What is going on with new construction in Coconut Grove?
April 19th, 2009 categories: Coconut Grove Real Estate, What is selling in Coconut Grove?
Warning: I am a numbers guy and this post is full of them. I like to study them, track them and put them on my blog. Here are some interesting ones on Coconut Grove new construction homes.
Average Price Per Square Foot of New Construction Currently For Sale = $360.00
There have not been any new construction sales so far this year in Coconut Grove. Of the 21 sales in Coconut Grove this year, all have been resales. There are currently about 17 completed new construction homes on the market right now. Leaving out the new construction homes that are waterfront (which are a completely different animal), the average list price per square foot is $360.00 and the range in price is $999,000 to $4,500,000.
Average Price Per Square Foot of New Construction SOLD in 2008 = $331.00
Last year there were 6 new construction homes sold and they ranged in sale price from $1,250,000 to $2,150,000. The average sale price per square foot of these sold new construction homes was $331.00. This number is significantly lower than the price we saw for resale homes in the same price range. When you take a look at resale homes sold in 2008 (in the same price range) the average sales price per square foot was $350.00.
You would expect the price per square foot of a new construction home sold to be significantly higher than the price per square foot of a resale home sold, right? Not in this market. Developers, especially last year, were looking to get out of these homes so that they could move on - and the sale prices reflected that.
I have two new construction homes that are both listed below last year’s average selling price per square foot.
The first home is on Barbarossa and in my opinion is one of the best built new construction homes in the South Grove. It is listed at $325.00 per square foot. It has 5 bedrooms, 5 and a half baths, 4,600 square feet of living space, 2 car garage and a pool. It is within steps from Merrie Christmas Park, the second largest park in Coconut Grove.
My second new construction listing is in North Coconut Grove on Washington Street. It is listed at only $330.00 per square foot and was designed by local architect Alfred Browning Parker Jr. who is known for his bridges, archways and unique contemporary style. This house has 4 bedrooms, 4 baths in the main house and 1 bedroom, 1 bath in the guest quarters. It has a saline pool with a coral rock waterfall that winds through the gated and walled property.
The second house is a work of art… a sculpture one can live in, like an M.C. Escher drawing… but it was not designed by Alfred Parker. It was designed by his son, Robin Z. Parker.
Robin Parker is a better architect. Sadly he has not practiced as often as his legendary father. Robin understands steel reinforced concrete better and benefits from more contemporary experience with integrated building systems.
I hope to see more from him soon.