The townhouse market in Center Coconut Grove really took off during the real estate boom. It was the perfect thing to buy for those who couldn’t afford the increasing cost of single family homes. Developers seized on this rising demand and snapped up much of the land in Central Coconut Grove. Due to the fact that land in the Center Grove is zoned duplex, the developers were able to build two townhouses on every lot making this a very lucrative proposition.
However, when the real estate market began slowing down and single family home prices dropped, the townhouse market took a huge hit. People were more inclined to buy a house with a yard than a townhouse. Now, there is so much for sale in the Center Grove that it is difficult to make one townhouse stand out from the rest. The only way to be competitive is, price. This scares me because when you are only able to compete on price, it can have the effect of dropping values across the board.
Currently For Sale: 167 Townhomes (Average Price Per Square Foot is $275.00)
Closed This Year: 42 Total (Average Price Per Square Foot is $252.00)
Pending As Of Today: 6 Total (Average Price Per Square Foot is $241.00)
Number of Townhouses For Sale In Foreclosure: 2 Total (Average Price Per Square Foot is $170.00)
Number of Townhouses Sold in Foreclosure This Year: 5 Total (Average Price Per Square Foot is $203.00)