Is it time to sell my Coconut Grove House?

How do you know it is time to sell your Coconut Grove House?

If you bought your home after 2008 but before 2015 in Coconut Grove you will no doubt have realized considerable profit in your home, and you may well be wondering: “Has it peaked, and how do I know if its time to sell”?

If you are in a position that your home is your biggest asset and want to protect that asset, then you are very conscious that real estate is an investment and that much like stock real estate has its own peaks and troughs too. So you know how to apply the golden rule of: ‘buy low and sell high!’ So Jump from peak to peak and not hit the troughs.

Here is how you can tell if its time to sell your home in Coconut Grove.

There are a few indicators that will tell you whether the market and your Coconut Grove house have reached it maximum. If this is the case you might consider selling

  • Inventory is rising or and likely to continue to rise above 12 months
  • If the number of sales within your sector has dropped in the last 2 quarters.
  • If the price per SF you want or think you can achieve is at the highest point in your sector

 

As always we provide the above for different price ranges to better differentiate the different market segments

The Inventory

The inventory of Coconut Grove houses below $1M shows low inventory. Actually the market is in perfect balance with a tendency to become a sellers market. Even though the market experienced a little high in Quarter 1 of 2016.

The market of $1M – $2M increased significantly in Quarter 1 2016 and even though Quarter 2 shows a slightly lower number, the market is still showing high inventory.

The $2M+ market is showing the highest level of months of inventory but the lowest number of sales. After all there are less buyers available at this price point then at any other price point. Furthermore, the $2M+ market saw a significant decrease in inventory in the last few quarters but also very few sales

The number of sales 

amount of coconut grove homes sold

In the last three quarters we saw a significant rise in the number of sales for the $500K – $1M and the $2M+ price range. The range of $1M – $2M properties saw decreasing sales in the first two quarters of 2016.

Highest achievable price per SF 

This is an estimation of our market experience and data analysis. There are always properties that might get more than the indicated maximum price. Please contact the David Siddons Group for more information +1.305.508.0899

Badly finished or dated property: a property that would sell for land value or a property that hasn’t been updated for at least 10 years or more. The property might not be in good state or does not comply with what modern day buyers are looking for. Think also of dated kitchens and bathrooms or old roofs.The new owner would have to remodel the house or do severe work to make it compete with other properties in the area.

Well finished property: A property that is move-in ready with up to date floors, roof, bathrooms and kitchen. Unless the new owner likes another style there wouldn’t be a reason to update right away. The property is well maintained.

A very well finished property: A just remodeled or rebuilt property that offers the latest in luxury finishes. A property that has been finished with great detail.

David’s Conclusions:
Has your Coconut Grove home reached its maximum price?

2

$500K – $1M Homes market is showing low months of inventory and an increased amount of sales. This indicates a slight sellers market and will most likely brings about rising prices. 

$1M – $2M home market is showing rising inventory with a slight decrease in sales. This means now might be the best time to sell your property. Looking at the table of the highest achievable prices, if you think your $ per sqft value is pushing the market high then its time to consider putting it on the market. 

$2M+ home market is as with some other markets showing the highest level of softening. With that said there are few well finished homes in this market and in specific parts of the Grove (North Grove) very well finished homes are in short supply but high demand, so if you have one don’t feel bad to hold on to it or ask top dollar. Home owners that have properties that are not new or renovated should consider selling now. South Grove is certainly the softer area and its unlikely you will see these values move any higher – You may want to consider selling now -especially if it is pushing closer to $3m or above. 

Do you think your house might be at its peak and you think you can still get top dollar for it? Are you not sure what these market data mean for you and what your house might be worth?

Contact me today for a personalized chat. 

There is nothing I enjoy more than talking Coconut Grove real estate. Ill be able to tell you what your house will be worth in today’s market and whether its better to hold on to it or to sell it

David Siddons | david@siddonsgroup.com | +1.305.508.0899


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FAQ

These are the most commonly asked Google Real Estate Related questions

1. What are the Current Best New Condos in Miami?

If you want to hear in more details our opinions on the best new Miami new construction condos. Please read this article:Best New Construction Condos 2022-2023. 

2. What is the best New Construction Condo in Fort Lauderdale?

In our opinion, the Residences at Pier Sixty-six are certainly the most interesting and unique. Already well underway this 32 Acre project will be home to the first of its kind Marina where owners will be able to anchor up vessels up to a staggering 400 ft! For specifics of this project see our independent review of this project.

3. How can I compare the new luxury construction Condos to the best existing Luxury Condos in Miami? 

Our Best Luxury Condos in Miami article will prove to be very useful to those looking to compare the existing to the new. You may also want to watch this video which shows the performance of the best Condos in Miami over the last 15 years!

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