Las Olas Condos Real Estate Market Report for 2013| Las Olas Condos

Included in the Table below is information about Units purchased in Las Olas Condos within the last 6 months (during the months of September 2012 – February 2013), current Inventory, and additional details.

Las Olas Condos – Real Estate Market Report
	Symphony	Nu River Landing	Las Olas River House	Waverly	Watergarden	Las Olas Grand	350 Las Olas Place
Active Listings/ Units for Sale	12	14	13	8	6	6	1
Total # of Units in the Building	338	407	287	304	315	213	163
Total Units Sold	11	18	10	9	10	9	5
Sold Price Range	$177,500- $410,000	$138,000- $510,000	$319,000- $2,300,000	$160,000- $330,000	$229,000- $610,000	$720,000- $2,600,000	$165,000- $379,000
Avg. Purchase Price	$287,545	$273,694	$866,248	$241,111	$438,800	$1,170,556	$287,545
Short Sales Sold	0	6	0	1	0	0	1
Foreclosures Sold	1	2	0	0	0	0	0
Pending Sales	2	10	3	7	6	4	3
Foreclosures for Sale	0	0	0	1	0	0	0
Short Sales for Sale	0	0	0	1	1	0	0

The numbers mostly speak for themselves, but here are some additional 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. In fact, in response to increased sales and the depletion of previously available Condo Inventory, more than 45 new Condo Towers are currently in varying stages of Development in South Florida, several of which have already broken Ground and several of which have completed Construction.
Of the Units that sold, the average list price to purchase price Ratio was 94%. With the majority of properties priced realistically in line with current Market values, most sold for purchase prices that were close to their list prices.
Current average purchase prices are more than 10% higher than they were in 2010, so those who bought back then are already experiencing property value increases.
Most deals that were previously available have already been purchased since sales began to increase significantly in 2009, although current prices are still deals in comparison to much higher prices during the previous Real Estate Boom back in 2005-2006. In this post, I’m referring specifically to Las Olas Condos, but the situation is the same in many areas that are East and Waterfront, as well as a few other areas.
It’s no longer a Buyer’s Market in Las Olas Condos and a number of other South Florida Condos and Communities. Much to the delight of Sellers and the dismay of Buyers, Sellers are back in the Driver’s seat.
Condos that were previously in trouble with high levels of distressed Inventory (Short Sales and Foreclosures) and Maintenance Fee delinquencies have sold most of their distressed and non-distressed Inventory and have become healthy through increased sales in the current Market and a majority of Cash Buyers.
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 new Condos that were built several years ago.
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. List prices and purchase prices for Foreclosures have increased.
Days on Market for all Properties have decreased considerably and most Properties are being purchased very quickly.
Units with the largest size, best views, and highest quality Interiors command premium prices, so purchasing the lowest priced Units typically means sacrificing the aforementioned items.
Approximately 80% of purchases in the local Condo Market are Cash sales, IN ALL PRICE RANGES!

Regarding location of Las Olas Condos, note the following:

The Buildings above are Waterfront Buildings located along the New River except for Waverly and 350 Las Olas Place, which are non-Waterfront.
The Condos that are located within closest walking distance to Las Olas Blvd. are Las Olas River House,Watergarden, Las Olas Grand, and 350 Las Olas Place.
Of Las Olas Condos, Las Olas Grand and Las Olas River House have the largest Units.