September 2010 Real Estate Market Report for Aventura Condos

There are currently 1439 Aventura condos for sale: (14 more than last month)

• Highest priced listing: $12,000,000 for a 5/6 at Porto Vita
• Lowest priced listing: $45,000 for a 1/1 short sale at Point East One Condo, a 55+ community
• Pending sales: 271 (9 less than last month)
• Closed sales in September: 72 (same as last month)

The highest Aventura condo sale in the month of September was a foreclosure – 4 bedroom, 5.5 bathroom  Williams Island Condo at Bella Mare, located at 6000 Island Blvd #2901.  This residence was listed for $1,450,000 and sold for $1,420,000, and featured Marble and hardwood floors, over 4,000 square feet of living space, Intracoastal water views and Williams Island amenities.  (Building shown at top of this article). The lowest Aventura condo sale in September was a Point East (55+ community) 1/1, located at 2851 Leonard Dr #J-210.  It was listed for $50,000 and sold for $45,500. This month’s Aventura condo feature will be for Bella Mare, since it was the highest sale – if you ever want me to look at the sales of a particular building, just let me know.

Bella Mare at Williams Island – Aventura, FL

BellaMare is located on The Instracoastal Waterways within the ultra-exclusive Williams Island community in Aventura and was built in 2005.  There are a total of 210 residences in this 30-story luxury tower with views, state-of-the-art amenities and services.  It was the last tower constructed on Williams Island close to The Island Club.  Williams Island is known for its restaurants, beautiful gardens and landscaping and “resort-style” living that includes tennis club, deep-water marina, pools and spa. There are currently 18 active listings at Bella Mare ranging from $2.5 Million for a 5 bedroom / 5.5 bathroom 01 line residence to $398,000 for a one bedroom, 764 sq.ft. Island Suite. There are 4 condo-units under contract and 14 total sales this year.  Only 3 of the 14 sales and one of the 18 active listings are distressed sales:  unit 2808 is a short sale, currently listed for $1.5 Million on October 1st of this year. Here’s a typical floor plan of the 01 line In 2008 there were 10 total sales with an average price per square foot of $368 (highest sale at $561/sq.ft. and lowest at $306/sq.ft.).  2009 sales increased to 14 and so did the average price per square foot to $369 (highest sale at $539/sq.ft. and lowest at $249/sq.ft.).  Although the year is not over, there have been 14 sales already in 2010 with a decrease average price per square foot of $356 (with highest sale at $413/sq.ft. and lowest at $190/sq.ft.). Bella Mare has proved to be a strong building with only a slight decrease in pricing and small percentage of distressed inventory and sales.  I think Williams Island in general can apply the same rules because it is an exclusive community and people buy here for the amenities of not only the particular building, but the island. **all information obtained from the SouthEast Florida Multiple Listing Service**