300 New Hollywood / Hallandale Beach Condos Still Unsold

MIAMI, FL--Nearly 300 new condo units remain unsold in the Hollywood / Hallandale Beach market of Southeast Broward County through the first half of the year, representing about five percent of the total inventory constructed during the real estate boom, according to a new Condo Vultures® White Paper™.

Buyers paid $2.2 billion for 4,666 newly created units with 6.1 million square feet of livable space in Hollywood / Hallandale Beach between 2003 and 2010.

The price works out to an average of $360 per square foot, according to the report based on the soon-to-be-published Condo Vultures® Official Condo Buyers Guides To Hollywood / Hallandale Beach™.

"Unlike Miami Beach or Sunny Isles Beach to the south where each market has at least 20 percent of its new product still available, less than five percent of the new condo inventory is still available for purchase in Hollywood / Hallandale Beach," said Peter Zalewski, (top right photo)  a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC.

"The primary reasons for the higher sales ratio in Hollywood / Hallandale Beach is the lower average asking price per square foot and the fact that fewer units were constructed.

"The Hollywood / Hallandale Beach market also benefitted greatly from the fact that most of the projects became available for purchase before the South Florida real estate market began to crash in late 2007."

The Hollywood / Hallandale Beach submarket is defined by Condo Vultures® as Federal Highway (U.S. 1) east to the Atlantic Ocean, and Sheridan Street south to Holiday Drive (Broward / Miami-Dade County line). This study considers condominiums with at least 25 units.

Peter Zalewski of Condo Vultures® can be reached at 800-750-0517 or by email at peter@condovultures.com