Condominium Market Analysis
During the 3rd quarter of 2013, Coconut Grove sold 68 condominiums. The market experienced an incredible increase of 48% in the number of units sold compared to the 2nd quarter. Gross sales have decreased slightly from $34,988,475 sold during the 2nd quarter to $32,200,439 sold during the 3rd quarter. This decrease is due to a larger number of units sold in a price range under the million dollar range, compared to the last quarter. Exactly the same number of condos was sold as ashort sale (7) during these 2 quarters of the year and 6 properties were sold as a bank owned transaction, 3 more compared with the last quarter. The highest sold condominium during the 3rd quarter was at Beacon Harbor, a 4bd/4bth unit for $2,200,000. Take a look at the statistics of the condominium sale ranges this past quarter.
Grove Isle
8 units were sold during the 3rd quarter of 2013, in a price range of $615,000 for a 2 bed/2baths unit – $1,250,000 for a 3 bed/2 baths unit. 5 out of the 8 transactions were paid in cash. There was only one short sale. As of the beginning of October, there were 6 units for sale with a price range of $729,000-$859,000. 3 boat slips are on the market for an average asking price of $225,000. Currently, 3 units are for rent, with asking prices of $4,200 and $5,200 per month.
Grovenor House
2 units sold during the 3rd quarter of 2013, in a price range of $1,200,000 for 3 bed/3 baths – $2,140,000 for 3 bed/3.5 baths. 8 units sold during the 2nd quarter. As of the first week of October, 8 units were for sale. The prices range from $1,890,000 – $12,800,000. The units for rent are rarely on the market and rent goes for an average price of $7,00 per month.
Residences at Vizcaya
1 unit sold at resale for $1,900,000 in March 2013 for a 3 bed/3.5 baths unit. Two units are currently under contract. The asking prices are $3,200,000 and $4,000,000 respectively. As of the first week of October, 3 units were for sale with prices ranging from $3,800,000 to $6,700,000.
Sold Per Price Point during the 3rd quarter:
The $500K-$1.5M section of the market is the most active in North and South Grove. We can expect an increase of sale price in South and North Grove in the next months in that market share. The investors in the $1.5MM-$2MM favor South Grove over North Grove. In West Grove, all sales were under the $500,000 price point. Only one waterfront property sold this year and it was during the 3rd quarter.
Condo Market Statistics
