Hollywood and Hallandale Beach for a long time have offered the best oceanfront condominium deals anywhere along the coast in a newer building. The prices per square foot have been and are less than Fort Lauderdale, Sunny Isles or Miami Beach. Activity has been consistently very strong and inventories are considerably reduced all along the coast. As we move into the last quarter of 2012, as I usually do, I am providing a snapshot of each of the most sought after new condominiums in Hollywood and Hallandale Beach. See chart below. The buildings included in this overview are Beach Club, Ocean Palms, Diplomat Residences, Apogee Beach, Trump Hollywood and Villas of Positano.
Prices per square foot in Hollywood and Hallandale in a newer oceanfront building range from $321 per square foot to just under $600 square foot. In a comparable building in Miami Beach (15 minutes further south) prices are well over $1000 square foot. Purchasing a condo with direct ocean views, 2-3 bedroom finished out is available in this area at under $500 per square foot . Each building has a very specific character, luxury level, size and amenity offering; from the very large Beach Club with 1200 units to the smaller Apogee Beach (brand new) with less than 50 condos.
An outstanding statistic is the extremely low levels of inventory. It wasn’t too long ago when each building had over 20% or more for sale. You can see on the chart below that just about every key building is at inventory levels below 10%. The number of closed sales are also close to the number of active listings. You can see a steady flow of activity in each building. This trend is consistent for all the newer buildings from Miami Beach up to Fort Lauderdale and Boca Raton.
Prices today, although certainly not as low as they were in 2009 and 2010 still present to be attractive to buyers from all over the world as sales continue to be strong and have been right through this past summer. Our outstanding weather and beaches will attract an influx of visitors in just 2 months from now as our season gets underway. The trends indicate continued strong sales. As inventories continue to shrink prices will inevitably increase. That being said, buyers are here and are continuing to arrive.