Inventory Is Low For Homes In Coconut Grove Gated Communities
One of the first things that many buyers (especially out of town clients) tell me is that they want to buy in a Coconut Grove gated community. They feel more comfortable knowing that they have an added level of privacy and security. Unfortunately I have to break the news to them that with just 15 homes for sale , the inventory in our gated communities is extremely low.
It is interesting to look at the average asking prices compared to the average selling prices over the past 12 months for this segment of the market. You can see from the chart below that the supply is out of line with demand. While the average asking price is $6,600,000, or $841.00/sq. ft., the average selling price is $4,600,000 or $629.00/sq. ft.
Insider’s Tip! When Coconut Grove homes in gated communities hit the market at list prices of $3,000,000 and below, they tend to get snapped up quickly. We recently placed our listing located at 3530 De Garmo Lane in De Garmo Estates under contract in less than 30 days. It was listed for $2,500,000.
Below is a list of the homes sold over the past 12 months in Coconut Grove’s Gated Communities:
- 3505 Main Lodge Drive (Waterfront) | Camp Biscayne | Sale Price: $11,000,000
- 3501 Anchorage Way (Waterfront) | The Anchorage | Sale Price: $5,460,000
- 3843 Little Avenue | Ye Little Wood | Sale Price: $4,225,000
- 3314 Devon Court | Hughes Cove | Sale Price: $3,950,000
- 3528 Bayshore Villas Drive | Bayshore Villas | Sale Price: $4,150,000
- 3600 Stewart Avenue | Entrada Estates | Sale Price: $1,890,000
- 3810 Wood Avenue | Ye Little Wood | Sale Price: $1,749,000
Read more about Coconut Grove Gated Communities here.
As the #1 Top Producing Realtors in Coconut Grove for over 5 years, we know the market here inside and out. If you are interested in buying or selling Coconut Grove real estate and would like to set up a no pressure consultation, please feel free to contact The Riley Smith Group at 305-342-1623 or send us a message here.