21 direct Intracoastal front Homes in Broward County have been purchased and their purchase price range was $685,000 – $10,800,000.  Their purchase price details are as follows:

“Sales of previously owned homes in the United States plummeted 27.2 percent in July compared to the previous month…the latest sales numbers are 25.5 percent below July 2009, and are at their lowest level since May of 1995.”

“Don’t all Florida Homes have Pools?”, I’ve been asked by a number of interested Buyers.  Well, the answer is that Homes WITHOUT Pools actually outnumber those that have Pools.   Check out the following examples from the current Inventory of Single Family Homes for Sale in Broward County.

Details:

Since [...]]]> Sales are continuing to increase in the Luxury segment of the Condo market.  In my 6/26/10 post, I reported that 181 sales of Condos and Townhouses in Broward County have been recorded in the MLS* and Tax Records in 2010 from January 1, 2010 – May 31, 2010 in a purchase price range of $500,000 – $4,000,000.

Since then, during the months of June and July of 2010, sales of 60 Condos and Townhouses in the $500,000+ purchase price range have been recorded.  Their purchase price range was $500,000 – $2,931,035.

• 49 of the 60 sales are indicated to have been Cash purchases, as is typical in the current market
• 13 of the purchases were $1,000,000 and over
• 54 of the 60 properties are Waterfront Properties
• 4 of the sales were Bank Owned Foreclosures and 9 were Short Sales (Short Sales and Foreclosures ARE NOT the majority of Luxury Property sales)
• Of the Cities where the Condos are located, Ft. Lauderdale had the highest number of Sales, accounting for 35 of the 60 sales
• Regarding Waterfront Condos, the Term “Luxury” is relative because prices vary significantly based on views from the Unit, low Floor vs. high Floor, quality of the Building, type of Waterfront location, and other factors, so it’s possible, in some cases, to pay a luxury price for a Unit that’s in need of complete updating and/or remodeling because the price reflected fabulous views, larger size, and/or other features that demand premium price

2009 vs. 2010 Sales

Sales have increased since 2009. Within the first 7 Months of 2009 (January 1st – July 31st), there were 187 Sales of Condos within the $500,000+ purchase price range compared to 260 sales within that price range during January – July of 2010. 

Condos and Townhouses purchased for $1,000,000+:

Acqua Marina Residences Townhouses, Alhambra Place Condo, Harbourage Place Condo, L’Ambiance Condo, Las Olas River House Condo, L’Hermitage Condo, Ocean Palms Condo, The Palms Condo, and Trump Hollywood Condo.

Details about the $2,931,035.00 Condo that was purchased

• Located in Harbourage Place Condo, a Ft. Lauderdale Intracoastal Condo that was built in 2000
• Purchased on July 26, 2010 for $2,931,035
• 3 Bedrooms, 4.5 Baths
• 6,000 Square Feet of Living Area and 2,100 Square Feet of Terraces
• 2-Story Penthouse on the 22nd Floor with Ocean, River, Intracoastal, and City views
• 55′ Boat Slip accompanied the purchase
• Monthly Maintenance Fee of $4,251

Ft. Lauderdale Properties Sold

45 Hendricks, Acqua Marina Residences, Alhambra Place, Castelane Lofts, Coconut Grove Residences, Coral Ridge Townhouse, Harbourage Place, Jackson Tower, L’Hermitage, Las Olas Grand, Las Olas River House, Oceanage, Palm Grove Townhouse, Place des Artes, Plaza East, L’Ambiance, Point of Americas, Hilton Resort, Sky Harbour East, Terraces of the Isles, The Palms.

Hillsboro Beach Properties Sold

Hillsboro Square and Ocean Grande

Deerfield Beach Properties Sold

1 Ocean Blvd.

Pompano Beach Properties Sold

Hillsboro Bay by the Sea

Lauderdale by the Sea Properties Sold

Aquazul, Cristelle, Europa by the Sea, Sea Ranch Club, and Villas by the Sea

Hollywood Properties Sold

Trump Hollywood, Diplomat Oceanfront Residences, Ocean Palms, and Renaissance on the Ocean

Hallandale Properties Sold

Beach Club 1, 2, and 3

*- MLS = Multiple Listing Service (the central Database where Brokers input and store listing and purchase data for properties that they represent for property Owners)

Related Information:

• Market Report- Luxury Condos sold in Broward County January 1, 2010 – May 31, 2010
• Market Report- Luxury Single Family Homes Sold in Broward County in 2010 (January 1, 2010 – April 30, 2010) 
• Ft. Lauderdale Waterfront Condos
• Ft. Lauderdale Oceanfront Condos
• Las Olas Condos
• Ft. Lauderdale Intracoastal Condos
• Ft. Lauderdale Waterfront Townhouses
• Pompano Beach Waterfront Condos
• Lauderdale by the Sea Waterfront Condos
• Hillsboro Beach Waterfront Condos
• Deerfield Beach Waterfront Condos

Last Friday, August 13, 2010, I sold Unit #1006 for a purchase price of $432,000 to Buyers from Dallas, TX who purchased the Residence as a vacation Home for [...]]]> Located in Ft. Lauderdale, FL,  Venetian Condo is an Intracoastal front Building of 237 Units located at the Intersection of Las Olas Blvd. and A1A, on the Ocean side of the Intracoastal Bridge. 

Last Friday, August 13, 2010, I sold Unit #1006 for a purchase price of $432,000 to Buyers from Dallas, TX who purchased the Residence as a vacation Home for themselves and their Children.

Unit #1006 has 2 Bedrooms, 2 Baths, an open Floorplan, ~1,500 square feet, and beautiful Ocean and Intracoastal views from the Balcony. 

Venetian Condo’s location offers a perfect combination of walking distance to the Beach, downtown/Las Olas area, Shops, Restaurants, and the International Swimming Hall of Fame + is next door to Coconut’s Restaurant on the Intracoastal.  If Diving is one of your interests (as it is for my Buyers who purchased the Condo), Pro Dive International is located within walking distance as well. Venetian Condo is also a great location for Boat Owners since Boat Slips (when available) can be Leased for an Annual rate of $3,000, which is significantly less than Marina rates for Dockage. 

So far in 2010, there were 12 Condos sold in Venetian Las Olas.  Their purchase price range was $265,000 for a 1st Floor Unit – $1,700,000 for a Penthouse with 4,500 square feet of Living Area.  Venetian is a very stable Building and, of the 12 Units sold, 1 was a Bank owned Foreclosure and none were Short Sales.   Of the 237 total Units in the Building, 8 are currently listed for sale and their price range is $279,000 – $1,099,000 (1 of the Listings is a Short Sale and none are Bank owned Foreclosures). 3 Units are currently listed as being under pending Contract for purchase.

Click here to view the full Building profile for Venetian Condo.

Related Information:

• Venetian Las Olas Condo
• Ft. Lauderdale Intracoastal Condos
• Ft. Lauderdale Condos with Docks
• Ft. Lauderdale Waterfront Condos
• Ft. Lauderdale Oceanfront Condos
• Las Olas Condos

The Sales data recorded in the MLS* for Broward County for the last 4.5 years is in the Table below.   Properties sold through Real Estate Brokers comprise the vast majority of Properties sold, however, there are also private Sales and Sales conducted through Developers that were not listed on the MLS.   Please note as [...]]]>

The Sales data recorded in the MLS* for Broward County for the last 4.5 years is in the Table below.   Properties sold through Real Estate Brokers comprise the vast majority of Properties sold, however, there are also private Sales and Sales conducted through Developers that were not listed on the MLS.   Please note as well that this information is not indicative of the entire Real Estate Market since I only report on Single Family Homes and Condos**.  Other property types that are sold include Commercial Property, Land, Docks, and Multi-Family Property such as Duplexes.

It’s always very interesting to see the numbers because they usually tell a far different story than what’s rumored to be true.  I’ve had people tell me how they remember what a hot year 2007 was for local Real Estate because prices were still high, when in reality, Inventory was at very high levels, average days on market were very lengthy, and  sales had decreased significantly.

Recent activity is that prices have decreased significantly since several years ago, Inventory has decreased, days on market have decreased, and sales have increased.  At the peak of Inventory, which was May of 2008, there were 14,454 Single Family Homes for Sale.   Now, there are  8,403 Single Family Homes for sale in Broward County.    At the lowest point of Inventory, which was June of 2005, there were 3,058 Single Family Homes for sale and you constantly heard “we went to place an Offer on the House and it was already sold.”

At the current rate of Home purchases for 2010, it appears that more Homes will be sold this year than last year. 

Since sales have increased, I’ve noticed a significantly marked decrease in the numbers of Sellers who are offering Closing Cost assistance and similiar Offers (something I saw A LOT of in 2007 and 2008).  During that time, many Houses were sitting on the market forever.  Someone asked me the other day if it’s a Buyer’s or Seller’s Market (actually their question was more of a statement wanting confirmation that it’s still a Buyer’s Market). My response was that “it depends on which segment of the market you’re referring to.”  With the decreased inventory and increased number of sales, the $350,000 and under price range feels very much like a Seller’s Market instead of the Buyer’s Market that it was for a couple of years and, with Waterfront Properties, the same is the case with the $600,000 and under price range.  Many Properties within this price range that are in great condition, good location, have other very desireable features, are priced at or slightly below current market value as soon as they’re listed, and are Regular Sales or Bank Owned Foreclosures, have been going under Contract and Closing within 30 – 60 days or less from the time they were listed, and have multiple Offers quickly. I didn’t include Short Sales in this Category because many Buyers will first attempt to purchase a regular sale or Bank owned Foreclosure since they aren’t interested in the lengthy review and approval process required for Short Sales.

Media Reports and “word on the streets” are that significantly increased sales can primarily be attributed to the First Time Homebuyer’s Tax Credit and that sales have significantly decreased after the end of the Tax Credit.  In a recent news report on CNBC, Diana Olick stated “…Homes just aren’t selling after that Tax Credit.”  While that’s certainly true in some Markets, IT DOES NOT APPLY TO ALL MARKETS and while we’ve had some sale increases because of the First Time Home Buyer Tax Credit, many areas in South Florida are not areas that are primarily driven by First Time Home Buyers.     We are very fortunate to be an area that has a wide variety of Buyers who purchase property.

Homes here are still selling.   No, it’s not a lie that us Real Estate Agents are telling you.   You must at all times consider that Real Estate is not only local, but hyperlocal.  Real Estate Market conditions are VERY SPECIFIC to various States, Counties, Cities, and Neighborhoods (and, in the case of Condos, very specific to each Building).   There are Neighborhoods and Buildings that are very healthy and others that are very unhealthy, some that are even in very close proximity to each other.  Most Media Reports are painted with a very broad Brush and you must determine if what you hear/heard applies to you and your area or not.  

The following facts are reasons that point to First Time Home Buyers NOT being the majority of purchasers in our local Market:

• Approximately 50% of sales in the current Market are Cash sales.    Although some First Time Home Buyers are Cash Buyers, most are not.  Most Cash purchases are made by Investors and others who don’t require Financing.
• Of 9,327 Condos, Townhouses, and Villas purchased in Broward County in 2010, 7,168 are indicated to have been Cash purchases.
• Of 6,899 Single Family Homes purchased in Broward County in 2010, 2,542 are indicated to have been Cash purchases.
• As prices have declined, large numbers of Investors have re-entered the Market and are purchasing properties to Lease to Tenants or renovating properties and selling them at current market value.
• The basic Single Family Home/”Starter Home” that’s often of interest to many First Time Home Buyers (the 3 Bedroom, 2 Bath Home with a Garage and Pool) still costs, on average, much more than the “under $200,000″ highly requested price range for such a Home.  We aren’t an area where the average Single Family Home costs $100,000.   Sure, there are Houses available within that price range, but most don’t have the condition, size, location, or other features that are considered most desireable.  Of 3,625 Single Family Homes purchased for a maximum of $200,000, 1,766 of those are indicated to have been Cash purchases.  Of 1,693 Single Family Homes purchased under $100,000, 1,303 are indicated to have been Cash purchases.   Regarding price range, yes, there are First Time Home Buyers who purchase Houses that are $400,000+, but many Buyers in that price range aren’t First Time Home Buyer or wouldn’t financially qualify for the First Time Home Buyers Tax Credit anyway (Income Limits applied to eligibility for the Tax Credit) or just weren’t motivated to buy because of the Tax Credit.
• Florida, particularly South Florida, remains number 1 in the United States for the number of purchases of vacation property to International and Domestic Buyers.  As such, they account for a high number of Sales locally and the huge reduction in prices has increased their level of interest and purchases even more.   Keep in mind that this group of Buyers DOES NOT qualify for the First Time Home Buyer Tax Credit since it applies to primary Residences only.
•  To qualify for the First Time Homebuyer Tax Credit, you had to be under Contract/have a signed Contract to purchase Property by April 30, 2010 (the most recent extension of the Tax Credit was for the Closing date, not the “under contract” date).  We’re more than 3 months past April 30th and pending sales haven’t seen a serious decline.  Currently, there are 5,157 pending sales of Single Family Homes and 6,277 pending sales of Condos, Townhouses, Villas, and Co-ops.  Yes, Contracts can and do fall through, but a Property’s status in the MLS being changed to “Pending” is the only way to get an approximate idea of how many Properties are currently under Contract to be purchased.

Is more improvement needed in the market?  Of course, particularly in the area of distressed properties, however,  increased sales are definitely positive, as well as the large numbers of Buyers who are purchasing properties with Cash. 

*-The MLS is the database where information is stored about active, pending, sold, and expired Listings
**-When I refer to “Condos”, that includes Condos, Townhouses, Co-ops, and Villas

Related information:

• January – June of 2010 Broward Foreclosure Market Report
• Cash Buyers of South Florida Homes

Within the first 6 months of 2010, purchases of 2,100 Bank Owned Single Family Homes have been recorded in the MLS*.    Within the same period of time, there were 3,387 purchases of non Distressed Properties and 1,402 purchases of properties listed as Short [...]]]>  

 Foreclosures Sold in Broward County
in the 1st 6 months of 2010

Within the first 6 months of 2010, purchases of 2,100 Bank Owned Single Family Homes have been recorded in the MLS*.    Within the same period of time, there were 3,387 purchases of non Distressed Properties and 1,402 purchases of properties listed as Short Sales.  So, purchases of distressed properties continue to account for ~50% of purchases in our current local market (and if you’re thinking about how 50% distressed properties is a lot, then you also need to take into consideration that there’s also 50% of properties that ARE NOT distressed–ALL sides of an issue must be considered).

Let’s drill down and take a closer look at the Stats for Bank Owned Foreclosure Purchases

Purchase price range and other details for Single Family Homes Sold

• 1,288 of the 2,100 purchases are indicated to have been Cash purchases

 

• 1,013 of the Homes were purchased for prices under $100,000 and 888 of the 1,013 purchases are indicated to have been Cash purchases.  This segment of the market continues to be very Investor driven and IS NOT full of First Time Home Buyers as many often think.   The average number of days on the Market was 40.  The average List Price to Purchase Price Ratio was 102.73%.

 

• 561 were purchased in a range of $100,000 – $199,999 and 228 of the purchases are indicated to have been Cash purchases.   The average number of days on the Market was 39.24 and the average List Price to Purchase Price Ratio was 99.79%.

 

• 345 were purchased in a range of $200,000 – $299,999 and 103 of the purchases are indicated to have been Cash purchases.  The average number of days on the Market was 46.83 and average List Price to Purchase Price Ratio was 99.21%.

 

• 115 were purchased in a range of $300,000 – $399,999 and 41 of the purchases are indicated to have been Cash purchases.  The average number of days on the Market was 40.83 and average List Price to Purchase Price Ratio was 99.49%.

 

• 36 were purchased in a range of $400,000 – $499,999 and 16 of the purchases are indicated to have been Cash purchases.  The average number of days on the Market was 37.69 and average List Price to Purchase Price Ratio was 98.3%.

 

• 13 were purchased in a range of $500,000 – $599,999 and 6 of the purchases are indicated to have been Cash purchases.  The average number of days on the Market was 28 and average List Price to Purchase Price Ratio was 102.54%.

 

• 17 were purchased in a range of $600,000 – $1,500,000  and 6 of the purchases are indicated to have been Cash purchases.  The average number of days on the Market was 49.41 and average List Price to Purchase Price Ratio was 96.29%.

 

• Of the 2,100 Foreclosures purchased, 31 are Waterfront Homes

Location, location, location!

Where are the Foreclosures located?

I’m contacted by many Buyers who live Abroad and in the U.S. who are interested in Waterfront Foreclosures and Luxury Foreclosures.  After all, they’ve heard that “everything is in Foreclosure, Million Dollar Houses are being given away, all Owners are desperate,  the Houses are dark at night save the glow of a few Candles because the Lights have been cut off, Garage Sales line the Streets of Las Olas Isles, and new Maseratis are being sold for $30,000.”  Okay, I added the last 3 for effect (LOL), but you get the point. 

When touring Luxury Neighborhoods with Buyers when viewing Homes, many have been quite surprised to see that most of the Homes are occupied, not in Foreclosure or Pre-Foreclosure, that there are plenty of Vendors visiting the Homes providing services (Lawn and Pool Maintenance, Maid Service, Pet Sitters,  Caterers, and others), and that on a number of Streets, there are Luxury Homes that are actively under Construction (not stalled Construction).

I feel like I say this 10 times a day, but you must understand that Market conditions, prices, and inventory vary significantly in various Neighborhoods and Cities.  Here in Broward County, the majority of Land is West of I-95 and West of U.S. 1 (to those not familiar with the area, West of I-95 and West of U.S. 1 are more distant from the Beach and the majority of Ocean Access Waterfront Properties are located East of I-95).   

Areas that are located West  have the largest amount of Foreclosure Inventory.

Because of higher concentration of Land and purchases West, there’s far less Inventory of Properties available that are East and Waterfront and far less Foreclosure Inventory in East and Waterfront Neighborhoods (when I refer to Waterfront, I mean Ocean Access Waterfront, not Property located on Lakes and other Bodies of Water that don’t connect to the Ocean). 

So you say, “I don’t mind waiting until there are more East and Waterfront Foreclosures listed for Sale”.  While we know that there will definitely be more Foreclosures  listed for sale since the Banks haven’t released all of them and since there are more Owners going into Foreclosure, just keep in mind that East and Waterfront Foreclosures will remain the smallest part of Foreclosure inventory. 

Luxury vs. non-Luxury Foreclosures

You’ve read that there are lots of $100,000 Foreclosures that are being purchased and now you’re excited about the possibility of getting a fabulous Home for a very low price.  Well, think again.  “You get what you pay for” is very true in this situation.  Sure you can buy a House for $100,000, but first understand that, in almost all cases, these Homes are in need of significant repair and/or cosmetic updates, aren’t located in beautiful Neighborhoods, or are undesireable to the “Fabulous Only Buyer” in some other aspect.  Though prices have declined significantly in the last 5 years, $100,000 isn’t the average price range for a move-in ready Home with all the “Bells and Whistles” in our local area (there are areas where that’s the case, but not here in Broward County).  

The majority of active Foreclosure Inventory is in the under $200,000 price range, so most aren’t Luxury Properties and most aren’t in Luxury Neighborhoods.   Far more Homeowners in the lower price range have gone into Foreclosure than in the higher price range, however, sources currently indicate that there has been an increase in Foreclosures in the upper price range, so it appears that we’ll eventually have a few more of those to choose from. Sure, lots of people are financially hurting, but on different levels, and there are those who have suffered financial losses, but not to the extent that they can’t continue to lead luxury Lifestyles or at least very comfortable Lifestyles (look at all the Cash Buyers of Real Estate in the current market, for example–I really don’t think the $500,000 Cash they spent to purchase property came anywhere close to depleting their Financial resources). 

A great example of a Luxury Foreclosure is the one pictured below, which is located in Southwest Ranches, was purchased as a Foreclosure for $1,060,000, built in 2005, and located on 2 Acres of Land (the East vs. West thing again…you can find Houses with large Acreage in areas West in the County whereas many East Properties have an average Lot size of 1/4 Acre or less and you get more House for your money in West locations since Land value is such a large part of the price with East properties). It has 5 Bedrooms, 4.5 Baths, 2-Car Garage, 6,228 Total Square Feet, an Infinity Pool with Waterfall, Marble Floors, and more.  The purchase price by the original Buyer in 2004 was $1,575,000. 

Are there great deals available?  Yes, great great deals are available and prices today are significantly less than they were 5 years ago. Just because a property isn’t a Foreclosure doesn’t mean that it isn’t a great deal.   There are many motivated Homeowners who have priced their properties at or below current market values.

Condos, Townhouses, and Villas that were sold

Within the first 6 months of 2010, purchases of 3,219 Bank owned Condos, Townhouses, and Villas were recorded in the MLS.   Within the same period of time, there were 4,239 purchases of non Distressed Properties and 1,774 purchases of properties listed as Short Sales.   So, sales of distressed properties were slightly more than half of all properties purchased.

Purchase price range and other details for Condos, Villas, and Townhouses Sold

• 2,708 of the 3,219 purchases are indicated to have been Cash purchases! Besides issues of condition and the simple preference to pay Cash rather than Finance, many Condo purchases are Cash purchases because of prohibitive Lending criteria for Condos
• 2,488 were purchased under $100,000
• 600 were purchased from $100,000 – $199,999
• 90 were purchased from $200,000 – $299,999
• 18 were purchased from $300,000 – $399,999
• 6 were purchased from $400,000 – $499,999
• 17 were purchased from $500,000 – $990,000
• Of the 3,219 purchases, 258 are Waterfront properties

Key Points for the overall Foreclosure Purchase Report include the following:

• More than half of the purchases were Cash purchases, so Cash Buyers have lots of competition from other Cash Buyers when placing Offers.  Cash purchases continue to account for ~50% of ALL SALES (both distressed and non-distressed) in the current market
• Luxury and Waterfront (Ocean Access) Foreclosures are not the majority of Foreclosure purchases
• Most Foreclosure inventory is located West
• Most Bank owned Foreclosure Properties are purchased very quickly
• Most are purchased at or above List Price
• Purchases of distressed properties continue to account for ~50% of purchases in our current local Market
• Many Investors are purchasing Homes in the lower price range
• Real Estate is very local. Every market is very different and there are even significant differences from one Neighborhood to the next and from one Building to the next

Current Foreclosure Inventory

Currently, there are 735 active listings of Bank owned Single Family Homes for Sale and 1,079 Condos, Townhouses and Villas for Sale.  But, you say, “I know there are more Foreclosures available than that.”  Of course there are!  Several issues cause low inventory of Foreclosures listed for sale.  These issues include, but aren’t limited to:

1. Banks don’t release all of their available Inventory at one time
2. A lengthy process is required to be completed before Homes are made available for purchase and the large number of Foreclosures contributes to the length of time for processing
3. Some Forecloures are never listed for sale on the MLS* and are, instead, purchased in bulk from Banks by Investment groups or Corporations, sold “on the Courthouse steps”, or sold through Auction
4. Because most Bank Owned Foreclosures are purchased quickly, the available inventory of properties actively listed for sale diminishes quickly

There’s significant confusion that exists among interested Buyers who view non-MLS listings of Foreclosures on websites that list properties that are stated to be in Foreclosure.  Many such properties are not Bank owned yet (the Owners are simply delinquent on Mortgage payments and have been marked in Property Tax Records as being in pre-Foreclosure) or the properties are indeed Bank owned, but not accessible for purchase yet.  Additionally, some sites categorize Short Sales as Foreclosures, which is totally incorrect.  When I refer to Foreclosures, I strictly mean Bank owned Foreclosures.

If you’re interested in Foreclosures in Ft. Lauderdale or surrounding areas, you can contact me to customize your search or view Foreclosure listings here.   In addition to Foreclosure listings, the Foreclosure page of my website also includes information about the Foreclosure Offer process and I’ve represented Buyers who have purchased Bank owned Foreclosures.

Related Information

• What is a REO?
• Cash Buyers of South Florida Real Estate
• Ft. Lauderdale Foreclosures
• Condo Lending Criteria

*MLS= Multiple Listing Service (the database where Real Estate Brokers input Listings of properties for sale and sold).  Properties sold through the MLS comprise the vast majority of properties that are purchased.  Property purchase information can also be verified through searching Property Tax Records.

Since my Market Report  in March and since The Plaza at Oceanside’s Bulk Purchase in December, the number of closed Sales has increased significantly and, to date in 2010, purchases of 29 Units have been recorded in Broward County Property Tax Records.  

The purchase price range of the Units purchased [...]]]> Oceanside Pompano Beach Condo Sales

Since my Market Report  in March and since The Plaza at Oceanside’s Bulk Purchase in December, the number of closed Sales has increased significantly and, to date in 2010, purchases of 29 Units have been recorded in Broward County Property Tax Records.  

The purchase price range of the Units purchased was $365,000 – $1,600,000 and the purchase dates are indicated as January 8, 2010 – June 29, 2010.

• 6 Units were purchased for under $400,000
• 10 Units were purchased from $401,000 – $475,000
• 5 Units were purchased from $570,000 – $585,000
• 3 Units were purchased from $608,000 – $655,000
• 1 Unit was purchased for $740,000
• 3 Units were purchased from $863,000 – $850,000
• 1 Unit was purchased for $1,600,000

The current price reductions for the Developer owned Units represent more than a 65% discount off of the highest purchase price previously.  The current price range of Units listed for sale is $400,000′s – $1,200,000.

It’s a beautiful Building of Contemporary Design and has fabulous Amenities (40,000 sq ft of Amenities include:  Tennis Courts, State of the Art Fitness Center, Spa with Saunas and Massage Treatment Room, Golf Simulator, Billiard and Games Room, Movie Screening Theater, Wine Tasting Room, Cigar Humidor, Media Center, News Cafe, Teen Lounge, Children’s Playroom).   View additional details about Oceanside Pompano Beach Condo and contact me if you would like to schedule an appointment to view Units or would like additional information.

Related Information

• Pompano Beach Waterfront Condos
• Oceanside Pompano Beach Condo

Within the first 6 months of 2010, MLS* Records indicate that 185 Single Family Homes have been purchased in Parkland (a few additional Homes were sold privately, however, Homes sold through Real Estate Brokers comprise the vast majority of Homes that are sold).   Parkland [...]]]> Homes sold in Parkland (January 1, 2010 – June 30, 2010)

Within the first 6 months of 2010, MLS* Records indicate that 185 Single Family Homes have been purchased in Parkland (a few additional Homes were sold privately, however, Homes sold through Real Estate Brokers comprise the vast majority of Homes that are sold).   Parkland is a small segment of the local Real Estate Market in Broward County and, elsewhere in the County, sales of 6,680 Single Family Homes were recorded in the MLS within the same timeframe.

The purchase price range of the 185 Homes sold was $50,000 – $1,800,000, with an average purchase price of $475,000.   The current average purchase price of Homes in Parkland is a decrease from several years ago when the average purchase price was significantly higher.  For example, in 2006, the average purchase price for Single Family Homes sold in Parkland was $840,000, so there’s definitely been a significant adjustment since the time of peak market prices.

The $50,000 purchase is a Home that was condemned because of a major Fire and was scheduled to be torn down and rebuilt, so was purchased for Land value only.    

The $1,800,000 Home that was purchased is located in the Heron Estates section of Heron Bay, was built in 2009 and has 6 Bedrooms, 5 Full Baths, 3 Half Baths, a Pool, 3-Car Garage, and 7,985 total Square Feet.  The property description reads:

“MOTIVATED SELLER. THIS ONE OF A KIND HOME IN PRESTIGIOUS HERON ESTATES IS LIKE NO OTHER. A PANORAMIC VIEW OF WATER & GOLF BRINGS THE ULTIMATE FLORIDA LUXURY LIFESTYLE. INTERIOR FINISHES SEEN ONLY IN ARCHITECTURAL MAGAZINES. LIMESTONE FLOORS, PORCELAIN COVERED WALLS & SCHOWNBECK CRYSTAL CHANDELIERS. 1000 SQ.FT. LAVISH MASTER BED & BATH. GRAND FOYER,IN-WALL FIREPLACE, GOURMET KITCHEN INTEGRATED APPLIANCES. HOME THEATER, ELEVATOR, TRAVERTINE DRIVEWAY, PELLA IMPACT WINDOWS & DOORS,RESORT STYLE PATIO POOL/SPA, GAZEBO.” 

Price range details of the Homes sold are as follows:

• 20 Homes were purchased under $300,000
• 33 Homes were purchased between $300,000 – $399,999
• 45 Homes were purchased between $400,000 – $499,999
• 32 Homes were purchased between $500,000 – $599,999
• 23 Homes were purchased between $600,000 – $699,999
• 10 Homes were purchased between $700,000 – $799,999
• 11 Homes were purchased between $800,000 – $999,999
• 11 Homes were purchased between $1,000,000 – $1,800,000

Foreclosures and Short Sales Purchased

Of the 185 Homes purchased, 26 were Bank owned Foreclosures.   Their purchase price range was $230,000 – $600,000, with an average purchase price of $370,097.   Their average number of days on the market was 35 days, which is typical since most Bank owned Foreclosures are purchased quickly.  The average List price to Sale price ratio was 97.07%, which is also typical since most Bank owned Foreclosures are purchased close to List price or higher.   

Of the 185 Homes purchased, 39 were Short Sales, with a purchase price range of $216,000 – $1,258,650 and average purchase price of $475,000.

Parkland Homes for Sale
 

Parkland, FL offers a beautiful selection of Communities and Homes for Sale.

Currently, there are 251 Homes for Sale in Parkland that are listed through Brokers.  Their price range is $192,000 – $3,500,000. 

Of the 251 Homes for Sale, 14 are Bank Owned Foreclosures and 62 are Short Sales.  Click here to view the currently active listings of Bank Owned Foreclosures.

Related Information

• Parkland Homes for Sale (view listings and search by price range and Subdivision)

Located at 1600 S. Ocean Blvd. in Lauderdale by the Sea, Florida, adjacent to Ft. Lauderdale, Aquazul is a beautiful direct Oceanfront Luxury Condo with only 79 Units and private Elevator entry to each Residence.  For those who prefer Residences of Contemporary design, Aquazul would be a great choice.

In 2010, 4 Condos in [...]]]>  

Located at 1600 S. Ocean Blvd. in Lauderdale by the Sea, Florida, adjacent to Ft. Lauderdale, Aquazul is a beautiful direct Oceanfront Luxury Condo with only 79 Units and private Elevator entry to each Residence.  For those who prefer Residences of Contemporary design, Aquazul would be a great choice.

Aquazul Condos Sold

In 2010, 4 Condos in Aquazul have been purchased.  Their purchase price range was $900,000 – $1,270,000. Of the Units purchased, none were Bank Owned Foreclosures and one was a Short Sale.  Sales details are as follows:

• Unit 1804, purchased for $1,270,000 on April 19, 2010
• Unit 604, purchased for $900,000 on April 28, 2010 (Short Sale)
• Unit 404, purchased for $1,025,000 on January 29, 2010
• Unit 1702, purchased for $900,000 on January 6, 2010

 Currently, none of the Units are under pending Contract for purchase.

Condos for Sale in Aquazul

Currently, there are 7 Aquazul Condos for Sale, listed in a price range of $899,000 for a 4th Floor Corner Residence – $1,699,000 for a 21st-Floor Corner Residence. 

Aquazul Foreclosures and Short Sales

None of the active listings are Short Sales or Foreclosures and County Tax Records indicate that there are currently zero Foreclosures or Pre-Foreclosures in Aquazul.  With a very low number of active listings for sale and minimal Short Sale or Foreclosure activity that has occurred in the Building, Aquazul is fortunate to be a very stable Building.

Click to review the full profile of Aquazul Condo and to view Condos for Sale in Aquazul.

Related information:

• Aquazul Condo
• Ft. Lauderdale Oceanfront Condos
• Ft. Lauderdale Waterfront Condos
• Luxury Condos sold in 2010
• Ft. Lauderdale area Contemporary Condos
• Ft. Lauderdale Intracoastal Condos
• Lauderdale by the Sea Waterfront Condos

Within the first 6 months of 2010, 12 Homes in Harbor Beach have been purchased.  10 of the 12 Sales were of properties that were listed on the MLS through Brokers and 2 were private sales.  The purchase price range of the properties was $601,000 [...]]]>

2429 Del Lago Drive in Harbor Beach

Harbor Beach Homes Sold

Within the first 6 months of 2010, 12 Homes in Harbor Beach have been purchased.  10 of the 12 Sales were of properties that were listed on the MLS through Brokers and 2 were private sales.  The purchase price range of the properties was $601,000 – $5,450,000.   The 2 Properties with the lowest purchase prices are located outside of the gated Harbor Beach Community and are located across the Street in Harbor Beach Extension, which has a Fixed Bridge, unlike the main area of Harbor Beach which DOES NOT have Fixed Bridge access to the Ocean. 

Purchase details of the Properties sold are as follows:

• 2550 Del Lago Drive, purchased for $5,790,000 on January 27, 2010 (private sale)
• 2429 Del Lago Drive, purchased for $5,450,000 on March 19, 2010
• 14 Isla Bahia, purchased for $4,200,000 on March 17, 2010
• 1300 W. Lake Drive, purchased for $4,100,000 on April 14, 2010 (private sale)
• 67 Isla Bahia, purchased for $3,500,000 on June 16, 2010
• 36 Isla Bahia, purchased for $1,500,000 on February 16, 2010
• 2461 Del Lago Drive, purchased for $1,425,000 on March 26, 2010
• 2561 Mercedes Drive, purchased for $1,400,000 on April 30, 2010
• 1400 E. Lake Drive, purchased for $975,000 on March 26, 2010
• 1660 SE River Lane Drive, purchased for $840,000 on March 15, 2010
• 1801 S. Ocean Drive, purchased for $755,000 on January 22, 2010
• 2543 Marion Drive, purchased for $601,000 on March 5, 2010

Click here to view pictures and features of the Homes that were purchased

All of the Homes that were purchased are Waterfront Ocean Access Properties. 2 were Short Sales and none were Bank Owned Foreclosures.

Harbor Beach Homes for Sale

Currently, there are 38 Homes for Sale in Harbor Beach.  Their price range is $500,000 – $23,000,000.  The lowest priced Homes are not located inside of the gated area of Harbor Beach and they also are not Waterfront.  The lowest priced Waterfront Home is priced at $1,850,000.   

In Harbor Beach Extension/Harbour Inlet, there are 5 Homes for sale, priced at $624,900 – $2,195,000.

Harbor Beach Foreclosures and Short Sales

Of the Homes listed for Sale in Harbor Beach, 1 is a Short Sale and none are Bank Owned Foreclosures. In Harbour Inlet (adjacent to Harbor Beach), there is a Bank owned Foreclosure listed for sale, a 3 Bedroom, 2 Bath Waterfront Home listed for $721,000.

Related Information

• Harbor Beach Homes for Sale
• Ft. Lauderdale Waterfront Homes
• Ft. Lauderdale Intracoastal Homes

“The Glass House” is quite appropriate because the House features Floor-to-Ceiling Windows and Sliding Doors that extend over 100′ across the entire back of the Home. 

This Home has the [...]]]>  ”The Glass House”

Friday, July 16, 2010, I attended the Grand Opening of “The Glass House,” a Contemporary, Luxury Home located in Lighthouse Point, FL,  just North of Ft. Lauderdale.

“The Glass House” is quite appropriate because the House features Floor-to-Ceiling Windows and Sliding Doors that extend over 100′ across the entire back of the Home. 

This Home has the distinct advantage of being one of the few Single Family Homes in the Broward County area that’s of Contemporary Architectural design.   In  a recent Blog post, I discussed how Single Family Homes of Contemporary Architecture are rare in our area.  Additionally, it’s also a Green Home that’s in the process of receiving LEED Certification, another rarity.

A few of the details and features include:

• Offered for sale for $2,495,000
• 4.3 KW Solar Panel system that generates Electricity for up to 50% of the Home
• Eco-friendly materials used where possible
• 100′ of Waterfront, 90′ Dock and Deck with Water and Electric
• 4 Bedrooms and 4 full Baths
• 3,831 Square Feet of Living area and 4,870 total Square Feet
• 3-Car Garage
• 20′ Ceiling in the Foyer and Living Room
• Limestone Tiles in the Living areas
• Bamboo Wood Floors in the Bedrooms
• Walk-in Closets in all Bedrooms
• Gourmet Kitchen with Italian Cabinetry, Gas Cooktop, Quartz Countertops, and more
• Spacious Master Suite
• 100′ x 100′ Lot
• 42′ x 12′ Lap Pool

The layout of the Floor Plan is very open, with a spacious “feel” and lots of Light.

Location

Located in the Hillsboro Isles Community in Lighthouse Point, the location is perfect for Boaters and offers Ocean access WITHOUT FIXED BRIDGES, less than 10 minutes to the Hillsboro Inlet to the Ocean (see Google Earth screenshot above).  The Community of Hillsboro Isles was established in the 1950′s and the Street where the Home is located is one where almost all of the original Homes have been replaced with Homes of newer Construction, with great values in the current market.

The Master Suite

Features Floor-to-Ceiling Glass, fabulous Pool and Water views, spacious Walk-in Closet, and beautiful Bath area.  

42′ x 12′ Lap Pool and Deck area is perfect for Entertaining and Relaxing

If you would like to schedule an appointment to view this Home or others or would like additional information, contact me for details.  

Related information:

• Lighthouse Point Waterfront Homes
• Ft. Lauderdale Contemporary Homes
• Ft. Lauderdale Contemporary Condos and Townhomes

Photo Credit:  Island Studio Photography (except 2 pictures that I shot, where indicated)

Within the 2nd Quarter of 2010 (April 1, 2010 – June 30, 2010), there were 26 Waterfront Ocean Access Homes in Pompano Beach that were purchased, per MLS and Tax Records,  with a purchase price range of $226,000 – $950,000. 

The properties are a combination of Homes that are Intracoastal [...]]]> Pompano Beach Waterfront Homes Market Report

Within the 2nd Quarter of 2010 (April 1, 2010 – June 30, 2010), there were 26 Waterfront Ocean Access Homes in Pompano Beach that were purchased, per MLS and Tax Records,  with a purchase price range of $226,000 – $950,000. 

The properties are a combination of Homes that are Intracoastal front and those that are located on Ocean access Canals.     Subdivisions where they are located are Boulevard Park Isles, Country Club Isles, Cypress Harbor, Cypress Lake Estates, Garden Isles, Harbor Village, High Ridge Estates, Hillsboro Harbor, Pompano Beach Park, Pompano Isles, Santa Barbara Shores, and Santamaria Harbor.

Within the same period of time, 205 non-Waterfront properties in Pompano Beach were purchased in a price range of $16,000 – $573,800.

Short Sales

Of the 26 Properties sold, 5 were Short Sales and their purchase price range was $270,000 – $470,000. 

Bank Owned Foreclosures

6 of the 26 Properties sold were Bank Owned Foreclosures and their purchase price range was $226,000 – $693,000.

Waterfront Homes for Sale

Currently, there are 122 active listings of Pompano Beach Waterfront Homes for Sale.  Their price range is $279,000 – $9,999,999.  The properties include direct Oceanfront Homes in the Community of Hillsboro Shores, Intracoastal front Homes, and Homes located on Ocean Access Canals.

Related Information:

• Pompano Beach Waterfront Homes for Sale
• Pompano Beach Oceanfront Homes
• Pompano Beach Homes for Sale
• South Florida Oceanfront Homes