Coral Ridge Buyers: The Most Important Things To Know Before Moving

If you're thinking about moving to Fort Lauderdale, you may find yourself checking out properties in Coral Ridge.

It's close to the beach, has established residential neighborhoods, plenty of condos and single-family homes, and convenient access to shopping, restaurants and other parts of Fort Lauderdale.

But there's more to buying here than finding a home you like.

If you’re relocating from somewhere else, there are a few things about buying in Coral Ridge that are worth understanding before you start your search in earnest.

What does it cost to buy in Coral Ridge?

The short answer is: it depends.

There is a pretty wide range of properties in the neighborhood, from condos and smaller homes to larger single-family homes and waterfront properties. You can find a condo for around $200,000, or a waterfront estate at over $30,000,000, and just about anything in between.

So instead of asking “What does it cost to buy in Coral Ridge?”, a more important question is “What kind of property do you want, and where in Coral Ridge do you want to be?”

A $700,000 condo and a $700,000 single-family home are obviously very different purchases. In addition, two homes with the same price can have very different ongoing costs.

This is particularly important here in South Florida.

Don't forget about insurance

If you're moving here from another state, this is one of the things that can catch you off guard.

The price of the house is, of course, only part of the cost of owning it.

Before you get too attached to a property, I'd recommend finding out what it will actually cost to insure.

The age and condition of the roof, electrical system, HVAC (Heating, Ventilation, and Air Conditioning), and plumbing can matter. So can hurricane protection, the property's location and its claims history, if any.

It’s also important to remember that what the seller currently pays for insurance may not be what you will pay.

I'd much rather have a buyer get an insurance quote early and decide they don't like the numbers than find out later that the house they fell in love with isn't affordable to insure.

What about flood insurance?

This is another consideration where it’s important to look at the actual property, not just the ZIP code or neighborhood.

Some local properties have more flood exposure than others. In addition, being outside a high-risk flood zone doesn't mean there is absolutely no possibility of flooding.

If you're considering a particular home, it’s important to ask:

• What flood zone is it in? You can check out FEMA Flood Maps here.
• Is flood insurance required by the lender?
• What does flood insurance cost?
• Has the property ever had flooding or water intrusion?
• Is the property near a canal or other water?
• For waterfront properties, what condition is the seawall in?

The City of Fort Lauderdale also points out that standard homeowners’ insurance generally does not cover flood damage, so flood insurance is a separate consideration.

As to whether the property has ever had flooding or water intrusion, the seller will provide a Flood Disclosure answering these questions. Even so, it’s important to do your own due diligence.

How convenient is Coral Ridge?

This is one of those questions where the answer is "it depends where you are."

There are parts of the area where you can easily get to restaurants, shopping and other conveniences.

If you're moving here, I recommend actually spending some time there before you buy, at different times of the day and on different days  of the week.

Figure out how long it takes you to get where you actually need to go, because online navigation can only tell you so much.

Are you considering a condo or single-family home?

This is a big decision in Coral Ridge, because you have plenty of both.

A condo might make sense if you want:

• Less exterior maintenance
• A lock-and-leave lifestyle
• To be closer to the beach
• Less responsibility for the roof, landscaping, etc.
• A smaller property that's easier to manage

But don't look at the purchase price and monthly mortgage payment and stop there.

Take a good look at the condo association documents to be sure you understand:

• How much are the dues?
• What do the dues include?
• How much money does the association have in reserves?
• Are there upcoming assessments?
• What are the rental rules?
• What are the building's insurance costs?
• What is the pet policy?

If required, has the condo completed its SIRS (Structural Integrity Reserve Study – learn more here: https://www.miamirealtors.com/condos/sirs/).

Those questions can make a big difference in whether a particular condo is a good buy.

A single-family home might make more sense if you want:

• More privacy
• A yard
• More control over the property
• More space
• The ability to make changes without dealing with a condo association

But you're likely also responsible for everything, including:

• The roof
• The pool
• The landscaping
• The plumbing

If you're buying near or on the water, there can be additional expenses to consider.

Neither is automatically better. It really comes down to how you want to live and what you're comfortable maintaining.

Who Might Like Living in Coral Ridge?

I think Coral Ridge can make a lot of sense for people who want to be close to the beach and the things that make the Fort Lauderdale area attractive, but don't necessarily want to live in a high-rise downtown environment.

It can be a good fit for:

• Relocating buyers who want access to the beach, restaurants, shopping and other amenities.
• Downsizers who want to get out of a larger house without giving up the South Florida lifestyle.
• Buyers who want an established neighborhood rather than new construction.
• People who want options. You can look at condos, single-family homes, waterfront and non-waterfront properties without leaving the ZIP code.
• But if your priority is being able to walk everywhere or keeping your housing costs as low as possible, there may be other areas that make more sense.

What should you know about property taxes?

This is another place where I tell buyers not to rely solely on the number they see on a listing: the seller's current property tax bill is not necessarily going to be your future tax bill.

Broward County property taxes are based on the property's assessed value, tax rates and applicable exemptions; you can learn more at browardtax.org. Also, the Broward County Property Appraiser’s website has a great “New Homebuyer’s Tax Estimator” here.

Another thing to think about is whether you're buying the property as your Florida homestead. For many reasons, your situation can be different from the current owner's.

So when you're comparing homes, I recommend looking at the property's tax history and then figuring out what you should realistically expect to pay.

What about schools?

If schools are important to you, check the school assignment for the specific property.

Don't assume that every home in Coral Ridge has the same schools just because it's in the same ZIP code.

School boundaries can change, too.

Depending on the location, you'll see schools such as Bayview Elementary, Sunrise Middle and Fort Lauderdale High School associated with properties in the area, but I would always verify the current assignment before making a decision. Broward County Public Schools has a “School Locator” tool that you can use.

If you're moving here with children, school research should be part of your initial home search—not something you do after you've found the house.

Here’s a fun bit of trivia: Fort Lauderdale High School is the oldest high school in Broward County; its roots go back to a small schoolhouse opened in 1899.

What's it like living in Coral Ridge?

For me, one of the biggest advantages of this area is the location.

You're in northeast Fort Lauderdale, close to the beach and the Intracoastal, with restaurants, shopping and other amenities nearby.

You're also within reasonable driving distance of downtown Fort Lauderdale, Las Olas and the airport, although "reasonable" in South Florida depends a lot on the time of day, so it’s important to pay attention to that if you're not already a local.

A three-mile commute in South Florida isn't necessarily a three-minute commute.

If you're moving here for work, do the drive during the time you'd actually be commuting.

If you're retired, think about the places you're going to regularly—not just how close the house is to the beach.

If you're downsizing, think about what you want your everyday life to look like five years from now, not just what looks good in the listing photos.

Remember, a house that looks affordable based on the asking price may not be affordable once you add everything else.

Before buying, it’s important to consider:

• Mortgage payment
• Property taxes
• Homeowners insurance
• Flood insurance, if applicable
• HOA fees (if your new home is in a condo or homeowners’ association)
• Maintenance costs
• Roof age and condition
• Electrical and plumbing
• Hurricane protection
• Pool or seawall costs, if applicable

In my opinion, the most important question is “What's the best fit for how I actually want to live?”

A condo near the beach might be perfect for one buyer and completely wrong for another. The same is true of a single-family home farther inland.

If you're considering Coral Ridge, or elsewhere in Fort Lauderdale and surrounding cities, it’s important to consider the whole picture: purchase price, insurance, flood exposure, taxes, HOA or condo association costs, location, and what you're actually getting for your money.

Thinking about moving to Coral Ridge, or elsewhere in and around Fort Lauderdale?

Whether you're relocating to the Fort Lauderdale area, downsizing from a larger home, or looking for a second home, you can check out more local real estate resources at deardawne.com. I'd be happy to help you compare the different options in Coral Ridge and other local neighborhoods you’d like to explore.

See you in South Florida!

Dawne

Dawne Richards, REALTOR®
Fort Lauderdale, Florida