TC Living With Michael Kanehl

TC Living With Michael Kanehl Listings and Market Expert for the Treasure Coast Condo and Townhome Market"

08/22/2024

"Wondering what really drives condo value? Here’s the definitive list of factors, ranked from least to most important."

Parking Availability 🚗Assigned parking spots or garage access add convenience, but have a low impact on overall value.

Age of the Building 🏢While newer buildings will offer modern features, the age of a building has a moderate impact on value, especially when compared to other factors.

Building Amenities 🏋️‍♂️Amenities like pools, gyms, and communal spaces enhance lifestyle but are secondary in determining value.

The buyer's interest can be impacted by HOA fees, but the value is primarily determined by the quality and range of services provided.

Renovation Quality 🔨Premium materials used in high-quality upgrades, especially in kitchens and bathrooms, can boost value.

Unit Size 📏Larger square footage increases value, especially when paired with a desirable layout.

View 🌅Ocean, waterfront, or city skyline views boost the condo's appeal and value.

Location 📍Proximity to beaches, shopping, and dining is a major value driver, with condos in prime areas commanding higher prices.

Building Condition & Management 🏗️A well-maintained building with strong management is crucial for preserving and enhancing condo value.

Location within the Building 🛋️Units on higher floors with better views, more privacy, and reduced noise levels have the most impact on condo value.

Proximity to the Water 🌊The closer the condo is to the ocean or other bodies of water, the more its value increases, with waterfront properties often commanding the highest premiums.

This list is designed to remain relevant over time, focusing on factors intrinsic to the condo value itself.

I've always been fascinated by condos. Growing up in Germany, we didn’t have them in the same sense or legal structure a...
08/09/2024

I've always been fascinated by condos. Growing up in Germany, we didn’t have them in the same sense or legal structure as they exist here.

One of the most intriguing aspects for me has been the incredible variety in style and price points that you can find here in Vero Beach.

Example 1:
A super clean condo in Vista Royale, priced at just $135,000.
https://www.homes.com/property/76-royal-oak-dr-vero-beach-fl-unit-205/cecq2v270s8pk/

When it comes to price-to-location ratio, you can’t beat Vista Royale. Most, if not all, of the structural improvements have already been completed there, so no financial surprises are waiting for the new owner.

Example 2:
The crown jewel in terms of location and floor level—a double penthouse at The Spires. These don’t come on the market very often.
https://www.homes.com/property/the-villages-spires-vero-beach-fl-unit-ph-1-4-south/h0ltn89x86n52/

Considering that a single unit at that level once sold for over $1.5 million, this $2.2 million listing for two units looks like a fantastic deal.

Both properties are listed by my friend Colleen Jennings, who was kind enough to let me share the images.

Are Condos and Townhomes Really That Bad?If you listen to the media, you'd think condos and townhomes are a no-go. Every...
08/08/2024

Are Condos and Townhomes Really That Bad?

If you listen to the media, you'd think condos and townhomes are a no-go. Every day, there's another story painting them in a negative light.

But here's the thing: over the past 10 years, my transactions have been an even split between these properties and single-family homes. So, let's break a lance for condos and townhomes.

There are pros and cons to each, and what works for one person might not work for another. I've seen folks choose condos for a variety of reasons: as a seasonal escape, a downsizing option, or a Florida base for their travels.

One client even joked that buying a condo would keep their relatives from crashing at their place all winter.

Now, let's talk about condo/HOA fees. Yes, they exist, but let's put this into perspective. Single-family homes come with their own set of costs—roof repairs, exterior maintenance, landscaping—it all adds up.

The difference in expenses between condos and single-family homes might be smaller than you think. I'm more than happy to break down these costs for you.

I get it—condos and townhomes aren't for everyone. But they definitely don't deserve the bad rap they're getting.

Curious about what your options might be? Let's chat!

08/05/2024

You've heard it repeatedly that 2024 so far has been the year of home inventory rising and potential buyers had a selection not seen for a long time.

For the last 7 days - 95 new properties came on the market, sounds like a big number...

until you that 175 properties went under contract or were otherwise taken off the market

That trend started last months and is speeding up at a pretty rapid pace

Are Condos Doomed? 🏢Scrolling through real estate websites lately? It feels like you can't escape the dramatic headlines...
08/01/2024

Are Condos Doomed? 🏢

Scrolling through real estate websites lately? It feels like you can't escape the dramatic headlines about condos in Florida.

It's a classic case of "if it bleeds, it leads" journalism.

But how much truth is behind these headlines, and could there be hidden opportunities?

Sure, there are plenty of folks who wouldn't consider moving into a condo for practical reasons:

-Not enough space
-Pet and age restrictions
-Rules & regulations

However, for many, condos are the perfect fit for their lifestyle.

Let's dissect those headlines. Are overall condo sales and demand down?

- Yes. Prices and demand have dipped in some areas. But, here's the twist: the condo market in Miami is vastly different from places like the Treasure Coast, Vero Beach, Hutchinson Island, and Jensen Beach.

- Yes, our sales volume has decreased compared to the peak years of 2020 and 2021. But, our average prices? They've been on the rise! Unlike Miami, which has seen a 15-20% price drop in some areas, condo prices here have steadily increased over the last five years.

Miami's real estate market grabs all the headlines due to its size, but what's happening here is a different story. So, with Miami out of the way, let's talk about the opportunities available right now:

- Selection Galore: For the first time in years, potential buyers have a great selection across all price ranges, from affordable 1-bedroom units to multi-million dollar beachfront condos.

- Maintenance Done: Most condos have completed their required maintenance work or are in the process of doing so. The "dirty work" is done.

- Transparency: No surprises for buyers. Sellers are either covering any outstanding required assessments or are aware and will pay them.

- Financial Stability: Condo associations have adapted to the new financial reserve rules, and condo fees have been adjusted accordingly. This means fewer surprises down the road.

The condo lifestyle isn't going anywhere. And right now, going against the prevailing media sentiment might just pay off handsomely in the future.

Thinking about a condo? Let's explore the possibilities together! 🏡✨

07/23/2024

❓ Is anyone still buying condos, or are they currently overlooked and surprisingly attractive? ❓

We all have that one person who claims, "I could never live in a condo."

Currently, the trend is on their side. The number of sales have declined by almost 20% compared to 5-10 years ago.

Some high-profile condo maintenance disasters didn’t exactly help the cause.

❓The question is, is this a trend or an opportunity? ❓

First, I know condos aren't for everyone.

Their rules and regulations regarding pet ownership, vehicle restrictions, age limits, and unit sizes will always be a deal-breaker for some.

However, condos can be ideal for many, especially when you consider:

👉Cost: Condos are significantly less expensive than single-family homes in the same location.

👉 Maintenance: You’re only responsible for the inside of your unit.

👉 Convenience: You can lock the door and leave without worry.

👉 Seasonal Stay: Condos are less expensive and more convenient than renting or staying in a hotel.

👉 Entry Point: Condos can be a great entry point before moving here permanently.

👉 Amenities: Many condos offer social amenities.

❓So, if condos are so great, why the current negativity? ❓

Compared to previous years, condo fees, which cover the exterior and common areas, have increased, sometimes considerably.

The main reason is that some associations deferred necessary maintenance in the past and didn't save enough reserves for future needs.

Eventually, the bill comes due, and newly drafted legislation has made that time now. For current owners, this resulted in the unpleasant surprise of special assessments.

In response, most associations have raised the monthly condo fees to avoid being caught off guard again.

❓ So, where’s the opportunity? ❓

The "Dirty Work" has been done.

Almost every condo locally has either completed or is in the process of completing necessary improvements. This means going forward:

👉 Chances of another large assessment have been greatly reduced.

👉 Current condo fees will be enough to cover ongoing maintenance and reserve requirements.

👉 Very few surprises should be waiting.

A word of caution: There is no universal stamp of approval. Each condo association has its documentation of the work performed and reserve estimates, which adds another wrinkle to the buying or selling process.

🪧. Fun Fact:

There are currently over 400 condos for sale ranging in price from $90k to $8+ mill

If you found this helpful, please like and share 👉

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