The number of condos for sale in Coconut Grove at Grove Isle has dropped to just 10 in another sign of the falling inventory levels that we are experiencing across Coconut Grove. Prices of available units range from $650,000 to $1,500,000 and are listed at an average price of $465.00/square foot.
There are currently 14 residences at Grove Isle that are under contract and 3 that have closed this year. Although Grove Isle is typically the most active out of all the condo buildings in Coconut Grove, The Ritz Carlton has started the year slightly stronger with 5 sales. I do anticipate that with a large number of pending sales at Grove Isle, closed sales on the island will soon surpass all other condos in the Grove.
We have seen the average “sale price/square foot” for condos at Grove Isle rise from $330.00 in 2020 to $448.00 in 2021. This is due to a crunch in the inventory causing an increase in prices, however, the average “list price/square foot” of the pending sales (14) is $419.00 which indicates that the number will drop as those units closeout.
If you are considering buying or selling and would like to work with the best realtors in Coconut Grove, contact The Riley Smith Group today!