Wilton Manors Real Estate
Wilton Manors
has been described as the "poor man's South Beach". If you don't buy in now, you will have missed
one of the last great real estate opportunities in South Florida
Wilton Manors
Background
Wilton Manors was
a ho-hum blue color neighborhood in the eastern part of Broward County.
It consisted of single family homes and apartments. To be candid, it was
nothing to write home about. But like many areas of Florida it was about
to change.
You have to look at
the location of this "Island City" to appreciate its potential.
It bounded on the north and south by two forks of the Middle River. It
is about 2 short miles to the beach and a few minutes ride or long walk
to downtown Fort Lauderdale. Remember, Fort Lauderdale has already undergone
redevelopment and is very expensive. You can work downtown and live in
affordable housing nearby. This is now a very "nice" neighborhood
and becoming progressively more upscale.
Wilton Manors
is the kind of place where current residents will say a few years from
now "Its a good thing I already own something here because I could
never afford it now."
What Has Happened
In Wilton Manors
Today, just about
every apartment building is either newly converted or being converted.
There were also a number of new condos built.
There are canals in
Wilton Manors with direct ocean access. A small (2250 sq ft) home
in Wilton Manors on an ocean access canal was for sale at $925,000. That
should give you an idea of what type of area this has become.
The interesting thing
about Wilton Manors is the community - it has one. If you live in South
Florida it is entirely possible to live on a block with ten homes and
not know one of your neighbors. Wilton Manors has a community spirit.
People are friendly, say hello, eat in outdoor cafes and go to the beautiful
parks by the riverfront.
Wilton Manors
Investments
Wilton Manors apartments rent very fast. For our own rental units we never had to do more than put up a sign. We got a lot of calls and were able to pick and choose our tenant from the best financially qualified.
You can pick up an apartment for $80,000 and rent it out for $1,000 a month. You will end up with an approximate 8% net return. That is a net return after all expenses and taxes. Plus, there is most certainly appreciation. Even the most conservative and modest appreciation projections of 2% a year (about $1,600) will give you a net return of closer to 9.5%. Pardon me for putting it this way, but that is pretty damn good return on a very conservative investment.
Here is what you have going for you in this area:
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Low cost units |
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Easy
to rent and maintain |
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Newer conversions where the entire structure has been updated |
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In
a proven location that is becoming more and more “upscale”. |
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Excellent
appreciation potential |
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Very
low number of rentals available in area (Over
25 rental inquiries in three weeks) |
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One
mile from Downtown Fort Lauderdale and Beach |
Wilton Manors
Real Estate Experts
We personally own rental units in Wilton Manors. Plus, our Wilton Manors partner works in this area almost exclusively. If you have any interest in investing or buying a property in this area, you should give us a call.
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