Recent Purchases in Nu River Landing Condo
During the months of December, 2010 – February, 2011, 19 Units were purchased:
- Seven 1-Bedroom Units were purchased in a price range of $125,000 – $170,000
- One Studio Unit was purchased for $115,000
- Nine 2-Bedroom Units were purchased in a price range of $175,000 – $280,000, with an average purchase price of $211,389
- Two 3-Bedroom Units were purchased for $320,000 and $615,000
Of the 19 Units that were purchased, 6 were purchased as Short Sales, 9 were purchased as Bank Owned Foreclosures, and 4 were purchased as non-distressed Sales. Of the 9 Bank Owned Foreclosures that were purchased, 6 were purchased for purchase prices that exceeded their List prices, 1 was purchased for its’ List price, and 2 were purchased at prices that were 95% of their List prices.
Most of the lowest priced deals are being purchased very quickly and the Bank Owned Foreclosures were on the Market for an average of 30 days or less before Offers were received, which is the average number of days on the Market for Bank Owned Foreclosures in our local area.
The majority of the Units that were purchased ARE NOT Units that have the preferred, direct Riverfront views on the front side of the Building, however, they were obviously desireable to the Buyers who purchased them….most likely because of location, location, location, luxury Amenities, and lowest prices in a Las Olas Riverfront Building.
14 of the 19 purchases were Cash purchases and 5 were Financed, as is the norm in our current Market where ~80% of Condo purchases are Cash purchases.
Pending Sales and Active Listings
23 Units are currently under Contract for purchase (Buyers submitted Offers that were accepted for purchase of the Units).
Of 407 total Units in the Building, only 21 are listed for sale. ~10% available Inventory is considered healthy, which would equal ~40 Units for sale, so Market conditions in the Building have changed DRASTICALLY and there’s actually not enough for sale right now…”not enough” meaning insufficient supply to meet the current level of demand, demand as evidenced by a large number of sales within a short period of time. Interested Buyers who have been procrastinating about purchasing are very disappointed to hear that Inventory levels in East and Waterfront Buildings have decreased significantly and a number of them express disbelief, however, the numbers speak for themselves and can be verified by viewing Property Tax Records of recent purchases. It’s not “spin” and “spin” isn’t a practice that I engage in. Again, the numbers speak for themselves and can be verified independently.
The price range of the active listings is $199,000 – $614,000, with an average List price of $357,495. Some of the Units are located on the East side of the Building and offer beautiful, direct views of the New River.
NOTE: When reviewing Listings online, you need to be aware that a number of Properties that are shown as active Listings are actually Properties that are currently under Contract for purchase. This is particularly the case with Short Sale listings, which are required to be actively marketed for Sale until the Bank has accepted an Offer for their purchase, even though their Property Owners have accepted Offers that were submitted to the Bank for review. Because the Bank’s review and approval process for Short Sales typically takes several months, there are properties that, unfortunately, appear to be available online, but in reality are available for submission of Back-up Offers only and some of the Owners aren’t even allowing Showings of the properties anymore.
I’m frequently contacted about such Listings and interested Buyers express confusion, saying that they saw the Listings online and asking why I didn’t consider those Listings when they requested information about active listings in the Building. When engaging in Property searches, it’s most effective if we first consider Properties that are fully, actively available for purchase and only consider properties that are in Back-up status as a very last resort if other, appropriate properties aren’t available. In the MLS, the Database where Property Listing data is stored for Properties that are listed by Brokers (which comprise the vast majority of Properties that are for Sale), I am typically able to view Property status information that’s much more detailed and updated than what’s shown on property listing sites online. For example, in Nu River Landing, the MLS indicates that 15 of the 23 Pending Sales are in Back-up Status, which means that those 15 Units are still appearing online as active Listings although they aren’t really, fully available.
Maintenance Fees at Nu River Landing
As with all Condos, the Maintenance Fees within a particular Building vary based on Square Feet.
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For the Studio Unit that was purchased, the Maintenance Fee is $364 Monthly
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For the 1-Bedroom Units that were purchased, the Maintenance Fee range = $467 Monthly – $527 Monthly
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For the 2-Bedroom Units that were purchased, the Maintenance Fee range = $728 Monthly – $822 Monthly
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For the 3-Bedroom Units that were purchased, the Maintenance Fee = $1,055 Monthly
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