Today I am heading out to show property in the Center Grove so I thought I would give a little synopsis of the market there. There have been a total of 42 townhouses sold in the Center Grove in 2011. Sale prices start at $144,900 (a foreclosure on Bird Avenue) and go all the way up to $539,000 (built in 2007 with a pool and upgrades). On average, sellers are getting 95% of their list price on these townhouses which indicates to me that most Center Grove townhouse owners are very realistic on their pricing. In the single family market the average is about 90%.
The Center Grove is in an interesting position right now. There is a lack of single family homes in Coconut Grove priced in the $400,000 to $500,000’s which is causing an increased demand for townhouses in that price range. Also, the townhouses in this price range are typically turn-key ready whereas the single family homes in this price range are not. During the boom, the townhouse market skyrocketed under the very same conditions. It will be interesting to see what lies ahead for townhouses in the Center Grove.
I am in town and working over the holidays, if you would like to set up a listing or buyer consultation please contact me directly at 305-342-1623.
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