The City of Hollywood’s Community Redevelopment Agency (CRA) is offering a wonderful Property Improvement Program (PIP) to help further enhance the aesthetics in Hollywood Beach and Downtown Districts. The PIP will allow for the use of tax increment funds in addition to private investment for general exterior/ interior and on-site improvements to property and or to eliminate slum, damaged and decayed structures. The program’s purpose is to encourage property owners to renovate, restore or improve their building and/or property, thus enhancing the area’s physical aspects and elevating the aesthetic quality and attractiveness, ultimately leading to increased occupancy and property values. Grants are limited to property and business owners within the Beach and Downtown Districts of the CRA. The PIP provides a one-time grant based upon a 50% reimbursement and cover renovations and improvements up to $50,000.00. For properties located on the Intercoastal, a grant of $75,000.00 is allotted but must include improvements to the dock, marina or seawall as well as the general property.

Check out the link on the CRA’s page for more information on this phenomenal program and to see how you can take advantage of it: http://www.hollywoodcra.org/programs.html

For all your Real Estate needs, please contact Bobby Auerbach (954) 547-3600 or bobby@bobbyauerbach.com

I came across this great article from Realtor.org that discusses how several major real estate markets are starting to show signs of improvement with home prices in the last quarter- The South Florida market being one of the top six! The upswing of the home pricing indicates that the market is continuing to stabilize. The REO saturation rates have also improved in almost all of the largest markets. Furthermore, prices are softening and inventory is dwindling down. These are all signs that indicate a recovering real estate market!

Seven of the top 15 markets showed price gains in this month’s Home Data Index Market Report, compared to none in last month’s report. Check out the seven highest-performing major real estate markets, according to the report, South Florida is #6:

1.Washington, D.C.-Arlington, Va.-Alexandria, Va.
Quarter-to-quarter home price change: 4.5%
Year-to-year price changes (May 2010-May 2011): 4.9%
REO saturation: 17.5%

2. St. Louis, Mo.
Quarter-to-quarter home price change: 2.2%
Year-to-year price changes: -11.4%
REO saturation: 35.3%

3. Pittsburgh, Pa.
Quarter-to-quarter home price change: 1.6%
Year-to-year price changes: 0.3%
REO saturation: 10.9%

4. New York, N.Y.-Long Island, N.Y.-No. New Jersey, N.J.
Quarter-to-quarter home price change: 1.5%
Year-to-year price changes: 1.4%
REO saturation: 9.6%

5. Virginia Beach, Va.-Norfolk, Va.-Newport News, Va.
Quarter-to-quarter home price change: 1.4%
Year-to-year price changes: -13.2%
REO saturation: 22.4%

6. Miami-Ft. Lauderdale-Miami Beach, Fla.
Quarter-to-quarter home price change: 0.6%
Year-to-year price changes: -5.2%
REO saturation: 39.6%

7. San Jose-Sunnyvale-Santa Clara, Calif.
Quarter-to-quarter home price change: 0.5%
Year-to-year price changes: -5%
REO saturation: 25%

For more information, here is the link for the full article: http://tinyurl.com/3ej7yku

For all your Real Estate needs, please contact Bobby Auerbach (954) 547- 3600 or bobby@bobbyauerbach.com
 

Recently in a community forum the City of Hollywood’s Community Redevelopment Agency (CRA) discussed in detail its plans for the continuation of its underground utility conversion and streetscape enhancements project.  The multi-million dollar pilot project, already a proven success, has transformed the pedestrian and vehicular streetscape by undergrounding the utilities and enhancing the streetscapes.  In addition to making the streets more aesthetically pleasing, the project will provide more reliable power, cable and telephone services. The pilot project included six streets from Cleveland Street to Grant Street. Phase II of the Underground Utility Conversion and Streetscape Enhancements began at the end of 2010 and include Minnesota to Tyler Streets. The Future phases include:

Phase III: Oklahoma to New Mexico
Phase IV: Harrison to Jefferson
Phase V: Azalea to Magnolia

For more information on this great project, check out the Hollywood Community Redevelopment Agency’s homepage: http://www.hollywoodcra.org/news.html

For all your Real Estate needs, please contact Bobby Auerbach (954) 547-3600 or bobby@bobbyauerbach.com

An interesting article I came across in the Sun Sentinel recently, discusses a unique pricing structure that could impact how new construction luxury condo sales are handled in the future. Miami Developer Jorge Perez of the Related Group is seeking a new pricing structure for a proposed oceanfront condominium in Hollywood- a 22-story Apogee Beach on South Surf Road. Buyers are asked to put down 70% of the purchase price before closing.  The unusual pricing structure is to ensure that the project is being sold to end users rather than investors who are looking to flip the property. Buyers at Apogee Beach will be asked to pay at five intervals: 15% upon signing a contract, 15% at groundbreaking, 20% once the top floor of the condo is built and 20% after the building in completed. The last 30% is due at the closing. If this new pricing structure proves to be successful it could become the “wave of the future” for new construction luxury condo sales. However, there are skeptics who doubt the market is there to belly up this type of capitol. Nevertheless, it is certainly a project I will be keeping my eyes on. Check out the link below for the full article: http://articles.sun-sentinel.com/2011-05-20/business/fl-perez-hollywood-20110520_1_trump-hollywood-condo-market-condo-buyers