The new construction house at 3839 Irvington Avenue which I wrote about in “Pending Sale Will Help Set The Market For New Construction” closed this week at a price of $1,200,000. The asking price was $1,395,000, had 4,700 square feet of living space on a 7,120 square foot lot, pool, garage,decent but not spectacular finishes and was finished in 2008. Sales price per square foot was $255.00.
This closed sale is important for many reasons. First, it is the only closed new construction home in South Coconut Grove this year. It will definitely help to set prices in the new construction market. Second, it is important because it is a sale that was priced over a million dollars. 2 of the last 3 closed sales in Coconut Grove have been over a million dollars. It is encouraging to see our higher priced inventory moving. The other home priced over a million dollars that sold recently was located at 3800 Poinciana Avenue (see Wild Ride On Poinciana and Recent Pending Coconut Grove). This home sold for $1,229,000 (list price was $1,299,000). It was 5,027 square feet of living space on a 19,700 square foot lot and sold for $244.00 per square foot. The home needed some love and care.
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