Current Aventura Real Estate Trends

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Once known as just a suburb of Miami that housed a big mall, Aventura is now a booming, mixed-use urban location, and for decades, factories building ships have been usual sights in Aventura's industrial peninsula, famously called Thunder Alley. The city is strategically located between the 2 major airports and is close to major state highways.

A lot of people come here to shop, as it is also a famous shopping destination. Many come here to visit the Aventura Mall, Loehmann's Fashion Island, The Shoppes at Waterways and other shopping centers. The city's population is estimated to be at 27,000, although the number of residents rises during the winter and summer seasons, as well as on other major holidays.

Great Place To Call Home

The city's layout is breathtaking, with tree-line avenues and wonderful landscaping. The National Arbor Foundation once called it “Tree City USA". The city has its own police force, and has one of the lowest crime rates in Miami-Dade area. The area has several parks, which include a water park, ball fields, playgrounds, tennis and basketball courts, and a scenic 3-mile exercise trail that winds its way around the city.

Real Estate Figures For Aventura

The city's real estate markets are mostly focused on the condominium market, and Aventura has a wide array of luxury high-rises which either face the area's 18-hole championship golf course or the Intracoastal highway, but it also has an assortment single-family homes and townhomes to offer buyers.

Currently, there are 2,362 condo listings in Aventura, which are 10 less than last month's figures. The highest price home is $6,000,000, and the lowest-priced priced listing: $97,500. pending home sales were listed at 136, and the closed sales for January & February of 2008 were 84. The closed sales figures for the first two months of 2008 ranged from $3,600,000 to $59,000.

According to Aventura's local government officials, the city is estimated to be about 97 percent built out. The bulk of this, according to local housing analysts, is condominiums. Local housing market observes say that single-family homes make up only 4 percent of the residential units currently for sale in this city, and that means that most of the area's 27,000 residents live in high-rises homes, and more developments are on the way.

For new housing projects, there are currently 16 residential developments approved or under construction in this small 3.2-square-mile city, which brings the total of new developments to around 3,500 new units online over the next few years.

Among the new projects includes Williams Island, which is a high-end private enclave originally developed by William Trump, and continues to be a focus of condo development, although officials note that nearly all the land on Williams Island has already been developed. In addition, a 30-story, 210-unit Belle Mare is coming in under the wire, as is Minto Communities' 24-story, 70-unit LaVogue condominium. According to building officials, there are many new condos who recently obtained their certificates of occupancy, which means more inventory for the city.

 

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Rainer
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Laura Karambelas
Baird & Warner Downers Grove - Downers Grove, IL
Realtor - Downers Grove
We have a place in Del Vista.  Love the area, especially the shopping and my ocean view.  Are there many foreclosures there?  There seems to be a lot on the market and was kind of curious how many were affected by the downturn in the market.  Thanks.
Mar 23, 2008 01:37 AM #1
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