4190 BATTERSEA RD
COCONUT GROVE
PROPERTY OVERVIEW
The property located at 4190 Battersea Road in the southern region of Coconut Grove is presently listed at $3,610,000, equating to $1,066 per square foot. This residence features three bedrooms, three and a half bathrooms, and was built in 2007. Occupying a total area of 3,385 square feet, it is situated on a 7,586 square feet lot at the junction of Battersea and Lejeune.Thispropertyhasbeenonthemarketfor133days.
MARKET TRENDS
SOUTH GROVE
ActiveListings:Theaveragepricepersquarefootis$1,059.25withthelowestbeing$1,024.68andthehighestat$1,086.61.
ClosedSales:Theaveragesoldpricepersquarefootis$899.49,withthelowestat$675.98andthehighestat$1,213.47.
Thelist-to-sellratioaverages92%,indicatingthatpropertiestypicallysellfor92%oftheirlistingprice.
Absorptionrate(3.5Mto4.0M):Inthepast6months,the$3.5Mto$4MpricerangeinSouthCoconutGrovehashad5 activelistingsand3closedsales.Thistranslatestoanabsorptionrateofonehomeevery60days.
Absorptionrate(3Mto3.5M)Inthepast6months,4propertiesinthe$3Mto$3.5Mrangewerelistedand4soldinSouth CoconutGrove.Thisequatestoanabsorptionrateof1homeevery45days.
DaysonMarket: TheaveragedaysonmarketintheSouthGroveareaforpropertiespricedbetween$3Mand$3.7Mis 117days.
MAPH GROVE
WefocusedonSouthCoconut Groveforcomparablesbecauseit providesamoreaccurate reflectionofthemarketconditions relevanttoourproperty.South Grovehasdistinctcharacteristics, buyerdemographics,andmarket dynamicsthatdifferfromthe broaderCoconutGrovearea.By narrowingouranalysistoSouth Grove,weensureourpricing strategyisbasedonthemost relevantandprecisemarketdata, leadingtobetter-informed decisionsandrealisticexpectations forthesaleofourproperty.
COMPARABLES
Upon reviewingsimilarpropertiesin south grove and based on the feedback provided after showings andopenhouses,wefindourselvesin competition with either more contemporary homes such as 3379 Oak Avenue listed at $3,695,000 or properties that boast an extra room, aresituatedonaquieterstreet,orhave alargerlot,like3810LoquatAvewith4 bedrooms and 5514 San Vicente St sittingina10,000sqftlot.
3810 Loquat Ave $3,400,000| 4 BED | 4 BATH | 3,129, SQFT | 7,579 SQFT LOT | 21 Days $3,400,000| 4 BED | 4 BATH | 3,129, SQFT | 7,579 SQFT LOT | 21 DAYS 3810 LOQUAT AVE $3,695,000| 4 BED | 5 BATH | 3,606, SQFT | 4,866 SQFT LOT | 28 DAYS 3379 OAK AVE $3,075,000 | 5 BED | 4 BATH | 3,217 SQFT | 10,000 SQFT LOT | 93 DAYS 5514 SAN VICENTE ST
ACTIVE COMPARABLES
CLOSED COMPARABLES
in terms of closed sales, we have examples such as 3657 Poinciana Avenuewaspurchasedfor$3,050,000, equating to $675.98 per square foot and 4070 Ensenada Ave closed at $3,490,000, offering more square footage and extra bedrooms on a private street. However, despite these advantages, it appears less modern compared to other houses, and the propertyitselfisolder.
Our best comparable 4075 Battersea Road was sold for $3,487,500 highlighting a complete and modern renovation and with an additional bedroom.
$3,487,000|
BED
BATH
3,159 SQFT
6,500 SQFT LOT
140 DAYS 4075
$3,050,000
54BED
4.5 BATH
4,512 SQFT
7,000 SQFT LOT | 136 DAYS 3657 POINCIANA AVE $3,490,000
5 BED
4.5 BATH
4,600 SQFT | 7,839 SQFT LOT | 9 DAYS 4070 ENSENADA AVE
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PRICING STRATEGY
ApproachtoPricing:
AbsorptionRatebyPriceBracket:Propertiesinthe$3.5Mto$4Mrangesellevery60days,whilethoseinthe$3Mto$3.5Mrangesellevery45days.Byreducingourprice tofallwithinthe$3Mto$3.5Mbracket,weplacethehomeinamorecompetitivespace,increasingitsattractivenessintermsofbothconditionandprice.Atourcurrent price,wearecompetingwithhousesthat haveanadditionalbedroomorthatmoremodernorinabetterlocation.
CurrentShowingsandBuyerPerceptions:Thecurrentpricegeneratesinterestandshowings,indicatingthatthehouseisappealing.However,at$3.6M,potentialbuyers focus on its drawbacks, such as its location on a busy street and the absence of a fourth bedroom, rather than appreciating its true value as a beautiful home in a desirablearea.
AverageDaysonMarketandPricePerSquareFoot:Ourlistinghassurpassedtheaveragedaysonmarketandispricedat$1,066persquarefoot,higherthanthearea’s average. While square footage pricing is less precise due to varying conditions and features, it’s clear our property is priced above comparable homes, impacting its competitiveness.
Recommendations:
Consideringthatourpricepersquarefootisonthehigherendofthespectrumforactiveandsoldlistingsoverthepastsixmonthsandthatwehaverecurrentinterestbut only had one low offer, we might need to consider a price adjustment. Our current price is attracting interest, but it’s not compelling buyers to make good offers. To effectivelytargetanewpoolofbuyers,apricereductionofatleast5%isrecommended.Thiswillhelppositionthepropertymorecompetitivelyandattractfreshinterest, rather than targeting the same buyers who may perceive the price reduction as a signal of underlying issues. This strategy will help shift the perspective of buyers, emphasizing the property’s positive features rather than what it lacks compared to the competition and would position us in a price range where the absoption rate is betterandwecancompete.