Just Sold At The Grovenor House In Coconut Grove | Unit 602

Grovenor Exterior

Even with all of the new projects going up in the Grove, The Grovenor House continues to be one of the most sought after condo buildings in town.  The Grovenor House is a 32 story tower  built in 2005 by developer Ugo Colombo and is known for having incredible views, great amenities and features.  We recently represented buyers who purchased Unit 602 at The Grovenor House.  This unit offered 3 bedrooms, 2 baths with 2,333 square feet of living space and was in perfect condition.  The sale price was $1,540,000 ($660.00/sq. ft.).

This is the second sale at The Grovenor House so far in 2015.  The other closed sale was Unit 2605 which offered 2 bedrooms, 2.5 baths and 1,756 square feet of living area. Unit 2605 closed for $1,700,000 ($958.00/sq. ft.).

Last year there were a total of 17 condos sold at The Grovenor House.  These closed for an average “sale price/square foot” of $816.00.

As the #1 Top Producing Realtors in Coconut Grove for over 5 years, we know the market here inside and out.  If you are interested in buying or selling Coconut Grove real estate and would like to set up a no pressure consultation, please feel free to contact The Riley Smith Group at 305-342-1623 or send us a message here.

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Just Listed In Coconut Grove | Open This Sunday March 22nd

We have just listed a great property in the North Grove.  Located at 1637 Tigertail Avenue, this home offers 4 bedrooms, 4 baths with 2,725 square feet of living space on a 9,555 square foot lot.  Completely walled and gated, it has just undergone a complete renovation including new keystone and wood flooring, renovated kitchen and baths, new lighting and impact glass throughout.  The light filled living spaces with vaulted ceilings and french doors lead out to the private and lush tropical gardens. 1637 Tigertail Avenue is being offered at $1,499,999.

The home will be open this Sunday, March 22nd from 2:00 to 4:00.  Please stop by to preview this great property!

Home For Sale In Coconut Grove

Home For Sale In Coconut Grove

As the #1 Top Producing Realtors in Coconut Grove for over 5 years, we know the market here inside and out.  If you are interested in buying or selling Coconut Grove real estate and would like to set up a no pressure consultation, please feel free to contact The Riley Smith Group at 305-342-1623 or send us a message here.

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Sold By The Riley Smith Group! 4090 Barbarossa Avenue

Home Sold In Coconut Grove

Congratulations to our sellers who just closed on their home at 4090 Barbarossa Avenue for $1,737,500 or $489.00/square foot.  This was a great home located adjacent to Merrie Christmas Park in the South Grove.  The home was built in 2006 and offered 3,552 square feet of living space on a 8,175 square foot lot with 5 bedrooms and 4 baths. My favorite thing about this property were the light filled living spaces and floor to ceiling windows.  It also had 11′ tray ceilings, double crown moldings, limestone & wood floors, custom cabinetry and impact glass throughout.

4090 Barbarossa Avenue is within the top 10 highest “sale price/square foot” numbers for 2015.  See list below:

  1. 3505 Main Lodge Drive | Sale Price: $11,000,000 | $1,351.00/sq. ft.
  2. 3757 Carmen Court | Sale Price: $1,575,000 | $690.00/sq. ft.
  3. 3542 Rockerman Road | Sale Price: $3,100,000 | $680.00/sq. ft.
  4. 3965 Leafy Way | Sale Price: $2,120,000 | $615.00/sq. ft.
  5. 3992 Utopia Court | Sale Price: $1,405,000 | $583.00/sq. ft.
  6. 3782 Matheson Avenue | Sale price: $2,265,000 | $530.00/sq. ft.
  7. 4090 Barbarossa Avenue | Sale Price: $1,737,500 | $489.00/sq. ft.
  8. 3221 Calusa Street | Sale Price: $950,000 | $458.00/sq. ft.
  9. 50 Samana Drive | Sale Price: $1,555,000 | $435.00/sq. ft.
  10. 3508 Crystal View Court | Sale Price: $950,000 | $431.00/sq. ft.

As the #1 Top Producing Realtors in Coconut Grove for over 5 years, we know the market here inside and out.  If you are interested in buying or selling Coconut Grove real estate and would like to set up a no pressure consultation, please feel free to contact The Riley Smith Group at 305-342-1623 or send us a message here.

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LeBron James Drops The Asking Price On His Coconut Grove Home

LeBron James Coconut Grove Home

I guess all of the recent media coverage regarding LeBron James house still languishing on the market has had an impact on him.  He recently lowered the price of his mansion at 3590 Crystal View Court from $17,000,000 to $15,000,000.  He purchased the house for $9,000,000 in 2010. The home is situated at the end of Crystal View Court in North Coconut Grove and is completely walled and gated.  It offers 6 bedrooms, a wine cellar, movie theater, infinity pool, two 60 foot boat docks and sweeping views of Biscayne Bay.

LeBron 2

So what is his competition? There are currently just 3 homes listed for sale in Coconut Grove which are priced at or above $15,000,000, see below:

  1. 3551 Main Highway | 9 Bedrooms, 8.5 Baths | List Price: $65,000,000
  2. 3575 Stewart Avenue | 8 Bedrooms, 8 Baths | 14,574 Sq. Ft. LA | List Price: $15,000,000
  3. 3590 Crystal View Court | 6 Bedrooms, 8 Baths | 12,178 Sq. Ft. LA | List Price: $15,000,000

The highest sale price we have seen in the Grove this year is $11,000,000.  This was a waterfront home in the exclusive gated community of Camp Biscayne.

If you have a home and are considering selling, please contact me for a no pressure home valuation.  I would be happy to sit down with you and discuss how we can get your home sold in the quickest amount of time and for the highest price. I can be contacted anytime on my cell at 305-342-1623 or send me a message here.

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Offers Are Everywhere In The Grove Market

person signing

I can’t express enough how busy the market is right now. For the past few weeks we have been flooded with showing requests for our listings and getting offers on multiple properties. We currently have 19 active listings and of those properties 7 have received an offer in the past couple of days. The way prices are rising in the Grove, I believe that buyers are worried they may be priced out of the market altogether or get much less house for their money if they wait too long to buy.

Another good reason to buy a home today? Mortgage rates are projected to rise in the coming months.  A 30 year rate is currently averaging around 4.28%. Below are the mortgage rate projections for the same time next year.

Insiders Tip: The Grove market seems particularly active in the $600,000 to $1,500,000 segment. We are getting the most showings and offers on homes in this price range.

If you have a home and are considering selling, please contact me for a no pressure home valuation.  I would be happy to sit down with you and discuss how we can get your home sold in the quickest amount of time and for the highest price. I can be contacted anytime on my cell at 305-342-1623 or send me a message here.

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Lowest “List Price/Sq. Ft.” In A Coconut Grove Gated Community

Investing in Coconut Grove’s gated communities is a very wise decision because these homes offer an additional level of privacy and security which will always be in demand.  Here is information on the best investment in a Coconut Grove gated community today.

3451 Poinciana Avenue in Four Way Lodge Estates is the lowest “$/Square Foot” for a home in a Coconut Grove gated community.  It is listed for $387.00/square foot or $1,499,000. This is an architecturally distinctive home offering a large amount of square footage, expansive living spaces overlooking the tropical pool and is completely surrounded by a coral rock wall for privacy.  The home has 2 bedrooms, 2 1/2 baths but can easily be converted to a 3 bedroom, 3 bath.  Some of the special features include new metal roof, wood beamed ceilings, custom built-ins, as well as a cook’s kitchen with island and gas range.  It is situated on an 8,160 square foot lot.

A similar home in Four Way Lodge Estates recently sold for $1,575,000 or $690.00/square foot.  This comparable was located at 3575 Carmen Court and offered 2 bedrooms, 2 baths with 2,280 square feet of living space.  It closed in January of 2015.

For more details and photos of 3451 Poinciana Avenue, please click here.

If you would like to schedule a showing of 3451 Poinciana Avenue, please call our office at 305-960-5318 or send us a message here.

As the #1 Top Producing Realtors in Coconut Grove for over 5 years, we know the market here inside and out.  If you are interested in buying or selling Coconut Grove real estate and would like to set up a no pressure consultation, please feel free to contact The Riley Smith Group at 305-342-1623 or send us a message here.

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How “Price/Square Foot” Was A Game Changer In The Real Estate Industry

Sale Price Per Square Foot In Real Estate

It is no surprise that real estate has changed dramatically over the years. One of the major shifts in the industry that is often forgotten is the method that we Realtors use for valuing a home.

Here is a little history on price valuation.  When I first began my real estate career nearly 13 years ago, Realtors never discussed a property’s “price/square foot” figure when determining value.  Back then, our analysis was performed by looking at the size and condition of recent comparables and coming up with the total dollar amount of the house.  If there were 3 similar homes in size, age and condition that sold around $750,000 then the subject house would be valued somewhere around $750,000.  If it was slightly larger/smaller, older/newer then you would adjust the price accordingly.  At that time, banks were giving out loans to anybody and more importantly, appraisals were never an issue.

Then the bubble burst….

With foreclosures occurring at a rapid rate, the banks tightened their lending requirements and switched to a more strict valuation process of “price/square foot”. This was a game changer for the real estate industry. Valuations became much less subjective and more focused on the raw numbers.

Being a “numbers guy”, this new method gave me a large amount of data and the ability to show my sellers exactly why their home should be valued at a particular price. Now that “sale price/square foot” has become ingrained into our valuation process, I think that sellers appreciate having a more concrete explanation.

There are still exceptions to the rule however.  I recently went on a listing appointment where I told the owners that their home was not a “price/square foot” kind of house. This property was so unique that you couldn’t use the typical methods of valuation. This one had to be done purely on my “gut” feeling and drawing from my experience of selling real estate in the Grove all these years.

The industry is constantly evolving and changing which is what makes this job so exciting day in and day out.  And I don’t mind the challenge, because if selling real estate was easy, you wouldn’t need me anymore!

If you would like an in depth market analysis performed on your home, please don’t hesitate to contact me.  Whether you are planning to sell now or years down the road, I am always here to offer advice with no pressure attached.  I can be reached anytime on my cell phone at 305-342-1623 or by filling out a contact form here.

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Number Of Sales Are Down But Values Climb To $503.00/Square Foot

Biscayne Bay

So far in 2015 there have been 22 single family homes sold in Coconut Grove.  This number is down compared to the same time period last year when there were 34 sold. Although sales have slowed, values have climbed to an average of $503.00/square foot ($463.00/square foot if you don’t include the recent $11,000,000 sale in Camp Biscayne which was an aberration). These numbers are significantly higher than the average 2014 figure which came in at $408.00/square foot.

Why are values rising? Coconut Grove is a magical place that is drawing buyers from across the world. The eclectic, casual vibe here is something that can’t be recreated anywhere else in South Florida and people are willing to pay a premium for that.  Our village is only getting better with the improvements coming to Regatta Park, new luxury condo towers (Grove at Grand Bay and Park Grove), new restaurants and cafes such as Harry’s Pizzeria, Panther Coffee and Glasshouse.  The sailing regattas this year have been very exciting (with great weather) and have given us the opportunity to show off our small town to thousands of international visitors.

Stay tuned to the blog for daily updates on the Coconut Grove real estate market!!

As the #1 Top Producing Realtors in Coconut Grove for over 5 years, we know the market here inside and out.  If you are interested in buying or selling Coconut Grove real estate and would like to set up a no pressure consultation, please feel free to contact The Riley Smith Group at 305-342-1623 or send us a message here. 

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Unique Opportunity | Purchase Land + Plans For A Modern Home

We have just listed a fantastic opportunity on the sought after street of Matheson Avenue in South Coconut Grove.  This property is being offered for $699,000 and comes with a full plan set for a modern home designed by award-winning architects Brillhart Architecture, an approved demolition permit, as well as building permits which are in the final stages of approval.

This project would be great for an end-user or a developer and in my opinion there will be immediate equity once the home is completed.  The proposed modern style home, located at 4061 Matheson Avenue, will feature 3,800 square feet of living space with 4 bedrooms, 4.5 baths and a pool.  The existing home, along with complete architectural plans for construction is being sold for land value.

If you are interested in learning more about this home, please contact our team member Roque Castro at 786-302-9578 or you can send us a contact message here.

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Coconut Grove Waterfront Views For FREE!

You may not have water views from your home in Coconut Grove, but that doesn’t mean you can’t enjoy the water! There are many public streets in the Grove that dead-end at the water and offer spectacular views of Biscayne Bay. Check out this sweet spot on Crystal Court in the North Grove.  Not a bad place to walk your dog!

Would you like to have Biscayne Bay just steps from your home?  Check out details and information on two of my new listings on Crystal Court below:

Enchanting Villa With Guest House | 3555 Crystal Court, Coconut Grove

Impeccable Home With Pool | 3564 Crystal Court, Coconut Grove

If you are interested in buying or selling a home in Coconut Grove, we would love the opportunity to work with you.  We have been the #1 Top Producers in Coconut Grove for over 5 years and know the market inside and out.  Please feel free to give us a call at 305-342-1623 or send us a message here.  

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