SE Florida Condos, Beachfront and Waterfront
What is the reality of the market conditions, price and inventory the condo market for Miami Beach, Sunny Isles, Hollywood, Hallandale, Fort Lauderdale?
In general, the lowest prices you can expect to see on the beach (non-beachfront, waterfront or walking distance to the beach) in SE Dade and Broward would be about $200,000 for 1-2 bedroom units. When you see listings below the typical market level, these listings are one of the following and are best avoided:
•1. Co-op;
•2. Condo-Hotel;
•3. Cabana;
•4. Timeshare;
•5. Short Sale;
•6. Building with high HOA's or in bad financial shape.
•7. Building with many restrictions.
Furthermore, if you are on the market for a min. 2-bedroom oceanfront unit, the realistic expectation would be a min. $400,000 (Miami Beach), and $350,000 (Hollywood, Hallandale). It is always important to consider solid and well maintained buildings, with reasonable HOA fees (min. expected $500 monthly, for an older building and $650 and up, for newer buildings).
Property taxes are to be re-assessed based on the new purchase, approximately, 2% of purchase price. For more details, visit:
http://www.miamidade.gov/pa/tax_estimator/TaxEstimator.asp
http://www.bcpa.net/homestead.asp
And, if you are still waiting for the market to continue to drop, you are in for a big surprise and you have actually missed this moment.
Not only SE Florida real estate is not expected to drop further, but has started to adjust drastically some time ago. For SE Florida, the sales volume started to increase in the first quarter of last year, and the prices started to go up in the middle of last year. For more details, see our latest stats:
Existing-Home Sales Post Another Big Gain
Existing-home sales climbed 7.4 percent in November to a seasonally adjusted annual rate of 6.54 million units from 6.09 million in October, and they were 44.1 percent higher than the 4.54 million units sold in November 2008, NAR reported this morning. This is the highest sales level since February 2007 when it was 6.55 million.
Lawrence Yun, NAR chief economist, attributes much of the sales increase to the expansion of the homebuyer tax credit. "This clearly is a rush of first-time buyers not wanting to miss out on the tax credit, but there are many more potential buyers who can enter the market in the months ahead. We expect buying activity to ramp up for another surge in the spring when buyers take advantage of the expanded tax credit, which hopefully will take us into a self-sustaining market in the second half of 2010."
© 2010 Florida Realtors®
If you are a Buyer, serious about getting an amazing steal, before you have missed entirely on this market, you need a pro, who knows the market and who can negotiate a good deal between two sensible and serious sides.
I commit to helping you with my market knowledge to the best of my ability. I will bring to you and show you the best deals out there, in buildings where I am confident in the product and its future resale. If you are ready, I am the right person for you.
Cordially,
Kate Smith, Realtor®, ABR, CRS, E-Pro, TRC, LHM
786.412.8510 kate@hollywood-beach-real-estate.com; katsmith@ziprealty.com
http://www.hollywood-beach-real-estate.com; BLOG: http://4realestate.wordpress.com
http://www.linkedin.com/in/miamirealtorkatesmith
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