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    CONDO PROJECT TRACKER
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    Coconut Grove Faces 20 Months Of Condo Supply Listed For Sale During Winter Buying Season

    Condo Sellers Seek 120% Premium For Coconut Grove Units Listed For Sale 

    (This Report Is Powered By Brickell Ventures LP)

    DOWNTOWN MIAMI (Dec. 4, 2018) - Nearly 70 condo units are formally listed for sale in Miami's Coconut Grove neighborhood in the South Florida county of Miami-Dade, according to a new report from Condo Vultures® Realty LLC.

    Based on condo sales of about three units monthly in the first nine months of 2018, the Coconut Grove market now has more than a 20-month supply of units available for purchase during the tricounty South Florida region of Miami-Dade, Broward and Palm Beach during the Winter 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 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.

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

    Currently, about five Coconut Grove condo units are under contract - or pending - and waiting to transact at an average asking price of more than $2.6 million each or about $935 per square foot, according to the statistics. 

    The average asking price of a Coconut Grove condo currently listed for sale is more than $2.5 million per unit. This works out to an average asking price of $954 per square foot, according to the data compiled by CondoVulturesRealty.com.

    In the first nine months of 2018, the average transaction price of a Coconut Grove condo was about $1.1 million or about $516 per square foot.

    This means the current asking price of a Coconut Grove condo listed for sale is more than 120 percent higher than the average transaction price achieved on a per-unit basis and nearly 85 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 2018, the sellers who were able to unload their units needed about 142 days to transact a Coconut Grove condo listed for sale. The current Days-On-The-Market average for Coconut Grove condos listed for sale is about 192 days, according to the statistics.

    The number of Days-On-The-Market for the condo units currently under contract is about 170 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.

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