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161 Isle Of Venice Dr UNIT 204
Fort Lauderdale, FL

161 Isle Of Venice Dr UNIT 204

$1,650,000
3 bd • 4 ba • 2,128 sf

This analysis was generated by artificial intelligence on 1/26/2025. It is for entertainment purposes only and should not be considered as real estate or investment advice.

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List Price

$1,650,000

Price/Sq.Ft

$775

Year Built

2016

AI Property Analysis

A comprehensive evaluation of this property's features, market position, and investment potential.

The Good

• Prime waterfront location on the widest part of the Las Olas waterway with direct dockage for a 50'± vessel. This is a highly desirable feature for boat owners and provides easy access to the Intracoastal Waterway and the ocean. • The building is designed by renowned FSMY Architects, indicating high-quality construction and design. The distinctive curvilinear design and boutique nature of the building make it a unique and desirable property. • The unit features an expansive 900+ sq. ft. wrap-around terrace, providing ample outdoor living space and stunning water views. This is a significant advantage in a city with a warm climate. • The unit has high ceilings and floor-to-ceiling windows, allowing for plenty of natural light and enhancing the views. This feature also contributes to a sense of spaciousness. • The unit includes upgraded features such as motorized window treatments, custom ceilings, and Italian kitchen and bathroom vanities. These features add to the luxury and convenience of the property. • The kitchen has induction cooking and a terrace grill, catering to modern lifestyles and enhancing the cooking and dining experience. • The unit has a private elevator and storage room, adding to the privacy and convenience of the property. These features are particularly valuable in a condo building. • The unit includes two assigned covered and secure parking spaces, which is a valuable amenity in a waterfront area with limited parking. It also has a private storage room. • The property was built in 2016, so it is considered a relatively new construction. The updated features and building age will likely reduce maintenance costs.

The Bad

• The property is priced at $775.38 per square foot, which is above the average price per square foot for condos in Fort Lauderdale. This high price may limit the pool of potential buyers. • The property has been on the market for 37 days, which is slightly above the average for the Fort Lauderdale market. This may indicate that the property is overpriced or that there are other issues that are deterring buyers. • The property's location in a high-traffic tourist area may not be ideal for those seeking a quiet and secluded living environment. The influx of tourists during certain times of the year can impact traffic, noise levels, and parking availability. • The middle school rating of 5/10 is below the ratings of the elementary and high schools. This may be a concern for families with school-aged children. • The property does not include information on HOA fees. These fees can be significant in condo buildings and can add to the overall cost of ownership.

The Ugly

• Severe flood risk (8/10) and extreme wind risk (10/10) are significant concerns, requiring costly insurance policies and potentially leading to substantial property damage. The property's location in a high-risk flood zone (FEMA Zone AE) makes it particularly vulnerable to flooding during severe weather events. • The estimated annual insurance cost of $5,940 is substantial and may increase further due to the high climate risks. This can add a large financial burden on the homeowner. • The property's location in a tourist area may result in increased traffic, noise, and limited parking during peak seasons. This is not ideal for residents who value peace and quiet. • The high price per square foot ($775.38) and firm asking price may limit the pool of potential buyers and make it difficult to negotiate a lower price. The price is also at a 27.4% increase in the last 4 years (2020-2024), which may be hard to justify to potential buyers. • The property has a high heat risk (10/10), which can lead to higher cooling costs and potential mold issues. The high temperatures and humidity in Fort Lauderdale can make it challenging to keep the property cool and free of mold. • The listing history shows the property was listed and removed in 2020, which may raise questions about why it did not sell at that time. Also, the 2020 sale of $1,295,000 to the 2024 listing at $1,650,000 is a 27.4% increase which is extreme. This may raise questions about the current listing price.

Who is this property for?

These details are presented solely for entertainment purposes and are not meant to steer or limit any prospective buyer.

Best For

• High-Net-Worth Buyers seeking luxury waterfront living with direct dockage for a large vessel (50’±). The property's prime location on the widest Las Olas waterway, combined with its high-end finishes and expansive terrace, caters to those desiring an upscale lifestyle. • Yacht Owners who need convenient access to the ocean and the ability to dock their boat directly behind their residence. The deep-water access and proximity to the Intracoastal Waterway make this an ideal location for boating enthusiasts. • Buyers who prioritize privacy and security. The boutique building with private elevator access, secure parking, and storage provides a high level of exclusivity and peace of mind. The two assigned parking spaces are also ideal for households with multiple vehicles. • Entertainers who value large outdoor space. The 900+ sq ft. wrap-around terrace is ideal for hosting gatherings and enjoying the waterfront views. The outdoor grill also enhances the outdoor living experience. • Buyers who appreciate modern design and high-end finishes. The Italian kitchen and bathroom vanities, rectified porcelain tiles, custom ceilings, and motorized window treatments appeal to those with discerning taste who want a turnkey residence.

Not For

• Budget-Conscious Buyers who cannot afford the high purchase price, insurance, and maintenance costs associated with luxury waterfront properties. The property's price per square foot ($775.38) is above average for the area, as well as the total price of $1,650,000. • Buyers who are risk-averse and not comfortable with the high flood and wind risk scores (both 8/10) and associated insurance premiums. The flood risk is classified as severe, and the wind risk is extreme, which could lead to significant financial losses in case of a major storm. • Buyers who prioritize proximity to excellent schools and amenities. While the elementary and high schools have good ratings (7/10 and 8/10), the middle school has a 5/10 rating. The property is also not near many amenities that can be walked to. • Buyers who are not looking for a condominium. The property is part of a boutique building, so buyers who want a single-family home with a large yard should look elsewhere. • Buyers who are concerned about high traffic and tourist activity. The property's location in a popular waterfront area may experience increased traffic and noise levels, especially during peak tourist season.
Demographics
Area Median Income

$104,436

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Risk Assessment

Climate Risks

heatEXTREME

7 extreme heat days per year

98th percentile: 105°F

windEXTREME

Insurance: Required

floodSEVERE

FEMA Zone: AE

Insurance: Required

airMINOR

1 bad air quality days per year

fireMINIMAL

Insurance: Optional

Risk Analysis

• Severe flood risk (8/10) and extreme wind risk (10/10) require high insurance premiums, particularly for flood and windstorm coverage. These risks also carry the potential for significant property damage in the event of a major storm or hurricane. The property's FEMA zone classification is AE, indicating a high flood risk area. • High insurance costs: The estimated annual insurance cost is $5,940, and it may increase further due to the severe flood and extreme wind risks. The cost of flood insurance will be in addition to the standard homeowner's insurance. • Market volatility: Fort Lauderdale is a highly competitive real estate market, and property values can fluctuate. Changes in the local economy or tourism can affect the property's value. • Potential for increased maintenance costs due to salt air corrosion. The salt air can accelerate the deterioration of building materials, requiring more frequent maintenance and replacements. This is particularly relevant for waterfront properties. • Extreme heat risk (10/10) may lead to higher cooling costs and potential mold issues. The property has 7 hot days per year and a 98th percentile temperature of 105°F, which means the AC system will be running for a long time. The high heat and humidity in Fort Lauderdale can also contribute to mold growth if the property is not properly maintained. • The property is located in a tourist area which can lead to high traffic and noise levels, especially during peak season. This may be a concern for those who value peace and quiet.
Insurance
Annual Cost

$5,940

$495 per month

Financials

Monthly Costs
Market Rent (3 bed)

$3,750

Get a detailed rental estimate on Zillow®
HOA Fee

$2,009

Price History

Property Taxes

$27,474
2023 Tax Assessment
24.5%from previous year
Assessed Value$1,476,280
Tax Rate1.86%

Location & Comparables

Subject Property
Comparable Sales
View on Zillow

Stats in the Area

Average Price

$1,384,000

-16.1% below list price

Median Price

$1,250,000

Based on 6 recent sales

Price per Sq.Ft

$631

Comparable Properties

201 NE 16th Ave, Fort Lauderdale, FL 33301
Price: $1,050,000
Sq.Ft: 2,157
Beds/Baths: 4/4
$/Sq.Ft:
$48737.2%
Sale Date: 10/25/2024
124 Hendricks Isle #301, Fort Lauderdale, FL 33301
Price: $2,280,000
Sq.Ft: 2,285
Beds/Baths: 3/4
$/Sq.Ft:
$99828.7%
Sale Date: 10/3/2024
1180 N Federal Hwy #1102, Fort Lauderdale, FL 33304
Price: $1,900,000
Sq.Ft: 2,251
Beds/Baths: 3/4
$/Sq.Ft:
$8448.9%
Sale Date: 8/28/2024
600 NE 10th Ave, Fort Lauderdale, FL 33304
Price: $999,000
Sq.Ft: 1,838
Beds/Baths: 3/4
$/Sq.Ft:
$54429.9%
Sale Date: 9/13/2024
920 NE 16th Ter #1, Fort Lauderdale, FL 33304
Price: $825,000
Sq.Ft: 2,212
Beds/Baths: 3/4
$/Sq.Ft:
$37351.9%
Sale Date: 8/8/2024
1209 NE 11th ave #B, Fort Lauderdale, FL 33304
Price: $1,250,000
Sq.Ft: 2,316
Beds/Baths: 3/4
$/Sq.Ft:
$54030.4%
Sale Date: 8/14/2024

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