The home located at 3470 North Moorings Way in the guard-gated community of The Moorings, has just closed for $3,950,000 which was just 2% off of its list price. This stunning contemporary home came on the market and was already pending just 7 days later. We are seeing this scenario play out over and over again across Coconut Grove and the Miami real estate market. Inventory is at an all-time low and demand is sky-high. We are seeing a massive influx of buyers who are fleeing their condos on Brickell and Edgewater as well as people moving from the northeast.
I had the chance to preview this home with the listing agent Carol Pawley before it hit the market and I can attest to the fact that it was finished to perfection. The home was all one level which is unique for a property in this price range. It offered 4 bedrooms, 4.5 baths with 3,510 square feet of living space on a 11,700 square foot lot. The home sold for $1,125 per square foot which is certainly a record for a home on a dry lot in Coconut Grove.
The real estate market in The Moorings has been fairly slow this year due to a lack of inventory. The only other closed sale in the community was located at 3425 North Moorings Way. This offered 3,856 square feet of living space on a 11,904 square foot lot and needed entirely renovated on the interior. It closed for $1,700,000 or $440.00/square foot.