The home located at 3410 Poinciana Avenue in the gated community of Four Way Lodge Estates has just closed for $4,500,000. This is the highest sale price on record for a non-waterfront home in Coconut Grove. It is one of the nicest homes I have ever been in and was situated on a builder’s acre.
Details of 3410 Poinciana Avenue, Coconut Grove:
The home sold for $400/sq. ft., however, this is not the type of property that can be valued based on “Price/Sq. Ft.”. When you have a home that is as large as this one (11,243 sq. ft.) you pretty much throw “price/square foot” out of the window. Hypothetically, if you were looking only at the quality, location and age for this house it would dictate a value of well over $500/sq. ft. but that would mean a price of nearly $6,000,000 which would never happen in our market.
Ironically, the second highest sale price for a non-waterfront home was this same house, when it closed back in 2008 for $4,250,000.
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