Archive for the 'Townhouses' Category
Center Coconut Grove Townhouse Sales Are Slow
August 12th, 2010 categories: Townhouses
There have only been 2 townhouses to sell in the Center Grove in the past 2 months! Considering that there are about 88 (45 if you only count the “true” Center Grove) on the market, it is safe to say that most of the sellers are extremely frustrated.
I recently listed a great Key West style townhouse on Allamanda Street which was built in 2008. The owners have listed the townhouse very competitively at $557,900 ($225 per foot). The townhouse features 4 bedrooms, 3 baths with 2,472 square feet of living space. It is completely gated with top of the line finishes, travertine floors, impact windows, views of the neighboring park, two master suites and an eat-in kitchen.
Right now, A+ townhouses (in terms of location and condition) are selling at approximately $225 a foot (This figure comes from the sales of 3067 Gifford Lane which sold for $254 a foot, 3212 Matilda which sold for $221 a foot, and 3114 Aviation Avenue which sold for $200 a foot).
If you are interested in seeing our townhouse on Allamanda, or any other properties in Coconut Grove please don’t hesitate to contact me at 305.342.1623 or send me a message here.
To stay updated with all Coconut Grove real estate information, receive my blog posts via email by subscribing here. Once you register, you must activate the subscription in a followup email.
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The Townhouse Market In Coconut Grove
July 12th, 2010 categories: Coconut Grove Real Estate, Townhouses
The townhouse market has had its ups and downs over the past few years. There are currently 82 for sale ranging in price from $699,000 to $80,000. There are some great townhouses in the mid $500,000’s right now. While its true that you can buy a single family home for that same price, these townhouses are newer construction which means updated kitchen and baths and most have garages and pools. It is hard to find a single family home in the $500,000’s with those features.
Here are some to check out if you are in this market:
3144 Gifford Lane | 3 BR/2.5 BA | $589,000 | 2,500 Sq. Ft. | Listed by Florida International
2637 Tigertail Ave. | 3 BR/2.5 BA | 2,637 Sq. Ft. | Listed by Coldwell Banker **This townhouse is new on the market and has a great layout.
3137 McDonald St. | 3 BR/2.5 BA | 2,162 Sq. Ft. | $515,000 | Listed by Coldwell Banker
Looking in the West Grove? There are new construction townhouses for sale on Ohio Street that are priced in the $550,000’s that are nice, but in my opinion overpriced. On the flip side, there are some great deals at 3103 Hibiscus St. and 3101 Hibiscus St. (3 bedrooms) which are priced in the $300,000’s.
If you are looking at the older generation townhouses take a look at this one in French Village: 3021 Virginia Street | 3 BR/2 BA | 1,160 Sq. Ft. | $349,000 | Listed by Keller Williams.
Sold Townhouses In 2010? There have been approximately 30 townhouses to sell in Coconut Grove this year. Sale prices range between $160,000 to $560,000. The average price per square foot of these properties is $198.00 which means that compared to single family homes you are getting more for your money (however you aren’t getting any land).
These figures do not include luxury townhouses/villas such as those located in L’Hermitage and The Cloisters.
If you are interested in buying or selling real estate in Coconut Grove and are looking for an experienced Realtor please do not hesitate to contact me at 305.342.1623 or send me a message here.
To stay updated with all Coconut Grove real estate information, receive my blog posts via email by subscribing here. Once you register, you must activate the subscription in a followup email.
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Great Townhouse Under $300,000 In Center Grove
May 21st, 2010 categories: Townhouses
I recently listed this 2 bedroom, 2 bath townhouse (1,116 sq. ft.) priced at just $269,900 in Mello Grove. Mello Grove is a gated complex of 6 townhouses and sits at the corner of Virginia Street and Bird Avenue. This is a very spacious unit with open living areas, high ceilings, ample closet space (which can be hard to find in this price range), a private patio for entertaining and 2 parking spaces. For more photos and information on this unit, please click here.
If you would like to schedule a showing, please feel free to contact me by sending a note here.
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Center Grove Townhouse Market Is Slow
April 20th, 2010 categories: Townhouses
I pride myself on “telling it like it is” in real estate and when it comes to the Center Grove townhouse market I have no problem admitting that things are TOUGH.
There have been only 2 townhouses to close in Center Grove in the past 30 days (14 all year). These are alarmingly low numbers for the townhouse market which has already taken a big hit over the past few years. It seems that most buyer’s interest has turned towards single family homes either out of preference or necessity.
There are several contributing factors that have lead to the perfect storm here:
- It is extremely hard to get a townhouse to appraise right now (you may remember my recent letter to an appraiser).
- It is impossible to get FHA financing for any townhouse that is categorized as a “condo” (which many are).
- Just about every owner in Center Grove purchased during the boom and is having a hard time accepting the true value of their unit.
- Now that single family home prices have come down it is possible to buy a house for the same price as a townhouse. Most people prefer a home over a townhome because they typically offer larger pieces of land and more character. Check out the two properties below listed for the exact same price.
The first is a townhouse located in Grove Enclave. This is a 3 bedroom, 2.5 bath townhouse with 2,350 square feet of living space priced at $499,000.
The second property is a single family home in the South Grove priced similarly at $500,000. This is my listing and is located at 3792 Kumquat Avenue. Details of the home include 3 bedrooms, 2 baths, 1,674 square feet of living space on a 7,400 lot.
If you are interested in buying or selling property in Coconut Grove please give me a call at 305.342.1623 or send me a note here.
To stay updated with all Coconut Grove real estate information, receive my blog posts via email by subscribing here. Once you register, you must activate the subscription in a follow-up email.
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L’Hermitage Market Update
March 22nd, 2010 categories: Gated Communities, Townhouses
L’Hermitage is a gated community located at 2000 South Bayshore Drive in North Coconut Grove. It is a wonderful place to live and residents enjoy the fact that it offers the benefits of condo living with the space and feel of a single family home. The grounds are meticulously maintained and amenities include tennis courts, pool, 24 hour gated security, access to the ocean and boat dockage. About half of the villas in L’Hermitage have been updated, maintenance fees run about $1,000 a month.
There are 75 residences total in L’Hermitage and only 7 on the market for sale.
Take a look at Unit 11 which is priced at $949,500 and features 3 bedrooms, 3.5 baths, 2 car garage and has been completely remodeled.
Another great property is Unit #33 (pictures below) which offers views of the Bay, 3 bedrooms, 3.5 baths, 2 car garage and has also been completely renovated. It is priced at $1,499,000.
There have been 3 closed sales in the past 6 months in L’Hermitage.
- 4 bedroom which sold for $1,129,000
- 5 bedroom which sold for $800,000
- 4 bedroom which sold for $860,000
The value of each unit in L’Hermitage varies greatly depending on location within the community, quality/amount of renovation and size. It is due to these factors that we see such large differences in sales price.
Click here to see all properties currently for sale in L’Hermitage, Coconut Grove.
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2009 vs. 2010: The Coconut Grove Townhouse Market
March 8th, 2010 categories: Townhouses
The inventory numbers look good for Center Coconut Grove’s townhouse market with a 40% drop in the number of properties for sale since March of 2009. This is great news for sellers who were faced with steep competition last year.
Other interesting news is that the List Price to Sale Price ratio has come back up to 94% from 82% last year. This could mean one of two things: (1) that the sellers are getting 12% more in 2010 or (2) that the sellers are more realistic with their prices (more likely).
| March, 2009 | March, 2010 | |
| Number Of Center Grove Townhouses On The Market: | 110 | 67 |
| Sale Price to List Price Ratio: | 82% | 94% |
Other good news for sellers is that the we have seen an increase in the “Sale Price/Square Foot” figures so far in 2010. In 2009 townhouses in Center Grove were selling at an average “Sale Price/Square Foot” of $182.00. So far this year with 11 sales we have an average “Sale Price/Square Foot” of $207.00.
To see a list of all townhouses currently on the market in Coconut Grove, click here.
To see a list of all townhouses THAT HAVE SOLD in 2010, click here.
To stay updated with all Coconut Grove real estate information, receive my blog posts via email by subscribing here. Once you register, you must activate the subscription in a follow-up email.
If you are interested in buying or selling real estate in Coconut Grove and are looking for a Grove specialist, please contact me at 305.342.1623 or send me a note here.
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What Is The Most Expensive Townhouse In Center Grove?
February 2nd, 2010 categories: Townhouses
Back in the good old days $700,000 townhouses in Center Grove were a dime a dozen. Now there is only one on the market and it is priced at $710,000 on Indiana Street. Although Indiana Street is west of 32nd Avenue, most people now consider it part of Center Grove.
This property is not your typical cookie cutter townhouse. It is contemporary style with 2,551 square feet of living space and 3 bedrooms, 3.5 baths. Special features of this townhouse include walk in closets and bath in every bedroom, 2 car garage with back entry, master bath with dual sinks, whirlpool spa & shower and travertine floors.
View a list of all townhouses currently for sale in Center Coconut Grove.
If you are interested in seeing this property or any others in Coconut Grove, please give me a call at 305.342.1623 or send me a note here.
Broker for this property is Coldwell Banker.
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Best Townhouse For $350,000 In Coconut Grove
January 22nd, 2010 categories: Townhouses
I just put this McDonald Street townhouse back on the market at a reduced price of $350,000. It is located at 3201 McDonald Avenue and features 2 bedrooms, 2 baths with 1,295 square feet of living space, hurricane impact windows, open kitchen with wood cabinets and granite countertops, Trex wood deck, 6 person jacuzzi, fence, gate and alarm system.
In my opinion, it is the best townhouse in Center Grove for $350,000. It is in impeccable condition and located within steps from the Grove Village, Dog Park and Children’s Park.
The townhouse will be open this Sunday, January 24th from 12:00 to 2:00. Please stop by and take a look!
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Center Coconut Grove Townhouse Market Review
January 7th, 2010 categories: Townhouses
Current Townhouse Market
There are currently 68 townhouses on the market in Center Coconut Grove. The average list price is $462,000 and the average list price per square foot is $240.00.
2009 Townhouse Market
There were 53 closed sales in 2009 with an average sale price of $345,000 and an average “sale price per square foot” of $183.00. Keep in mind that there were a ton of foreclosures in the West Grove townhouse market that brought these numbers down.
The new construction townhouses sold in Center Grove during 2009 ranged in price from $150.00 per square foot (for those in the West Grove) to $250.00 per square foot (for those in the true Center Grove).
There are a few reasons why the townhouse market struggled in 2009. The first reason is that buyers had difficulty in obtaining financing due to the fact that most townhouses are classified as condos which requires the buyers to put at least 25% down. Another reason is due to the fact that it is now possible buy a single family home in North or South Grove for the same price as some townhouses in Center Grove.
To stay updated with all of the current Coconut Grove real estate information, receive my blog posts directly to your inbox by subscribing here.
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.
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2 Townhouses Close In Center Grove
December 21st, 2009 categories: Townhouses
There were two more townhouse sales in Center Coconut Grove last week. This is encouraging news for the nearly stagnant townhouse market.
The fact that they were both 3 bedrooms, 2 baths and newer construction would make you think that they should sell for a similar price – but the sales prices were $505,000 and $435,000.
In general, the exterior of the townhouses in Center Grove tend to look exactly the same but they can vary greatly on the interior depending on the builder and the footprint of the lot. If you have been inside a few of them you will know that different builders use different quality materials and different layouts. Some townhouses have a large backyard while others have virtually no backyard. Some have large bedrooms with smaller living spaces or vice versa. These differences can cause the sale prices here to be quite erratic.
Due to the fact that there is so much on the market in Center Coconut Grove, it is helpful to have a realtor who knows the market, the quality of the different builders and the streets that have the best value. If you are interested in buying or selling real estate in Coconut Grove, please feel free to send me a note here.
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