RENOVATION & EXPANSION OPPORTUNITY
Flip for a Profit or Own with Built-in Equity.
Fort Lauderdale Waterfront Home
Buy for $1,200,000
Expand & Renovate for $600,000
Total Investment = $1,800,000
Resale Value Estimated at $2.2m to $2.3m
The property benefits from a great location in north Fort Lauderdale east of Federal Highway in a neighborhood currently undergoing gentrification. The existing older smaller single story ranch homes are gradually being expanded to two story 4 to 5 bedroom homes with all modern amenities.
This trend is being observed in many waterfront neighborhoods east of US1 because of their desirable locations and attractive settings.
Older homes in this neighborhood sell close to $1 million and can fetch above $2.1 million after expansion and renovations.
This specific opportunity has 120 feet of waterfront when most homes in the neighborhood have 80-100 feet of frontage. Another attractive element is its location on the wider turning basin of the canal with an eastern exposure that reduces exposure of the pool area to the harsh afternoon sun. Additionally, the current layout of the home is very functional and lends itself easily to an expansion to a second floor and the addition of a third garage space.
Exterior Photos (Click on Photo to Enlarge and Browse)
Interior Photos (Click on Photo to Enlarge and Browse)
The images below show the existing site plan and one example of what the home would look like after adding about 1,300sf of space by expanding the first floor with a family room and adding a second floor with a master bedroom, recreation room and guest room.
There are other possible configurations that would include a 3 car garage and a master suite with 2 additional bedrooms upstairs and a different configuration of the first floor maximizing pool patio for an outdoor kitchen/bbq area.
The optimal configuration will be decided based on style and popular layouts that appeal to current buyers and minimize construction costs as determined by the selected architect.