The Coconut Grove Real Estate Report 2019

Observations in the Coconut Grove Real Estate Market below $1M

Key Statistics

• 53 sales in the last 6 months.
• Price per SF ranges from $350 to $600
• Neighborhood Economic Health Score: 84 (Solid Score)
• 5.7 Months of inventory (Very low supply of product)
• An average of 145 Days on Market before being sold (so product going into contract in around 100 days).
• Achieving 92.5% of asking price (An average of 7.5% discount from sales price)
• Average sales price per SF is $426

Observations:

A good portion of the property value within this price range is based on its land value and therefore most of the product needs updating. Coconut Grove does not have many small lots (of around 5,000 SF), most are in the 7,000 – 10,000 range. Coconut Grove houses in this price range are really not that big, often even 1,300-1,600 SF. Coral Gables has more to offer when it comes to very small lots and generally speaking homes are better done (more updated, better maintained) than in the Grove. Within this price range Gables homes are more affordable per SF than Coconut Grove homes. A number of other sales were land deals and essentially were fetching around $70-$85 per SF

If you have a nicely remodeled home in Coconut Grove it will sell well and fast. For the most part homes under $1M can be rather underwhelming, which is why we see more focus on Coral Gables homes when people are working with this budget.

Where did most of these sales occur?  3 clusters of sales really. Between 22^nd and 27^th , which is getting into Mid Coconut Grove and then another cluster around Douglas and closer to US1. The third cluster is west of Bayshore focused around Crystal Ct. Remember that the Grove is not a particularly big neighborhood.

Key Sales to show what kind of properties

Please click on the link to see the key sales in Coconut Grove below $1M, two of them are depicted below

Observations in the Coconut Grove Real Estate Market of $1M to $2M

Key Sales to show what kind of properties

Please click on the link to see the key sales in Coconut Grove between $1M and $2M, two of them are depicted below

Observations in the Coconut Grove Real Estate Market of $2M to $3M

Key Statistics

• 17 sales in the last 6 months. This includes pending sales
• Price per SF ranges from $406 to $1,140
• Highest achieved for waterfront (and the only waterfront sale) was $1.140 per SF, the highest achieved for non waterfront was $731 per SF
• Neighborhood Economic Health Score: 65 (Same as Coral Gables)
• 22.4 Months of inventory  (The Gables just 15)
• An average of 192 days on the market before being sold (So product going into contract in around 150 days).
• Achieving 95% of asking price.
• Average price per SF is $559. (Little lower than Gables with $587)

Observations:

Key Sales to show what kind of properties

Please click on the link to see the key sales in Coconut Grove between $2M and $3M, two of them are depicted below

Observations in the Coconut Grove Real Estate Market of $3M to $5M

Key Statistics

• 4 sales in the last 6 months of which just one waterfront  (This includes pending sales)
• Price per SF ranges from $435 to $900
• Highest achieved price was $900 per SF  (Dry Lot Home)
• Neighborhood economic health score: 88 (Much higher than the Gables with only 65)
• 12 Months of inventory
• An average of 171 days on the market before being sold (So product going into contract in around 125 days).
• Achieving 93.5% of asking price. (An average of 6.5% discount from the sales price)
• The average price per SF is $608  (Much Lower than Coral Gables Gables with $690 per SF)

Observations:

Key Sales to show what kind of properties

Please click on the link to see the key sales in Coconut Grove between $3M and $5M, two of them are depicted below