Las Olas Condos
Real Estate Market Report
1st Quarter of 2012

Included in the Table below is information about Units purchased in Las Olas Condos within the 1st Quarter of 2012 (during the months of January, February, and March).

The numbers mostly speak for themselves, but here are some additional notes:

• In all of the Buildings, there is insufficient Inventory to meet the current level of demand.  It’s considered healthy when approximately 10% of the Units in a Building are listed for Sale. Each of the Buildings have less than 10% of their Units currently available for Sale.  There was a time when Inventory was a lot higher and sales were a lot lower, but that’s no longer the case.  In fact, 26 new Condo Towers are currently in varying stages of Development in South Florida and 5 of the 26 Buildings have already broken Ground and are under Construction with scheduled completion in 2012 and 2013.
  
  
• Many deals that were previously available have already been purchased since sales began to increase significantly in 2009.    Current prices are still deals in comparison to much higher prices during the previous Real Estate Boom.  In this post, I’m referring specifically to Las Olas Condos, but the situation is the same in many areas that are East and Waterfront, as well as a few other areas.
  
  
• As Inventory decreases, it’s becoming much less of a Buyer’s Market than it used to be.  In some Buildings and some Communities, it’s no longer a Buyer’s Market at all.
  
  
• Condos that were previously in trouble with high levels of distressed Inventory (Short Sales and Foreclosures) and Maintenance Fee delinquencies  have sold most of their distressed and non-distressed Inventory and have become healthy through increased sales in the current Market and a majority of Cash Buyers.
  
  
• Ft. Lauderdale was never Miami.  We had very little new Condo Inventory in comparison to Miami and even Miami has sold the majority of their new Condos that were created several years ago.
  
  
• Listings of Bank Owned Foreclosures are selling very quickly, typically within 30 days or less of being listed, and usually for purchase prices that are equal to or higher than their list prices.
  
  
• Days on Market for all Properties have decreased considerably and many Properties, both Distressed and non-Distressed, are being purchased very quickly.
  
  
• Sales in the Luxury price range ($500,000+) have increased significantly, however, the highest demand and fiercest competition is in the lower price range, so Buyers in the lower price range really have very, very few choices of the most desirable properties and many of them have been purchased.
  
  
• Units with the largest size, best views, and highest quality Interiors command premium prices, so purchasing the lowest priced Units typically means sacrificing the aforementioned items
  
  
• Approximately 80% of purchases in the local Condo Market are Cash sales, IN ALL PRICE RANGES!

Regarding location of Las Olas Condos, note the following:

• The Buildings above are Waterfront Buildings located along the New River except for Waverly and 350 Las Olas Place, which are non-Waterfront.
• The Condos that are located within closest walking distance to Las Olas Blvd. are Las Olas River House, Watergarden, Las Olas Grand, and 350 Las Olas Place.
• Of Las Olas Condos, Las Olas Grand and Las Olas River House have the largest Units.

Interested in Las Olas Condos?  Start your search here.

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Related Information:

• Las Olas Condos for sale
• Nu River Landing Condo – 511 S.E. 5th Av.
• Symphony Condo – 600 W. Las Olas Blvd. and 610 W. Las Olas Blvd.
• Las Olas River House Condo – 333 Las Olas Way
• Waverly Condo – 100 N. Federal Hwy. and 110 N. Federal Hwy.
• Watergarden Condo – 347 N. New River Drive
• Las Olas Grand Condo – 411 N. New River Dr.
• 350 Las Olas Place Condo – 350 SE 2nd St.
• Ft. Lauderdale Waterfront Condos
• Decorator Ready Condos
• 6 new Condos currently under Construction in South Florida in 2012

Las Olas Condos

Hollywood Lakes Homes
Real Estate Market Report 

During the month of April, 2012, 6 Properties were purchased in the East Hollywood Community of Hollywood Lakes.   The purchase price range of the properties sold was $268,400 – $500,000 (see property details below):

Pending Sales

Currently, 31 Hollywood Lakes properties are listed as being under Contract for purchase (Buyers submitted Offers that were accepted by Owners of the properties and the purchases are scheduled to be completed shortly).   The list price range of the Pending listings is $198,000 – $845,900.

Active Listings

Of approximately 1,350 total Homes in Hollywood Lakes, only 52 are currently listed for sale, so Inventory is not excessive.   The list price range of the Homes is $299,188 – $6,800,000.    Of the 52 properties, 16 are Waterfront properties located on Northlake and Southlake Dr. and are listed in a price range of $895,000 – $6,800,000.   The Homes that are currently on the Market were built between 1925 – 2010 and include Historic Homes, renovated/remodeled Homes, and a few “new” Homes that were constructed within recent years.   Architectural styles include Ranch, Mediterranean, Mediterranean Revival, and others.    Of the 52 Properties listed for sale, none are listed as Bank Owned Foreclosures and only 5 are listed as Short Sales.

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Hollywood Lakes Map Location

East Hollywood Homes near the Beach

Harbor Islands
Real Estate Market Report

Harbor Islands is experiencing a high level of purchase activity. During the months of January – April of 2012,   MLS property sales records indicate that 11 properties were purchased (8 Single Family Homes and 3 Townhomes) with a purchase price range of $402,500 – $2,000,000.    The properties that were purchased are as follows:

Single Family Homes

• 1250 Harbor Ct., purchased for $2,000,000 on March 5, 2012:  5 Bedrooms, 5.5 Baths, Pool, 3-Car Garage, and 4,773 Square Feet of Living Area, located on an Ocean Access Canal.
  
  
• 1325 Hatteras Ct., purchased for $1,710,000 on February 15, 2012:  5 Bedrooms, 5 Full Baths, and 2 Half Baths, 3-Car Garage, Pool, and 4,760 Square Feet of Living Area, located Intracoastal front.
  
  
• 1555 Windjammer Way, purchased for $1,705,000 on April 18, 2012:  5 Bedrooms, 5 Full Baths, and 2 Half Baths, 3-Car Garage, Pool, and 4,760 Square Feet of Living Area, located Intracoastal front.
  
  
• 1599 Mariner Way, purchased for $615,000 on March 30, 2012:  4 Bedrooms and 3 Baths, 2-Car Garage, Pool, and 2,702 Square Feet of Living Area.
  
  
• 1060 Waterside Ln., purchased for $500,000 on February 24, 2012:  3 Bedrooms and 2.5 Baths, 2-Car Garage, Pool, and 2,332 Square Feet of Living Area.
  
  
• 1525 Breakwater Terrace, purchased for $428,000 on February 28, 2012:  2 Bedrooms and 2 Baths + Den, 2-Car Garage, Pool, and 1,777 Square Feet of Living Area.
  
  
• 1561 Breakwater Terrace, purchased for $425,000 on April 27, 2012:  2 Bedrooms and 2 Baths + Den, 2-Car Garage, Pool, and 1,777 Square Feet of Living Area.
  
  
• 1505 Breakwater Terrace, purchased for $420,000 on April 17, 2012:  3 Bedrooms and 2 Baths, 2-Car Garage, Pool, and 1,777 Square Feet of Living Area.

Townhomes

• 822 Spinnaker Dr., purchased for $690,000 on March 16, 2012:  4 Bedrooms and 4 Baths, 2-Car Garage, and 3,287 Square Feet of Living Area.
  
  
• 833 Spinnaker Dr., purchased for $625,000 on March 26, 2012:  3 Bedrooms and 3 Baths, 2-Car Garage, and 2,993 Square Feet of Living Area.
  
  
• 942 Harbor View, purchased for $402,500 on January 30, 2012:  3 Bedrooms and 2.5 Baths, 2-Car Garage, and 2,387 Square Feet of Living Area.

Properties on the Market for Sale in Harbor Islands

Currently, 15 Single Family Homes are for Sale in Harbor Islands and their list price range is $599,900 – $3,950,000.   3 Townhomes are on the Market for Sale and their list price range is $540,000 – $670,000.

Harbor Islands offers full Amenities (Clubhouse, Tennis Courts, Fitness Center, Parks, and a Marina) and holds the distinction of being 1 of only 4 Guard Gated Waterfront Ocean Access Communities in Broward County.   The other 3 Communities are in Ft. Lauderdale and Sea Ranch Lakes (Harborage Isle , Bay Colony, and Sea Ranch Lakes). To the surprise of many, the majority of our Waterfront Communities and Communities located near the Beach are not Gated (the majority of Gated Communities are located West, in locations that are distant from the Beach) .  Harbor Islands has a great location that’s very close to the Beach, Shops, and Restaurants.

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Harbor Islands Luxury Gated Community

Victoria Park
Real Estate Market Report

Located close to the Beach and the downtown/Las Olas area, the picturesque Community of Victoria Park continues to be one of Southeast Ft. Lauderdale’s most desirable locations.    During the months of January – April of 2012, MLS property sales records indicate that 16 Single Family Homes were purchased in the Communities of Victoria Park and Victoria Isles.   The purchase price range of the properties was $265,000 – $1,800,000, with an average purchase price of $803,265.

Of the properties that were purchased, 6 are Waterfront properties located on Ocean Access Canals without Fixed Bridges and purchased in a price range of $900,000 – $1,800,000, with an average purchase price of $1,258,333.   The other 10 properties that were purchased are non-Waterfront and were purchased in a price range of $265,000 – $959,000, with an average purchase price of $530,800.      4 of the 16 properties were purchased as Short Sales and 1 was purchased as a Bank Owned Foreclosure.    Houses that are purchased with the lowest prices are typically Teardowns/in need of complete renovation and purchased primarily for Land value.

Currently, 35 properties are on the Market for sale in Victoria Park and Victoria Isles.  Their list price range is $325,000 – $3,175,000, with an average list price of $1,516,143 for Waterfront properties and $673,854 for non-Waterfront properties.

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Map of Victoria Park’s Location

Victoria Park Homes

Las Olas Beach Club Luxury Condo

Royal Palm Yacht and Country Club
Real Estate Market Report

Royal Palm Yacht & Country Club is experiencing strong performance in the current Market.  During the 1st Quarter of 2012, 6 properties were sold and their purchase price range was $735,000 – $7,400,000.  The properties that sold are as follows:

• 1750 Royal Palm Way, purchased for $7,400,000 on February 10, 2012. 1750 Royal Palm Way is a direct Intracoastal front Property with 100′ of Waterfront and beautiful views.  Built in 2010, it includes 6 Bedrooms, 7 Full Baths, 3 Half Baths, a Pool, 4-Car Garage, and 9,544 Square Feet of Living Area (this property is pictured below).
  
  
• 169 W. Coconut Palm Rd., purchased for $3,200,000 on February 29, 2012:  Built in 1998, 5 Bedrooms and 6.5 Baths, 3-Car Garage, Pool, 6,105 Square Feet of Living Area, and 104′ of Waterfront on an Ocean Access Canal.
  
  
• 2233 Date Palm Rd., purchased as a Bank Owned Foreclosure for $2,275,000 on January 24, 2012:  Built in 2007, 5 Bedrooms and 6.5 Baths, 4-Car Garage, Pool, 6,641 Square Feet of Living Area.
  
  
• 2291 Date Palm Rd., purchased for $2,025,000 on February 15, 2012:  Built in 2011, 3 Bedrooms and 3.5 Baths, 3-Car Garage, Pool, and 4,250 Square Feet of Living Area.
  
  
• 383 Thatch Palm Dr., purchased for $1,060,000 on March 23, 2012:  Built in 1964, 5 Bedrooms and 5 Full Baths, 2-Car Garage, Pool, and 4,236 Square Feet of Living Area.  This property was purchased as a Teardown (is in need of complete renovation).
  
  
• 1850 Sabal Palm Dr., purchased for $735,000 on March 2, 2012:  Built in 1960, 3 Bedrooms and 2.5 Baths, Pool, 2-Car Garage, and 1,964 Square Feet of Living Area.  This property was purchased as a Teardown and, at the time of its’ purchase, had been completely gutted to its’ Wood Beams and Concrete Floors.

Royal Palm Yacht & Country Club Homes for Sale

Currently, 71 Properties are on the Market for sale in Royal Palm Yacht & Country Club.  Since the Community has a total of almost 700 Properties, 71 Houses for sale is a normal/average amount.

The list price range of the 71 properties is $788,000 – $12,495,000.   Of the properties for sale, only 3 are listed under $1 Million.  Of the 71 properties, 24 properties are Waterfront (located on Ocean Access Canals and the Intracoastal) and their price range is $2,327,500 – $12,495,000.

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Map Location of Royal Palm Yacht & Country Club

Related information:

East Boca Raton Homes for Sale

Royal Palm Yacht & Country Club Homes

New Construction of Condos in South Florida
2012 Real Estate Market Report

As a result of significantly increased sales and an almost complete sell-out of Condos that were built during the Boom, Inventory of new and resale Condos in South Florida has decreased to the point that Developers have proposed Construction of 26 new Condo Towers in South Florida’s Tri-County areas of Broward, Miami-Dade, and Palm Beach.   Included in areas where Condos were built during the Boom are downtown Miami, South Beach, Sunny Isles Beach, Hollywood, Hallandale Beach, Ft. Lauderdale, Boca Raton, Deerfield Beach, West Palm Beach, and Palm Beach.

It’s not the old Market anymore.   Interested Buyers who are new to the Market and inquiring about “empty Buildings, all the distressed Condos, 50% off of current Market value, and Foreclosures of new Waterfront Condos” are several years behind with Market statistics and are thinking that it’s the 2007 – 2008 Market when South Florida had the highest level of inventory and lowest number of sales.   Fortunately, the Market has improved significantly since then.   In many cases, today’s Condo prices are approximately 50% less than their previous values in the old Market, however, the decrease in current Inventory and increase in sales has been accompanied by increases in current values, so prices are not remaining depressed in the most desirable areas that have the highest levels of demand.

So, what’s going on with the “Shadow Inventory” that you keep hearing about?  “Shadow Inventory” = Foreclosures that Banks haven’t yet released into the Market.  Searches of County Foreclosure Records indicate that although there are Foreclosures that haven’t been released into the Market yet, such properties are not the majority of existing Units in East and Waterfront Condos.  Additionally, some Foreclosures never reach the open Market because they are purchased directly through the Court’s Auction process.  Furthermore, even when Foreclosures are listed on the open Market/for sale through Brokers selected by Banks, the majority of such properties in highly desirable locations are typically purchased within 30 days or less and are very often purchased for prices that exceed their list prices because of multiple offers.   As such, Shadow Inventory is not considered to pose a threat to the health of the East Condo Market.

Many of South Florida’s Condo Buyers are Foreigners (whom are estimated to account for approximately 80% of current Condo sales and pre-sales), but Domestic Buyers who live outside of Florida are also very active in the Market of Buyers who purchase vacation properties (2nd, 3rd, and 4th Homes) and/or Investment properties.  Of the 50 States in the U.S.,  Florida is fortunate to sell the highest number of properties to International and Domestic Buyers who purchase vacation and/or investment properties (the majority of whom purchase properties that are located in East areas close to the Beach) so we benefit significantly from the fact that we’re not limited to local demand and, therefore, don’t have a Real Estate Market that’s impacted as greatly by unemployment levels as some other Markets are in the U.S.   South Florida’s Real Estate Market is Global/International.

Besides Warm Weather, lower Property Taxes than New York, California, and a number of other States plus close proximity to several International locations and convenient Airline access, South Florida’s prices remain a bargain in comparison to locations where many of our Buyers come from.   Here are a few examples of average prices per Square Foot for new downtown Condos in various areas:

• Downtown Miami:  $400
• South Beach area of Miami Beach:  $1,000
• Ft. Lauderdale:  $300
• Manhattan, New York:  $1,295
• Bogota, Colombia:  $700
• Sao Paulo, Brazil:  $1,100
• Rio de Janeiro, Brazil:  $1,100
• Toronto, Canada:  $750

Of the new Condos currently in development in South Florida, several are already under construction and are scheduled for completion in 2012 and 2013 (see list below):

• 23 Biscayne Condo in Miami, FL:  Scheduled for Construction completion in July of 2012 and completely sold out in November of 2011.   23 Biscayne will have 96 Units and is Bayfront in the downtown/Brickell area of Miami.
  
  
• 4001 North Ocean Condo in Gulfstream, FL:  Scheduled for Construction completion in December of 2012 and is 58% sold.    4001 North Ocean Condo will have 34 Units and is a direct Oceanfront Building on the Beach.   4001 North Ocean isn’t a “Tower” per se, but it’s a Luxury Condo that’s worthy of inclusion.   Price range for the remaining Units:  $1.8 - $5.1 Million.
  
  
• Apogee Beach Condo in Hollywood, FL:  Scheduled for Construction completion in the Fall of 2013 and is 90% sold (per the Developer, the presales were to 87% Argentines, Venezuelans, and Mexicans and only 5 percent to Americans).  Apogee Beach will have 49 Units and is a direct Oceanfront Building on the Beach.  Price range for the remaining Units:  $1,874,900 – $2,014,900.
  
  
• My Brickell Condo in Miami, FL:  Scheduled for Construction completion in September of 2013 and is 95% sold.  My Brickell will have 192 Units and is a non-Waterfront Building in the downtown/Brickell area of Miami.  Price range for the remaining Units: $256,900 – $444,900.
  
  
• Bellini Williams Island Condo in Aventura, FL:  Scheduled for Construction completion in the Summer of 2013.  Bellini at Williams Island is Waterfront and will have 70 Units.  Price range: $1,125,000 – $4,250,000.
  
  
• Regalia Condo in Sunny Isles Beach, FL:  Scheduled for Construction completion in the Fall of 2013.  Regalia is a direct Oceanfront Building on the Beach and will have 39 Units, with only 1 Unit per Floor.  Price range: $4.7 – $20,000,000.

In reference to pre-construction Condos or Condos that are currently under Construction, the term “sold” refers to the fact that Condo Developers have Contracts/accepted Offers and Deposits from Buyers who plan to purchase Units when construction is complete (these are also known as pre-sales).

Because there are challenges in the current Market with Developers obtaining Construction Loans, Developers of the majority of new Condos are requiring Buyers to commit to Deposits to be paid in phases*.  In the previous Market,  Buyers were typically required to pay a 20% deposit to reserve Units and then pay the remaining amount when Construction was complete and, in that Market, many Buyers Financed their purchases.   The vast majority of new Construction Condo purchases are Cash and, in the current South Florida Market, approximately 80% of Condo purchases are Cash, for both new and resale Units.

*-Below is an example of a Deposit schedule to be paid in phases (there are variations, but this provides an idea of the basic structure):

• 20% paid upon execution of Contract
• 20% paid the later of  (1) 90 days after execution of contract and (2) completion of Foundations
• 20% paid at completion of pouring top Floor (i.e. building Top off)
• Balance paid at closing

If you would like additional information about these properties or others, feel free to call or email me.

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New Construction of Condos in South Florida
2012 Real Estate Market Report

As a result of significantly increased sales and an almost complete sell-out of Condos that were built during the Boom, Inventory of new and resale Condos in South Florida has decreased to the point that Developers have proposed Construction of 26 new Condo Towers in South Florida’s Tri-County areas of Broward, Miami-Dade, and Palm Beach. Included in areas where Condos were built during the Boom are downtown Miami, South Beach, Sunny Isles Beach, Hollywood, Hallandale Beach, Ft. Lauderdale, Boca Raton, Deerfield Beach, West Palm Beach, and Palm Beach.

It’s not the old Market anymore. Interested Buyers who are new to the Market and inquiring about “empty Buildings, all the distressed Condos, 50% off of current Market value, and Foreclosures of new Waterfront Condos” are several years behind with Market statistics and are thinking that it’s the 2007 – 2008 Market when South Florida had the highest level of inventory and lowest number of sales. Fortunately, the Market has improved significantly since then. In many cases, today’s Condo prices are approximately 50% less than their previous values in the old Market, however, the decrease in current Inventory and increase in sales has been accompanied by increases in current values, so prices are not remaining depressed in the most desirable areas that have the highest levels of demand.

So, what’s going on with the “Shadow Inventory” that you keep hearing about? “Shadow Inventory” = Foreclosures that Banks haven’t yet released into the Market. Searches of County Foreclosure Records indicate that although there are Foreclosures that haven’t been released into the Market yet, such properties are not the majority of existing Units in East and Waterfront Condos. Additionally, some Foreclosures never reach the open Market because they are purchased directly through the Court’s Auction process. Furthermore, even when Foreclosures are listed on the open Market/for sale through Brokers selected by Banks, the majority of such properties in highly desirable locations are typically purchased within 30 days or less and are very often purchased for prices that exceed their list prices because of multiple offers. As such, Shadow Inventory is not considered to pose a threat to the health of the East Condo Market.

Many of South Florida’s Condo Buyers are Foreigners (whom are estimated to account for approximately 80% of current Condo sales and pre-sales), but Domestic Buyers who live outside of Florida are also very active in the Market of Buyers who purchase vacation properties (2nd, 3rd, and 4th Homes) and/or Investment properties. Of the 50 States in the U.S., Florida is fortunate to sell the highest number of properties to International and Domestic Buyers who purchase vacation and/or investment properties (the majority of whom purchase properties that are located in East areas close to the Beach) so we benefit significantly from the fact that we’re not limited to local demand and, therefore, don’t have a Real Estate Market that’s impacted as greatly by unemployment levels as some other Markets are in the U.S. South Florida’s Real Estate Market is Global/International.

Besides Warm Weather, lower Property Taxes than New York, California, and a number of other States plus close proximity to several International locations and convenient Airline access, South Florida’s prices remain a bargain in comparison to locations where many of our Buyers come from. Here are a few examples of average prices per Square Foot for new downtown Condos in various areas:

• Downtown Miami: $400
• South Beach area of Miami Beach: $1,000
• Ft. Lauderdale: $300
• Manhattan, New York: $1,295
• Bogota, Colombia: $700
• Sao Paulo, Brazil: $1,100
• Rio de Janeiro, Brazil: $1,100
• Toronto, Canada: $750

Of the new Condos currently in development in South Florida, several are already under construction and are scheduled for completion in 2012 and 2013 (see list below):

• 23 Biscayne Condo in Miami, FL: Scheduled for Construction completion in July of 2012 and completely sold out in November of 2011. 23 Biscayne will have 96 Units and is Bayfront in the downtown/Brickell area of Miami.
  
  
• 4001 North Ocean Condo in Gulfstream, FL: Scheduled for Construction completion in December of 2012 and is 58% sold. 4001 North Ocean Condo will have 34 Units and is a direct Oceanfront Building on the Beach. 4001 North Ocean isn’t a “Tower” per se, but it’s a Luxury Condo that’s worthy of inclusion. Price range for the remaining Units: $1.8 – $5.1 Million.
  
  
• Apogee Beach Condo in Hollywood, FL: Scheduled for Construction completion in the Fall of 2013 and is 90% sold (per the Developer, the presales were to 87% Argentines, Venezuelans, and Mexicans and only 5 percent to Americans). Apogee Beach will have 49 Units and is a direct Oceanfront Building on the Beach. Price range for the remaining Units: $1,874,900 – $2,014,900.
  
  
• My Brickell Condo in Miami, FL: Scheduled for Construction completion in September of 2013 and is 95% sold. My Brickell will have 192 Units and is a non-Waterfront Building in the downtown/Brickell area of Miami. Price range for the remaining Units: $256,900 – $444,900.
  
  
• Bellini Williams Island Condo in Aventura, FL: Scheduled for Construction completion in the Summer of 2013. Bellini at Williams Island is Waterfront and will have 70 Units. Price range: $1,125,000 – $4,250,000.
  
  
• Regalia Condo in Sunny Isles Beach, FL: Scheduled for Construction completion in the Fall of 2013. Regalia is a direct Oceanfront Building on the Beach and will have 39 Units, with only 1 Unit per Floor. Price range: $4.7 – $20,000,000.

In reference to pre-construction Condos or Condos that are currently under Construction, the term “sold” refers to the fact that Condo Developers have Contracts/accepted Offers and Deposits from Buyers who plan to purchase Units when construction is complete (these are also known as pre-sales).

Because there are challenges in the current Market with Developers obtaining Construction Loans, Developers of the majority of new Condos are requiring Buyers to commit to Deposits to be paid in phases*. In the previous Market, Buyers were typically required to pay a 20% deposit to reserve Units and then pay the remaining amount when Construction was complete and, in that Market, many Buyers Financed their purchases. The vast majority of new Construction Condo purchases are Cash and, in the current South Florida Market, approximately 80% of Condo purchases are Cash, for both new and resale Units.

*-Below is an example of a Deposit schedule to be paid in phases (there are variations, but this provides an idea of the basic structure):

• 20% paid upon execution of Contract
• 20% paid the later of (1) 90 days after execution of contract and (2) completion of Foundations
• 20% paid at completion of pouring top Floor (i.e. building Top off)
• Balance paid at closing

If you would like additional information about these properties or others, feel free to call or email me.

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New Condos in South Florida

4001 North Ocean Condo Market Update

Construction is progressing well at 4001 North Ocean, with accelerated completion still scheduled for December of 2012.  The traditional “Topping Off the Roof” Ceremony will be held this Friday, May 4th, 2012.

• The Free-standing Cabana and Fitness Center have been completed
• The Foundation and 1st through 6th floors of the Condo have been placed

Below are pictures of the construction progress as of April 7, 2012.

Currently, 20 of the Units are already under Contract for purchase and only 14 of the 34 Units remain available for purchase.  Considering that it’s only May and scheduled completion of construction is still 7 months away, it appears likely that 4001 North Ocean will be sold out or very close to sold out by December.

Click here to view Floor Plans for 4001 North Ocean and to view details about its’ Amenities and other features.

If you would like additional information about 4001 North Ocean Condo or would like to schedule an Appointment to view the Property, please contact me.

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4001 North Ocean Condo is a direct Oceanfront Condo located on the Beach in Gulfstream, FL at 4001 North Ocean Blvd., adjacent to Delray Beach.  4001 North Ocean Condo is one of several new Condos in South Florida that are currently under construction.

Click here to view Floor Plans for 4001 North Ocean and to view details about its’ Amenities and other features.

4001 North Ocean Luxury Condo

East Boca Raton Single Family Homes
Real Estate Market Report 1st Quarter of 2012

Properties Sold

During the first Quarter of 2012, MLS Property Sales records indicate that 147 Single Family Homes were purchased in East Boca Raton.   Below are additional details about the 147 Property purchases.

Pictured below is 1750 Royal Palm Way, located in Royal Palm Yacht & Country Club. 1750 Royal Palm Way is a direct Intracoastal front Property with 100′ of Waterfront and beautiful views.  Built in 2010, it includes 6 Bedrooms, 7 Full Baths, 3 Half Baths, a Pool, 4-Car Garage, and 9,544 Square Feet of Living Area.

Notes:

• For this Report, East Boca Raton refers to properties that are located East of I-95, East of U.S. 1, and East of the Intracoastal.    It’s important to note that Properties located East are not the majority of the Inventory, nor the majority of the Land in Boca Raton, so East properties don’t comprise the majority of the sales in Boca Raton.
  
  
• 11 of the 147 Properties that were purchased are Waterfront properties.   The purchase price range of the Waterfront properties was $345,000 – $7,400,000, with an average purchase price of $840,000.   The Waterfront locations of the properties are Ocean Access Canals and Intracoastal.    Subdivisions that the properties are located in are Bel Marra, Boca Bay Colony, Boca Harbour Island, Boca Islands, Boca Keys, Royal Palm Yacht and Country Club, and Estoville.

Properties for Sale

Currently, 403 Single Family Houses are on the Market for Sale in East Boca Raton:

Starting your search for East Boca Raton Properties?
Use the links below to view properties and customize your search.

Search East Boca Homes for Sale by price range, location, and other features:

• Under $500,000
• $500,000 – $699,999
• $700,000 – $999,999
• $1,000,000 – $1,999,999
• $2,000,000 – $2,999,999
• $3,000,000+ 

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East Boca Map Location

East Boca Raton Homes

Rio Vista Real Estate Market Report
Homes sold during the 1st Quarter of 2012

During the months of January, February, and March of 2012, 9 properties were purchased in the Ft. Lauderdale Communities of Rio Vista and Rio Vista Isles. The purchase price range of the properties sold was $240,000 – $3,110,000.  Of the properties that were purchased, only 1 is Waterfront, the one that was purchased for $3,110,000.

The properties that were purchased are as follows:

• 1816 SE 9th St.,  purchased for $3,110,000 on 2/10/12:   Built in 1988, 5 Bedrooms, 5.5 Baths, 3-Car Garage, Pool, 5,234 Square Feet of Living Area, and 100’ of Waterfront on an Ocean Access Canal
• 1021 SE 8th St., purchased for $1,200,000 on 3/20/12:  Built in 1937, 4 Bedrooms, 4 Baths, 1-Car Garage, Pool, and 2,703 Square Feet of Living Area
• 1115 SE 5th Ct., purchased for $990,000 on 1/30/12:  Built in 2007, 5 Bedrooms, 4.5 Baths, 2-Car Garage, Pool, and 3,397 Square Feet of Living Area
• 921 SE 11th Ct., purchased for $655,000 on 2/24/12:  Built in 1955, 3 Bedrooms, 3 Full Baths, 2-Car Garage, Pool, and 2,080 Square Feet of Living Area
• 708 SE 11th Ct., purchased for $610,000 on 1/20/12:  Built in 1947, 3 Bedrooms, 3 Full Baths, 1-Car Garage, Pool, and 2,719 Square Feet of Living Area
• 720 Ponce de Leon Dr., purchased for $455,000 on 3/21/12:  Built in 1940, 3 Bedrooms, 3 Full Baths, and 1-Car Garage
• 1008 SE 7th St.,  purchased for $325,100 on 2/29/12:  Built in 1940, 2 Bedrooms, 2 Full Baths, and 1-Car Garage
• 700 SE 9th St., purchased for $240,000 on 2/6/12:  Built in 1940, 2 Bedrooms, 1 Full Bath, and 1,119 Square Feet of Living Area
• 805 SE 7th St., purchased for $315,000 on 1/13/12:  Built in 1946, 2 Bedrooms, 1 Full Baths, 1-Car Garage and 1,000 Square Feet of Living Area

Pictured below is 1816 SE 9th St., purchased for $3,110,000.

Rio Vista Homes for Sale

Of over 1,000 Homes in the Community of Rio Vista, only 35 are currently listed for sale, so Inventory is low. The price range of the properties for sale is $299,900 – $32,000,000.  Of the 35 properties, 12 are Waterfront and their price range is $789,000 – $32,000,000.

Of the 35 listings of properties for Sale, 2 are listed as Short Sales and 1 is listed as a Bank Owned Foreclosure, so Inventory of Distressed Properties is minimal, as is typical in our Luxury Communities.

Homes in Rio Vista are of varying Architectural styles (Contemporary, Mediterranean, Ranch, Colonial, etc.) and include Historic Homes, Homes that are of new Construction, Luxury Homes/Estates, Waterfront Homes, and non-Waterfront Homes.

Rio Vista is a desirable location for Residents who enjoy close proximity to the downtown/Las Olas area of Ft. Lauderdale, the Beach, and Ocean Access from Waterfront Homes.

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Related information:

• Market Report:  Rio Vista Homes sold during September – December of 2011
• Market Report:  Rio Vista Homes sold during the 1st Quarter of 2011 (January – March)
• Market Report:  Rio Vista Homes sold during the 2nd Quarter of 2011 (April – June)
• Market Report:  Rio Vista Homes sold during July and August of 2011
• The Communities of Rio Vista and Rio Vista Isles
• Ft. Lauderdale Waterfront Homes
• Ft. Lauderdale Luxury Homes

Rio Vista Luxury Homes

Las Olas Single Family Homes Real Estate Market Report

During the months of January, February, and March of 2012, 18 Single Family Homes and 2 Lots were purchased in the Las Olas Communities of Las Olas Isles, Las Olas Seven Isles, Riviera Isles, and Idlewyld.   The properties were sold with a purchase price range of $760,000 – $3,575,000, with an average purchase price of $1,513,441.     All of the properties that were purchased are Waterfront properties.  Of the 20 properties, 3 are Intracoastal front and 17 are located on Ocean Access Canals.

In our local Luxury Market, distressed properties are not the majority of the Inventory, nor sales.   Of the 20 properties, 1 was purchased as a Short Sale and 2 were purchased as  Bank Owned Foreclosures.  The 2 Properties that were purchased as Bank Owned Foreclosures, 2627 Castilla Isle and 2308 Castilla Isle, were formerly owned by convicted Ponzi schemer, Scott Rothstein.   2627 Castilla Isle was purchased for $781,000, which is $75,100 ABOVE its’ list price of $705,900 and 2308 Castilla Isle was purchased for $1,850,000.

Pictured below is 2700 Aqua Vista Blvd., which was purchased for $3,575,000 on 2/29/12.  The property is listed as having 205′ of Waterfront, a 2-Story Main House with 5 Bedrooms and 5.5 Baths, a 2-Story Guest House with 3 Bedrooms & 3 Baths, Living Room, Kitchen & Sundeck, 7-Car Garage, and Pool.  The property purchase included the adjacent 2630 Aqua Vista Blvd.  Combined, the Lots offer just over 1/2 Acre of Land, which is a large Land area for East Ft. Lauderdale.   2700 Aqua Vista is located on an Ocean Access Canal and is just 1 Lot away from the Intracoastal.

Las Olas Homes currently for Sale

Of ~700 total Homes in Las Olas Isles, Las Olas Seven Isles, Riviera, and Idlewyld, 71 are currently listed for sale, so Inventory is not excessive and is at an average, healthy level.  The price range of the properties is $699,900 – $16,990,000.    Of the 71 properties, only 4 are listed for prices under $1,000,000.   All of the properties are Waterfront and located on Ocean Access Canals, the Intracoastal, or the New River (the majority are located on Ocean Access Canals).

With a beautiful variety of Luxury Homes, close proximity to the Beach, Shops, Restaurants, and Nightlife, in addition to Ocean access without Fixed Bridges, Mega Yacht Dockage, Deep Canals, and fast access to the Intracoastal and Ocean Inlet, properties in the Las Olas area remain a popular choice and they are holding their values well.

Interested in Las Olas Properties?  Click the button below to view property listings and customize your search.

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Previous Market Reports for Las Olas Isles:

• November – December 2011
• September – October 2011
• July – August 2011
• May – June 2011
• March – April 2011
• December 2010 – February 2011

Related information:

• Luxury Homes for Sale in Ft. Lauderdale and other Cities in Broward County
• Ft. Lauderdale Waterfront Homes
• Las Olas Homes for Sale
• South Florida Intracoastal Homes

Las Olas Luxury Homes

Parkland Single Family Homes
Real Estate Market Report

During the 1st Quarter of 2012, 77 Single Family Homes were purchased in Parkland.   The price range of the properties sold was $225,000 – $1,375,000, with an average purchase price of $480,757.   Of the 77 properties sold, 17 were Short Sales and 6 were Bank Owned Foreclosures, so distressed properties were not the majority.

The Communities/Subdivisions where the Homes are located are Banyan Isles, Ternbridge, Country’s Point, Creekside, Cypress Cay, Cypress Head, Heron Bay, Landings, Mayfair, Meadow Run, Parkland Golf and Country Club, Parkland Isles, Parkwood, Pine Tree Estates, Tall Pines, Terramar, and Whittier Oaks.

Below are additional details about the 77 properties that were purchased:

Pictured below is 7600 Marblehead Ln. in the Parkland Community of Cypress Head.  The property was sold with a purchase price of $1,400,000 on March 7, 2012.   It’s Lakefront, was built in 1996, and has 6 Bedrooms, 6 Full Baths, a 4-Car Garage, Pool, and 5,546 Square Feet of Living Area.

Located in Northwest Broward County, Parkland is a desirable choice for Buyers who enjoy Suburban living in an area that offers Luxury Homes and sprawling Estates in Gated and non-Gated Communities, Golf Course, and Tennis Communities.

Starting your search for Parkland Homes?  Click the links below to view listings, search by price range and location + save your favorites. 

Search by price range:

• Parkland Homes for Sale under $400,000
• Parkland Homes for Sale under $600,000
• Parkland Homes for Sale under $800,000
• Parkland Homes for Sale under $1 Million
• Parkland Homes for Sale over $1 Million

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Parkland Luxury Homes

Ocean Palms Condo
Real Estate Market Report

During the first Quarter of 2012, 5 Units were purchased in Ocean Palms Condo.  Additional details about the Units that sold are included below:

• Unit 3608:  Purchased for $1,385,000 on February 21, 2012
• Unit 2706:  Purchased for $885,000 on February 14, 2012
• Unit 807: Purchased for $820,000 on February 10, 2012
• Unit 1905:  Purchased for $800,000 on February 13, 2012
• Unit 1106:  Purchased for $650,000 on January 31, 2012

The Units range in size from 2,108 – 3,091 Square Feet of Living Area and the Floor Plans are Atlantic (08 Line), Bali (05 and 06 Line), and Aegean (07 Line).  Of the Floor Plans at Ocean Palms Condo, the Atlantic is the largest.

Location, Views, Amenities, and more!

Direct Oceanfront location on the Beach in Hollywood, FL, private Elevator entry into each Residence, spacious Balconies,  Floor-to-Ceiling Windows, Ocean, Intracoastal, and/or City views, great Amenities, and close proximity to Shops, Restaurants, Golf Courses, Miami, Ft. Lauderdale, and the Hollywood-Ft. Lauderdale International Airport make Ocean Palms Condo an excellent choice to consider for new Oceanfront Condos and Luxury Condos.

Condos for Sale and for Rent in Ocean Palms

Of 240 total Units in the Building, only 7 are on the Market for sale, so inventory is very low. An average/healthy number of listings for Sale in a Building or Community is considered to be ~10% of the total number of Units, which, in this case, would equal 24 Units for Sale.    Because of a significant increase in the number of sales and the lack of new Listings to replace the ones that sold, Buyers in the current Market who are interested in East and Oceanfront properties are finding that Inventory is significantly lower than it used to be.  25 Units sold in Ocean Palms Condo in 2011.

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Related Information:

• Ocean Palms Condo
• Hollywood Oceanfront Condos
• South Florida 3-Bedroom Oceanfront Condos

Ocean Palms Luxury Condo

Sundy House Brunch Review and Pictures

Located in East Delray Beach at 106 S. Swinton Avenue, Sundy House is a Restaurant, Boutique Inn/Hotel, and Lounge that’s listed on the National Register of Historic Places.  I enjoyed a delicious Brunch there recently and consider it to be Delray’s best location for Brunch and one of South Florida’s best as well.   Their Brunch Menu is seemingly endless and includes an Antipasti Station, Salads, Seafood, a Raw Bar, Mediterranean items, a Carving Station, custom Omelettes,  Sausage, Potatoes, and other Hot Foods, Fruit, Dessert, Juices, Mimosas, and a vast array of other selections.

Sundy House is renowned for their Sunday Brunch (served on Sundays only from 10:30 a.m. – 2 p.m.) and they also offer great Menus for Lunch and Dinner.    In addition to Brunch, Lunch, and Dinner Dining, Sundy House caters on-site private Events such as Weddings, Showers, Birthday Parties, and more, so they would be a fabulous location to consider for special Events (indoor or outdoor).  For locals or visitors, 11 Guest Rooms feature luxury Accommodations and for evening drinks throughout the week, Roux Bamboux Lounge at Sundy House offers happy Hour  Tuesdays – Thursdays.

With Mother’s Day right around the corner, (May 13, 2012), Sundy House would be a perfect location for Brunch and their Mother’s Day Brunch Menu is posted here.  Mother’s Day Brunch will be served from 10:30 a.m. – 7:30 p.m.  The price per person will be $69 + Tax and Gratuity. Reservations are required.   Sundy House can be reached through their website or you can reach them by phone at 561-272-5678.

The lush, Tropical Gardens at Sundy House are absolutely beautiful and I took lots of pictures while viewing them, a few of which I included below.

Map of Sundy House’s Location

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Related information:

• East Delray Beach Homes 

Sundy House Restaurant

The Palms Oceanfront Condo in Ft. Lauderdale
Real Estate Market Report

Since my previous Market Report, 4 Units were purchased in the Palms.  All 4 Units are located in The Palms Tower 1, which is the South Tower, located at 2100 N. Ocean Blvd.  The Units that were purchased are as follows:

• Unit 23A, purchased for $1,350,000 on January 6, 2012:  3 Bedrooms and 4.5 Baths, 2,862 Square Feet of Living Area
• Unit 15D, purchased for $699,000 on April 24, 2012:  2 Bedrooms and 2.5 Baths, 2,172 Square Feet of Living Area
• Unit 9F, purchased for $650,000 on April 16, 2012:  2 Bedrooms and 2 Baths, 1,604 Square Feet of Living Area
• Unit 7E, purchased for $409,900 on March 29, 2012:  2 Bedrooms and 2 Baths, 1,601 Square Feet of Living Area

The Units feature a variety of views, including Ocean, City Skyline, Coastline, and Intracoastal.  As usual, Units with the best views, size, condition, and design features command premium prices.   Two of the Units were sold at purchase prices that were equal to their list prices, Units 15D and 7E, which is becoming more frequent in the current Market, particularly in cases where Sellers have priced their properties realistically in line with current market values and in cases where there’s limited Inventory of specific types of properties within a certain price point.

Units for Sale

Of 195 total Units in Towers 1 and 2 at The Palms, only 21 are currently listed for  sale, so Inventory is at a normal level and is not excessive.   The price range of the Units listed for sale is $410,000 – $4,250,000.    18 of the 21 listings are Condos and 3 of the 21 listings are 4-story direct Oceanfront Townhomes.   The Units for sale have 2 Bedrooms, 3 Bedrooms, 4 Bedrooms, and 5 Bedrooms, with spacious sizes of 1,600 – 4,738 Square Feet of Living Area.    4 of the Units are luxury Penthouses.   None of the Units for sale are listed as Bank Owned Foreclosures or Short Sales.

Built in 1999 – 2001, The Palms is one of Ft. Lauderdale’s newest direct Oceanfront Condos since only 4 new Condos on the Beach were built in Ft. Lauderdale within the last 14 years.  With luxury Amenities, a great location, spacious Units, and beautiful views, The Palms Condo remains a very desirable choice for discerning Buyers.

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Related Information:

• Ft. Lauderdale Oceanfront Condos
• The Palms Oceanfront Condo
• Broward Luxury Condos
• South Florida 3-Bedroom Oceanfront Condos
• South Florida Oceanfront Townhouses

The Palms Oceanfront Condo