Inventory is DOWN in Coconut Grove
September 28th, 2009 | categories: Buying Real Estate in Coconut Grove
Across South Florida, the number of homes for sale are down and Coconut Grove is no different. There are only 178 single family homes currently on the market in both North and South Grove.
This comes as a shock to many of my buyers who in the past have had “time on their side”. A year ago buyers who found the perfect home were able to wait and wait and wait until they made their offer. Now with inventory falling, we are seeing buyers having to make decisions much faster. In fact, two of my recent sales had backup offers waiting in the wings.
Prices in Coconut Grove right now range from $275,000 for a distressed proeprty on 1880 Wakeena Drive up to $18,000,000 for a gorgeous 10,000 sq ft mansion in gated community on a half acre of land. Although the Grove is known for having prices on the higher end, there are currently 28 single family homes that are priced under $500,000. On the flip side, over half of our inventory is priced over a million dollars.
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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.