Bristol Reserve Davie Florida New Construction Grand Opening

Builder asks for informarion page to be filled out.

Call Susan Penn BHHS FL Realty for details

at 954-557-5993

(New Homes For Sale Starting at 1.6 Million!]

Bristol Reserve currently is vacant land. Bristol Reserve will be a beautiful gated community featuring 35 homesites with one story and two story homes offering lake views and garden views. The lot size for these homes is approximately 20,000 to 25,000 square feet. Bristol Reserve is South of 595 and North of Griffin Road( north of SW 26 Street). The development is situated off of Frontage Road in Davie Florida with the entrance to Bristol Reserve located at SW 122 Court.

Bristol Reserve is east of Flamingo Road, east on SW 26 Street and north on 121 Avenue.  (2530 SW 121 Avenue), close to Flamingo Gardens. There is a 3.4 acre park to the south of the development. Nearby Million Dollar  Communities are The Hammlet and Paradise Pines. Across the highway are the Luxury residential communities of Stonemont and Oak Park. Bristol Reserve will present 4 bedroom to 6 bedroom homes from 3705 AC SF to 5742 AC SF with a 3 car garage. Custome options are available.

Belmont Model -One story, 5 bedrooms, 4.5 bathrooms, dining room, living room, family room, kitchen with large island, pantry, master suite with his & her walk-in closets, covered terrace, front porch & courtyard, 3-car garage. Additional custom options available. 3,705 AC SF 4,728 Total SF

Belmont Model From $1,590,990.00

Belmont Floorplan

Derby Model -One story, 4 bedrooms, 3.5 bathrooms, great room, family room, den, eat-in kitchen with large island, walk-in pantry, master suite with his & her walk-in closets, covered terrace, 3-car garage. 4,198 AC SF 5,407 Total SF

Derby Model from $1,650,990.00

Derby Floorplan

Preakness Model - Two stories, 4 bedrooms, 3.5 bathrooms, great room, eat-in kitchen with large island, walk-in pantry, front courtyard, loft, master suite with his & her walk-in closets, covered terrace, 3-car garage. Additional custom options available. 3,985 AC SF 5,061 Total SF

Preakness Floorplan (First Floor)

Preakness Floorplan (Second Floor)

Breeders Model - Two stories, 5 bedrooms, 4.5 bathrooms, dining room, great room, family room, kitchen with large island, walk-in pantry, master suite with large walk-in closet, covered terrace, loft, balcony, front porch, 3-car garage. Additional custom options available. 4,709 AC SF 5,879 Total SF

Breeders Model from $1,720,990.00

Breeders Floorplan (First Floor)

Breeders Floorplan (Second Floor)

Pegasus Model- Two story, 6 bedrooms, 5 bathrooms including attached guest suite and cabana bath on first floor, eat-in kitchen with large island and pantry, dining room, living room, family room, loft, master suite with sitting room, his & her walk-in closets, covered terrace, 3-car garage. Additional custom options available. 5,742 AC SF 7,046 Total SF

Pegasus Model From $1,790,990.00

Pegasus Floorplan (First Floor)

Pegasus Floorplan (Second Floor)

Our website features the best Bristol Reserve Davie real estate search for homes, condos, land and foreclosure properties available. It is the only site you will ever need! It is easy-to-use and updated by the official Realtor®’s database every 15 minutes. 

You can save searches, and get daily email alerts of new listings, price changes, sold data, and market reports. Our Interactive Map Search allows you to view properties on a map or refine your search by drawing the boundaries around the area you desire. 

Curious about what’s happening in your neighborhood? You can create a custom market report to see what’s active, under contract, and sold in your neighborhood! 

Considering  selling or refinancing your home? Get an INSTANT property valuation now!

Contact us today to find out how we can be of assistance to you!

Thanks!
Susan J Penn, PA Realtor -16 Years
Berkshire Hathaway HomeServices Realty
2330 Weston Road
Weston FL 33326
954-557-5993
susanjpennpa@gmail.com
www.susanjpennrealtor.com

Welcome to the April 2022 South Florida Spring Season as we incur Rising Mortgage Rates and Continued Housing Price Increases. Wishing you and your family a Happy Easter and Happy Passover!

The Federal Reserve monetary policy changes are occurring to address the issue of inflation. The Federal Reserve met on March 15-16th of 2022 and raised the interest rate, which escalated the mortgage rate. The Committee also indicated that it will likely continue to raise interest rates in the future, based on market conditions and projects 6 more increases this year. According to Freddie Mac, ( The Federal Home Loan Association chartered by the US congress in 1970 ), the 30-year mortgage rate went from 3.11% in December 2021 to 4.16% for March 2022.

According to an article from Paul Centopani, the editor from Mortgage Reports Paul has used a quote from - Frank Nothaft, chief economist at CoreLogic -“The rise in mortgage rates since January... is expected to slow price gains in coming months.”.another quote is from Mark Fleming, chief economist at First American - “Rising mortgage rates may be a housing market headwind in 2022, but... house prices will moderate, resulting in a more balanced market”.

For home buyers this interest rate increase will affect your ability to purchase a higher priced home using a mortgage based on your income, as mortgage rates are on the rise. Here is a dose of reality, for 2022, we are actually quite low in regards to mortgage rates. Interest rates are still at near historic lows and it's still a good time to invest in a home.

In 1971, the 30-year fixed-rate mortgages hovered between 7.29% to 7.73%.
In 1981, Interest rates reached their highest point average at 16.63%.
In 1991, the interest rate midpoint was 9.25%
In 2001, 6.79% endured as the average
In 2011, 4.45% became the midpoint
In 2021, 3.8% was the standard


Home price gains and near-record-low inventory continue to keep aspiring buyers from purchasing a home. There are two loans to consider for Sellers looking to list their homes and relocate.

The first loan is a bridge loan. A bridge loan is a short term higher interest loan where sellers can take a loan out against their current home in order to make the down payment on the purchase of their new home. As most home sellers are looking for no contingency contracts from buyers, it can be difficult to first secure a contract to sell your home and then close on a new one within the same period.

The second loan (HELOC), Home Equity Loan will let a homeowner borrow the equity on their home. The interest rate is usually 2% over the prime rate, so it becomes a more affordable choice. This type of loan helps the borrower to cover the down payment on their new home.

When mortgage rates are lower, buying a home is more affordable with the exception that we are now in a time where home prices are at their highest levels. South Florida inventory levels are reflective of out-of-state buyers and international buyers. Who is buying Florida houses? Who is your competition? Individuals from the northern states are buying in Florida. Your fellow Americans are moving to Florida.  Also, now that the pandemic has somewhat simmered, global buyers are back. 

Mortgage Rates Drop
The mortgage rates were climbing up to 4.08%. The mortgage rates have dropped back to 4.0% and today the 30-year, fixed-rate mortgage rates have fallen to 3.76% as the devastating war takes place with Russia invading Ukraine. Mortgage rates are based on bonds. When bonds are more expensive, mortgage rates are lower, which is currently taking place. Stocks and cryptocurrencies have also lost some of their value. The Federal reserve will be meeting March 15-16 to discuss the rates. Be on the lookout as mortgage rates are expected to climb higher. 

Despite lack of supply, existing home sales rise 6.7%
Homebuyers flocked to what little inventory existed in January, with existing-home sales rising 6.7% from the prior month to a seasonally adjusted annual rate of 6.5 million.January sales fell 2.3% from a year earlier, though the median existing-home price rose 15.4% annually to $350,000, according to the Friday report from the National Association of Realtors. (Housingwire.com)

Prepare Now for a Busy Housing Market This Spring
The 2022 real estate market is shaping up to be something closer to normal. As we approach the busy spring homebuying season, homebuyers are still likely to face an uphill battle, but it shouldn’t feel anything like 2021.Home values skyrocketed by nearly 20% at many points in 2021. While housing prices aren’t expected to drop in 2022, the increasing rate of prices should slow down. Many experts believe home values will increase at roughly half the rate (single-digit increases) we saw during the peak of 2021. (Time.com)

Dear Susan J Penn, PA:

Congratulations! You put in the hard work, the long hours, and stayed committed to achieving success in 2021. And on behalf of the entire network, we want to sincerely congratulate you on your award-winning performance.

Our vision is to become the best-recognized and most highly respected homeownership services brand worldwide – your competitive spirit, knowledge and dedication are what will help us achieve this. We look forward to recognizing your outstanding achievements at Sales Convention 2022!

South Florida February 2022 Events! 

The Super Bowl is set! The Los Angeles Rams and the Cincinnati Bengals will play for the NFL championship on February 13th.   Valentines Day  - February 14th  Las Olas Food & Wine Festival -  February 16th Elton John at the Hard Rock - February 27th South Florida February 2022  Real Estate News!   Back to South Florida Real Estate News!  Currently, for February 2022 we have strong Buyer demand and a sparse housing supply. The unexpected speed of Buyers purchasing homes arose in December and January as South Florida properties left the market as soon as they arrived. There has been no extra amount of inventory spillage with this limited inventory. This past year of 2021 and present year of 2022 is not the usual for real estate housing. The inventory imbalance of low supply mixed with high demand and the Covid -19 pandemic lockdown have contributed to this circumstance. We now have remote employees who can work from any location and are trading in their northern homes for the sunshine state.  Home value appreciation has accelerated 19% since last year Inventory is down 40% from Pre-Covid Levels Rents are up 16% from last year The 30 -year fixed rate mortgage averaged 3.55% this week, Freddie Mac reports. The mortgage loan limit for conventional financing is $647,200 for a one-unit property. As we begin the month of February, the Spring shopping season approaches and interest rates are low. The market is going to be moving quickly. If you are a buyer in need of a mortgage, do not start the house hunting process first and then get approved for financing. By the time you have given all of your paperwork, you will have missed that beautiful home to another buyer. There was a time when a real estate buyer would shop and tour approximately 30 homes. With the restricted amount of inventory, there are very few homes to explore. You may only see 3 to 5 homes. Please be prepared.

Broward County Market Report December 2021!

Market Report for Broward County and Palm Beach County  

Year End Market Stats for 2021

 

Broward County 

Broward County - Single Family Homes Closed Sales Up 15.8% - 18,565

Broward County - Single Family Homes Median Price Up 17.5% to $470,000.00

Broward County - Condo/Townhome Price Increased 15.1% to $217,500

Broward County - Months Supply of Inventory Down 47.6% to

 1.1 Months with Single Family Homes - 1.7 Months of Condos/Townhomes

Broward County - Total Homes Sales Increased 28.4% 

from 31,476 Year end 2020 to 40,423 Year End 2021

Broward County -  Single Family Homes Sales Increased 15.8%

from 16,035 Year end 2020  to 18,565 Year End 2021

Broward County - Condo/Townhome Transactions Increased 41.6%

from 15,441 Year End 2020 to 21,858 Year End 2021

Broward County Single Family Dollar Volume Increased 46% 

from 8.5 Billion Year End 2020 to $12.4 Billion Year End 2021

Broward County - Condos/Townhomes Dollar Volume Increased 69.5%

form 3.8 Billion Year End 2020 to $6.5 Billion Year End 2021

Broward County Total Active Listings Decreased 52.6%

 from 9,997 Year End 2020 to 4741 Year End 2021

Broward County - Short Sales and REO's Closed Sales - 1.1% of all Closed Sales

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Palm Beach County 

Palm Beach County - Single Family Homes Closed Sales Up 7.3% - 19,475

Palm Beach County - Single Family Homes Median Price Up 22% to $475,000.00

Palm Beach County - Condo/Townhome Median Price is Up 17.1% to $240,000.00

Palm Beach County - Single Family Homes Months Supply of Inventory Down 52.2% to 1.1 Months 

Palm Beach County - Condo/Townhome Inventory is 1.2 Months

Palm Beach County Total Homes Sales Increased 18.8 % 

from 31,521 Year End 2020 to 37,447 Year End 2021

Palm Beach County - Single Family Home Sales Increased 7.3%

from 18,174 Year End 2020 to 19,495 Year End 2021

Palm Beach County - Condo/Townhomes Transactions Increased 34.5% 

from13,347 Year End 2020 to 17,952 Year End 2021

Palm Beach County - Condos/Townhomes 3.7 Months of Inventory Supply

Palm Beach County - Single Family Dollar Volume Increased 45.5%

 from 12.4 Billion Year End 2020 to $18.1 Billion Year End 2021

Palm Beach County - Condo/Townhome Dollar Volume Increased 62.9%

from $4.5 Billion Year End 2020 to $7.3 Billion Year End 2021

Palm Beach County - Total Active Listings Decreased 58.6% 

from 8,691 Year End 2020 to 3,597 Year End 2021

Palm Beach County - Short Sales and REO's Closed Sales - 0.9% of all Closed Sales

Hi! Happy New Year!

Real Estate for 2021 in South Florida was anything but normal. Due to the limited amount of supply and increased housing demand from out of state buyers, most properties lasted a brief time span on the market. This is actually a more prevalent time when you need to work with an experienced Realtor. Pricing increased at a minimum of 14% in Broward County's median sale priced homes ( $485,000). Bidding wars became standard with over the price offers. Facetime buying set off the new way to purchase a home. Florida is one of the few states without a state income tax, and has beautiful sunny weather. The housing supply has not been replenished leaving us in December with little inventory to offer as there is currently only a one months supply.

We now have the omicron variant in Covid. Due to increased vaccinations, masks, Covid kits, hand sanitizer, paper booties and Lysol's return to the store shelves, Sellers are not as overcome about having Buyers in their homes. We should be seeing  more homes returning to the market this 2022 Spring season.

In 2021, Surfside Florida's beachfront Champlain Towers condominium collapsed with 98 deaths. This horrible event will now be changing the path on older condominiums and the way mortgages will handle older complexes. February 28, 2022 is the date The Federal Home Loan Mortgage Corporation will enforce stricter requirements. This tragic event is now asking Condominiums to look at their budgets and have a basic 10% reserve requirement. Mortgage lenders will be reviewing pending repairs.

Mortgage rates are still very low (3.1%) which helps consumer spending. The Federal Government was ready to raise the rates until this new Covid variant began to emerge. Housing analysts are predicting rates will be rising in 2022.

Happy Holidays! Happy Hanukkah! Merry Christmas! Happy New Year!

Broward County Market Report

Yes, yes, yes! South Florida Real Estate Properties are moving quickly right now. The typical holiday time slow moving sales are non-existent this year. Sales are in high gear!

Today our low interest rates are producing all time low mortgage rates driving up buyer demand; combined with the robust Standard & Poor's 500 Index; the appeal of stable assets in a volatile economy; homebuyers leaving tax-burdened Northeastern states to purchase sunny Florida's (no state income tax); and work-from-home and remote-learning policies have all combined to create a robust market for luxury single-family properties.

Speaking of mortgages, the loan limit as of yesterday November 30, 2021 changed, the Federal Housing Finance Agency (FHFA) raised loan amounts. Now, on single family residences the conforming loan limit for 2021 is $548,250.00. This number is going up by $98,950.00 to $647,200.00. You will discover certain lenders can honor this new loan policy today. The FHA new loan limit for 2022 is $460,000.00, up from $420,500.00. This is good news as it allows home buyers to afford "more home" value!

What were some previous historical mortgage rates?

October 1981 - 18.63% 

January 1995 - 9.22%

December 2009 - 4.71%

Global vaccinations are rising and with unstable political situations around the world, South Florida is seeing an increase in foreign homebuyers. Global buyers are coming here for the vaccine and purchasing property. Yes, your competition is present!

The National Flood Insurance Program cannot sell new or renew flood insurance policies after 11:59 pm Eastern time on December 3, 2021. Congress will be working toward a 5-year reauthorization and reform measure.The existing National Flood Insurance Program policies will remain in effect until their expiration date (i.e., the renewal date plus a 30-day grace period), and claims will continue to be paid as long as Federal Emergency Management Agency has the funds on hand.

Miami-Dade County broke its record for the most annual home sales in only 10 months as October transactions surged year-over-year, according to a report by the MIAMI Association of Realtors (MIAMI) and the Multiple Listing Service

Inventory for Broward County, Miami-Dade County and Palm Beach County

Broward October 2021 Condos/Townhomes 1.9  Months of  Inventory Supply

Broward  October 2021 - Single Family 1.4  Months of Inventory Supply

Miami-Dade October 2021 Condos/Townhomes 4.0 Months of  Inventory Supply

Miami-Dade October 2021 - Single Family 2.2 Months of Inventory Supply

Palm Beach October 2021 Condos/Townhomes 1.3  Months of  Inventory Supply

Palm Beach October 2021 - Single Family 1.3  Months of Inventory Supply

Weston Florida is a beautiful friendly well maintained city in the western portion of Broward County. It was built by Arvida. Anyone who has heard of Arvida Corporation knows at one time Disney owned Arvida.  These two forces both shared a commitment to quality. Weston is a quality city 5 miles by 5 miles with winding roads, gorgeous landscaping with Royal Palms and Oak Trees lining the streets. The multiple neighborhoods are mostly guard gated or gated communities giving a sense of privacy and peacefulness. The schools are A rated. There are multiple parks and 2 golf courses inside this city.

There are condos, town homes, and homes of various sizes. There is something here for everyone. The weather is just beautiful and sunny.  It feels like you are driving into a park like setting when you first arrive.

Wishing you and your family a safe and Happy Thanksgiving!