Included in the Table below is information about Units purchased in Las Olas Condos between the dates of October 2010 – March 2011.
The numbers mostly speak for themselves, but I added some notes:
- In all of the Buildings, there is insufficient Inventory to meet the current level of demand. It’s considered healthy when approximately 10% of the Units in a Building are listed for Sale. Each of the Buildings have less than 10% of their Units currently available for Sale. There was a time when Inventory was a lot higher and sales were a lot lower, but that’s no longer the case.
- I’m contacted constantly by Buyers who are just now entering the Market looking for deals and they’re quite shocked and disappointed to learn that many deals that were previously available were already purchased by Buyers in 2009 and 2010. Current prices are still deals in comparison to much higher prices of several years ago, but I’m referring to dwindling availability of such Inventory. In this post, I’m talking specifically about Las Olas Condos, but the situation is the same in many areas that are East and Waterfront, as well as a few other areas.
- As Inventory decreases, it’s becoming much less of a Buyer’s Market than it used to be.
- Condos that were previously in trouble with high levels of distressed Inventory (Short Sales and Foreclosures) and Maintenance Fee delinquencies have worked through lots of their Inventory and have become healthy through increased sales in the current Market.
- Ft. Lauderdale was never Miami. We had very little new Condo Inventory in comparison to Miami and even Miami has sold the majority of their Units.
- Listings of Bank Owned Foreclosures are selling very quickly, typically within 30 days or less of being listed, and usually for purchase prices that are equal to or higher than their list prices.
- Days on Market for all Properties have decreased considerably and many Properties, both Distressed and non-Distressed, are being purchased very quickly.
- Sales in the Luxury price range ($500,000+) have increased significantly, however, the highest demand and fiercest competition is in the lower price range, so Buyers in the lower price range really have very, very few choices of the most desirable properties.
- Approximately 80% of purchases in the local Condo Market are Cash sales, IN ALL PRICE RANGES!
| Symphony | Nu River Landing | Las Olas River House | Waverly | Watergarden | Las Olas Grand | 350 Las Olas Place | |
| Total Sold | 21 | 39 | 20 | 15 | 10 | 9 | 9 |
| Sold Price Range | $162,000 – $429,000 | $110,000- $615,000 | $315,000-$1,120,000 | $136,000-$250,000 | $238,500 – $600,000 | $405,000-$1,200,000 | $200,000-$345,000 |
| Avg. Purchase Price | $250,444 | $205,646 | $520,450 | $172,008 | $385,350 | $723,333 | $257,080 |
| Non-Distressed Purchases | 8 | 7 | 8 | 4 | 8 | 8 | 6 |
| Short Sales Sold | 8 | 17 | 6 | 4 | 1 | 1 | 2 |
| Foreclosures Sold | 5 | 15 | 6 | 7 | 1 | 0 | 1 |
| Active Listings | 20 | 19 | 15 | 7 | 16 | 15 | 6 |
| Pending Sales | 7 | 15 | 8 | 20 | 8 | 4 | 5 |
| # of Units in the Building | 338 | 407 | 287 | 304 | 315 | 213 | 163 |
Related Information: