I was honored to be interviewed by Miami Today alongside Terra Group’s David Martin and industry expert Charlotte Seidel regarding the surging home prices in Coconut Grove. Check out the article below!
Miami-Dade’s real estate market may be in for a record year, local experts have said, and in the Coconut Grove neighborhood factors like low inventory and walkability are causing homes to sell fast and prices to rise.
Only around 100 single-family homes are on the market in the neighborhood right now, said Riley Smith, president of the Berkshire-Hathaway affiliate Riley Smith Group, while a healthy market would have at least 150.
The average price per square foot in Coconut Grove for a single family house, Mr. Smith told Miami Today after this article was published in print, is $497, up from roughly $475 the year before. The average asking price, he said, will probably be even higher once January’s numbers are released.
“The past 30 days,” said Charlette Seidel, managing broker at Coldwell Banker’s Coral Gables/Coconut Grove office, “show a 32% decline in inventory and an 80% rise in pending sales.”
The hottest market, she said, was for single-family homes priced between $1 million and $1.5 million.
Finding a single-family home below $1 million, Mr. Smith said, is difficult unless the house is in disrepair or very small. Townhomes, he said, could start at around $600,000, but usually cost north of $700,000. Condos, he continued, are available at a wider range and could cost anywhere between $200,000 for a studio in an older building to many millions of dollars.