I was reviewing the latest condo numbers this morning and wanted to share some of my observations. Please note that the data below pertains only to the major players in the Grove condo market – Grove Tower, Yacht Harbour, Grove Hill, Grovenor House, Ritz Carlton and Grove Isle.
34 Coconut Grove Condos For Sale
There is a lack of inventory across the board in all buildings. As you can see from the chart below, 3 of the 6 major buildings have no condos for sale at all. The building with the most amount of inventory is the Ritz Carlton with 14 condos for sale (10 in the Residence Tower and 4 in the Hotel Tower).
Average Coconut Grove Condo Is Asking $2,000,000
Not only are inventory levels low, but there is an extreme lack of condos for sale in the lower price points. There are currently only 2 listed under $600,000 – both of these are located at the Ritz Carlton. Check out the price distribution of condos for sale in Coconut Grove, you will see that the majority are listed over $1,000,000.
These figures follow the trends we are seeing in all segments of the Coconut Grove real estate market which are lower inventory levels and higher price points.
If you have a condo in Coconut Grove and are considering selling, contact me for a no pressure market valuation. We have a solid track record of selling condos in Coconut Grove and would love the opportunity to work with you. I can be reached any time on my cell phone at 305-342-1623.