Coconut Grove Townhouse Market Update

Indiana Street

Today I wanted to give you an update on the Coconut Grove townhouse market. There have been approximately 59 townhouses sold in Center and West Grove over the past 6 months. On average, townhouses are selling for $314.00/sq. ft. ($573,000) depending on age, condition and location.

There have been some very high “Sale Price/Square Foot” numbers for the older style townhouses. For example, prices have come in over $400.00/square foot for units in Provence Village, Ipanema as well as Mediterraneo in the Grove.

One thing that has really changed in 2016 for the townhouse market has been the high sale prices for new construction townhomes. We are now seeing these new townhouses sell for $750,000 – $950,000.  Builders have really adapted their projects to buyer’s demands. The layouts are more functional (no more wasted space) and the finishes are clean and modern.

Check out these recent sales on new construction townhomes:

  • 3270 Day Avenue | Sale Price: $840,000 | Year Built: 2015
  • 2938 Catalina Street | Sale Price: $855,000 | Year Built: 2015
  • 3272 Day Avenue | Sale Price: $820,000 | Year Built: 2015
  • 3134 Gifford Lane | Sale Price: $940,000 |Year Built: 2015
  • 3274 Day Avenue | Sale Price: $855,000 | Year Built: 2015

Because prices are so high for the entry-level single family homes, I believe the townhouse market will stay strong in the coming months.

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Riley Smith has been the #1 Top Producing Coconut Grove Realtor for over 7 years and knows the market inside and out.  If you would like to buy or sell real estate in Coconut Grove, please contact us at 305-342-1623 or send us a message here.
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