Market update for single-family homes and condos in Hollywood, FL

Single-family homes in Hollywood are very much in demand with buyers, making it an excellent time to sell and get top dollar.

Presently there are 452 single-family homes for sale in the city of Hollywood ranging from $130,000 up to $5 million.

Of the 452 residences for sale:

  • 52 units are two bedroom homes ranging in price from $130,000 up to $569,900.
  • 220 are three-bedroom homes listed for $136,900 up to $2,150,000.
  • 110 are four-bedroom homes available for sale from $224,900 up to $4,490,000.
  • 49 are five-bedroom homes listed for sale from $299,000 up to $3,800,000.
  • 13 are six-bedroom homes listed for sale from $674,500 up to $5,000,000.
  • Five are seven-bedroom homes listed for sale from $599,000 up to $3,950,000.
  • Three are eight-bedroom homes available for sale from $549,000 up to $1,175,000.

In the previous 12 months, there were 1,344 homes sold or 112 per month.  With only 452 homes currently available for sale, it would take just 4.03 months to sell the current supply, if no other homes came on the market.  As we have seen with Pembroke Pines and Miramar, sellers have the advantage over buyers in the single-family sector.

It’s a different story when it comes to condominiums for sale in Hollywood.

There are 908 units available for sale, ranging from $54,900 up to $9,995,000.

Of those 908 condo units available for sale:

  • 36 are studios priced from $95,000 up to $299,000
  • 327 are one-bedroom units priced from $54,900 up to $875,000
  • 386 are two-bedroom units priced from $59,999 up to $1,900,000
  • 135 are three bedroom units listed from $189,000 up to  $3,550,000
  • 19 are four-bedroom units listed from $235,000 up to $5,500,000
  • Two units are five-bedrooms listed at $2,757,000 and $4,999,000
  • Two units are six-bedrooms listed at $5,500,000 and $7,499,000
  • One unit is a seven-bedroom Penthouse at Trump Hollywood on the market for $9,995,000.

In the preceding 12 months, 1,132 condos were sold in Hollywood, or 94.33 per month.  With 908 currently available for sale, that means it would take 9.62 months to sell the entire inventory of condos currently on the market.  This presents an excellent opportunity for buyers to negotiate a deal.

If you’re looking to buy or sell a home or condo in Hollywood, or have questions about the market, please feel free to contact me.

Maria Lopez
RE/MAX Advance Realty
(305) 467-0774
MLopez5020@gmail.com

 

 

 

 

 

 

 

 

 

 

 

Thinking About Downsizing? Here’s What You Need to Know About Life in a Condo

The shift from home living to condo life may seem like a minor one, but there are plenty of things that will differentiate your lifestyle other than size when it comes to making a condominium purchase. If you’re contemplating this move and wondering about some of the things that this might entail, here are a few factors that are worth considering.

The Fees You’ll Have to Pay

While a smaller condo is unlikely to have the same associated costs as a large home, you will be paying a monthly condominium fee that will be covering maintenance and insurance so that many repairs and upgrades won’t have to be paid out of pocket.

While this cost will not cover each and every maintenance issue that can occur in a condo, it should keep you covered for many standard home costs. When purchasing a condominium, it’s important to read about what this monthly fee entails.

The Life of Central Living

Life in the suburbs can often mean that you’re far away from the amenities of the city, but many condominiums are built in areas that are full of restaurants, pharmacies, cultural centers and grocery stores which are only a short distance away.

If you don’t mind getting into the car to run your errands, this might not be that important to you, but if you enjoy the exercise and like having amenities close by this type of living situation can be a welcome change.

Less Room for Stuff & Storage

Condo life can certainly eliminate many of the responsibilities of having a home, but if you’re downsizing there’s a possibility that you may have to get rid of a large number of items to successfully fit into your new space.

If you’ve thought about the decision a lot and are convinced that condo living is the right choice, it’s still worth considering how much storage space you will have in your new home so that you can plan for this change, and shift your living style to fit the demands of a smaller space.

There are a lot of things to think about if you’re planning to downsize into a condo, but if you’ve considered the space you’ll have to work with and the conveniences that will make your life easier, you’re probably already prepared for the shift.

If you have any questions about moving into a condo, give me a call and I will happily help you.

Maria Lopez
RE/MAX Advance Realty
(305) 467-0774
MLopez5020@gmail.com

The Newly Redesigned Residences at W Ft. Lauderdale

W Ft. Lauderdale Living Room Terrace

The W Ft Lauderdale is located just across the street from 315 linear feet of white sandy beach and it consists of two 23-story buildings connected with one building housing a 346-room W Hotel and the other 171 residences in one and two bedroom floor plans.

Built in 2009, the property is currently undergoing a $55 million renovation by the New York City design firm Meyer Davis Studio.

Building Amenities Include:

  • Beachfront location – 315 linear feet of designated white sandy beach
  • WET EAST® – heated swimming pool oasis with endless oceanfront views
  • WET WEST® – Secluded Pool Oasis
  • CABANAS – Book a private cabana and order treats from the WET® Bar
  • FIT CENTER – The perfect spot to inspire a workout
  • BLISS® SPA – Pamper the mind and body in the full-service spa
  • STEAK 954 – Steven Starr gourmet oceanfront restaurant
  • LIVING ROOM – Ocean view lounge for cocktails, bites and socializing

Owners of the W Residences will receive the following additional benefits:

  • WHEELS parking (1) complimentary space per residence
  • 10% off all Bliss Spa services Monday – Thursday
  • Bliss Spa Manager’s direct line for booking
  • 10% discount at STEAK954
  • 10% discount at the Living Room
  • 25% discount off the best available rate at W Fort Lauderdale for Family and Friends (when  in-house)
  • 10% discount off the best available rate at participating Starwood Hotels & Resorts Worldwide
  • 30% discount at W THE STORE online
  • SPG Gold Membership

Resident Services:

  • Access to WHATEVER/WHENEVER®
  • Residential Insider – residential requests & concierge services
  • WHEELS – valet parking and self-parking for residence owners
  • Package delivery service
  • Telephone access to Hotel Services and Amenities
  • Text messaging services (e.g. for deliveries, guest arrivals, etc.)
  • Access to all hotel amenities, with resident signing privileges

Residence Features Include:

  • Magnificent 9-foot floor-to-ceiling windows
  • Atlantic Ocean and Intracoastal Waterway views
  • Sliding glass doors onto spacious balconies
  • Fully furnished living and dining areas
  • Entertainment system

Kitchen and Dining:

  • Fully integrated kitchens
  • Italian designed cabinetry
  • Polished designer stone counter tops
  • Deluxe side-by-side refrigerator and freezer with ice maker
  • Dishwasher
  • Flat range stove with gourmet wall-oven
  • Built-in microwave
  • Under-mounted stainless steel sink
  • Dining table with seating for four
  • Washer and dryer

Master Bedroom:

  • Signature W Hotels® bed
  • Premium Audio device
  • Plush seating
  • Up to 50” LCD TV

Master Bathroom:

  • Designer vanity tops, shower, tub, walls, and floors
  • Premium spa bathtub and separate shower
  • Designer fixtures, faucets, and accessories

The companies behind the upgrade and redesign are The Related Companies (NY) and Related Group (Miami).

The W Fort Lauderdale is located just minutes to downtown Ft. Lauderdale and I-95.  It is near Ft. Lauderdale’s cultural and arts district, fine art museums and performing art venues.  The property is close to shopping and entertainment venues offering upscale boutiques, restaurants, movie theaters and Las Olas Boulevard.

There are no living restrictions at the W Ft. Lauderdale, giving owners flexibility in using their residence as primary or secondary home.  Owners can also place their residence in the rental program, thereby generating revenue to offset the costs of ownership.  The property will be operated by Starwood Hotels & Resorts Worldwide, Inc., with over 1,200 properties worldwide under their umbrella.

W Ft Lauderdale view from 2304

Residences range in size from 804 sq. ft. to 1,463 sq. ft.  They come in one and two bedroom floor plans.

The monthly maintenance fee is $1.35 per sq. ft., and includes common area maintenance, electricity, water, sewer, garbage, cable, full amenities and services of the hotel and maid service (extra fee).  Estimated real estate taxes are $1.9% of the purchase price.

The project is currently offering two years of homeowners association free, which can be taken as a credit at closing.   Also, for a limited time, buyers traveling from the United States, Mexico, and Canada will be reimbursed a credit for travel and stay costs of up to $1,250 and up to $2,000 to those buyers traveling internationally.

W Ft Lauderdale view from 2305

Prices average $850 per sq. ft., and range as follows:

  • 1 Bedrooms: $765,000 – $950,000
  • 2 Bedrooms: $960,000 – $1,500,000

The residences can be purchased with only 10% of the purchase price and the balance at closing.  The closings can be concluded within 30 days and financing options are available.

W Ft Lauderdale firepit

If you’re interested in learning more about this property, please feel free to ask me for an e-brochure including floor plans and additional photos.

Maria Lopez
RE/MAX Advance Realty
(305) 467-0774
MLopez5020@gmail.com

 

Miami Real Estate Continues Robust Performance in First Quarter

Miami Real Estate Continues Robust Performance in First Quarter

by Miami Admin | May 22, 2013

Affordable Inventory Sharply Declining

This article appeared in The Miami Herald – International Edition on May 22, 2013

The Miami-Dade County residential real estate market again experienced significant strengthening in the first quarter, as a result strong demand and limited supply particularly in the lower price points, according to the 27,000-member MIAMI Association of REALTORS® and the local Multiple Listing Service (MLS) systems.

Median & Average Sales Prices
In the first quarter, the median sales price for condominiums in Miami-Dade County was $162,000, an increase of 24.6 percent year-over-year and 4.5 percent compared to the previous quarter. The median sales price for single-family homes rose 17.5 percent to $205,650 in the first quarter compared to the first quarter of 2012, and 3.3 percent compared to the first quarter of 2012.

“The Miami real estate market is experiencing significant strengthening as we continue to see greater demand than supply,” said 2013 Chairman of the Board of the MIAMI Association of REALTORS® Natascha Tello. “While this trend continues to fuel double-digit price appreciation, countywide prices remain at 2003 levels, which makes our properties affordable compared to many markets in the U.S. and even to other world-class cities on a global level. Miami prices coupled with the local lifestyle and amenities is attracting both U.S. and international buyers and investors.”

Year-over-year, the average sales prices for single-family homes and condominiums increased 14.8 percent to $364,991 and 20.2 percent to $307,934, respectively.

Nationally, the median sales price of existing single-family homes was $176,600 in the first quarter, up 11.3 percent from the first quarter of 2012, according to the National Association of Realtors. The national median sales price for condominiums was $172,400, a 10.4 percent increase over the previous year.

Lawrence Yun, NAR chief economist, said many areas are experiencing a seller’s market. “The supply/demand balance is clearly tilted toward sellers in a good portion of the country,” he said. “Inventory conditions are expected to remain fairly constrained this year, so overall price increases should be well above the historic gain of one-to-two percentage points above the rate of inflation. If home builders can continue to ramp up production, then home price growth is expected to moderate in 2014.”

The statewide median sales price for single-family homes increased 13.4 percent to $153,000 in the first quarter, according to data from Florida REALTORS® Industry Data and Analysis department in partnership with local REALTOR® boards/associations. The median sales price for condominiums in Florida was up 18.4 percent compared to the same quarter last year at $116,000.

“The Miami real estate market is increasingly becoming more attractive for sellers, as properties sell rapidly when priced right,” said 2013 MIAMI Association of REALTORS® Residential President Fernando I. Martinez. “Strong demand is resulting in multiple offers even above asking price, and we are seeing greater increases for sales in the higher price points, while inventory in the lower price points has greatly declined. This reflects the fact that limited supply is hampering sales for more affordable properties.”

Inventory Levels in Lower Price Points Continue to Decline
Total housing inventory in Miami-Dade County decreased another five percent year-over-year. First quarter active listings in Miami-Dade County totaled 13,067. At the current sales pace, this reflects 5.1 months of inventory for single-family homes and 5.9 for condominiums.

In the first quarter Miami-Dade inventory of single-family homes listed under $200,000 saw the greatest percentage decreases. Available inventory in this range dropped 38.8 percent, from 2,677 to 1,636, compared to year-ago levels. Inventory of single-family homes listed at $600,000 or greater, rose 38.7 percent. The greatest percentage decrease, 43.6 percent, was for properties listed between $50,000 and $149,999, while the greatest percentage increase, 41.5 percent, was for homes listed at $1 million or more.

Condominium inventory of active listings dropped 33 percent for properties listed under $200,000 and increased 31 percent for properties listed at $600,000 or higher. The greatest percentage decrease, 70.8 percent, was for condominium inventory listed at $50,000 or less, while the greatest percentage increase, 44 percent, was for properties listed between $400,000 and $599,999. Sellers are becoming more aware of the attractiveness of the market.

Home Sales Exceed Record Levels
Miami-Dade residential sales – including existing single-family homes and condominiums – increased 4.6 percent in the first quarter, from 6,174 to 6,457, compared to a year earlier. Following two consecutive record-breaking years, sales in Miami continue to increase despite an inventory shortage. In the first quarter, Miami sales of existing single-family homes increased 10 percent compared to a year earlier. The sales of existing condominiums increased two percent compared to the first quarter of 2012.

Statewide closed sales of existing single-family homes totaled 48,976 in the first quarter, up 10.2 percent compared to the year-ago figure. Closed sales of condominiums totaled 24,655, up 3.2 percent compared to 2012.

Nationally, total existing-home sales, including single-family and condos, rose 0.8 percent to a seasonally adjusted annual rate of 4.94 million in the first quarter from 4.90 million in the fourth quarter, but were 9.8 percent above the 4.50 million pace during the first quarter of 2012.

Majority of Sales All Cash
In the first quarter, 65 percent of all closed sales were all cash compared to 66 percent a year ago. All cash sales were 47.9 percent of single-family home closings and 76.9 percent of all condominium sales. Since nearly 90 percent of foreign buyers pay cash, this reflects Miami’s position as a top market for foreign buyers.

Source: Miami Association of Realtors (miamire.com)

Marina Palms Yacht Club & Residences
Render of Marina Palms, a 468 upscale residential development in Aventura offering condos from the $600,000s

 Maria Lopez
RE/MAX Advance Realty
(305) 467-0774
MLopez5020@gmail.com