Recent Sales in Coconut Grove Oceanfront Condo
Since my previous Market report, 2 additional Units have been purchased in Coconut Grove Oceanfront Condo as follows:
- Unit 601, purchased for $775,000 on August 22, 2011 (2 Bedrooms and 3.5 Baths in 2,011 Square Feet of Living Area)
- Unit 401, purchased for $725,000 on August 17, 2011 (2 Bedrooms and 2.5 Baths in 1,988 Square Feet of Living Area)
Pending Sales
2 Units are under Pending Contract for purchase, Units 1003 and 704.
Units for Sale and for Lease
Of 63 total Units in the Building, 8 are currently listed for Sale and 1 is listed for Lease. The 8 Units for sale are Resale Units and the Developer Owned Units have all been purchased (Units 803 and 904 that were purchased in May and June were the last of the Developer owned Units). At the beginning of 2010, 21 Developer Owned Units were available for sale, but they sold quickly due to reduced prices and significantly increased sales in our local Market.
Even for Units that have the same number of Bedrooms, significant differences exist so far as their size in square feet and Floor Plans. Views are also, obviously, one of the most important considerations. Some Units offer beautiful, direct Oceanfront views without obstruction and others offer very limited Ocean views and obstructions. In addition to Ocean views, other available views include Intracoastal and City views, which are especially beautiful at night. Note: Coconut Grove Residences offers 36 different Floor Plans in the 63 Units, so it’s unusual in that it’s not a Building where Units in the same “Line” or same “Stack” have the same Floorplan (Units 601 and 401, for example, offer different Floor Plans and size although one might think they are the same because of both Unit numbers ending in “01”).
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Ft. Lauderdale’s New Oceanfront Condo Market
Within the last 4 years, Coconut Grove is the only new direct Oceanfront Condo that was constructed in Ft. Lauderdale. Within the last 13 years, only 4 direct Oceanfront Condos were constructed in Ft. Lauderdale, so inventory of new Condos on the Sand in Ft. Lauderdale is very limited. The other 3 “new” Oceanfront Condos are L’Hermitage, The Palms, and L’Ambiance, which were built between 1998 – 2003.
Related information: