The Coconut Grove condo market has slowed down dramatically this year. The data below shows that most buildings will experience fewer sales in 2016 than they did in the previous year. The only condo building which has surpassed its sales from 2015 is Grove Isle. Grove Isle is always an anomaly in our market because it is unique in location and amenities. It never seems to follow the ebb and flow of the rest of the market.
Despite a lack of sales, condo owners should be happy with the prices this year. As you can see below, every building has either increased its values or remained steady from the previous year.
I believe over the next few months we will start to see an increase in the number of condos selling as we get our usual influx of snowbirds looking for second homes. This segment of buyers particularly boosts the condo market because they are looking for properties that are lock-and- go.
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