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Tag Archives: Scott Patterson

Brazilian Home Buyers on South Florida Real Estate Market Get National Attention

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Brazilian nationals investing in the South Florida real estate market is making national news, as evident by a recent article by Bloomberg.

According to the article, Brazilian currency has developed  a 45 percent gain against the United States dollar since 2008.

And while the United States economy grew by 2.3 percent between April 2010 and March 2011, the Brazilian economy (which is the largest in Latin America) grew by 4.2 percent.

This means that South Florida real estate has become increasingly attractive for international buyers – and this is great news for interested South Florida home sellers.

Brazilians Increasingly Investing in South Florida Real Estate

For several months now, the number of Brazilian nationals investing in the South Florida real estate market has steadily grown as these international buyers search for deals on vacation homes and property investments.

The effects of this on the South Florida real estate market have been tremendous:

  • Total sales on Miami’s condominium market have increased by 79 percent since the beginning of the year when compared to that same period in 2010.
  • Brazilians bought 9 percent of homes and apartments sold to international buyers between April 2009 and March 2010.
  • Brazilians are the third largest group of international buyers on the South Florida real estate market, behind only Canadians and Venezuelans.
  • In May 2011, international buyers invested in 60 percent of existing homes on the market and 90 percent of newly built homes.
  • Of those downtown Miami condos that sold for more than $500,000 to foreign investors, Brazilians accounted for about half of that group.
  • Of those Miami Beach property sales that sold for more than $1 million, the investor was Brazilian in about fifty percent of those sales.

It’s easy to see why Brazilian home buyers are flooding the South Florida real estate market when one considers the current state of the Brazilian real estate market:

  • Home prices in Brazil increased by 25 percent between June 2010 and May 2011.
  • In Rio, home prices increased by 44 percent.

Meanwhile, homes in the Miami area are selling for about 51 percent less than they did during the peak of the housing boom – which was in late 2006.

Listing Your South Florida Home for Sale

All of the activity being generated by Brazilian nationals on the South Florida real estate market is great news for interested South Florida home sellers.

This activity is creating demand that is giving South Florida home sellers some bargaining room when it comes to sales price.

In order to capitalize on the momentum that Brazilians are creating on South Florida’s real estate market, you’ll want to work with a South Florida real estate expert who knows how to effectively market your South Florida home for sale.

Contact me, Scott Patterson, your South Florida real estate expert, today and I’ll let you know how I can get you the best price on your South Florida home in as little time as possible.

To get things started, feel free to browse all of the helpful South Florida home selling resources I provide to South Florida home sellers. 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

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.

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

South Florida Waterfront Property Values Holding Strong

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A recent article in The Miami Herald addressed property value trends in different segments of the South Florida real estate market.

The article found that while distressed properties in Miami-Dade County are pulling sales prices down in some South Florida areas, new construction and non-distressed resales are actually doing quite well!
The segment of the South Florida real estate market that is doing best, according to a well know property appraisal firm, are the non-distressed resales in the coastal communities of Miami-Dade County.

In that segment of the South Florida real estate market, sales are comparable to 2005 levels.

And if you don’t consider the area’s foreclosures and short sales, sale prices are steady.

South Florida Real Estate Market

Here’s some of the other South Florida real estate market data that the Miami Herald recently reported:

  • There were 5,101 existing home sales in the first quarter in the South Florida coastal market.  This is the highest it’s been in five years.
  • The average sales price for non-distressed home in the coastal communities of Miami-Dade County was $482,870, which is an increase of about 0.4 percent.
  • List prices and sales prices are more closely matching up now.  For instance, the difference between list and sales price went from 11.6 percent last year to 8.3 percent this year.

All of this means that the South Florida real estate market is starting to return to stable conditions in which it’s not skewed toward a buyer’s market. This is no doubt great news for South Florida home sellers.

Listing Your South Florida Home for Sale

If you’re thinking about selling your South Florida home, then contact me, Scott Patterson.

As your South Florida real estate expert, I have real estate experience in several of the South Florida communities, including Aventura, Bal Harbour, Davie, Hallandale, Hollywood, Golden Beach and Sunny Isles.

When you list your South Florida home with me, I’ll work hard to ensure that we get the best sales price on your home and in as little time as possible.

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