By Sunny Isles Real Estate Expert on October 28th, 2012
The new Hallandale Condos and Hollywood Florida Condos
have reputations as luxury real estate markets and, they more than live up to that reputation. The prices of some condominiums reflect this market more than others do and, to illustrate that, here are the 10 highest prices for condominium resales that went through between April 2012 and June 2012.
According to data, the priciest condominiums were as follows. With the exception of 2 units, denoted by asterisks, they were all located in the Hollywood Beach area. The other sales were both in the Hallandale Beach area. The sales are listed from least to most expensive.
· Beach Club I Hallandale 3-bedroom unit for $900,000*
· Diplomat Residences 3-bedroom for $950,000
· Beach Club II Hallandale 3-bedroom for $955,000*
· Villas of Positano 2-bedroom for $1,000,000
· Ocean Palms 3-bedroom for $1,025,000
· Diplomat Ocean Residences 2-bedroom for $1,060,000
· Diplomat Oceanfront Residences 3-bedroom for $1,383,000
· Trump Hollywood 3-bedroom for $1,800,000
· Diplomat Oceanfront Residences 3-bedroom for $1,800,000
· Villas of Positano 3-bedroom for $2,035,000
The prices of these condominiums has actually gone down on the average compared to what they were originally listed for, but the prices are obviously still well into the luxury range and make them interesting to investors.
Despite the impressive prices for these properties, they were all offered at a discount compared to their original asking prices. The #1 spot, in fact, at Villas of Position came at an 18% discount compared to the original asking price. Even at the luxury end of the real estate spectrum—the most luxury end—it is still a buyer’s market in many regards.
Sales in the areas listed and for south Florida on the whole remain steady. While there is some nervousness in the market overall, the real estate market does seem to be well on its way to a recovery. In addition to these pricey condominiums, there have been quite a few investors making their ways back into Florida’s real estate market and they have been eager to acquire properties. A combination of international factors and low interest rates has contributed to this.
Many of south Florida’s more desirable properties are luxury condominiums and this hasn’t been lost on investors. There are numerous projects in the works at present and, though some may have written off the south Florida real estate market only some years ago, it’s become an attractive place to invest—and live—again.
All of these prices came with discounts, which is important if you’re looking for a new home and you want to make sure you get a good deal. Even at this level of luxury, there is room to negotiate prices and prices may actually be reduced on their own compared to the original offer. If you’re in the market for luxury property, remember that the price you see advertised may well be subject to change with a bit of negotiation or with a bit more time on the market and that can make even very expensive condominiums attractive buys, indeed.