900 Hillsboro Mile
Update to my December 1st post
2 of the 3 Bank Owned Townhouses at 900 Hillsboro Mile are currently under Contract for purchase after only being listed for sale since November 6, 2009. The ones that are under Contract for purchase are listed for sale at $1,450,000 and $1,350,000. Due to current Lending criteria and the trend for the majority of Luxury Buyers in the current market to be Cash Buyers, I suspect that these purchases will be Cash instead of Financed.
I’m not surprised that they went under Contract so quickly because it happens continually with Properties of this nature that are priced far below current market value and have limited inventory. When I say “inventory”, I’m referring not only to current inventory of similar properties available for sale, but the existence of these types of properties, period.
It’s a gross misconception that there are vast quantities of all property types available.
Fact of the matter is that very few of certain Property types were ever built, even during the Boom. This property is most unique because of the following factors:
- Rare availability of direct Intracoastal front new Construction
- Very few Intracoastal front Townhouses were ever built
- Prices that are significantly below current market value for similar property
Deals similar to this one are the types of great deals that will be missed by those who suffer from “analysis paralysis”. I don’t say that as a sales tactic because that’s not something that I do. I’m simply stating facts.
Are many more Foreclosures going to be released into the Market? YES. Will the majority be Intracoastal Waterfront Townhouses? NO. They can’t be because very many were never built. They don’t exist in large quantities. In fact, even though we have lots of Waterfront, the overall Geographic area is very large and Waterfront properties ARE NOT the majority of properties that were EVER built, so Foreclosure inventory and regular inventory primarily consists of non-Waterfront properties. Demand for deeply discounted Waterfront property significantly exceeds supply, so the best deals sell very quickly. If you’re looking for deep discounts, join the crowd. “Deep discounts”, in this case, refers to prices that are FAR below current market value for similar properties.
“What demand?”, you ask.
Oh, the State of Florida is number 1 in the United States for the number of sales to Foreign and Domestic Home Buyers who purchase vacation properties. The properties purchased are most often Waterfront properties and many are located in Southeast Florida (Broward, Miami-Dade, and Palm Beach Counties). You should also know that Ft. Lauderdale is the Mega Yacht Capital of the World and has more Ocean access Waterfront than any other City in North America, so “we’re kind of a big deal”. There are positive facts (FACTS, not SPIN) despite all the negative news that you hear.
View additional details about 900 Hillsboro Mile (1 Townhouse is still available). If the purchases close successfully, it will be interesting to see what the purchase prices are. I will post updates.
Hillsboro Beach is very close to Ft. Lauderdale, so could be of interest even if you’re looking for Ft. Lauderdale Waterfront Foreclosures.
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