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<\/p>\nI am sure you have read the many articles published these past few months regarding the growth and stabilization of the real estate market.\u00a0\u00a0 Coconut Grove townhomes are a perfect example of the change in the market.\u00a0 The numbers below will illustrate the startling journey the market has gone through.<\/p>\n
During 2006, when the market was peaking, approximately 86 townhomes were sold in Coconut Grove.\u00a0 Seven units closed at over $1,000,000 with premium properties closing at slightly over $500 x SF.\u00a0 Only 42 units (less than half) sold at $500,000 or below.<\/p>\n
In 2007, when the market was starting to falter, 82 townhomes sold in total.\u00a0\u00a0Six units sold at over $1,000,000 with one townhome selling for a high $620 x SF.\u00a0 Forty units sold at $500,000 or below.<\/p>\n
By 2008 the market had deteriorated resulting in only 50 townhomes sold.\u00a0 The highest price paid during that year was $675,000 and the highest per square foot sale went for $372 x SF.\u00a0 Foreclosures and shortsales had started to creep in to the market.\u00a0 Sellers who could afford to do so decided to wait for\u00a0the market to change.\u00a0 Inventory levels plunged.<\/p>\n
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2009 and 2010 showed\u00a0little improvement .\u00a0 In 2009 only\u00a02 townhomes sold at over $1,000,000 with the top per square foot sale going for $335 x SF.\u00a0 Of the 57 closed sales that year a total of 45 units (about 80%) sold for $500,000 or below.\u00a0 During 2010 65\u00a0townhomes were sold with\u00a0only one property\u00a0closing at over $1,000,000.\u00a0 Of these 65 units 52 sold at $500,000 or below (80%).\u00a0 15 were short sales and 9 were foreclosures.\u00a0 These were the 2 worst years in history for the overall\u00a0market.<\/p>\n
The past 2 years, 2011 and 2012, have been tough but have definitely signalled the turn of the market.\u00a0 2011 saw sales jump to 78 townhomes.\u00a0\u00a0\u00a0Two sold for over a $1,000,000, one actually closing at a premium $2,600,000 ($524 x SF) a price not seen since the peak years.\u00a0 However, with 15 shortsales and 8 foreclosures prices still felt a significant amount of downwards pressure.\u00a0\u00a0\u00a0At this point buyers felt confident that the market had bottomed out and were ready to buy.\u00a0 An interesting thing\u00a0happened: with increased interest from buyers and a skimpy inventory bidding wars began!\u00a0 2012 saw sustained sales levels with 79 townhomes selling.\u00a0 Two sold\u00a0for over $1,000,000 with\u00a0the highest per square foot sale coming in at a healthy $484 x SF.\u00a0\u00a0 Although 18 sales were short sales and 6 were foreclosures, banks had followed the trend of rising prices and increased their asking prices as well.![\"M1340924_F01_13\"](\"https:\/\/www.ewmrealestate.com\/blog\/files\/2013\/01\/M1340924_F01_13-300x234.jpg\")
\u00a0 The pressure on pricing\u00a0has gradually decreased.<\/p>\n