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In the peak of the housing market, buyers lined up with fist fulls of cash for the opportunity to secure an oceanfront condo in a new luxury building. We know what happened next, the market collapsed and many buyers walked away from their deposits.  What happened to these luxury oceanfront buildings?

Time has marched on and changes have happened.  Several of the brand new oceanfront condo buildings that were caught in the worst timing possible have been able to restructure their pricing models to reflect today’s market, either through bulk buyers coming in and taking over or through other strategic measures.

Take the Mei in Miami Beach for example.  Prices originally were over a $1000 sq.ft. Months ago they restructured their pricing radically and are now about 80 to 90% sold out.  Direct oceanfront units are priced in the $600-$700 sq.ft. range and north and south units with great views are in the $500 sq.ft. range.

Caribbean in Miami Beach is another perfect example. A bulk buyer came in and bought the project and totally restructured their pricing. Originally units were $1000 sq.ft. and higher.   The premier direct oceanfront corner units are around $690 sq.ft. North and south views are now $300-$400 per sq.ft.

Canyon Ranch is the most unique luxury oceanfront building offering a complete lifestyle supported by amenities unlike any other property. We have several listing at Canyon Ranch and have recently sold several units.  Completion also coincided with unfavorable economic times.  In spite of that, the South Tower has for the most part sold out completely.  The Carillon Tower, which is part condo part condo-hotel has had brisk sales with aggressive pricing opportunities.  The North Tower, offers spacious units priced in the $900-$1000 sq.ft. range.  We are watching the North Tower very carefully as well.

Another building I am watching very carefully and expect to see a major price reduction in is the new Trump Hollywood.  Hollywood and Hallandale as a location does not command prices as high as Miami Beach and direct oceanfront units can be had today in the $400-$500 sq.ft. price range. Trump Hollywood just completed, is a magnificent property which I will post on shortly.  Prices today are being offered from$620-$800 per square foot.  However, I anticipate seeing some price movement in 2010. That being said, this is an exceptional truly LUXURY building with great living spaces and may become the next great South Florida oceanfront condo buy.

Trump Hollywood Luxury Oceanfront

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.

We receive a constant stream of phone calls from buyers from all over the world that are interested in purchasing oceanfront condos. There are buyers who are seizing the moment so to speak, and stepping in to take advantage of the great opportunities out there right now.

Are there opportunities? You bet there are and I have been in situations, where once we identified a great unit at a great price, other buyers were also putting offers in on the same units.

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There are varying degrees of motivation by sellers in all price ranges. There are some units in building less than 2 years old that the original developer still owns that now are very motivated to sell. There are units that are being sold by investors that are several hundred thousand dollars less than what they paid for it. Each situation is different but the opportunities are there. The units that are available under these circumstances include the most desirable oceanfront floor plans in premier buildings.

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All I can say is that if there is a desire to own an oceanfront condo in South Florida, at this point in time, you can get the best of the best at deeply discounted prices. When the media says…”We are now at the bottom and the market is going to turn around”… the best units in the A rated luxury buildings will be long gone!!!

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.

We were invited to a private diner at Trump Hollywood and I have to say we are quite excited about this project. Trump Hollywood is set in a great location with easy accessibility to Miami and Fort Lauderdale and minutes from Ft. Lauderdale International airport. This desirable location and the ultra luxury quality residences, Trump and the Related Group are known for makes Trump Hollywood a most desirable South Florida project.

The floorplans of the residences are large with great spacial flows. The finishings and detailing are the finest with Miele kitchens and limestone or marble baths. The Miele personnel will come to your residence after closing to teach you how to use all of their state of the art appliances.

Although, as we have written before, the high end luxury market is still healthy and active, there are incentives available. You can buy in today in the price range of $625 sq. ft. to $779 sq.ft. for a high floor Sky Residence. The incredible opportunity is one of the two story 8,926 sq.ft. penthouses being offered at over $7 million. That truly will be a unique opportunity to own a spectacular home in the sky.

Trump Hollywood Description

The newest luxury oceanfront condominium on Hollywood Beach is the 41 story contemporary glass tower currently under construction. The Trump Hollywood will feature 200 expansive residences, all with private elevator access. Trump Hollywood will front 240 feet of pristine sandy beaches on the Atlantic Ocean, and affords each residence spectacular and unobstructed ocean, intracoastal and city views.

Location

Ideally located in the heart of Hollywood Beach, the property is minutes away from all that Miami and Ft. Lauderdale have to offer, with some of the area’s premier destinations within minutes. From world class dining and shopping at Bal Harbour Shops and Las Olas Boulevard, to museums, theaters, Fort Lauderdale/Hollywood International Airport, and Port Everglades, the idyllic beachfront site also offers proximity to exciting city life. The vibrant Hollywood Boardwalk, Diplomat Landing and the Westin Diplomat Resort & Spa are within walking distance.

Design Overview

Designed by the award wining and internationally recognized design firm of Yabu Pushelberg and Robert Swedroe, the celebrated architect renowned for his ground breaking projects. The striking 41 story tower with floor to ceiling glass allows spectacular views from every room of the flow through floor plans and features. With only 200 residences, each with its own private elevators, Trump Hollywood will deliver on its promise of privacy and exclusivity for the privileged few who would call it home. Public space amenities are featured on the third floor atop a two-level parking garage and include an elegant two story lobby opening to an ocean front pool deck, spa and cabanas. Residences start on the fifth level featuring fine views from even the lowest floor units. Two “wrap around” two-level penthouses crown the 41st floor.

Residence Type & Dimensions

Trump Hollywood will feature 2,3, and 5 bedroom residences, ranging in size from 2,088 to over 5,000 square feet of air conditioning living space. Expansive terraces range fro almost 400 to over 900 square feet. Two exclusive two-level penthouse residences will offer almost 9,000 square feet at the 41st floor of the tower.

Featured Amenities:

• Exquisitely appointed two-story entrance lobby designed by the award winning firm of Yabu Pushelberg
• Lushly landscaped entry plaza with elegant porte cochere entrance and stunning water display
• Common area amenities include a clubroom with multimedia facilities, billiards and game room
• 3,000 sq.ft. state of the art fitness center with men and women’s steam and sauna facilities
• Home theater
• Wine Cellar and tasting salon
• Elevated pool deck overlooking the Atlantic Ocean featuring a heated pool, two spas, and a reflecting pool
• Beach Club with pool attendant and beach towel service
• Two levels of beachfront private cabanas
• Private poolside cabanas
• Secure air-conditioned storage spaces
• Four Lighted tennis courts
• Exclusive concierge staff and services
• 24-hour complementary valet parking
• 24-hour attended security services
• Key operated high-speed elevators to individual private elevator foyers
• The latest in “Smart Building” technology, featuring wireless touch screen control pad, linking residents to building amenities
• Within walking distance to Diplomat Landing, Hollywood Boardwalk and the Westin Diplomat Resort and Spa.

Unit Pricing

Pre-construction prices range from $1,600,00’s to over $4.5 million.(Penthouses are priced over $7 million).

Timetable

Currently under construction, completion is expected early 2009.

Overview of Residences Floor Plans

• 4th floor-Lanai Residences with 3,953 sq.ft. of interior space including a lower level with direct access to 3rd floor pool and amenities.
• 5th to 33rd floor-Six residences per floor ranging from 2,088 to 3,395 sq.ft. of interior space.
• 34th to 40th floor-Four residences per floor ranging from 3,395 sq.ft. to the Sky Residences with 5,086 sq.ft. of interior space.
• Penthouse floor-Two, two-story Penthouses with 8,926 sq.ft. of interior space.