New Waterfront Modern Home Hits The Market

Modern Waterfront Home In Coconut Grove

Having just sold our contemporary waterfront listing on Rockerman Road for $3,100,000 in 2 weeks, I know that the market is hot for MODERN + WATERFRONT homes in Coconut Grove.

That is why I have no doubt that the new listing located at 1785 Fairhaven Place will also sell fast.  This home offers walls of glass, great entertaining areas, rooftop terrace, beautiful pool, 5 car garage and 50 feet of water frontage with no bridges to the bay.

For more information and details on this listing see more photos below!

1785 FAIRHAVEN PL, Miami, FL 33133 (MLS # A2094015)

(all data current as of 3/31/2015)
Price $3,950,000
Beds 4
Baths 3 full, 1 half
Home size 5,165 sq ft
Lot Size 6,250 sqft
Days on Market 1
Unique & unmatched stunning waterfront!Rare opportunity to live & own work of art in Coconut Grove.Incredible home occupies niche of Miami-direct access to Bay.Distinctive architectural design with high-end details &finishe.Walls of windows and volume ceilings.Sleek and spectacular living room with courtyard vistas.Gourmet kichen leads to familyrm.first floor game room, guest room.Private quarter for luxurious bedrooms. Roof-top deck with grand Miami skyline view. Patio/pool.Boat dock plus 5-car garage!

Property Type(s): Single Family

Last Updated 3/31/2015 Tract FAIRHAVEN
Year Built 1993 Community n/a
Garage Spaces 5.0 County Miami-Dade County
Total Parking 5

Listing information deemed reliable but not guaranteed. Read full disclaimer.

Listed with Avatar Real Estate Services

(view all details for MLS #A2094015)

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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3030 Bird Avenue Sells For $517,000 | Another Townhouse Sold!

3030 bird ave 3

Congratulations to our sellers who recently closed on their townhouse located at 3030 Bird Avenue.  This was a very unique townhouse because it was free-standing and felt very much like a single family home.  It had a California contemporary feel with light filled living spaces, vaulted wood beamed ceilings and a floating staircase.  It offered an open floor plan with formal living, dining and family room.  The custom kitchen had granite counter-tops, stainless steel appliances and an island snack bar.  The master bedroom had walls of windows and a private balcony.  3030 Bird Avenue offered 3 bedrooms, 3.5 baths with 2,024 square feet of living area and closed for $517,000.

3030  BIRD EXTRA

If you are interested in buying or selling a townhouse in Coconut Grove please contact us.  Our team sold the most number of townhouses in Center Grove during 2014 and know the market inside and out.  We can be reached anytime at 305-342-1623 or you can send us a message here.

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Why Buying A Condo At The Sonesta Is A Great Investment

Pool at the sonesta

If you are considering a second home or investment property in Coconut Grove then you might want to look into buying a condo at The Sonesta.

Why The Sonesta?  Because the numbers make sense.  Values have increased at The Sonesta every year since 2011. Back then condos were selling at an average “sale price/square foot” of $374.00, and today they are trading for an average of $521.00/sq. ft.  Every year there are 20-25 sales which shows that the building is in high demand and that buyers continue to see value here.  Lastly, you can place your unit in the hotel’s rental program while you are not using it and earn additional revenue.

Aside from the stats, The Sonesta is a great place to live full time or part time.  It is in a prime location right in the heart of downtown Coconut Grove.  It has spectacular views of Sailboat Bay, Biscayne Bay and across to Key Biscayne.  The amenities are fantastic with concierge, valet parking, rooftop pool with water views, 2 restaurants, room service, bell service, squash courts and fitness center.

Prices currently start at $275,000.

Click here to scroll through condos for sale at The Sonesta.

The Sonesta Coconut Grove Condos Sold

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 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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