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All posts by Scott Patterson

Hollywood, Florida Real Estate Spotlight on 1270 Hatteras Lane

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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 Seeing a Shortage of Foreclosures

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The outlook continues to look rosier and rosier for South Florida home sellers lately!

According to the most recent media reports, there’s a shortage of foreclosures for sale.

Rates of foreclosed homes for sale have dropped in both Miami-Dade and Broward County!

This is great news for area home sellers since foreclosures generally pull down the median sales price, meaning that it’s harder for sellers to get the price they want for their own home.

Real Estate for Sale in Aventura, Sunny Isles, Golden Beach, Hallandale, Hollywood and More

Here’s an overview of the most recent South Florida market data, according to the Miami Herald:

  • Broward County foreclosures-related home sales were about 3,259 during the second quarter, down 31 percent from last year.
  • In Palm Beach County, there were about 2,966 foreclosure sales, down 15 percent from a year before.
  • Miami-Dade foreclosures down about 29%.
  • Distressed properties account for 20 percent of all sales in Broward County.
  • In that county, the average price for homes is $126,230.
  • Meanwhile, distressed properties account for 22 percent of all sales in Palm Beach County.
  • In that county, the average price for homes is $121,766.
  • During the week ending on Oct 24, there were a total of 9,149 homes for sale on the Miami, Florida real estate market, including more than 2,000 that were in some stage of the foreclosure process.
  • Also during that week, the average listing price for Miami homes was $592,559, up 0.7 percent from the previous week.
  • Between July and September, the median sales price for a 1-bedroom Miami home was $120,000
  • The median sales price for a 2-bedroom home was $119,050
  • And the median sales price for 3- and 4-bedroom homes was $150,100 and $225,000, respectively.

As previously noted, foreclosure sales have a negative impact on area home sellers because they tend to pull the median home sales price and market values down.

Thus, the fact that foreclosure-related sales are dropping is a positive sign for area home sellers who want to get the best price on their home!

Your South Florida Real Estate Expert!

If you’re interested in learning more about how the recent trend on the South Florida real estate market will affect you as a home seller, please contact me, Scott Patterson.

I have experience with helping home owners sell their homes on such local real estate markets as:

Thus, I’ll be happy to help you with all of your South Florida real estate needs as well!

While you’re at it, I encourage you to take a few moments to check out some of my helpful online home selling resources, such as:

Until next time,

Scott

South Florida Real Estate Market Showing Signs of Rebound and Growth

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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!

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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

South Florida Developers Are Proposing Dozens of New Condominiums

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South Florida luxury real estateDevelopers are feeling so confident with the South Florida real estate market lately that they’re planning on constructing dozens of new condominiums in the upcoming months and years.

According to a recent article I read, developers are proposing almost 55 new condominium projects totaling more than 10,000 units in the communities of Miami, Fort Lauderdale and West Palm Beach.

This signals that the South Florida housing market is becoming increasingly robust and attractive for real estate transactions!

South Florida Luxury Condominiums for Sale

Miami-Dade County has been leading the area with new condominium projects in the works.

Evidently, there are nearly 40 proposed projects in the county, all of which total more than 7,900 units.

These condominiums are expected to be built in Aventura, Bal Harbour, Miami, Key Biscayne, Miami Beach, Sunny Isles including the development The Village at Island Estates that I am representing.

Broward County has the second most proposed projects with 11. These condominiums will bring an additional 1,600 units to the area and will be constructed in Fort Lauderdale, Hallandale Beach and Hollywood.

In third place is Palm Beach County with at least 5 proposed condominium projects totaling 700 units. These condominiums are expected to be constructed in Juno Beach and West Palm Beach as well as Gulf Stream.

Experts are saying many domestic and international prospective developers are sweeping South Florida searching for previously approved projects that were put on hold after the housing market bubble burst in 2007.

Leading the way in this latest condominium development blitz is the 23 Biscayne Bay condominium in Greater Downtown Miami.

One tower has already been constructed and an additional 11 are expected to be completed as soon as 2014.

As of the second quarter of 2012, buyers have purchased about 93 percent of the nearly 49,000 new condos created in the largest coastal markets during the most recent South Florida real estate boom that began in 2003.

At the current sales pace of nearly 150 units per month, the 3,400 unsold new condos could be acquired in the first half of 2014.

Many of these newly proposed condominiums appear to cater to niche markets, such as the high-end luxury condominium market.

These new developments plan to attract high-end buyers with such features as incredibly spacious balconies, automobile elevators and personal swimming pools.

Your South Florida Real Estate Expert

This is an exciting time to be a South Florida home buyer – especially given all of the new luxury condominiums that are expected to be constructed soon!

If you’re thinking about relocating to South Florida anytime soon and investing in your own condominium, please contact me, Scott Patterson.

I’ll be happy to walk you through the condo-buying process with helpful advice and user-friendly resources such as:

Until next time,

Scott

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

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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

Sunny Isles Taxes Still Low, Despite Increase in Amenities

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Home owners living in Sunny Isles, Florida are enjoying the best of both worlds lately: low property taxes and a growing list of local amenities!

According to a recent article that I read, Sunny Isles Beach’s proposed budget may increase as much as 45 percent in the next year, and yet the property tax rate is expected to be 3 percent lower than the current one.

This is great news for those living in Sunny Isles or considering relocating to this beautiful South Florida community!

Sunny Isles, Florida Real Estate for Sale

Sunny Isles Beach city administrators recently proposed a $62.5 million budget for the upcoming fiscal year, which is about 45.3 percent greater than this year.

The increase in spending is related to 19 capital improvement projects that the city wants to pursue in the next year.

These projects total about $19 million and include the construction of the Gateway Park, which will be located west of Collins Avenue between the east- and westbound lanes of Sunny Isles Boulevard.

The park and the accompanying garage for visitors will be about $16 million.

Additional projects mentioned in the proposed budget include:

  • $1 million for an emergency bridge
  • $4 million for more classrooms at Norman S. Edelcup Sunny Isles Beach K-8 school
  • Various park restoration projects
  • Installation of security cameras at the Government Center and city parks

There are also several other additions in the budget, such as hiring more lifeguards for about $500,000.

Meanwhile, property taxes are not expected to increase as a result of the numerous capital improvement projects. In fact, they’re expected to drop!

Officials are proposing a tax rate of $2.80 for every $1,000 of taxable property, which is 3 percent less than the current rate of $2.8860.

City officials are getting the extra money for the budget mostly from such one-time revenue sources as land scales and transfers of development rights.

Your Sunny Isles, Florida Real Estate Expert

I hope you found the above information insightful as a current or future Sunny Isles Beach home owner.

For more information on how this proposed budget may affect you specifically as either a home owner or home buyer, please contact me, Scott Patterson.

And if you’re considering investing in Sunny Isles Beach real estate anytime soon, please be sure to check out my various home-buying resources online. These include:

Until next time,

Scott

 

Argentinians Now the Most Active Investors on the South Florida Real Estate Market

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For months, I’ve been telling you about how much of an impact Brazilians investors have been making on the South Florida real estate market.

Now, according to a recent article, it appears that there’s another Latin American country that has taken over as a lead investor of South Florida real estate: Argentinians. This recent trend is expected to have quite a positive impact on our local housing market!

South Florida Homes for Sale

According to the recent article in the New York Times, the value of local currency has created the most recent trend on the South Florida real estate market.

The value of Brazil’s currency (the real) has been weakening against the dollar in recent months.

Meanwhile, as Argentina’s peso has also weakened and inflation has increased to 25 percent, upper-class Argentinians are deciding to invest their money in American real estate instead.

Here’s this recent trend at a glance:

  • Capital outflow from Argentina increased from $11.4 billion to $21.5 billion between 2010 and 2011.
  • At Opera Tower on North Bayshore Drive, half of the 30 apartments that have sold in the past month were to Argentines.
  • Many of those purchases were all-cash.
  • Since Opera Tower started selling condos again about six months ago, 90 of the remaining 394 units have gone under contract and most of the investors were Argentinians.

And according to the article, another group of Latin Americans may be increasingly investing in the South Florida real estate market soon: Venezuelans.

Evidently, concern over the outcome of the upcoming Oct. 7 elections has lead many Venezuelans to want to invest their money in the American real estate market – particularly in South Florida and New York.

Your South Florida Real Estate Expert

As I’ve often noted, the South Florida real estate market is a popular place for Latin Americans to invest their money.

These investments have profound effects on the overall health of the local housing market.

Thus, I’ll keep you posted as more develops on this recent real estate trend.

In the meantime, if you’re considering selling your South Florida property anytime soon, please contact me, Scott Patterson, today!

It will be my pleasure to help you with all of your home selling needs as well as provide you with such helpful tools as:

Until next time,

Scott

 

South Florida’s Real Estate Market Is Rebounding

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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

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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