Real Estate Market Report, October 2018.

Two units were sold at Akoya last month. Both of these units took almost a year to get sold, and they sold way below their original asking price. Both of them were cash transactions. TS-02, a three levels penthouse featuring a private rooftop terrace with 2,777 square feet of living area and 4,407 square foot of total area, sold for $2,450,000. #1710, a small one bedroom condo sold for $410,000 and is now being offered for rent.

A total of 7 units were offered for sale last month. We have three corner units, two on line 03 and one on line 07. These units have an average of $864 per square foot. The active inventory of units for sale is now at 38. We must highlight that most of these units are overpriced and thereby affecting the building’s inventory. As there is no cost involved when listing a unit for sale, some owners decide to list their units at unrealistic prices to see if someone is willing to pay their asking price.

Last month, five units were successfully rented at Akoya. These units rented for an average price of $3,200 a month and lasted approximately 84 days on the market. Except for #2202, they were all offered furnished. Corner unit #3507 which was also offered for sale lasted only seven days on the market, renting for the full asking price.

As we approach the season, owners are listing their units for rent. In the last month, a total of 14 units hit the market for rent. Most of these units are offered fully furnished seasonal only. The active inventory is now at 40. However, most of these units are not available for the season.

If you have any further questions regarding this report, you may contact    
Nivaldo Soria, P.A. or Claudia Serpa, P.A.
at 305-219-8343 or nivaldosr@SouthFloridaInvestments.com