Center Grove Townhouse Market Is Slow
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.
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