Grove Isle In Desperate Need Of Inventory | Just 4 Condos On The Market
*Update: Shortly after this posting, a condo came on the market in Grove Isle, bringing the total to 5. Unit A1409 is listed for $1,299,000.
I was doing some reserach for a client yesterday and pulled up all of the active listings in Grove Isle. I was shocked to see that there are only 4 units on the market. Considering that there are 510 units altogether in Grove Isle, we are looking at less than 1% listed for sale. In a regular market, Grove Isle runs at about 15 to 20 listings at any given time.
You may remember my recent Coconut Grove Condo Market Update which showed that Grove Isle had the most number of sales in 2012 compared to other major condo buildings in Coconut Grove. This shows us that demand is high for condos in Grove Isle and if we could only replenish the inventory we would see the number of sales continue to increase.
Don’t forget that when inventory is this low we are experiencing a seller’s market which means that sellers have more pricing power and prices tend to rise more rapidly.
I have earned the distinction of selling the most number of homes in Coconut Grove for the past 3 years. If you would like to schedule a buyer or seller meeting with me, please feel free to contact me on my cell at 305-342-1623 or send me a note here.
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