Recap: Coconut Grove Real Estate Talk

October 29th, 2008 | categories: Coconut Grove Real Estate Market Conditions

Thanks to all of those who attended my quarterly Coconut Grove Real Estate Talk.  I hope I provided some useful information and answered all of your questions.  For those who couldn’t make it, here are some of the highlights:

 

  • The average asking price for a single family home in Coconut Grove is currently $1,200,000, while the average sales price is in the $600,000’s.
  • Coconut Grove has still not seen the rash of foreclosures that other parts of Miami have.  We have approximately 10 homes in foreclosure in all of Coconut Grove.   Luckily for us, foreclosures are not setting the market price here.
  • While we did see several months of declining inventory (June through August), last month the number of homes for sale bounced back up likely due to the credit crunch and worries over the economy. 
  • If you want to know a “rough” estimate of what your home’s value is, the average home in North Coconut Grove is $325 per square foot, and the average home in South Coconut Grove is $358 per square foot.
  • What will the Grand Avenue development do for real estate in the West Grove?  The Village on Grand Projectwill likely improve values in the West Grove.  Currently, the average price per square foot of homes in this area is $158, while the rest of the Grove sees values in the $300 range.  I am confident that once we start to see the neighborhood revitalized, new buildings going up, new restaurants, new shops, new cafes, values will start to catch up to the rest of Coconut Grove.

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Written by Riley Smith

This entry was posted on Wednesday, October 29th, 2008 at 9:34 am and is filed under Coconut Grove Real Estate Market Conditions. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

  1. Sarah said at October 29th, 2008 at 6:42 pm

    Do you know where Grand development happening? All I’ve heard is that it’s six blocks, but is it going to be closer to Cocowalk area, or closer to US1?

  2. Linda Pollack said at October 30th, 2008 at 6:05 pm

    Thanks so much, Riley. You’re helpful as always.

    Linda

  3. white rock homes said at June 3rd, 2009 at 12:47 am

    Interesting, I have not heard about this

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