Some of my international buyers have asked for statistics on the local condo market. We are going to offer this information on a regular basis for different oceanfront communities in South Florida.

Below is a look at Hollywood and Hallandale Beach condos from 2006-2007. The inventory appears to be declining as sales have been consistent with a slight increase in December.

The next chart will provide you with average cost per square foot. This data represents all waterfront condos in this area, both intracoastal and oceanfront. Researching back to 2005, if you average the last three months of 2005, price per square foot was $435. If you average the last three months of 2006, price per square foot was averaging $419. Averaging the last three months of 2007, price per square foot was averaging $378. Translating that:

Example:

In 2005

2000 square foot waterfront condo at $435 square foot: $871,333.

In 2006

2000 square foot waterfront condo at $419 square foot: $838,000.

In 2007

2000 square foot waterfront condo at $378 square foot: $756,000.

So what does all this mean? Buying opportunities.

Opportunity is everywhere. Right now in South Florida there is a very large inventory of properties on the market at depressed prices. Additionally, interest rates are incredibly low. What a great climate to buy. This market will turn at some point and people will be kicking themselves for waiting.

As reported by the Miami Herald, the condominium developer who led South Florida’s high-rise building boom is making a $1 billion bet that the region’s real estate market is a bargain.

Amid a slumping condo market, developer Jorge Perez is joining with a Wall Street firm to create an investor fund that will buy troubled mortgages and distressed property that ranges from raw land to finished condominium units in the southeastern United States. To read the entire story.. CLICK HERE

Miami developer bets on condos’ future

Condo builder Jorge Perez said South Florida real estate is undervalued and he’s setting up a $1 billion fund to start buying properties.

The construction of Trump Hollywood is moving along rapidly. Construction is progressing at the rate of about one floor a week. I took this picture three weeks ago and its amazing how quickly it is moving along. The projected 2009 delivery is right on schedule.

Responsive to current market conditions, there are buys available that are aggressively discounted off the original established price. For example, one specific 3395 square foot unit was originally offered at $745 square foot, $2,532,900. you could now buy that unit for $625 a square foot $2,124,900.

The Hollywood/Hallandale Beach area is becoming more and more in demand especially for second home buyers. It is located 10 minutes from Ft.Lauderdale International Airport and easily accessible to South Beach, Bal Harbour, or even Boca Raton.

Each of the relatively new oceanfront condos in Ft.Lauderdale has their own individual style, size and characteristics. Trump Hollywood will satisfy those looking for white glove concierge service.

The Ocean Palms is an elegant 40 story building with a full array of amenities. It is located two buldings north of the Diplomat Oceanfront Residences, 10 minutes from Fort Lauderdale International Airport and accessible to everywhere you might want to go in South Florida.

The building has an interesting layout because the units on the west side of the building, The Coral Floor Plan, jut away from the body of the building. This allows for direct ocean front as well as intracoastal views from this floor plans. The pricing is drastically lower than direct ocean front units because the units are on the west side of the building, even though you are getting an oceanfront view. There is a unit on a mid level floor that has been completely finished out that is being offered for $885,000. This unit is a 3 bedroom 3 and one half bath layout and has over 2300 square feet. That is $383 a square foot for ocean and intracoastal views. A fantastic opportunity and the seller’s are motivated.

Prices in this building start at $699,000 for a 2 bedroom unit on a mid level floor. On the high end, there is a 3 bedroom unit with over 3000 square feet being offered for $2,225,000. As detailed in my previous blog, 25% of the building is on the market.

The building has a movie theater, billiards room, club room, state of the art gym overlooking the ocean, tennis courts, basketball courts and pool and beach service. This is a nice sized very elegant building offering a great deal for the money.

We receive tremendous interest in the newly completed; Diplomat Oceanfront Residences and The Ocean Palms in Hollywood and The Beach Club in Hallandale. Understandably so. The are all new buildings with great amenities situated in great locations minutes from Ft. Lauderdale International Airport. From each of these great buildings, it is just a short drive south to Miami or north to Boca Raton, as well as minutes from the best shopping in South Florida.

Below you will see a chart that show you how many units are on the market in The Diplomat, The Ocean Palms and The Beach Club. Each building has a different amount of total units, so the information below provides a percentage of the total units in the building. You can see that all three of these buildings have approximately 20% of the units for sale.

We have seen price reductions on almost all units since they first actively listed. There is competition amongst sellers, although clearly some are more motivated than others.

In the Diplomat, on the market today prices start at $789,000 for a 2 bedroom unit with 2,267 square feet. ($348 sq.ft.). At the other end of the spectrum is a 4,800 sq.ft. unit with 4 bedrooms 5 and one half baths being offered for $2,950,000.

The two most desirable units are the 01 unit a southeast direct ocean end unit, and the 02 unit a northeast direct ocean end unit. The lowest price 02 unit was originally offered for $1,900,000 and is now on the market for $1,500,000. The floor plan has 3 bedroom 3 and one half baths and has 3,003 square feet under air. That works out to around $500 square foot. The 01 unit was originally listed for $1,688,000 and is now at $1,592,000. $501 a square foot. This unit also has 3 bedrooms 3 and one half baths.

The Ocean Palm’s top of the line unit is listed is a 3 bedroom unit for $2,495,000, ($795 sq. ft.) . The least expensive unit is a 2 bedroom unit for $699,000($403 sq.ft.)

The Beach Club’s most expensive unit is a 3 bedroom unit being offered at $2,495,000 ($795 sq.ft.) The least expensive unit is an 844 square foot studio for $35,000. ($414 sq.ft.)

It has been reported that only about 35% of the units have closed at this time at One Bal Harbour and that there is some negative speculation about the remaining units pending closings. 

Be that as it is you have to say that when all the dust settles being the owner of one of the few units that are over 5000  square feet would be quite amazing.  There is a residence available that has 5,444 square feet under air and 6,983 square feet with balconies. It has 4 bedrooms and 4 1/2 baths, and it is on a high floor.  Asking price is $6,300,000.($1157 a square foot). This floor plan has a study, butler pantry, exercise & sauna, formal dining, grand salon and family room,  private elevator, upgraded kitchen and 180′ panoramic unobstructed views of ocean, beach and intracoastal.

One Bal Harbour is in such a premier location.  To be the owner of a residence like this in this building is a unique opportunity for the very lucky few.  Click Here For More Information.

What can you buy for $2 million if you were looking for an oceanfront condominium in Miami or Ft. Lauderdale?    We have selected two condominiums on the market being offered for around $2 million.    We have selected in, Ft. Lauderdale a penthouse residence at The Palms and in Sunny Isles we have selected The Turnberry Ocean Colony South Tower.  These are not the only properties in this price range on the market.  However, the two we selected stand out. The Palms unit is a top floor penthouse with spectacular views.  The Turnberry Ocean Colony has truly first class outstanding full service amenities that are a cut above.

The Penthouse at The Palms - Ft.Lauderdale

 Asking Price: $2,100,000

Price per Square Foot: $511

4112 sq.ft. under air

4 bedrooms 5 bathrooms

Direct Ocean and City Views

Breathtaking panoramic views of the ocean city and intracoastal.  Marble floors, high ceilings with custom crown molding and detailed millwork highlights this premier beach house residence.  The Palms has world class amenities including a 2 story fitness center, 2 pools, racquetball, squash, clubroom, and full service valet.

Turnberry Ocean Colony-Sunny Isles

Asking Price: $2,049,000

Price per Square Foot: $739

2772 sq.ft. under air

3 bedrooms 4.5 bathrooms

Direct Ocean Views

Unbelievable direct ocean views from every room.  Huge wraparound terrace, top of the line snaidero kitchen, whirlpool tub, steam shower. Private club bar, 2 restaurants and a 35,000 square foot fitness center as well as beach and pool service.  Limo service is offered as well.  Many buildings use the terminology “first class service and amenities”.  Turnberry Ocean Colony has certainly earned that classification.

What if I told you that there is a condo in a very desirable location that has over 2400 square feet with one of the most spectacular oceanfront views available and that you could buy it for around $240 a square a foot.  That’s right 2400 square feet with drop dead gorgeous views for $575,000.   Location, location location… this building is surrounded by ultra luxury buildings that have multi million dollar condos.

What’s the catch?   It is in a building that was built in 1974.  It is an old building.  When you leave your apartment you can tell by the halls and the lobby that it is old.  However, there is a slow gentrification of young people buying in,  gutting the apartments and making spacious palaces in the sky.  Those with vision and patience can buy a piece of South Florida heaven for a fraction of what others are paying.  As the new generation moves in , they will have more of a presence on the condo board to renovate and update.  

When buying in an older building you want to make sure the condo association has plenty of money and that there has been upkeep over the years.  Careful examination  is recommended.   If all that looks good….

Attractive real estate pricing and a weakened dollar make the South Florida  condo market a very attractive buy to internationals.  The chief economist for a Canadian Bank certainly thought so when she recently purchase two units.

According to the globeadvisor.com The Bank of Montreal chief economist Sherry Cooper is among the many Canadians going on a South Florida condo shopping spree.

Ms. Cooper who lives in Toronto, has bought two condos in Florida since June. “Canadian dollar’s strong, U.S. housing market’s weak; we decided that we’d like to spend time there as well,” she said-quickly noting that she’s not retiring and that it’s a long-term purchase, although she is buying the pieds-à-terre to use them, not as speculative investment.

Ms. Cooper isn’t the only Canadian long on Florida - there are plenty of stories circulating of a recent buying bonanza. The exchange rate “made places that weren’t affordable, affordable,” she says. “I know there are lots of people who have spent time in some place in the U.S., for vacations or winter, and this is something that may have been in the back of their mind that they never believed was possible that has suddenly become possible.”