Las Olas Single Family Homes Real Estate Market Report
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During the 1st Quarter of 2014, 20 Single Family Waterfront Homes were purchased in the Communities of Las Olas Isles, Riviera Isles, and Colee Hammock.
The properties were sold with a purchase price range of $650,000 – $5,300,000, with an average purchase price of $2,249,426. Of the 20 Single Family properties that sold, all are Ocean Access Canal front Properties, with the exception of 2 properties in Colee Hammock that are Riverfront on the New River.
The Property that sold for $5,300,000 is 224 Royal Palm Drive, which was purchased on February 18, 2014 after being listed for sale for only 20 days without previously being listed for sale!!! 224 Royal Palm Drive is a Point Lot Property with approximately 300′ of Waterfront, located at the Intersection of 2 Canals. MLS Records indicate that the House was built in 1990 and has 6 Bedrooms, 6 Baths, 5,800 Square Feet, and a 2-Car Garage. Information in the listing also states that the Property was sold for Land value only and was used as a Crew House by the previous Owner. In our East and Waterfront Communities, Land value is a significant part of property value, so it’s not unusual that a property such as this one was sold as a Teardown. Of all available properties within the local area, Waterfront Single Family Homes are not the majority and when Buyers are interested in Building a Home of new Construction, Land for construction is made available by demolishing an existing, older Home that’s located on the Lot.
Close proximity to the Beach, Shops, Restaurants, and Nightlife, in addition to Ocean access without Fixed Bridges, Mega Yacht Dockage, Deep Water Canals, Luxury properties, and fast access to the Intracoastal and Ocean Inlet all contribute to the Las Olas area and nearby Waterfront Communities maintaining high demand and high property values.
Listings of Las Olas Isles Properties for Sale
Of ~700 total Homes in Las Olas Isles, Las Olas Seven Isles, Riviera, and Idlewyld, 78 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 $899,900 – $15,995,000, with an average list price of $3,900,000. Of the 78 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).
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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