Pompano Beach- The New Hollywood Beach for Oceanfront Condo Deals

March 12, 2011 By

New oceanfront condo construction in Hollywood Beach offers several wonderful buildings.  There is the Diplomat Residences, Ocean Palms, Villas of Positano, the Beach Club in Hallandale and now Trump Hollywood. I have written numerous articles about finding the best oceanfront buys along the coast in these few buildings.  On a dollar per square foot basis for direct oceanfront views, spacious floor plans, great amenities and a nice new building these buildings are the buy.

Hollywood and Hallandale attracts buyers from all over the world looking for an oceanfront vacation home in South Florida priced well.  It is an area that has old Florida charm mixed with luxury oceanfront condos. There are many neighborhood restaurants and there is the Hollywood Broadwalk.  Second homes purchases in this area have remained strong throughout the economic down turn.

There is a new area that has similar characteristics to Hollywood.  Pompano Beach is beach town mixed with old Florida charm, older condominiums and new Luxury buildings.  Many buyers are now moving north to Pompano Beach to take advantage of several opportunities in new very well priced condominiums.  These opportunities are a little different because they are across the street from the ocean, but they each offer spacious floor plans in new buildings with nice amenities, at todays prices.

Oceanside Pompano Beach consists of 186 condos, half facing the intracoastal and half facing east towards the ocean.  Preciously owned and developed by WCI, the current owners set competitive pricing and they are selling fast.  For example,  there is an unobstructed beautiful west views on the 12th floor that is  1462 square feet with an asking price of $512,000.  That works out to $350 per square foot.  This building has outstanding amenities and the units have nice quality finishes and top of the line appliances.

Sonata Beach Club is another option of interest.  These are large 2 bedroom plus den condos with ocean views. For example there is a mode that is 2529 square feet, asking price $855,000, $338 per square foot.  It offers a fantastic open floor plan, huge balcony and expansive ocean views.

Another option down the street in Fort Lauderdale is the Sapphire Condominium.  Again, it is across the street from the ocean but you can buy a 1630 square foot 2 bedroom plus study on the 8th floor with great ocean views for $619,00, $379 per sq. ft.

This season is probably one of the busiest oceanfront condo buying seasons ever in South Florida.  At Oceanside Plaza, at this point in time there were only 6 intracoastal facing units left. Every other unit is sold.  I was there last weekend with a client and the sales office was non stop with buyers.

Ocean Palms is a great building to analyze that represents the intense buying activity along the coast. 54 units have either sold or are pending sale in the past 6 months.  Currently there are only 11 units for sale on the market.   6 months ago if I remember correctly there were probably about 50 condos for sale.

There isn’t a buyer today in whatever price point they are in that isn’t looking for a buying opportunity.   Many of the buyers I speak with clearly feel this is the time to buy and are concerned about missing these great opportunities.  Some buyers are even sorry they didn’t buy 6 months ago.

Filed Under: Beach Club Hallandale, Buying Real Estate, Deals, Diplomat Oceanfront Residence, Fort Lauderdale Oceanfront Condos, Ocean Palms Hollywood, Oceanside Pompano Beach, Sapphire Fort Lauderdale, Sonata Beach Club Pompano, Trump Hollywood, Villas of Positano Tagged With: , , , , , , , , , ,

Hollywood-Hallandale Oceanfront Condos- What is Selling?

January 23, 2011 By

Hollywood and Hallandale Beach offer the best prices per square foot for relatively new condominiums on the ocean along the coast in South Florida. The Hollywood Hallandale Beach area has attracted many buyers because of its attractive pricing, proximity to the Fort Lauderdale International Airport, the Hollywood Broadwalk, and its Florida original character. The great buildings in Hollywood-Hallandale are the Beach Club, Diplomat Residences, Ocean Palms, Villas of Positano and Trump Hollywood.

They are all great buildings finished with floor to ceiling windows, latest state of the art kitchens and baths, full service amenities and with the footprint right on the sand. As with all condominiums along the coast, each building offers its own personality, amenities, floor plans and services.

In today’s south Florida real estate market buyers are taking advantage of low prices.  Sales are very active. The international appeal, and second home acquisitions have kept this market healthy and active. Short sales and bank owned units make up a small percentage of the data but the primary sales activity are condos sold by realistic motivated sellers.

The following great buildings fall into this group:

Here is a look at the last 6 months of sales activity in these select buildings:

Beach Club All Three Towers

Total of 1200 condominiums.

75 closed sales

19 currently under contract

$229,900-$800,000

Diplomat

135 units-29 Floors

5 closed sales

3 currently under contract

$510,000-$900,000

square footage 2157-3050

Ocean Palms

240 units- 40 floors

14 closed sales

8 currently under contract

$425,000-$1212,500

Square Footage  1773-3091

Villas of Positano

62 Units 11 floors

7 Closed Sales

$998,000- $1,685,000

Square Footage 2771-3412

Trump Hollywood, as written in my article of November 18th 2010, is the newest and most luxurious of all the buildings. Recent foreclosure and new ownership will bring many changes and opportunities. New sales have not yet been reported to the tax record.

200 Units 40 floors

$687,000-$2,789,900

Square Footage 2,088-5005


Filed Under: Beach Club Hallandale, Diplomat Oceanfront Residence, Fort Lauderdale Oceanfront Condos, Ocean Palms Hollywood, Trump Hollywood, Uncategorized, Villas of Positano Tagged With: , , , , , ,

Oceanfront Condominiums Most Desirable Floor Plans are Selling-Case Study: Ocean Palms

November 4, 2010 By

The Ocean Palms in Hollywood is a relatively new luxury oceanfront condo completed in 2006.  Most buildings that were completed at the time of the housing market collapse followed a similar chain of events.  Taking a closer look at the history of prices at the Ocean Palms is representational of many buildings in Luxury Oceanfront Condominiums in Miami Beach, Fort Lauderdale and Palm Beach.

Most buildings offer a variety of floor plan ranging from direct oceanfront units to west facing units.  Of course, pricing varies depending on the view and floor level.  There are exceptional condomimiums like Turnberry Ocean Colony that offer only oceanfront units. There are flow through units that offer east and west views, however, there are no units at Turnberry available with just west facing views.

There is almost always one line in the building that is the most desirable unit offering the most spectacular ocean views, often a southeast corner.

Now let’s focus on Ocean Palms.

Over the past 2 years prices in this building dropped for all units. Some short sales and some bank owned units appeared. As in all buildings sellers adjusted prices and condos that were priced for todays standards sold. In the past 24 months 39 condos have sold at the Ocean Palms. The building has 240 units in total.

The most desirable unit at the Ocean Palms is the direct oceanfront unit, the 08 line.  It is over 3000 square feet with 3 bedrooms that can be modified to make it a 4 bedrooms property.  When you walk into this floor plan you enter a large foyer that opens up to floor to ceiling windows of just expansive direct oceanfront views.  The unit spans the entire front of the east end of the building.  It is truly spectacular.  Original purchasers paid from $1.1 million-$1.4million for unfinished decorator ready units.  Listed prices after original owners closed and finished out the units were $1.9 million-$2.1 million.  Then the market collapsed.  In the past 24 months 6 of these direct oceanfront incredible units have sold priced between $1,075,000 and$1,225,000. This puts the price at under $400 per square foot for an incredible spacious luxury direct oceanfront unit.  Right now there are 3 of these exceptional units under contract and only 3 still actively listed.  A year ago there were 8 of these exceptional units on the market.

Elsewhere in the building prices have come down and bank owned aberrations have appeared. However, no “08″ unit has sold for under $1 million.

What is clear is that the exceptional most desirable direct oceanfront spectacular floor plans in luxury buildings have sold and are continuing to sell.  This is true for almost any building along the coast including Canyon Ranch, Diplomat Residences, Bath Club, Mei in Miami Beach, the Caribbean as well as any other luxury building on the ocean.

Filed Under: Amazing Views, Bath Club, Best of the Best Oceanfront Condos, Buying Real Estate, Canyon Ranch, Caribbean Miami Beach, Mei-Miami Beach, Ocean Palms Hollywood Tagged With: , , , ,

Oceanfront Condo Buying Season is Coming

October 15, 2010 By

As the weather gets cooler up north the condo buying season begins.  I can already sense an increase in activity.  As I have written before, South Florida oceanfront condos have proven to be an attractive investment for buyers from all over the world.  Understandably so.  Beyond the weather, culture and beaches, prices and buying opportunities are very attractive. Over the past 12 months many cash savvy buyers have scooped up the best condos in the best buildings at unprecedented prices.  Some of those great opportunities are difficult to replicate today, and in select buildings I am seeing perhaps only one outstanding deal standing out from the pack.  6 months to a year ago there were several great units in each building waiting to be sold.

The statistics on the new oceanfront condo market in Miami Dade and Broward county are very telling.  As of today, there are 219 new oceanfront condos (built after the year 2000) under contract waiting to close. That represents over $131 million of real estate and the season has not even started.  In the past 60 days there have been 140 closed sales representing around $110 million in sales.  These numbers are just resales and do not include developer units in new building where activity is reported as very brisk.  In Canyon Ranch alone, 54 units have sold in the last 9 months representing $54 million.  The Trump Towers in Sunny Isles just opened sales for the third tower after reporting  the second tower as being just about sold out.

I work with buyers up and down the coast in all the new buildings and see great units at great prices.  I am referring to units that are being sold by seller’s that are realistic about current prices and are motivated to sell.  In each building, there are preferred units. What makes them preferred depends on the specific criteria of the building.  For example, at Ocean Palms in Hollywood the 01 and 02 line offers ocean and intracoastal views, over 2300 square feet of living space. Units on high floors  have spectacular views. The units on the market on the 23rd and 31st floor recently sold and fantastic prices.

In the Mei in Miami Beach, there was only one resale offered for a most desirable southeast corner 3 bedroom unit.  That has also gone to contract.   At the Beach Club in Hallandale Beach, there are very specific units that are the most desirable with outstanding views and large spaces.  Those lines have had very active sales and prices have clearly moved up over the last year.

There are opportunities.   I see great units at great prices in many of the buildings I analyze.

We are looking forward to a very active season and are excited about the great opportunities in the market.

Filed Under: Canyon Ranch, Mei-Miami Beach, Miami Oceanfront Condos, Ocean Palms Hollywood, Trump Towers-Sunny Isles

Luxury Oceanfront Condo Activity- What Sold and What is Selling?

June 20, 2010 By

We receive calls from all over the world inquiring about the South Florida Oceanfront Condo Market. These calls come from people with perspectives on the economic conditions of the market and projections on what they believe.  Their information is coming from what they read in newspapers and on-line.  All types of opinions are formulated in this challenging market.  Statistics, and facts tell the real story.

Interesting facts….

The following charts, show actual closed sales for oceanfront condos within the last 60 day and recently sold condos pending closing. This data has been extracted from the MLS and may not include developer condo sales on new units.

In the over $5 million category there were 4 closed sales.  The penthouse at One Bal Harbour sold for $8,700.000($1643 sq.ft)  . It was magnificently finished out and offered turnkey.  It was listed for $12,000,000.  That is a 28% reduction, that can be viewed as being sold by a “motivated seller”. PH2108 had an interesting lineage.  In 2008 it was offered for sale  for $6,300,000. At that time it was unfinished (decorator ready) and closed at $4,950,000. ($940 sq.ft.). One Bal Harbour sits on one of the most unique locations along the coast with views of continual waterway activity on Haulover Inlet.

Other oceanfront condo sales reported over $5 million were at the Setai, Fontainbleu, and Ocean Tower on Key Biscayne.

In the over $1 million dollar range there were 70 closed sales,  4 sales at the Continuum in South Beach 4 sales at Turnberry Ocean Colony and 2 sales at Ocean Palms in Hollywood Beach.  The other sales were scattered along the coast in various condos.

Over $500,000 range, 150 closed sales were reported. Numerous sales were reported at the Beach Club in Hallandale Beach, Coconut Grove in Fort Lauderdale, Caribbean in Miami Beach

In the pending close category there a few notable transactions. 3 penthouse units sold, 2 on Key Biscayne and one spectacular unit at the Jade Beach in Sunny Isles. Turnberry Ocean Colony had the most pending sales in the over $2 million range.

There are 195 pending sales in the price range over $500,000.  What I have noticed consistently is that in all the buildings that we carefully monitor there is a growing list of pending sales. Oceanfront Condo sales activity is increasing.  When I analyze the data clearly the best buildings with great amenities in desirable locations are attracting buyers.  Great buying opportunities are everywhere across all price ranges…even in the ultra luxury market.

One Bal Harbour

Diplomat Residences Hollywood Beach

Filed Under: Beach Club Hallandale, Best of the Best Oceanfront Condos, Buying Real Estate, Caribbean Miami Beach, Condo Statistics, Continuum South Beach, Deals, Fort Lauderdale Oceanfront Condos, Jade Beach- Jade Ocean, Miami Oceanfront Condos, Ocean Palms Hollywood, One Bal Harbour, Turnberry Ocean Colony, What Can You Buy For $1 million, What Can You Buy For $2 million Tagged With:

What Oceanfront Condo Can You Buy for $1,300,000?

April 17, 2010 By

Many buyers are looking for great condo buying opportunities that are direct ocean with a minimum of 2 bedrooms and 1800 sq.ft.

Here are some of the great opportunities:

Mei Miami Beach-58th and Collins

Southeast corner unit 1002- 1805 square feet 3 bedrooms 3 and 1/2 baths. Finished Unit. Asking Price $1,299,000.  $719 per square foot.

The Developer has one unit left unit 602.  It is an unfinished unit and can probably be bought for around $1,100,000.  In my opinion, when you are facing the ocean, it is not necessary to be on a high floor.  In fact, my preference is a lower floor for ocean facing units.

Caribbean-Miami Beach- 37th and Collins

Caribbean is in a great location.  As I have written before, developer units are priced very well.  Good pricing resulted in numerous sales  and a great deal of the inventory has sold.  There aren’t any southeast units left in the south tower, one of the most sought after units.  There is a northeast corner direct oceanfront unit still available. 1748 sq.ft. $1,031,000, $590 per square foot.

Trump Towers- Sunny Isles

There is a good amount of Trump inventory in Sunny Isles and it is selling at new low prices.  As these sales continue to be brisk, fast forward a year or two, retrospectively people will be talking about the deals in 2010.  D Model, 2550 sq.ft. for $1,025,000.  That is per square foot.

Fort Lauderdale

Aquazul- 1600 S. Ocean, Fort Lauderdale.

There is an 11th floor unit finished out magnificently and featured in numerous decorator magazines. 2572 sq.ft. 3 bedrooms 4 and 1/2 baths with direct ocean and west views.  Asking price $1,350,000 $524 per square foot.

There was a great deal of sales activity this season.  In researching real estate data for this blog post,  I came across  certain exceptional units that sold this winter.  For example at Ocean Palms. There is a spectacular unit on 31st floor that recently went to pending. It was over 2300 square feet with breath taking direct east and west views. It was a finished unit asking price $899,000. $391 per square foot.

Filed Under: Amazing Views, Aquazul, Buying Real Estate, Caribbean Miami Beach, Fort Lauderdale Oceanfront Condos, Mei-Miami Beach, Miami Oceanfront Condos, Ocean Palms Hollywood, Trump Towers-Sunny Isles, What Can You Buy For $1.3 Million Tagged With: , , , , , , ,

Hollywood Beach Oceanfront Condos New Neighbor: Jimmy Buffet's Margaritaville Resort

April 8, 2010 By

Hollywood Beach, home to luxury oceanfront condos, such as Villas of Positano, Trump Hollywood, Ocean Palms and the Diplomat Residences, will have a new addition to the neighborhood.  Local officials approved the Jimmy Buffet themed $100 million project proposed to sit on a six acre tract at A1A and Johnson Street.   The Margaritaville developers have 90 days to propose the right mix of entertainment, restaurants and financing.

Hollywood Beach is home to the popular “Broadwalk” a 2 mile pedestrian promenade.  The new proposed resort will be the first large scale addition to this landmark.

Hollywood and Hallandale Beach offers some of the lowest priced per square foot oceanfront condo opportunities along the coast of South East Florida.

Filed Under: Beach Club Hallandale, Diplomat Oceanfront Residence, Fort Lauderdale Oceanfront Condos, Miami Oceanfront Condos, Ocean Palms Hollywood, South Florida Culture, South Florida Events, Trump Hollywood, Villas of Positano Tagged With: , , , , ,

Sales are up. What does that mean for South Florida Oceanfront Condos?

September 7, 2009 By

Luxury Oceanfront Condo

Sales are defintely up !  Housing figures are showing an increase in sales. What does this mean for oceanfront condos in South Florida?  Luxury buildings that we follow are showing an increased number of sales all along the coast.  A year ago the numbers were quite different.  South Florida oceanfront condos have a world wide appeal and continue to be a desirable location for a second, third or forth home acquisitions Sales figures in this unique market has shown some incredible activity.

How does that translate to the luxury oceanfront condos that we follow?  The most obvious trend is that the least expensive condos in the luxury buildings are selling.  When prices went down there were some new lows presenting buying opportunites that were previously unheard of.  For example,  the Palms in Fort Lauderale, prices for condos in this luxury building average a $1 million and up.  There were about a half a dozen units priced below $1million and almost all of them have sold.  There are buyers in the marketplace identifying great buildings and picking up great inexpensive buys.

Bargain priced units are not the only condos selling.  Desirable units with  large square footage and/or exceptional views are also selling. Turnberry Ocean Colony has a reported 4 units under contract.  This is one of the finest buildings along the coast.  Prices are well over $1million.

The Beach Club, with 1200 units in total, not surprisingly,  has the most activity of any oceanfront building.  29 units have gone to contract !!!

Here is a sampling of what has been reported as pending sales in several buildings:

There are buyers in the market place identifying great buildings and picking up great inexpensive buys.  There are also buyers that are taking advantage of having several desirable units to choose from.  As we move into the winter season, I anticipate that this activity will increase as buyers jump into the market.   We will continue to see inventories decline as well.

Filed Under: Bath Club, Best of the Best Oceanfront Condos, Buying Real Estate, Condo Statistics, Continuum South Beach, Deals, Fort Lauderdale Oceanfront Condos, Harbour House, Mei-Miami Beach, Miami Oceanfront Condos, Ocean Palms Hollywood, One Bal Harbour, The Palms Tower I & II, Turnberry Ocean Colony, Uncategorized Tagged With: , , , , , ,

Trump Hollywood To Begin Closings

August 22, 2009 By

Hollywood and Hallandale Beach host several new oceanfront condos that are highly desirable and sought after.  Beach Club, Diplomat Residence, Ocean Palms, and the Villas of Positano

Of those condos, there are 57 units on the market that exceed $ 1million.  There have been 6 closed sales for units over $1million in the past 6 months.  There is a tremendous demand for this area and there are buyers at that price point, although not many in this market.   The average price per square foot of closed sales average under $400 per square foot except at the Villas of Positano where the closed sales are closer to $500 per sq. ft. or higher.

These new condos are about to be joined by the brand new Trump Hollywood, closings will begin next week. Timing for this project could not have been worse.  Prices start at $1.3 million.   The concerns about this Related Group project were identified in the  Sun-Sentinel.  Donald Trump Jr. was on property Friday.  They are stating that they have 140 buyers lined up.

I will be watching this property carefully in the comings weeks and months and certainly hope to see it succeed.

Filed Under: Beach Club Hallandale, Buying Real Estate, Diplomat Oceanfront Residence, Fort Lauderdale Oceanfront Condos, Ocean Palms Hollywood, Pre-Construction-Luxury Oceanfront Condos, Trump Hollywood, Villas of Positano Tagged With: , , , , , , ,

Statistical Look at 7 Luxury Oceanfront Condos

June 14, 2009 By

Luxury Oceanfront Condos along the coast in South Florida vary immensly.  Each building has its own character as does each neighborhood and each city, and those variances are reflected in the price.   Worldwide attention is focused on oceanfront condos in South Florida as the price swings have been reported around the world.   To summerize our market we like to provide our readership with statistics and data.

I have selected 7 very different luxury oceanfront condos along the coast to take a look at. These 7 condominiums are all relatively new and represent a cross section of oceanfront condos along the coast.   Continuum in South Beach, Canyon Ranch in Miami Beach, One Bal Harbour in Bal Harbour, Turnberry Ocean Colony in Sunny Isles, Ocean Palms in Hollywood, The Palms in Fort Lauderdale, and The Excelsior in Boca Raton.

The information provided addresses, number of closed sales, $ per square foot, average $ of asking price, number of units currently under contract (pending), and total number of units for sale in each building.

Filed Under: Boca Raton Oceanfront Condos, Buying Real Estate, Canyon Ranch, Condo Statistics, Continuum South Beach, Fort Lauderdale Oceanfront Condos, Miami Oceanfront Condos, Ocean Palms Hollywood, One Bal Harbour, Palm Beach Oceanfront Condos, The Excelsior-, The Palms Tower I & II, Turnberry Ocean Colony Tagged With: , , , , , ,
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