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!

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Here is my first of many more community video blog posts to come.  As I had mentioned in a previous post, the City of Hallandale has begun the improvements to the bridges in the waterfront Golden Isles community and the project is set to be completed November of this year.  The current concrete and metal barriers are being replaced with decorative barriers and lighting.  There are 307 homes in Golden Isles and the residents are committed to enhancing and improving the community as they have recently also completed a new guard house, curbs and landscape projects.

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Please join me as I will be holding a Broker’s Open (Lunch Served) tomorrow Wednesday May 6, 2009 from 12:00pm to 2:00pm at 619 Palm Drive Hallandale Florida 33009.  It is a Broker’s Open but anyone that would like to preview this home directly on the Intracoastal Waterway in Golden Isles Hallandale Florida is welcome to come.  The home is a 5 bedroom, 4.5 bath home on a 100′ x 150′ lot listed for $1,750,000.  Great opportunity for anyone who would like more information about this property and/or the Golden Isles Waterfront community.

Quick Facts

Bedrooms: 5
Baths: 4.5
Year Built: 1997
Garage: 2
Living Area sq.ft.: 4,473
Total Area sq.ft.: 5,085
Dock: 60′ deeded dock and 13,000lb boatlift

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The City of Hallandale Beach has begun construction to improve the bridges in the waterfront community of Golden Isles. The bridge improvements are mostly for aesthetics and for preventative maintenance.  The concrete and steel commercial type barriers will be replaced with more decorative concrete barriers and decorative lighting, the center posts of each section will have beautiful ornate aluminum light fixtures.  Golden Isles has recently completed the new guard house, new curbs and landscape projects, so this new bridge project will truly enhance the community as a whole. This will help provide Golden Isles with a fresh look for the years to come. The expected completion date is November 2009.

Check out this month’s issue of the Aventura Magazine. I and other experts weigh in on the South Florida Real Estate Market including the local markets of  Golden Beach, Golden Isles, Aventura, Hollywood Florida and the surrounding areas.

Read the Article

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Last week 619 Palm Drive in Golden Isles came on the market.  Golden Isles is a gated waterfront community directly on the border of Miami Dade and Broward County.  The home rests right on the Intracoastal Waterway with beautiful views and vibe of boats cruising along the Intracoastal. The two-story home was built in 1997 and has 5 Bedrooms, 4.5 Baths with over 5,000 sq.ft.   The tropical paradise is approximately 15,000 sq. ft (100′ x 150′) with a custom pool and 60′ dock which includes a 13,000lb boat lift.  Palm Drive is the only street in Golden Isles that is directly on the Intracoastal, the other streets are on canals but all of Golden Isles is on deep water and wide canals which is good for boat owners looking to protect their vessels.

Golden Isles is close to Hallandale Beach and the new Gulstream Park Racing and Casino that will include a movie theater, restaurants and shops.

By Guest Contributor

James Venney

Private Mortgage Banker, Homeservices Lending

I believe that most clear minded individuals would agree that given the fact that the Federal Government controls Fannie Mae that a coordinated effort could be made to relax those underwriting guidelines that will enable more well qualified buyers to obtain financing to buy a new condominium.
Overview of Fannie Mae Condo Guideline Changes:

• For new construction and newly converted South Florida condo developments, 70% of the units must be pre-sold (closed or under bonafide contract). This is an increase from 51%.

• No more than 15% of a condo project units can be more than 30 days past due on HOA fees.

• Fidelity insurance will require for condos with 20 or more units, ensuring that homeowner association’s funds are protected. Prior to these changes this threshold was only for new condos but is now being applied to existing/established condos as well.

• Borrowers/unit owners must now obtain a condo-owners insurance policy unless the master condo policy provides for interior unit coverage.

• No more than 10% of a project can be owned by a single entity.

• No more than 20% of a project can consist of non-residential space.

• The homeowners association must have 10% of its budgeted income designated for replacement and reserves and adequate funds budgeted for the insurance deductible.

The Icon and The Jade Residences in the Brickell area, Canyon Ranch on Miami Beach and The Artech in Aventura are just a few examples of the many new world class condominium buildings in South Florida. Many savvy buyers from around the world recognize that the units in these buildings represent incredible values at their current price points.

I think that it would benefit the housing market and the economy as a whole if the Federal Government were to put into place meaningful changes to the Fannie Mae condominium guidelines to make it easier for well qualified buyers to finance these units.

While most of the units in these luxury South Florida buildings would require jumbo mortgages wouldn’t it make sense for the Federal Government to require any lender that was the recipient of TARP funds to adhere to a relaxed set of condominium guidelines making purchase money mortgages more readily available to potential buyers?
The Federal Government needs to coordinate it’s efforts regarding new condominiums and available financing before their actions lead to the destruction of an otherwise viable market place.

For your consummate mortgage news visit James Venney’s Blog.

443 Alamanda Drive Under Contract

Last week my listing 443 Alamanda Drive located in the gated Golden Isles Waterfront Community went under contract.  It sold for $995,000 and is a 4 Bedroom, 3.5 Bath and over 3,300 sq.ft. 1969 waterfront home.  The buyer was an international buyer from Romania.

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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

View all the active listings in Hollywood Lakes in Hollywood Florida

2009 Aventura Florida Condo Re-sales

As the first month of the year comes to a close I thought we would look at the Aventura condo closed re-sales so far this year.  As of right now there have been a total of 35 condo re-sales in Aventura.  Out of these 70% of the condo re-sales have been under $300,000.  Below is a list of the condo re-sales over $300,000 so far this year.

• Bellamare @ Williams Island condo unit#808 4BR, 4.5BA sold for $1,325,000
• The Peninsula condo unit #1104 2BR, 2.5BA sold for $720,000
• One Island Place condo unit #1201 2BR, 3BA sold for $684,000
• Hidden Bay condo unit #2015 3BR, 2.5BA sold for $490,000
• The Point North Tower condo unit# 1810 3BR, 2BA sold for $460,000
• Aventura Marina condo unit #1717 2BR, 2BA sold for $399,900
• Hamptons West condo unit#2111 2BR, 2BA sold for $395,000
• Turnberry Village condo unit#601 2BR, 2BA sold for $375,000
• The Parc Turnberry Isle condo unit#1432 2BR, 3BA sold for $350,000
• Williams Island 4000 Bldg. condo unit#804 2BR, 2BA sold for $325,000

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