Las Olas Beach Club August Bottom?

By
Real Estate Broker/Owner with Coast Counties Realty

A year after reaching its historical high ($710/sqft) in May 2008, Las Olas Beach Club property value declined more than 50% ($336/sqft).  Value reached another historical low 16 months later in September 2009 ($321), and with last August's low ($320) a bottom may have been reached.  While the most recent four closed sale prices average $385, November's closed sale at $339/sqft is troubling.  Market activity has declined during the past six months: 15 new listings, 7 closed sales.  New listing prices made new lows in July both in terms of price ($799,000) and price/sqft ($419).  The current inventory of 31 listings is priced well higher than market (average price, $1,723,290; average price/sqft $569.14), and there are no pending sales.  Details... http://www.coastcountiesrealty.com/Reports/LOBC1.htm

 

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