The Real Deal Miami

Condo activity falls in Hollywood/Hallandale

May 11, 2012 09:45AM

Condominium resale activity in the Hollywood/Hallandale Beach area fell 17 percent in the first quarter, compared to the same period in 2011, although prices rose, according to a report from Condo Vultures. A total of 345 condo resales transacted in the first three months of 2012, down from 410 in the first quarter last year. “The Hollywood/Hallandale Beach coastal condo market is in transition as investors — who picked up units at deep discounts in recent years — increasingly refuse to budge on their resale prices,” said Peter Zalewski, founder of Condo Vultures. “The rising rental rates combined with the absence of new developer units from the last condo boom is working to increase the confidence level of today’s sellers.” — Alexander Britell