It is sometimes hard to grasp how well the market is doing when you hear the latest real estate percentages, averages and trends. But the story of my client who recently sold his Coconut Grove townhouse helps to put into perspective how far the market has come over the past few years.
Back in 2009 he came to us looking to buy a townhouse in Coconut Grove. He liked the urban lifestyle of the Center Grove and wanted to be able to walk into town. He also liked that townhouses were lock-and-go and easy to maintain compared to single family homes. At that time, there was a TON of inventory in the Center Grove. He had his choice of units, but decided on one located at 3060 Indiana Street because it was a very large unit and also because the developer had put in some nice upgrades which added to the value. It wasn’t the least expensive townhouse on the market but it was a good choice in terms of location and features. It offered 3 bedrooms, 2 bathrooms with 3,025 square feet of living space with a 1 car garage and pool. He purchased the townhouse for $515,000.
Fast forward to 2014. He contacted me a few months ago and told me that he needed to sell. He had been tracking the market and believed that he would see a nice return on his investment. We placed the townhouse on the market for a list price of $735,000 and put it under contract in less than 10 days. The townhouse closed this week for $695,000 which is one of the highest sale prices for a newer construction townhouse in the Center Grove this year. This is a gain of $180,000 in 5 years.
An experienced, knowledgeable Realtor is able to guide you towards the best investment in your price range. We know the streets, the builders, the layouts and the amenities that will help reduce your risk and make smart decisions.
We Know Coconut Grove Real Estate.
If you are interested in buying or selling a home in Coconut Grove it is essential to work with someone who knows the numbers and tracks the sales. I have been the #1 top producing Realtor in Coconut Grove for over 5 years and would love the opportunity to work with you. I can be reached anytime on my cell phone at 305-342-1623 or you can send me a message here.