Hollywood Oceanfront Condos for Sale and recently Sold

Recent Purchases of “New” Oceanfront Condos in Hollywood

Ocean Palms, Diplomat, and Villas of Positano were constructed during 2005 – 2007 and are the newest Oceanfront Condos in Hollywood, with the exception of Trump Hollywood. Trump Hollywood was constructed in 2009, is currently selling Developer Owned Units, and they sold more than $100,000,000 of Residences in 2011 (see Market Report here).

All are located directly on the Beach and offer full service luxury Amenities, spacious Residences, Penthouses, beautiful views of the Ocean, Intracoastal, City, Coastline, and more, in a very central location that’s close to Restaurants, Shops, the Airport, Entertainment, and Cultural Activities in the areas of Hollywood, Ft. Lauderdale, and Miami.

Included below is information about purchases of Units in Ocean Palms Condo, Diplomat Oceanfront Residences, and Villas of Positano Condo during the months of August – December of 2011 (all of the purchases were of Resale Units).

Units Sold in 2011 (August – December of 2011)
	# of Units Sold	Purchase Price Range	Average Purchase Price	Short Sales Purchased	Foreclosures Purchased	Active Listings for Sale	Pending Sales
Diplomat Oceanfront Residences (135 total Units in the Building)	5	$510,000 – $1,200,000	$851,800	1	1	13	1
Ocean Palms (240 total Units in the Building)	6	$439,450	$768,242	2	1	10	3
Villas of Positano (62 total Units in the Building)	2	$1,500,000 – $1,550,000	——–	0	0	3	3
NOTE: Of 13 Units purchased, 10 were Cash purchases, which continue to dominate our local Market, particularly the Condo Market, where Cash sales are more than 80% of the total sales.

A healthy level of Inventory is considered to be when approximately 10% of the Units in a Building are on the Market for sale. In many Condos locally, less than 10% of the Units are listed for sale since lots of the Inventory has been absorbed by significantly increased sales within the last couple of years and hasn’t been replaced with matching levels of additional Units placed on the Market for sale. In many cases, there’s insufficient supply to meet the current level of demand and interested Buyers are discovering that they simply no longer have the choices that they used to have a few years ago (in South Florida, 2007 – 2008 had the highest levels of Inventory and lowest number of sales).

Using Ocean Palms and Villas of Positano as examples, both offer few choices since they have very low Inventory. In Buildings where Inventory is extremely low and small numbers of additional listings are coming on the Market, sales are decreasing due to lack of availability and Buyers who were interested in specific Buildings and/or locations have started to expand their search criteria in order to find more properties to consider.

Because of significantly increased sales that have contributed to the majority of new Condos selling out or being very close to sold out, Developers have once again began planning construction of new Condos and the Related Group just broke ground last month on Apogee Beach Oceanfront Condo in Hollywood, which is scheduled for delivery in August of 2013.