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Tag Archives: Hollywood Florida

Miami-Dade County, Florida Real Estate is Booming!

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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

Now is the Time to Become a Harbor Islands Resident in South Florida!

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Hollywood Florida listingsOver the last several weeks, I’ve been telling you a little bit about the Harbor Islands neighborhood on the Hollywood, Florida real estate market.

If you’ve reached a point where you’re interested in becoming a current resident in this elite residential community, then today’s South Florida real estate blog is just for you!

Today, I’m going to tell you about the various active listings in this community.

Hollywood Homes for Sale

No matter what price range you’re in, there is likely a home for you in the Harbor Islands community.

That’s because this diverse neighborhood features numerous distinctive enclaves – which run the gambit from luxury town homes to stately single-family homes.

Thus, if you’re in the market for a single-family home, you’ll be pleased to learn there are currently 29 listings in Harbor Islands – ranging in price from $580,000 to $3,850,000.

While single-family homes are certainly the largest search category when it comes to Harbor Islands, there are also plenty of options for those looking for a townhome.

In fact, there are currently 6 active listings in Harbor Islands for townhomes. These properties tend to range in price from $499,000 to $1,349,000.

Even if you’re not in the market to buy a property, there are still opportunities for you to become a resident of this Hollywood community thanks to four available rental homes in the community.

These properties tend to cost anywhere from $5,500 per month to $8,500 per month.

Your South Florida REALTOR

If while browsing the available listings mentioned above you find one you’re really interested in, please don’t hesitate to contact me, Scott Patterson.

I’ll be happy to provide you with additional information about these listings, answer any questions you may have and even schedule a showing for you!

For now, please take some time to browse some of my online home-buying resources, which include:

Until next time,

Scott

South Florida Commercial Real Estate Market Showing Signs of Improvement

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The South Florida commercial real estate market is making great strides – albeit at a slow pace.

Evidently, recent data suggests that office vacancies are on the decline. In addition, regional and national retailers are expanding once again.

This has huge implications to the greater South Florida real estate market. After all, everything is connected when it comes to economics.

Thus, as the commercial real estate market continues to improve, that is only bound to help the residential real estate market continue to improve as well.

Commercial Real Estate in South Florida

According to the recent article I read in the Sun-Sentinel, office vacancies in both Broward County and Palm Beach County are down year-over-year, although they are still relatively high.

Here’s the most recent data on commercial real estate in South Florida:

  • The office vacancy rate in Broward County was 14.3 percent from July to September, down from 14.6 percent a year ago.
  • Meanwhile, Palm Beach County’s vacancy fell from 19.5 percent to 18.7 percent in that same year.
  • Generally speaking, a strong market would have vacancy rates between 8 to 10 percent.
  • During the third quarter of 2012, Broward County’s office rental rates fell from $24.75 to $23.75 when compared year-over-year.
  • Meanwhile, rates in Palm Beach County fell from $26 to $25.75 during that same period.
  • More restaurants and retail shops are leasing space as well.

Although these may seem like small improvements, this recent commercial real estate data suggests that the market is currently experiencing a rather positive trend.

This will pay off on the South Florida real estate market. After all, a more robust commercial real estate market will attract more workers and home buyers to the area – which will in turn create positive growth on the local housing market.

Buying and Selling South Florida Real Estate

If you’re thinking about investing in a piece of South Florida real estate anytime soon, please don’t hesitate to contact me, Scott Patterson.

When you do, I’ll tell you about available South Florida listings as well as offer you such helpful resources as:

Already living in South Florida and considering listing? Contact me today to learn about some of the home-selling resources I offer for free!

Until next time,

Scott

Luxury South Florida Condos Planned for Aventura and Hollywood Florida

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Two more luxury condominiums are coming to the South Florida real estate market, according to a recent article I read.

The Miami Herald reported that Property Markets Group is planning luxury condos for both Aventura and Hollywood!

Evidently, PMG is working with the well-respected architect Carlos Otton in planning these new projects.

This is tremendous news for interested South Florida condo buyers who are in the market for a luxury condominium.

Aventura and Hollywood, Florida Condos for Sale

Here’s some additional information about the two condominiums planned for Aventura and Hollywood.

In Hollywood, the 24-unit Sage Beach will feature two-, three- and four-bedroom residences.

These units will all come with private elevators, a plunge pool and grand foyer.

The units at Sage will range from 2,000 to 2,850 square feet and will have an average price per square foot of roughly $650.

In Aventura, PMG is planning a 190-unit condominium community known as ECHO.

This community will feature 2-, 3- and 4- bedroom floor plans with interior designs by Yabu Pushelberg.

In each one of these Aventura condominium units, interested South Florida buyers will find such desirable features as kitchens on each terrace, private elevators, Apple technology-compatible infrastructure and more!

ECHO’s units are expected to range from 1,600 to 4,000 square feet, with an average price per square foot of $550.

Find Your Dream South Florida Condominium Today!

The newest luxury condominiums that are currently in the planning stages are guaranteed to be quite distinctive on the South Florida real estate market!

If you’re interested in learning more about possibly investing at Echo in Aventura or Sage Beach in Hollywood, please contact me, Scott Patterson.

If, however, you’d prefer to continue looking for your dream South Florida residence, please be sure to check out some of these other residential neighborhoods in the area:

Until next time,

Scott

 

Hollywood, Florida Real Estate Spotlight on 1270 Hatteras Lane

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1270 Hateras_1Embrace the height of luxury living by checking out my newest South Florida real estate listing at 1270 Hatteras Lane in Hollywood, Florida!

This stunning 7,300-square-foot estate features 5 bedrooms and 7.5 bathrooms.

It’s currently priced at $1,995,000.

Luxury Living at Its Finest In Hollywood, Florida

Grandiose, immaculate, spacious, elegant: There are many ways to describe our latest listing on Hatteras Lane in Hollywood.

This property features two levels and seamlessly blends relaxed and formal spaces.

On the first level, prospective Hollywood home buyers will discover a covered entry, a two-story foyer, a bedroom suite, royal gold leaf detailed ceilings and a gourmet kitchen with adjoining breakfast room.

Other reception rooms on the ground level include: formal dining, living room, family room and a den with a wet bar.

Each room boasts an excellent attention to detail, which is why you’ll find such fine features as mosaic tiles, custom window treatments, decorative wall niches and more!

Upstairs, interested home buyers will encounter an ornate master bedroom with sitting room and his and her walk-in closets as well as other generous-sized bedrooms.

The grounds of this incredible Hollywood, Florida home offer freshly manicured gardens as well as an extended coral stone patio that includes a covered terrace and pool.

Other features on site include a 3-car garage and a laundry room.

Harbor Islands Estate!

1270 Hatteras Lane HollywoodContact me, Scott Patterson, to learn more about what the home at 1270 Hatteras Lane has to offer you and your family.

When you do, I’ll provide you with additional property information, help you schedule a showing and more!

Until next time,

Scott

South Florida Seeing a Shortage of Foreclosures

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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

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South Florida real estateThere’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

South Florida Developers Are Proposing Dozens of New Condominiums

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South Florida luxury real estateDevelopers are feeling so confident with the South Florida real estate market lately that they’re planning on constructing dozens of new condominiums in the upcoming months and years.

According to a recent article I read, developers are proposing almost 55 new condominium projects totaling more than 10,000 units in the communities of Miami, Fort Lauderdale and West Palm Beach.

This signals that the South Florida housing market is becoming increasingly robust and attractive for real estate transactions!

South Florida Luxury Condominiums for Sale

Miami-Dade County has been leading the area with new condominium projects in the works.

Evidently, there are nearly 40 proposed projects in the county, all of which total more than 7,900 units.

These condominiums are expected to be built in Aventura, Bal Harbour, Miami, Key Biscayne, Miami Beach, Sunny Isles including the development The Village at Island Estates that I am representing.

Broward County has the second most proposed projects with 11. These condominiums will bring an additional 1,600 units to the area and will be constructed in Fort Lauderdale, Hallandale Beach and Hollywood.

In third place is Palm Beach County with at least 5 proposed condominium projects totaling 700 units. These condominiums are expected to be constructed in Juno Beach and West Palm Beach as well as Gulf Stream.

Experts are saying many domestic and international prospective developers are sweeping South Florida searching for previously approved projects that were put on hold after the housing market bubble burst in 2007.

Leading the way in this latest condominium development blitz is the 23 Biscayne Bay condominium in Greater Downtown Miami.

One tower has already been constructed and an additional 11 are expected to be completed as soon as 2014.

As of the second quarter of 2012, buyers have purchased about 93 percent of the nearly 49,000 new condos created in the largest coastal markets during the most recent South Florida real estate boom that began in 2003.

At the current sales pace of nearly 150 units per month, the 3,400 unsold new condos could be acquired in the first half of 2014.

Many of these newly proposed condominiums appear to cater to niche markets, such as the high-end luxury condominium market.

These new developments plan to attract high-end buyers with such features as incredibly spacious balconies, automobile elevators and personal swimming pools.

Your South Florida Real Estate Expert

This is an exciting time to be a South Florida home buyer – especially given all of the new luxury condominiums that are expected to be constructed soon!

If you’re thinking about relocating to South Florida anytime soon and investing in your own condominium, please contact me, Scott Patterson.

I’ll be happy to walk you through the condo-buying process with helpful advice and user-friendly resources such as:

Until next time,

Scott

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

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South Florida real estate for saleAvailable 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

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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