Villas by the Sea Residences Sales and Construction Update
Construction of the first Oceanfront Building (4444 El Mar Drive) is now complete! This is Villas by the Sea first DIRECT OCEANFRONT Building ON THE SAND and it contains 21 Residences on the top 3 Floors of a 4-story building. Property Tax Records indicate that Closings started on August 28, 2009 and 14 Units have been purchased with purchase prices of $869,900 - $1,275,000. The most recent purchase recorded was October 20, 2009. Since 14 units have been purchased, only 7 remain with purchases that haven't been completed.
As discussed in my post in March of 2009, Construction of the first building located across from the Ocean (4445 El Mar Drive) at Villas by Sea is also complete and Closings started in October of 2008. To date (November 18, 2009), Broward County Property Tax Records indicate that Buyers have purchased 31 of the 45 Units in 4445 El Mar Drive, so the Building is almost sold out. The purchase prices of the 31 Units were $469,000 - $1,295,800. The 2009 Sales in the Building range in price from $469,000 - $1,050,000. This Building is also a 4-Story Building with Units located on the top 3 Floors. Although it isn't a direct Oceanfront Building, several corner Units on upper Floors offer beautiful Ocean views.
Additional Units are currently under Contract for purchase and successful closings will be recorded in Tax Records.
Several people have asked me why Villas by the Sea prices haven't been slashed. My response was that a deep discount in prices at Villas by the Sea isn't necessary for 3 reasons:
List prices at Villas by the Sea were already discounted slightly and reflect current market values, not values of several years ago.
Their reasonable prices are driving sales in the current market, so there isn't a problem of an excessive number of vacant units that need to be sold.
Villas by the Sea is a unique product and has no competition in the current market so far as the availability of similar new product in Lauderdale by the Sea, Ft. Lauderdale, or Pompano Beach, so they're not in the position of having to compete with high inventory of similar new housing nearby.
As Buyers in the current market, the immediate assumption that all prices need to be deeply discounted beyond their current list prices is very often not the correct assessment. While it is true that there are properties that are priced incorrectly for the current market, there are many others, such as Villas by the Sea, that are already correctly priced for the current market.
The most unique feature of Villas by the Sea is that the Residences offer low-rise living instead of high-rise. It's well-positioned because the Buildings are direct Oceanfront or directly across from the Ocean, within walking distance of Shops and Restaurants, and very close to Ft. Lauderdale as well.
Villas by the Sea could be a perfect fit if you're searching for Lauderdale by the Sea Oceanfront Condos or nearby Waterfront Condos in Ft. Lauderdale, Pompano Beach, Deerfield Beach, or Hillsboro Beach.