Dear Neighbors,
As of the date of this writing, all homeowners should have received a “Notice of Proposed Taxes”, also called a TRIM Notice. This notice includes both the market and the assessed values of your property for the current and the prior year. The Notice also contains instructions on how to appeal your assessment before the Value Adjustment Board. The last day to file an appeal with the Value Adjustment Board, challenging your 2023 assessment, is September 18, 2023. If you have any questions about the valuation of your property, please contact the Broward County Property Appraiser’s office at 954-357-6830.
Residents will be happy to learn that you can now request a FREE ride anywhere within Lauderdale by-the-Sea or on the Galt Ocean Mile. With Circuit-by-the-Sea shuttles, these rides are not only free of charge, but also wheelchair-accessible. For more information, please visit https:bit.ly/circuitbythesea.
The real estate market is experiencing a slowdown, which has been fueled by low inventory, high interest rates, and home prices remaining strong. “Florida Realtor Sun Stats” for our area show that as of July 2023, the inventory for single-family homes was 6.1 months, but only 3.9 months for townhouses and condominiums.
Many homes, townhouses, and condominiums that once sold in a week are now staying on the market for several months. Historically, the summer months have slowed the real estate market, but the combination of higher interest rates and higher home prices is slowing the market even further. Many prospective buyers are content to keep their money in high-yield accounts, earning interest at rates they have not experienced in many years. Others, particularly those that rely on financing, are waiting to see if the rates drop before committing to a home purchase. However, our area is a niche market, and we anticipate when the Fahrenheit drops in other regions, our market will heat up.
Should you have any questions concerning the information provided in the enclosed Market Update, please feel free to call us. Nancy’s direct line is 954-290-3398; and Justin’s direct line is 954-740-0644. We are happy to explain the market data and current market conditions and assist you in your real estate decision.
Your neighbors,
Nancy and Justin