Real Green Trends
What has happened to Aventura’s Luxury Condominiums over $750,000 during the First Quarter (Q1) of 2011?
One tasks I was requested to tackle after I joined ONE Sotheby’s International Realty was to compare what happened to the Aventura luxury condo market between 2008 – 2011. Although I already knew that this has been a great year, I did not realize how good it had been until I put together the information I am about to share with you. And I am sure that from here we can only go in one direction … forward (meaning more sales and a more stable market).
AVERAGE DAYS ON THE MARKET (DOM)
I am looking at the chart above and I am happy to see that the Average Days on the Market (DOM) for luxury Condominiums in the City of Aventura has gone down by 28%. This means that in the First Quarter of 2011 it took 140 days to sell a condominium in Aventura as compared to 194 days in the first quarter of 2008.
For this Blog I took into account the following condominiums:
Atlantic I, II and III
One Island Place
SUPPLY AND DEMAND
There’s a similar behavior in the number of condos for Sale in Aventura. In the First Quarter of 2008 we had 481 condos for sale above $700,000 as compared to only 276 in the First Quarter of 2011.
And the numbers of sold condos doubled from 11 in Q1 of 2008 to 22 in Q1 of 2011.
Lately the Aventura Luxury Condominium market became a cash market with just a few conventional mortgages and some short sales and foreclosures every now and then but they were exceptional in this price range.
As of the date I am posting this blog the most expensive condominium for sale is the PH-01 at Porto Vita offered at $12,000,000 with its own private terrace and pool overlooking Golden Beach, the Intracoastal Waterways and the Ocean. It is evident that Porto Vita is the most expensive condominium in Aventura.
And the last reported sale was also in Porto Vita! The 3 bedroom 5 bath condominium on the 20th floor with 3374 sq.ft offered at $2,450,000.
So, this blog post is telling us that it is taking less time to sell a luxury condominium, that we have a lower inventory and more
Are you ready to jump and buy? You don’t want to miss out on a great “deal”? Well, I am not sure if you have much time …