Las Olas Homes Market Activity
During the months of September and October of 2011, 6 Homes were purchased in Riviera Isles, Colee Hammock, and the Las Olas Isles Communities of Stilwell Isles and Nurmi Isles. The purchase price range of the properties was $850,000 – $5,000,000. The properties that were purchased are as follows:
|
Address |
Purchase Price |
Purchase Date |
| 414 Riviera Isle | $5,000,000 | October 7, 2011 |
| 400 Isle of Capri | $3,500,000 | October 24, 2011 |
| 340 Lido Dr. | $3,200,000 | October 3, 2011 |
| 18 Nurmi Dr. | $1,700,000 | October 31, 2011 |
| 312 SE 17th Av. | $1,045,000 | September 30, 2011 |
| 601 Royal Plaza Dr. | $925,000 | October 21, 2011 |
| 332 Isle of Palms Dr. | $850,000 | September 23, 2011 |
Details about the Home that was purchased for $5,000,000 (pictured below)
- Located at 414 Riviera Isle in Riviera Isles
- Purchased for $5,000,000 on October 7, 2011
- Single Family Home + a Guest House with a total of 7 Bedrooms and 10.5 Baths
- 4-Car Garage
- Built in 1998
- 150′ of Waterfront on an Ocean Access Canal
- Property Tax Records indicate that the new property Owner is only the 2nd Owner ever and that the Property only had one previous Owner, who purchased the property for $48,000 in 1970
Short Sales and Foreclosures
Of the 7 properties sold, 1 of the properties was purchased as a Short Sale and none were purchased as Bank Owned Foreclosures. In our Luxury Market and in East, Waterfront areas, distressed properties ARE NOT the majority of the inventory, so Buyers who are searching for distressed properties in these areas have few choices.
The property that was purchased as a Short Sale is 332 Isle of Palms, which was purchased for $850,000. It was purchased for Land value only and is a 100′ Waterfront Lot on an Ocean Access Canal with a 2-Bedroom, 1 Bath Teardown House on the Property.
Of the currently active listings, none are Bank Owned Foreclosures and 1 is listed as a Short Sale.
Las Olas Homes for Sale
Of ~700 total Homes in Las Olas Isles, Las Olas Seven Isles, Riviera, and Idlewyld, 79 are currently listed for sale, so Inventory is not excessive and is at an average, healthy level. The price range of the properties is $799,000 – $20,000,000, with an average list price of $2,895,000. Of the 79 properties, only 6 are listed for prices under $1,000,000. All of the properties are Waterfront and located on Ocean Access Canals, the Intracoastal, or the New River.
With a beautiful variety of Luxury Homes, close proximity to the Beach, Shops, Restaurants, and Nightlife, in addition to Ocean access without Fixed Bridges, Mega Yacht Dockage, Deep Canals, and fast access to the Intracoastal and Ocean Inlet, properties in the Las Olas area remain a popular choice and they are holding their values well.
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