Sea Ranch Lakes Deep Dive

Thicken the Plot Every Neighborhood Has a Story   SEA RANCH LAKES Private and Idyllic Sanctuary Community Like No Other   Enjoying the view of Lake Seneca, the luxury waterfront homes, and wildlife. As always, I appreciate your time, and thank you so much for joining me for the latest installment of my blog, The Tropical Times. This series, Thicken the Plot, aims to tell the story behind tropical neighborhoods and the market activity within. My posts are not designed to be all things to all people – the goal is to help my prospective-clients, clients, and collaborators understand both the art and science behind the luxury tropical real estate we aim to buy or sell, whether for personal or investment purposes. These posts are meant to be insightful, valuable, and entertaining to my audience. (There will be fun – it’s luxury real estate and the tropics, both beautiful and desirable topics that I love, so there will be a bit of Jennie-fun in each of my posts and podcasts.) Here’s what to expect in this post and market report: What makes The Village of Sea Ranch Lakes so special. Nearby favorites and highlights. Featured Home – 34 Cayuga Rd. In-depth review of the neighborhood’s real estate market.   Prefer to listen? Watch and hear Jennie tell the story of this post. Click to listen or watch the podcast version of this post here. Overview Welcome to The Village of Sea Ranch Lakes – a truly one-of-a-kind community in South Florida. This is absolutely one of my favorite places in all of Greater Fort Lauderdale. I know that’s some serious praise… so let’s step beyond the gates and take a neighborhood deep dive exploring what makes this place so special. Aerial view of Sea Ranch Lakes looking north. Center, 34 Cayuga; Left, Intracoastal Waterway; Right, Beach Club and Atlantic Ocean. Have you ever wondered about your home and neighborhood having the following characteristics? Private, guard-gated-community with residences along the intracoastal or lakes? Members only beach club located oceanside? Your own police force? A community that is literally its own village municipality? Your neighborhood association is actually your local government? Well, that’s exactly what you get with living in Sea Ranch Lakes. There is no doubt this is the most unique community setup in all of Greater Fort Lauderdale (and among the rarest in all of South Florida, for that matter). Nestled between the Intracoastal, Atlantic Ocean and charming Lauderdale-by-the-Sea, this luxury residential neighborhood is perfectly located for those seeking a blend of tranquility, privacy, and an amenity-rich lifestyle. Gatehouse entry to Sea Ranch Lakes – a private community like no other in Greater Fort Lauderdale. The well-landscaped community consists of approximately 200 single family homes distributed across lots that are inland, lakefront, and along the Intracoastal Waterway (ICW). Situated on approximately .2 square miles (~128 acres), the community is “Private” (with a capital “P”), enclosed by well-maintained walls, and access is regulated to residents and pre-approved guests – otherwise expect a quick pitstop at the friendly gatehouse where anyone unannounced will have to be cleared by a resident (located off of A1A / North Ocean Dr., this is the only street entrance to the neighborhood). Map view of Sea Ranch Lakes. Center, SRL Neighborhood; Left, Intracoastal Waterway; Right, Sea Ranch Lakes Beach Club and Atlantic Ocean. Image courtesy of Google Earth. Beach Club Arrival to the Sea Ranch Lakes Beach Club, which is immediately across A1A / North Ocean from the neighborhood entrance. Officially titled the Sea Ranch Lakes Beach Club, the picturesque members only club spans two acres of pristine oceanfront property with beautiful natural dunes. What I love about this club is that it serves as a great extension of your home and as a gathering place for special events in your life. Seriously, what a wonderful amenity to have access to. Per the advice I give my clients, and among the reasons why I am seeking my own REIMAGINE renovation or rebuild opportunities in this neighborhood, the beach club is yet another reason Sea Ranch Lakes properties command a premium relative to their comparative set. Above: The approach to the Clubhouse entrance of the Sea Ranch Lakes Beach Club. Below: Aerial view looking west of the Sea Ranch Lakes Beach Club (center low-rise structure and grounds) with nearly 200’ of ocean frontage. I love being outside and enjoying time with friends and family (especially with my puppies) – and sometimes – just enjoying some time to myself in nature. Of course, most of the Sea Ranch Lakes homes have a pool, and many also have a water view of the lakes or Intracoastal. But nothing beats the sounds of the ocean waves, the refreshing feel of that sea breeze, and the warmth and connection to the Earth that comes from your toes in the sand. (Um, I just talked myself into heading to the beach! Back in a bit.) Above: Enjoying the beautiful beach, dunes, and sea turtle nests. Below: The lush walking path from the clubhouse to the oceanfront. The tranquility and sense of privacy are what I appreciate most about the Sea Ranch Lakes Beach Club. Whether with your kids, grandkids, or other family and friends, there are expansive spaces for everyone to enjoy. With no shortage of access to water activities, you can choose between swimming and lounging at the beach or the resort-style pool. Above: View looking west of the Sea Ranch Lakes Beach Club pool where you can get some serious laps in, enjoy the spacious deck for some sun, or cover up in the beautiful cabanas. Below: Children’s play area and great lawn with the beach and ocean just beyond. The clubhouse is a fantastic venue to host a private event throughout the year. One can enjoy a variety of indoor and outdoor entertainment areas rain or shine. For example, there’s a great lawn and children’s play area that’s perfect for burning off some energy. I remember my first time visiting the property, watching two grandparents play with their grandchild (and, hopefully giving mom and dad some time for a date!). It was just so pleasant to see, and reinforced the feeling of what made this club such an incredible amenity within the Sea Ranch Lakes community. Above: View looking east from the clubhouse covered patio at the Sea Ranch Lakes Beach Club. Left, children’s play area; Center, great lawn and Atlantic Ocean. Below: Open to the sky patio with dining and grilling area. The Lakes Lake Seneca Park with observation deck, benches, and convenient parking area. Reflecting its namesake, Sea Ranch Lakes consists of two centrally located freshwater lakes: Lake Seneca and Lake Cayuga. These bodies of water are alive with wildlife, including fish, turtles, and beautiful birds. No motorboats are allowed on the lakes, and there is an access point for residents who do not have their own direct frontage – it’s a great place to enjoy a kayak or a paddleboat. Lake Seneca Park (pictured above) is a gorgeous pocket-park where one can enjoy postcard like vistas of both lakes. If you’re taking a neighborhood stroll or bike ride, be sure to incorporate this serene spot into your route. View of the serene Lake Cayuga and waterfront homes. The Village Aerial view of The Village of Sea Ranch Lakes looking east. Center bottom, 34 Cayuga; Center mid, Sea Ranch Center shopping plaza; Right, Lauderdale-by-the-Sea. R.H. Gore and his family were the original developers and founders of the Sea Ranch Lakes community. Originally from Kentucky, but adopting Fort Lauderdale as his longtime home, R.H. Gore once served as the Governor to Puerto Rico and owned The Fort Lauderdale News, among other holdings in the city. In 1939, the family initially founded the Sea Ranch Cabana Club, and they followed suit with the opening of the Sea Ranch Hotel in 1940. In the 1950s, development of the Sea Ranch Lakes community began, with just over 200 homesites and lots starting at $10,000 (approximately $130,000 in 2024 dollars). Eventually, the Sea Ranch Center shopping plaza was also developed, and the village was incorporated as its own municipality in 1959 to maintain autonomy. All common village property, including the Sea Ranch Center shopping plaza, the clubhouse and amenities, the gatehouse, and streets are owned and maintained by the Sea Ranch Lakes Beach Club, which is governed by an elected board of directors. A reasonable quarterly HOA fee helps support operations, along with the revenue generated from the commercial property. The local governance of the village municipality follows a mayor-council form of government, consisting of seven village council members plus the mayor. On all major issues and elections, the village’s voting structure is based on one vote per property. What’s in a name? Compared to other themes in South Florida, the unique street names found in Sea Ranch Lakes are largely inspired from locations throughout the states of New York and Minnesota – such as Cayuga, Seneca, Saranac, Minnetonka, and Winnebago. This not only reflects the heritage of many early and current residents, but also that of nearby Lauderdale-by-the-Sea. Police, Fire, and Community Services Vehicles of the Village of Sea Ranch Lakes Police Department parked at the gatehouse to the community. Reflecting the community’s emphasis on safety and privacy, the Village of Sea Ranch Lakes Police Department is comprised of roughly 15 police offers. And, the department is led by Chief James O’Brian, who, like many officers through the decades, hails from the state of New York. Services and utilities are largely contracted out to neighboring municipalities. Fire and rescue services are currently contracted with Pompano Beach. The Fort Lauderdale Water Department provides water services, and each home is on its own septic tank (common in many areas of South Florida), with no centralized sewar system. Garbage and recycling services are provided through Waste Management. FP&L is the village’s power provider, with all lines buried, which is great for storm resiliency. Healthcare Sea Ranch Lakes is located near some of Broward County’s most well-regarded healthcare systems. Situated just across the Intracoastal on the mainland, they can be accessed by Commercial Blvd and are located along US1 / N. Federal Highway. Holy Cross Health Broward Health Imperial Point MD Now Urgent Care North Fort Lauderdale Schools Sea Ranch Lakes families have access to a variety of great-to-excellent public and private school options located close or relatively nearby. Public School options include: McNab Elementary Pompano Beach Middle (A Magnet School) Northeast High School (A Magnet School) Private School options include: Pine Crest School St. Thomas Aquinas Westminster Academy Calvary Christian Academy Fort Lauderdale Cardinal Gibbons High School Nearby Favorites and Highlights Aerial view of Sea Ranch Lakes looking east. Center bottom, 34 Cayuga; Center left, Sea Ranch Center shopping plaza; Right, Lauderdale-by-the-Sea For the better part of 15 years, I have been enjoying the Sea Ranch Lakes / Lauderdale-by-the-Sea communities. You can catch me cruising down A1A in my Beetle; walking around El Mar and the Galt Mile with my husband and pups; or enjoying some food, drinks, and music off of Commercial Blvd. The small-town and friendly feel is something that I cherish, and it reminds me of the community feel where I grew up in Pennsylvania. While there are many (many!) great choices in the area, and this list is not meant to be exhaustive, here are some of my favorite places that I enjoy near Sea Ranch Lakes: Aruba Beach Cafe. This is a personal favorite where I love sitting by the beach, feeling the ocean breeze, and the postcard view of the pier. It’s also really fun when there’s live music! A frequent go to of mine for lunch or dinner. Tacocraft. Mexican food is something I enjoy often, and this spot has an elevated quality with plenty of favorites that you would expect. And, man, they make a great margarita! Vinnie’s by the Sea. Vinnie’s has such a good atmosphere amplified when there is live music. The food is great, and it’s a nice place to come with friends and/or family, especially in the evenings. Sea Watch On The Ocean. This is a beautiful, charming restaurant with an incredible view of the beach and ocean. Enjoy when you’re looking for fantastic food and a special family night. Kilwins. I have a bit of a sweet tooth, and this is a favorite spot after the soaking up the sun at the beach or enjoying dinner nearby. Beach Village Resort (BVR). Such a charming place with incredibly friendly staff and spacious suites that are both clean and pleasant. Farmers Market and El Prado Park. It’s just so fun to visit the local farmer’s market and oceanside park. When strolling El Mar, it’s a great spot to take a break and enjoy the offerings.   Featured Property – 34 Cayuga Rd Arrival and entrance to 34 Cayuga with my Beetle and me. Listing courtesy of Engel & Völkers. Now that we have a good idea of what makes this village community so great, let’s dive into one of the best available Sea Ranch Lakes luxury homes for sale. Welcome to 34 Cayuga Rd., the gem of the current market. As you’ll see within the in-depth market analysis section below, I believe this is the best deal available in Sea Ranch Lakes (at the time of this post). Let’s dive deep and talk about why. About the Property First and foremost, this is a move-in ready home. You could bring some or all of your toothbrush, pets, and family (I recommend at least two out of the three); it’s plug and play, and you’re ready to live the Sea Ranch Lakes life from day one. If someone has specific tastes and wants to remodel some areas to one’s desires or needs, it’s a great starting point for a renovation, with only a limited set of activity to do given the current condition and recent improvements. Aerial view of the expansive property and lush grounds of 34 Cayuga. 34 Cayuga Key Facts: 3,615 AC SF 11,661 SF Lot Size (.268 acres) 3 bd / 3 ba Pool and patio terrace Finished two-car garage Offered at $2,763,135 ($764 / AC SF) This is the best priced “Ready Renovated” home in the neighborhood, and well below other active and sold comparables (please see my in-depth analysis below). What Makes it Special Living in the tropics of South Florida, I love natural light and the outdoors, and this house is an A+ on both. The living room has a high, mid-century designed accent ceiling that adds some neat movement to the space and is a nod to the architecture of the neighborhood’s founding era. The space is perfect for indoor-outdoor entertaining, playtime with the family, and winding down together after a long day. The hero of the room is the natural light flowing in from three sides and the connectivity to the backyard, pool, and terrace. (Seriously, I could enjoy that view all day!) Above: Living room of 34 Cayuga filled with natural light, high-ceilings with uniquely designed accents, and pleasant connectivity to the pool terrace. Below: The generously spaced pool terrace with room for playing, dining, and lounging. Stepping outside, you have all that you need for family time and entertaining. There’s room for all “activity zones” – swimming, lounging, grilling, dining, and playing. If you have active dogs like me, there’s a side yard with grass and plenty of room to zoom-zoom from one side of the property to the other. I love that the house opens up to the backyard and pool terrace with well-positioned views from rooms throughout most of the property.      I’m also big on “living zones” and carefully think about creating and selling homes with this in mind. Another highlight of the home are the room proportions and the flow of the layout inside. Coming from the living room we just spoke about, you are connected to the formal dining and living areas, which also serve as a central connection to the entry foyer, eat-in kitchen, and bedrooms.  It’s great to have dedicated areas for specific activities, and it’s also nice for when hosting and seeking some breakaway time as groups. (Yes, guys and gals, there’s enough room to getaway and talk about how much you love your spouses or why your in-laws brought a month’s worth of clothes in the larger guestroom, which might be a bit too comfortable, if you know what I mean). View of the formal dining area that sits within the center of the home and enjoys a view of the pool terrace. Above: I don’t play the piano, but if I did, I’d love to play it here. Below: Connecting the formal dining area, the formal living room flows nicely to the eat-in kitchen, entry foyer, and bedrooms. I love this eat-in kitchen. It has all the “cooking zones” one should expect in a luxury home at this price point. You have top-of-the-line stainless steel appliances (featuring an induction cooktop), a separate prep-sink (so helpful!), plenty of counter space, and room to eat-in at both the island and informal dining table – perfect for quick snacks or casual family dinners. Spacious eat-in kitchen with a full suite of top-of-the-line stainless steel appliances including an induction cooktop. Finally, let’s highlight the excellent and spacious Primary Suite. The well-spaced rooms and amenities of the Primary Suite are what set this home apart from many renovations of original 1950s and 1960s properties that I’ve seen within the neighborhood. In the bedroom itself, there’s more than enough room for a king bed, double nightstands, and a generous tv setup (easily accommodating a wall unit). Staying with the theme of connectivity to the outside, I love that there’s a private entrance to the pool terrace and a way to enjoy that view from bed. (It’s also very convenient for early morning puppy potty time in your PJs.) Well-spaced Primary Bedroom with direct access to the pool terrace. To the right, the Primary Bathroom. To the left, the Primary Dressing Room. The Primary Suite also includes two generous amenity spaces – the Primary Bathroom and the Primary Dressing Room (there’s no way you can call this just a closet!). The impressively finished dressing room provides dedicated spaces for shoes, clothes (including long-hangs), hats, and more. The bathroom features double vanities, a linen closet, stone finishes, and a natural skylight that gives you the feeling of being outdoors. Above: The expansive dressing room located within the Primary Suite. Below: The Primary Suite’s bathroom featured with a natural skylight. There’s much more to this tropical luxury home, and you have to see it in person to fully appreciate what the property has to offer. I don’t see it lasting long at this price, and there are limited move-in ready opportunities available on-market within Sea Ranch Lakes. Please get in touch with me and let’s schedule a private showing to see 34 Cayuga Rd in person. Current Market As you’ll hear myself talk about often, I love the art and science that comes with selling and building luxury real estate in the tropics. There’s nothing better than finding great materials, designing enjoyable spaces, and delivering the perfect tropical home or investment project to my clients. But – I am a numbers-gal at heart, and I love to talk about the data behind the real estate. It’s this information that helps my clients make informed decisions about what is [typically] a large investment, whether for personal or professional purposes. While the analysis below is specific to homes available for sale and that have sold within Sea Ranch Lakes, it also serves as a sample demonstrating a select part of the evaluation I provide to my clients when they are looking for data-driven insights on acquiring or selling property (i.e., there’s a lot more of where this came from when you hire me). Providing this value is where I take pride in being your luxury real estate advisor. 34 Cayuga Rd – the best available on-market deal in Sea Ranch Lakes for a move-in ready and renovated home. About my analysis approach: Consistent with the needs of my clients who are searching for properties that are move-in ready or for investment projects, as well as for my own REIMAGINE project needs, you will please note that I look at the market through the lens of someone analyzing Ready vs Renovation vs Rebuild opportunities, and organize my analysis accordingly (FYI – I define “Ready” as newly built or recently updated). A one-size-fits-all averaging approach for the entire market or neighborhood just doesn’t work for my clients nor myself. If you understand the micro, you’ll have a command over the macro, and I will provide summary analysis per sub-group in my classification system. For a consolidated and comprehensive notice related to all listings (properties) herein, broker/agent credits, and data found within this blog and market report, please see the “Disclaimers and Notices” section at the conclusion of this post. Further, all comments and opinions within this market report are the result of my good faith and professional judgement. With that being said, let’s dig in. Actives As of the time of publishing this blog post, there are eight homes currently active on-market for sale (including one home that is also available for rent; there’s also one standalone rental available not included in this analysis). This represents approximately 4% of homes in the community are available on-market. (Please contact me about off-market opportunities.) Active on-market listings in Sea Ranch Lakes as of 06/31/24. Image courtesy of tropicalphoenixhomes.com.  Reno Targets Address Asking $ $ / SF Water Built Bd Ba AC SF Tot. SF Lot  SF Listed  Notes 4 Gatehouse Rd $2,449,000 $918 N 1963 4 3 2,667 3,342 13,184 03.14.24 No pool. Renovation candidate. 44 Cayuga Rd $3,195,000 $959 N 1971 4 3 3,332 3,332 13,009 01.17.24 Updated in part. Renovation candidate. Observations: I believe both of these homes are great renovation opportunities with fantastic spaces, situated on spacious lots. However, I find them slightly expensive compared to the move-in “Ready – Renovated” comp set below (especially if there is no ready-to-go pool, although with many such homes in the community there is space for one). Most discerning clients at this price point may require a fair amount of work to be done to either property in order to achieve expectations for today’s luxury living standards. Based on pricing at the time of this post, this sub-group is averaging an asking price of $2,822,000 and a price per SF of $939. Rebuild Targets Address Asking $ $ / SF Water Built Bd Ba AC SF Tot. SF Lot  SF Listed  Notes             N/A              Observations: There are no applicable properties currently available on-market. Sea Ranch Lakes has been in demand, and we’ve seen a wave of new construction in the community over the last few years. Currently, in my opinion, there are no obvious on-market properties available in this category. If interested in buying to build, we should approach rebuild candidates off-market directly to try and create an opportunity for a new construction home. If you own a potential rebuild homesite in the community and are interested in selling, now’s a great time to monetize your property. I’d be happy to prepare an in-depth analysis on what you could expect and bring you buyers that are looking in the area, including myself. So, let’s talk! Ready - Renovated Address Asking $ $ / SF Water Built Bd Ba AC SF Tot. SF Lot  SF Listed  Notes 34 Cayuga Rd $2,763,135 $764 N 1967/R 3 3 3,615 3,615 11,661 11.29.23 Move-in ready and renovated. 2 Mendota Lane Rd $3,599,000 $941 N 1964/R 6 5.5 3,824 4,272 14,229 03.12.24 Move-in ready and updated. Observations: There’s a reason 34 Cayuga, to me, is the best priced opportunity in Sea Ranch Lakes. For many, the home would be in move-in ready condition, and it has a great layout flow and outdoor space for enjoyment. The two-car garage is also finished. Some buyers might prefer minor upgrades or remodeling, but that’s really down to taste. On a price per SF basis, I believe this property is, hands down, the best deal in the community. 2 Mendota is a fantastic property on a generously sized lot for the neighborhood. The home has a charm of another era (architecturally speaking) and has been upgraded to today’s luxury living standards within. There’s still some room for a new owner to do some upgrades, but that’s also down to taste. I find the home to be well-priced. Based on pricing at the time of this post, this sub-group is averaging an asking price of $3,181,067 and a price per SF of $853. This average is significantly weighted down by the 34 Cayuga asking price, which is priced to sell. Ready - Rebuilt Address Asking $ $ / SF Water Built Bd Ba AC SF Tot. SF Lot  SF Listed  Notes 7 Gatehouse Rd $6,000,000 $1,254 N 2024 5 5.5 4,785 6,450 11,267 03.01.24 New construction. 19 Gatehouse Rd $7,495,000 $937 Y (ICW) 2023 5 6 7,997 8,543 22,862 04.04.24 New construction.       Larger lot. 28 Minnetonka Rd $9,750,000 $1,569 Y (ICW) 2015 5 5 6,215 7,946 17,470 02.05.24 Like new. Larger lot. 112’ Intracoastal dock. 32 Seneca Rd $16,850,000 $2,400 Y (ICW) 2024 6 7 7,020 9,247 13,676 06.15.24 New construction. 110’ Intracoastal dock. Observations: These homes represent the new-build present and future of Sea Ranch Lakes. You can clearly see where the evolution of the community is heading. Compared to other markets in Greater Fort Lauderdale and South Florida, overall, these homes represent incredible relative value, especially those on the water. Gatehouse is a fabulous new home. The land was purchased in 2021 out of bankruptcy. The builder is hopefully going to do very well on the sale (rooting for you!). I find it well-priced for inland new construction. 19 Gatehouse is a large modern estate on half an acre along the Intracoastal (rare for the community). It’s a very unique, modern design and build. I find it priced to sell and a great opportunity. 28 Minnetonka is one of my favorite properties in all of Greater Fort Lauderdale. The architecture and design for the lot shape were very thoughtful, and the finishes are excellent. I believe this home to be very well priced. 32 Seneca is a gorgeous new home slated for completion later this year. The pricing stands out compared to what other new construction is going for in the relevant area. You can see this in terms of both their top-line and price per SF asking price, but I’m certainly rooting for them! If the other new construction sells before 32 Seneca has its CO, this could be the only game in town, and you never know – it just takes one to fall in love. Based on pricing at the time of this post, this sub-group is averaging an asking price of $10,023,750 and a price per SF of $1,540. This average is significantly weighted up by the 32 Seneca asking price. Looking at just the other homes in the sub-group, the average asking price is $7,748,333 with a price per SF of $1,253. When looking at the entire sub-group, the median asking price is $8,622,500 with a price per SF of $1,412. Solds Looking back just beyond a year from the time of this post, there have been 18 on-market transactions that have sold within Sea Ranch Lakes. This represents approximately 9% of the community trading on-market over the last 12+ months (which is consistent with many luxury gated communities throughout South Florida). (Please contact me about off-market transactions.) Sold transactions location map in Sea Ranch Lakes from 06/23 thru 06/24. Image courtesy of tropicalphoenixhomes.com. As you can see in the chart below, the closed sales were consistently spread throughout the year, highlighted by four sales in June (kicking off summer relocation season); three sales in August (just in time for school); and another three sales in April (as winter/spring season comes to an end). The beauty of South Florida is that you can have consistent activity throughout the year, depending on whether buyers are local (think relocation or upgrades) or may be coming from various second home feeder markets (such as the US North and Midwest; Canada; Europe; and LatAm) that bring their own seasonality and rhythm. Sold transactions velocity and price chart in Sea Ranch Lakes since 05/24. Image courtesy of tropicalphoenixhomes.com Reno Targets Address Sold $ $ / SF Water Built Bd Ba AC SF Tot. SF Lot  SF ToM Notes 21 Gatehouse Rd $4,450,000 $743 Y (ICW) 1985 4 5.5 5,987 5,987 15,628 56 Sold 05.01.24. Dated yet pleasant. 85’ Intracoastal dock. 7 Winnebago Rd $3,200,000 $726 N 1959 4 4 4,410 5,831 18,856 58 Sold 04.15.24. Nearly half an acre. 7 Oneida Ln $2,000,000 $777 N 1958 4 3.5 2,574 2,574 11,121 40 Sold 02.28.24. Dated yet pleasant. No pool. 5 Tahoe Ln $1,925,000 $888 N 1961 4 2.5 2,168 2,738 11,776 51 Sold 01.29.24. Dated yet pleasant. No pool. 2 Cayuga Ln $2,154,750 $616 N 1959 6 4 3,497 3,497 12,227 347 Sold 09.06.23. Dated. 6 Saranac Rd $2,680,000 $798 N 1958 3 3.5 3,359 3,359 13,373 36 Sold 06.06.23. Dated yet pleasant. No pool. Observations: 21 Gatehouse is a great example of an Intracoastal renovation target priced to sell with a time on market of only 56 days. It has great water frontage and lot size, and unique wood finishes throughout. If fully renovated to today’s expectations, I could see this home being worth up to double its last trade. Time will tell, but I think this could prove to be a fantastic buy – congrats to all involved. 7 Winnebago has great interior space and above-market lot size. Supported by the time on market, I think it was a great buy. 7 Oneida was a relatively quick sale, and I believe it was priced to move. At $2,000,000, it’s a great entry point to Sea Ranch Lakes. 5 Tahoe is really an in-between for me, and I easily could have included it in the “Reno – Ready” category. While this home could be renovated to today’s luxury standards, it was also in pleasant condition at the time of sale, and I believe the price per SF supports this (while recognizing smaller homes can trend higher in this metric). Another great entry price point to the neighborhood. 2 Cayuga was purchased at a fantastic basis. Given the home’s excellent overall SF and room count, it could be spectacular with a renovation to today’s luxury standards. Great buy. 6 Saranac is a well-proportioned home with great overall interior SF and lot size. I find it dated, yet pleasant, and it traded at the upper range of its sub-group compared to its peers. Based on pricing at the time of this post, this sub-group is averaging a sold price of $2,734,958 and a price per SF of $758. This average is affected by both a high and low outlier (5 Tahoe and 2 Cayuga, respectively). Looking at just the other homes in the sub-group, the average sold price was $3,082,500 with a price per SF of $761. When looking at the entire sub-group, the median sales price was $2,417,375 with a price per SF of $760. Rebuild Targets Address Sold $ $ / SF Water Built Bd Ba AC SF Tot. SF Lot  SF ToM Notes 3 Winnebago Rd $1,467,000 $107 (Land) N           13,665 160 Sold 10.02.23. Inland lot. Observations: 3 Winnebago was a good land purchase by the buyer. It’s an attractive basis per SF relative to the potential valuation of a finished inland home (assuming it’s not overbuilt). Good, if not great, buy. Ready - Renovated Address Sold $ $ / SF Water Built Bd Ba AC SF Tot. SF Lot  SF ToM Notes 2 Minnetonka Rd $2,750,000 $722 N 1964 4 4 3,811 3,811 14,566 85 Sold 04.22.24. Updated. 5 Gatehouse Rd $2,050,000 $897 N 1957 / R 3 3 2,283 2,283 11,920 20 Sold 03.28.24. No pool. 21 Saranac Rd $6,375,000 $1,335 Y (ICW) 1994 5 4 4,775 4,755 15,153 26 Sold 12.12.23. 100’ Intracoastal dock. 9 Tahoe Ln $4,325,000 $843 N 1961/R 5 4 5,128 5,128 12,593 78 Sold 08.16.23. Fully renovated. 34 Cayuga Rd $2,332,500 $645 N 1967/R 3 3 3,615 3,615 11,661 60 Sold 08.10.23. Renovated. 9 Mendota Ln $2,600,000 $901 N 1963/R 4 3 2,886 2,866 11,125 146 Sold 06.06.24. Updated. 14 Minnetonka Rd $3,690,000 $953 N 1957/R 4 3.5 3,873 3,873 11,805 20 Sold 06.20.23. Fully renovated. 19 Seneca Rd $4,280,000 $799 Y (Lake) 1988/R 6 6 5,351 5,351 14,767 114 Sold 06.15.23. Fully renovated. 36 Seneca Rd $6,867,150 $1,406 Y (Lake) 2004 5 5 4,885 4,885 16,161 215 Sold 06.06.23. Recent construction. 115’ on Intracoastal. Observations: This is the largest sub-group in the market analysis, representative of the recent renovation activity over the past few years (which continues today in the neighborhood). 2 Minnetonka is an example of a well-priced Sea Ranch Lakes inland home selling in an efficient 85 days. It’s move-in ready, although a buyer may desire some further updates per taste. Honestly, its price per SF sold as if it was a Reno Target. One factor that may have affected pricing is its location abutting the shopping plaza, although I feel this is mitigated with the community walls and nice landscaping. Great buy. 21 Saranac has a particular style that may require a unique taste to fully appreciate, but for someone who enjoys the style, it’s nicely finished and in move-in ready. I interpret this purchase price as more about a lower topline dollar paid (comparably) and move-in ready status for an Intracoastal home, along with a new dock and other outdoor improvements. 9 Tahoe is a tastefully renovated inland home with great natural light and a beautiful kitchen – a wonderful example of renovation potential for homes in the neighborhood. For the renovation quality, outdoor spaces, and lot size, I believe this was a great purchase price, and that’s reflected by the efficient time on market. 34 Cayuga was a steal of a deal in 2023, and is currently, per my previous comments above, the best priced deal actively available today in 2024 with it back on the market. 14 Minnetonka is an impressively renovated home with incredible materials and finishes throughout. It has wonderful square footage, room proportions, and ceiling heights. Great purchase price, and that’s reflected by the time on market. 19 Seneca is an elegant renovation and was one of the deals of 2023. It’s hard to find another fully renovated property for $799 per SF on the lakefront (just compare it to the next listing). Excellent basis and buy. 36 Seneca is a majestic lakefront estate of relatively recent construction compared to many in the neighborhood. At $1,406 / SF, and on a larger than most lot, it’s one of the highest prices achieved on the lakes. Based on pricing at the time of this post, this sub-group is averaging a sold price of $3,918,850 and a price per SF of $945. There’s enough of a sample size to compare waterfront vs non-waterfront homes in this sub-group. The average sold price of waterfront was $5,840,717 with a price per SF of $1,180. One could argue that 19 Seneca is an outlier weighing down this sub-analysis, as the other two homes achieved ~40% higher pricing (otherwise averaging $1,371 per square SF, which I believe is more representative of the market). The average sold price of non-waterfront was $2,957,916 with a price per SF of $827. When looking at the entire sub-group, the median sales price was $3,690,000 with a price per SF of $897. Looking at waterfront, the median sales price was $4,280,000 with a price per SF of $1,335. Looking at non-waterfront, the median sales price was $2,675,000 with a price SF of $870. Ready - Rebuilt Address Sold $ $ / SF Water Built Bd Ba AC SF Tot. SF Lot  SF ToM Notes 51 Cayuga Rd $4,700,000 $1,270 Y (Lake) 2019 4 4.5 3,700 3,700 13,767 109 Sold 10.19.23. New Construction. 7 Seneca Rd $8,668,553 $1,221 Y (Lake) 2023 7 7.5 7,100 7,100 14,797 98 Sold 08.20.23. New Construction. Observations: 51 Cayuga is a great example of a newly built, single-level house on the lake. At $1,270 per SF, this lakefront price slots right between newly built inland homes (lower $ per SF) and those on the ocean access of the Intracoastal (higher $ per SF). Well-designed, well-built, and well-priced. Congrats. 7 Seneca is a majestic and beautiful new estate build on the lake. It is situated on a slightly larger lot relative to most in the neighborhood. The attention to indoor-outdoor living spaces and finishes quality throughout are what one would expect for high-end, luxury living in the tropics at this price point. The land was purchased for $1,880,000 in 2021 and was a nice basis for a new build as a percentage of the completed sales price. While a small sample size, one can observe price convergence for newly constructed lakefront homes around the $1,200 – 1,300 per SF mark, which I expect could climb soon. The two homes are of materially different interior SF sizes, but the average sold price of this sub-group was $6,684,277 with a $ per SF of $1,246.   Interested in Buying or Selling within Sea Ranch Lakes? Entrance to the clubhouse at the Sea Ranch Lakes Beach Club. Thank you for making it this far with me in this featured blog and market report. As I hope you can see, I have a very thorough understanding of the Sea Ranch Lakes market, which is truly one of the most amazing and desirable communities in Greater Fort Lauderdale. Whether you’re looking to purchase or sell a primary residence, secondary home, or investment project, please provide me with an opportunity to earn your trust and business. I look forward to speaking with you, establishing a relationship, and providing you an overview of what I can do for you. Should you wish to learn more about working with me before speaking, please visit my website: Why Buy with Me Why Sell with Me About Jennie Finally, if you’re looking for opportunities for your own renovation or rebuild, I’d love to work with you. We assist with site selection through completion (and monetization where needed). Such opportunities are my greatest professional joy to work on. You can learn more about this and our REIMAGINE program on my website, and I’d love to discuss your needs with you when ready. If now is not the right time for you, please keep me in mind for any of your real estate needs. As always, one of the greatest compliments is a referral, and I appreciate that very much. Thank you, again, for spending this time with me. I wish you good fortune on your real estate journey. With Gratitude, Jennie Cell: (215) 237 – 6336 Email: jennie.frankkapoor@engelvoelkers.com Website: www.tropicalphoenixhomes.com View of the lush dunes along the beach club grounds with the Atlantic Ocean beyond. Disclaimers and Notices 1) Data relied on within this blog and market report are from i) BeachesMLS and ii) MIAMI Association of REALTORS as of the date of this blog. This data is not verified for authenticity or accuracy and may not reflect all real estate activity in the market. Based on information © 2024 BeachesMLS, Inc. Click on any individual listing page link in the market report tables to visit the property on the IDX feed to my website for the latest information. 2) This blog and market report are not to be considered investment advice nor a solicitation for investment. 3) Purchasing or selling real estate is an important financial decision. Make your own buying, selling, or investment decision based on your own analysis and due diligence, along with the consultation of your own professional advisors. 4) The content of this blog and market report are for information and educational purposes only. Any commentary is solely the professional opinion of Jennie Frank Kapoor and/or Tropical Phoenix Homes and does not reflect the opinion of Engel & Völkers, any MLS, nor any other group. Errors and typos are possible, and you should verify all information before taking any actions. 5) This blog and market report are not an advertisement for any other broker’s particular listing (property) nor a solicitation of the seller they may be representing. Listings reviewed in this blog and market report may be those of other brokerages and listing agents. Every listing links directly to their respective auto-synced IDX page and displays the appropriate credits in accordance with local MLS rules and guidelines. In no way is this an attempt to advertise these listings as those of Engel & Völkers and/or Jennie Frank Kapoor. Any such listings will be clearly marked and credited to Engel & Völkers. 6) Copyright © 2024 of all original photos and content within this blog and market report, which are the property of Engel & Völkers, Jennie Frank Kapoor, and/or Tropical Phoenix Homes (“IP Holders”). No photos nor content may be utilized or reproduced without the prior written consent of the IP Holders.    

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