Local real estate expert Shawn Bhakta of RE/MAX Presidential recently shared insights comparing single-family homes and condominiums across Broward County. In an exclusive interview, Bhakta highlighted notable performance differences between property types that buyers and investors should consider in today’s market.
“Some parts of Pembroke Pines and Miramar are still flying off the shelf in three to five days, as long as the price is right. But if you look at condominiums, it’s a totally different market. The condominium market is very slow,” said Bhakta, who has 25 years of experience in South Florida real estate and leads a team across two RE/MAX offices.
The Broward market shows a clear divide between single-family homes and condominiums, with maintenance fees and financing challenges creating obstacles for condo sales.
According to Bhakta, several differences exist between these property types in Broward County:
Single-Family Homes: Properties in desirable school districts and neighborhoods continue to perform well, particularly in the $450,000–$550,000 range in eastern areas and $750,000–$1,000,000 range in western Broward locations.
Condominiums: “The condominium market is very slow, and the major reason is high maintenance fees because of assessments. Insurance markets have changed significantly over the last three to four years, home insurance has almost doubled.”
Townhomes: These properties face similar challenges to condominiums due to “high maintenance right now,” leading owners to sell and use proceeds for larger down payments on single-family homes.
Bhakta explained how location impacts the value and potential of different property types: “People don’t really buy the property. They buy their lifestyle. When they feel that some part of Pembroke Pines and Miramar matches their lifestyle, those areas are still selling like hot cakes.”
Geographic positioning within Broward creates distinct market segments. Eastern areas near major corridors maintain strong demand for moderately priced single-family homes, while western locations command premium prices but also move quickly due to lifestyle amenities and school districts.
For those weighing investment options, Bhakta offered this perspective: “We see people selling townhomes and getting the money out to put a large down payment on single-family homes to make it affordable.”
This strategy reflects a trend where buyers are moving from higher-maintenance properties into single-family homes, using equity to offset affordability challenges created by higher interest rates and insurance costs.
“It’s difficult for FHA loans with easy terms on condominiums,” explained Bhakta, highlighting another barrier facing condo buyers beyond maintenance costs.
This financing limitation especially impacts first-time buyers, who have traditionally relied on FHA products for low down payment purchases. The combination of financing restrictions and high carrying costs has created a two-tier market favoring single-family properties.
Bhakta noted an emerging trend affecting property type preferences: “I see it going like markets in Asia and Europe—in America, two families living in the same house, helping each other make it affordable. Mother-in-law, mom, or uncle. I see a lot of them buying bigger homes for multi-generational living.”
This shift toward multi-generational households is driving demand for larger single-family homes while reducing interest in smaller condo units, further widening the performance gap between property types.
Looking ahead, Bhakta predicts the divergence between single-family homes and condominiums will continue as long as maintenance costs and financing challenges persist. “It’s normalizing to pre-COVID conditions, but the structural issues with condo fees and insurance aren’t going away,” he said.
The trend suggests investors and buyers should carefully evaluate the total cost of ownership, including maintenance fees, insurance, and financing availability, when choosing between property types in Broward County’s evolving market.
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