So far for 2012 there have been only 7 sold properties in the Royal Grand Condominium community ranging in price from $75,000.00 for a 1 bedroom model located on the second floor, a total of 5 two bedroom models sold ranging in price from $86,000.00 and all the way to $115,000.00 and only 1 three bedroom model sold for $130,000.00 between January 1st 2012 & July 14th 2012.
While prices seem out of line for the 2 bedroom models it always come down to supply and demand in this community and the time of the year that the properties were sold. The close to the summer time before the start of classes at nearby college campuses always demand higher prices for students who intend on living here for 3-5 years. I do see a trend over the next few years of less and less properties coming available for sale in the Royal Grand community due to more and more investors buying these properties since they are a cash cow / great investment property with a average return of around 10-11 percent year after year .
Royal Grand Condominium is located in the heart of Davie, FL 33328 and only seconds from Nova Southeastern University college campuses and is one of the main reasons for such huge demand. The university is only getting larger and will create and even larger demand on local real estate for years to come in this area. Now while we will never see prices where they were at in 2005-2007 you can expect prices to climb slowly over the next 10 years and at that point I am sure investors will then start selling their inventory once they have made a great return.
I am a local real estate professional who lives and works in the Royal Grand Community and the surrounding areas of Davie, FL and would be happy to assist you with all of your real estate needs regardless if you are in the market to Buy, Sell or Rent.