COCONUT GROVE JOURNAL OF REAL ESTATE A COMPREHENSIVE ANALYSIS OF THE YEAR 2020 Be sure to hire an expert in the Coconut Grove market. You deserve local expertise and the finest national and international marketing. This is what we provide.
Alba Biondi / 305 323 2595 Isabelle Andrews / 305 546 5421 theteam@groveexperts.com GroveExperts.com The image of this flower was created by Lisa Remeny, an internationally renowned artist, Miami native, and longtime resident of Coconut Grove. mail@LisaRemeny.com 305.854.9485 LisaRemeny.com
Isabelle Andrews & Alba Biondi
Over $100 Million in Sales We speak English, Spanish, French, and Italian.
Dear Groveites, Are you ready for 2021? Last year’s exceptional market performance confirms that your property deserves powerful national and international marketing to stand out in this complex real estate landscape. You also deserve personalized, tailored, and intimate knowledge of the Coconut Grove real estate market and discrete attention to be able to reach your goals. This is what we provide. Your perspective as a seller will be the heart of our relationship. Let’s have a conversation. Warm regards, Isabelle and Alba
COCONUT GROVE REAL ESTATE MARKET REPORT YEAR 2020 # Homes Sold # Condos Sold $ Volume Homes Sold $ Volume Condos Sold Median Home Sold Price Median Condo Sold Price
199 183 $286,704,220 $168,643,961 $1,200,000 $540,000
-3% below last year -6% below last year +3% above last year +19% above last year +9% above last year +4% above last year
The single-family home market and the condo market performance is astonishing, as it only represents roughly 9 months of sales activity. Buyers’ activity grounded to a halt in the Second Quarter 2020.
2020 COCONUT GROVE MARKET FACTS Single-Family Market
Condo Market
· $7,725,000 is the highest sale—a waterfront home located at 3309 Devon Court.
· $8,032,500 is the highest sale for a condo—located at Grove at Grand Bay, Unit 1901S.
· $185,000 is the lowest sale—a home located at 3516 Plaza Street.
· $85,000 is the lowest sale for a condo—located at 3615 Thomas Ave.
· 36% is the cash transaction market share versus 41% the previous year.
· 57% is the cash transaction market share versus 49% the previous year.
· 41% is the market share below the $1M price point versus 42% the previous year.
· 70% is the market share below the $1M price point versus 78% the previous year.
FUTURE COCONUT GROVE MARKET TRENDS Q4 2020 SINGLE-FAMILY SALES PERFORMANCE AND AVAILABLE INVENTORY AS OF 01/01/21 Price Range # Homes Sold Q4 2020 # Homes for Sale # Months of Inventory
0-$1M 27 19 2
$1M-$1.5M 18 17 3
$1.5M-$2M 9 21 7
$2M-$3M 7 17 7
$3M+ 6 39 19
Total 67 113
Months of inventory is a measure of how fast all the existing properties on the market would last assuming a) no more listings are added and b) the rate at which properties sell is constant based on the average of the last 3 months of sales.
It is a seller’s market for Coconut Grove single-family homes priced below $3M. Q4 2020 CONDO SALES PERFORMANCE AND AVAILABLE INVENTORY AS OF 10/01/21 Price Range # Condos Sold Q4 2020 # Condos for Sale # Months of Inventory
0-$1M 37 94 8
$1M-$1.5M 7 25 11
$1.5M-$2M 2 11 17
$2M-$3M 4 11 8
$3M+ 3 33 33
It is a seller’s market for Coconut Grove condos priced below $1.5M All data in this journal was compiled and analyzed by Isabelle and Alba.
OUR RECENT SALES
3309 Granada Blvd 6 bedrooms & 5.5 baths + office 6,046 Sq/Ft – 13,707 Sq/Ft lot Offered at $3,990,000 Just Sold
6130 SW 81st St 6 bedrooms & 7 baths 4,485 Sq/Ft – 14,318 Sq/Ft lot Offered at $2,290,000 Just Sold
3830 Battersea Rd 3 bedrooms & 3 baths 1,629 Sq/Ft – 7,533 Sq/Ft lot Offered at $849,000 Just Sold
Total 53 174
Kind words from our clients “The Grove Experts have an impressive personal network, and their marketing efforts quickly resulted in several offers. They capably advised us through the entire sales and negotiation process and had many good ideas and insights along the way.” DZ, seller of the property located at 3585 Poinciana Ave in Coconut Grove
Thinking about selling? Call us. We are the experts in the Coconut Grove real estate market. theteam@groveexperts.com GroveExperts.com
The Coconut Grove Real Estate Podcast: Market Trends and Distinguished Guests Scan and Listen
Isabelle Andrews & Alba Biondi
Over $100 Million in Sales We speak English, Spanish, French, and Italian.
Reach out to us if you would like us to cover an aspect of the Grove market in a new episode. Enjoy! All material in the journal is intended for information purposes only and has been compiled from sources deemed reliable. Though information is believed to be correct, data sources are subject to errors, omissions, changes, or withdrawal without notice. This is not intended to solicit property already listed. Equal Housing Opportunity practice.