9280 NW 15th St #290, Pembroke Pines, FL 33024

Here’s a detailed analysis of the condominium at 9280 NW 15th St #290, Pembroke Pines, FL 33024, with a focus on refinancing:

Property Details:

• Address: 9280 NW 15th St #290, Pembroke Pines, FL 33024
• Property Type: Condominium (Note: Public records and past listings for units in this building confirm it’s a condo, despite some search results occasionally mislabeling it as “SingleFamily” due to how some data aggregators parse information. The presence of a unit number and HOA fees confirms it’s a condo.)
• Bedrooms: 2 beds
• Bathrooms: 3 baths (This includes both full and half baths. Some listings specify 2.5 baths, which is common for multi-story condos.)
• Square Footage: 1,214 sqft (living area)
• Built in: 1980 (45 years old)
• Estimated Refinance Payment: $2,323/mo (This is the payment provided in your input. This payment likely includes Principal & Interest, property taxes, and homeowner’s insurance, but it is crucial to confirm.)
• Stated Value: $265,000 (This is the value provided in your input. This aligns closely with current market estimates and recent sales for this specific unit and similar units in the complex.)
  • Redfin Estimate: $272,328 for this specific unit.
  • Trulia Estimate: $394,200 for this address (this appears to be an anomaly or an error, as other data for the area and unit type is lower).
  • Zillow Zestimate®: No specific estimate found for this unit.
  • Recent Sales of 2-bed condos in 33024: Prices for 2-bed, 2-3 bath condos in the area generally range from $220,000 to $340,000 depending on size and updates. A nearby unit (2091 NW 96th Ter #13A) of similar size sold for $259,000.
• Last Sale Price: The property last sold for $63,000 on January 7, 1994. This indicates substantial long-term appreciation and significant equity for the current owner.

Financial Aspects & Fees:

• HOA Fees: Yes, there is an HOA. Public records and comparable units indicate a monthly HOA fee of $320. This is a significant fixed cost for condo ownership and must be factored into the total monthly housing expense. The HOA fee likely includes common areas, amenities, and possibly cable TV.
• Property Taxes:
  • 2024: $6,191 (a substantial increase of 181% from 2023, on an assessed value of $304,040). This is a critical factor for affordability calculations.
  • 2023: $2,203
  • The sharp increase in property taxes from 2023 to 2024 is very important to note.

Additional Property Features and Community Amenities:

• Community: This condo is part of a larger complex, likely with shared amenities.
• Interior Features: Typical condo finishes for its age.
• Exterior Features: Standard condo building construction (concrete block, stucco).
• Utilities: Cable available.
• Parking: Not explicitly stated, but common for condos to have assigned or open parking.
• Environmental Risks: Standard for the South Florida region: minimal flood risk, moderate fire risk, severe heat risk, extreme wind risk.

Pembroke Pines, FL (33024 Zip Code) Real Estate Market Trends (as of July 2025):

• Market Condition: Pembroke Pines is currently a Buyer’s Market. This means there is more inventory than buyers, leading to potentially lower prices and longer time on market. This is a shift from a Seller’s Market just a year ago.
• Median Sold Price (Overall Pembroke Pines): $525,000 in June 2025 (up 8.9% year-over-year overall, but this is heavily skewed by single-family homes).
• Median Sold Price (2-bedroom homes/condos in Pembroke Pines): $276,000 in June 2025, a slight increase of 0.4% year-over-year. This is directly relevant to this condo unit.
• Median Days on Market: Homes in Pembroke Pines averaged 51 days on market in June 2025, up 22.2% from last year, indicating slower sales. Specifically for condos in 33024, some are listed for 60+ days.
• Sales-to-List Price Ratio: In June 2025, 69.5% of homes in Pembroke Pines sold below asking price, while only 15% sold above asking, indicating strong buyer negotiation power.
• Inventory: The number of homes for sale increased by 8.9% month-over-month in June 2025.

Current Mortgage Refinance Rates in Florida (as of Monday, July 21, 2025):

• 30-Year Fixed Refinance: Average APRs are approximately 6.906% – 7.109%.
• 15-Year Fixed Refinance: Average APRs are around 5.937%.
• 5-Year Adjustable-Rate Mortgage (ARM): Average APRs are around 7.582% – 7.94%.

Note: These are average rates and are subject to change based on individual borrower qualifications (credit score, debt-to-income ratio), specific lenders, and daily market fluctuations. APR (Annual Percentage Rate) includes some fees beyond the interest rate. Rates for condos can sometimes be slightly higher or come with stricter requirements based on the condo project’s warrantability.

Specific Requirements for Refinancing a Condo in Florida:

Refinancing a condo involves additional scrutiny on the condo association itself, beyond just the borrower’s qualifications.

• “Warrantable” Condo: Most conventional and government-backed (FHA, VA) loans require the condo project to be “warrantable,” meaning it meets strict criteria, including:
  • Owner-Occupancy Rate: Often requires at least 50% owner-occupied units (FHA requires 50%).
  • Financial Health: The association must have healthy reserves (e.g., at least 10% of the budget in cash reserves for FHA).
  • Litigation: No unresolved litigation against the association.
  • Single Entity Ownership: Often, no more than 20% of units can be owned by a single entity.
  • No Timeshares/Hotel Operations: Cannot be operated as a hotel/motel or have timeshare arrangements.
  • Unit Owner Delinquencies: A high percentage of unit owners must be current on their HOA dues (e.g., 85% for FHA).
• Condo Questionnaire: Lenders will require a completed condo questionnaire from the HOA, along with the association’s budget and proof of master insurance.
• Home Equity (LTV): As with any refinance, LTV is key. Conventional rate-and-term can go up to 97%, but cash-out typically maxes out at 80% LTV.
• Credit Score: Minimum 620 for conventional, potentially lower for FHA.
• DTI Ratio: Typically 43% or lower, but can go higher with certain programs. Remember to factor in the monthly HOA fee in this calculation.
• Primary Residence: Must be your primary residence for most favorable refinance terms.

Analysis for this specific property:

The condo at 9280 NW 15th St #290 has accumulated significant equity since its last purchase in 1994, making a refinance highly feasible from an equity standpoint. The stated value of $265,000 seems reasonable for the current market for a 2-bed condo in 33024.

The most critical factor for this refinance will be the substantial HOA fee ($320/month) and the massive increase in property taxes (from $2,203 in 2023 to $6,191 in 2024). This tax jump dramatically increases the overall monthly housing cost. The estimated refinance payment of $2,323/mo must be re-evaluated to ensure it accurately incorporates these current high taxes, in addition to principal, interest, and individual homeowner’s insurance. If it does, the total monthly cost of ownership (P&I + Taxes + Individual Insurance + $320 HOA) would be quite high.

The Pembroke Pines market for 2-bedroom condos has seen only a slight price increase (0.4%) year-over-year, and the market is now favoring buyers, with more homes selling below asking. This means the appraisal for the refinance should be carefully watched.

Strong Recommendations for the Homeowner:

1. Get a Precise Breakdown of the Estimated Payment: Request a full disclosure of what the $2,323/mo estimate covers. Crucially, confirm that the current 2024 property tax of $6,191/year ($515.92/month) and the $320/month HOA fee are included in the total monthly housing cost calculation provided by any lender.
2. Obtain a Professional Appraisal: This is essential for all refinances, especially for condos. It will provide the definitive current market value and allow for accurate LTV calculation.
3. Inquire About Condo Association “Warrantability”: Before committing to a refinance, ensure the condo association is “warrantable” by conventional (Fannie Mae/Freddie Mac) or FHA/VA guidelines. Ask the HOA for a completed condo questionnaire for your lender. Issues with reserves, owner-occupancy rates, or litigation can block or complicate a refinance.
4. Confirm Current Loan Balance: Know your exact outstanding mortgage balance.
5. Shop for Personalized Refinance Offers: Contact multiple lenders specializing in condo financing. Compare APRs, interest rates, all closing costs, and the full estimated monthly payment including P&I, taxes, individual homeowner’s insurance, and the HOA fee.
6. Assess Goals: Determine if the primary goal is a lower rate, lower payment, or cash-out, considering the significant property tax increase affecting overall affordability.