Homes for sale in Las Olas Isles
The inventory of single family homes for sale in Las Olas Isles has swelled! If you have a lot of supply and limited demand due to price point, you have a buyers market! That's what's happening on Las Olas Isles right now. If I'm a buyer that is looking to spend $1 million plus, I would dive into this market.
The data for today's post is going to be taken from a mixture of what's available on the MLS currently, and graphs provided by Trendgraphix Inc.
Let's start with the inventory that was available at the time of this posting. For this I'm able to draw an area out on the MLS and isolate the inventory. When you circle around Las Olas Isles you see the following results:
- 74 homes which are actively listed for sale.
- Prices range from $1,025,000 to $15,000,000.
- All 74 properties that are actively listed are waterfront properties.
I'm going to include a map of the homes for sale in Las Olas Isles so you can get an idea for the sheer density of the inventory.
Let's keep digging into the data. When I pull closed sale data I can only filter by zip code. I've isolated zip code 33301 then pulled out the data on homes priced over $1 million which are waterfront. Let me run through the data which is interesting, but not astonishing. This data will is provided by Trendgraphix Inc.
- The average price per square foot sale has come down from $790 in July of 2013, to $494 in September of 2013.
- In September of 2013 homes matching the above criteria sold for 89% of their listing price.
Now that we've seen a quick overview, why am I so excited for buyers looking at homes for sale in Las Olas Isles? Data and numbers fascinate me. I've built my business off working with buyers and sellers who value data and seize opportunity when the numbers suggest opportunity exists. What I'm going to post is such an anomaly in data that I had to rerun the figures several times to ensure what I was looking at was correct. First, a little perspective. If you look back at my post on home prices in Fort Lauderdale October 2013 you will see that the zip codes I cover have a average of 8.1 months of inventory. A market is said to favor neither buyers nor sellers when 6 months of inventory exists. When we filter out waterfront homes in zip code 33301 that are priced above $1 million we get the following inventory levels:
83 months! 83! If supply levels of 6 months favor neither party put in perspective what 83 months of inventory does for buyers! Your power to negotiate is amazing with this amount of inventory! Let me compound this a bit. This week we have the Fort Lauderdale International Boat Show. This is a fantastic week for affluent buyers to look at waterfront homes. However, after this week we inch closer to the holidays. Once we hit mid November the real estate market cools off until around the second week of January. If I'm a buyer looking for waterfront property in Fort Lauderdale I would begin my search today! In the next 14 days I would want to start seeing homes, and I would want offers going out around the beginning of December when sellers are typically seeing fewer offers.
If you've worked with me before you know I'm not pushy at all. I'm difficult to negotiate with as I make price recommendations to my clients based on data rather than emotion. If you know this about me, you also know when I start jumping up and down screaming that there is some great opportunity right now in a specific segment of the market, it's time to act. Some properties are priced better than others. If you'd like to talk about the great deals I think currently exist on Las Olas Isles, give me a call or shoot me an email.
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I work as a Realtor in Southeast Fort Lauderdale. If you’re interested in buying or selling a home, condominium, or townhouse (townhome) in: Rio Vista, Victoria Park, Downtown Fort Lauderdale, Fort Lauderdale Beach, Sailboat Bend, Tarpon River, Croissant Park, Collee Hammock, or Las Olas Isles, please feel free to contact me at (786)443-7203 or through my email email@example.com. I am a Realtor that works on Saturdays to accommodate those with busy schedules.
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Written By Casey Prindle