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March 2011 Housing Market Report for Aventura Condos

Ines Hegedus-Garcia
ines@miamism.com

There are currently 1198 Aventura condos for sale: (65 less than last month)

  • Highest priced listing: $12,000,000 for a 5/6 at Porto Vita
  • Lowest priced listing: $30,000 for a 1/1 short sale at Buckley Towers (approved short sale)
  • Pending sales: 377 (46 more than last month)
  • Closed sales in March: 98 (22 more than last month)

The highest Aventura condo sold in March was a 2 bedroom / 3 bathroom Williams Island Residence du Cap selling for $1,015,000 on March 24th.  The 4 Lowest  Aventura Condos sold last month were all at Point East Condo, a 55+ community and sold at $50,000, $42,000, $52,000 and $34,000 – cash deals only.  (The lowest sales at Point East Condo have become a trend in the past few months). 42% of March Aventura Condo sales were distressed which still shows no change for Aventura but many are hopefull because inventory is slowly decreasing.  Out of the active inventory, only 18% is distressed - just keep in mind that although many of these "great deals" appear active in the system, a lot of them are under contract and many even have back-up contracts.  Did I mention that being a cash buyer is no longer a big deal?  Yes, you heard it right, most of these are cash deals, so don't even think that the cash will give you a negotiating advantage.

Residence du Cap - Williams Island

Located on the waterfront at the Southeast tip of Williams Island at 2600 Island Boulevard, the 32-story luxury tower was built in 1997 and features its own pool, spa and fitness facilities as well as 24-hour valet-parking, concierge and security.  Condos at Residence du Cap range from 2 to 6 bedrooms, have private key-operated elevators and were originally equipped with top of the line features including Becker Zeyko custom cabinetry, Gaggenau kitchen appliances, Sub-Zero Refrigerators, shower fixtures by Hansgrohe, whirlpool baths by Jacuzzi and Jabo bathroom fixtures. 2600 Island Blvd #3001 • Aventura, FL 33160 The unit was listed at $1,250,000 and sold at $1,015,000.  But it had been listed on and off since 2006 with an original price of $1,380,000.  What's amazing to me is the fact that they didn't even attempt to pick up the mess before taking the listing photos, I guess the $235,000 discount is worth the trouble for the buyer.  The MLS screams in all caps:

VERY MOTIVATED SELLER! SOUTHEAST CORNER WITH 260 DEGREE UNOBSTRUCTED VIEWS OF INTRACOASTAL, OCEAN, MIAMI BEACH, AND DOWNTOWN MIAMI. PRIVATE ENTRY ELEVATOR, 10 FT. CEILINGS. TOP OF LINE APPLIANCES W/GRANITE COUNTERTOPS IN KITCHEN. STEAM SHOWER IN MASTER BATH.BEAUTIFUL CONTEMPORARY ITALIAN FURNISHINGS. HIGHEST QUALITY HARDWOOD FLOORS.LARGE WALK-IN CUSTOM CLOSETS. FULLY AUTOMATED SOLAR SHADES. 535 SQ.FT. WRAP-AROUND BALCONY W/TUMBLED TRAVERTINE. EVERY ROOM BOASTS SPECTATULAR VIEWS WITH ITS OWN BALCONY.

The condo features 2,580 square feet of living space, over 500 square feet of balconies/terraces, 2 bedrooms, 3 bathrooms and private elevator.  Residence du Cap is all about the views, especially from this 30th floor unit. **all information obtained from the SouthEast Florida Multiple Listing Service**


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