Today I wanted to give you an update on the Coconut Grove townhouse market. There have been approximately 59 townhouses sold in Center and West Grove over the past 6 months. On average, townhouses are selling for $314.00/sq. ft. ($573,000) depending on age, condition and location.
There have been some very high “Sale Price/Square Foot” numbers for the older style townhouses. For example, prices have come in over $400.00/square foot for units in Provence Village, Ipanema as well as Mediterraneo in the Grove.
One thing that has really changed in 2016 for the townhouse market has been the high sale prices for new construction townhomes. We are now seeing these new townhouses sell for $750,000 – $950,000. Builders have really adapted their projects to buyer’s demands. The layouts are more functional (no more wasted space) and the finishes are clean and modern.
Check out these recent sales on new construction townhomes:
Because prices are so high for the entry-level single family homes, I believe the townhouse market will stay strong in the coming months.