2nd Quarter Condo Market Analysis

(ocean view from the S Bayshore Drive Corridor)

A great quarter for the big players! General condo market activity in Coconut Grove is influence by the activity of the big players located along the “Bayshore Drive Corridor.” During the second quarter 2014, the combined sales at the Grovenor, Grove Isle, The Mutiny, Mutiny Park, Ritz Executive, and Ritz Tower accounted for 69% of the total volume in dollars sold during this quarter, with $24,233,505 out of $34,865,394 sold. We are still far from the $7 million and $8 million record sales at the Grovenor House during 2013 and 2012 respectively, but the resale market future looks bright, and higher total sales and higher average prices for the breathtaking views of our gorgeous Biscayne Bay should be expected. Prices of resale condos seem very affordable compared with the asking prices of new Grove projects: Grove at Grand Bay and Park Grove.

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