Las Olas River House Market Update- Recent Purchases

Las Olas River House Condo Market Activity

With contemporary design, fabulous Amenities, great Waterfront views (River, Intracoastal, Ocean, and City), beautiful Residences, spacious Floorplans, and walking distance to Las Olas’ Shops and Restaurants, Las Olas River House continues to be one of downtown Ft. Lauderdale’s premier choices for luxury Condo living.

Recent purchases: From January 20, 2012 – March 15, 2012, 6 Units were sold in Las Olas River House. The purchase price range of the Units was $225,000 for a 5th-Floor Unit with 975 Square Feet, 1 Bedroom and 1 Bath – $1,337,500 for a 39th-Floor Unit with 3,189 Square Feet, 2 Bedrooms and 3.5 Baths.

The Models that were purchased are Soho, Lexington, Columbus, and Fifth Avenue.

Pending Sales: Currently, 10 Condos in Las Olas River House are listed as being under pending contract for purchase (Buyers submitted Offers that were accepted for purchase of the Units and are scheduled to Close on the purchases shortly).

Units for Sale: Of 287 total Units in the Building, ONLY 8 are currently on the Market for sale. Due to significantly increased sales, we’re experiencing a serious lack of Inventory. A normal, average, healthy level of Inventory in a Condo is considered to be when approximately 10% of the Units in a Building are for sale (in the case of Las Olas River House, this would equal 28 Units for sale).

The price range of the Units for sale is $874,900 – $3,200,000, with an average list price of $1,533,986. The Models for sale are a Madison Penthouse, a Park Penthouse, a Columbus Model, 3 Park Models, and 2 Gramercy Models. As sales have increased and Inventory has decreased, the majority of the lowest priced Units in most Buildings have been purchased and that is accompanied by an increase in prices and current Market values.