Las Olas Homes for Sale and Las Olas Homes Recently Sold

Market Report for Las Olas Waterfront Homes

Within the last 3 months (December 2010 – February 2011), 18 Waterfront Homes were purchased in the Las Olas area in the Communities of Las Olas Isles, 7 Isles, Riviera Isles, and Idlewyld.

Their purchase price range was $565,000 – $7,757,500
The average purchase price was $1,417,500
14 of the 18 purchases were Cash sales

Details about the Home that was purchased for $7,757,500 (pictured below)

Purchased January 15, 2011
Located at 229 Nurmi Drive in Ft. Lauderdale
Point Lot with ~435 total feet of Waterfront
The Home was purchased in addition to a Vacant 100′ Lot next Door
6 Bedrooms and 5 Full Baths
7,502 total Square Feet
4-Car Garage
Pool
Built in 1995

The properties that were purchased are as follows:

Address	Purchase Price	Purchase Date
229 Nurmi Dr.	$7,757,500	January 15, 2011
2601 Sea Island Dr.	$2,000,000	January 13, 2011
721 Idlewyld Dr.	$2,000,000	December 4, 2010
613 Solar Isle	$2,000,000	January 31, 2011
195 Nurmi Dr.	$1,900,000	January 17, 2011
626 Solar Isle	$1,850,000	December 22, 2010
309 Bontona Av.	$1,800,000	December 10, 2010
715 Flamingo Dr.	$1,661,000	January 31, 2011
509 Riviera Dr.	$1,475,000	February 7, 2011
2301 Solar Plaza Dr.	$1,360,000	December 17, 2010
508 Bontona Av.	$1,300,000	December 29, 2010
17 Nurmi Dr.	$1,200,000	December 20, 2010
512 Riviera Dr.	$1,200,000	February 28, 2011
633 Isle of Palms Dr.	$950,000	January 24, 2011
2608 Barcelona Dr.	$950,000	January 14, 2011
2508 Delmar Place	$797,500	February 11, 2011
707 Flamingo Dr.	$650,000	December 3, 2010
320 Bontona Av.	$565,000	December 10, 2010

Short Sales and Foreclosures

1 of the Properties was purchased as a Short Sale and 2 were purchased as Bank Owned Foreclosures. The 2 Foreclosures that were purchased are:

508 Bontona Avenue. Purchased for $1,300,000 and listed for $1,149,900 (purchased for $150,100 ABOVE the list price). Number of days on the Market: listed on the market for 8 days before receiving an accepted Offer.
320 Bontona Avenue. Purchased for $565,000 and listed for $560,000 (purchased for $5,000 ABOVE the list price). Number of days on the Market: listed on the market for 15 days before receiving an accepted Offer (see pictures and details below).

Demand for East and Waterfront Foreclosures is very high, but supply is very low, so the majority of such properties are purchased very quickly and are often purchased for prices that are above their listed prices in multiple Offer situations. Broward County is very large, Ft. Lauderdale is one of 30 Cities, and the majority of properties within the County are non-Waterfront and located West instead of East.

320 Bontona Avenue:

-50′ of Waterfront on an Ocean Access Canal (Note that Waterfront Setbacks in Las Olas Isles are 10′ on each side, so Property with 50′ of Waterfront would accommodate a 30′ Boat)
3 Bedrooms and 3 Baths
1,835 Square Feet
No Pool or Garage
This is a property that was purchased primarily for Land value (also known as a “Teardown”). It will most likely be demolished and replaced with a new structure since it’s in need of complete renovation

Pending Sales

Currently, there are 14 Properties that are listed as being under Contract for purchase in Las Olas Isles. When closings have been recorded for purchases, I will provide information about them in future updates.

Homes for Sale in Las Olas Isles

Of ~700 Single Family Homes in Las Olas Isles, Seven Isles, Idlewyld, and Riviera Isles, 97 are currently listed for sale. Their price range is $599,900 – $20,000,000, with an average list price of $2.6 Million. Click here to view Las Olas Isles listings and additional information about Las Olas Isles.