare, along with relevant data and statistics:

1. Financial Records:

• Profit and Loss statements for the past 3-5 years

• Current rent roll (for multifamily properties)

• Operating expenses

• Capital expenditure history

• According to the National Apartment Association, the average operating expense ratio for multifamily properties in the Southeast region, which includes Florida, is 46.3% of gross potential rent

2. Property Information:

• Site plans and surveys

• Building plans and specifications

• Recent property condition assessments

• List of recent improvements or renovations

3. Environmental Reports:

• Phase I Environmental Site Assessment

• Asbestos and lead-based paint reports (if applicable. Keep in mind that in Broward County, properties built before 1978 have a higher likelihood of containing lead-based paint and may require additional disclosures)

4. Zoning and Land Use Information:

• Current zoning classification

• Certificates of occupancy

• Any variances or special permits

5. Leases and Tenant Information (for multifamily and commercial properties):

• Copies of all current leases

• Tenant payment histories

• Details of any ongoing lease negotiations

• As of Q2 2024, the average multifamily vacancy rate in Broward County was 3.8%, indicating a strong rental market

6. Property Tax Information:

• Property tax bills for the past 3 years

• Any tax appeals or reassessments (the average effective property tax rate in Broward County is 1.12% as of 2024)

7. Insurance Information:

• Current property insurance policies

• Claims history for the past 5 years

8. Utility Information:

• Utility bills for the past 12-24 months

• Any energy audits or efficiency reports

9. Market Analysis:

• Recent appraisals

• Comparable sales in the area (according to the MIAMI Association of Realtors, the median sale price for multifamily properties in Broward County increased by 8.3% year-over-year in August 2024)

10. For Land Sales:

• Soil reports

• Topographical surveys

• Information on nearby utilities and infrastructure

• Any development plans or studies

11. Legal Documents:

• Title report

• Any easements or encumbrances

• Copies of service contracts (e.g., maintenance, security)

12. For Commercial Properties:

• Traffic counts for the area

• Demographic information for the surrounding area (as of 2024, Broward County's population is estimated at 1.96 million, with a median household income of $68,500)

13. Property Management Records (if applicable):

• Staff information

• Vendor contracts

• Maintenance schedules and records

14. Photos and Virtual Tours:

• High-quality photos of the property

• 3D virtual tours (becoming increasingly important, with 70% of commercial real estate professionals reporting increased use of virtual tours since 2020)

By providing this comprehensive information upfront, you can streamline the sales process and instill confidence in potential buyers.

Please keep in mind that the content provided on this website is for informational purposes only and should not be construed as legal advice. Every situation is unique, and the laws and regulations governing real estate transactions in Broward County can be complex. For guidance tailored to your specific circumstances, we strongly recommend consulting with a qualified attorney who specializes in Florida real estate law.

Sources: https://www.redfin.com/county/442/FL/Broward-County/housing-market; https://www.miamirealtors.com/2024/05/22/broward-county-total-home-sales-increase-2/; https://www.broward.org/RealProperty/OtherSurplus/PSA.2021.514103010942.pdf; https://www.broward.org/RecordsTaxesTreasury/Records/Pages/RecordingYourDeed.aspx;

To valuate your multi-family property, commercial property, or land in Broward County, you'll need to consider several factors and approaches. Here's a guide to help you through the process:

1. Income Approach (for multi-family and commercial properties):

This is the most common method for income-producing properties.

• Calculate Net Operating Income (NOI) = Gross Income - Operating Expenses

• Determine the Capitalization Rate (Cap Rate) for similar properties in Broward County

• Property Value = NOI / Cap Rate

According to recent market data, cap rates for multi-family properties in Broward County

range from 4.5% to 6%, depending on the property's location and condition.

2. Sales Comparison Approach:

• Research recent sales of similar properties in Broward County and adjust for differences in features, location, and condition

Recent Sales Data:

• Multifamily: According to recent data from the MIAMI Association of Realtors, the median sale price for multifamily properties in Broward County increased by 8.3% year-over-year in August 2024.

• Commercial: The average sale price for office space in Broward County was $252 per square foot in Q2 2024, up 5.7% from the previous year.

• Land: Vacant land sales in Broward County averaged $12 per square foot in 2024, with significant variations based on location and zoning.

Adjustments for Broward County-Specific Features:

Location Adjustments:

• Proximity to beaches: Properties closer to Fort Lauderdale or Hollywood beaches may command a 10-15% premium.

• Flood zone status: Properties in X zones (low risk) may be valued 5-10% higher than those in AE zones (high risk).

• Access to major highways: Properties near I-95 or Florida's Turnpike often see a 3-5% value increase.

Condition Adjustments:

• Hurricane resilience: Properties with impact windows and reinforced roofs may be valued 5-8% higher.

• Age of property: Given the rapid development in Broward, properties built in the last 10 years often command a 10-15% premium over older buildings.

Feature Adjustments:

• For multifamily: Properties with on-site amenities like pools or fitness centers typically see a 5-7% increase in value.

• For commercial: Buildings with updated HVAC systems and hurricane-resistant features may be valued 3-5% higher.

• For land: Parcels with water frontage or development approvals in place can be valued 20-30% higher than similar inland or unapproved lots.

Market-Specific Considerations:

• Zoning changes: Recent rezoning in areas like downtown Fort Lauderdale to allow for higher density development has increased land values by up to 25% in affected areas.

• Tourism impact: Properties in areas popular with tourists, such as near Port Everglades or the Fort Lauderdale-Hollywood International Airport, may see seasonal fluctuations in value.

• According to the Commercial Real Estate Development Association, Florida ranks 4th in the U.S. for commercial real estate development, with Broward County being a significant contributor to this ranking.

Recent Comparable Sales:

• Multifamily: A 50-unit apartment complex in Pompano Beach sold for $12.5 million ($250,000 per unit) in July 2024.

• Commercial: A 100,000 sq ft office building in Plantation sold for $28 million ($280 per sq ft) in August 2024.

• Land: A 5-acre parcel zoned for mixed-use development in Dania Beach sold for $7.5 million ($34 per sq ft) in June 2024.

3. Cost Approach (more relevant for newer properties):

• Estimate the cost to rebuild the property from scratch

• Add the value of the land

• Subtract depreciation

Cost to rebuild the property from scratch:

• Standard grade construction: $120 to $150 per square foot

• Premium grade construction: $150 to $190 per square foot

• High-end construction can go up to $230 per square foot

Value of the land:

• Average vacant land price in Broward County: $12 per square foot (as of 2024)

• This can vary significantly based on location and zoning

Depreciation:

• While specific depreciation rates aren't provided, we can estimate based on standard practices:

• For a 10-year-old property, you might subtract 15-20% for depreciation

• For a 20-year-old property, this could increase to 25-30%

Example calculation for a 2,000 sq ft, 10-year-old standard grade property on a quarter-acre lot:

a. Rebuild cost: 2,000 sq ft x $135/sq ft (midrange of standard grade) = $270,000

b. Land value: 10,890 sq ft (quarter acre) x $12/sq ft = $130,680

c. Total before depreciation: $400,680

d. Depreciation: 17.5% (midrange for 10-year-old property) of $270,000 = $47,250

e. Final valuation: $400,680 - $47,250 = $353,430

Note that these figures are averages and can vary significantly based on specific location within Broward County, property features, and current market conditions.

4. For Land Valuation:

• Consider zoning and potential use

• Evaluate nearby infrastructure and amenities

• Assess environmental factors (e.g., flood zones, which are crucial in Broward County)

5. Market-Specific Considerations for Broward County:

• According to the Broward County Property Appraiser, property values in the county increased by an average of 8.9% in 2024

• The median sale price for multi-family properties in Broward County increased by 8.3% year-over-year in August 2024

6. Seek Professional Assistance:

• Consider hiring a local commercial real estate appraiser

• Consult with a real estate agent specializing in commercial properties in Broward County

7. Use Online Resources:

• The Broward County Property Appraiser's website (bcpa.net) provides valuable information on property values and recent sales

• Commercial real estate platforms like CoStar or LoopNet offer market data specific to Broward County

8. Consider Economic Factors:

• Broward County's strong job market and population growth (estimated at 1.96 million in 2024) contribute to property values

• The county's diverse economy, including tourism, healthcare, and technology sectors, impacts commercial property values

9. Evaluate Property-Specific Factors:

• For multi-family: occupancy rates, rental income, and property management efficiency

• For commercial: lease terms, tenant quality, and potential for value-add improvements

• For land: development potential, environmental assessments, and nearby planned developments

Remember, property valuation is both an art and a science. While these methods provide a framework, local market knowledge and professional expertise are crucial for accurate valuation in Broward County's dynamic real estate market.

Sources: https://bcpa.net/; https://cushwake.cld.bz/WeaveReport-South-FL-Multifamily; https://www.sun-sentinel.com/2024/05/25/browards-property-values-climb-by-nearly-9-heres-a-closer-look-at-the-growth/; https://www.miamirealtors.com/2024/05/22/broward-county-total-home-sales-increase-2/; https://www.commercialsearch.com/commercial-real-estate/us/fl/broward-county/; https://www.zillow.com/broward-county-fl/sold/; https://www.redfin.com/county/442/FL/Broward-County/housing-market; https://www.homeblue.com/home-building/broward-county-fl-cost-to-build-a-house.htm; https://www.matthews.com/multifamily-market-report-broward-county-fl/