Foreclosure Activity In The Condo And Townhome Market

November 26th, 2012 | categories: Coconut Grove Condos, Coconut Grove Real Estate, Coconut Grove Townhouses

In yet another sign that the market has stabilized, Coconut Grove has seen very few condo and townhome?foreclosures come across the MLS this year.

Out of the 8 major condo buildings here?in Coconut Grove (Grove Hill, Grove Isle, Grovenor House, Grove Tower, Mutiny, Ritz Carlton, Sonesta, Yacht Harbour), there have been?a total of just?3 foreclosures in 2012.? This is great news for condo owners.? From a value standpoint, it is much harder to overcome a foreclosure?when you own?a condo (as opposed to a single family home) due to the fact that you have such limited comparables.

Below is the information on the condo foreclosures mentioned above:

• The Grovenor House, Unit 908, City Views, 2 Bedroom, 2 Bath, Sale Price: $680,000
• Ritz Carlton, Unit 1605, City and Partial Bay Views, 2 Bedroom, 2 Bath, Sale Price: $400,000
• The Sonesta, Unit 2003, City and Bay Views, Studio (398 Sq. Ft. LA), Sale Price: $160,100

In the Center Grove, we?have seen?slightly more townhouse foreclosures.??There?have been?approximately 5 townhome foreclosures in the Center Grove, 3 of which were newer construction.? Due to the rising values in the Center Grove of the other non-distressed townhouses, I do not believe that these sales will impact values there.

Below is the information on the townhome foreclosures mentioned above:

• 3034 Indiana Street, Built in 2007, Potential Chinese Drywall, 3 Bedroom, 2.5 Bath, Sale Price: $445,000
• 3210 Matilda Street, Built in 2004, 3 Bedroom, 2 Bath, Sale Price: $380,000
• 3152 Jackson Avenue, Built in 2003, 3 Bedroom, 2.5 Bath, Sale Price: $370,000
• 3260 Virginia Street, Built in 1993, 3 Bedroom, 3 Bath, Sale Price: $375,000
• 2956 Bird Avenue, Built in 1982, 2 Bedroom, 2.5 Bath, Sale Price: $151,099

I am a Coconut Grove real estate specialist. Over the past 3 years, I have earned the distinction of selling the most number of homes in Coconut Grove. If you would like to schedule a buyer or seller meeting with me, please feel free to call me directly at 305-342-1623 or send me a note here.

The Real Estate Coconut is the most comprehensive online source for Coconut Grove real estate information. Whether you are looking for the latest sales, trends or homes for sale in Coconut Grove, The Real Estate Coconut has it all at your fingertips. Browse information regarding the upcoming Grove at Grand Bay new construction project, Coconut Grove?s gated communities, waterfront homes, villas, townhouses, foreclosures plus much more.

Don?t Miss Today?s News From Our Other Real Estate Blogs:

http://BrickellCondoBlog.com

http://CoralGablesRealEstateVault.com

Written by Riley Smith

This entry was posted on Monday, November 26th, 2012 at 8:34 am and is filed under Coconut Grove Condos, Coconut Grove Real Estate, Coconut Grove Townhouses. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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