Archive for February, 2009
Center Grove Is Becoming More Affordable
February 4th, 2009 | categories: Coconut Grove Townhouses, What Is Selling In Coconut Grove Real Estate?
There are 110 properties for sale in Center Grove. With 1,000 condos and townhouses in Center Grove on the tax rolls, this figure means that 1 in every 10 is on the market.
With so much on the market, and so many properties for buyers to choose from, one of the only ways for these sellers to set themselves apart is to be competitive in their pricing.
That is good news for buyers. Right now the average List Price in Center Coconut Grove is $415,000. Of the Closed Sales in 2008, the average List Price was $503,000. Keep in mind, this number is full of very small, 1 bedroom apartments that are offered in the $100,000 range.
But it is still an incredible drop and makes Coconut Grove much more affordable than it has been in many years. Buyers seem to be taking advantage of the numbers, as there have already been 6 properties in Center Grove to go pending this year. Last year, we saw only approximately 2 go under contract every month.
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Real Estate and Wine
February 2nd, 2009 | categories: Coconut Grove Real Estate
I just wanted to write a quick post this morning to thank alll those who came out to my Grove Real Estate Talk at Greenstreet last night. We had our biggest turnout since the start of these events, and I hope that everyone came away with their questions answered and a little more information on the market here in Coconut Grove.
I knew that it was a success when the waiters told me that we had consumed more wine on this night than any other of my Real Estate Talk nights. I’m not sure if that was indicative of people enjoying themselves, or the state of the market. Nevetheless, it was a fun night and I look forward to doing it again in the Spring.
North Grove vs. South Grove
February 2nd, 2009 | categories: Coconut Grove Real Estate Market Conditions
Same Number of Home Sales in North and South Coconut Grove
When going over the figures for my Real Estate Talk tonight it was interesting to see that the North Grove had approximately the same number of sales as the South Grove in 2008. Typically, we see many more home sales in the South because it is so much larger than the North.
Perhaps people want to be closer to the Downtown/Brickell/Mary Brickell area to save on driving time. It can easily take an extra 20 minutes during rush hour to get from the South to the North side of town (especially with the new traffic light on Ingraham Highway).
More Foreclosures in South Grove
Also of note, was the fact that there were many more foreclosures in South Coconut Grove. If this trend continues into 2009, foreclosures might start to set the market there for smaller houses under $1,000,000.
Bait and Switch: Want to know the difference in price point in South Grove vs. North Grove? You have to come to my Real Estate Talk tonight to find out!