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Tag Archives: South Florida

New Condo Proposals Abound Right Now in South Florida

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South Florida condosAn interesting trend has happened recently on the South Florida real estate market. Evidently, condo developers have been enthusiastically proposing new projects lately, proposing an average of almost 1,000 new units monthly for the tri-county coastal region since October 2012.

This is not only a sign that developers are feeling optimistic about the economy but also a sign that there’s about to be some incredible new real estate available in South Florida!

Real Estate for Sale in South Florida

According to the recent article I was reading in The Miami Herald, it has only taken roughly 10 months for developers to propose 20,000 new units in Miami Dade, Broward and Palm Beach counties.

Here’s what else the recent article revealed:

  • Since the fourth quarter of 2012, developers announced nearly 90 new buildings with a combined 9,500 units in South Florida.
  • At least three additional condo high rises with an estimated 1,200 units in the planning stages.
  • All put together, South Florida could ave at least 145 towers and nearly 20,700 units proposed for Miami-Dade, Broward, and Palm Beach counties.
  • The last South Florida condo boom of this magnitude started in 2003 and ultimately resulted in 245 towers and almost 49,000 units in the region.
  • Miami-Dade County has the largest concentration of proposed projects with more than 90 towers and nearly 15,285 units planned.
  • Broward County has 26 towers and less than 2,125 units proposed.
  • Palm Beach County is a third with 23 towers and nearly 2,100 units proposed.
  • Broken down further, the Hollywood and Hallandale Beach market in Southeast Broward County has proposed 11 towers with nearly 1,450 condo units.
  • Sunny Isles Beach on the barrier island in Northeast Miami-Dade County has proposed 10 towers and nearly 1,200 units slated to be developed.
  •  West Palm Beach has proposed seven towers and nearly 1,170 units
  • The city of Miami Beach has proposed with 17 towers and nearly 1,100 units.
  • And Bal Harbour, Surfside, and Bay Harbor Islands market in Northeast Miami-Dade County have proposed 14 condo towers with nearly 1,000 units.

Part of the reason that developers are moving so fast to develop new condos is because the inventory of available condo buildings is dwindling fast.

Experts predict that the current supply of existing condos for sale could be exhausted by the second half of 2014.

Some of the projects that developers are proposing include:

  • A 713-foot-tall tower with at least 60 stories at 600 Biscayne Blvd.
  • A 710-foot-tall tower with at least 60 stories at 700 Biscayne Blvd
  • A 610-foot-tall tower with 55 stories at 24 SW 4th St. on the north bank of the Miami River.

Still, despite all this talk about new South Florida developments, these companies have a large hurdle to overcome first: getting loans from the banks, which have tightened their lending policies in recent years.

That’s why experts believe that it is those developers who can drum up sufficient support from would-be condo buyers that will ultimately find success on the South Florida real estate market.

South Florida Condos for Sale

What do you think of the recent flurry of activity on the South Florida condo market? I would love to hear your thoughts!

In the meantime, if you’re thinking about investing in a South Florida condo, please contact me, Scott Patterson.

I’ll be happy to assist you by letting you know about available condos for sale, answering any questions you may have as well as telling you about nearby condo communities in such communities as:

  • Aventura, Florida
  • Hallandale, Florida
  • Davie, Florida

Until next time,

Scott

 

How Rising Interest Rates Are Expected to Affect South Florida

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Mortgage CalculatorRecently, during the month of June, mortgage interest rates moved into the 4 percent range.

This is higher than it’s been in the last several months, in which prospective home buyers all across the nation have seen rates drop as low as 3.25 percent.

So with interest rates rising again, how exactly is this going to affect the South Florida real estate market? Today, we’re going to analyze this and let you know.

South Florida homes for Sale

As many experts have noted recently, the slight increase in interest rates has encouraged many would-be buyers to finally enter the market before the rates rise even more.

This is interesting in itself given that just a decade ago, it was perfectly normal to see a 6 percent interest rate or a 9.5 percent interest rates.

But in recent years, buyers have grown accustomed to record-low interest rates.

Experts calculate that home buyers will see a 6 percent jump in monthly payments for every 0.5 point increase in the overall interest rate.

When rates first rise, home buyers worry they’re going to rise more and so there’s a surge in buying activity.

But as rates steadily rise, experts predict that purchase levels will start to decline.

In summarizing recent activity related to rising interest rates, one analyst recently said in an interview that he believes the South Florida real estate market is going to see interest rates continue to rise.

Barring some significant international economic disaster, he said residents should see rates rise to 5 or 5.5 percent soon.

But, as he noted, even those rates are incredibly good, albeit not as good as they’ve been in last 12 months.

Real Estate for Sale in South Florida

So home buyers, while you might have missed the absolute best deal available in terms of interest rates, there are still fantastic mortgages out there for you at incredible prices.

To take the next step toward making the most of this great time to be a South Florida home buyer, contact me, Scott Patterson.

I’ll be more than happy to assist you with all of your home-buying needs!

Until next time,

Scott

South Florida Real Estate Market Recovery Ranked Best in the Nation

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South Florida real estate salesThe South Florida real estate market is experiencing a larger bounce back than most housing markets around the nation.

Evidently, Palm Beach County, Broward County and Miami-Dade County are all seeing major jumps in their median sales price – making them some of the fastest improving markets in the country!

This is obviously great news for luxury South Florida home sellers who are hoping to get a respectable price for their South Florida property!

South Florida Home Sales

Here’s a breakdown of recent South Florida real estate market activity:

  • Broward County’s median price was $127,000, up 21 percent from the year before.
  • During that previous year, the median sales price in Broward County was $105,000.
  • That jump in Broward County was the highest jump of any housing market in the nation!
  • In Miami Dade County, the median sales price was $165,000, up 20 percent from the year before.
  • During that previous year, the median price in Miami-Dade was $138,000.

Although a lot of South Florida homes lost nearly half their value during the housing crisis, experts are now saying that the market is bouncing back from that drop.

Helping the situation is a lot of demand from investors as well as a shrinking supply of available South Florida homes for sale.

Rising rental prices are also driving more home buyers to the market.

List Your South Florida Home on the Market Now

South Florida home sellers who have been hesitant to list their home on the market in recent years can start doing so with confidence.

After all, given the recent data, it appears that home sales prices in the area are on a steady climb.

For help listing your home on the South Florida real estate market, please contact me, Scott Patterson.

I’m an experienced area REALTOR who can help you set the right list price on your home and create an effective marketing plan tailored to you.

For now, be sure to browse some of my online home-selling resources, such as:

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

 

More Canadians Flocking to South Florida to Invest in Real Estate

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Canadians investing in South FloridaFor the last several years, the focus on the South Florida real estate market in terms of international investors has been on Brazilians.

Now it appears that there’s another country whose citizens are entering the South Florida real estate market en masse: Canada.

According to a recent article I read, more Canadians are coming to the South Florida real estate market on account of a strong Canadian dollar and a weaker American dollar.

Translation: Canadians are seeing this as a prime opportunity to get a great return on their investment.

South Florida Real Estate for Sale

As Canadian baby boomers are looking for a place to invest their dollar, they’re finding a fantastic welcoming in South Florida.

Given the strong Canadian dollar and the already great deals to be found on the South Florida real estate market, it’s an obvious choice, experts say.

In fact, Canadians have become the No. 1 international visitors to Florida and the largest foreign buyers of second homes in the state of Florida, according to recent data.

Broken down further, 3.3 million Canadians visited the state in 2011, up 7 percent from 2010.

During that time, they spent $4 billion, up nearly 14 percent from the year before.

In Broward and Palm Beach counties alone, snowbirds from Canada and other places spent more than $2 billion last year!

This winter season, their tourist spending should rise about 2 percent.

And that’s just in tourism dollars!

Home investment-wise, Canadians are major players on the South Florida real estate market.

This is great news for the South Florida real estate market because these investments are breathing new life and energy into the market and making it more stable and robust.

Invest in South Florida Real Estate Today!

Contact me, Scott Patterson, to learn about the various available listings in such South Florida real estate markets as:

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

EWM International Realty is now Larger and Better than Ever!

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We have exciting news to share with you about our company’s parent company, Berkshire Hathaway.

Berkshire Hathaway has purchased the real estate franchise “Prudential” / Real Living and launch an entirely new brokerage brand for these agents: Berkshire Hathaway HomeServices.

Our South Florida real estate company EWM has been owned by Berkshire Hathaway for the last six years.

This new purchase, however, is guaranteed to make the company even stronger and more responsive to home buyer’s and home seller‘s needs.

Selling Real Estate in South Florida and Around the Country

Berkshire Hathaway has acquired Prudential’s agent network from Brookfield Asset Management.

Next year, Berkshire Hathaway and Brookfield will begin converting Home Services agents over to the new brand as well.

The new company will be based in Irvine, California and will be led by a team of Prudential Real Estate executives.

Here are some more facts of this recent deal:

  • Berkshire’s HomeServices of America (which already owns local brokerages with 16,000 agents in 21 states) will be the majority owner
  • The Prudential and Real Living brands will be eliminated over time.
  • Independent local brokers that HomeServices already owns will not have to switch affiliation but their branding will start to note that they’re owned by Berkshire Hathaway.

Your South Florida Real Estate Expert

By aligning ourselves with this new and improved super real estate company, EWM will have even greater access to real estate resources that will ultimately help you as the buyer or seller!

Thus, we’re quite thrilled about this newly formed real estate company!

If you’re considering entering the South Florida real estate market anytime soon, please contact me, Scott Patterson.

I’ll be happy to assist you as you navigate any one of the following South Florida markets:

Until next time,

Scott

Sunny Isles Taxes Still Low, Despite Increase in Amenities

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Home owners living in Sunny Isles, Florida are enjoying the best of both worlds lately: low property taxes and a growing list of local amenities!

According to a recent article that I read, Sunny Isles Beach’s proposed budget may increase as much as 45 percent in the next year, and yet the property tax rate is expected to be 3 percent lower than the current one.

This is great news for those living in Sunny Isles or considering relocating to this beautiful South Florida community!

Sunny Isles, Florida Real Estate for Sale

Sunny Isles Beach city administrators recently proposed a $62.5 million budget for the upcoming fiscal year, which is about 45.3 percent greater than this year.

The increase in spending is related to 19 capital improvement projects that the city wants to pursue in the next year.

These projects total about $19 million and include the construction of the Gateway Park, which will be located west of Collins Avenue between the east- and westbound lanes of Sunny Isles Boulevard.

The park and the accompanying garage for visitors will be about $16 million.

Additional projects mentioned in the proposed budget include:

  • $1 million for an emergency bridge
  • $4 million for more classrooms at Norman S. Edelcup Sunny Isles Beach K-8 school
  • Various park restoration projects
  • Installation of security cameras at the Government Center and city parks

There are also several other additions in the budget, such as hiring more lifeguards for about $500,000.

Meanwhile, property taxes are not expected to increase as a result of the numerous capital improvement projects. In fact, they’re expected to drop!

Officials are proposing a tax rate of $2.80 for every $1,000 of taxable property, which is 3 percent less than the current rate of $2.8860.

City officials are getting the extra money for the budget mostly from such one-time revenue sources as land scales and transfers of development rights.

Your Sunny Isles, Florida Real Estate Expert

I hope you found the above information insightful as a current or future Sunny Isles Beach home owner.

For more information on how this proposed budget may affect you specifically as either a home owner or home buyer, please contact me, Scott Patterson.

And if you’re considering investing in Sunny Isles Beach real estate anytime soon, please be sure to check out my various home-buying resources online. These include:

Until next time,

Scott

 

One Home Just Sold, Another is Listed in the Winding Ridge Neighborhood in Davie, FL!

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I’m glad to report that I recently sold a Davie, Florida home in the Winding Ridge neighborhood!

It’s not everyday that a home in this exclusive 6-home neighborhood changes ownership.  That’s because the resident’s here know what an incredible unique location they have.

The home sold for $2.1 million.

And here’s some even better news for interested South Florida home buyers:  Another home in this incredible neighborhood is listed!

Continue reading to learn more!

Winding Ridge Home for Sale on the Davie Real Estate Market

Winding Ridge is an elite neighborhood, a gated community comprised of just 6 custom homes.

This impressive Davie home for sale, located at 9951 Winding Ridge Lane, features 5 bedrooms, 6 baths and more than 8,202 square feet of living space.

This custom built, 2-story home is a gem on the Davie real estate market.

 

This exquisite home, which sits on a generous-sized 1.08 Acre lot, features a number of top quality amenities, such as:

  • Spacious walk-in closets
  • Custom heated pool and spa
  • Beautifully landscaped large backyard
  • Volume ceilings
  • 3-car garage
  • Wine cellar
  • Family room with wet bar and wine cooler

Built in 2005, this home also features impact windows and doors, wooden floors and a fire place.

This extraordinary South Florida luxury home is listed at $1,950,000, which equates to about $238 per square foot.

In addition to the incredible amenities offered within the home, the lucky South Florida home buyers who ultimately purchases this home will have the privilege of being able to say they live in the elite Winding Ridge neighborhood.

This community is virtually synonymous with a luxury custom home neighborhood in a ultra-private South Florida setting.

It also boasts an incredible location near 40-acre open preserve as well as all the amenities that the larger city of Fort Lauderdale has to offer.

Your Davie, Florida Real Estate Expert

If the home at 9951 Winding Ridge Lane has piqued your interest as a Davie area home buyer, then contact me, Scott Patterson.

As your South Florida real estate expert, I have extensive experience working on the Davie real estate market as well as in the Winding Ridge neighborhood.

When you call, I’ll also be happy to provide you with my expert advice on the best way to navigate the South Florida market as a home buyer.

I’ll also offer you a number of helpful South Florida relocation tools as:

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