Searching for available properties.
Call us at 954 431-6600 for additional details on any of the listings shown on this page
Want to know the current value of your condo? Call us for a Free CMA. We also have flexible listing plans when you are ready to sell.
Call us for details about featuring your Hollybrook listings with photos and/or comments on this page.
Call us at 954 431-6600 for additional details on any of the listings shown on this page
Want to know the current value of your condo? Call us for a Free CMA. We also have flexible listing plans when you are ready to sell.
Call us for details about featuring your Hollybrook listings with photos and/or comments on this page.
All listings featuring the BMLS logo are provided by Beaches MLS Inc. Copyright 2022 Beaches MLS. This information is not verified for authenticity or accuracy and is not guaranteed.
© 2022 Beaches Multiple Listing Service, Inc. All rights reserved.
The data relating to real estate for sale on this web site comes in part from the participating Associations/MLS's Miami Association of Realtors, and the Realtor Association of Greater Ft. Lauderdale.
Information is deemed reliable but not guaranteed. Copyright 2022, Miami Association of Realtors, Realtor Association of Greater Ft. Lauderdale, and the South Broward Board of Realtors. All rights reserved. The information being provided is for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Use of search facilities of data on the site, other than a consumer looking to purchase real estate, is prohibited.
Some properties that appear for sale on this limited electronic display may no longer be available. For the most current information, contact one of our agents.
Title
A bunch of text
Awesome! You're Almost there.
Narrow your search to less than 500 results to save it. You will get updates when new properties match your criteria!
Save Search
Your search has been saved!
You can access your saved searches from the "My Account" Menu at the top of the screen.
Enter a name for your Saved Search
How often do you want to receive new listings.
Welcome to our all-new
Property Search
Get notified automatically by email whenever a new Hollybrook listing appears on the MLS. Subscribe for email alerts.
Need help? Have questions? Contact Us
Register or
Login
Login or register for free to save your favorite listings for later.
What is a Rec Lease?
The original 99 year lease on the common recreational facilities in Hollybrook was owned by the developer and was payed quarterly by the unit owners. Over the years the lease owners offered the condo owner's to buy the rec lease back from them back for a lump sum payment. Most of the unit owner's took advantage of the opportunity and bought the leases back and didn't have to make the quarterly payments ever again.
About 10% of the units (191) are still encumbered by the original lease and the unit owners still pay. The current payment is approximately $715.00 per quarter (breaks down to $238.00 per month). The original lessors have either sold or donated the remaining leases to non-profit or private organizations. Most of these are managed by one management company and are not being offered for sale at this time.The payment amounts of these leases are adjusted every three years based on the inflation index.
PROS
Units that are sold that still have to pay the rec lease normally costs between $20,000 and $30,000 less than units that do not. This means that if you are getting a mortgage you would need to borrow up to $30,000 less. If you did have to borrow this extra money, let's say at 6.5% for 30 years, the additional payment would be $196.00 per month. Also the 20% minimum down payment requirement by the association would be $6000 less
CONS
The disadvantages are that the rec lease is ongoing while a conventional mortgage can be paid off in 30 years or less. There is no guarantee that any of the lessors will offer the owner to buy them back for a lump sum in the future. The County Tax appraiser will assess the value of the apartment the same as the apartments that have the rec lease paid off. In addition it can take a bit longer to sell a unit that still has to pay the rec lease. Finally, the rec lease expense can increase in proportion to the rate of inflation while a fixed mortgage cannot (although adjustable rate mortgages can).
In Closing
If you do not have a lot of disposable cash, or want to keep the extra cash for other investments, or if you intend to get a mortgage, and want to get a nice apartment in a first class Golfing condominium at a very low price, buying a unit that still pays the rec lease may be a good solution for you.