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

WHY WORK WITH DAVID? THINGS YOU SHOULD KNOW...

For all our analytics we are agents driving some very unique and advanced tech. We Provide a granular and custom experience that empower our clients with the insight and tools to understand the most complex behaviors of any local markets.

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    Over 100 reports produced to date

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    Over $2 billion in real estate sales

    Reviews
David Siddons
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Akbota YerseitAkbota Yerseit
13:29 03 Jun 22
Excellent leaders!
Cathryne HaladnerCathryne Haladner
12:12 18 Sep 21
We have only superlatives to describe how wonderful Cris Buzolin was throughout the process of selling our townhouse in Coral Gables. We were away in the UK while the transaction was taking place and Cris handled everything-from clearing out our house, selling contents when she could, arranging the moving and storage and dealing with some very difficult problems which arose. Always patient and very willing to help in every way, Cris is a consummate professional who really cares about her clients and worked extremely hard to get the price we had asked for and make things for us as easy as she could. Nothing was too much for her to handle.Cris and Marianela (who provided additional very helpful assistance to us during the transaction) are part of the team that David Siddons has assembled.When we decided to sell our property, we contacted David and he established the framework for the transaction and ensured that everything proceeded smoothly and in accordance with our wishes. In sum, David Siddons and his team are extremely competent and professional and we are totally satisfied with the service they provided. To repeat, Cris Buzolin in particular, went way beyond what one would expect from a real estate agent. The David Siddons Group has our highest recommendation!
Jose Eduardo FilhoJose Eduardo Filho
17:17 13 Jul 21
I thank the whole team and especially Cris Buzolin who, in a very professional and competent way, helped me to sell my property safely and in the best market condition.
Idan Singh (Idan)Idan Singh (Idan)
19:53 07 Jun 21
Great Service for British Expats looking to move to the States.
Simone GarrettSimone Garrett
17:20 26 Feb 21
Fantastic group of people to work with!! David and Adriana were responsive and professional throughout the entire process. We weren't familiar with South Florida so David took us under his wing and did a fabulous job giving us a tour of select neighborhoods in South Florida and shared a great deal of information about each. We fell in love with the Botaniko community in Weston and closed the deal with Adriana. If you are buying/selling this is the team you want to work with!! Thank you guys for helping us find our dream home.
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