What an amazing year! The Grove’s beauty is seducing people from across the U.S. and the world. Recently, our neighborhood was featured in the Wall Street Journal as one of the most desirable neighborhoods in Miami.
As the Bayshore Drive skyline continues to evolve, and contemporary homes keep popping up in so many of our streets, it is evident that a new real estate market is emerging.
This new market is evident according to the final numbers of 2015. The yearly total sales volume amounted to $268,767,995 versus $233,496,687 in 2014, a 15% increase. From 2014 to 2015, the North and South Grove markets stayed relatively even, however, the waterfront market outperformed all other sub-neighborhoods with a total yearly sale of $66,687,500 in 2015 versus $28,810,000 in 2014, a 131% increase.
In 2015, in the resale market, 162 condo units sold in Coconut Grove, which totaled a sales volume of $106,165,700, a 20% decrease in units and a 19% decrease in total sales volume when compared with the 203 units and $132,267,408 volume sold in 2014. There is good news though, the lower inventory helps to maintain the value of our iconic buildings and the new projects on Bayshore Drive, Park Grove, and Grove at Grand Bay have had an impact on the luxury condo resale market.
As with new construction for the Single-Family Home market, buyers appear to favor these new developments over established buildings. These numbers tell us that this could be the perfect moment to put your condo property on the market because of stabilized prices, low inventory, and the new projects on South Bayshore Drive, which are still unfinished.
The demand for our beautiful Grove will remain strong. Thank you again for a successful 2015. We are looking forward to helping you achieve your real estate goals in this upcoming year.
To find out more information, visit our ISSUU page at:
https://issuu.com/groveexpertsjournal/docs/magazine_final
If you are interested in buying or selling property, call Isabelle Andrews at 305.546.5421, Alba Biondi at 305.323.2595, or email us at theteam(at)groveexperts(dotted)com.
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Grove Experts
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Our Purpose is to introduce Coconut Grove to the world as the ultimate neighborhood for people in search of beauty, tropical elegance, and a high quality of life. The pursuit of our client’s happiness and satisfaction is at the heart of our team’s culture.