Category Archives: Hollywood Florida

Miami-Dade County, Florida Real Estate is Booming!

Things are continuing to look up for the South Florida real estate market, according to the most recent data released.

Evidently, more and more investors are coming to South Florida to get a piece of the action – which in turn is strengthening our local housing market.

Miami, Florida Area Homes for Sale

According to the most recent article I read in the Miami-Herald, plenty of private equity firms in the area are snatching up prime South Florida real estate lately.

For example, Fort Capital recently purchased the historic Surf Club in Surfside. It is expected to be revitalized and later sold.

That’s what the company did after it bought most of the Capri South Beach along with other coveted pieces of South Florida real estate.

Experts say that the South Florida market is getting hotter and hotter, with demand rising.

This is particularly true in the hotel arena, where investors are buying and building hotels left and right!

The latest activity reflects a national trend in which the lodging industry is expected to spend more than $5 billion this year on upgrades that range from redesigned lobbies to additional fitness centers and restaurants.

Here in South Florida, some of the more specific drivers to this recent hotel boom include rising tourism numbers, scarcity of available land and more lenient lending policies.

Here’s what else you should know about the South Florida hotel industry:

  • Through September, hotels in Miami-Dade were more than 76 percent full, which is up slightly from the same period a year before.
  • Room rates in South Florida increased by 7 percent to almost $163.
  • Revenue per available room in South Florida also grew by about 8 percent year-over-year to $124.55.
  • Hotel transactions volume is expected to be about $650 million in the county this year, up 13 increase when compared to 2011

You may be thinking to yourself – that’s great but what exactly does this mean for the South Florida residential housing market?

Since everything is inter-connected, more interest and investments in the South Florida hotel market will likely lead to more interest and investments in the South Florida real estate market as well!

Your South Florida Real Estate Expert

To learn more about how the current hotel industry boom here in South Florida will benefit the local residential housing market, please contact me, Scott Patterson.

I’ll also be happy to assist you with all of your home-buying and home-selling needs on any one of the following South Florida real estate markets:

Until next time,

Scott

Now is the Time to Become a Harbor Islands Resident in South Florida!

Hollywood Florida listingsOver the last several weeks, I’ve been telling you a little bit about the Harbor Islands neighborhood on the Hollywood, Florida real estate market.

If you’ve reached a point where you’re interested in becoming a current resident in this elite residential community, then today’s South Florida real estate blog is just for you!

Today, I’m going to tell you about the various active listings in this community.

Hollywood Homes for Sale

No matter what price range you’re in, there is likely a home for you in the Harbor Islands community.

That’s because this diverse neighborhood features numerous distinctive enclaves – which run the gambit from luxury town homes to stately single-family homes.

Thus, if you’re in the market for a single-family home, you’ll be pleased to learn there are currently 29 listings in Harbor Islands – ranging in price from $580,000 to $3,850,000.

While single-family homes are certainly the largest search category when it comes to Harbor Islands, there are also plenty of options for those looking for a townhome.

In fact, there are currently 6 active listings in Harbor Islands for townhomes. These properties tend to range in price from $499,000 to $1,349,000.

Even if you’re not in the market to buy a property, there are still opportunities for you to become a resident of this Hollywood community thanks to four available rental homes in the community.

These properties tend to cost anywhere from $5,500 per month to $8,500 per month.

Your South Florida REALTOR

If while browsing the available listings mentioned above you find one you’re really interested in, please don’t hesitate to contact me, Scott Patterson.

I’ll be happy to provide you with additional information about these listings, answer any questions you may have and even schedule a showing for you!

For now, please take some time to browse some of my online home-buying resources, which include:

Until next time,

Scott

Luxury South Florida Condos Planned for Aventura and Hollywood Florida

Two more luxury condominiums are coming to the South Florida real estate market, according to a recent article I read.

The Miami Herald reported that Property Markets Group is planning luxury condos for both Aventura and Hollywood!

Evidently, PMG is working with the well-respected architect Carlos Otton in planning these new projects.

This is tremendous news for interested South Florida condo buyers who are in the market for a luxury condominium.

Aventura and Hollywood, Florida Condos for Sale

Here’s some additional information about the two condominiums planned for Aventura and Hollywood.

In Hollywood, the 24-unit Sage Beach will feature two-, three- and four-bedroom residences.

These units will all come with private elevators, a plunge pool and grand foyer.

The units at Sage will range from 2,000 to 2,850 square feet and will have an average price per square foot of roughly $650.

In Aventura, PMG is planning a 190-unit condominium community known as ECHO.

This community will feature 2-, 3- and 4- bedroom floor plans with interior designs by Yabu Pushelberg.

In each one of these Aventura condominium units, interested South Florida buyers will find such desirable features as kitchens on each terrace, private elevators, Apple technology-compatible infrastructure and more!

ECHO’s units are expected to range from 1,600 to 4,000 square feet, with an average price per square foot of $550.

Find Your Dream South Florida Condominium Today!

The newest luxury condominiums that are currently in the planning stages are guaranteed to be quite distinctive on the South Florida real estate market!

If you’re interested in learning more about possibly investing at Echo in Aventura or Sage Beach in Hollywood, please contact me, Scott Patterson.

If, however, you’d prefer to continue looking for your dream South Florida residence, please be sure to check out some of these other residential neighborhoods in the area:

Until next time,

Scott

 

Hollywood, Florida Real Estate Spotlight on 1270 Hatteras Lane

1270 Hateras_1Embrace the height of luxury living by checking out my newest South Florida real estate listing at 1270 Hatteras Lane in Hollywood, Florida!

This stunning 7,300-square-foot estate features 5 bedrooms and 7.5 bathrooms.

It’s currently priced at $1,995,000.

Luxury Living at Its Finest In Hollywood, Florida

Grandiose, immaculate, spacious, elegant: There are many ways to describe our latest listing on Hatteras Lane in Hollywood.

This property features two levels and seamlessly blends relaxed and formal spaces.

On the first level, prospective Hollywood home buyers will discover a covered entry, a two-story foyer, a bedroom suite, royal gold leaf detailed ceilings and a gourmet kitchen with adjoining breakfast room.

Other reception rooms on the ground level include: formal dining, living room, family room and a den with a wet bar.

Each room boasts an excellent attention to detail, which is why you’ll find such fine features as mosaic tiles, custom window treatments, decorative wall niches and more!

Upstairs, interested home buyers will encounter an ornate master bedroom with sitting room and his and her walk-in closets as well as other generous-sized bedrooms.

The grounds of this incredible Hollywood, Florida home offer freshly manicured gardens as well as an extended coral stone patio that includes a covered terrace and pool.

Other features on site include a 3-car garage and a laundry room.

Harbor Islands Estate!

1270 Hatteras Lane HollywoodContact me, Scott Patterson, to learn more about what the home at 1270 Hatteras Lane has to offer you and your family.

When you do, I’ll provide you with additional property information, help you schedule a showing and more!

Until next time,

Scott

South Florida Real Estate Market Showing Signs of Rebound and Growth

South Florida real estateThere’s reason to celebrate a little for the South Florida real estate market – especially if you’re a home seller with a list price under 1 million.

From a decreasing supply of available homes for sale to rising sales prices – now is a great time to be a Seller  especially if your property is listed under 1 million today. It’s all about “Supply & Demand” which is very price sensitive and it’s very important to understand the market depends on the “List Price” of your property,  the higher the “List Price” the more inventory there is.

Below, I’m going to tell you some of the recent findings from a national index on the health of the South Florida housing market.

Selling South Florida Real Estate

According to a recent market report, South Florida home prices increased by more than 5 percent in July when compared to July 2011 (depending on price range).

That’s not all that has South Florida home sellers excited!

Here’s a look at some other good news that has recently come out about the market:

  • In August, Broward County had fewer than 5,000 single-family homes for sale.
  • When compared to a year ago, Miami-Dade & Broward County’s inventory has nearly been cut by 40-50%.
  • Meanwhile, Palm Beach County’s home inventory was about 6,648 in August, which is 43 percent less than it was a year ago.
  • In Miami, the average price per square foot of Miami area homes was $155, down 4.3 percent from the same period last year.
  • Between July and September, the median sales price for Miami homes was $155,000, up 6.9 percent from the year before.
  • Also during that period, the total number of Miami home sales decreased by 11.6 percent.
  • Broward County’s unemployment rate decreased from 8.1 percent to 7.8 percent between July and August. This is good news for home sellers because it means that more home buyers are in a position to purchase a home.
  • Broward County’s unemployment rate is now better than the national average, which is 8.1 percent.
  • Meanwhile, Palm Beach County’s unemployment rate also fell to 9.6 percent, albeit that’s still higher than state and national averages.
  • Interest rates have continued to fall, with the average 30-year fixed rate falling to a record-setting 3.4 percent recently. Such low rates are sure to attract additional home buyers.

Still, the recent article I read noted that there are some ways in which the housing market can improve even more.

For instance, inaccurate home appraisals have been blamed in recent years for delaying or costing real estate deals.

Experts are now calling for more accurate and consistent appraisals to aid in the housing market’s recovery.

Some are also saying that a slight increase in interest rates may increase home buyer demand since home buyers will feel a sense of urgency to invest before interest rates continue to climb.

Your Dedicated South Florida Real Estate Expert

The South Florida real estate market is a complicated industry with plenty of moving parts that may affect your experience as a home seller.

So for an optimal experience that results in you selling your home in a short amount of time and for a great price, please contact me, Scott Patterson.

I have years of experience working on the South Florida real estate market and I’ll be happy to provide you with invaluable advice, helpful home-selling resources and more!

Start today by requesting my free selling South Florida real estate eBook or a pre-listing package!

Until next time,

Scott

EWM International Realty is now Larger and Better than Ever!

We have exciting news to share with you about our company’s parent company, Berkshire Hathaway.

Berkshire Hathaway has purchased the real estate franchise “Prudential” / Real Living and launch an entirely new brokerage brand for these agents: Berkshire Hathaway HomeServices.

Our South Florida real estate company EWM has been owned by Berkshire Hathaway for the last six years.

This new purchase, however, is guaranteed to make the company even stronger and more responsive to home buyer’s and home seller‘s needs.

Selling Real Estate in South Florida and Around the Country

Berkshire Hathaway has acquired Prudential’s agent network from Brookfield Asset Management.

Next year, Berkshire Hathaway and Brookfield will begin converting Home Services agents over to the new brand as well.

The new company will be based in Irvine, California and will be led by a team of Prudential Real Estate executives.

Here are some more facts of this recent deal:

  • Berkshire’s HomeServices of America (which already owns local brokerages with 16,000 agents in 21 states) will be the majority owner
  • The Prudential and Real Living brands will be eliminated over time.
  • Independent local brokers that HomeServices already owns will not have to switch affiliation but their branding will start to note that they’re owned by Berkshire Hathaway.

Your South Florida Real Estate Expert

By aligning ourselves with this new and improved super real estate company, EWM will have even greater access to real estate resources that will ultimately help you as the buyer or seller!

Thus, we’re quite thrilled about this newly formed real estate company!

If you’re considering entering the South Florida real estate market anytime soon, please contact me, Scott Patterson.

I’ll be happy to assist you as you navigate any one of the following South Florida markets:

Until next time,

Scott

Report: Fewer Homes for Sale Available on the South Florida Real Estate Market

South Florida real estate for saleAvailable homes for sale on the South Florida real estate market have decreased significantly year-over-year, according to a recent article I read.

The Palm Beach Post reported that the available inventory of homes for sale was down 34 percent in September when compared to September 2011.

This is fantastic news for South Florida home sellers in such communities as Golden Beach and Sunny Isles who are hoping to get a great price on their property.

South Florida Homes for Sale

Here’s an overview of recent activity on the South Florida real estate market, according to the real estate analysis firm Zillow:

  • High-priced homes for sale in Broward, Miami-Dade and Palm Beach counties were down 34.4 percent year-over-year.
  • Meanwhile, inventory of homes in the lower-priced tiers were down 33 percent.
  • In that same period, the national inventory of homes for sale has decreased by 19 percent.
  • In Palm Beach County, the inventory of single-family homes had fallen to less than five months in August.
  • When compared to August 2011, Palm Beach County’s home inventory has fallen 57 percent.

On the same day that Zillow released its report, the company RealtyTrac reported that Florida saw the most foreclosure activity in September.

Although some are concerned this may cause a drop in home prices as these foreclosed homes are sold, experts say that it’s more likely that these homes will more than likely be short-sold, which will help preserve prices.

List Your South Florida Home for Sale Today!

As I noted earlier, a drop in available homes for sale is a great sign for interested South Florida home sellers.

That’s because the low supply of available homes will spur even greater home buyer demand, which will ultimately drive up prices.

Thus, if you’re thinking about listing your South Florida property anytime soon, now is a great time to do so!

For expert tips on navigating the market as a South Florida home seller, please contact me, Scott Patterson.

I have years of experiencing helping home owners sell their properties in a number of local communities, including:

Until next time,

Scott

South Florida’s Real Estate Market Is Rebounding

South Florida is currently ranked Number 2 for fastest rising home values in the country, however values are 48 percent lower than compared to peak levels in 2006 according to the latest Case-Shiller report.

Evidently, Phoenix is the only housing market in the country with faster rising values!

The latest report signals that the housing market is indeed rebounding, which is excellent news for area home sellers!

South Florida Properties for Sale

Here’s the latest data on the South Florida real estate market (which includes Broward, Miami-Dade and Palm Beach counties) from Case-Shriller as well as other data sources:

 

  • Currently, values are about 48 percent lower on the South Florida real estate market than compared to peak levels in 2006.
  • Since January, South Florida’s Case-Shiller real estate index increased by 5 percent.
  • Between May 2002 and May 2012, South Florida real estate values have grown about 12 percent.
  • Home prices in South Florida have steadily increased over the last six months
  • Since May 2011 to May 2012, home prices in South Florida have surged by 3.4 percent.
  •  After a 1.4 percent increase for the region in April, home prices were at their highest point on the index since November 2010.
  • In June, the single-family homes inventory in Palm Beach County dropped from 11.9 months to 5 months when compared year-over-year.
  • Nationally, the single-family homes inventory fell to less than seven months during that same period.
  • Meanwhile, completed foreclosures have fallen to 2007 levels nationwide.
  • Florida had the second highest number of completed foreclosures in a 12-month period, with 91,000.
  • Although Florida still has the highest foreclosures inventory in the country with 11.5 percent of all mortgages, it’s still down from one year ago.

Your South Florida Real Estate Expert

While the South Florida real estate market still has a ways to go before it is completely recovered from the bubble burst of a few years ago, it is certainly making great strides!

This is great news for home sellers who have been waiting for home prices and values to rise so that they can get a better price on their own home!

To learn more about the current state of the South Florida real estate market – or to inquire about navigating the market as a home seller – please contact me, Scott Patterson.

As a dedicated South Florida REALTOR, I have years of experience helping home sellers navigate such area market as:

And I’ll be happy to help you as well!

Until next time,

Scott

South Florida Home Owners to Learn Their Proposed Property Taxes for 2012 Soon

South Florida home owners recently found out what their proposed property taxes will be for 2012, according to a recent article in the Miami Herald.

The Miami-Dade Property Appraiser sent out more than one million TRIM notices to property owners recently.

These notices lay out how much the county believes a South Florida property is worth, which is quite important to home owners, home buyers and home sellers.

South Florida Real Estate for Sale

No matter whether you’re buying or selling a piece of South Florida real estate – TRIM notices are important.

For home sellers, the county’s valuation of a piece of real estate is ultimately factored in to how much they will pay for taxes.

Property owners will have until September 18 to file an appeal of the valuation with the Value Adjustment Board.

Tax bills connected with the new valuation will be sent out by Nov. 1.

Here’s an overview of what the TRIM notices revealed:

  • In Miami-Dade, the tax roll increased by 1.98 percent, after 3 years of declines.
  • In Broward County, the tax roll increased by 1.5 percent on average.
  • Broken down further, about 24 cities saw increases and seven saw declines.

Buying and Selling South Florida Real Estate

Whether you’re thinking about buying or selling South Florida real estate, you’ll want to have the latest information about TRIM notices in the area.

So contact me, Scott Patterson, for expert advice and helpful information on any one of the following real estate markets in South Florida:

Until next time,

Scott

South Florida Existing Single-Family Home Sales Rise in July

There is more good news to potential home sellers on the South Florida real estate market!

According to a recent article in the Miami Herald, both the total number of homes sales and the median sales price are on the rise!

This is the case in both Miami-Dade and Broward counties, signaling that the local housing market is indeed recovering!

South Florida Homes for Sale

Here are some of the highlights from the recent article on South Florida real estate:

  • From July 2011 to July 2012, the median price of a single-family home in Miami-Dade rose 2.8 percent to $185,000.
  • That marks the eighth consecutive month of rising single-family home prices in the county.
  • Meanwhile, the total number of residential sales (which includes single-family and condos) increased by 11 percent to 2,201, when compared year-over-year.
  • In Miami-Dade County, the total the total number of residential listings dropped 27 percent from July 2011 to July 2012 – from 15,727 to 11,454. This is a good indication for a strong market because it means housing inventories are reaching healthier levels.
  • In Broward County, the inventory of homes dropped by 50 percent – from 9,884 in July 2011 to 4,964 in July 2012.
  • Also in Broward County, the sale of existing single-family homes increased by 19.9 percent year-over-year.
  • And the median price of a single-family home in Broward County increased by 13.2 percent – from $190,000 in July 2011 to $215,000 in July 2012.
  • Also between July 2011 and July 2012, the number of sales of existing condos and townhomes in Broward County increased by 3.8 percent.
  • And the median condo and townhome price in Broward County increased by 14.5 percetn to $85,900.
  • In Broward County, single-family home prices remained flat year-over-year, while townhome and condo prices dropped about 2.2 percent – from $85,900 to $84,000.
  • In the entire state of Florida, the median price for single-family homes increased by 7.8 percent to $148,000 year-over-year.
  • And the number of homes on the market dropped 32.6 percent year-over-year.

So what is driving all of this positive activity on the South Florida real estate market?

Ron Shuffield, president of our company Esslinger-Wooten-Maxwell, explained to the Miami Herald: “We’re down to a three-month supply of homes in Broward and a four-month supply in Dade,” he said. “That metric is the most important one in our business. When those numbers go down, prices are going up.”

Listing Your South Florida Home for Sale!

Things just keep getting better for South Florida home sellers!

If you’ve been considering lately whether to list your own South Florida home or condo, please contact me, Scott Patterson.

I’ll be happy to discuss with you the best way to navigate the market right now as a home seller as well as explain to you the exclusive South Florida marketing plan I offer clients.

In the meantime, I invite you to take some time to browse my various South Florida home selling resources, which include:

Until next time,

Scott