Many Buyers in the current Market are looking for great deals and many great deals are available, however, Buyers have different definitions of what a great deal means to them. Of the Buyers I’m working with and those whom I’ve sold property to, I’ve found that the following are the most common definitions of “great deal”:
- Properties that are priced significantly below the peak prices of 2005 – 2006
- Properties that are priced significantly below current market value for comparable properties
- Properties that are priced correctly (meaning properties that are priced within the current purchase price range for comparable properties)
Of Ft. Lauderdale’s Waterfront Communities, Homes in the Las Olas Isles area are widely considered to be one of the most desireable Waterfront Communities in Ft. Lauderdale.
The average entry level price in the Las Olas area is ~$900,000 and that price reflects primarily Land value alone. In the current market, the average purchase price (NOT LIST PRICE) of Homes in the Las Olas Isles area is ~$1,500,000.
I like to highlight great deals and I found 1 Home in the Las Olas Isles area that meets criteria #2 (from my list above) for the definition of “great deal”. Located on South Gordon Road aka Navarro Isle, this Home is currently THE lowest priced Home in the Las Olas Isles area and is priced at only $699,000, which is less than the Property’s Land value alone and is SIGNIFICANTLY below the current purchase prices for similar Homes in the area (keeping in mind that the entry level price in the area is ~$900,000).
Last year, I showed this property to some Buyers who were interested in the possibility of building a new Home on the Lot, but the property didn’t work for their needs. At the time, the Home was priced at $899,000. The current $699,000 price reflects very serious motivation to sell. The property IS NOT listed as a Short Sale, so that eliminates the necessity for the lengthy Bank approval process required for Short Sales (most require an average of 4 – 5 months to close).
This Home is located on a very wide, deep water Canal and offers Slip Dockage. Information in the MLS indicates that the property has 3 Bedrooms, 2 Baths, a Carport, 1,512 square feet of Living Area, and 50′ of Waterfront WITHOUT Fixed Bridges (there aren’t any Fixed Bridges in the Las Olas Isles area). The description reads as follows:
“Wood floors, high ceilings, fireplace, renovated kitchen and sophisticated bathrooms make this house very unique, peaceful waterview, covered terrace from where you can see your boat and you realise that it is Paradise! 3/2 with 50 ft on direct access ocean dock a lot of charm in the heart of Ft Lauderdale! Airport, Beach, shopping are few minutes away! Owner financing available. AS-IS with right to inspect.”
The Home is liveable in its’ current condition or could be torn down and replaced with a new Home. There’s a serious shortage of vacant Waterfront Lots and the lowest priced, older Waterfront Homes are often purchased as “Teardowns”.
Below, I included several pictures of the property from the MLS.
Las Olas Isles Home
If you’re searching for a great Waterfront steal, this property should definitely be added to your list.
Related Information: