Luxury Market Recap

August 11, 2011

So far in 2011 there have been 35 home sales in Coconut Grove that have closed for over One Million dollars.  The highest sale the Grove has seen this year was for a estate located at 3500 Curtis Lane which was listed for $16,900,000 (or $1,536 per sq. ft.) and sold for $13,419,495 ($1,219 sq. ft.).   The property consisted of a 11,000 sq. ft. main home with a 4,400 sq.ft guest house on an 86,000 sq.ft. lot with  300ft of direct waterfront.  The estate is located in Klebba Bay Estates which is located at the southernmost end of Coconut Grove and although there is a guard gate, it is a public street with open access.

The property just making the list of  luxury sales was 2045 Tigertail Ave which was listed for $1.15MM and sold for 1.025MM. The home consisted of 3,516 sq. ft. of living area on a 10,500 sq.ft lot.  Excluding the closed sale of over $13MM (which would dramatically affect the averages due to uncommon price point for the area the Averages of all of the luxury homes sold in Coconut Grove Year to date consist of 4 bedroom and 4 bathrooms with approximately 4,933 sq. ft of living area.  The average list price was $1,968,815 ($395 sq. Ft.) with an average closed price of $1,745,320 ($350 sq.ft).  The average sale price to the final list price was 89% which means that on average, all luxury homes in the grove sold for an 11% discount off of the final listed price.

If you are interested in listing your home with a local area expert or would like to purchase a home in Coconut Grove please contact me at 305.206.4003  or send me an email at aross@miamirealestate.com.