Golden Beach, Hallandale, Hollywood Blog, Aventura, Golden Isles» Sellers

A Look Back at South Florida Real Estate Activity in 2011

Scott Patterson — Thu, 26 Jan 2012 19:45:28 +0000

The year 2011 was marked by increasing sales volumes, international home buyers using cash only and depressed home prices, according to a recent report from the Miami Association of Realtors.

Continue reading to learn more about how the South Florida real estate market fared at the end of 2011 – and what local real estate experts are predicting for 2012.

Florida Homes for Sale in the Aventura, Hallandale and Golden Beach Areas

Here’s an overview of some of the trends that South Florida REALTORS saw on the local housing market in 2011:

International home buyers spent about $3.5 billion in cash on distressed South Florida real estate
Although home sales increased and the total housing inventory decreased in South Florida, home prices remained relatively stagnant.
The South Florida rental market saw growth as former home owners became renters.
The home inventory in South Florida dropped to 28,000, or by about 40 percent.
Meanwhile, the shadow inventory of foreclosed homes that are not listed for sale yet increased to more than 200,000.
South Florida existing home sales increased at a slower rate than earlier in the year, although median home prices began to increase.
In Miami-Dade County, there were 1,064 condo sales in November, up 2 percent from November 2010.
Meanwhile, single family home sales increased by 11 percent year-over-year, to 755.
In Broward County, there were 1,089 condo sales in November, down 1 percent from November 2010.
Meanwhile, single-family home sales increased by 22 percent year-over-year, to 961.

Analysts are cautiously optimistic about what 2012 will bring for the South Florida real estate market.

While some believe that there isn’t likely to be any real market rebounds until 2013, others believe housing market activity will improve considerably in 2012.

Here are three predictions that the Miami Association of Realtors made for the new year:

Home prices will remain low. Experts believe that the high number of distressed properties on the market will keep home values depressed. As an illustration, more than half of all South Florida home sales in November involved a foreclosure or short sale. In a normal market, those types of properties would have made up less than 5 percent of sales.
There will be an increase in foreclosed properties on the South Florida real estate market. In 2011, there was a slowdown in foreclosed properties entering the market as banks dealt with a backlog of court repossession paperwork. But experts predict that slowdown will end in 2012, possibly dragging down home values further.
More people invest in the rental market, fueling South Florida home sales. While it may seem counter intuitive, an increasing number of South Florida investors are buying homes to turn them into rental properties because of the high demand for rental properties in the area. This in turn is helping create activity on the local real estate market.

Your South Florida Real Estate Expert

While we may not be out of the woods yet, there are plenty of signs to suggest that the sluggish South Florida real estate market is beginning to improve.

The year 2012 may become a turning point on the South Florida real estate market.

For expert advice on the best way to navigate the local housing market as a home buyer or a home seller, make sure to contact me, Scott Patterson.

As your South Florida real estate expert, I have extensive experience working in such local housing markets as:

Until next time,

Scott

2011 Real Estate Market Report for Hollywood Lakes in Hollywood Florida

Scott Patterson — Thu, 15 Sep 2011 02:51:04 +0000

Hollywood Lakes is a distinguished single-family home neighborhood located in Hollywood, Florida.

Over the years, this luxury South Florida neighborhood has gained a reputation for its unique eclectic architecture.

Homes in Hollywood Lakes were built starting in 1924, and range from 1,000 to 10,000 square feet. The Lakes offer’s waterfront properties around Northlake and Southlake but there are also dry lots all in close proximity to the beach and new state of the art amphitheater.

During the first several months of 2011, there has been a lot of activity surrounding Hollywood Lakes homes for sale.

Continue reading to learn more about how Hollywood Lakes homes are faring on the South Florida luxury real estate market.

2011 Sales Data for Hollywood Lakes on the Hollywood, Florida Real Estate Market

Here’s a brief overview of the kind of activity that Hollywood Lakes properties for sale have seen on the South Florida real estate market:

Total Sales in 2011 YTD: 36
Highest List Price in 2011: $1,998,000
Lowest List Price in 2011: 229,900
Highest Priced Sale in 2011: $1.9 million
Lowest Priced Sale in 2011: $220,000
Maximum Square Footage on a Home Sold in 2011: 5503
Minimum Square Footage on a Home Sold in 2011: 1301
Minimum Days on the Market: 4
Maximum Days on the Market: 682

Hollywood, Florida Homes for Sale

In addition, residents are within just a short driving distance of all the high-end shopping and fine dining that Hollywood, Hallandale and Aventura have to offer.

If you’d like to learn more about homes for sale in the Hollywood Lakes subdivision – or any other Hollywood neighborhood – then contact me, Scott Patterson, your South Florida luxury real estate expert, today.

I’ll also let you know about available listings and answer any questions you might have about surrounding communities, including:

Until next time,

Scott

South Florida Real Estate Summer 2011 Market Update

Scott Patterson — Mon, 08 Aug 2011 18:19:03 +0000

The median sales price for South Florida homes has steadily increased since the start of the year , according to Ron Shuffield, president of our company, Esslinger-Wooten-Maxwell, Inc. Realtors

Here’s some of the recent news that Ron shared with us about the South Florida real estate market:

Between January and May of this year, the median sales price in Miami-Dade County rose from $150,000 to $180,000.
Between January and May of this year, the median sales price in Broward County rose from $165,000 to $190,000
61 percent of our company’s sales are for either a short sale or a foreclosure. However, that is down from 67 percent just four months ago.

Ron said he is “cautiously optimistic” about the most recent trends on the South Florida real estate market.

As the inventory of South Florida homes for sale continues to dwindle, prices are expected to increase, he said.

Learn more about the current state of the South Florida real estate market by watching the below video from our company’s president.

Navigating the South Florida Real Estate Market

If you’re interested in entering the South Florida real estate market as a home buyer or home seller, contact me, Scott Patterson, your South Florida real estate expert, today.

Whether you’re an interested South Florida home buyer or a South Florida home seller, I’ll be happy to answer any questions you might have as well as provide you with a number of helpful South Florida real estate resources to help make navigating the market easier.

Until next time,

Scott

South Florida Real Estate Market Praised by National Government

Scott Patterson — Wed, 20 Jul 2011 21:17:10 +0000

The Federal Reserve recently recognized the South Florida real estate market for its home resale market, according to a recent article in the Miami Herald.

The recognition was part of a larger report completed by the Federal Reserve in which they said the economy is expanding fairly steadily in most of the country, although some regions are showing negative growth.

Continue reading to learn more about the Federal Reserve’s predictions for the national economy as well as how South Florida home owners will be affected.

South Florida Real Estate Market Update

Although much of the South has demonstrated slowed growth, Florida actually stood out for its home resale market.

The report noted that Florida home sales are doing remarkably well and keeping at a pace that’s enviable. Real Estate market’s are very area specific and development specific, 31% of Florida sales are cash transactions but South Florida has a far higher percentage of cash transactions due to the higher number of International Buyers.

The report also found that leading economists predict that the national economy will expand at about 2.7 percent a year.

Although a complete economic recovery likely is still a ways away, it’s nice to know that the South Florida real estate market is standing out to the national government as an industry that is doing better than most.

This is definitely good news for South Florida home sellers as it shows them that there is movement on the South Florida real estate market and there are interested South Florida home buyers.

Selling Your South Florida Home

Have you been thinking about entering the South Florida real estate market as a South Florida home seller?

As a South Florida real estate expert, I will put together an aggressive marketing plan to ensure that we sell your home at the best price possible in as little time as possible.

To learn more about how I help South Florida home sellers, check out some of my FREE South Florida home selling resources, including:

Until next time,

Scott

South Florida Real Estate Market Update for July

Scott Patterson — Wed, 13 Jul 2011 21:29:35 +0000

The MIAMI Association of REALTORS recently released some data that describe the current state of the South Florida real estate market.

One of the group’s biggest conclusions was that Broward housing inventory has fallen below a six month supply. Keep in mind this is averaged out for all price ranges, however when it’s broken up in different price range categories from like $1-2 Million, or $2-3 Million and up the picture is much different as there are more month’s supply, in other words the the higher the price range, the more inventory there currently is.

For example today in Broward County we have approximately 83 months supply of single family homes over 3 million dollars and less than 4 months supply for single family homes less than 300,000.

The group found that inventory of residential listings in Broward County fell by 27 percent – or from 20,143 in May 2010 to 12,742.

Comparatively, total housing inventory nationally only fell by 1 percent.

This is great news for interested South Florida home sellers. After all, as there become fewer homes there are on the South Florida real estate market, demand for South Florida homes will inevitably rise.

When demand for South Florida homes rises, South Florida home sellers will have more bargaining room when it comes to selling their South Florida home.

More Information on the Current State of the South Florida Real Estate Market

Here’s some additional data that the MIAMI Association of REALTORS recently released:

Condominium sales in Broward County increased from 1,348 in May 2010 to 1,537 in May 2011. That’s a 14 percent increase year-over-year.
Single-family home sales increased by 6 percent – or from 1,078 in May 2010 to 1,142 in May 2011.
Cash transactions made up 60 percent of all closed residential sales in May
Statewide, condo sales increased by 17 percent while single-family home sales increased by 3 percent.
Meanwhile, national homes sales decreased by 15.3 percent during that same period.
The average sales price of condominiums on the South Florida real estate market increased by 3.7 percent from May 2010 and May 2011.
The average sales price for single-family homes on the South Florida real estate market decreased by 2.3 percent from May 2010 and May 2011.
Statewide, the median sales price for condos increased by 2 percent from May 2010 and May 2011.
Statewide, the median sales price for single-family homes decreased by 5 percent from May 2010 and May 2011.

Entering the South Florida Real Estate Market as a Home Seller

If you’ve been considering selling your South Florida home, now is a great time to do so!

As the inventory of South Florida homes for sale continues to decrease, South Florida home sellers will have more of a say when it comes to setting a sales price.

As a South Florida real estate expert, I’ll be happy to walk you through what I can do for you as a South Florida home seller.

This includes answering any questions you might have, developing an aggressive South Florida marketing plan for your home, and providing you with such South Florida home selling resources as:

Until next time,

Scott

Brazilian Home Buyers on South Florida Real Estate Market Get National Attention

Scott Patterson — Wed, 06 Jul 2011 21:37:54 +0000

Brazilian nationals investing in the South Florida real estate market is making national news, as evident by a recent article by Bloomberg.

According to the article, Brazilian currency has developed a 45 percent gain against the United States dollar since 2008.

And while the United States economy grew by 2.3 percent between April 2010 and March 2011, the Brazilian economy (which is the largest in Latin America) grew by 4.2 percent.

This means that South Florida real estate has become increasingly attractive for international buyers – and this is great news for interested South Florida home sellers.

Brazilians Increasingly Investing in South Florida Real Estate

For several months now, the number of Brazilian nationals investing in the South Florida real estate market has steadily grown as these international buyers search for deals on vacation homes and property investments.

The effects of this on the South Florida real estate market have been tremendous:

Total sales on Miami’s condominium market have increased by 79 percent since the beginning of the year when compared to that same period in 2010.
Brazilians bought 9 percent of homes and apartments sold to international buyers between April 2009 and March 2010.
Brazilians are the third largest group of international buyers on the South Florida real estate market, behind only Canadians and Venezuelans.
In May 2011, international buyers invested in 60 percent of existing homes on the market and 90 percent of newly built homes.
Of those downtown Miami condos that sold for more than $500,000 to foreign investors, Brazilians accounted for about half of that group.
Of those Miami Beach property sales that sold for more than $1 million, the investor was Brazilian in about fifty percent of those sales.

It’s easy to see why Brazilian home buyers are flooding the South Florida real estate market when one considers the current state of the Brazilian real estate market:

Home prices in Brazil increased by 25 percent between June 2010 and May 2011.
In Rio, home prices increased by 44 percent.

Meanwhile, homes in the Miami area are selling for about 51 percent less than they did during the peak of the housing boom – which was in late 2006.

Listing Your South Florida Home for Sale

All of the activity being generated by Brazilian nationals on the South Florida real estate market is great news for interested South Florida home sellers.

This activity is creating demand that is giving South Florida home sellers some bargaining room when it comes to sales price.

In order to capitalize on the momentum that Brazilians are creating on South Florida’s real estate market, you’ll want to work with a South Florida real estate expert who knows how to effectively market your South Florida home for sale.

Contact me, Scott Patterson, your South Florida real estate expert, today and I’ll let you know how I can get you the best price on your South Florida home in as little time as possible.

To get things started, feel free to browse all of the helpful South Florida home selling resources I provide to South Florida home sellers. These include:

Until next time,

Scott

South Florida Real Estate Market Update for First Quarter, 2011

Scott Patterson — Wed, 25 May 2011 16:12:52 +0000

Our South Florida real estate company is expected to sell more total South Florida properties this year than ever before , according to Ron Shuffield, president of our company, Esslinger-Wooten-Maxwell, Inc. Realtors

Here’s some of the South Florida real estate market news Ron recently shared with us:

Miami home and condo sales in the first quarter are up by 38 percent year over year.
Broward County home and condo sales in the first quarter are up by 9 percent year over year!
There is 55 percent less South Florida property inventory than three years ago.

All of this is great news for both South Florida home buyers and South Florida home sellers.

For South Florida home buyers, it means that they can find great deals on homes on the South Florida real estate market. After all, the median sales price has been steadily dropping over the last four to five years.

For South Florida home sellers, it means that the market will soon begin shifting in their favor. Think about it: the more home sales there are, the less inventory there is on the South Florida real estate market.

That scarcity of homes for sale, coupled with the demand for South Florida real estate, means that home prices will start to climb once again.

Learn more about the current state of the South Florida real estate market by watching the below video from our company’s president.

Entering the South Florida Real Estate Market

If you’re thinking about entering the South Florida real estate market as a home buyer or home seller, contact me, Scott Patterson, your South Florida real estate expert, today.

I’ll provide you with a number of invaluable South Florida real estate resources and help make navigating the South Florida real estate market easier for you and your family.

Until next time,

Scott

South Florida Waterfront Property Values Holding Strong

Scott Patterson — Mon, 23 May 2011 16:01:19 +0000

A recent article in The Miami Herald addressed property value trends in different segments of the South Florida real estate market.

The article found that while distressed properties in Miami-Dade County are pulling sales prices down in some South Florida areas, new construction and non-distressed resales are actually doing quite well!

The segment of the South Florida real estate market that is doing best, according to a well know property appraisal firm, are the non-distressed resales in the coastal communities of Miami-Dade County.

In that segment of the South Florida real estate market, sales are comparable to 2005 levels.

And if you don’t consider the area’s foreclosures and short sales, sale prices are steady.

South Florida Real Estate Market

Here’s some of the other South Florida real estate market data that the Miami Herald recently reported:

There were 5,101 existing home sales in the first quarter in the South Florida coastal market. This is the highest it’s been in five years.
The average sales price for non-distressed home in the coastal communities of Miami-Dade County was $482,870, which is an increase of about 0.4 percent.
List prices and sales prices are more closely matching up now. For instance, the difference between list and sales price went from 11.6 percent last year to 8.3 percent this year.

All of this means that the South Florida real estate market is starting to return to stable conditions in which it’s not skewed toward a buyer’s market. This is no doubt great news for South Florida home sellers.

Listing Your South Florida Home for Sale

If you’re thinking about selling your South Florida home, then contact me, Scott Patterson.

As your South Florida real estate expert, I have real estate experience in several of the South Florida communities, including Aventura, Bal Harbour, Davie, Hallandale, Hollywood, Golden Beach and Sunny Isles.

When you list your South Florida home with me, I’ll work hard to ensure that we get the best sales price on your home and in as little time as possible.

Until next time,

Scott

Real Estate Market Report for Hollywood Lakes Subdivision in South Florida

Scott Patterson — Thu, 12 May 2011 20:19:25 +0000

A lot can change over the course of a year in the South Florida real estate market.

The home sales data for this historic neighborhood (located off the Intracoastal Waterway and Atlantic Ocean) is compared below during the first part of the year for 2010 and 2011.

Hollywood, Florida Real Estate

Here’s a look at closed sales data in Hollywood Lakes from Jan 1, 2010 to May 16, 2010. Please keep in mind this is only for closed sales not active listings.

Total homes sold: 22
Minimum list price: $160,000
Maximum list price: $1,300,000
Minimum sales price: $99,000
Maximum sale price: $1,275,000
Minimum Days on the Market: 1
Maximum Days on the Market: 478

Now compare that with sales date for Hollywood Lakes between Jan. 1, 2011 and May 6, 2011:

Total homes sold: 17
Minimum list price: $235,000
Maximum list price: $619,000
Minimum sales price: $234,000
Maximum sale price: $580,000
Minimum Days on the Market: 6
Maximum Days on the Market: 401

One of the biggest conclusions I’ve drawn from this data is that the South Florida real estate market is beginning to stabilize and grow.

Consider This: 45 percent of homes that sold in that time period in 2010 were on the market for more than 100 days, compared with 41 percent in 2011.

And while sales prices are lower in 2011, they’re closer to the list price than in 2010, where the difference varied widely in some cases.

Thinking About Selling Your South Florida Home for Sale?

I can help! As your South Florida real estate expert, I have years of experience in successfully marketing South Florida homes for sale and getting a good price for home sellers.

Contact me, Scott Patterson, today to learn about all of the South Florida home seller resources I provide, including:

Until next time,

Scott

New South Florida Real Estate Website Unveiled to Help South Florida Home Buyers and Sellers

Scott Patterson — Mon, 11 Apr 2011 22:03:49 +0000

I have some exciting news for interested South Florida home buyers and home sellers. We recently redesigned our website to make it easier for you to navigate the South Florida real estate market!

Here’s a look at some of the features we recently added or improved:

High definition community videos of some of our residential communities, including Hollywood Lakes, Harbor Islands, Golden Isles, Island Estates, Golden Beach and Aventura Lakes.
Beautiful pictures of Aventura, Golden Beach, Hallandale and our other South Florida communities throughout the site to help you visualize what it’s like to live here.
Comprehensive summaries of our South Florida communities, including Aventura, Bal Harbour, Davie, Hallandale, Hollywood, Golden Beach and Sunny Isles.
Community summaries on several of our South Florida neighborhoods, including Exotic Acres, Golden Gate Estates, Golden Pointe, Harbour Islands, Hollywood Lakes, Island Estates and Presidential Estates.
Community summaries on several of our South Florida condominium communities, including Bal Harbour Bellini, Hamptons South, Ocean Palms, One Island Place, Peninsula I, The Point, and more!

Personalized South Florida Real Estate Service

I strive to give every interested South Florida home buyer and home seller the best service possible. That’s why we also added some of these social features to our website that helps us stay connected to you:

Client log-in page
EWM Mobile home search, which allows you to search for available South Florida homes using your cell phone.
A Facebook Page so you can keep up-to-date on what we’re doing for you at EWM. Become our friend today!
While you’re at it, add us on Twitter as well!
And much more!

Thinking About Entering the South Florida Real Estate Market?

With our newly designed website, it’s never been easier to navigate the South Florida Real Estate market!

Contact me, Scott Patterson, your Aventura area real estate expert today, to learn more about what we can do for you.

Until next time,

Scott