Center Coconut Grove Homes Under $600k in High Demand

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There is no question that the Center Coconut Grove townhouse market is currently facing a major shortage of “affordable” townhouses. In fact, there is only a very small handful of 3+ bedroom townhouses presently listed on the MLS, and about half of them are asking over $1 million.

As the demand for Center Coconut Grove townhouses has increased over the last several years, we have naturally seen an increase in price. It is now incredibly rare to find a decent 3+ bedroom property listed for under $600k, and usually when one comes along, it goes fast.

Case in point: last week, an updated 3 bedroom/2 bathroom townhouse with almost 1,600 square feet was listed at 3038 Day Avenue for $565,000 ($354/sf).  The property was built in 1970 but had been renovated extensively (including impact glass), and is located in a small gated community with a heated pool and two assigned parking spaces.  When I contacted the agent only 3 days later, she informed me that the property was already under contract, having received multiple cash offers and dozens of inquiries within one day of the listing going up!  Hopefully we will see more affordable listings coming to market in the coming months, as buyers are ready and willing to jump on these types of opportunities.

If you are a buyer interested in Coconut Grove, it is critical to work with an experienced Realtor who knows the neighborhood inside and out, understands the market, and is connected to the community.  As a Coconut Grove resident specialist, it would be my pleasure to help you through this process.  Similarly, if you own a home in Coconut Grove and you are interested in selling or learning about the current value of your home, please contact me at any time.  I can be reached directly at 305.799.2124 or LRubens@bhsusa.com.

Nation Saw Rapid Townhouse Growth in 2018

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The national market for townhouses is up 24 percent over the last four quarters of data production of townhouses, according to the National Association of Home Builders (NAHB). In fact, the townhouse market is growing eight times as fast as the overall single-family market.

Across the nation, the NAHB points to rising construction and land costs, as well as soaring prices for new single-family homes, as some of the reasons why builders and buyers are turning to the high-density urban model.

Locally, in Center Coconut Grove, we see more townhouse resales than new construction simply because of the lack of available land. Yet, the demand for both townhouse resales and new construction sales remains strong in Coconut Grove as more and more homebuyers (millennials and empty nesters alike) desire the Grove’s central location, as well as a mix of suburban and urban elements that the Grove provides.  Additionally, many buyers find that the townhouse provides more bang for your buck in Miami, where single family home prices skyrocketed in recent years.

Below are some of the available townhouse listings in Coconut Grove. For more information about buying or selling a townhouse in Coconut Grove or the surrounding neighborhoods, contact me directly at 305.799.2124 or LRubens@bhsusa.com.

 

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2018 Center Coconut Grove Sales Recap

coconut-grove-accutour-real-estate-drone-photography-7.jpgAerial view of Coconut Grove

It’s hard to believe that we are already well into 2019! The market for 3+ bedroom townhouses in Center Grove fared well in 2018, with an average sales price of $750,796.08 ($344/sq ft), and an average of 66 days on the market (note that these statistics are via MLS data and do not include off-market sales, including two of my new construction sales noted below).

Here’s a quick recap of some of my notable Center Grove sales in 2018:

– 2975 Jackson Ave., Miami, FL 33133
4 beds | 3.5 baths | 2,940 sf | built in 2018 | sold for $1,150,000

– 3150 Shipping Avenue, Miami, FL 33133
4 Bedrooms | 4.5 Baths | 4,030 SF | built in 2018 | sold for $1,700,000

– 3373 Day Ave, Miami, FL 33133
3 beds/3 baths | 2,014 sq ft | built in 2014 | asking price $799,000 | sold for $800,000

– 3035 Orange St, Miami, FL 33133
4 beds/3.5 baths | 2,881 sq ft | built in 2007 | sold for $950,000

– 3135 Gifford Ln Unit A, Miami, FL 33133
3 beds/2.5 baths | 1,430* sq ft | built in 1994 | sold for $550,000

If you’d like a more detailed analysis highlighting the sales and inventory levels of the major markets throughout Miami in Q4 2018, take a look at the Brown Harris Stevens Market Report, here.

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Notable New Construction Sales in Center Grove – November 2018


3220 Matilda St., Miami, FL 33133
3 beds/3.5 baths | 3,300 sq ft | built in 2018 | sold for $1,265,890 on 11/9/18

Just drive around Coconut Grove and you’ll see it everywhere – bulldozers, front loaders, dump trucks and trenchers. New construction, whether you like it or not, remains alive and well in the Grove and prices are stronger than ever.

There were 2 notable new construction sales in Center Grove in November.  Pictured above is 3220 Matilda Street, which sold for $1,265,890 ($384/sf). The property has 3 bedrooms, 3.5 baths and 3,300 square feet of living space. The developer is Drive Development, which currently has a number of ongoing and completed projects throughout the neighborhood (including my two new construction sales back in July). The home features a contemporary design and beautiful wood features which are in line with Drive’s other projects, including a floating frame which Drive describes as “simultaneously providing shelter from Miami’s summer rains and serving as a versatile wood-screen shading device system that offers tranquil tree top views.” Below are some renderings of the gorgeous interior design and finishes of the home.

Another mentionable sale was 3190 Lamb Court (a small cul-de-sac tucked off of McDonald St.), which sold for $1,285,000 ($453/sf). The home has 4 beds, 4 baths and 2,833 square feet of living space.  The property features a dramatic double-height entry with floating staircase,  Italian 48″X24″ porcelain tile flooring, a sleek Euro-style kitchen with high-gloss custom cabinetry, quartz countertops and Thermador appliances, including a 36” gas dual fuel range.  Other notable features include: LED lighting, Hikvision camera system and Sonos sound system. Finally, the property has a large roof-top terrace with artificial grass, and a backyard with private patio and pool. View the slideshow below for photos of the property.

For more information on these properties and/or other real estate opportunities in Coconut Grove and the surrounding neighborhoods, contact me directly at 305.799.2124 or LRubens@bhsusa.com.

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*images via Riley Smith Group

Center Coconut Grove Market Update

GetMedia.ashx-143121 Oak Ave, Miami, FL 33133
3 beds/3.5 baths | 2,410 sq ft | built in 2009 | sold for $1,000,000 on 9/28/18
Listed with Michael Light/Douglas Elliman

The 3+ bedroom townhouse market in Center Coconut Grove has continued to see strong sales over the last six months, with an average sales price of $749,409.52, an average sales price per square foot of $332.66, and with listings seeing an average of 59 days on market.

Over the last six moths, there have been two sales over $1,000,000 (one resale and one new construction property), as well as four sales in the $900k range (two resales and two new construction properties).  Two sales had a price per square foot of $400.00+, with a handful of sales in the high $300’s per square foot.

View all the data in the graph below.  Keep in mind that this is per SEF MLS data and does not include off-market sales, including my two new construction sales in July (which sold for $1.15M and $1.7M).

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Most recently, a townhouse at 3121 Oak Avenue sold for $1M ($414.94/sf).  This was a resale, as the property was originally built in 2009. The townhouse is a stand-alone property which is very rare for the neighborhood (meaning the townhouse does not share any walls or roofs with its one identical neighboring townhouse).  Other notable features included a 2-car garage, private pool, hurricane impact windows/doors, and large 1,200 square foot rooftop patio with summer kitchen. Click here for more photos/info of this property.

Inventory in the neighborhood continues to remain low, making it an excellent time to sell.  If you are thinking about buying, selling or renting a home in Coconut Grove or the neighboring communities, contact me directly at 305.799.2124 or lrubens@bhsusa.com.