According to a recent article in the Sun-Sentinel, Coconut Creek and Sunrise condominiums have drastically decreased in value. Since the onslaught of Hurricane Wilma, most of the retirement communities that exist in those areas were deemed uninhabitable and owners sold out these residences at rates way below their value. As a result, “about half of all condos in Coconut Creek, Deerfield Beach and Sunrise lost at least a quarter of their value,” the Sun-Sentinel said.
Coconut Creek and Sunrise officials are looking to potential tax increases as a way of dealing with the deficit. On the other hand, the city of Deerfield Beach will be cutting programs and increasing other fees to adjust.
Most of the homes in question were already reduced- cost senior living communities. Sunrise Lakes in Sunrise, Wynmoor Village in Coconut Creek and Century Village in Deerfield Beach all incurred severe property damage due to 2005’s Hurricane Wilma.
This decrease in cost has placed buyers in a more favorable position than sellers. And with so many pieces of South Florida real estate up for grabs, sellers will have to accept lower bids in order to make a sale.
For more information on what your home is worth or the value of homes in a particular area check out the websites of the Broward County Property Appraiser and the Miami-Dade County Property Appraiser. Click on property search and type in either seller’s name, property address, subdivision name or property id.
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