Slowdown in the $1 million to $2 million market
February 9th, 2010 categories: Buying Real Estate in Coconut Grove
3875 Park Avenue | $2,000,000 | 4,407 Sq. Ft. | 5 Bedrooms, 6 Baths
During the 4th quarter of last year we had quite a rush of $1,000,000+ sales in Coconut Grove but so far in 2010 there have been virtually none. The pending sale in Ye Little Wood fell through which leaves only 2 other homes under contract in this price range.
Scroll through what is currently available in the $1,000,000 to $2,000,000 price range in Coconut Grove. A few notes on these properties: 4074 Bonita Avenue is new on the market and it is listed at $1,795,000. I have not been inside the house but I do know that it is a very high price point for that street in South Grove. The owners purchased the land for $640,000 back in 2006. The land alone has dropped by at least half in today’s market.
The lowest “Price Per Square Foot” homes in this price range are distressed sales. The home on Poinciana Close Road is a foreclosure listed at $1,118,000 with a PPSF of $165.00. The home on 1801 Espanola is an approved short sale listed at $1,699,000 with a PPSF of $259.00. And finally the home in De Garmo Estates is an unapproved short sale listed at $1,500,000 with a PPSF of $277.00. I have a client who is very anxious to get in to see this property, but the current tenant is being very uncooperative with letting us in. The agent has said that we may have to wait until his lease is expired to see the home. Photos and more information on these homes can be found here.
If you are interested in buying or selling real estate in Coconut Grove and are looking for a Coconut Grove specialsit, feel free to give me a call on my cell at 305.342.1623 or send me a note here.
Riley, can you please tell me one house on the market right now in that price range that: (1) doesn’t have a structural problem (2) doesn’t have a mold problem (3) is on a decent street (4) has a two-car garage (5) has a pool (6) doesn’t require a complete gut job to update and/or upgrade it?(7) is a good value?
Thanks,
Linda