NEW RECORD IN COCONUT GROVE

TASK

Sell a land development opportunity in Coconut Grove to a local builder for the highest price recorded in the neighborhood for this lot size.

BACKGROUND

This client came to be seeking to exit a development project he had in the works for 18 months. After having purchased the land, plans were drafted and submitted to the City of Miami for approval. The goal was to sell the lot with the plans and to cash in on this added value.

CHALLENGE

We were seeking 15% above standard market value for the property. Nearby competing properties were available for 15-20% less than what we were asking. The project was also located very close to US1, on the outskirts of Coconut Grove and not in the same school district as the highest-selling properties of its kind. With school districts being the main factor driving high priced sales, this was an uphill battle.

OUTCOME

We leveraged numerous offers to put this listing in contract in just 46 days, 2.5x faster than average. The sale price that was the highest price ever for this type of property in the area, 11% above estimated market value, and within 3% of our asking price. The seller was ecstatic and hired us to sell another nearby project, which we did, for a record price as well.