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All posts by Scott Patterson

South Florida Existing Single-Family Home Sales Rise in July

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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

Report: Europeans Are Increasingly Investing in South Florida Real Estate

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Recently I read an interesting article in the Sun Sentinel about how European’s financial struggles are impacting South Florida real estate in a positive way!

Evidently, those Europeans with some extra spending money are investing in second homes in South Florida before the value of the Euro drops any further.

This has caused a recent spur in activity on such South Florida real estate markets in Aventura, Hallandale, Sunny Isles Miami and others.

Continue reading to learn more about this new trend!

South Florida Properties for Sale

Here’s a look at how Europe’s Euro woes are affecting various sectors of the South Florida economy:

  • Europe now comprises 16 percent of South Florida’s trade with the world
  • Europe also makes up 15 percent of shipments overseas from South Florida ports
  • Switzerland ranks as South Florida’s third largest trade partner, mostly because of the gold industry
  • European tourism to South Florida is also up!

And here’s how the crisis overseas is having a positive impact on South Florida’s real estate market:

  • International home buyers accounted for 15 percent of all sales in the state of Florida before 2007
  • In addition, the issues overseas are helping to keep U.S. interest rates low for the short term.

Plus, the dropping value of the Euro-zone has also led many Europeans to also invest in South Florida’s tourism and trade industries!

Your South Florida REALTOR

The recent investment on the part of Europeans on the South Florida real estate market will likely create a ripple effect.

As more Europeans snatch up available homes for sale, the total housing inventory will fall.

As that happens, sales prices will begin to creep up as demand for available South Florida homes begins to rise above supply of such homes.

This is great news for interested South Florida home owners who are hoping to sell their property for a good price!

For more information on how Europe’s financial woes may affect you as a home seller, please contact me, Scott Patterson.

I have years of experience selling properties on such local housing markets as:

Until next time,

Scott

South Florida Home Prices Continue to Rise!

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For the seventh straight month, home prices have continued to increase on the South Florida real estate market!

This marks the best home price showing since Fall 2006!

Continue reading to learn more about recent South Florida housing market activity to see how it may affect you as a home buyer!

South Florida Homes for Sale

Here’s what the most recent real estate market data revealed about South Florida home sales activity in June:

  • June was the 7th month in a row that saw year-over-year single family home price increases in Miami-Dade County
  • The median price for a single family Miami-Dade County home was $194,250, up 5 percent from the same month in 2011.
  • The median price for a single-family Broward County home was $215,000, up 8 percent from the year before.
  • The median price for a Miami-Dade condo was $160,000, up 34 percent year-over-year.
  • In Broward County, the median price for a condo was $85,900, up 14.5 percent from last year.
  • There were 906 single-family homes that closed in Miami Dade County, down 1.8 percent from last year.
  • And in Broward County, there were 1,310 single-family homes that closed, up 14.5 percent year-over-year.
  • In Miami Dade County, there were 1,368 condos that closed, up 4 percent from last year.
  • Meanwhile in Broward County, there were 1,485 condos that sold, down 4.4 percent year-over-year.

The data suggests that things are definitely looking up here in South Florida.

Still, analysts are saying it will likely take until 2019 for home sales prices in South Florida to match what they were in 2006.

Purchase Your Dream South Florida Home Today!

Prices definitely appear to be on an upward trend on the South Florida real estate market.

Thus, if you’re interested in getting buying a home or condo, then you may want to consider entering the market soon!

For expert guidance on navigating the South Florida housing market as a buyer, please contact me, Scott Patterson.

While you’re at it, you may also be interested in checking out some helpful online home-buying tools:

Until next time,
Scott

 

Williams Island, FL Undergoing Major Improvements

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The prestigious South Florida community of Williams Island is about to get even better!

According to the most recent news, Williams Island is about to get a new guard gate and monument!

Continue reading to learn more about these recent developments, and how it will complement Williams Island’s existing reputation for excellence.

South Florida Homes for Sale at Williams Island

Williams Island is a luxury community comprised of 8 condo towers, the Mediterranean Village, Villa Flora and  access to Island Estates.

The beautiful residences that comprise Williams Island range anywhere from 2 to 6 bedrooms and come with 1,580 to 5,030 square feet of living space.

This impressive South Florida community also offers its residents a number of recreational amenities, including:

  • Fitness center
  • Indoor pool
  • Tennis courts
  • Hair salon
  • Full service marina
  • And more!

And now Williams Island is about to become an even better place to live!

According to the recent newsletter I read, Williams Island residents voted on April 5 to renovate several amenities in the community, including:

  • Front Gatehouse
  • Porte Chochere
  • Resident Gate
  • Exit Guard House
  • Front entrance sidewalk
  • Signage
  • Landscaping
  • Bus Shelter
  • 183rd Street Monument Sign

As part of the renovation project, there will be an expansion of the present gate house to include additional security equipment and monitoring systems.

What’s more, the renovated gate house will now hold the human resources department.

While construction on the Porte Cochere, front gatehouse and Williams Island monument had already commenced, construction on the resident gate and exit guard house will not be completed until after the Bellini building is constructed.

Your Williams Island Real Estate Expert

As you can tell by the recently approved renovation projects at Williams Island, the community is thriving and constantly striving to better serve its residents.

Even before these renovations began, Williams Island was already a premier South Florida community.

Now, it is bound to be an even more desirable residential community on the South Florida real estate market!

For more information on living at Williams Island – or to inquire about available listings there – please contact me, Scott Patterson, today!

Until next time,

Scott

Conditions Are Ideal to Purchase a Broward or Miami Dade County Home for Sale

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The president of our company EWM Realty International recently released the latest housing market data for Broward and Miami-Dade counties.

The outlook is fantastic for interested South Florida home buyers, said Ron Shuffield.

Home sales have increased and the median home sales price is on the rise.

Continue reading to learn more about recent South Florida housing market activity to see how it compares to recent years.

Properties for Sale in Broward and Miami Dade Counties, Florida

Here’s a brief overview of what Mr. Shuffield reported about recent South Florida housing market activity:

  • In Miami-Dade County, the median price for a single-family home so far in 2012 is $200,000, up 12 percent when compared to the year before.
  • In 2011, the median price was about $150,000.
  • Also in Miami-Dade County, the median price for a condominium so far in 2012 is $150,000, up 21 percent when compared to the year before.
  • In Broward County, the median price for a single-family home in 2012 is $216,000, up 14 percent from 2011.
  • And the median price for a Broward County condominium in 2012 is $85,000, up 9 percent from 2011.

Mr. Shuffield explained that low sales prices, record low interest rates and affordable housing inventory at the foreclosure stage have driven the recent sales South Florida has seen.

As a result, available and affordable South Florida housing inventory is dwindling quickly.

For instance, in 2011, sales of foreclosed homes made up 65 percent of all home sales in South Florida. Now they represent 50 percent of all sales.

Your South Florida Real Estate Expert

Watch the video above to learn even more about why South Florida home buyers stand to gain a lot on the Miami-Dade and Broward County real estate markets.

And if you’re thinking about entering the South Florida housing market anytime soon, be sure to contact me, Scott Patterson.

I have years of experience successfully helping buyers find a home that meets their wants and needs as well as lifestyle in such markets as:

Until next time,

Scott

South Florida Real Estate Market Has Finally Bottomed Out, Experts Say!

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I recently read an article in the Sun Sentinel that declared that the South Florida housing market has finally hit bottom.

According to Zillow.com, which is a Seattle-based real estate analysis site, home values in Miami-Dade, Broward and Palm Beach counties are now beginning to increase after six years of steady decline.

Continue reading to learn more about what Zillow said this means for the greater South Florida real estate market – as well as interested home buyers like you!

Properties for Sale in Aventura, Hallandale and other South Florida Communities

Here’s the most recent data that Zillow released about the local housing market:

  • The median value for homes in all three South Florida counties is $141,300, up 1 percent when compared to 2011.
  • Over all home prices are expected to increase by 6 percent during the next year, which would make South Florida a top-performing housing market in the nation.
  • Home sales prices are now beginning to resemble those prices seen in 2002 in South Florida.
  • Home values in 21 of 32 Broward Cities – including Fort Lauderdale – increased between 2011 and 2012.
  • Meanwhile, 17 communities in Palm Beach County saw higher home values, year-over-year.
  • Single-family home inventories in Broward County have decreased by 48 percent, year-over-year.
  • In Palm Beach County, inventories have decreased by 38 percent.
  • More and more homes are receiving multiple offers, many of which are above the original asking price.

All of this data suggests that home prices have fallen as much as they’re going to fall in South Florida before they begin to rise again.

And while some analysts are still skeptical that the South Florida housing market has truly bottomed out, nearly everybody agrees that the market will not likely see prices drop very much more if it hasn’t bottomed out yet.

Thus, for those who were interested in making an incredible investment on the South Florida real estate market, now is the ideal time to do so!

After all, once a market has bottomed out, the only direction home prices are going to go is up!

Your South Florida REALTOR!

If you’re interested in entering the South Florida housing market as a home buyer any time soon, please contact me, Scott Patterson.

As a trusted South Florida REALTOR, I have experience helping home buyers find their dream homes on a number of area housing markets, including:

Thus, I’d be happy to help you at every stage of the home buying process – from home showings to purchase offers to the final closing!

Until next time,

Scott

 

South Florida Home Inventory is Dwindling as More Buyers Enter the Market

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Home sellers throughout the country – including in South Florida – are expecting home prices to rise soon since the number of available homes for sale continues to decrease, according to a recent Bloomberg article.

The article goes on to say that home inventories are near lows that were last seen in 2005 and more home sellers are needed on the market.

Continue reading to learn more about this developing trend to discover how it may affect you as a South Florida home buyer!

Properties for Sale in Broward County, Florida

Here are some of the highlights of the recent Bloomberg article I read:

  • National home listings dropped to 2.37 percent in March, a decrease of 22 percent when compared to March 2011.
  • Currently, there is a 6.3 month supply of homes on the national housing market
  • In some parts of the country, the supply of homes fell even further. For instance, some markets had less than a three-month supply at some point earlier this year.
  • Existing home sales from January to March 2012 were the highest first quarter on record since 2007.
  • Meanwhile, the median sales price in 146 metro areas fell to $158,100, down 0.4 percent year-over-year.
  • Nationally, housing affordability is at an all time high. One index recently showed that a family with a median income of nearly $61,000 would be able to afford a $325,000 home – more than double the median price of all homes in the country right now.
  • During the first quarter of 2012, national foreclosure filings fell to their lowest levels since 2007.
  • Meanwhile, re-sales of Fannie Mae and Freddie Mac foreclosures fell to 77,104 homes in the first quarter of 2012, down 18 percent year-over-year.
  • The national inventory of new homes has also fallen – to 144,000 in March. That figure is actually the smallest number of new construction homes on record since 1963.

Here’s what the Bloomberg article specifically noted about the South Florida real estate market:

  • Florida’s median home prices are beginning to rise as foreclosed home transactions have declined.
  • In Miami-Dade County, the number of listings in April fell to a 5.7-month supply, down 35 percent year-over-year.
  •  In Broward County, the number of listings in April fell to a 4.2-month supply, down 31 percent year-over-year.
  • Also in Broward County, condo prices have increased to $75 a square foot, up 10 percent year-over-year.
  • Meanwhile, home prices have increased to $80 a square foot in Broward County, up 2.6 percent year-over-year.

Florida real estate analysts are crediting the declining home inventory to the fact that home buyers are flooding the market looking for great deals as the South Florida housing market bottoms out.

But as more home buyers snatch up available homes for sale, home prices are expected to rise as demand starts to exceed the supply, analysts say.

Thus, now is a great time to invest in a South Florida property for sale.

Purchase a South Florida Home for Sale Today!

There are plenty of reasons to want to invest in a South Florida property for sale. From increasing rental rates to record low interest rates – home ownership hasn’t looked this appealing in a while!

Thus, if you’re interested in owning your own South Florida home, contact me, Scott Patterson, today!

As an experienced REALTOR in Broward and Miami-Dade counties, I’ll be more than happy to assist you at every stage of the home-buying process.

Interested in starting your South Florida home search immediately? Then please be sure to check out some of the helpful home-buying tools I offer online, such as:

Until next time,

Scott

Search For Your Next South Florida Home for Sale With This Brand New Tool!

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Thinking about investing in South Florida real estate in Broward or Miami-Dade County anytime soon? Finding your next dream home has never been easier thanks to some new tools I recently added on my South Florida real estate website!

With my user-friendly search tools, you’ll be able to narrow down the list of all available listings in South Florida to specific neighborhoods that interest you.

Continue reading to find out more!

South Florida Properties for Sale

Here in South Florida, there are plenty of fabulous residential communities from which to choose, each of which offer their own unique residential living experience.

Now, you can search for available listings in specific condominium communities with the help of my easy-to-use search tools.

Here are some of the pre-defined searches I’m now offering to interested South Florida home buyers:

Once you’ve done these initial searches, you’ll be able to narrow down your options even more to fit your square footage, number of bedrooms and other home-buying preferences.

Your South Florida Real Estate Expert

As your South Florida REALTOR for life, I am always looking for ways in which to make the home buying process easier for interested home buyers like you.

Specifically, I help home buyers navigating the following markets:

For additional tips and tools on how to effectively navigate the South Florida real estate market, please don’t hesitate to contact me, Scott Patterson, today!

Until next time,

Scott

 

South Florida Ranks Number 1 Nationally for International Buyers

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For months I’ve been telling you about the impressive number of investments that international home buyers – particularly Brazilians and Canadians – have been making on the South Florida real estate market.

Now there’s confirmation of just how expansive their investments have been.

The National Association of REALTORS recently identified Florida as having the highest concentration of international buyer property purchases than any other state.

Continue reading to learn more about how this distinction will have an impact on you as a home seller in Aventura, Hallandale, and surrounding areas.

Luxury Property for Sale in South Florida

Here’s an overview of the latest activity related to international home buyers:

  • International buyers have helped South Florida sell 91 percent of almost 49,000 boom-era units, according to condo Vultures
  • In 2011, 31 percent of all international sales in the country came from Florida
  • About 27 percent of international buyers identified the US real estate market as a profitable investment
  • Canadians viewed US real estate most favorably, accounting for 23 percent of all foreign buyers
  • In South Florida, 8 percent of all Florida resales were sold to Canadians

So what exactly does this mean for interested South Florida home sellers?

It means that – thanks in large part to international home buyers – the housing inventory on the South Florida real estate market is shrinking.

As that happens, remaining properties for sale on the South Florida real estate market will become even more coveted because there won’t be as many of them available.

This will, in turn, cause home prices to rise over time, meaning that your chances of getting the price you want on your luxury South Florida home will increase.

Your South Florida Real Estate Expert

If you’re ready to enter the South Florida real estate market as a home seller, then contact me, Scott Patterson.

I’ll tell you about the aggressive and comprehensive marketing plan I offer to my clients as well as provide you with a number of helpful home selling resources, such as:

Until next time,

Scott

One Home Just Sold, Another is Listed in the Winding Ridge Neighborhood in Davie, FL!

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I’m glad to report that I recently sold a Davie, Florida home in the Winding Ridge neighborhood!

It’s not everyday that a home in this exclusive 6-home neighborhood changes ownership.  That’s because the resident’s here know what an incredible unique location they have.

The home sold for $2.1 million.

And here’s some even better news for interested South Florida home buyers:  Another home in this incredible neighborhood is listed!

Continue reading to learn more!

Winding Ridge Home for Sale on the Davie Real Estate Market

Winding Ridge is an elite neighborhood, a gated community comprised of just 6 custom homes.

This impressive Davie home for sale, located at 9951 Winding Ridge Lane, features 5 bedrooms, 6 baths and more than 8,202 square feet of living space.

This custom built, 2-story home is a gem on the Davie real estate market.

 

This exquisite home, which sits on a generous-sized 1.08 Acre lot, features a number of top quality amenities, such as:

  • Spacious walk-in closets
  • Custom heated pool and spa
  • Beautifully landscaped large backyard
  • Volume ceilings
  • 3-car garage
  • Wine cellar
  • Family room with wet bar and wine cooler

Built in 2005, this home also features impact windows and doors, wooden floors and a fire place.

This extraordinary South Florida luxury home is listed at $1,950,000, which equates to about $238 per square foot.

In addition to the incredible amenities offered within the home, the lucky South Florida home buyers who ultimately purchases this home will have the privilege of being able to say they live in the elite Winding Ridge neighborhood.

This community is virtually synonymous with a luxury custom home neighborhood in a ultra-private South Florida setting.

It also boasts an incredible location near 40-acre open preserve as well as all the amenities that the larger city of Fort Lauderdale has to offer.

Your Davie, Florida Real Estate Expert

If the home at 9951 Winding Ridge Lane has piqued your interest as a Davie area home buyer, then contact me, Scott Patterson.

As your South Florida real estate expert, I have extensive experience working on the Davie real estate market as well as in the Winding Ridge neighborhood.

When you call, I’ll also be happy to provide you with my expert advice on the best way to navigate the South Florida market as a home buyer.

I’ll also offer you a number of helpful South Florida relocation tools as:

Until next time,

Scott