The Coconut Grove Journal of Real Estate 2018 Midyear Report

Coconut Grove Journal of REAL ESTATE

2018 Midyear Performance Report

By Alba Biondi and Isabelle Andrews

TheTeam@GroveExperts.com GroveExperts.com The image of this flower was created by Lisa Remeny, an internationally renowned artist, Miami native, and longtime resident of Coconut Grove.� mail@LisaRemeny.com 305.854.9485 LisaRemeny.com

Why Coconut Grove?

It is a solid real estate market

The Coconut Grove single-family home market is as strong as it ever has been. The combined effect of a steady purchase market, a large number of sales due to close, and slightly fewer homes available for sale will generate an uptrend in the market during the summer months.

Almost the same number of homes have sold this year compared with this same time last year. The most expensive home sold so far in 2018 has been a 5-bedroom/5-bath waterfront estate with 18,000+ sq. ft. of living space, which sold for $19,750,000. The most inexpensive home sold so far in 2018 has been a 2-bedroom/1-bath house with 998 sq. ft. of living space, which sold for $225,000.

Thus far in 2018, 43% of homes sold have been below the $1 million price point, 32% between $1 million and $2 million, 14% between $2 million and $3 million, and 11% above the $3 million price point. Additionally, the inventory of homes for sale is stable, with 158 homes available in July 2018 (worth a total value of $380M), which is slightly fewer than the 162 homes that were available in July 2017 (totaling $391M). As of this writing, 35 home sales are due to close during the next 2 months with a total value of $49M. All these indicators point to a strong and steady Coconut Grove market.

If you would like a more in-depth analysis, please contact us for our latest data.

Single-Family Homes Sold in Coconut Grove January-June 2018 June 2017

June 2018

% Chg

Jan-June 2017

Jan-June 2018

% Chg

19

22

15%

103

104

0%

$29,500,000

$28,830,030

2%

$168,162,612

$157,964,805

6%

Median Sold Price

$1,350,000

$1,145,000

15%

$1,220,000

$1,037,500

14%

Average Sold Price

$1,552,632

$1,310,456

15%

$1,632,646

$1,518,892

6%

Sq/Ft Median Sold Price

$406

$439

8%

$437

$455

4%

Sq/Ft Average Sold Price

$476

$440

7%

$514

$524

2%

Single-Family Homes # Homes Sold $ Volume Sold

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Number of Single-Family Homes Sold Per Price Category

25

Waterfront South Grove North Grove West Grove Center Grove

20 15 10 5 0 $0 to $1M

$1M to $2M

$2M to $3M

$3M+

Coconut Grove Single-Family Market Performance Single-Family Waterfront Market 3 homes sold Highest Sale: $19,750,000 Lowest Sale: $2,200,000 Median Sold Price; $5,770,000 Single-Family South Coconut Grove Market 51 homes sold Highest Sale: $5,200,000 Lowest Sale: $510,000 Median Sold Price: $1,250,000 Median Sq.Ft. Sold Price: $486 Single-Family North Coconut Grove Market 36 homes sold Highest Sale: $2,250,000 Lowest Sale: $390,000 Median Sold Price: $1,047,750 Median Sq.Ft. Sold Price: $453 West Coconut Grove Market 12 homes sold Highest Sale: $700,000 Lowest Sale: $225,000 Median Sold Price: $406,250 Median Sq.Ft. Sold Price: $315

All material in this journal in intended for information purposes only and has 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. This is not intended to solicit property already listed. Equal Housing Opportunity practice.

Our Listings 3316 Devon Court Offered at $5,989,000 Gated Community 5 Bedrooms 5 1/2 Bathrooms 11,117 Sq. Ft. Living Area 17,150 Sq. Ft. Corner Lot Deeded Dock 4-Car Garage Pool

4131 Lybyer Avenue Offered at $1,149,000 3 Bedrooms 2 Bathrooms 1,926 Sq. Ft. Living Area 6,375 Sq. Ft. Lot Recently Renovated Saltwater Pool Move-in Ready

3243 Percival Avenue Offered at $899,000 2-Story Townhouse Built in 2015 3 Bedrooms 3 1/2 Bathrooms 2,006 Sq. Ft. Living Area Built-in Closet Cabinetry Garage Pool

1700 S Bayshore Lane, Unit #4A Offered at $875,000 Boutique Building 2 Bedrooms 2 Bathrooms 1,774 Sq. Ft. Living Area Water Views of Biscayne Bay 2 Covered Parking Spaces Direct Elevator Access Pool

Are you thinking about selling?

Be sure to hire an expert in the Coconut Grove market.

You deserve local expertise and the finest national and international marketing.

This is what we provide.

We speak English, Spanish, French, and Italian.

Alba Biondi / 305 323 2595 Isabelle Andrews / 305 546 5421 #1 Top Producers EWM Coconut Grove Office TheTeam@GroveExperts.com GroveExperts.com

1660 W Glencoe Street, Unit #202 Offered at $2,890,000 Boutique Building 3 Bedrooms 3 1/2 Bathrooms 3,444 Sq. Ft. Living Area Deeded Dock Water Views of Biscayne Bay 3 Parking Spaces Direct Elevator Access Pool 2901 S Bayshore Drive, Unit #8H Offered at $359,000 Yacht Harbour Condo 1 Bedroom 1 Bathroom 1,105 Sq. Ft. Living Area Water Views of Biscayne Bay 1 Covered Parking Space Private Storage Unit Tennis Courts Pool