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West Coconut Grove: Are There Good Deals To Be Had?

By
Real Estate Agent with EWM Realty, International 3028618

Over the years, the West Grove has been a little bit slower than other parts of Coconut Grove to see an appreciation in home values.  There is quite a bit of land here that was bought up by investors during the boom and is now being sold at heavily discounted prices.

It will be interesting to see how and when future development in the West Grove will impact prices there.  The answer to that question will be determined in part by how quickly the changes occur and how successful they are in revitalizing the West Grove.

I think it is safe to say that many of the single family homes listed in the West Grove are priced at land value only.  Therefore, it can get confusing when trying to calculate the value of these properties.  If you go by their official status, there are 42 single family homes for sale, 56 townhomes/condos for sale, and 14 lots for sale.  But like I said, many of those 42 single family homes are selling for the land only.

We see so many townhomes and condos in the West Grove because builders and developers were very optimistic about this market back in ’04-’05 when prices were skyrocketing.  They were able to buy one piece of land and split it into two lots which was very profitable.  When the market began to fall the developers were left with many unsold units.

There are some very good deals to be had in Coconut Grove’s townhouse market, but particularly in the West Grove.  In some cases, the same townhouse will be priced $200,000 less in the West Grove than the Center Grove.

Single Family Homes in West Coconut Grove

Of the 42 single family homes that are for sale, the average listing price is $338,000.  There were 19 closed sales in 2008 and the average selling price was $209,000.

Townhomes and Condos in West Coconut Grove

There are 56 townhomes and condos for sale, the average listing price is $480,000.  There were 10 closed sales in 2008 and the average selling price was $399,000.

You will notice that the townhomes are priced higher than the single family homes.  This is due to the fact that many of the townhouses in this area are new construction whereas the single family homes are all older resales.

Land in West Grove

There are 14 official lots for sale in the West Grove, the average listing price is $341,000.  There were 3 closed sales in 2008 and the average selling price was $203,000.

When you consider that the West Grove was selling at a discount before the housing crisis and that prices have fallen since then, there are certainly some good deals to be had.   As always, you should work with your Realtor to choose the best location that will earn the highest return on your money and offer the best quality of life.  A Realtor who specializes in Coconut Grove will be able to direct you towards a property that best suits your needs.

To see this blog in its original form, and to see other posts written by Riley Smith, visit The Real Estate Coconut - Cracking Open The Coconut Grove Real Estate Market

Posted by

Riley Smith | The Riley Smith Group

Coconut Grove Real Estate Specialist

Direct: 305-342-1623

Office: 305-960-5318

Address:

3560 Main Highway, Coconut Grove, Florida 33133

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