The Summit is a condo project of 2 towers, 24 stories in each, located at 1201 S. Ocean Drive in Hollywood Florida. Unlike many condo buildings on the beach, the Summit is uniquely healthy and stable financially.
About the Summit
Since the building was built in 1981, we’ve seen a lot of cycles in the Florida real estate market. We are all aware of our current market conditions, not only in South Florida, but globally, and not only in real estate but in all industries. With that said, we are happy to report that Summit condo sales are moving quite well, in sharp contrast to many other buildings on the Beach. In the past year alone, from Jan-Dec, 2008 : 19 units were sold, according to MLS data. Today, there are 30 units for sale which represents a mere 5% of the total units.
Why the Summit has such strength in the marketplace:
1. . Great location: Hollywood Beach is awesome, and so is the Hollywood Broadwalk, only steps away and 15 minutes from the airport, Aventura Mall, and I-95.
2. Great amenties: 2 large heated swimming pools, 2 tennis courts, on site restaurant, putting green, shuffleboard, and 24-hour security
3. Spacious and well-planned units: by all standards, our condos are quite large and rooms are rectangular, compared to many of the newer constructions with small bedrooms at strange angles
4. Fabulous views: you can see the ocean and intracoastal from most units, and the swimming pool view from almost 5. Lovely community: active socially, Summit is a very neighborly place to live.
5. . Stable and financially sound condo association.
The last is extremely significant in view of all the foreclosures and short sales that so many other buildings are experiencing. Not only does that drag down the value of neighboring units, but when unit owners cannot pay maintenance, the maintenance deteriorates and other owners must take up the slack. The Summit has not suffered from this type of decline, and is one of the few Beach condo buildings where most sales are without bank interference, and where new bank financing is still feasible.