Center Coconut Grove Townhouse Market Review

Arboretum In The Grove
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.  

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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.