Coconut Grove Condo Inventory NEEDED!
You might be surprised to hear that the Coconut Grove condo market is in desperate need of inventory for sale. That’s right, there are just 22 condos for sale in the buildings along South Bayshore Drive (as of 10/5/2015). I would say those numbers are down by approximately 50% from a few years ago. I am working with several buyers who are extremely frustrated with the lack of inventory in Yacht Harbour, Grove Hill, Grove Towers and Grovenor House. When you break the current inventory down, exactly half are listed above $1 million and the other half are listed below $1 million. The low inventory has resulted in fewer sales during 2015 with just 28 condos sold in the buildings along South Bayshore Drive.
Sure Coconut Grove has two luxury condo projects slated for completion in the coming years, but “Grove at Grand Bay” is completely sold out and “Park Grove” is not far behind. Looking ahead, when those buildings are finally completed and resales start to occur, list prices will be well over $2 million which won’t help replenish the $1 million and below segment.
With all of the snow birds headed down to Miami in the coming months, demand for condos is only going to rise. Hopefully more sellers will take advantage of the rising prices and decide that now is a great time to sell.