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Nearly 6-Year Supply Of Coconut Grove Luxury Condos Listed For Sale Before Start Of South Florida Winter Buying Season

Coconut Grove Sellers Ask Nearly $1,062 PSF For Luxury Condos    

 

(This Report Is Powered By Brickell Ventures LP)

DOWNTOWN MIAMI (Nov. 6, 2019) - More than 45 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 less than one unit monthly in the first nine months of 2019, Coconut Grove now has nearly a 71-month supply of units available for purchase in the tricounty South Florida region of Miami-Dade, Broward and Palm Beach before the start of the Winter Buying Season, according to the reportbased 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 nearly 47,500 new condo units currently in the development pipeline east of Interstate 95 in the tricounty South Florida region.

Currently, about six Coconut Grove luxury condo units are under contract - or pending - and waiting to transact at an average asking price of nearly $3.9 million each or about $1,103 per square foot, according to the statistics. 

The average asking price of a Coconut Grove luxury condo currently listed for sale is nearly $3.2 million per unit. This works out to an average asking price of about $1,062 per square foot, according to the data compiled by CondoVulturesRealty.com.

In the first nine months of 2019, the average transaction price of the six Coconut Grove luxury condos to trade was nearly $2.2 million or about $647 per square foot.

This means the current asking price of a Coconut Grove luxury condo listed for sale is nearly 47 percent higher than the average transaction price achieved on a per-unit basis and about 64 percent higher than the average transaction price on a per-square-foot basis between January and September of this year.

In the first three quarters of 2019, the sellers who were able to unload their luxury condo units in Coconut Grove needed about 138 days to complete the transaction. The current Days-On-The-Market average for Coconut Grove luxury condos listed for sale is about 222, according to the statistics.

The number of Days-On-The-Market for the luxury condo units currently under contract is about 227 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.