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All posts by Scott Patterson

Brazilian Home Buyers Positively Stimulating the South Florida Real Estate Market

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Brazilians are visiting and investing in South Floridain record numbers, according to a recent article in The Miami Herald.The South Florida newspaper reported that not only are Brazilians storming the luxury South Florida real estate market, but they’re also investing in local businesses.

According to the article, the recent surge in Brazilian visitors and Brazilian home buyers in the South Florida real estate market is largely credited to Brazil’s booming economy.  In fact, the country’s economy is expected to become the fifth largest in the world by 2016.

In addition, Brazil’s currency is stronger than the dollar, which makes investing in South Florida all the more appealing for Brazilian home buyers.

More Signs that Brazilians Are Making a Huge Impact on South Florida Real Estate

Everywhere you look in South Florida, there are signs that the area’s relationship with Brazilian home buyers is becoming increasingly paramount to the local economy.  According to the Miami Herald:
  • American Airlines provides 52 flights to Brazil a week from Miami International Airport.
  • An estimated 500,000 Brazilians visited Miami-Dade in 2010, spending more than $1 billion locally.
  • The local tourism bureau has increasingly published guides, maps and other tourist materials in Portuguese.
  • The number of Brazilians visiting Broward County last year jumped by 50 percent to about 300,000 visitors.
  • After Canada, Brazil is the second most important foreign market in Broward County.
  • There are an estimated 250,000 to 300,000 Brazilians living in Florida, according to the Brazilian Consulate in Miami.  The majority of them live in Broward and Miami-Dade counties, as well as Orlando.
Many of these Brazilian home buyers are settling in the Sunny Isles and Miami areas in high-end, waterfront condominiums and properties, the article reported.

Luxury  Condominiums and Properties Available Now in Aventura, Florida and other South Florida Communities

As a seasoned South Florida REALTOR, I understand the importance of remaining informed about the South Florida real estate market in order to better serveSouth Florida home buyers.

Whether you’re an international home buyer from Brazil or a native Floridian who is interested in relocating within the state, I can provide you with expert real estate advice and cutting-edge home buyer tools, including:

I also suggest you browse all the available listings in some of South Florida’s most beautiful communities, including Aventura, Hallandale, Hollywood and Golden Beach.

More South Florida Home Buyers Are Using Cash to Purchase South Florida Homes for Sale

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As it has become increasingly difficult to get a South Florida mortgage in recent years, more South Florida home buyers are using cash to purchase homes, according to recent real estate market data.

According to the National Association of Realtors, about 28 percent of 2010 home sales involved all-cash transactions.  This trend appears to be an increasing,  especially when one considers that in 2008, 14 percent of all real estate transactions were cash only.

In the Miami-Fort Lauderdale area, the prevalence of all-cash transactions is even more apparent.  In 2010, more than half of all transactions in the area involved cash buyers.

South Florida Home Buyers Find Getting a Mortgage Difficult

Some experts have suggested that the sluggish housing market has caused the increase in cash-only real estate transactions. Here’s why.

After the housing market bubble burst, many lenders tightened their belts and made it more difficult to get a mortgage.  According to a national survey by MortgageMatch.com:

  • 70.6 percent of Americans feel like the difficulty of getting a mortgage is a serious problem.
  • 32.3 percent of Americans found that understanding the mortgage process and meeting lender requirements is more difficult than getting the mortgage itself.
  • 79 percent of recent home buyers said that getting a mortgage was as difficult or more difficult than they expected.
  • 20.9 percent of home buyers said that it stressed them out more to wait for approval on a mortgage than to wait to hear back on a job opportunity.
  • 10.8 percent of borrowers said their lender charged them a higher interest rate than they were originally quoted or expected.
  • 20.7 percent of borrowers said that finding a lender that was easy to work with was a challenge.

All Cash South Florida Real Estate Deals Seen as a More Attractive Option

The recent data released on home buyers’ perceptions of getting a mortgage suggests that  the process is stressful, frustrating and upsetting.

Meanwhile, those home buyers who are opting to use cash on their real estate purchase are finding that the process is easy and even advantageous.

Home buyers who use cash only usually get 5 to 10 percent  off the asking price of a home as compared to those buyers who use a mortgage.

Many South Florida real estate experts agree that sellers prefer cash real estate transactions because they tend to be quicker.  In addition, the seller doesn’t have to worry about a bank rescinding  a mortgage deal.

Homes for Sale Available Now

Are you interested in checking out some of the properties available now in Aventura, Florida and other nearby communities such as Golden Beach and Hallandale? Then contact me, Scott Patterson, your South Florida real estate expert.

As your South Florida REALTOR, I’ll keep you up to date on more trends like this one in the Aventura real estate market as well as let you know of any Aventura homes that enter the Aventura real estate market.

Nationally Acclaimed Asset Management Company Invests in Aventura, Launches South Florida Portfolio

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The South Florida luxury condominium real estate market might never look the same again.  ST Residential, a renowned asset management company with $4.5  billion worth of real estate investments nationwide, recently announced that it would be adding to its portfolio several South Florida condominiums , one of which is in Aventura.

According to a recent press release, ST Residential takes “a fresh look at the real estate market by rethinking everything from the ground up.”

The company manages a public-private partnership between the FDIC and several private equity investors, including Starwood Capital and Perry Capital.

In the South Florida real estate market, ST Residential recently added the following communities to its portfolio:

  • ARTECH, a gorgeous community in Aventura
  • Jade Ocean, a stellar condominium community in Sunny Isles
  • Tao, a high-end community in suburban Sunrise
  • Infinity, which is located in downtown Brickell
  • Mint, which features luxury residences in the heart of  Miami
  • Paramount Bay, which is coming soon

Luxury Condominiums in Aventura, Florida and Surrounding Areas

Built in 2008, ARTECH is a beautiful community in Aventura Florida that features studios, one-, two-, and three-bedroom residences.  Square footage in this waterfront community ranges from 913 to 2,814 square feet.  So whatever size family you have, you’re sure to find a home that suits your needs at ARTECH.

As a resident of ARTECH, you’ll have access to such amenities as:

  • Waterfront infinity edge pool
  • Two tennis courts
  • Fully equipped fitness center and spa
  • Yoga terrace
  • Business Center
  • 24-hour security
  • Concierge
  • And more!

This community is already an amazing place to live.  Thus, with ST Residential’s recent investment in this Aventura condominium community, life should only get better for ARTECH residents.

Learn More About the Aventura Real Estate Market Today!

In addition to ARTECH, there are plenty of luxury condominiums in Aventura Florida, including Hamptons South, Hidden Bay, The Point and Williams Island.

In addition to resort-style amenities, these communities offer you easy access to some of the best attractions that Aventura has to offer, including:

  • Aventura Mall
  • Amazing shopping, dining and entertainment options in the downtown
  • Aventura Arts & Cultural Center
  • Some of South Florida’s most beautiful beaches
  • And much more!

If you would like to learn more about living in this amazing South Florida community, then contact me, Scott Patterson, your South Florida Real Estate Expert.

I’ll let you know about any available listings in Aventura’s wonderful condominium communities and will also answer any questions you might have.

To help make entering the Aventura real estate market easier, I recommend you check out my Buyer FAQs as well as my FREE Buying South Florida Real Estate Ebook.

2010 Real Estate Market Report for Golden Isles in Hallandale, Florida

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In 2010, I spent a lot of time selling properties in the gated waterfront community of Golden Isles in Hallandale, Florida. In fact, of the 14 homes that sold in this community in 2010, I sold half of them.

Golden Isles has become a coveted address because of it’s location and access to the ocean. It’s central location puts you just minutes away from the unique communities of Aventura, Sunny Isles and Bal Harbour, this deep waterfront community is also less than 5 minutes from the newly constructed Gulfstream Park:

Community Amenities include:

•Tennis Center
•Park and Children’s Playground
•24 Hour Manned Gatehouse

I recently reviewed all of the sales in the Golden Isles community, below is a quick summary in case you’re thinking about entering the South Florida real estate market.

2010 Sales Data for the Golden Isles Community in the Hallandale Real Estate Market

Of the 14 homes that sold in Golden Isles in 2010, I sold seven.  Below I have listed the sales data for this sought after Hallandale community.

Total Sales in 2010: 14

Highest Priced Sale in 2010: $1,425,000 (Structure was torn down by buyer, corner property sold for land value)

Lowest Priced Sale in 2010: $440,000 (Knock down on north side of Tamarind Drive, the north side of Tamarind is the least desirable location in Golden Isles since it faces older condos built in the 50’s)

Maximum Square Footage on a Home Sold in 2010: 5,908

Minimum Square Footage on a Home Sold in 2010: 1,708

Given this community’s compelling location on the water and its close proximity to all the shopping, dining and entertainment venues of neighborhood communities, the lots in Golden Isles are quite valuable.

Buying a Home in Hallandale, Florida

Do you want to learn more about Golden Isles?  Check out my Golden Isles community page, which details all of the amenities you’ll find in this community.

If you’re a South Florida home buyer who is interested in learning more about all the available listings in Hallandale, Golden Beach, Hollywood and Aventura, then contact me, Scott Patterson.  I’d be happy to answer any questions you might have about the area and help make navigating the South Florida real estate market as easy as possible for you.

Explore Harbor Islands in Hollywood Florida from the Convenience of Home

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The advent of the Internet has made it a whole lot easier to be a South Florida home buyer. Why? Because it allows you to have a wealth of information right at your fingertips, from available listings in Hollywood, Florida to virtual tours of some of the most beautiful neighborhoods in the area.

My goal is to make navigating the South Florida real estate market as easy as possible. So I’ve made videos of some of the most coveted, luxurious residential communities in the area.

This month, I’d like to tell you about a community that has become well known for its tranquil vistas and friendly neighbors: Harbor Islands in Hollywood, Florida.

Dream Homes for Every Lifestyle in Harbor Islands Community in Hollywood, Florida

Situated on a cluster of islands along the Intracoastal Waterway, the 192-acre gated community of Harbor Islands is a paradise within the city of Hollywood.  Many of the homes in this amenity rich community are waterfront and feature  views of the Intracoastal and canals as well as have private swimming pools.

From waterfront estates to impressive town homes, there is something for every lifestyle at Harbor Islands, with prices ranging from $450,000 to $5 million.  Homes were built between 1996 and 2006 and range in size from 1,500 to 10,0000 square feet.

Although the neighborhood itself is expansive, you’ll feel right at home in one of Harbor Island’s distinctive communities: Edgewater, Harborside, Harborview, Grand Harbor Estates, The Estates, Harbor Pointe, Commodore Estates and Admiral’s Cove.

No matter which community within Harbor Islands you ultimately settle in, rest assured that you’ll have access to such world class amenities as:

  • the Grand Clubhouse Recreation Center
  • The 20-acre Joe Dimaggio Park, which includes paths for biking and jogging
  • A Championship Tennis Center
  • State-of-the-art Fitness Center and Spa
  • The Loggerhead Club and Marina
  • And more!

Ready to Enter the Hollywood, Florida Real Estate Market?

If you would like to learn more about what Harbor Islands has to offer its residents, check out my Harbor Islands community page, which will tell you even more about what it’s like to live in this amazing Hollywood, Florida neighborhood.

As your South Florida real estate expert, I’m constantly looking for ways to make your South Florida home buying experience easy and pleasant. Contact me, Scott Patterson, today to learn about featured listings in South Florida’s many beautiful communities, including Aventura, Golden Beach, Hallandale and Hollywood.

I’d also suggest you browse some of my other community pages to learn about other featured neighborhoods in Hollywood, including Hollywood Lakes as well as the condominium communities of  Ocean Palms and Villas of Positano

2010 Real Estate Market Report for The Point in Aventura, Florida

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The year 2010 proved rather successful for The Point development in Aventura, Florida.  Several South Florida real estate buyers invested in condos at each of The Point’s five towers and it’s easy to see why.
The Point community is the apex of luxury living.  From its breath-taking views of the Atlantic Ocean and Intracoastal Waterway to its resort style amenities, The Point has it all!
I recently compiled all the 2010 sales data for The Point to see just how successful 2010 was for this development and even I was impressed with how well the community fared. If you are in the market to buy or sell real estate in Aventura, such as at The Point, this information will prove invaluable for you.

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High End Real Estate Sales Making a Comeback in the Aventura Florida Real Estate Market

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A new record was recently broken in the South Florida real estate market when I closed on 3903 Island Estates Drive in Aventura in December, it became the highest priced sale on an Aventura single family home since 2006 and the 2nd highest priced sale for a single family home ever.

This gorgeous 6 bedroom, 8.5 bathroom new construction home sold for $4,350,000 in December, it was a cash transaction.

Luxury Home Sales Picking Up in South Florida

Our recent closing on 3903 Island Estates Drive illustrates a larger trend in the Aventura real estate market.  Wealthy home buyers are returning to the luxury housing market en masse.  Why? Because this is the perfect environment for buying a luxury South Florida property:

  • A stronger stock market has boosted home buyer confidence
  • Low interest rates have created a buyer’s market in Aventura, Florida
  • Signs abound that prices for luxury properties have bottomed out , giving South Florida home buyers yet another reason to enter the market.

All of this has led to an increase in home and condo sales in Miami-Dade and Palm Beach counties.  In December, there were at least 5 condo sales in Palm Beach County that sold for more than $2 million.  Twenty-five houses also sold for more than $2 million in Palm Beach County.

In Miami-Dade County, at least 10 homes and 15 condos sold for more than $2 million in December.

The spike in real estate activity can be largely attributed to foreign buyers such as Canadians and Brazilians wanting to take advantage of the low prices on condos, said Ron Shuffield, president of our company, Esslinger-Wooten-Maxwell, Inc. Realtors. That factor definitely played a role in the recent sale of 3903 Island Estates Drive: the buyer was Brazillian.

Buying an Aventura, Florida Property For Sale

Given the allure of buying a high-end property in Aventura, it’s easy to understand why the inventory of luxury properties for sale is falling.  Contact me, Scott Patterson, today to learn about available listings in Aventura, as well as our other beautiful South Forida communities, such as Hallandale and Golden Beach.

2010 Golden Beach Florida Real Estate Market Report

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Given its relatively small size, Golden Beach in South Florida sure has been a prominent force in the South Florida real estate market.  From major town renovations to celebrity residents, the coastal town has continued to show a commitment to excellence for its residents.  Today, Golden Beach is one of the most exclusive communities in South Florida.

I recently analyzed all of the 2010 sales data for the Golden Beach real estate market, which I’ve provided below.  If you are in the market to buy or sell real estate in Golden Beach, you’ll definitely want to check out this information before you enter the market.

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2010 Real Estate Year End Review Video

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The year 2010 showed positive signs of growth in the South Florida real estate market.  We sold twice as many homes in 2010 than we did two and a half years ago, according to Ron Shuffield, president of our company, Esslinger-Wooten-Maxwell, Inc. Realtors

What does that mean for the Miami Dade and Broward County home buyer?  Lower list prices on South Florida homes for sale coupled with record low interest rates has created an amazing South Florida home buyers market.  And the value on these South Florida homes is only going to rise.

Learn more about why our company’s president believes values on Florida homes will continue to increase through 2011 by watching the video below.

If you’re interested in learning more about South Florida real estate, contact me, Scott Patterson, your South Florida real estate expert, today.  I’ll let you know about all of the available listings in the beautiful communities of  Aventura, Golden Isles, Golden Beach, Hollywood Lakes, Harbor Islands and more!

New Aventura Arts & Cultural Center Opens in Aventura Florida

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For years, South Florida residents had to travel deep into downtown Miami’s core before they found a cultural or performing arts venue.  But those days are over!   With the recent opening of the new Aventura Arts & Cultural Center, residents are just a quick drive from a venue that has proven to have cultural clout in the surrounding community.

The  Arts & Cultural Center  is one of the many ways that Aventura officials are improving quality of life for the residents of this South Florida city.

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