Category Archives: Davie

Demolition of the Dania Beach Hurricane Roller Coaster

access_timeMay 17, 2016personScott Patterson

They say, whatever goes up has to come down. The Dania Beach Florida Hurricane Roller Coaster in southern Broward County has been a landmark for residents and tourists since year 2000. Just this past week the demolition of the monstrous wooden structure has begun and it created a buzz through the south Florida community. The ride itself closed five years ago and hasn’t been operated since. Some are happy to see it go but some are sad and believe it or not, I rode when it reopened in 2000, lots of memories from my childhood on a wooden roller coaster!

Kimco Realty Group of New York is developing a 850,000-square-foot center in a joint venture with Master Development and Salzman Real Estate Advisors, Who have projects already through the Tri-County area of South Florida. This project will bring in about 17,000 construction jobs and 13,000 permanent jobs once its fully developed.

No leases of any retailers have been signed yet, But the 35-acre first phase, which will incorporate “big box” stores and discount retailers, is planned to open in the fall of 2017.

The second phase, which will include more retailers, restaurants, 1,000 residential units and two hotels, will follow in the fall of 2018. By that time, construction will be initiated on some of the 500,000 square feet of commercial office space.

Dania Pointe of Dania beach located just north of Hollywood Florida, will be one of the largest shopping centers in Broward County Florida. Dania Pointe will attract many visitors all the way from Southern Miami-Dade County up to The Northern parts of Palm Beach County because of Dania Beaches central location in South Florida. Over half a million cars pass by the location northbound on I95 per day! This development is sure to be a success and a great new addition to the city and South Florida.

Miami-Dade County, Florida Real Estate is Booming!

access_timeApril 13, 2013personScott Patterson

Things are continuing to look up for the South Florida real estate market, according to the most recent data released.

Evidently, more and more investors are coming to South Florida to get a piece of the action – which in turn is strengthening our local housing market.

Miami, Florida Area Homes for Sale

According to the most recent article I read in the Miami-Herald, plenty of private equity firms in the area are snatching up prime South Florida real estate lately.

For example, Fort Capital recently purchased the historic Surf Club in Surfside. It is expected to be revitalized and later sold.

That’s what the company did after it bought most of the Capri South Beach along with other coveted pieces of South Florida real estate.

Experts say that the South Florida market is getting hotter and hotter, with demand rising.

This is particularly true in the hotel arena, where investors are buying and building hotels left and right!

The latest activity reflects a national trend in which the lodging industry is expected to spend more than $5 billion this year on upgrades that range from redesigned lobbies to additional fitness centers and restaurants.

Here in South Florida, some of the more specific drivers to this recent hotel boom include rising tourism numbers, scarcity of available land and more lenient lending policies.

Here’s what else you should know about the South Florida hotel industry:

Through September, hotels in Miami-Dade were more than 76 percent full, which is up slightly from the same period a year before.
Room rates in South Florida increased by 7 percent to almost $163.
Revenue per available room in South Florida also grew by about 8 percent year-over-year to $124.55.
Hotel transactions volume is expected to be about $650 million in the county this year, up 13 increase when compared to 2011

You may be thinking to yourself – that’s great but what exactly does this mean for the South Florida residential housing market?

Since everything is inter-connected, more interest and investments in the South Florida hotel market will likely lead to more interest and investments in the South Florida real estate market as well!

Your South Florida Real Estate Expert

To learn more about how the current hotel industry boom here in South Florida will benefit the local residential housing market, please contact me, Scott Patterson.

I’ll also be happy to assist you with all of your home-buying and home-selling needs on any one of the following South Florida real estate markets:

Until next time,

Scott

South Florida Seeing a Shortage of Foreclosures

access_timeDecember 3, 2012personScott Patterson

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

access_timeNovember 29, 2012personScott Patterson

There’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

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

access_timeOctober 31, 2012personScott Patterson

Available 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

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

access_timeOctober 25, 2012personScott Patterson

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

access_timeSeptember 24, 2012personScott Patterson

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

access_timeSeptember 20, 2012personScott Patterson

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

South Florida Existing Single-Family Home Sales Rise in July

access_timeSeptember 17, 2012personScott Patterson

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

access_timeAugust 20, 2012personScott Patterson

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