Showing posts with label Hollywood Beach Condo Sales. Show all posts
Showing posts with label Hollywood Beach Condo Sales. Show all posts

Sunday, October 05, 2008

The Wave Condos on Hollywood Beach

The Wave Condos in Hollywood Beach
2501 S. Ocean Drive


A good alternative for nice condos on Hollywood Beach. Check this out.

Built in 1968
Completely renovated in 2004
550 Units
17 Floors

A beachfront condominium building, in a great location.
It is the product of a recent condo conversion. Building has sustained extensive renovation.

A great alternative on Hollywood Beach, right on the sand.

Studios, one and two-bedroom units.
Many with good ocean views.

Preferred by beach lovers, a relaxed atmosphere is the mark of the Wave.
Well located, close to the Hollywood Boardwalk, the Diplomat Hotel, and a short drive to the Casinos and Aventura Mall.





Amenities:

Heated pool and spa
Party room
Fitness Center
Valet Parking
Bar
Executive room with wireless internet
Billiards room
Piano Room
Washer/Dryer in unit









For more information, please call
Henry B. Nathan
(954) 296-6741
or



Henry B. Nathan is a Realtor in South Florida. Please visit my website and search of the top real estate database. Great Search Tools will make your search enjoyable and successful. http://www.condo-southflorida.com

Friday, September 12, 2008

Should I say "I told you so" ?


Should I say "I told you so" ?

I just read it in a local South Florida newspaper:

Hollywood passes property tax rate increase to eliminate budget shortfall.

We all know that our legislature have mandated our cities last year to roll back their taxes.

And that real property values have declined substantially.

But, town after town, the local governments are finding their way to roll back any reprieve homeowners had got last year, and go on with the business-as-usual free spending. As many of us predicted, the resistance of the bureaucracy to the voters’ mandate has been very strong. Cuts in our services, charging us for previously free services, increases on services charges, and they saved for the end the most effective recourse: Increase the tax rate.

As I wrote before, your property taxes are calculated by multiplying the millage (or tax rate) by your taxable or assessed home value.

Since the taxable value is reduced, they just raise the tax rate. Et voila!


We voted to adjust the homestead exemption, to recoup part of our real-dollar losses due to inflation in the last decades. It wasn't long before they regrouped and hit us back.


You know the answer: raise the tax rate.

And then: make them pay for everything you can figure out.


Example: years ago, they reduced my garbage collection to once a week instead of twice.

My bulk yard-waste collection was reduced to once-a-year.

What do you think happened next? Savings for me? Wrong.

I got a reduced service which, according to the city, didn't degrade its quality.

Sure.

And from then on, I only saw my bills going up, instead of down.


There are so many taxes that have been built in our way of life that we have come to accept them as natural: Just check your water bill, your sewer bill, your telephone bill, your electricity bill, your cell phone bill; they all include funny surcharges, excises, fees; so many that I gave up on trying to understand.

Review them, line by line; even a monthly fee for the 911 service is on one of my bills. These things have been building up and slowly squeezing the common person' budget year after year. I don't object. These are services and we've got to pay for them.

But then I see my home taxes bill and I realize that this one large bill is on top of all that.

I don't think that my quality of life has improved at all since they built these thousands of condos. The new construction was supposed to "increase the tax base". That might have sounded as a price to pay for some tax relief. Again, I was wrong. It only meant more traffic and congestion; and more taxes.

One of these days, I would like to calculate exactly how much of our taxes goes to pay for the fine town halls, the doing and undoing of our street landscaping every few months, the impeccable offices, the unending bureaucracy, and what more; perhaps I will then have a better idea of why they need to raise my taxes.

There are so many creative ways to nickel-and-dime us. Did you hear about some cities now charging good money to anybody who has a car accident in their territory, to cover their police expenses? There is truly an excellence in how our elected officers can figure out tricks to “balance their budgets”.

The bottom line, once again, is that most our local governments believe that the sacrifices must be made and the sufferings be endured by the governed.

A real solution cannot be found within the context of the old philosophy of waste.

But that was the “elegant” solution that Hollywood chose to solve their budget problems:

Cut the lean, but never cut the fat.

Check out how many white elephants can be found in your own town, as I they must have them in Hollywood, Miami Beach, or Pembroke Pines. Try to figure out how much waste and unnecessary spending you would avoid if you were a commissioner, and make up your own opinion.

And here is the article from:

The Sun-Sentinel September 9, 2008

Hollywood passes property tax rate increase to eliminate budget shortfall

Hollywood City officials on Monday passed on first reading a proposal that would raise the property tax rates slightly to avoid a $14 million budget shortfall and mass layoffs.

The proposal passed 5-2 despite outcry from residents who took turns pleading with elected officials for a financial reprieve.

Those who voted for it said the increase, which includes higher fire and sanitation fees, would still give homeowners a lower tax bill because of declining property values. About 81 employees would get to to keep their jobs.

Opponents — Mayor Peter Bober and Commissioner Heidi O'Sheehan — each said they wanted staff members to suggest further cuts before a final vote on Monday.

"It might sound like a small increase, but it's exacerbated by the higher fees," said Bober, before voting against it. "It's not a ton of money but there really are a lot of people who can't afford it."

The commission chamber was filled with employees and union leaders, but none of them commented. Some residents took aim at some of the soaring employee costs and urged commissioners to make bold cuts to the city's workforce of roughly 1,485.

"If you don't have the political will to do it, you are either part of the problem, or you are incompetent and you don't deserve the position you have," one resident said.

Under the proposed $324 million budget, property owners will see their tax rates go up to about $6.24 for every $1,000 of taxable value, an increase from the current $5.95.

A flat fire fee will go from $109 to $130 for every residential unit. Sanitation fees also will go up 10 percent each year for the next five years.

The measures would result in 26 vacant position being slashed, but nobody would lose their current jobs. It also means the owner of a $292,000 homestead home would see a savings of about $11 in city taxes, instead of the $49 under the current rate.



Henry B. Nathan is a Florida Realtor at United Realty Group Inc.Visit my website: http://www.condo-southflorida.com/where you can search for Aventura Condos, Florida Condos,


Regarding my comments on the weird twist of the “save-our-home” tax rule,

I just wrote about something that is the talk of the town. (Of the dozens of towns in South Florida) .

Today, I am reading in the Miami Herald, about how homeowners are reacting.


That might bring some more insight on the issue.

Florida's down-means-up rule baffling taxpayers - Fri, Sep. 12, 2008

By BILL KACZOR, Associated Press Writer

Michael McKenna was baffled by his property tax assessment this year.

The market value of his Longwood home fell by nearly $52,000, yet its taxable value increased by 3 percent - about $4,000.

"It just doesn't make sense," McKenna said.

He's among more than a million primary homeowners across Florida who've been scratching their heads over the state's down-means-up "recapture" rule that's been raising their property taxes.

The rule has been on the books since 1995 but had no noticeable effect until the state's real estate market collapsed.

That effect would have been even greater if voters had not passed a tax-cutting amendment to the state's constitution in January. The recapture rule is eating into Amendment 1's estimated average savings of $240 a year for homeowners if not wiping them out altogether.

In an e-mail to the proposal's chief promoter, Gov. Charlie Crist, McKenna wrote that his "net tax savings will amount to a staggering $78."

"I thought, 'What's all the big hoopla about a tax break?' " McKenna said in an interview. "Nothing's changed."

Not yet, but lawmakers are expected to take up legislation to repeal the recapture rule next year.

"This was a tax increase that the Legislature really hadn't voted for or against," said Rep. Nick Thompson, R-Fort Myers. "The whole idea of the recapture rule is taxing people at a time when they can least afford it."

Senate Finance and Tax Chairman Mike Haridopolos, R-Indialantic, called the rule "silly."

Thompson and Sen. Mike Bennett, R-Bradenton, sponsored similar repeals this year but they never got a floor vote in either chamber. That's because Senate leaders put a clamp on further property tax relief. They said they first wanted to see what effect Amendment 1 would have.

The recapture rule stems from a quirk in the Save Our Homes Amendment voters adopted in 1992. The amendment limits annual assessment increases for primary homes to no more than the increase in the Consumer Price Index or 3 percent, whichever is lower.

Save Our Homes, though, doesn't say what happens if market values should drop; so then-Gov. Lawton Chiles and the Florida Cabinet adopted the recapture rule to cover that situation.

It requires an assessment to increase according to the amendment's criteria no matter if a home's market value goes up, down or stays the same.

The only limit is that an assessment cannot exceed a home's market value. That's unlikely because market prices have gone up over the long haul much more than assessments have increased thanks to the Save Our Homes cap.

As a result, the rule was seldom applied and largely forgotten until last year when Florida's housing market crashed.

The bills Thompson and Bennett are planning would reduce an assessment by the same percentage that home's market value falls. If that value remains unchanged, so would the assessment.

Those changes, though, would exacerbate inequities between homesteads and other types of property such as businesses and second homes, said Dominic Calabro, president of Florida TaxWatch, a budget watchdog group.

Until Amendment 1 passed there had been no cap on assessment increases for non-homestead properties. They now get a 10 percent annual limit, but that's expected to offer relatively little tax relief because values seldom go up that much in one year.

Calabro also questioned whether the Legislature can repeal the recapture rule without passing another constitutional amendment. That would take 60 percent approval at the polls and likely wouldn't go into effect until after the 2010 election.

A legislative staff analysis of Thompson's bill cited no legal bar to passing it, but at least one lawmaker plans to introduce a constitutional amendment to repeal the rule.

In 1995, Broward County's then-property appraiser William Markham challenged the recapture rule at administrative hearing before the Cabinet passed it.

Administrative Law Judge Donald Alexander approved it as an appropriate way to apply the Save Our Homes Amendment when property values go down. He also rejected Markham's alternate proposal, which would have left assessments unchanged if values declined or stay unchanged.

Save Our Homes says no such thing, Alexander wrote, adding he had to go by its "plain language."

Even if lawmakers repeal the rule at their next regular session in March, that won't affect current tax bills.

It'll also be a moot issue - until the next housing bust - if the market recovers as predicted in late 2009 or early 2010, again driving up home values.

"I'm furious," said Edna Mattos, a Hernado homeowner affected by the recapture rule. "Next year may be too late."

Henry B. Nathan is a Florida Realtor at United Realty Group Inc.Visit my website: http://www.condo-southflorida.com/where you can search for Aventura Condos, Florida Condos,


Saturday, August 23, 2008

Statistics - Real Estate - South Florida

Time to do some statistical work:

Not a bright year for real estate, for sure. Let’s count the marbles. These are the closed sales Jan.1st 2008 up to August 22, 2008 in Broward County.

Southeast Broward: East of I-95. (North County Line Road to New Griffin Road)

175 Single Family Homes
289 Condos/Townhomes

South=Central Broward: (West Hollywood-Hallandale)

342 Single Family Homes
157 Condos/Townhomes

Southwest Broward:

1098 Single family Homes
591 Condos/Townhomes

Fort Lauderdale (East of 441, South of MacNab Rd.)

758 Single family homes
965 Condos

Fort Lauderdale (West of 441, South of MacNab Rd.)

1346 Single Family homes
1209 Condos/Townhomes

Northeast Broward (East of Turnpike, North of McNab Rd)

423 Single Family Homes
1071 Condos/Towhomes


Northwest Broward (West of Turnpike, North of McNab Rd)

978 Single Family Homes
636 Condos/Townhomes


Let’s analyze the same kind of information classified by cities, for some of my main markets: Sold so far in 2008, by all Realtors in:


Aventura: 79 homes – 489 Condos
Bal Harbour- 3 homes – 79 Condos
Brickell - 3 homes – 186 Condos
Fort Lauderdale – 582 homes – 807 Condos
Hallandale – 27 homes – 375 Condos
Hollywood – 428 homes – 405 Condos
Miami Beach – 88 homes – 861 Condos
North Bay Village – 4 homes – 35 Condos
Sunny Isles – 6 homes – 338 Condos
Surfside – 18 homes – 23 Condos

I will try to do some comparisons between the same periods in 2008 and 2007.

I bet the results will be worse for 2008. We'll wait and see.

Maybe tomorrow.

Henry B. Nathan is a Florida Realtor at United Realty Group Inc.
Visit my website: http://www.condo-southflorida.com/
where you can search for Aventura Condos, Florida Condos,