Last week my listing 443 Alamanda Drive located in the gated Golden Isles Waterfront Community went under contract. It sold for $995,000 and is a 4 Bedroom, 3.5 Bath and over 3,300 sq.ft. 1969 waterfront home. The buyer was an international buyer from Romania.
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France
Slovenia
U.S. (Miami)
U.S. (New Jersey)
Canada
Golden Isles is a gated waterfront single family home community with approximately 307 homes. In 2008 there were a total of 10 sales in Golden Isles. The lowest sales price was $500,000 and the highest sales price was $1,649,000. I am very active in this community and sold 50% or 5 of the sales in this community in 2008 including the 2 sales mentioned above. Clients often ask me “Where will the buyer for my house come from”? and although I don’t have a crystal ball, I do know where 50% of the buyers for this Golden Isles Waterfront community came from and even though this community is a small part of South Florida it is still a good representation of how international South Florida truly is.
Active Listings: 31
Highest Priced Listing: $4,999,000
Lowest Priced Listing: $769,900
In order to assist both Buyers and Sellers in better understanding the South Florida real estate market and precisely Hollywood East including “Hollywood Lakes” I have provided a “Supply and Demand” graph of the past 5 years. The peak of the market was April 2005 when there was hardly any inventory and tons of sales creating what is called a “Sellers Market”, we had approximately as little as 2 months supply of single family homes in both Broward and Miami-Dade Counties.
If we were to graph different areas throughout South Florida they would all look very similar to this graph with the exception of the “Condo Market” which is dramatically different. Although often grouped together the “Condo Market” and the “Single Family Home” market are “Apples and Oranges”. The “Single Family Home” “Waterfront Market” is in much better shape than any other sector of the real estate market. Sellers were in the drivers seat for a very long time but today the Buyers have much of the control due to the abundance of inventory and especially International Buyers that are also taking advantage of the weak dollar.
Many of the single family home markets have anywhere from 20 to 50 months supply of inventory and some of the condo markets have up to 90 months supply, depending on the location, price range and even the development. To give you an idea of what is a “Healthy Market”, we need no more than 6 to 12 months supply, below 6 months supply is a “Sellers Market” and above 12 months supply is a “Buyers Market”.
I could talk about supply & demand and the whole real estate market forever but let’s all be thankful we are selling and/or owning properties in South Florida (Hollywood, Golden Isles, Aventura and Golden Beach) where we have one of the largest concentration & influence of international Buyers in the US. The Aventura Mall is now one of the top grossing malls in the country mainly due to “International” shoppers. My sales so far this year are up 22% over last year, I contribute this directly to South Florida being the place the world wants to be.
Lately, I have really noticed an increase in international buyers interested in South Florida real estate especially buyers from Europe. I just sold this new Hollywood Beach home that closed and sold for 1.5 million dollars, it was another cash transaction! No doubt, international buyers are taking advantage of the soft value of the US dollar versus the value of the Euro when buying homes for sale in South Florida.
South Florida truly is an international melting pot, and these new Scott Patterson client’s in the video are from six different nationalities including France, Nicaragua, Canada, Greece, Italy and of course, the USA. This video was shot with our client’s friends and family while they were visiting their new waterfront property in the Hollywood Lakes area in Hollywood, FL. The other clients purchased a waterfront Hallandale property in the Hallandale gated waterfront community of Golden Isles that they plan to totally remodel. Combined, these international buyers purchased 3 South Florida properties valued at almost $5 million.
