By Guest Contributor Jay Feldman, Branch Manager, Coldwell Banker Hollywood office
Nowhere else in South Florida can you walk out the door of a shop, restaurant, resort hotel, condo or apartment, and not have to worry about crossing two lanes of traffic to hit the beach. That’s one reason that Hollywood Beach’s pedestrian-friendly oceanfront Broadwalk has made it the town’s most popular area to congregate for more than 80 years.
Florida’s only beachside pedestrian promenade offers over two miles of auto-free enjoyment in a beachside setting. Built in 1923, the Hollywood Broadwalk features a thirty-foot wide landmark pedestrian promenade that combines dramatic coastal views of Hollywood Beach with the nostalgic feel of a Main Street thoroughfare. Completely auto-free, the Broadwalk, as it is called, is lined with award winning blue wave beaches, stunning vistas and an eclectic mix of mom-and-pop shops and outdoor cafés offering diverse dining options.
The City of Hollywood continues to improve the look and feel of it’s most important and popular assets. Ongoing reconstruction includes a path made of patterned concrete pavers for walkers, a wide bicycle lane and a jogging path. Reproductions of period tri-globe and acorn lamps dating from the Broadwalk's original construction provide light at night. Bordering the sand, an 18-inch high decorative wall features LED lights to add a playful modern touch. Plans also include the undergrounding of electrical lines on side streets to improve views toward the ocean.
Currently, Hollywood Boulevard, the dramatic Royal Palm tree-lined thoroughfare up to and across the Intracoastal Waterway is undergoing a major enhancement. The Boulevard will soon feature a landscaped median that will improve safety and aesthetics on this signature roadway.
Not just for beachgoers, the Broadwalk offers unparalleled living opportunities as well. Both seasonal and year round homes line both the Broadwalk and Intracoastal Waterway on Hollywood Beach. Buyers have a full range of lifestyle and price options. Many offer spectacular ocean/skyline/Intracoastal Waterway views and luxury amenities.
As of June 30, there were 692 Active condominiums and townhouses for sale:
71 efficiencies, ranging in price from $69,800 to $350,000
230 1BR units, from $65,000 to $412,500
286 2BR units, from $150,000 to $2,495,000
96 3BR units, from $155,000 to $3,850,000
9 4 and 5 BR units, from $1,200,000 to $4,373,900
Neighboring Hallandale Beach offers similar diversity in condo living. As of June 30, there were:
10 efficiencies, from $90,000 to $495,000
158 1BR units, from $80,000 to $599,900
212 2BR units, from $79,000 to $1,500,00
141 3BR units, from $364,500 to $1,799,000
2 4BR units, from $1,000,000 to $2,000,000
The market is trending positive in the beach component of the community. Inventory is down 21.1% over a year ago, with pending contracts up over 90%. Average price per square foot has actually risen in the last month, up to $221 per square foot. Obviously, newer, luxury buildings with more amenities are selling much higher than that, with the average offset by those older buildings with fewer amenities. This is down from a 15 month high of $321/square foot, and up from last month’s low of $203/square foot. While prices have moved downward, this change also reflects strength in the lower price ranges in the market, which are again proving attractive to purchasers seeking the South Florida lifestyle, investors and second-home seekers.
Strict Fannie Mae/Freddie Mac and FHA guidelines have made it considerably tougher to arrange mortgage financing in some buildings, especially those with high delinquency rates, and low or no association capital reserve accounts. Buyers making cash purchases or large cash down payments are achieving great success. And properties ARE moving. Days-On-Market has dropped from last month’s average 145 days, to a more normal 98 days from listing to closing. Today’s prices, interest rates and selection make NOW an ideal time for interest buyers.
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