Engel & Völkers launches Pompano Beach location in Florida

Engel & Völkers Expands Luxury Real Estate Services to Pompano Beach with Francisco Garcia and Marie Gonneville POMPANO BEACH, Fla., June 18, 2024 – Engel & Völkers Florida is further expanding its footprint in South Florida with the launch of a new location, Engel & Völkers Pompano Beach. This marks the brand’s latest move to capitalize on the region's growing luxury real estate market. Leading this venture are franchisees Francisco Garcia, owner of Engel & Völkers Fort Lauderdale, and Marie Gonneville from Engel & Völkers Montréal. The new office will be located in Suite 105 at 2401 East Atlantic Boulevard, with a grand opening event planned upon completion of the buildout. Garcia and Gonneville’s partnership brings a wealth of expertise to the Pompano Beach market, promising a high level of service and an exceptional real estate experience. Marie Gonneville, a 15-year real estate veteran, previously worked as a commercial and residential broker at Engel & Völkers Montréal. Her background also includes working with prestigious luxury brands like LVMH (Louis Vuitton – Moët Hennessy). Gonneville is an active member of the Quebec Real Estate Brokerage Self-Regulatory Organization and the Quebec Real Estate Board. She is eager to bring her international perspective and management expertise to her new role. “Joining Engel & Völkers Pompano Beach presents an exciting opportunity to combine my global experience in luxury brands, real estate, and management,” said Gonneville. “I’m passionate about bringing a sophisticated and international perspective to the Pompano Beach market. Together, we aim to redefine the luxury real estate experience with our collective expertise, providing unparalleled service and insights to our clients.” Francisco Garcia, who owns two Engel & Völkers franchises in Fort Lauderdale, is a prominent figure in the region's real estate scene. His existing offices include Engel & Völkers Fort Lauderdale and a satellite location at The Ocean Resort Residences at the Conrad Fort Lauderdale Beach. Garcia also leads Garcia Signature Properties Group with his wife, Niliana Nassar-Garcia, a 13-member team that specializes in new construction projects. Before his success in real estate, Garcia spent 30 years owning 27 nightclubs and bars. “I’ve successfully attracted great agents to Engel & Völkers Fort Lauderdale, propelling our brokerage to new heights,” said Garcia. “Opening my third location in Pompano Beach will strengthen our brand’s credibility, increase market share, and expand our presence in southeast Florida. I’m excited to welcome ambitious individuals looking for success at both locations.” Pompano Beach, known as "South Florida’s next frontier for high-end residential living," has experienced rapid growth, with home values rising by 27% in the past year. As the area continues to attract attention with high-end projects like Salato Residences, The Ritz-Carlton Residences, and Waldorf Astoria Residences, Engel & Völkers is poised to lead the market at premium price points. “Frank has been one of our most entrepreneurial owners since joining the brand,” said Peter Giese, CEO of Engel & Völkers Florida. “His success in Fort Lauderdale has been remarkable, and we’re thrilled to see him bring that same energy and expertise to Pompano Beach with Marie. Together, their complementary skills will offer a fresh and dynamic approach to luxury real estate in this growing market.” With a team that speaks English, French, and Spanish, Engel & Völkers Pompano Beach is positioned to thrive in the multicultural landscape of southeast Florida.

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Pompano Beach Real Estate Market Update – August 2024

The real estate market in Pompano Beach saw notable shifts in August 2024, with both single-family homes and townhouses/condos showing varied performance. Here’s a detailed overview of the key trends. Single-Family Homes Closed Sales: There was a significant 50% increase in August closed sales, from 36 in 2023 to 54 in 2024. However, year-to-date (YTD) sales slightly decreased by 2.3%, with 302 homes sold compared to 309 the previous year. Median Sales Price: YTD, the median sales price surged by 15.2%, from $399,250 to $460,000. For August, the increase was more modest at 1%, reaching $485,000. Average Sales Price: The average sales price grew 22.7% YTD, climbing from $565,294 to $693,531. August showed a slight decline of 0.4%, from $718,635 to $715,686. Dollar Volume: Total sales volume skyrocketed 84% YTD to $37.45 million. In August, however, there was a slight decrease of 2.7%, dropping to $216.1 million. Percent of Original List Price Received: Sellers are receiving a lower percentage of their list price compared to last year, with a 5.1% YTD drop to 92.3%. Median Time to Contract: Homes are taking significantly longer to sell, with an 87.5% YTD increase in median days to contract, from 32 to 60 days. Inventory: Inventory has risen by 49.2%, with a 4.9-month supply, up 58.1% from the previous year. Townhouses/Condos Closed Sales: August closed sales saw a 20.7% increase, rising from 58 in 2023 to 70 in 2024. However, YTD sales dropped 6%, with 711 sales compared to 756 last year. Median Sales Price: The median price dropped 7.3% YTD, from $304,000 to $281,923. However, August saw a slight 1.7% increase, reaching $299,999. Average Sales Price: The average sales price remained stable, decreasing by just 0.2% YTD. However, August saw a 6.3% increase in average prices, now at $382,391. Dollar Volume: Total dollar volume increased by 20.5% YTD, with $26.15 million in sales. For August, the volume remained unchanged compared to last year. Percent of Original List Price Received: Sellers received less of their list price in 2024, with a 3.9% drop YTD, from 93.2% to 89.6%. Median Time to Contract: Townhouses and condos are also taking longer to sell, with a 56% increase YTD in median time to contract, now 78 days. Inventory: The inventory of homes for sale more than doubled YTD, increasing by 109.9%. The months’ supply of inventory rose to 7.6, up 117.1% from 2023. Market Insights Single-Family Homes: Strong sales growth in August and higher prices YTD signal demand, but the increasing time to contract and growing inventory may shift the market toward buyers. Townhouses/Condos: August brought higher sales and prices, but YTD data shows a cooling trend, with more inventory and longer selling times. As Pompano Beach continues to see shifts in market dynamics, buyers and sellers should closely monitor these trends to make informed decisions.   Data Source: BeachesMLS, September 16, 2024​(PompanoBeach).

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Old Florida Is Gone...

Old Florida Is Gone... "The Sunshine State is where I was raised, I love it here, but it sure has changed. It’s nothing like it used to be, If you’re from around here, it’s not hard to see. It’s more than Disney and more than the beach, The good Old Florida seems so far out of reach. Eight hundred people move here every day, There’s plenty to go around, at least that’s what they say. That old oak hammock where I shot my first buck, It’s been taken for phosphate; that’s just my luck. Those old orange groves, me and the boys used to run, They’re all concrete now, but the old times were fun. That old lake where we’d fish and swim, It’s all been sprayed and it’s looking kinda grim. They keep pushing up pines to replace them with homes. They won’t stop until it’s all gone. They keep stacking up condos on concrete walls, Cutting down trees for big shopping malls. Another ranch sold, that’s what I heard today, Another HOA is coming, that’s what they say. She used to be salt creeks and white sandy beach, now it’s all concrete canals where all the sewer leaks. The water was once clear, the fish kept us fed. But now every year, the tide turns red, They aren’t going to stop until it’s all dead. Man, I sure wish to save this old State, but I’m all but certain it’s too late. But I’ll keep on dreaming of the good old times, When this state was still wild and the majority was pines. Oh, how I wish they’d leave this Old Florida alone, But they aren’t going to wake up until it’s all gone. - Author Unkown. 

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