my palm isn't doing well? perhaps what is growing around it is choking it?

I just moved into this house and my palm tree is not doing well as you can see. What might be wrong I gave it a palm tree fertilizer last week. what is growing on it up by the top? what can I do to help it.

 

Looks ok to me. Its just that the old fronds are still on there making it look a little unsightly. The stuff growing on it looks like a fern to me

Ed

 

Possibly this might pertain to your situation.

http://www.floridaplants.com/horticulture/ly.htm