Las Olas Grand Condo
Real Estate Market Report
Las Olas Grand Condo offers Luxury Amenities, spacious Residences, and beautiful views of the New River, Ocean, Intracoastal, and City, in addition to walking distance to Las Olas Restaurants, Shops, and Nightlife.
This year, 5 Units were purchased during the months of January – March of 2012. None of the Units were purchased as Short Sales or Bank Owned Foreclosures. The 5 Units that were purchased are Bradford, Champagne, and Ashley Models. Below are additional details about the Units that were purchased.
|
Purchase Price |
Purchase Date |
Unit* |
Bedrooms & Baths |
Square Feet of Living Area |
Monthly Maintenance Fee |
| $1,250,000 | 1/19/12 | 3306 | 3/3.5 | 2,635 | $1,825 |
| $1,100,000 | 3/23/12 | 2701 | 3/3.5 | 2,635 | $1,825 |
| $745,000 | 2/27/12 | 803 | 2/2.5 | 2,110 | $1,437 |
| $655,000 | 3/20/12 | 1804 | 2/2.5 | 2,110 | $1,437 |
| $565,000 | 2/24/12 | 2405 | 2/2 | 1,630 | $1,105 |
*-With 4-digit Unit numbers above, the first 2 Digits indicate the Floor that the Unit is located on and, with 3-Digit Unit numbers, the first number indicates the Floor where the Unit is located.
Factors that affect purchase prices include views (North, South, East, or West Exposure, River, Ocean, and/or Intracoastal), higher Floors vs. lower Floors (related to views), Square Feet, Furnishings, and the type and quality of interior Finishes (there are some Residences that are simply stunning so far as the types of Flooring, Lighting, custom Window Treatments, and other design elements and others that will most likely require upgrades or have very basic/lower quality Finishes).
Las Olas Grand Condos for Sale
Of 213 total Units in the Building, only 13 are currently listed for sale. Their list price range is $349,000 for a 2nd Floor Unit with 1 Bedroom and 1 Bath – $2,950,000 for a 35th Floor Unit with 4 Bedrooms and 4.5 Baths (this Unit was originally 2 Units, Bradford and Ashley Models, that are now combined into 1 Unit). The average list price of the Units is $1,208,000. All of the Units for Sale are Condos (none of the Villas are currently on the Market for sale). None are listed as Short Sales or Foreclosures.
7 Units are currently under pending Contract for purchase and I will provide future Market updates when additional sales are completed.
What we’re experiencing in the current Market is that in Las Olas Condos, as well as many others, there is insufficient supply to meet the level of significantly increased demand and purchases. One of my recent Market Reports discussed the current Las Olas Condo Market in depth. 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 Grand, this would equal 21 Units for sale).
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