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Category Archives: Buyers

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

 

New Luxury Home Listing in Hallandale, Florida!

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It’s not every day that a home like the one at 490 Holiday Drive comes on the market!  So when one like this is listed on the South Florida real estate market, it’s a great opportunity for every South Florida home buyer out there!

Here’s a breakdown of what makes this Hallandale home for sale so amazing:

  • Waterfront
  • 6,200 square foot new construction home
  • No previous owners
  • 2 master suites – up and downstairs
  • 5 bedrooms, 7.5 baths
  • Wet bar
  • Billiard room
  • 4 car garage

As if that wasn’t fabulous enough, this Hallandale home also features a library, a formal dining room, an up and downstairs laundry room and spacious walk in closets!

Continue reading to learn more about this incredible South Florida home and why it’s not expected to stay on the Hallandale real estate market for long.

 Hallandale Home for Sale

The house on Holiday Drive in Hallandale is currently listed for $2,997,000, which is a bargain price when you consider all that comes with this home!

Not only is the home elegantly designed with fine fixtures that command attention, but it’s also located in a South Florida community that has a reputation for excellence.

This Broward County city offers its 37,000 residents access to fine cultural amenities, excellent public schools and more – right within its borders!

For instance, Fashion Row is a famous Hallandale district on N.E. First and Second Avenues that offers residents discounts for everything from jewelry to collectibles!

And just down the road at the Community and Culture Center for the performing arts, you can enjoy a performance by the Hallandale Beach Symphonic Pops Orchestra or another famous musical act.

For those residents interested in making a day trip elsewhere, they’ll be pleased to find that Hallandale is also conveniently close to plenty of regional attractions, including the Port Everglades facility, Miami and Fort Lauderdale.

As you can see, the lucky home buyer who ultimately invests in the home on Holiday Drive will get more than their money’s worth.  A sophisticated home, a beautiful city and incredible community amenities.

 
Your South Florida Real Estate Experts

If you think that the new listing at 409 Holiday Drive may just be your dream South Florida home, then contact me, Scott Patterson, today!

As your South Florida real estate expert, I’ll be happy to answer any questions you might have about this home and even provide you with a personal tour.

Until next time,

Scott

Hollywood Historic Home Tour Coming Soon to South Florida

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Are you a South Florida resident who has a deep appreciation for historical homes and architecture? If so, I recommend you attend the Hollywood Historic Home Tour on February 26.

During the tour, residents will be able to check out 6 luxurious Lakes homes, as well as several antique cars that will be on display.

I’m excited to report that I will be the main sponsor for the event.

Continue reading to learn more about this annual event, which is now in its 11th year.

Tour Hollywood, Florida Homes

Incorporated in 1925, Hollywood was initially developed in reaction to the South Florida Boom times of the 1920s.

The community was meant to be a “city of dreams,” according to its original founder, Joseph Young.

Today, the community conjures images of luxury single-family homes and high-end hotels whenever it’s mentioned to South Florida residents.

Considered the 9th largest city in the state of Florida, Hollywood  is also known for its family-friendly atmosphere and deep historical roots, especially when it comes to its collection of historical homes.

That rich Hollywood history will be celebrated during the 11th annual Historic Homes Tour.

Here are the details:

  • When: 1 to 4 p.m. on Sunday, February 26

  • Where: Event starts at Art & Cultural Center, 1650 Harrison Street in Hollywood

  • Admission: $25  Advance ticket sales by mail available.

  • More Info: Proceeds benefit The Hollywood Historical Society, a 501c3 non-profit cultural organization.

  • Contact: Call 954-673-7739 or visit www.hollywoodhistoricalsociety.org for more information

Relocating to Hollywood, Florida

Hollywood is a rich city, full of history and personality.

In fact, one of the reasons I love sponsoring the Hollywood Historic Home Tour each year is because it really showcases what makes Hollywood such a special and unique city.

If you’ve been thinking about investing in Hollywood real estate lately and making it your permanent home, be sure to contact me, Scott Patterson, your South Florida real estate expert.

I’ll be happy to tell you about the various residential communities in Hollywood as well as tell you about available listings in the area.

You can even start your South Florida home search today by checking out my user-friendly home search tools. These tools allow you to narrow down your search by price range.

For instance, you can:

Until next time,

Scott

Aventura Florida Neighborhood Spotlight on Presidential Estates

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Today I will continue my occasional series of impressive South Florida neighborhoods by telling you about the Presidential Estates community.

This high-end community features 176 incredible homes developed by Coscan Homes and the Signature Collection by Brookman-Fels.

These homes, which range from 2,600 to 6,500 square feet, were built between 1998 and 2002.

Homes in Presidential Estates feature between three to seven bedrooms and one to three-car garages. And many of them include private swimming pools!

Residences at Presidential Estates range from $1,000,000 to $3,500,000.

Continue reading to learn more about what this magnificent South Florida neighborhood has to offer to Aventura area home buyers like you!

Live in the Lap of Luxury at Presidential Estates in South Florida

No luxury feature was spared when developers built Presidential Estates in South Florida, as evident by the expansive list of amenities offered to residents:

  • Community parks and playgrounds
  • Four tennis courts
  • A tennis club
  • A community swimming pool
  • Pro Shop and Clubhouse

The community also features a 24-hour manned gatehouse for added privacy.

What’s more, Presidential Estates is an ideal place to call home for families with school-age children.

That’s because this elite Aventura neighborhood is zoned for such high-performing public schools as Benjamin Franklin Elementary and North Miami Senior High.

Buy an Aventura Home for Sale at Presidential Estates Today!

To learn more about what makes Presidential Estates such an amazing place to live – or to inquire about available listings on the Aventura real estate market – contact me, Scott Patterson.

As your South Florida real estate expert, I’ll be happy to answer any questions you may have as well as provide you with such helpful relocation resources as:

Until next time,

Scott

Positive Signs for South Florida Real Estate Market in 2012

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The year 2012 may turn out to be a better year for the South Florida real estate market than previously expected, according to panelists at a Greater Miami Chamber of Commerce meeting.

During the panel discussion on real estate and new construction, experts predicted that the South Florida housing market had finally bottomed out.

Ron Shuffield, president of our company Esslinger Wooten Maxwell Realtors, attended the meeting and participated in the discussion.

Continue reading to learn  about his predictions for 2012 and what it means for interested South Florida home sellers.

South Florida Homes for Sale

According to housing experts, low interest rates as well as depressed sales prices on the South Florida real estate have attracted a new influx of home buyers.

Given the increasing demand for homes, Ron Shuffield said that the only thing that may slow down home sales in 2012 would be a shrinking home inventory.

For instance, typically there should be a seven to nine month home inventory. But right now, there’s a six to seven month housing inventory.

Panelists credited that shrunken inventory to heavy discounting, especially for South Florida condominiums.

Here are some of the predictions that these real estate experts made for the New Year:

  • The last of the 4,700 condominium units remaining from the 49,000 built in the region in the last several years will be sold in 2012
  • Many of those 4,700 condominium units will likely be converted into rental properties.
  • Several of the proposed condominium projects in Miami-Dade County will reach fruition in 2012, adding about 4,200 units to the market.
  • European and Latin American investors will continue to fuel much of the activity on the South Florida real estate market
  • A possible increase in mortgage interest rates as well as land prices, however, may slow down the economy once more.
  • What’s more, new condos priced too high could also stall real estate activity.

South Florida Properties

The outlook on the South Florida real estate market definitely seems to be improving each year, suggesting that the market is starting to swing back toward a neutral market rather than a buyer’s market.

This should be welcome news for South Florida home sellers trying to get a good deal on their home.

From my expert advice to my many home selling resources, I’ll make navigating the South Florida real estate market a breeze for you.

Until next time,

Scott

A Look Back at South Florida Real Estate Activity in 2011

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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

Incredible New Villa Flora Listing in Williams Island in Aventura, Florida

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If you’re the kind of discerning South Florida home buyer who values luxury, prestige and elegance, then you’ll be thrilled to learn about the most recent new listing on the South Florida real estate market.

An 8,400 square foot home in the elite Villa Flora community of Williams Island was recently listed on the Aventura real estate market.

There are only 14 homes in this exclusive Aventura community, so it’s a rare treat when one of them becomes available for purchase.

Continue reading to learn more about this magnificent Aventura home for sale and how it can become your dream South Florida home.

Aventura Homes for Sale

The home located at 1524 Island Boulevard  is an impressive architectural feat, even by the high standards set by the gated Villa Flora community.

This Aventura home is situated on point lot, the largest lot in the community and provides incredible, unobstructed views of the bay.

Built with the highest-end materials available, this South Florida home features 6,596 square feet of living space, including 6 bedrooms and 7.5 baths.

There are also a number of recreational features provided throughout the home, including:

  • A state-of-the-art home theater
  • Social Room
  • Pub
  • Heated swimming pool
  • Wet bar with built-in grill
  • Large Terrace

The high standards and attention to detail are evident throughout the residence:

  • Custom-made kitchen with top grade appliances
  • Granite counter-tops
  • Hardwood and marble floors
  • Faux and custom wallpaper
  • Elevator
  • Library
  • Three beautifully designed fireplaces
  • 3 car garage
  • Impact windows and doors
  • And more!

Plus, as a resident of Villa Flora, you’ll have unlimited access to all of the recreational amenities right on the property, including:

  • Marina, which accommodates boats up to 120 feet
  • Spa
  • State-of-the-art fitness center
  • Tennis courts

1524 Island Boulevard #13: An Unbeatable Find on the Aventura, Florida Real Estate Market

This incredible South Florida home is currently listed for $4,500,000.

Contact me, Scott Patterson, today for more information on what this home in the Villa Flora community has to offer.

And for additional help on navigating the South Florida real estate market, make sure to check out all of my helpful home buying tools, such as:

Until next time,

Scott