Coconut Grove Mid-Year Report 2017

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COCONUT GROVE JOURNAL OF REAL ESTATE Mid-Year Report 2017 By Alba Biondi and Isabelle Andrews


What You Need to know About Coconut Grove’s Single-Family Real Estate Market...

Coconut Grove Single-Family Market Performance

SOUTH GROVE

NORTH GROVE

Highest Sale: Lowest Sale:

$5,082,000 $608,000

Highest Sale: Lowest Sale:

Median Sold Price: Median Sold Price per Sq/Ft:

$1,400,000 $454

Median Sold Price: Median Sold Price per Sq/Ft:

Average Sold Price: Average Sold Price per Sq/Ft:

$1,796,236 $487

Average Sold Price: Average Sold Price per Sq/Ft:

$1,250,620 $441

Median Asking Price: Median Asking Price per Sq/Ft:

$1,574,975 $538

Median Asking Price: Median Asking Price per Sq/Ft:

$1,597,000 $515

# Homes

Sold

Under $1M $1M–$2M $2M–$3M $3M+ Total

10 21 9 6 46

For Sale 16 28 17 9 70

WEST GROVE From 2009 to 2016, the Coconut Grove real estate market grew from $100 million in annual sales to $238 million. This was an amazing increase of 138% in only 7 years. Interestingly enough, during the same period, the number of properties sold increased by only 27%. In 2009, 138 single-family homes sold compared with 176 sales last year. The market is still very diverse. During the first 6 months of 2017, the lowest-price sale was $245,000 for an 880 sq/ft home located in West Grove. At the opposite end of the spectrum, the highest price was The Grove Experts ®. All Rights Reserved.

$12,400,000 for a waterfront property with 14,097 sq/ft of living space. These 2 properties are located just a few miles apart. Of all single-family homes sold in Coconut Grove, 60% sold for over $1 million during the first 6 months of 2017. A market for new construction is also emerging. Thirteen homes built since 2014 have sold in 2017. Most of these offer a contemporary style. The average sales price is $2,379,865, and the average price per sq/ft is $554. The volume of pending sales confirms the market’s upward trend.

Year-To-Date Jan 2017–Jun 2017

$3,500,000 $450,000

# Homes

Sold

Under $1M $1M–$2M $2M–$3M $3M+ Total

26 13 7 1 47

$965,000 $436

For Sale 12 29 15 3 59

WATERFRONT

Highest Sale: Lowest Sale:

$475,000 $245,000

Highest Sale: Lowest Sale:

Median Sold Price: Median Sold Price per Sq/Ft:

$379,000 $278

Median Sold Price: Median Sold Price per Sq/Ft:

$6,350,000 $880

Average Sold Price: Average Sold Price per Sq/Ft:

$378,071 $290

Average Sold Price: Average Sold Price per Sq/Ft:

$8,016,667 $883

Median Asking Price: Average Asking Price:

$649,000 $701,817

Median Asking Price: Average Asking Price:

$6,590,000 $1,073

# Homes

$12,400,000 $5,300,000

Sold

For Sale

# Homes

Sold

For Sale

Under $500K $500K–$1M $1M

7 0 0

6 14 3

Total

7

23

Under $2M $2M–$5M $5M–$10M $10M+ Total

0 0 2 1 3

0 3 4 2 9

Data Compiled by Isabelle Andrews and Alba Biondi. All materials are intended for information purposes only and have been compiled from sources deemed reliable. Though information is believed to be correct, data sources are subject to errors, omissions, changes, or withdrawal without notice.


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