Center Grove Townhouse Market….Still Falling
September 16th, 2009 | categories: Coconut Grove Real Estate
Yesterday I wrote about a possible “bottom” for the single family home market in Coconut Grove, but unfortunately the Center Grove townhouse market is another story.
I do not feel that the Center Grove townhouse market has reached its bottom. For the purposes of this post we are discussing the original Center Grove, the areas between 27th and 32nd Avenue, and between Bird and Grand Avenues. There have only been 18 closed townhouses in Center Grove this year and there are currently 40 on the market. The average sale price per square foot of these townhouses sold to date is $200.00 with an average selling price of $350,662.
The problem for these townhouses is that Coconut Grove’s single family home market has fallen so much that buyers who used to be forced to buy a townhouse due to price point can now afford to get into a single family home in the Grove. I am working with several buyers right now where that is the case.
Although the townhouses in Center Grove all look very similar from the exterior, there are varying degrees of quality and location. If you are interested in selling your Center Grove townhouse, you need someone who specializes in Coconut Grove who can place a value on those things and can get you the most for your property.
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If you are interested in buying or selling real estate in Coconut Grove, please give me a call at 305.342.1623 or send me a note here.
Sorry, there was a typo in the original comment:
We’re renting a home in Center Grove while we renovate our home in South Grove.
We’re stunned at the amount of dog doo everywhere!
It’s wonderful that the neighborhood is family and pet friendly, however, the piles of steaming excrement would scare away any investor.