Archive for August, 2008
Coconut Grove Condo Market Update
August 31st, 2008 categories: Condos
The Coconut Grove Condo information detailed in the below charts comes from the South East Florida MLS, between the dates of January 1, 2008 and August 31, 2008.
When you compare these figures with last year’s, it seems that the Grovenor House and the Ritz Carlton Residences have taken the biggest hit. The Grovenor House had 34 closed sales last year, and the Ritz Carlton Residences had 11. Although we are heading into the busiest time of the real estate market, I doubt that these condos will be able to recover these numbers by January. Grove Isle is currently outperforming the other condos in number of units sold. They will likely be the only condo in Coconut Grove to sell more units this year than last. Grove Isle had 16 closed sales in all of 2007, and will surely exceed their current number of 15 by the end of the year.
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Foreclosure on Battersea Road
August 29th, 2008 categories: New Listings in the Grove
This house went on the market yesterday. It is currently in foreclosure and located at 3580 Battersea Road, Coconut Grove, FL 33133.
It is a 3 bedroom, 3 bath home with 3,816 square feet living space on a 9,800 lot.
It needs quite a bit of updating on the interior.
Offering Price: $859,000.
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Site of new Grove Estates Development
August 28th, 2008 categories: Coconut Grove Real Estate
Here are some early morning pictures of the land that will be home to the new Grove Estates development in South Coconut Grove. Lately I’ve seen crews there getting the property ready, and clearing away debris.
Some of the homes are going to have great Bay views.
There is a beautiful canopy on the property which the developers were required to keep by the City.
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What is selling?
August 26th, 2008 categories: What is selling in Coconut Grove?
This house on 27th Lane in North Coconut Grove recently went under contract. It was a great buy for the money, and had a completely updated kitchen. After they reduced the price on August 5th from $429,000 to $399,000, they got an offer within days.
Details:
- 2345 SW 27 Lane
- 1,315 square feet
- 3 bedroom, 1 bath
Here are the other current pending sales in Coconut Grove as of today, August 26, 2008. An interesting thing to note, only 4 of these pending sales are over $1,000,000. The lower priced homes are really moving this month:
- 1828 Espanola Drive | List Price $650,000
- 1829 Espanola Drive | List Price: $3,450,000
- 4180 Poinciana Avenue| List Price: $899,000
- 3720 Kumquat Avenue | List Price: $428,000
- 3410 Poinciana Avenue | List Price: $4,990,000
- 3970 Kumquat Avenue | List Price: $259,000
- 3619 Bayview Road | List Price: $739,000
- 170 South Shore Drive | List Price: $849,000
- 4160 Bonita Avenue | List Price: $799,000
- 2828 Coacoochee Street | List Price: $1,399,000
- 1900 Tigertail Avenue | List Price: $580,000
- 2539 Lincoln Avenue | List Price: $499,000
- 2345 SW 27 Lane | List Price: $399,000
- 1750 South Bayshore Lane | List Price: $2,790,000
You may also be interested in reading: First Time Home Buyers get $7,500 Tax Credit
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Price Reductions
August 25th, 2008 categories: Coconut Grove Real Estate
I am always on the lookout for large price reductions on homes in Coconut Grove.
1. This house in The Moorings was recently reduced by $549,000 from $5,499,000 to $4,950,000.
3570 South Moorings Way | 8,142 square feet | 6 bedrooms, 8.5 baths | Wine Cellar | Billiard Room | 2 Laundry Rooms | Elevator | 21,000 square foot lot
2. This house in South Coconut Grove was reduced on August 1, 2008 by $1,299,000 from $2,499,000 to $1,200,000.
4040 Ventura Avenue | 2,816 square feet | 3 bedrooms, 3 baths | Smart House | 6,500 square foot lot
You may also be interested in: What is Selling in Coconut Grove Real Estate
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Another unit goes on the market at Residences at Vizcaya
August 23rd, 2008 categories: Condos
Residences at Vizcaya is the new boutique waterfront condo that is going up in North Coconut Grove. There are now 2 units on the market. Adding to the $6,800,000 unit that went on the market last month (Residences at Vizcaya | First Unit Goes On The Market) there is now a $3,800,000 unit for sale (4 bedroom, 5.5 bath, 4,380 square feet).
Residences at Viscaya will feature top of the line amenities and will set the standard for luxury in Coconut Grove. Featuring 7 boat slips, 1 common slip, concierge, valet, 24 hour security, two pools, gym, entertainment areas, infinity edge pools in each unit.
You may also be interested in: Ritz Carlton and Grovenor House | Luxury Condos in Coconut Grove
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Coconut Grove Foreclosure Market Analysis
August 22nd, 2008 categories: Coconut Grove Real Estate
Here are the most recent numbers regarding the Coconut Grove Foreclosure Market. This data comes from the SEF Multiple Listing Service between the dates of 1/1/08 to 8/22/08.
Current Coconut Grove Foreclosures
- Approximately 6 single family foreclosures currently on the market in Coconut Grove.
- Price Range: $2,700,000 to $179,900
- List Price/Square Foot Average: $280.00
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Sold in 2008 Coconut Grove Foreclosures
- Approximately 8 single family foreclosure homes sold in 2008
- Price Range: $1,000,000 to $375,000
- Sale Price/Square Foot Average: $228.00 (Average Sale Price/Square Foot of homes in Coconut Grove not in foreclosure is $286.00)
What do these numbers mean?
- Not all foreclosures are priced below market value.
- With only 6 on the market, and 8 sold in 2008, Coconut Grove is not seeing the rash of foreclosures that other areas in Miami have seen.
- Foreclosure properties will not cause Coconut Grove home values to drastically fall.
Other posts you may be interested in: Coconut Grove Real Estate Market Update
Search homes for sale in the MLS
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Featured Gated Community: Entrada Estates
August 21st, 2008 categories: Gated Communities
This beautiful, waterfront gated community is located off of Douglas Road in Coconut Grove’s south end. The community consists of three streets, Matheson Avenue, West Avenue and Stewart Avenue. Although these are public streets, they do have a guard gate at the entrance to the community. Several years ago the neighbors got together and formed an association which built a guard gate and paid for a roaming security guard. There is also a community tennis court.
There are currently 3 homes for sale in Entrada Estates, with all current prices being over $2,000,000. The last sale was in 2007 for $2,112,500 with 2,369 square feet, 3 bedrooms and 2.5 baths and included a boat dock. The sale price per square foot of this home was extremely high at $891.00 per square feet.
Current Homes for sale in Entrada Estates
- 3618 Matheson Avenue | $4,950,000 | 7 bedrooms, 7 baths | 4,185 square feet | Waterfront with Dock
- 3600 Stewart Avenue | $2,900,000 | 6 bedrooms, 4 baths | 3,600 square feet | 1/2 acre lot
- 3680 Stewart Avenue | $2,150,000 | 5 bedrooms, 5 baths | 4,570 square feet | 21,600 square foot lot
You might also be interested in other posts I’ve authored regarding Gated Communities in Coconut Grove.
Search the MLS for other properties in Coconut Grove.
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Save $5,000 a year by reading this post
August 20th, 2008 categories: Buying Real Estate in Coconut Grove
Not all home buyers are aware of it.
Not all Realtors mention it.
It’s called Portability. If you are selling your home and buying another in the state of Florida, you can keep some of the savings that you received on your homestead tax break and transfer it to your new home. One caveat…you MUST apply for it, the employees at the city of Miami-Dade won’t do it for you.
I just did the calculations for my clients who are selling and buying in Coconut Grove, and they will save $5,000 a year due to the Portability provision that went into effect for 2008. In other words, their taxes would have been $5,000 higher in the new home if it weren’t for this new law.
It is easy to calculate, just go to this Miami Dade County website, and simply enter in your old address and your new address to calculate the savings.
I don’t expect Portability to stick around for long, so take advantage of it while you can! Once you have it, they can’t take it away!
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Talk about Full Disclosure!
August 18th, 2008 categories: Coconut Grove Real Estate
The listing agent for this house put all his cards on the table when he put these pictures on the MLS! These are photos of a foreclosed property that just came on the market west of Coconut Grove in Silver Bluff.
I am always warning my clients that foreclosures are not all that they are cracked up to be. Many are in disrepair and need quite a bit of renovations. This is the perfect example. This 5 bedroom, 2 bath house listed at $198,000 is a great buy if you have a good handyman (or a bulldozer)!
2661 SW 25th Terrace, Miami, FL 33133
You may also be interested in this article: Great Foreclosure in Coconut Grove, or Foreclosue Property in Coconut Grove Gone In Seconds
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