ISABELLE ANDREWS P.A.
305.546.5421
theteam@groveexperts.com

Coconut Grove Condo Boom

During the second quarter of 2015, the number of condos sold in the
re-sale market was up 40% when compared with last quarter but was down 11% versus last year. This shows a rebounding market after a slight slow-down at the start of this year. At 56 condos, this is the highest number of condos sold since the 2nd quarter of 2014. The total sales volume increase is even more impressive with a 90% growth versus last quarter’s $41,201,919 versus $21,650,887 and 18% versus last year which generated $34,865,394 in sales.


High-end sales had a big impact on the 2nd Q condo market sales volume. 3 significant sales totaled 37% of the $41,201,919 total sales volume of the quarter.

Condos For Sale mid-July 2014Condos For Sale mid-July 2015Condos Sold 2nd Q 2014Condos Sold 1st Q 2015Condos Sold 2nd Q 2015Total volume Sold 1st Q 2015Total volume Sold 2nd Q 2014Total volume Sold 2nd Q 2015
Grove Isle157616$775,000$4,617,800$5,936,000
Grovenor House115323$3,380,000$9,795,000$12,120,000
Ritz Carlton710564$5,823,000$3,904,000$3,896,000
Yacht Harbour18012$1,205,0000$1,510,000

The condo inventory is at its lowest point since October 2014 with only 88 condos for sale as of mid-July. This represent 5.1 months of inventory. This is a notable difference with other Miami areas where the number of condos available may represent up to 20 months of inventory. The sold price per square foot surpassed the $1,000 mark in certain buildings. These two factors demonstrate a great momentum for owners who are waiting to put their properties on the market.

We are the #1 team in EWM Coconut Grove Office. If you are interested in buying or selling property, call Isabelle Andrews at 305-546-5421, Alba Biondi at 305-323-2595, or email us at theteam@groveexperts.com.

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We Believe Coconut Grove is Extraordinary. Our purpose is to introduce Coconut Grove to the world as the ultimate neighborhood for people in search of beauty, tropical elegance, and a high quality of life. The pursuit of our client's happiness and satisfaction is at the heart of our team's culture.

 
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