NEARING BOTTOM IN LAS OLAS ISLES

By
Real Estate Broker/Owner with Coast Counties Realty

The historical low made last January ($9,500/Waterfront Foot) has been tested twice since-in March ($9,787) and again last month ($10,560).  The last closed sale in April ($28,000/WFft) and the average of the last list prices of the two pending sales ($15,098) suggest a near bottom in Las Olas Isles.  While closed sales trends continue declining in terms of price and per living area and per lot area, the average of the two April closed sales is considerably higher than the 24, the 12 and the six month averages in terms of closed price per waterfront foot, closed price, closed price per living area, and closed price per lot area.  Market activity is fair; during the last six months: 17 properties have been listed for sale, and eight properties have been sold.  For new listings in the last six months, the trend is higher in terms of price, price per waterfront feet and price per lot area and lower for price per living area.  Eight of the 25 current listings are listed under closed sale market averages. Las Olas Isles

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