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Category Archives: Hollywood Florida

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

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

South Florida Real Estate Market Update for First Quarter, 2011

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Our South Florida real estate company is expected to sell more total South Florida properties this year than ever before , according to Ron Shuffield, president of our company, Esslinger-Wooten-Maxwell, Inc. Realtors

Here’s some of the  South Florida real estate market news Ron recently shared with us:

  • Miami home and condo sales in the first quarter are up by 38 percent year over year.
  • Broward County home and condo sales in the first quarter are up by 9 percent year over year!
  • There is 55 percent less South Florida property inventory than three years ago.

All of this is great news for both South Florida home buyers and South Florida home sellers.

For South Florida home buyers, it means that they can find great deals on homes on the South Florida real estate market. After all, the median sales price has been steadily dropping over the last four to five years.

For South Florida home sellers, it means that the market will soon begin shifting in their favor.  Think about it:  the more home sales there are, the less inventory there is on the South Florida real estate market.

That scarcity of homes for sale, coupled with the demand for South Florida real estate, means that home prices will start to climb once again.

Learn more about the current state of the South Florida real estate market by watching the below video from our company’s president.

Entering the South Florida Real Estate Market

If you’re thinking about entering the South Florida real estate market as a home buyer or home seller, contact me, Scott Patterson, your South Florida real estate expert, today.

I’ll provide you with a number of invaluable South Florida real estate resources and help make navigating the South Florida real estate market easier for you and your family.

Until next time,

Scott

Real Estate Market Report for Hollywood Lakes Subdivision in South Florida

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A lot can change over the course of a year in the South Florida real estate market.

The home sales data for this historic neighborhood (located off the Intracoastal Waterway and Atlantic Ocean) is compared below during the first part of the year for 2010 and 2011.

Hollywood, Florida Real Estate

Here’s a look at closed sales data in Hollywood Lakes from Jan 1, 2010 to May 16, 2010.  Please keep in mind this is only for closed sales not active listings.

  • Total homes sold: 22
  • Minimum list price: $160,000
  • Maximum list price: $1,300,000
  • Minimum sales price: $99,000
  • Maximum sale price: $1,275,000
  • Minimum Days on the Market: 1
  • Maximum Days on the Market: 478

Now compare that with sales date for Hollywood Lakes between Jan. 1, 2011 and May 6, 2011:

  • Total homes sold: 17
  • Minimum list price: $235,000
  • Maximum list price: $619,000
  • Minimum sales price: $234,000
  • Maximum sale price: $580,000
  • Minimum Days on the Market: 6
  • Maximum Days on the Market: 401

One of the biggest conclusions I’ve drawn from this data is that the South Florida real estate market is beginning to stabilize and grow.

Consider This: 45 percent of homes that sold in that time period in 2010 were on the market for more than 100 days, compared with 41 percent in 2011.

And while sales prices are lower in 2011, they’re closer to the list price than in 2010, where the difference varied widely in some cases.

Thinking About Selling Your South Florida Home for Sale?

I can help! As your South Florida real estate expert, I have years of experience in successfully marketing South Florida homes for sale and getting a good price for home sellers.

Contact me, Scott Patterson, today to learn about all of the South Florida home seller resources I provide, including:

Until next time,

Scott

 

 

Brazilians Play a Major Role in the South Florida Real Estate Market, Reports Show

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Brazilians are playing an increasingly important role on the South Florida real estate market, according to recent South Florida real estate market data.

Although Brazilians have been investing in Miami real estate since at least the 1990s, there seems to have been an increase in recent years.

This trend is partly because of the favorable currency conversion rate as well as increased Brazilian spending power, experts say.

Here are some more recent findings as they relate to Brazilian home buyers on the South Florida real estate market:

  • According to a recent Franklin Templeton survey of foreign investors,  70 percent of  Brazilians surveyed said they plan to invest money overseas this year.
  • Miami is ranked 8th for foreign investment in real estate in the United States.  New York, Washington, DC, Boston and San Francisco are the top places for foreign investment.

Investing in South Florida Real Estate

In addition to a favorable conversion rate, there are plenty of reasons to explain why so many Brazilians are choosing to invest in South Florida real estate:

Purchasing a South Florida Home or Condo for Sale

Have you recently been considering relocating to South Florida? If so, you’ll want an experience South Florida REALTOR to guide you through the process.

Contact me, Scott Patterson, today to learn more about all of the South Florida home buyer resources we offer to South Florida home buyers, including:

Until next time,

Scott

New South Florida Real Estate Website Unveiled to Help South Florida Home Buyers and Sellers

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I  have some exciting news for interested South Florida home buyers and home sellers. We recently redesigned our website to make it easier for you to navigate the South Florida real estate market!

Here’s a look at some of the features we recently added or improved:

Personalized South Florida Real Estate Service

I strive to give every interested South Florida home buyer and home seller the best service possible.   That’s why we also added some of these social features to our website that helps us stay connected to you:

Thinking About Entering the South Florida Real Estate Market?

With our newly designed website, it’s never been easier to navigate the South Florida Real Estate market!

Contact me, Scott Patterson, your Aventura area real estate expert today, to learn more about what we can do for you.

Until next time,

Scott

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.

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.