Las Olas Single Family Homes Real Estate Market Report
During the months of January, February, and March of 2012, 18 Single Family Homes and 2 Lots were purchased in the Las Olas Communities of Las Olas Isles, Las Olas Seven Isles, Riviera Isles, and Idlewyld. The properties were sold with a purchase price range of $760,000 – $3,575,000, with an average purchase price of $1,513,441. All of the properties that were purchased are Waterfront properties. Of the 20 properties, 3 are Intracoastal front and 17 are located on Ocean Access Canals.
In our local Luxury Market, distressed properties are not the majority of the Inventory, nor sales. Of the 20 properties, 1 was purchased as a Short Sale and 2 were purchased as Bank Owned Foreclosures. The 2 Properties that were purchased as Bank Owned Foreclosures, 2627 Castilla Isle and 2308 Castilla Isle, were formerly owned by convicted Ponzi schemer, Scott Rothstein. 2627 Castilla Isle was purchased for $781,000, which is $75,100 ABOVE its’ list price of $705,900 and 2308 Castilla Isle was purchased for $1,850,000.
Pictured below is 2700 Aqua Vista Blvd., which was purchased for $3,575,000 on 2/29/12. The property is listed as having 205′ of Waterfront, a 2-Story Main House with 5 Bedrooms and 5.5 Baths, a 2-Story Guest House with 3 Bedrooms & 3 Baths, Living Room, Kitchen & Sundeck, 7-Car Garage, and Pool. The property purchase included the adjacent 2630 Aqua Vista Blvd. Combined, the Lots offer just over 1/2 Acre of Land, which is a large Land area for East Ft. Lauderdale. 2700 Aqua Vista is located on an Ocean Access Canal and is just 1 Lot away from the Intracoastal.
Las Olas Homes currently for Sale
Of ~700 total Homes in Las Olas Isles, Las Olas Seven Isles, Riviera, and Idlewyld, 71 are currently listed for sale, so Inventory is not excessive and is at an average, healthy level. The price range of the properties is $699,900 – $16,990,000. Of the 71 properties, only 4 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 (the majority are located on Ocean Access Canals).
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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Previous Market Reports for Las Olas Isles:
- November – December 2011
- September – October 2011
- July – August 2011
- May – June 2011
- March – April 2011
- December 2010 – February 2011