9 Reasons Why Selling your Coconut Grove Home in 2022 Will Get You Top Dollar!

9 Reasons Why Selling your Coconut Grove Home in 2022 Will Get You Top Dollar!

Inventory is Extremely Low Across all Price Ranges.

Besides from my own buyers, I get daily calls from other agents asking me if I have product in the Grove. It’s one of the biggest issues in Coconut Grove right now and one that will continue to exist as we move into 2022. Good quality homes are gone within seconds or never make it to market. The $1M-$3M market saw its inventory drop by 50% while the $3M+ markets saw its inventory levels remain stable. The $3M+ market was always thin spread in the Grove and this inventory has decreased only by a small fraction. Most of these markets are already a seller’s market or going fast towards this. It has never been a better time to sell your Coconut Grove Home. Below I’m showing you the current amount of listings (as per April 13, 2021) buyers get to choose from in each price range. That is a very low number even more so in a market with such a high demand.

• $1M-$2M:  21 Listings
• $2M-$3M: 21 Listings
• $3M-$5M: 12 Listings
• $5M-$8M: 9 Listings
• $8M+: 2 Listings

Sales Volumes are Increasing, but A High Demand is Met by a Limited Supply.

Sales numbers have made a big jump in the $3M-$8M range. While in previous quarters we saw a maximum of 3 sales, during the last six months we have seen 7 to 14 sales. The $1M-$2M range saw its sales increase by 19% while the $2M-$3M range saw just 1 more sale representing a 7% increase. In the Grove, the amount of sales already made a big jump from Q4-2018/Q1-2019 to Q4-2019/Q1-2020 drying up most of the inventory. Looking purely at the numbers you might ask: “If inventory in the Grove has dropped so significantly how came we don’t see a massive jump in sales?”  Well, inventory has dropped not just because of a high demand, but also because of a limited supply. I receive daily calls from people wanting to move to Miami and live near the city’s best schools. When I send them the availability in the Grove, the first thing they tell me is that there aren’t many homes to choose from and secondly that the current inventory does not provide for a great amount of good quality, very updated or brand new homes, which is something most buyers are looking for. Remember that we compete with areas such as the Gables, Pinecrest and Ponce Davis where the supply of (brand new) homes is much higher. The result is that good quality homes in Coconut Grove are under contract within days, often receiving full price, cash offers as well as back up offers. The buyers that miss out on these deals tend to look into other areas such as the Gables or Ponce Davis. If you have a brand new, very updated or well-maintained home, I cannot stress this enough: Selling your Coconut Grove Home in 2021 or 2022 will get you an amount unlikely to be achieved in the near future.

Please bare in mind that these sales numbers don’t include the many off-market deals that are taking place. The David Siddons Group has sold many off-market properties in the last months among which 4215 Braganza Avenue for $3.3M and a unit at the Cloisters for $4M.

Furthermore we have a total of 72 Homes under pending contract or active with a contract already in place.

• $1M-$2M:  29 properties under pending contract or with a contract in place
• $2M-$3M: 21 properties under pending contract or with a contract in place
• $3M-$5M: 14 properties under pending contract or with a contract in place
• $5M-$8M: 2 properties under pending contract or with a contract in place
• $8M+: 6 properties under pending contract or with a contract in place

Sales Prices are Increasing as Demand Is High.

The average difference between sales and original listing price became smaller by 32% compared to last year.

As the $3M+ market saw limited sales in one or more years we cannot make generalizations on this, but the $1M-$2M market and the $2M- $3M market saw their average discounts on the asking price decrease from 11% to respectively 7% and 8%. Sellers in today’s market can profit from higher sales prices that are closer to the amount they were looking to get.

Our Listing on 3531 E Glencoe Street sold for $1,625,000 and went under contract just 19 days after listing it. It traded for a record breaking price of $807 per SF.

3529 St Gaudens Rd, a historic home,  was sold by the David Siddons Group representing seller and buyer in a $2.2M deal.

David Siddons brought the buyer to this property on 3950 Leafy Way which sold for $4,450,000 or $820 per SF

This dry lot home on 3608 Stewart Ave was sold to one of our own buyers for $5,350,000. With 7369 SF under air this property sold for $725 per SF.

Where to Go After  Selling Your Coconut Grove Home in 2022?

A lot of owners agree on the fact it’s a great time to sell, but they do not know where to move to or where to find the same quality of home. Many of my clients are selling in order to move up into a better area or into a better type of home. They love the Grove, but they want to move into a private community or a waterfront home. Some of them would like to live closer to their kids’ school or maybe build their dream home from the bottom up. Will they get the same quality finish or levels of renovations in a better neighborhood? No, but they buy for the same price in a better neighborhood and they are thinking to upgrade that home in the near future and in that way they are building up their capital. Today’s extreme market provides for extreme opportunity!