Coconut Grove Residences Sales Update

As you might already be aware, the Auction at Coconut Grove Residences was cancelled (per my Post on February 25th and the e-mail sent from Accelerated Marketing on February 25th).

I spoke with a Coconut Grove representative today who told me that 9 of the 21 Developer owned Units are currently under contract for purchase (these 9 Offers were accepted after the Auction’s cancellation), however, Back-up Offers can be submitted for these Units in case any of the Contracts fall through. Sales Representatives have also said that many Offers have been rejected, which is to be expected when you have lowball offers for Units that are being offered at prices that are far below current market value.

There are 12 remaining Developer owned Units that are available as of today, Units 1103, 903, 803, 503, 403, 804, 706, 205, 204, 304, 405, and 505. Since the notice of the Auction’s cancellation last Thursday night, many of the Buyers who were planning to Bid at the Auction placed Offers.

I am, of course, following Coconut Grove’s sales with much interest and will keep an eye on Property Tax Records to view purchase dates and prices as closed sales are recorded in the Tax Records. Because this is Ft. Lauderdale’s ONLY DIRECT Oceanfront Condo* with new Units for sale, because the Developer is motivated to sell the remaining Units quickly, because the reduced list prices are far below CURRENT market value for similar properties, and because Florida remains #1 in the number of sales to Domestic and Foreign Buyers who purchase vacation property, I expect that the Units will sell quickly. If we had several Oceanfront Buildings with new Units available, then I would agree with those who are skeptical about the sales at Coconut Grove, but since we only have 1 Building where this is the case and because there are few Units available, I’m confident that the Units will sell quickly. Supply vs. demand is a very simple concept.

I work with interested Buyers all the time who visit the area and tell me that they heard about “all the new, empty Oceanfront Condo Buildings in South Florida” and say they’re confused because they haven’t found such Buildings in Ft. Lauderdale. The reason they haven’t found them is because they don’t exist. Market conditions vary SIGNIFICANTLY different in various Cities and Ft. Lauderdale doesn’t have the the same amount of new Waterfront or non-Waterfront Condo inventory that’s available in the Miami area.

There are MANY Condos that are MUCH older that are selling for similar prices IN THE CURRENT MARKET, so there isn’t a question of whether Coconut Grove is a great deal or not. Additionally, there aren’t any direct Oceanfront Condos in Ft. Lauderdale that are currently under Construction, nor plans that have been approved for such Construction, so this isn’t a situation where interested Buyers have other new, direct Oceanfront Condos in Ft. Lauderdale to choose from.

In this post, I included pictures that I shot in Unit 1103. The Ocean, Intracoastal, Canal, New River, Port Everglades, and City Skyline views are beautiful. Unit 1103 has 5,195 total square feet, 3 Bedrooms, 3.5 Baths, a Media Room, and 1,436 square feet of Balcony.

*Direct Oceanfront Condo = A Building that is on the Sand, not across the Street from it.