Pre-Construction Buyers In Coconut Grove
December 11th, 2009 | categories: Coconut Grove Condos
I am cleaning out a few files and I came across some of the pre-construction packets for a few buildings here in the Grove. It is amazing to see that some people who purchased new construction in Coconut Grove during the boom did not suffer a loss. Take the Grovenor House for instance. Unit #1702 sold pre-construction for $1,640,000 in 2006 and the owners just sold it for $2,000,000 this year. Unit #2903 sold pre-construction for $1,400,000 in 2006 and the owners sold it this year for $1,590,000.
On the other hand, Grove Garden pre-construction buyers took a real hit. The buyers of Unit #309 paid $586,000 pre-construction, the unit went into foreclosure and sold for $380,000. The buyers of Unit #409 paid $840,000 pre-construction, the unit sold this year for $449,000.
Right now, we have pre-construction sales going on over at The Residences of Vizcaya which is a mid-rise boutique, waterfront condominium in North Coconut Grove. Prices currently range from $1,000,000 to $6,000,000.
When buying pre-construction it really pays to have a local specialist who can help you understand the direction the market may be taking and the potential value in a particular investment.
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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.