Vickie Arcuri, Realtor Ft. Lauderdale Waterfront Homes

I reviewed the new listings of Bank Owned Waterfront Condo listings and selected those that represent a great value based on their Water views, below market prices, location, and condition. Click here to view them.

They are located in Ft. Lauderdale, Hallandale, Pompano Beach, and Hollywood in the following Buildings:

• The Palms Condo (direct Oceanfront)
• L'Hermitage Condo (direct Oceanfront)
• Beach Club (direct Oceanfront)
• Luna Ocean Residences (direct Oceanfront)
• Tides at Bridgeside Square (across from the Ocean and Intracoastal)
• Vue Condo (across from the Ocean)
• Las Olas River House (Riverfront on the New River)
• Diplomat Oceanfront Residences (direct Oceanfront)
• Q Club/Hilton Resort Condotel (across from the Ocean)
• Residences of Hollywood (direct Oceanfront)
• Ocean Palms (direct Oceanfront)
• The Pointe (Intracoastal front)
• Symphony Condo (Riverfront on the New River)
• Nu River Landing (Riverfront on the New River)

Featured Foreclosure Listing

Diplomat Oceanfront Residences in Hollywood, FL, a direct Oceanfront Building on the Beach

• 2 Bedroom, 2.5 Bath Condo on the 10th Floor with beautiful Ocean and Intracoastal views
• Listed for $510,000, currently the lowest priced listing in the Building
• 2,267 Square Feet of Living Area and 322 Square Feet of Balconies
• Private Elevator Entry directly into the Unit
• 2 Garage Parking Spaces
• Monthly Maintenance Fee of $1,571
• Amenities include a Fitness Center, Sauna, Heated Pool, Valet, 24-hr. Security, Theatre Room, Concierge and access to additional Amenities at the Westin Diplomat Resort, including 6 Restaurants, 40,000 Square Foot Spa, Reception Rooms, Business Center, and more!
• 28-Story Building with 135 total Units and only 6 Units per Floor

View the selected Waterfront Foreclosure listings.

Related information:

• Broward Foreclosure Listings and information about purchasing Bank owned Foreclosures
• Ft. Lauderdale Oceanfront Foreclosure Deals

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Vickie Arcuri, Realtor^®
EWM Realtors, Inc.
1700 E. Las Olas Blvd.
Ft. Lauderdale, FL 33301
Phone: (954) 708-9309
Fax: (954) 414-0492
Vickie@vickierealestate.com
South Florida Homes for Sale
Ft. Lauderdale Waterfront Homes
South Florida Real Estate Blog

For an early evening Boat Parade Celebration and a different location to watch the Boat Parade, spend some time at River Rock 2009. River Rock 2009 is sponsored by Big Brothers Big Sisters of Broward County, Ft. Lauderdale Downtown Development Authority, Waste Management, Michelob Ultra, Sixth Star Entertainment and Marketing, Majic 102.7, Architectural Alliance, Bentley Forbes, Botek Thurlow Engineering, Inc., and scg & Associates. I'm a Big Sister with Big Brothers Big Sisters of Broward and will be volunteering at the Event.

View event details below:

What: A family-friendly Boat parade Celebration featuring a FREE Concert with The Brass Evolution, FREE Children's Activities, Food, and Drinks.

Where: H. Wayne Huizenga Park/DDA Plaza (Southeast Corner of Las Olas and Andrews Avenue, Ft. Lauderdale, FL

When: December 12, 2009, 6:00 p.m. - 10:00 p.m. (Concert begins at 8:00 p.m. after watching the Winterfest Boat Parade) Hope to see you there :)

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Vickie Arcuri, Realtor^®
EWM Realtors, Inc.
1700 E. Las Olas Blvd.
Ft. Lauderdale, FL 33301
Phone: (954) 708-9309
Fax: (954) 414-0492
Vickie@vickierealestate.com
Ft. Lauderdale Homes for Sale
South Florida Real Estate Blog

Wondering what's selling in Broward? How many Homes Sold in Broward in October? How many homes sold in Ft. Lauderdale and other Broward cities? Looking for a monthly Broward Real Estate Market Report?

When considering buying or selling a Home, it is important that you're familiar with REAL data/facts about homes sold (NOT rumors about how many homes are selling, which homes sold, and what they're selling for). When you're ready to place an Offer to purchase a home, this data also assists you with placing an Offer that's based in reality, an Offer that's more likely to be accepted.

Single Family Home Sales

During the month of October, 2009, there were 1,259 Single Family Homes SOLD in Broward County (they were sold at final sales prices between $6,500 and $5,000,000) through Brokers and these sales comprise the vast majority of total sales. Of the 1,259 Single Family Homes SOLD in Broward County in October, 2009 (The "Sold" prices below mean the final sale price, NOT the listing price at the time of the sale):

299 were sold for $100,000 or less
334 were sold between $100,000 - $200,000
320 were sold between $200,000 - $300,000
149 were sold between $300,000 - $400,000
67 were sold between $400,000 - $500,000
21 were sold between $500,000 - $600,000
16 were sold between $600,000 - $700,000
12 were sold between $700,000 - $800,000
11 were sold between $800,000 - $900,000
30 were sold at $900,000 and higher

After gathering this data, I looked at it very closely to find details that will help to explain the data in further detail.

Of the 1,259 Single Family Homes sold, 232 were listed as Short Sales and 417 were listed as Bank Owned properties, so distress sales were almost 50% of the total sales.

In the $100,000 and less category of Sales, 211 of the Homes were Bank owned Foreclosures. 224 of the 299 total sales were indicated to have been purchased as Cash purchases. Of 299 Homes purchased for $100,000 or less, only 75 of the purchases were financed!!! Reasons for this include the following:

1. A large number of Investors in the market are purchasing Homes in this price range
2. Many Homes in this price range are in need of significant repair and/or updates so are not of interest to Buyers who are interested in immediately occupying the Home as their primary Residence
3. Many Homes in this price range are smaller than desired by non-Investor Buyers and/or not located in areas that are desireable to non-Investor Buyers
4. Because of necessary repairs and/or missing Appliances that are often an issue with these Homes, many of these Homes will not qualify for Financing, particularly not FHA Financing
5. Banks that are selling properties prefer Cash Buyers and, very often, when presented a strong Cash Offer, they will accept it instead of an Offer from a Buyer who requires Financing

What this means is that the $100,000 and less market for Single Family Homes is, in most cases, not a good fit for those who are seeking Homes in this price range as their primary residence, who are usually interested in financing their purchases. Such Buyers are simply unable to compete with Investors in the current market and are left to continue Renting or to compromise and attempt to find a Condo or Townhouse that might be appropriate.

The largest number of sales occurred in the $300,000 and under price range, so the $300,000 and under price range is VERY competitive. Homes in this price range are selling EXTREMELY quickly and Buyers searching for Homes in this price range often find that the availability of Homes that meet their search criteria is very limited.

Homes in the upper price range still aren't selling as quickly and Buyers are still finding that there are challenges with obtaining Financing for Jumbo Loans (Loans over the amount of $417,000 are known as Jumbo Loans). A significant number of Buyers in the upper price range are Cash Buyers. Of 54 Single Family Homes that were purchased for $700,000 and above during the month of October, 24 of those were purchased by Cash Buyers.

Condo, Townhouse, Villa, and Co-op Sales

During the month of October, 2009, there were 1,393 Condos, Townhouses, Villas and Co-ops SOLD in Broward County with final purchase prices between $12,000 - $2,700,000 as follows:

828 were sold under $100,000
375 were sold between $100,000 and $200,000
90 were sold between $200,000 and $300,000
32 were sold between $300,000 and $400,000
27 were sold between $400,000 and $500,000
44 were sold at $500,000 and above

NOTE: My monthly Reports present information related to active, sold, and pending listings of Single Family Homes, Condos, Co-ops, Villas, and Townhouses sold through Brokers ONLY, however, these sales and listings are in no way inclusive of the ENTIRE Real Estate Market as there are Commercial Properties and Businesses that are sold, as well as Vacant Lots and Land, Docks, and multi-family dwellings (such as Duplexes, Triplexes, Fourplexes, and Apartment buildings).

Additionally, there are Developer-owned Properties (Condos, Single Family Homes, Townhouses, etc.) that are sold to Buyers directly from the Developer, many of which are not listed for sale through the MLS (non-MLS listed property sales data is available by searching local Tax Records).

Beginning Your Property Search?

• Use the MLS Search feature on my site to search MLS listings in South Florida.
  You can save your favorite listings and can search by Subdivision, City, Price range, Home features, Zip Code, Building Name, Year Built, and other search criteria that you specify.
  
  
• Interested in information about Foreclosures? View Broward Foreclosure listings here.
  
  
• Interested in information about Short Sales? Click here.
  
  
• View information about the First Time Home Buyer Tax Credit.

Related Articles:

• Ft. Lauderdale Waterfront Homes Sold- November, 2009
• Ft. Lauderdale Luxury Condos & South Florida Luxury Condos Sold- November, 2009

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Vickie Arcuri, Realtor^®
EWM Realtors, Inc.
1700 E. Las Olas Blvd.
Ft. Lauderdale, FL 33301
Phone: (954) 708-9309
Fax: (954) 414-0492
Vickie@vickierealestate.com
Ft. Lauderdale Homes for Sale

Construction of the first Oceanfront Building (4444 El Mar Drive) is now complete! This is Villas by the Sea first DIRECT OCEANFRONT Building ON THE SAND and it contains 21 Residences on the top 3 Floors of a 4-story building. Property Tax Records indicate that Closings started on August 28, 2009 and 14 Units have been purchased with purchase prices of $869,900 - $1,275,000. The most recent purchase recorded was October 20, 2009. Since 14 units have been purchased, only 7 remain with purchases that haven't been completed.

As discussed in my post in March of 2009, Construction of the first building located across from the Ocean (4445 El Mar Drive) at Villas by Sea is also complete and Closings started in October of 2008. To date (November 18, 2009), Broward County Property Tax Records indicate that Buyers have purchased 31 of the 45 Units in 4445 El Mar Drive, so the Building is almost sold out. The purchase prices of the 31 Units were $469,000 - $1,295,800. The 2009 Sales in the Building range in price from $469,000 - $1,050,000. This Building is also a 4-Story Building with Units located on the top 3 Floors. Although it isn't a direct Oceanfront Building, several corner Units on upper Floors offer beautiful Ocean views.

Additional Units are currently under Contract for purchase and successful closings will be recorded in Tax Records.

Several people have asked me why Villas by the Sea prices haven't been slashed. My response was that a deep discount in prices at Villas by the Sea isn't necessary for 3 reasons:

1. List prices at Villas by the Sea were already discounted slightly and reflect current market values, not values of several years ago.
2. Their reasonable prices are driving sales in the current market, so there isn't a problem of an excessive number of vacant units that need to be sold.
3. Villas by the Sea is a unique product and has no competition in the current market so far as the availability of similar new product in Lauderdale by the Sea, Ft. Lauderdale, or Pompano Beach, so they're not in the position of having to compete with high inventory of similar new housing nearby.

As Buyers in the current market, the immediate assumption that all prices need to be deeply discounted beyond their current list prices is very often not the correct assessment. While it is true that there are properties that are priced incorrectly for the current market, there are many others, such as Villas by the Sea, that are already correctly priced for the current market.

The most unique feature of Villas by the Sea is that the Residences offer low-rise living instead of high-rise. It's well-positioned because the Buildings are direct Oceanfront or directly across from the Ocean, within walking distance of Shops and Restaurants, and very close to Ft. Lauderdale as well.

Click to view additional details about Villas by the Sea Condo and contact me if you would like additional information about buying, selling, or leasing in Villas by the Sea.

Villas by the Sea could be a perfect fit if you're searching for Lauderdale by the Sea Oceanfront Condos or nearby Waterfront Condos in Ft. Lauderdale, Pompano Beach, Deerfield Beach, or Hillsboro Beach.

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Vickie Arcuri, Realtor^®
EWM Realtors, Inc.
1700 E. Las Olas Blvd.
Ft. Lauderdale, FL 33301
Phone: (954) 708-9309
Fax: (954) 414-0492
Vickie@vickierealestate.com
Ft. Lauderdale Homes for Sale