A picture is worth a thousand words, in this case it’s an 8 year snapshot of the Broward County real estate market….the peak of the market was March 2005 when we had the lowest supply of inventory of single family homes in Broward County including the cities of: Fort Lauderdale, Davie, Plantation,Weston, Hollywood and Hallandale Beach. It was a extreme Seller’s market, inventory steadily increased and peaked in April of 2008 and has since been declining and we now have the lowest amount of inventory we have seen in sometime. It’s now challenging to find “Good Inventory”and it’s all about “Supply & Demand”, especially in the key communities and developments like: Las Olas, Rio Vista, Harbor Beach, Weston, Windmill Ranches, Hollywood Lakes, Harbor Islands and Golden Isles.
This is one of my newest listings in Hollywood Lakes on Northlake. This Mid-Modern home is impeccable and was built in 2008 with the finest of finishes and attention to detail. The home is located on a point corner lot with 164 feet of waterfrontage. The views are one of the best in the Lakes and one of very few Mid-Modern homes in the area.
This week Washington Mutual placed 1007 S. Northlake Drive in Hollywood Lakes on the market for a staggering low price of $445,500. I sold this property for $2,150,000 in June of 2005 (the peak of the market). Most of the properties value is in it’s premier lot size 100′ x 234′ (half acre) on the water and at this price it’s a definite give away, the only drawback is the home more than likely cannot be torn down since it has historic value to the neighborhood and is located in a Historic Preservation area. The property had over $60,000 dollars of code violations from the previous owner due to commencing work without permits.
My client placed a $500,000 cash offer (50K over asking price), when I called the agent they stated they had multiple offers on the table, which is often the case with Bank Owned properties and that they would be making a decision within the next 48 hours, my clients offer was eventually rejected as a higher offer was accepted but whoever won the bid got an incredible deal.
Hollywood Lakes is an eclectic neighborhood just minutes from Hollywood Beach that is comprised of two lakes “Northlake and Southlake”, they are connected to the Intracoastal Waterway with unsurpassed views from either lake.
On April 30th the City of Hollywood Florida commenced the long awaited Hollywood Boulevard Improvement Project. The project will take nearly a year to complete and it’s main objective is to construct a median that will prevent direct crossing from north to south along the Hollywood Boulevard which has caused numerous accidents over the years. The landscaped median will be 19 feet wide and will span from the Intracoastal Bridge (recently renovated as well) to Downtown Hollywood, the project will also focus on improved drainage. The Hollywood Lakes community will definitely benefit from the project which in addition to preventing direct crossing along Hollywood Blvd. will also add to the neighborhoods aesthetic appeal.
I went down to Hollywood Blvd. to capture the work in progress!
This Sunday March 8th Hollywood Lakes will be holding their 8th annual Historical home tour. The tour will feature a guided walk tour of six architecturally unique houses walking distance from one another and will feature antique cars and period music to set the scene at each home. The event is from 1:00pm to 4:00pm starting at 1701 Monroe Street.
Since the beginning of this year there have been 9 closed sales with 3 being over $500,000 in the Hollywood Lakes, Hollywood Florida Area. The statistics for the 3 closed sales over $500,000 are below. This time last year there were only 3 closed sales all under $500,000, volume of sales are up.
My listing 915 N. Southlake Drive closed last Friday for $2,461,000 the listing price was $2,750,000.
915 N. Southlake Drive: 5 Bedrooms, 6.5 Baths, 100′ on the water & approx. over 5,700 sq.ft.
940 N. Northlake Drive: 5 Bedrooms, 4 Baths, Waterfront & approx. over 4,000 sq.ft. SOLD FOR $1,324,000 on 2/5/2009
1109 Hollywood Blvd. : 4 Bedrooms, 3 Baths, approx. over 2,300 sq.ft. SOLD FOR: $550,000 on 2/2/2009
The regulation (Fla. Stat. §718.111 (2008)), effective January 1, 2009, will require Florida condominium owners and their insurers to specifically name their condominium association as an additional named insured. In addition, the minimum amount of loss assessment coverage carriers must provide has been increased from $1,000 to $2,000.
Some of the major implications on South Florida condominium ownership include:
Condominium associations may require each unit owner to provide evidence of a hazard and liability insurance.
Effective January 1, 2009, unit owner policies must include loss assessment coverage of at least $2,000 per occurrence.
Effective January 1, 2009, condominium associations must be listed as a loss payee (additional interest) on all unit owner policies issued. The actual wording includes reference to additional named insured and this wording is up for review in the next legislative session.
Questions About these Changes in the Insurance Regulations?
Janise L. Holz
Atlass Insurance Group
1300 SE 17th Street
Suite 220
Ft. Lauderdale, FL 33316
Direct: (954)653-2834
Fax: (954)525-0588
Email: JHolz@atlassinsurance.com
Web: www.atlassinsurance.com
Hollywood Lakes largest estate was built in 2001 and is located on Northlake at 900 S. Northlake Drive. The lot is over 1 Acre, around 48,000 sq.ft. making it one of the largest lots on either lake and the home is approximately 15,000 sq.ft. with 9 Bedrooms, 9 Baths, 4 half baths and a separate 1,800 sq.ft. guest house. The corner lot offers open water views along the 450ft. of seawall.
