Las Olas Waterfront Homes for Sale| Las Olas Real Real Estate

Las Olas Single Family Homes Real Estate Market Report

During the 2nd and 3rd Quarters of 2012, 25 Single Family Homes and 3 Lots were purchased in the Las Olas Communities of Las Olas Isles, Navarro Isle, Nurmi Isles, Pelican Isle, Riviera Isles, Sea Island, Seven Isles, and Stilwell Isles.

The properties were sold with a purchase price range of $825,000 – $6,500,000 with an average purchase price of $1,600,000. All of the properties that were purchased are Waterfront properties. Of the 25 Single Family properties that sold, 2 are Intracoastal Point Lots, and were purchased for $6,500,000 and $5,500,000. The other 23 Single Family Properties are located on Ocean Access Canals without Fixed Bridges.

The Property that sold for $6,500,000 is 828 Solar Isle, which was purchased on April 11, 2012. 828 Solar Isle is an Intracoastal Point Lot property that’s listed as having 150′ of Intracoastal Waterfront and 150′ of Canal Waterfront, which is perfect for Yacht dockage. Built in 2004, its’ additional features include: a Guest House, 6 Bedrooms, 8 full Baths, 2 half Baths, a 4-Car Garage, and 11,767 Square Feet of Living Area. MLS Property records indicate that 828 Solar Isle has since been re-listed for sale and is currently on the Market.

In our local Luxury Market, distressed properties are not the majority of the Inventory, nor sales. Of the 25 properties that sold,1 was purchased as a Short Sale and 2 were purchased as Bank Owned Foreclosures. The 2 Bank Owned Homes that were purchased are 2316 Castilla Isle and 2307 Castilla Isle, sold for $958,000 and $850,000, and were formerly owned by convicted Ponzi schemer, Scott Rothstein.

Of the properties that were purchased, only 4 of the purchases were Financed and the rest were Cash sales, as continues to be the trend in our current Luxury Market.

Listings of Las Olas Isles Properties for Sale

Of ~700 total Homes in Las Olas Isles, Las Olas Seven Isles, Riviera, and Idlewyld, 77 Single Family Properties are currently listed for sale, so Inventory is not excessive and is at an average, healthy level. The price range of the properties is $699,900 – $25,000,000. Of the 77 properties, only 2 are listed for prices under $1,000,000. All of the properties are Waterfront and located on Ocean Access Canals, the Intracoastal, or the New River (the majority are located on Ocean Access Canals).

With a beautiful variety of Luxury Homes, close proximity to the Beach, Shops, Restaurants, and Nightlife, in addition to Ocean access without Fixed Bridges, Mega Yacht Dockage, Deep Canals, and fast access to the Intracoastal and Ocean Inlet, properties in the Las Olas area remain a popular choice and they are holding their values well.

Houses of varying Architectural styles are available (Mediterranean, Ranch, Key West, etc.) and Homes vary in construction age from original construction in the 1950’s – new construction. A number of originally constructed Homes have been remodeled and Teardowns are also available for Buyers who are interested in building new, custom Homes.

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