New Construction Homes In Coconut Grove
Of the 22 homes sold in Coconut Grove this year, 5 were new constructions. When I say “new construction” I mean anything built since 2005. When you take a look at the closed sales for these homes the prices are really all over the place. You have 2520 Inagua which closed for $231.00 per foot, 3631 Matheson Avenue which closed for $280.00 per foot and then 4131 Woodridge which closed for $418.00 per foot. The drastic differences in price can be explained by the fact that some were short sales and sold below market value and others were located on less/more desirable streets with higher/lower quality construction.
In my opinion, a good quality, new construction home (not a short sale or foreclosure) on a decent street should be selling anywhere from $300 to $350 per foot. This takes into consideration some sales that occurred towards the end of 2010 that bring the numbers up quite a bit from what we’ve experienced this year.
2011 Coconut Grove New Construction Home Sales
4041 Ensenada Avenue (2010) | 5 bedrooms/5 baths | 4,500 square feet of living space | 6,750 square foot lot | sale price: $1,075,000 | $238.00 per square foot
3631 Matheson Avenue (2006) | 3 bedroom/2 baths | 8,381 square feet of living space | 14,950 square foot lot | sale price: $2,350,000 | $280.00 per square foot
2520 Inagua Avenue (2009) | 4 bedrooms/5 baths | 4,802 square feet of living space | 6,339 square foot lot | sale price: $1,100,000 | $231.00 per square foot
3795 Solana Road (2005) | 4 bedrooms/4 baths | 3,523 square feet of living space | 7,200 square foot lot | sale price: $900,000 | $255.00 per square foot
4131 Woodridge (2008) | 5 bedrooms/4.5 baths | 4,297 square feet of living space | 9,100 square foot lot | sale price: $1,800,000 | $418.00 per square foot.
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.