WAVERLY LAS OLAS: LEADING DOWNTOWN CONDO INDICATOR

What happens in the downtown condo market—highs, shorts, REOs, lows—happens first at The Waverly—the first and most populated of the five newer Fort Lauderdale downtown condos.  Since December 2009 values—on a Closed Price/Living Area basis ($/LIVsqft) have stayed right around $150/LIVsqft, and inventory has ranged between 25 and 40 listings.  NOW INVENTORY IS FIVE LISTINGS.  That’s right, FIVE condos available for sale.  If value is a function of supply and demand, prices will be increasing—probably soon after the 12 pending listings close.  Note the average value of the 12 pending sales is $177,488 and the average of the five listings is $327,580—NONE under market.  The historical high was January 2007 ($487/LIVsqft); the historical low was last November ($88/LIVsqft).  Market activity is good; during the past six months 13 new listings and 15 closed sales.  New list prices made a bottom last January and February ($115/LIVsqft) and are easing higher (May $140, June $126, July $257). Get the details…http://www.coastcountiesrealty.com/Reports/W1.htm Get