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.