About Fort Lauderdale's Hendricks Isle/isle Of Venice

Since the breathtaking 72% plunge from the December 2007 historical high ($656/LIVsqft) through June 2008, property value has settled mainly in a range between $200-$300/LIVsqft. The average value of the 37 closings during the past 24 is $240/LIVsqft; the average of the 15 closings during the past 12 months is $234, and; the average of the 10 closings during the past six months is $247. The two properties sold in September averaged $198/LIVsqft. No property sold in October. Of the 11 properties currently for sale (average $496), only one is priced under the 24-month closed sales moving average ($240).
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The March 2010 historical low continues to hold, and of the ten sales closed during the past six months five occurred in June (one in May and two each in April and March). While March-May sales per LIVing Area averaged $213/LIVsqft, June's closed sale price increased to $253/LIVsqft. March-May discounts (from last list price) averaged almost 18 percent, June's halved to nine percent. Currently, four properties are pending sale (average $339/LIVsqft); and 14 properties are listed for sale (average $426/LIVsqft). Based on closed sale price averages during the last six, 12 and 24-month periods, only one current listing is priced under-market (Boathouse, $221/LIVsqft). Average new listing prices increased the last two months (May $302/LIVsqft, $1,003,457; June $336/LIVsqft, $1,375,000).

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While While the four sales in the past six months make the Hendricks/Venice condo market among East Ft Lauderdale's slowest, the seven pending sales do may not suggest quickening activity: only two of the 30 current listings are priced under market and moreover, the average closed sale price $249/LIVsqft) of the 31 condos sold during the last two years is 37% below the average list price ($395/LIVsqft). Sellers may be getting the message however, as the average list price/month has declined during the past six months from $400/LIVsqft ($850,000) to $200 ($499,000). The historical low was reached last March ($134/LIVsqft/$587,000)-a fraction of the historical high recorded in December 2007 ($656/LIVsqft/$2,130,000). Get the details at... http://www.coastcountiesrealty.com/Reports/HI1.htm