Owners Taking A Hit At The Ritz Carlton Residences in Coconut Grove

By
Real Estate Agent with EWM Realty, International 3028618

To view this post in its original form, visit my Coconut Grove Real Estate blog. There are currently 32 units for sale at the Ritz Carlton Residences in Coconut Grove.   Prices range dramatically from $340,000 (1 bedroom) all the way up to $3,600,000 (penthouse unit). 

The least expensive 2 bedroom is Unit #605 currently priced at $545,000 (not a short sale or foreclosure) and features 1,540 square feet of living space.  It has been on the market since April of 2010 (listed by Coldwell Banker).   See photos below. 

Ritz605

Ritz605(b)

There have been 8 sales in the building so far this year.  Many people were shocked when some of these units closed at extreme discounts off their asking prices.   Unit #1801 (3 bedrooms) was asking $1,500,000 and closed at $1,050,000.  Unit #208 (3 bedrooms) was asking $975,000 and sold for $800,000.  Unit #1203 was asking $795,000 and closed for $612,500

Some of the units in the Ritz have been on and off the market for years and I know of several sellers who are frustrated with the slow movement in the building.  The carrying costs are not cheap and it may make sense for some people to settle for less now as opposed to paying the maintenance fees and taxes while the property sits on the market. 

If you are interested in exploring opportunities available at the Ritz Carlton Residences in Coconut Grove please feel free 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

Comments (0)