Aero Club in Wellington Florida - Market Report For Sept 2010- September 2011

Aero Club in Wellington Florida- Market Report For Sept 2010- Sept 2011

The Aero Club is a luxury aeronautical community in Wellington. There are 248 one acre+ lots in the Aero Club. You may be wondering why is this a market report spanning a year. This is because in higher priced luxury markets not as many homes sell each month or quarter. It takes longer to sell luxury properties and areonautical properties are non-comforming properties according to standard lending guidelines.

The Aero Club has a lighted and irrigated turf runway of 4,000 feet and is 110 feet wide. Many of the homes are situated right on the taxiway to the runway.

The next reason is that the data can not be interpreted correctly from month to month or even quarterly. We see a lot of people in the industry including our own board and MLS who tend to point to monthly and quarterly statistical data reporting. This is not a realistic approach to market data because of the fact that in one month nothing might sell and in another month three closings take place. You can not really analyze data correctly in this manner unless there are a lot of homes for sale and selling with inventory changing more rapidly.

So a more logical approach and a better fair value approach is to go through a year of data and then figure out what is going on in an upscale luxury neighborhood such as the Aero Club in Wellington.

In the last year 7 properties sold and closed in Aero Club in Wellington Florida.

Someone got a very good deal on 15350 Take Off Place becuase the selling price was only $ 446,000 Rarely if ever will you see a property in the Aero Club sell for that low of a price. That is one of the lowest prices we have noticed. This property sold in 12 days and it is one of the smallest homes in the Aero Club with only 2,267 square feet under air. It also sold for the least price per square foot at $123.96. That is really low for the Aero Club. Most homes in this community sell for close to $170 and up per square foot.

The highest priced sold areonautical property was closed for $1,399,000. That property is located at 15630 Take Off Place.

Most of the other properties that sold were hovering around the $800,000 to $999,000 mark, just shy of a Million Dollars.

We closed on 15405 De Haveland Ct for $875,000. This was not a short sale and our buyer got a fantastic deal for that price. The house is worth more than what they paid.

Currently there are 13 properties listed for sale in the Aero Club in Wellington which is a higher than usual number of homes to be up for sale at the same time in this aeronautical community.

The lowest asking price right now in the Aero Club in Wellington is $659,000 for 2860 Cessna.

The highest asking price in the Aero Club in Wellington is $2,499,900 located at 2130 Windsock Way.This property has 7 bedrooms and 7 bathrooms and has over 10,000 square feet under air. This is a phenominal property.

The average asking price is in the 1 Million range, with most asking between $950,000 and $1,250,000.

All of the homes in the Aero Club of Wellington are custom made homes. There are no cookie cutter homes here. Each home's architectural designs must pass the architectural review board of the Aero Club.

The average time on the market is about 18 months. Currently there is about an 18 month listing supply based on the average time on the market. This means that if you put your house up for sale in the Aero Club in Wellington you can expect that it will take a little over a year and a half to sell your house if it is listied with an aggressive online marketing plan.

There were only 8 active listings in September of 2010. Today, in September of 2011 there are 13 homes for sale in the Aero Club of Wellington Florida.

The following chart from our local MLS ( Multiple Listing Service) shows the inventory supply for the Aero Club from September 2010 to August 2011.

If you are interested in a more comprehensive market value for your Aero Club custom home call Nestor and Katerina Gasset today at 561-753-0135.