Townhouse Market: Will Lack Of Inventory In Center Grove Cause Rise In Values In West Grove?
I was looking over the inventory of Center Grove townhouses last night and wondering whether the lack of inventory east of 32nd Avenue will cause a rise in values for townhouses located west of 32nd Avenue (also known as the West Grove).
The townhouses in the West Grove have typically sold at a discount compared to those on the other side of 32nd Avenue. However we are starting to see similar asking prices for townhouses regardless of location. There hasn’t been a West Grove townhouse sale in the $500,000’s since 2011, but there are currently 9 townhouses for sale and 8 of them are listed over $500,000.
If you look at the current pending sales for townhouses in the West Grove, 5 out of 17 are listed above $500,000. One factor in whether these sales get to the closing table will be whether or not appraisors know the difference in values between the two areas. In this case, a lack of knowledge by the appraiser could benefit the buyers of these properties.
As always, I will keep you posted.
I am a Coconut Grove real estate specialist. Over the past 4 years, I have earned the distinction of selling the most number of homes in Coconut Grove. If you would like to schedule a buyer or seller meeting with me, please feel free to call me directly at 305-342-1623 or send me a note here.
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