Ten percent fewer condos were sold during the 1st Quarter of 2014 in Coconut Grove as compared to the same quarter in 2013. This reduction occurred in the 500K–1MM price point, where 7 units were sold during the 1st Quarter of 2014 compared with 13 condos sold during the same period last year.
There was not a single sale of a condo above $2MM in the 1st Quarter of 2014. Please note that as of mid-April 2014, 16 condos were for sale at this price. Approximatly 75% of the condos sold during this quarter sold for under $500K. During the 1st Quarter of 2013 however, 7 condos above $2MM were sold. This represents 2 years of inventory. 61% of these sales transactions were paid in cash ($13,872,900 versus $5,873,887 financed).
Will the new luxury projects along Bayshore Drive bring buyers to Coconut Grove for the $2 million and above resale market? We think so.
We are the Grove Experts. We specialize in the Coconut Grove real estate market. Our deep knowledge of neighborhood and the market trends, and our years of experience will guide throughout your real estate transaction. Give us a call at 305.323.2595, or send us an email at theteam(at)groveexperts(dotted)com, or visit us at http://www.groveexperts.com.
