Aventura Isles – Modern Community of Homes and Townhomes in Miami, FL

August 2021 Inventory Report

As you know, the coronavirus pandemic has changed the preferences of homeowners. Many people now prefer to live in townhouses or single-family houses, and try to avoid living in high-rise buildings. In your own home, you have more personal space and a great opportunity to avoid large groups of people. In addition, out-of-state migration to Florida and low interest rates have created additional demand for homes and townhouses.

Today we will tell you about Aventura Isles – one of the highly popular complexes of single-family homes and townhouses in Miami, and how high consumer demand has influenced local pricing and inventory.

Although the community is called Aventura Isles, it is not located in the city of Aventura and does not even belong to any local municipality. Technically, Aventura Isles belongs to Miami-Dade County.

The location of the community is very convenient – it is just 15 minutes from the ocean, Aventura and Sunny Isles Beach. In addition, it is equidistant from the cities of Miami and Fort Lauderdale. If you work in these cities, the journey will take approximately 30 minutes. Major airports such as Miami International and Fort Lauderdale Hollywood International are approximately 25 minutes’ drive from Aventura Isles.

The community was built in stages between 2013 and 2015 on the site of the former Williams Island County Club golf course. There are a total of 652 housing units in the community. 166 of them are townhouses and the rest are single-family houses. The community has a swimming pool, community center, children’s playgrounds. There are also walking paths around the community.

The association’s monthly fees depend on the type of building. For single-family homes, they are $ 400-500 per month. For townhouses – from $ 450 to $ 560 per month. Association fees are higher for townhouses because they also include building exterior maintenance. In single-family homes, the responsibility for maintaining the appearance of the building rests with the homeowner.

Townhouses have 4 different configurations. The smallest model is the Azalea with 3 bedrooms, 2.5 bathrooms and a living space of 1,671 square feet (155 sq m). The largest Orchid model has 4 bedrooms, 3 full bathrooms and 1,920 square feet (178 sq m). All townhouses have a garage for 1 car.

Single-family houses come in 3 series and each of them has 4 different models:

The Island series are entry-level houses. All of them are located within the community with a backyard view bordering the neighbor’s. The smaller models Amelia and Bermuda have 3 bedrooms, while the Captiva and Sanibel models have 4 bedrooms. All models in this series include 2 full and one half bathrooms (powder room), as well as a garage for 1 car.

The Caribbean series are mid-range homes, overlooking the interior of the community or a small lake like the Island. Smaller models of this type are Antigua and Barbados, with 3 bedrooms, 2.5 bathrooms and a garage for 1 car. The Cayman and San Lucas are larger homes with 1 extra bedroom and 1 extra garage space.

The Jewel series are more spacious premium homes. Most of them are houses on the border of the village, with no neighbors outside the backyard fence. Many houses offer beautiful views of the canal or lake. Diamond is the most premium model with 5 bedrooms and 4 full bathrooms. All other models in this series have 4 bedrooms and 2.5 bathrooms.

Let’s deal with inventory using a weekly chart. First, as an example, to understand how the diagram works, let’s look at townhouses.

The upper part of the diagram represents the objects that are actively traded in the market, and the lower part of the diagram represents the objects in the process of placing a deal, as well as the deals closed during the last week.

How do I read a diagram? For example, during the week ending May 9, 7 townhouses were put up for sale: 2 Azalea models, 1 Jasmine, 1 Hibiscus and 3 Orchid models. At the same time, 2 townhouses were in the process of completing the transaction, and 1 townhouse was sold during this week.

Now let’s take a look at the inventory across the community. Just a few months ago, in March, there were 6 townhouses on the market and only 2 houses. Then something interesting happened in May. Suddenly, in one week, 4 townhouses were sold at once. This resulted in a very low inventory of just one unit, which lasted almost two months.

At the same time, the inventory of single-family homes has grown from 2 units in May to 6 units in June. Perhaps this is an investor who decided to buy several townhouses at once in May, or several home owners decided to move into townhouses.

We can track these individual sales and get the names of old and new owners from public records and try to find a connection. But even without analysis, we can conclude that June and July were the best months to sell a townhouse. But at the same time, March and April were the best months to sell a single-family home. If you are a buyer, then the best time to buy a home was in May and June, and if you wanted to buy a townhouse in Aventura Isles, you had to get it done before May.

We would like to note that despite the fact that 6-8 townhouses were put on the market in April, which was a higher level of inventory compared to June and July, it is still a very low level compared to historical norms.

The lower part of the graph represents the volume of transactions under the contract and sales. In just 2 weeks of July, 6 transactions for the sale of townhouses were closed, but in June there was not a single transaction for the sale of houses.

Now let’s look at the prices

The purple line represents the average price of the objects put up for sale, and the red dots represent the average prices of the objects sold. Unsurprisingly, due to low inventory, the average price for a townhouse rose from $ 377,000 in March to $ 454,000 at the end of July. As for the houses, the average price for them increased from $ 545,000 to $ 723,000.

It is unclear if the situation will change in the coming months. On the one hand, we have lowered interest rates slightly, and the pandemic has begun to have less impact on people’s preferences. On the other hand, people continue to move from high-rise buildings to townhouses and single-family houses.

The inventory level is constantly fluctuating, so buying or selling a couple of weeks later or earlier will allow you to choose the most suitable option, as well as save tens of thousands of dollars.

If you are an owner in the community, or potential buyer, you can request YOUR FREE PERSONALIZED COPY of our MOST RECENT INVENTORY ANALYSIS by submitting the request form below.

Please fill out the following form to request YOUR PERSONALIZED  FREE COPY of our inventory report for your community.