Coconut Grove’s Private Schools Attract Home Buyers

ransom everglades

Coconut Grove is home to two of the best private schools in South Florida – Ransom Everglades and Carrollton School Of The Sacred Heart.  These 2 schools attract many home buyers who currently live on Miami Beach, Key Biscayne, Pinecrest etc. and are tired of making the daily commute and fighting the traffic (which can be up to an hour!).  Ransom and Carrollton are situated right in the heart of the Grove’s residential district making it very easy for home buyers to find something close by.

For example, one of my Coconut Grove listings recently sold to a buyer who was living in Pinecrest but sending her children to Ransom Everglades.  She purchased a home just a few blocks away from Ransom and is now able to walk her kids to school every morning. It has changed her life!

We are also working with some wonderful buyers from Key Biscayne who’s children are in 5th grade at Key Biscayne Elementary. Since Key Biscayne does not have a middle or high school, they will be forced to make the drive over the bridge every day next year.  Hoping to get accepted to either Carrollton or Ransom, they are looking for a home in the Grove because they want a shorter commute and better quality of life.

There are many components to Coconut Grove’s stable real estate market but one factor is certainly that we have these two wonderful private schools which attract home buyers from around the city.

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. 

Interested in learning more about the Coconut Grove real estate market? Read our recent newsletter here!

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First Waterfront Sale Of The Year | 3542 Rockerman Road

Our waterfront listing located at 3542 Rockerman Road has just closed for $3,100,000. This is the first waterfront sale in Coconut Grove for 2015.  The home closed for $680.00/square foot which is the highest “sale price/square foot” figure the Grove has experienced in the past 4 months (for single family homes).  3542 Rockerman Road was on the market for less than 30 days before we placed it under contract.

This home had just been completely renovated with a sleek European style kitchen, stunning master suite, expansive covered terrace and summer kitchen.  It offered a private dock with direct ocean access (no bridges to the bay).   Details of the property include: 5 bedrooms, 5 baths, 4,558 square feet of living area, 7,200 square foot lot.

SMALL ROCKERMAN 2

Last year there were 6 waterfront homes sold in Coconut Grove.  These homes ranged in price from $1,730,000 to $5,950,000 ($432.00/sq. ft. to $944.00/sq. ft.). Waterfront homes vary drastically by price because some are located in gated communities vs. non-gated communities and some have direct bay views vs. canal views.

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. 

Interested in learning more about the Coconut Grove real estate market? Read our recent newsletter here!

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In Today’s Market Rookie Investors Should Beware

Because the market is so hot right now it seems that everyone (with or without experience) wants to buy properties to build, flip and/or renovate.  I can’t tell you how many times over the past few months I have seen rookie investors and builders pay top dollar for land or renovation projects that they will never be able to make a profit on. The market is very tricky right now, certain segments are selling quickly for top dollar while others are stagnant. You have to really know the ins and the outs of it all in order to make the best decision on what to buy and what to build.  People don’t realize how many factors come into play which can affect your bottom line.

A few ways to protect yourself are (1) Work with a top Realtor who has access to off-market properties – this way you won’t end up in a bidding war and paying more than you should for a property (2) Work with a top Realtor who can give you comparables and insight into what the end-product will sell for and (3) Work with a top Realtor who can advise you on the layouts/finishes/design/style that buyers want in today’s market so that you can spend your money wisely. See a common theme? :)

Although this is a good scenario for sellers (including many of my own), I feel bad that many of these inexperienced buyers may lose their shirt in the end.

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. 

Interested in learning more about the Coconut Grove real estate market? Read our recent newsletter here!

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2 Condos Just Sold At The Mutiny | The Riley Smith Group

the mutiny, coconut grove

Over the years we have sold many units at The Mutiny in Coconut Grove, representing both buyers and sellers. Just this week our team member Jessica Adams sold Unit 408 (representing the buyers) which offered 2 bedrooms, 2 baths with 980 square feet of living area for $325,000 as well as Unit 717 (representing the sellers) which offered 1 bedroom, 1 bath with 650 square feet of living area for $200,000.

The Mutiny is one of two condo-hotels in Coconut Grove and it is very desirable among buyers who are looking for an income generating property and/or a second home. Owning a condo here can be a very profitable investment for those who choose to take advantage of the hotel’s rental program. For example,, Unit 717 which we recently sold generated an annual revenue of $40,500 for the owners during 2014.

Another reason that the building is so popular is because  it offers great amenities for its residents and guests such as a heated pool, gym, spa/sauna, restaurant, valet parking and 24 hour concierge. It is also located in the heart of Coconut Grove, just steps from the cafes, shops, movie theater and bookstore.

If you are considering buying or selling at The Mutiny in Coconut Grove, please give us a call or fill out our contact form here.

Interested in learning more about the Coconut Grove real estate market? Read our recent newsletter here!

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Classic Coconut Grove Homes Still Get Top Dollar

Although prices for modern style architecture have skyrocketed over the past few years in Coconut Grove, buyers are still placing a high value on original, distinguished homes with character.  So far this year, the two highest sale prices in Coconut Grove occurred on homes that were built in 1919 and 1938.  It just goes to show that classic homes never go out of style. Buyers appreciate the unique architectural details that you may find in these homes such as original fireplaces, original woodwork, cathedral ceilings, Dade County pine floors, coral rock walls and more.

Below you will find details of the two iconic Coconut Grove homes mentioned above.

3782 Matheson Avenue | Built in 1919 | 4,270 Square Feet Of Living Area | 13,585 Square Foot Lot | 4 Bedrooms, 3.5 Baths | Sale Price: $2,265,000 ($530/square foot) | Listed by Skye Louis Realty Inc.

Original Coconut Grove Home

Classic Coconut Grove Home

3965 Leafy Way | Built in 1938 | Walter De Garmo Designed Estate | 3,443 Square Feet Of Living Area | 21,190 Square Foot Lot | 3 Bedrooms, 3.5 Baths | Sale Price: $2,120,000 ($615/square foot) | Listed by The Riley Smith Group

Leafy Way, 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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My Favorite Weekend Of The Year Is Here

President’s Day weekend is here and that means there is a lot to do in Miami over the next few days including the world’s largest art festival which is located right here in Coconut Grove. The Coconut Grove Arts Festival is a 3 day event celebrating the visual, culinary and performing arts.  The event showcases the works of 360 internationally recognized artists who are chosen from  1,300 applicants.  With over 130,000 people expected, our restaurants, cafes and shops are sure to be packed with visitors.  Because many of the roads are closed off and parking can be difficult, we usually take our bikes or walk into town.

Growing up in the Grove, I have great memories of coming to the Arts Festival with my family.  Now I get to give those memories to my own children as we walk the streets, talk to the artists and take in the art.

Hope to see you there!

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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Bay Heights Update | Values Rising But Few Homes On The Market

Samana Drive, Coconut Grove

A few years ago, all of the homes in Bay Heights (Coconut Grove’s northernmost neighborhood) were selling for a significant discount compared to the rest of the Grove.  Back then Bay Heights was mostly comprised of older homes that had not been updated.  Since the market has come back, we have seen more and more homes undergo renovation projects and even brand-new homes being constructed.  Last year, the sale of 84 Bay Heights Drive set a record for the highest “sale price/square foot” in the history of the community at $546.00/sq. ft. And just recently in 2015, the home at 50 Samana Drive closed for $435.00/square foot which is the second highest “sale price/square foot” on record.  Both of these homes were completely turn-key ready with great finishes.

Although many homes in Bay Heights still need major updating, there are currently no “fixer-uppers” on the market today (there are 2 homes listed for sale in Bay Heights, both are priced over $1 million).  With values rising like they have, you can bet that when one comes on the market in this section of Coconut Grove, investors will be clamoring to snap it up.

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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Home For Sale In De Garmo Estates | Just Listed By The Riley Smith Group

We have just listed a home in the sought-after gated community of De Garmo Estates in Coconut Grove.  De Garmo Estates dates back to the early 1900′s when iconic architect Walter C. De Garmo built his own personal residence on the property.  De Garmo was a Cornell graduate who moved to Coconut Grove in 1903.  He was the first registered architect in Miami and a protege of John Russell Pope who built the National Gallery Of Art and the Jefferson Memorial in Washington DC.  He is known in South Florida for his Mediterranean Revival style of architecture and his homes always boast open air loggias or courtyards.

In 1993, developers built 10 new construction homes within the walls of the DeGarmo estate.  It has since become a very private and exclusive community.  The new construction homes maintained the Mediterranean style that DeGarmo was famous for.  The property that we have just listed in De Garmo Estates is located at 3730 De Garmo Lane.  This magazine quality home has walls of windows which look out onto the lushly landscaped gardens.  Special features of the home include vaulted ceilings, a high-end custom kitchen with island and carrara marble counter-tops, and a luxurious master suite with sitting area and private balcony.  The french doors lead out to an expansive walled terrace and tranquil pool.

Details of 3730 De Garmo Lane, Coconut Grove:

  • 5 Bedrooms, 5 Full Baths, 1 Half Bath
  • 4,394 Square Feet Of Living Area
  • 11,036 Square Foot Lot
  • More Photos Here
  • List Price: $2,500,000

If you would like to schedule a showing of this home in De Garmo Estates, please contact 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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Great Opportunity | Least Expensive Home In South Coconut Grove!

Kumquat Avenue, Coconut Grove

We have just repriced our listing at 3983 Kumquat Avenue making it the least expensive home on the market in the South Grove! Now listed at $629,000, this charming bungalow is situated on a 7,200 square foot lot with lush tropical foliage in every direction including fruit trees such as mango, star and avocado.

3983 Kumquat Avenue offers an updated kitchen with wood cabinets and stainless steel appliances.  It also has a new roof, watering system and potential to add a pool. The property is completely enclosed and gated with plenty of room for guests. It is located close to the Grove village center’s many boutiques, cafes, bay front parks and art galleries.

This home is Coconut Grove living at its best!

Details of 3983 Kumquat Avenue:

  • 2 Bedrooms, 3 Baths
  • 1,159 Square Feet of Living Area
  • 7,200 Square Foot Lot
  • View More Photos Here
  • List Price: $629,000

Garden with Fluffy

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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2 Foreclosures Sold In Coconut Grove So Far In 2015

4191 Ingraham Highway

Ingraham 4

The first foreclosure sold in 2015 was located at 4191 Ingraham Highway in South Coconut Grove, see photos above.  The home was built in 2005 and offered 4 bedrooms, 5.5 baths with 3,786 square feet of living space on a 8,635 square foot lot.  It came on the market as a foreclosure for $1,445,000 in October of 2014 and closed for $1,249,500 or $330.00/square foot.  Over the past few years the home was rented for $6,500 per month.  Listing agent was Allisson James Estates and Homes.

The second foreclosure sold this year was located at 4086 El Prado Boulevard, also in South Coconut Grove.  The home came on the market in November of 2014 for $1,080,000 and was placed under contract in less than 30 days.  It offered 3,267 square feet of living space on a 5,871 square foot lot with 3 bedrooms, 3.5 baths.  The home closed for $1,060,000 or $324.00/square foot.  Listing agent was Benito Realty Group.

In general, foreclosures in Coconut Grove are trading for fair value.  Our market is extremely healthy and banks know that they don’t have to have a fire sale to get their properties sold.

Click here to view photos and information for Coconut Grove foreclosures currently on the 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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Coconut Grove Gated Communities

Coconut Grove Condos

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