You’ve been reading about the increase in units sold and prices in the Miami real estate market. Coconut Grove townhomes are a perfect example of this trend. During the first quarter of 2013 a record 20 townhomes sold in Coconut Grove (only 3 were shortsales and none were foreclosures) and 18 units went in to contract (only 1 was a shortsale and 2 were foreclosures). Considering that during the first quarter of 2012 only 14 townhomes were sold this is a very significant increase.
Prices have also risen dramatically in the past year: during the first quarter of 2012 the highest per square foot closed price was $295 x SF while the median price was $195 x SF. During the same period in 2013 the highest price was $369 x Sf (a 25% increase) while the median price was $254 x SF (a 23% increase). Prices are predicted to continue to rise, eventually reaching the peak prices of 2006 (high of $384 x SF and median $310 x SF) and surpassing them.
Buyers should purchase their townhomes now while prices are still low. Sellers have the bright prospect of increasing prices and many buyers eager to purchase a Coconut Grove townhome.
If you are interested in selling your Coconut Grove townhome please contact me for a complimentary market analysis. Prices vary depending on the specific location and condition of your property, my market analysis will be tailored to give you a precise recommendation on how to price your townhome. I will also provide you with a detailed marketing plan that will get your property sold.
