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Category Archives: Buyers

Foreclosure Numbers Down on the South Florida Real Estate Market

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Over the last couple of years, South Florida has gained a reputation for its many foreclosed homes.  But recent data suggests that that reputation is becoming increasingly inaccurate.

Foreclosures in South Florida dropped by more than 50 percent during the first quarter of 2011 when compared with that same period in 2010.

The greatest drop in foreclosures was seen in Broward County.

Statewide, foreclosures rates dropped by 32 percent year-over-year in the first quarter.

South Florida Real Estate

There have been steep and steady decreases in  foreclosure filings in South Florida since last fall, suggesting that the real estate market is recovering.

Here’s an overview of each of the three South Florida Counties:

  • In Broward County, foreclosures in the first quarter of 2011 dropped by 68 percent year-over-year, to 6,876 foreclosures.
  • In Miami-Dade County, foreclosures in the first quarter of 2011 dropped by 64 percent year-over-year, to 7,257 foreclosures.
  • In Palm Beach County, foreclosures in the first quarter of 2011 dropped by 57 percent year-over-year, to 4,734 foreclosures.

Investing in South Florida Real Estate

While it’s true that foreclosures are not viewed as a positive thing by interested South Florida home sellers, they can be a great opportunity for South Florida home buyers.

After all, South Florida foreclosures drive down home prices, which creates a South Florida home buyer’s market.

There truly are some great deals to be found on the South Florida real estate market right now.

But as foreclosures continue to decrease, home prices are expected to begin to rise again as we are already seeing in the market today.  Especially in many waterfront communities.

Thus, if you’re thinking about entering the South Florida real estate market as a South Florida home buyer, now is a great time to do so!

Contact me, Scott Patterson, today and I’ll let you know about available listings in the area as well as answer any questions you might have.

I’ll also provide you with a number of helpful South Florida home buying resources, including:

Until next time,

Scott

Aventura, Florida Condo Spotlight: Peninsula I

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Here in Aventura, Florida, interested South Florida home buyers have plenty of residential communities from which to choose.

From waterfront high rise condos to tranquil single-family neighborhoods, there’s something for every interested Aventura home buyer.

Today I’d like to tell you a little bit about the Aventura condo known as Peninsula I. This incredible waterfront condominium features units ranging from 3,000 to 4,000 square feet, with prices starting at about $700K and can run upwards of $2 million.

 

 

Peninsula Amenities

  • Full service business center
  • 24-hour air-conditioned storage units
  • State-of-the-art fitness center
  • Relaxing spa
  • Lighted tennis courts
  • Fitness trails
  • Swimming pool
  • Billiard room
  • Card room
  • And so much more!

In addition, residents at Peninsula I also have access to such  services as concierge and security services.

Investing in an Aventura Condominium at Peninsula I

One look at the current state of the Aventura real estate market further illustrates how highly desirable a condominium unit at the Peninsula I truly is, below is some current data gathered from the Multiple Listing Service.

Current YTD 2011 Data

  • Average list price per square feet: $295
  • Average sales price per square feet: $263
  • Maximum current list price: $1,399,000
  • Minimum current list price: $730,000
  • Maximum sales price: $1,300,000
  • Minimum sales price: $640,000
  • Total sales this year: 7

Entering the South Florida Real Estate Market

If you’ve been thinking about investing in a South Florida condominium, I suggest you check out the Peninsula I in Aventura.

This South Florida condominium community offers its residents nothing but the finest when it comes to amenities and services.

Check out all of the helpful South Florida home buying resources. These include:

Until next time,

Scott

Mexicans Increasingly Investing in South Florida Real Estate

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For months I have been telling you about how Brazilian nationals have been spurring activity on the South Florida real estate market by investing in South Florida homes for sale.

Now it appears that another group of foreign nationals are finding South Florida real estate increasingly attractive: Mexicans.

According to a recent article in the Miami Herald, Mexicans find that South Florida is a safe place to invest their money outside of their home country, where violence has steadily increased over the years.

South Florida Real Estate Market Attracting International Buyers

While Mexican nationals have historically invested in properties in border cities such as El Paso and San Diego, an increasing number of Mexicans are investing in South Florida, specifically Miami.

By some estimate, Mexican investors have invested about $30 million in the South Florida real estate.

And according to the Commerce Department’s international trade administration, Mexicans made a direct investment of $31 billion in the United States in 2008.

Most experts attribute the surge in Mexican nationals investing in the United States to the violence that is occurring across the border.

Since the Mexican president Felipe Calderon launched a war on drug cartels in late 2006, more than 40,000 Mexicans have been killed in the fighting.

Consequently, the United States has issued an increasing number of visas to Mexicans.  Between 2007 and 2009, the number of visas for Mexican investors grew from 15,000 to 21,000.

In 2009, about 250 Mexicans were granted asylum in the United States.

Purchasing a South Florida Home for Sale

As a South Florida real estate expert, I have years of experience working with international buyers.

If you’re thinking about relocating to South Florida from another country  – or from another part of the United States – then contact me, Scott Patterson.

I’ll help make navigating the South Florida real estate market exponentially easier with my exclusive South Florida home buying tools.  These include:

Until next time,

Scott

Enjoy the 4th of July in Aventura, Florida This Year

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Are you interested in making this 4th of July memorable for you and your family? Then consider checking out this year’s Fireworks Show in Aventura, Florida.

This annual event seems to get bigger and better every year.  Perhaps that’s because South Florida residents know they’re not likely to get as spectacular of a fireworks show anywhere else in South Florida.

The fun begins at 9 p.m. on July 4 along Country Club Drive on the Turnberry Golf Course and will last about 30 minutes.

For more information,  call the Community Services  Department at 305-466-8930.

In the event of rain, this event will be moved to 9 p.m. on July 5.

Investing in Aventura, Florida Real Estate

I’m proud to say that I live in the kind of community that invests in recreational attractions for its residents.
Aventura, Florida has plenty of such amenities to offer its residents year round, including:

If you’d like to learn more about what it’s like to live in Aventura, Florida, contact me, Scott Patterson.

As your Aventura area real estate expert, I’ll let you know about available listings in our incredible Aventura neighborhoods, including:

Until next time,

Scott

 

 

 

South Florida Real Estate Market Update for June

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Several South Florida cities saw increases in their property values in 2010, according to a recent article in The Miami Herald.

Although property values for both commercial and residential real estate are still down in Miami-Dade and Broward counties for 2010, they’re still doing considerably better than in 2008 or 2009.

Continue reading to learn more about how specific South Florida communities stacked up in terms of property values.

South Florida Property Values

According to the most recent data:

  • 10 municipalities in Miami-Dade County saw increases in value in 2010.  In contrast, all 37 municipalities saw decreases in value in 2009.
  • Downtown Miami saw the largest year-over-year value increases in South Florida.  The community’s tax base grew by 10.9 percent in 2010.  In 2009, Downtown Miami’s tax base decreased by 11.2 percent.
  • In 2009, new construction in downtown Miami was valued at $362 million.  In 2010, that value had climbed to $1.4 billion.
  • Key Biscayne’s taxable property value grew by 1.5 percent.
  • Sunny Isle’s taxable property value grew by 2.9 percent.
  • Pinecrest’s taxable property value grew by 0.8 percent.
  • New construction in Miami-Dade County fell from $2.7 billion to $1.5 billion.
  • New construction in Broward County also fell, from $1.5 billion to $633 million.
  • Homestead taxable property value fell by 9.6 percent. Still, that’s considerably better than in 2009, when property values in Homestead dropped by more than 31 percent.
  • Florida City’s taxable property value fell by 15.4 percent.

According to most South Florida real estate analysts, the recent numbers suggest that the South Florida real estate market has weathered the worst of the recent housing bust, but a complete recovery might not be for several months or even years.

Investing in South Florida Real Estate

Now is actually a fantastic time to invest in South Florida real estate.

Why? Because South Florida home values are still fractions of what they used to be before the South Florida housing bubble burst.

Thus, South Florida home buyers have the opportunity to get a great deal on a piece of South Florida real estate before prices start climbing.

If you’re interested in investing in South Florida real estate, then contact me, Scott Patterson.

As your South Florida real estate expert, I’ll answer any questions you might have about the South Florida real estate market as well as tell you about all of  South Florida neighborhoods, including:

Until next time,

Scott

Boat Docks Available for Sale for the First Time at Porto Vita in Aventura Florida

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The Porto Vita luxury condominium community recently made a limited number of boat slips/docks available to its residents.

This is fantastic news for Porto Vita condominium owners who can now have luxury South Florida condominium living as well as the convenience of owning one’s own boat dock just steps away with easy access to the Haulover Ocean Cut.

With this new offer, Luxury South Florida condominium owners can have the best of both worlds!

Living in a South Florida Luxury Condominium

Residents in the North Tower at Porto Vita have the first chance to invest in one of the boat slips/docks at Porto Vita.

Here’s more information about this incredible offer:

  • 60 ft length boat slips
  • 18 ft beams
  • Price: $75,000

Investing in South Florida Real Estate

The fact that residents at Porto Vita now can own their own boat slips and docks is just icing on the cake for residents living in one of the most luxurious condominiums in Aventura.

Porto Vita, which features two towers, is the epitome of South Florida luxury living.

This Aventura condominium offers its residents floor plans ranging from 2 to 5 bedrooms and 2,250 to 6,000 square feet.

Amenities at this cosmopolitan community include:

  • Spa facilities
  • Community swimming pool
  • Tennis courts
  • A state-of-the-art fitness center, featuring massage therapists and personal trainers
  • Valet and concierge service
  • Billiards
  • And so much more!

Contact me to learn about available listings at Porto Vita – including my recent listing  for a 3-bedroom, 3.5-bath luxury condominium at Porto Vita.

I’ll help to make the South Florida real estate transaction process easier by providing you with such helpful South Florida home buying resources as:

Until next time,

Scott

Several New South Florida Condominiums Planned

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The Related Group, a prominent Miami-based developer, plans to break ground on six new high rise condominiums in the next year, according to a recent article in the Miami Herald.

The development group recently created a new partnership with Miami-based marketing firm International Sales Group.

The partnership, now called Related ISG, plans to market the six new condominiums to international buyers, particularly those living in Latin America.

Purchasing a South Florida Condominium For Sale

According to the article in The Miami Herald, Related ISG’s strategy is to focus on those buyers who invest with nothing but cash. The company hopes such investments will help pay for much of the construction costs upfront.

Although most of the details about the projects are unknown, the developer did provide locations of the proposed six condos:

  • Two will be built in the Brickell neighborhood of Miami
  • One will be a waterfront condominium community in North Miami
  • Two will be waterfront condominium communities in the Hallandale and Hollywood area.

Although the South Florida real estate market has struggled with a number of homes underwater as well as a large inventory of unsold condominiums, Related ISG said that the high demand for South Florida real estate by Latin American investors as well as recent strong condo sales justify the company’s plans.

And according to one estimate, buyers will pay as much as 80 percent of the purchase price before the building has ever been completed.  This minimizes the risk that these new condominiums will go into foreclosure, said spokespeople from Related ISG.

Thinking About Investing in a South Florida Condominium for Sale?

Now is a fantastic time to do so!

Contact me,  Scott Patterson, today to talk with me about all of the  luxury condominiums in the various South Florida communities, including:

Until next time,

Scott

Affordability on South Florida Real Estate Market is Breaking Records

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I recently read a rather interesting article in The Palm Beach Post that discussed the record-breaking affordability on South Florida homes for sale.

Evidently, affordability on Palm Beach County homes for sale reached a new high during the first quarter of 2011.

Palm Beach County isn’t the only county that’s enjoying this record-breaking affordability.  Broward County as well as Miami-Dade County are also experiencing fantastic affordability on their homes for sale.

Purchasing A South Florida Home for Sale

There is a lot of data on the South Florida real estate market that illustrate just how affordable South Florida homes are right now:

  • A median-income family in South Florida could have purchased 77.5 percent of all the homes sold in the first quarter of 2011.
  • According to the National Association of Home Builders, the last time homes were this affordable in Palm Beach County was in early 1999, when a median-income family in South Florida could have purchased 77.4 percent of all the homes sold that year.
  • In comparison, a median-income family in South Florida could have only afforded about 30 percent of Palm Beach County homes during the real estate boom.

So what exactly is causing this great affordability in South Florida? A few factors are at play right now, including:

  • Low home prices
  • Steady incomes
  • Low mortgage rates

And even though home sales have picked up in recent months, it hasn’t caused prices to rise like they did during the housing boom a couple of years ago.

This is great news for South Florida home buyers looking for a deal on the South Florida real estate market.

Navigating the South Florida Real Estate Market

There’s never been a better time to be a South Florida home buyer.   With record low interest rates and low South Florida list prices, there’s a good chance that you’ll find an amazing deal on a South Florida home for sale.

As a South Florida real estate expert, I am experienced working in several of the area real estate markets, including:

Until next time,

Scott

South Florida Real Estate Market Update

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Last time I discussed with you a trend on the South Florida real estate market in which home prices are dropping and South Florida home buyer interest is rising.

Today I’d like to discuss with you a recent report by Zillow.com that further breaks down the drop in South Florida home prices.

Zillow.com is a Seattle-based company that studies real estate trends all across the country.

South Florida Homes for Sale

According to the recent report by Zillow.com, South Florida home values decreased by 12.8 percent during the first quarter of 2011 when compared to the first quarter of 2010.

Compared with the 25 largest metropolitan areas, the South Florida area (which includes Palm Beach County, Broward County and Miami-Dade County) ranked number five for steepest drops in home values.

Detroit and Atlanta tied for the largest annual decline in home values at 17.3 percent.

Here’s what else the real estate website reported about our South Florida real estate market:

  • South Florida home values have dropped to 2002 levels.
  • Miami-Dade and Broward County home values are less than half of what they were five years ago.

And although Zillow.com previously predicted that the national housing market would bottom out by late 2011, experts are now saying that the housing market won’t bottom out until 2012.

Since Florida’s housing market crashed before much of the rest of the country, my prediction is that our housing market will bottom out earlier than that.

Purchasing a South Florida Home for Sale

The news from Zillow.com is likely grim news for South Florida home sellers looking to get a great price for their South Florida home for sale.

But for South Florida home buyers, conditions are just right to enter the South Florida real estate market.

For more information contact me today to further discuss your options on the South Florida real estate market as a South Florida home buyer.

Feel free to browse some of our amazing residential communities in South Florida online.  These include:

Until next time,

Scott

National & International Exposure of South Florida’s Premiere Island on Fox News

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Island Estates Fox News Shepard Smith / Phil Keating

It’s been a good year for one of my listings in Aventura, Florida.  Matter of fact, it’s been a great year!

Considered the last developable island in South Florida, the 8-acre island is located between Miami Dade and Broward counties.  It offers potential buyers scenic views of the Intracoastal waterway, not to mention unbeatable privacy.

It’s listed for $49.5 million on the South Florida real estate market.

Since we put the island on the market, we’ve received plenty of coverage in the media – from a front page article in the Miami Herald to an extended feature segment on Fox News.

South Florida Real Estate

Thinking about entering the South Florida real estate market as a South Florida home buyer? Then contact me, Scott Patterson.

I’ll help make your South Florida home buying experience easier with such South Florida real estate resources as:

Until next time,

Scott

 

 

 

Island Estates Fox News Shepard Smith / Phil Keating from Scott Patterson on Vimeo.