The $1,000,000 Market In Coconut Grove

By
Real Estate Agent with EWM Realty, International 3028618

Read this post in its original form by visiting my Coconut Grove Real Estate blog. The $1-2 million market in Coconut Grove has been very active recently.  As you can see below, although the homes are similar in price they are completely different in style, size, location and condition.

Avocado

Avocado2

3561 Avocado Avenue has just 3 bedrooms, 3 baths with 4,125 square feet of living area on a 17,500 square foot lot.  The owners were asking $1,875,00 ($454.00 a foot).  It will be interesting to see what this house sells for.  If the owners got anywhere near asking price it will help values in South Grove.

MooringShort

MooringShort2

Similar asking price to the Avocado house, the above house in The Moorings (gated community) went under contract in a matter of days as an "Unapproved Short Sale" priced at $1,800,000 ($458.00 a foot).  It has 5 bedrooms, 4.5 baths with 3,928 square feet of living space on a 10,800 square foot lot and needs completely updated on the interior.  It has water views from the rooftop terrace.

Kiaora1

Kioara2

The above house on Kiaora Street just sold for $1,075,000 ($344.00 a foot).  It is a very charming house on a large 21,000+ square foot lot.  The home has 3 bedrooms, 2 full baths and 2 half baths.  This house generated a lot of interest due to its lot size and style but it was located just off of LeJeune Road which was a problem for many buyers.  Pick up this house and move it 3 houses down on Kiaora and it would have sold for at least $200,000 more.

BayHeights1

BayHeights2

The above house located at 62 Bay Heights Drive was updated and located on a 17,000 square foot lot (no pool) with 4,339 square feet of living space, 5 bedrooms, 3 baths. The owners sold for $1,200,000 ($276.00 per square foot).

When you consider that the updated 5 bedroom Bay Heights house sold for $276 a foot, while the Kiaora house which was much smaller and located on a busy street sold for $344 a foot it shows you the difficulty homeowners face in pricing their house properly.  I always tell people that here in Coconut Grove it is a challenge because we are not comparing apples to apples, we have all sizes and shapes and conditions of homes.  Sellers must use the services of a LOCAL and knowledgeable realtor who knows the nuances of the Grove market. 

If you are interested in buying, renting, selling or building real estate in Coconut Grove and are looking for an experienced realtor, please don't hesitate to contact me at 305.342.1623 or send me a note here.

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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