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Coconut Grove Faces 38-Month Supply Of Luxury Condos Listed For Sale

Buyers Purchased 6 Coconut Grove Luxury Condos In First Half Of 2017   

 

DOWNTOWN MIAMI (Sept. 6, 2017) - Nearly 40 luxury condo units are formally listed for sale at a minimum price of at least $1 million in the Miami neighborhood of Coconut Grove in the South Florida county of Miami-Dade, according to a new report from Condo Vultures® Realty LLC.

Based on luxury condo sales of one unit monthly in the first half of 2017, Coconut Grove now has about a 38-month supply of units available for purchase in the tricounty South Florida region of Miami-Dade, Broward and Palm Beach at the end of this year’s Summer Buying Season, according to the report based on data from the Southeast Florida MLS Matrix.

A balanced market is generally considered to have about six months of supply. More months of condo supply listed for sale suggests a buyer’s advantage and less months typically indicates a seller’s advantage in the market.

It is worth noting this report only tracks those Coconut Grove luxury condos formally listed for sale. The report does not factor in the more than 47,725 new condo units currently in the development pipeline east of Interstate 95 in the tricounty South Florida region.

(For the latest South Florida preconstruction condo project pipeline, please visit: CraneSpotters.com.)

Currently, only three Coconut Grove luxury condo units are under contract - or pending - and waiting to transact at an average asking price of more than $1.3 million each or about $598 per square foot, according to the statistics. 

The average asking price of a Coconut Grove luxury condo currently listed for sale is nearly $4 million per unit. This works out to an average asking price of about $1,107 per square foot, according to the data compiled by CondoVulturesRealty.com.

Between January and June of 2017, the average transaction price of a Coconut Grove luxury condo was less than $2.8 million or $767 per square foot.

This means the current asking price of a Coconut Grove luxury condo listed for sale is nearly 44 percent higher than the average transaction price achieved on a per-unit basis and about 44 percent higher than the average transaction price on a per-square-foot basis in the first six months of 2017.

In the first half of this year, the sellers who were able to unload their units needed about 147 days to transact a Coconut Grove luxury condo listed for sale. The current Days-On-The-Market average for Coconut Grove luxury condos listed for sale is about 197, according to the statistics.

The number of Days-On-The-Market for the luxury condo units currently under contract is about 62 in Coconut Grove, according to the statistics.

CondoVulturesRealty.com is a licensed Florida brokerage that specializes in assisting buyers and tenants in value-oriented condo acquisitions and leases in the tricounty region of Miami-Dade, Broward and Palm Beach.