Real Estate Market Report, October 2018.

One unit successfully sold at The Collins in October 2018. Unit #1208, a one bed 1 1/2 bath with 806 SqFt of living area and facing north sold for $345,000, an amount that is very close to the asking price. This unit lasted 101 days on the market, selling through conventional financing.

Two units were offered for sale last month. These new listings have an average asking price per square foot of $563. Both of these units are a corner and are hitting the market for the second time with new prices.#1102 is the southeast corner unit with a balcony that offers an unobstructed view to the Atlantic Ocean. #714 is the northwest corner featuring a full bed plus a den and two full baths.

A total of two units rented last month. #506 rented for $2,000, very close to the listing price and lasted only 35 days on the market while #1608 lasted 110 days and rented for $250 less than its original asking price. They both were offered fully furnished.

As we approach the peak season for rentals in South Florida, homeowners at The Collins were motivated to offer their units for rent. A total of 8 condos hit the market. These new listings have an average asking price of $2,238 per month. Some of these units are already under contract, and most of them are offered furnished. Now, the active inventory is up to 19 units in total active for rent.