Modern Home In Coconut Grove Hits The Market

Coconut Grove Modern Home

Coconut Grove Modern Home With Waterfall

If you follow our blog then you know that modern style properties are in high demand in Coconut Grove.  Buyers these days are looking for homes with open and bright living spaces, sleek lines and walls of windows.  We just listed a spectacular home that has all of these qualities.  3545 East Glencoe Street located in North Coconut Grove is a private oasis which offers dramatic and professionally designed exterior & interior living spaces.  The home has extraordinary high-end finishes including Brazilian hardwood and porcelain tile throughout. The ultra-modern kitchen opens to the spacious family room overlooking the pool and tropical foliage.  This home is perfect for entertaining with an expansive terrace and outdoor kitchen & bar.

3545 East Glencoe offers 4 bedrooms, 3.5 baths with 3,600 square feet of living space for $2,450,000.  View more details and photos of the home here.

Please contact my office at 305-960-5318 to schedule a tour of this property.

Modern Coconut Grove Home With Kitchen

Coconut Grove Modern Home Master Bedroom

Coconut Grove Modern Home With Pool

 

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The Future Is Bright For Coconut Grove

Biscayne Bay

As a native of the Grove, I have always said that there is nowhere else in the world that I would rather live. And in case you don’t follow the news, things are only getting better around here.

There are several exciting new eateries and cafes coming to Coconut Grove. First, Panther Coffee announced that they were moving into a space on Main Highway (originally from Wynwood; Panther has a cult following and specializes in small batch roasting) , then Harry’s Pizzeria (by famed restaurateur Michael Schwartz of Michael’s Genuine Hospitality Group) announced it was moving into 2 spaces on McFarlane Road and most recently the news broke that Eating House will be coming to the glass house adjacent to Peacock Park.

Our bay-front parks have never been busier; whether it is Grovetoberfest (the largest craft beer festival in Florida), The Taste of The Grove or The Pumpkin Patch, you will find an event happening just about every weekend at Peacock Park.

The sailing regattas are getting larger every year and bringing in huge international crowds during the winter months.

Our local Ransom Everglades High School was just named the 2nd best overall private high-school in the nation by Niche Rankings (see details here).

And on a real estate note, we have two new ultra-luxury condo projects  going up on South Bayshore Drive (Grove at Grand Bay and Park Grove).  We also have new ownership of the commercial spaces in the downtown district who are bringing in great new tenants.  And investors are pouring money into the West Grove where – in addition to the rest of the Grove – home values are rising on a daily basis.

Although the changes are exciting, the beauty of the Grove is that we always remain true to our core.  We are still a small bay-front community made up of peacock loving, quirky residents who would do just about anything to save a tree.

 

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Another Townhouse Sold By The Riley Smith Group!

Coconut Avenue 1

We just closed on another townhouse in Coconut Grove!  2919 Coconut Avenue was a Mediterranean style tri-level townhome that offered 1,050 (1,236 per owner’s appraisal) square feet of living area and 2 bedrooms, 2.5 baths.  The unit sold for $355,000.

Coconut Avenue 2

Although inventory is extremely low right now, this sale is proof that it is still possible to get a great property in the Grove for under $400,000.  If you are interested in this price point, there are other similar opportunities currently on the market.

We have been the top selling Realtors in Coconut Grove for over 5 years and would love the opportunity to work with you.  Call today to schedule a no pressure buyer or seller consultation. Reach us at 305-342-1623 or by filling out a contact form here.

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New Record | Grovenor House Condo Sells For $8,600,000

Grovenor 1

Penthouse Unit 3001 at The Grovenor House in Coconut Grove has just closed for a whopping $8,600,000 or $1,233/square foot.  This is the highest sale price on record at The Grovenor House, and is the highest “sale price per square foot” for a condo sold anywhere in Coconut Grove.

Congratulations to Jeffrey Miller of Zilbert International Realty & Saddy Delgado of One Sothebys on the sale.

This unit offered 6,970 square feet of living space with 5 bedrooms, 7 baths.  Some of the special features included 36 X 36 Crema Marfil flooring, custom mosaic by SICIS, Snaidero kitchen, Miele appliances, bathroom fixtures by Sherle Wagner, lighting by Barovier & Tosso, 11ft ceilings and a private elevator entrance.

If you are interested in learning more about the Coconut Grove condo market, check out my recent post: Coconut Grove Condo Roundup.

Grovenor 2

As the #1 Top Producing Realtor in Coconut Grove for over 5 years, I know the market inside and out. If you are interested in buying or selling a home in Coconut Grove and would like to set up a no pressure consultation, please contact me on my cell at 305-342-1623 anytime.  

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Another Coconut Grove Home Sold By The Riley Smith Group!

SOLD

Our recent sale at 2769 SW 22nd Avenue is another good example of how far the market has come over the past few years.  We originally had the listing back in 2009 priced for $1,190,000.  A short period of time passed and the owners decided that they no longer wanted to sell and we took the listing off the market.

Fast forward to July of 2014 when they called and told me that they were ready to list the house again.  We performed an in-depth market analysis and agreed on a list price of $1,349,000 ($159,000 higher than our list price in 2009).  After a handful of showings we placed the house under contract in less than 30 days.  The house sold for $1,305,000 which is a nice increase in value in just 5 years!

Congratulations to our sellers and the new buyers of this great home!

As the #1 Top Producing Realtor in Coconut Grove for over 5 years, I know the market inside and out. If you are interested in buying or selling a home in Coconut Grove and would like to set up a no pressure consultation, please contact me on my cell at 305-342-1623 anytime.

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News Alert! 4 Grove Isle Renderings Released

Earlier this year Grove Isle announced its plans to demolish the hotel and build a fourth tower (or multiple smaller towers) on the island for new luxury residences, new club facilities as well as a new restaurant and spa.  There is some concern among residents that the expansion would create too much disruption and congestion.  Grove Isle states that their vision is “to restore the exclusivity of Grove Isle and to create a secure residential environment for the future.  We plan to replace the existing hotel with a contemporary building and to offer a very limited number of high-end residences.  Our goal is to return to the days when Grove Isle was a completely private island, thus adding both present and future value.  In addition, we are planning a new Grove Isle Club featuring all new dining, recreational, spa, and fitness facilities.”  The project will be designed by RTKL Associates Inc.

Below are some renderings of the club which were recently released to residents:

Picture of Four Grove Isle

Rendering of Four Grove Isle

Four Grove Isle

As the #1 Top Producing Realtor in Coconut Grove for over 5 years, I know the market inside and out. If you are interested in buying or selling a home in Coconut Grove and would like to set up a no pressure consultation, please contact me on my cell at 305-342-1623 anytime.

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Coconut Grove Condo Roundup

With less than 60 days to go before the end of 2014, I thought I would do a quick recap of how Coconut Grove’s condos have fared this year.  Check out the charts I have created below which show the number of condos currently for sale in each building, the number sold in 2014 as well as the average sale price/sq. ft. for each building (including percentage increase from last year).

The numbers below are pulled from the major condo buildings in Coconut Grove: The Grovenor House, Grove Hill Tower, Yacht Harbour, Grove Tower, Grove Isle, The Mutiny and The Sonesta.  You will notice how few condos in these buildings are currently on the market right now, and even worse is the number of sales over the past 10 months.  Combined, there are 32 for sale in Coconut Grove and there have been 61 sold this year.  Over the past 3 years we have seen an average of 90-100 condos in these buildings sell every  year.

A few things I would like to point out:

  • Grove Hill Tower fell in value from an average of $569/sq. ft. in 2013 to $508/sq. ft. in 2014.  After delving a little deeper into the numbers I found that there was an abnormal sale which drastically raised the average number in 2013 (Unit 2003 sold for over $800/sq. ft.). If you exclude that sale from the calculations, values actually rose this year in Grove Hill from $452/sq. ft. to $508/sq. ft.
  • You will notice that activity is very low in Yacht Harbour this year which is likely due to the major renovations that are going on in the building.  2014 would have not been a good time to list your condo for sale considering the amount of construction taking place.
  • The Sonesta has had the most sales in 2014, they also have the most inventory available.

Condo Chart 1

Condo Chart 2

Condo Chart 3

Percentage Increase/Decrease In Values From 2013 to 2014

Condo Chart 4

As the #1 Top Producing Realtor in Coconut Grove for over 5 years, I know the market inside and out. If you are interested in buying or selling a home in Coconut Grove and would like to set up a no pressure consultation, please contact me on my cell at 305-342-1623 anytime. 

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Yikes! This Coconut Grove Home Took 8 Years To Sell

Tigertail

I have been watching the progress of 2454 Tigertail Avenue ever since it hit the market back in 2006 for $2,250,000. The home was built in 2004 and offered 4,985 square feet of living space on a 7,500 square foot lot with 5 bedrooms, 5.5 baths. This was an extremely optimistic list price even back then. Over the next few years the owners had some price increases (up to $2,500,000) and price decreases, and even rented the property out for $9,000 per month for a short period of time. But I am happy to report that they finally closed on their home on October 31st for $1,450,000 ($290.00/sq. ft.).

This is the ultimate example of why you need to price your house correctly from the beginning.  After 8 years on the market, these sellers sold for $800,000 less than their initial list price. The house sat on the market for all those years and got stale in buyer’s eyes.  If they had priced it at $1,450,000 back in 2006 they would have sold it quickly.

Listing broker at the time of sale was Berkshire Hathway Realty.

As the #1 Top Producing Realtor in Coconut Grove for over 5 years, I know the market inside and out. If you are interested in buying or selling a home in Coconut Grove and would like to set up a no pressure consultation, please contact me on my cell at 305-342-1623 anytime. 

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Park Grove Is Selling Fast | Over 50% Reserved

Park Grove Pool

Park Grove is Coconut Grove’s newest luxury condo project going up on South Bayshore Drive.  Designed by OMA and Rem Koolhaas, Park Grove will consist of 3 striking towers located on 5.5 acres of land.  I have been over at the sales center many times this week with clients and I am more and more impressed by the project every time I go.

Here are some of my observations about Park Grove:

  • If you want a relaxed, understated yet luxurious vibe then you will love Park Grove.
  • The fact that 50% are already reserved is very impressive for a new project at this stage (and evidence that buyers see value here). Things are moving so fast that I have had clients lose out on units because they did not act quickly enough.
  • Although all of the units are fantastic, there is one type of unit in particular that is a great investment opportunity (contact me directly for more information about these units).

Some of the features and amenities of Park Grove include:

  • Designed by world renowned architect OMA – Rem Koolhass
  • Certified LEED Silver
  • Breathtaking bay and city views.
  • Rooftop pool with private cabanas
  • 24 hour concierge and valet
  • Lushly landscaped gardens by Enzo Enea
  • Wine cellar and wine lockers for residents
  • Library
  • Lounge
  • Indoor/Outdoor children’s play area
  • Dedicated penthouse pools
  • Large conference room
  • Business center
  • Bayview dining room for private events
  • Adult gaming room with billiards
  • Interiors designed by William Sofield
  • Italian cabinetry with glass doors and stone countertops
  • Sub Zero/Wolf Appliances
  • State of the art fitness center
  • Spa with personal treatment rooms
  • Men’s and Women’s locker rooms

If you would like to learn more about Park Grove, I would be happy to arrange a private presentation for you and give you my opinion on which units are the best investments.  I can be contacted anytime on my cell at 305-342-1623.

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The Riley Smith Group Welcomes Roque Castro!

Roque Web Photo

We have been extremely busy this year with over $65,000,000 in sales and 75 homes sold (including pending contracts) and expecting to grow those numbers in 2015. Although Coconut Grove will always be my home base, I have experienced agents on my team who can help you with your real estate needs in all areas of Miami, from Pinecrest to the Beaches.

Today I am pleased to announce that Roque Castro is the newest member of The Riley Smith Group!

Roque (Rocky) Castro brings with him a wealth of experience in all facets of the residential real estate industry. Prior to joining The Riley Smith Group, Roque worked as a team manager for a large lending institution overseeing a group of account executives, structuring mortgages, working on loan approvals and managing production.

His time spent in finance steered him toward a career in residential sales. Roque’s outgoing personality combined with an unparalleled commitment to service quickly placed him among the best and brightest Miami real estate agents. He was soon recruited by one of the top 3 Realtors in Miami-Dade County and worked on over 150 transactions for her team between 2010 and 2014. It is safe to say with that level of experience, Roque knows the challenges and solutions which can arise throughout the process of closing a deal.

Roque’s extensive knowledge in the business of residential real estate allows his clients to make smart and confident decisions. He is known in the industry to be diligent, energetic, straightforward and honest.

A Miami native, Roque is fluent in both English and Spanish and lives in Coral Gables with his wife and two children.

Read more about The Riley Smith Group here: TheRileySmithGroup.com

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