Market Profile of Ocean Palms, Diplomat, Beach Club, and Villas of Positano Hollywood and Hallandale

posted by Susan Reiter on October 8, 2008

We wanted to provide our readers with a concrete look at specific buildings in today’s the market. We have selected Ocean Palms, Diplomat Residences, Beach Club1,  Beach Club 2, Beach Club 3, and Villas of Positano in Hollywood.  

Each one of the buildings we selected have their own very specific characteristics.  Beach Club is of course the largest with a total of over 1,200 units whereas Villas of Positano only has a total of only 65 units.  

Ocean Palms has the lowest percentage of units on the market.   Diplomat Residences has the highest, 26% of the total building on the market.  

The closed sales data is based on the past 6 months.  The lowest closed price per square foot was at the Beach Club at $252 per square foot and surprisingly followed by the  Diplomat Residences at $253.   Not surprisingly the lowest sale price was at the Beach Club. 

South Florida newer condominiums have been averaging around 20% of the building on the market for the past year.  That number hasn’t increased in fact, as I mentioned in a previous post, inventory numbers appear to be on the decline.  

Several large scale investors such as Jorge Perez and others are stepping in to take advantage of current market conditions and attractive prices.  Real estate will have its ups and downs but unlike paper investments….it will not evaporate !

 

 

 

 

 

 

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Categories: Beach Club Hallandale, Buying Real Estate, Deals, Diplomat Oceanfront Residence, Fort Lauderdale Oceanfront Condos, Ocean Palms Hollywood, Villas of Positano

Watching the Market….Or Buying An Oceanfront Condo Now

posted by Susan Reiter on May 31, 2008

South Florida Oceanfront condo Great View

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!!!

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Categories: Acqualina, Aquazul, Beach Club Hallandale, Best of the Best Oceanfront Condos, Boca Raton Oceanfront Condos, Buying Real Estate, Canyon Ranch, Cipriani Ocean Resort and Club Residences, Continuum South Beach, Diplomat Oceanfront Residence, Europa By The Sea, Fort Lauderdale Oceanfront Condos, Icon-Las Olas, L'Ambiance, L'Hermitage, Las Olas Beach Club, Luxuria, Miami Oceanfront Condos, Ocean Palms Hollywood, One Bal Harbour, One Thousand Ocean, Palm Beach Oceanfront Condos, Porto Vita Aventura, Pre-Construction-Luxury Oceanfront Condos, Regalia, Ritz-Carlton South Beach, St. Regis Residences Ft. Lauderdale, St.Regis Bal Harbour, The Excelsior-, The Palms Tower I & II, Trump Hollywood, Turnberry Ocean Colony, Villas of Positano

Fort Lauderdale and Hollywood Luxury Oceanfront Condos-Sell For $1 Million Less Than Asking Price

posted by Susan Reiter on April 19, 2008

Within the last 30 days, there were two reported closed sales in Broward County for luxury oceanfront condos that each sold for almost $1 Million less than the asking price. There are buying opportunities now in all price points.

Las Olas Beach Club Fort Lauderdale-Luxury Oceanfront Condo

As I have written before, great buying opportunities exist when a building is being completed and the developer offers the last of their units for sale. Quite often the developer holds back the most desirable units until the other units are sold. A huge reduction off the asking price was recorded for a sale at the Las Olas Beach Club. It was a developer unit that had an asking price of $3,500,000. The unit has 4,466 square feet under air and 6,403 with balconies, 4 bedrooms 3 and one half baths. It was sold for $2,500,00. Units available for resale at Las Olas Beach Club. That calculates to $559 sq.ft. Sales in Las Olas Beach Club have ranged from $411 sq.f.t to $562 sq.ft.

Villas Of Positano Oceanfront condo

The other $1 Million reduction was at the Villas of Positano. This unit was being offered for $4,600,000 and sold for $3,550,000. It was 5,040 square feet under air and over 6,000 square feet with balconies. It has 3 bedrooms 3 baths and 2 half baths. This is a corner unit directly on the ocean. Units for sale at Villas of Positano. Square foot prices for closed sales have ranged from $345 to this sale which calculates to$704 sq.ft.

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Categories: Buying Real Estate, Deals, Fort Lauderdale Oceanfront Condos, Las Olas Beach Club, Villas of Positano

Luxury Oceanfront Condominium-Villas of Positano-A Low Rise Alternative

posted by Susan Reiter on March 3, 2008

 Villas of Positano

A while back we wrote about oceanfront alternatives for those that prefer to not live in a high rise.  Villas of Positano is another great alternative in Hollywood. It is a Mediterranean style condominium with only 62 exclusive units and 11 floors.  Built in 2007, it is a luxury condominium on the beach. Units available offer spectacular ocean and intracoastal views. The building includes fitness center, heated pool, spa, sauna. There is access to a private marina across the street with accommodations for a 100 foot yacht. Villas of Positano is minutes from Fort Lauderdale International Airport.

Currently there are 15 units on the market. The least expensive unit is $1,249,000 for over 3000 square feet and is being offered by a motivated seller.  There is also a stunning penthouse with over 5000 square feet offered for $4,600,000.

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Categories: Fort Lauderdale Oceanfront Condos, Low Rise Oceanfront Condo, Villas of Positano
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