Las Olas Waterfront Homes| Las Olas Isles Homes Sold in November 2010

Las Olas Homes Market Report

The beautiful Communities of Las Olas Isles, Seven Isles, and Idlewyld remain in high demand for those who love the close proximity of the Beach, downtown Ft. Lauderdale, Las Olas Shops, Restaurants, and Nightlife, beautiful views, Intracoastal properties, Riverfront properties, and wide, deep Canals without Fixed Bridges.

Within 2010, during the months of September – November, 10 Single Family Homes were purchased in Las Olas Isles, Seven Isles, and Idlewyld. Their purchase price range was $679,000 – $4,400,000.

Of the 10 sales, 8 are indicated to have been Cash purchases, which remain very prevalent in the current market.

The properties that were purchased are as follows:

Purchase Price	Purchase Date	Address	Year Built	Square Feet	Waterfront
$4,400,000	10/11/10	2716 Aqua Vista Blvd. (pictured below)	1954	3,557	314’ of Waterfront on an Intracoastal Point Lot (Intracoastal + a side Canal with Dockage)
$4,400,000	9/21/10	815 Idlewyld Dr.	1960	4,389	100’ Intracoastal
$2,000,000	11/2/10	168 Fiesta Way	1984	5,232	100’ on a Canal
$1,815,000	11/4/10	2518 Sea Island Dr.	1993	3,162	76’ on a Canal
$1,550,000	10/29/10	421 Bontona Av.	2007	3,249	50’ on a Canal
$1,350,000	9/1/10	123 Royal Palm Dr.	N/A	N/A	100’ cleared Waterfront Lot on a Canal
$1,000,000	9/17/10	645 Isle of Palms	1954	3,402	100’ on a Canal
$970,000	9/24/10	128 Fiesta Way	1955	1,934	85’ on a Canal
$750,000	11/16/10	2617 E. Las Olas Blvd.	1952	1,823	103’ on a Canal
$679,000	9/10/10	117 S. Gordon Rd.	1985	1,544	51’ on a Canal

Details about 2716 Aqua Vista Blvd. in 7 Isles, purchased for $4,400,000 on October 11, 2010

Located on 314′ of Waterfront on an Intracoastal Point Lot with ~147′ of direct Intracoastal frontage and ~167′ of Waterfront on a side Canal with Dockage
5 Bedrooms and 5.5 Baths
No Pool
2-Car Garage
Built in 1954
3,557 Square Feet

The listing description reads:

“Exceptional POINT LOT with magnificent wide water views that go on forever! Located directly on the INTRACOASTAL WATERWAY this fabulous property boasts 314ft of waterfront and is nestled beautifully in the heart of Las Olas Isles. The perfect location for the avid boater with dockage ideally suited for a large yacht. With over 1/2 acre of land, properties like this are rarely available! The perfect location for a brand new home…or the perfect home for anyone who appreciates this incredible location!!”

Foreclosures and Short Sales

One of the properties was sold as a Bank owned Foreclosure, 2617 E. Las Olas Blvd., and it sold for $750,000, which was $106,100 more than the listed price of $643,900. It was sold within 28 days, which isn’t surprising since 30 days is the average number of Days on the Market for Bank Owned Foreclosures which are currently being purchased in our local Real Estate market. In East and Waterfront areas, there’s high demand for Foreclosures and low supply, so it’s not unusual that multiple Offers and bidding wars occur. Broward County is very large and Ft. Lauderdale is 1 of 30 Cities. Within the County, the majority of properties are located West, so the majority are not East or Waterfront. That being the case, the majority of Foreclosure Inventory is located West.

One of the properties that sold was a Short Sale, 117 S. Gordon Rd. In the current market, Short Sales and Foreclosures ARE NOT the majority of our Luxury Inventory and sales.

Pending Sales

Currently, there are 8 Homes that are listed as being under Contract for purchase in Las Olas Isles. When all closings have been recorded for purchases during the month of December, 2010, 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, and Idlewyld, 98 are currently listed for sale, so Inventory is low. Their price range is $725,000 – $20,000,000, with an average list price of $2,547,000. Click here to view Las Olas Isles listings and additional information about Las Olas Isles.