The WaterGarden, which is located in Downtown Fort Lauderdale, has been showing very strong sales year to date. When you look to see if a condo building has a decent amount of yearly sales you'll typically use 10% as your benchmark. If only 2% of a buildings inventory is sold in a given year you can assume your property, or investment, is relatively illiquid. This is a general rule and certainly does not apply in all cases. However, it's time to raise your eyebrows when you see a luxury building that sells at a higher price point very active. The reason it's surprising is because luxury buildings in Fort Lauderdale will turn over slower than lower priced buildings. Obviously this is because you have a deeper pool or prospective buyers at lower price levels than at higher levels.
At the time of this posting the Las Olas River House had 15 sales year to date. There are 287 units in the Las Olas River House. Therefore, 5% of the buildings inventory has turned over this year. The Las Olas Grand has seen 17 sales so far year to date. There are 213 units in the Las Olas Grand so the building has seen 8% of the units in the building purchased by new owners. The WaterGarden has seen 19 sales so far year to date. There are 315 units in The WaterGarden, so we've seen 6% of the buildings units find new owners.
So in light of this data why would I choose to focus on The WaterGarden. The reason has not only to do with what's sold, but what's listed for sale a the time of this posting. As of today there are 3 active listings in The Las Olas River House. There are 7 active listings in the Las Olas Grand. But, there are 11 active listings in The WaterGarden! This gives buyers a greater selection of properties from which to choose. Further, with a greater supply comes the greater chance of successful negotiation with sellers.
Let me give you the data on the WaterGarden sales year to date. These will be pulled from MLS data so any off market sales will not be reflected. Price per square foot calculations will be taken from each units total area as displayed on the MLS.
- 20 sales have taken place year to date in the WaterGarden
- 3 of the sales were in units that have 3 bedrooms
- 3 of the sales were in units that have 1 bedroom
- 13 of the sales were in units that have 2 bedrooms
- $506,158 is the average sales price per unit year to date
- 1,322 is the average unit size of closed sales year to date
- $385 is the average price per square foot, based on total area, of sales year to date
- In 2012 there were 10 sales in the WaterGarden for the full year
If you're in the market for a full service luxury building you can't go wrong with any of these three complex's. As we see more and more people returning to downtown and core areas I do think we will see a shift in some of the luxury buying. You can own 2 acres of land in Davie and have to deal with all the upkeep, or you can have a unit on a high floor in a full service luxury building in Downtown Fort Lauderdale. I'm seeing examples of this in recent high end townhouse purchases. I do think this trend will spill over into condo's, especially in the coming year.
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, Harbor Beach, Lauderdale Harbors, Sailboat Bend, Tarpon River, Croissant Park, Collee Hammock, Seven Isles, Nurmi Isles, Idlewyld, or Las Olas Isles, please feel free to contact me at (786)443-7203 or through my email firstname.lastname@example.org. I am a Realtor that works on Saturdays to accommodate those with busy schedules.
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Written By Casey Prindle