Archive for November, 2008
Is your house for sale over the holidays? Here’s what NOT to do…
November 30th, 2008 categories: Coconut Grove Real Estate
I always get asked by my sellers if they can decorate their home over the holidays.
Images of Chevy Chase come to mind.
http://www.spike.com/video/2483049But nevetheless, the answer is yes. If you are seller, you can still decorate your house over the holidays. Just keep in mind the following warnings:
- Do not put out too many decorations that will clutter the house. I know, I know, most holiday decorations ARE clutter. But try to keep the countertops clear, the corners empty, and the Christmas tree small. A huge tree that takes up half the living room will not make a good impression on potential buyers.
- Do not display your holiday gifts anywhere. For one, it adds to the clutter. And two, it could lead to an unfortunate situation on a Sunday open house.
- Do not overdo it with too many fragrant candles. Buyers may be sensitve to certain smells so try to keep them to a minimum.
- Do not put up any inflatable yard decorations that rival those found in the Macy’s Day parade. Need I say more?
- Do not let your decorations remain around the house after the holidays. Once January rolls around, holiday decorations tend to look stale. Why not go ahead and pack up your decorations in some moving boxes. It’s never too soon to get a jump start on the packing.
To see all Coconut Grove homes and condos for sale, search the MLS here. No signup required and its free! You can also search for Coconut Grove foreclosures, short sales, percentage reductions in price, days on the market and homes for sale within a given school district.
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How Low Can You Go? Mortgage Interest Rates Drop Again
November 28th, 2008 categories: Coconut Grove Real Estate
Authored By Our Guest Contributor: James Venney
In the past 24 hours mortgage interest rates have moved lower, again by another .5% and are now standing at all time historic lows. Yesterday I wrote about getting “your ducks in a row” as economic indicators 
including treasury yields were foretelling of lower rates and it didn’t take long. The action taken by the Fed to inject another $800 billion into the financial markets is having a dramatic effect on the mortgage backed securities market and as a result all mortgage interest rates have dropped to new lows. If you are currently looking at homes for sale in any South Florida neighborhood you will be paying a significantly lower interest rate than you would have been paying this time last week.
Many current homeowners in South Florida who have “jumbo mortgages” are currently paying rates of 6.5% or greater and should seriously consider refinancing their mortgages. Currently interest rates on the 5/1 Jumbo ARM stand at 6.125% and are expected to move lower. 30 year fixed rates for conforming loan amounts (under $417,000) are currently at 5.25% and moving lower.
The smart money is buying and/or refi-ing now!
View this post in its original form by clicking here.
Authored By Our Guest Contributor: James Venney CMPS, CMA
Phone: (305) 960-2671
Email: james.r.venney@homesvclending.com
James Venney is a licensed mortgage broker and a State Certified Residential Appraiser. Currently, he is the top producing mortgage banker at Home Services Lending which is a joint venture with Warren Buffet’s Berkshire Hathaway and Wells Fargo Bank.
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Happy Thanksgiving To All
November 27th, 2008 categories: Coconut Grove Real Estate
Happy Thanksgiving to all of the Real Estate Coconut readers, family and friends.
Anyone roasting Peacock?
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Coconut Grove Condo Market Update
November 26th, 2008 categories: Condos
Here is a Coconut Grove Condo Update for all those snowbirds out there who are interested in buying a place here in the Grove.
- Grovenor House: 26 For Sale | 10 Closed Sales in 2008
- Ritz Carlton: 30 For Sale | 5 Closed Sales in 2008
- Grove Tower: 7 For Sale | 10 Closed Sales in 2008
- Grove Hill: 3 For Sale | 3 Closed Sales in 2008
- Yacht Harbour: 6 For Sale | 2 Closed Sales in 2008
In the above Coconut Grove condo buildings, there are no distressed condos on the market. As I went through all of these listings I found ZERO that were distressed. By distressed I mean either in foreclosure or a short sale. It almost seems unbelievable, I didn’t believe it myself and had to go back through to check. We are talking about 5 of Coconut Grove’s best condominum buildings, and none have units on the market that are short sales or foreclosures.
This could mean one of two things:
- Coconut Grove is a very stable market (something I’m always preaching).
- The foreclosures are getting snapped up within seconds of coming on the market (Very unlikely as I went through all of the above closed sales only 1 unit was a foreclosure sale).
I handle many relocations to Coconut Grove and if you are interested in moving to the area please contact me at (305) 342-1623 or send me a note here.
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Search for “Percentage Change” In Coconut Grove Home Prices
November 25th, 2008 categories: Buying Real Estate in Coconut Grove
On The Real Estate Coconut’s Property Home Search you can now search “percentage change” in list price. I think this is a pretty cool feature.
For example, today I searched for all single family homes/condos/townhouses in Coconut Grove that had a 25% reduction in price sometime in the last 14 days.
So get on my Property Search page and do your own searches. As you can see to the right, you can also search for homes according to number of days on the market (sometimes an indicator as to how motivated sellers are), properties in Coconut Grove that are in foreclosure, or even properties within a given school district.
Stay up to date with all the current Coconut Grove real estate facts, opinions and statistics by receiving my posts directly to your inbox, click here to subscribe.
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Achieving Inner Peace In A Down Real Estate Market
November 24th, 2008 categories: Coconut Grove Real Estate
I ran into Ivory Cooks this afternoon at Greenstreets, (for those of you who don’t know Ivory is a top agent at Coldwell Banker and the man who taught me all I know about real estate) and he passed along a funny email he received today.
This is a little off the real estate topic, but I figured we could all use a laugh these days.
Dr Phil proclaimed: “The way to achieve inner peace is to finish all the things you have started and have never finished”. So, I looked around my house to see all the things I started and hadn’t finished, and before leaving the house this morning, I finished off a bottle of Merlot, a bottle of Zinfandel, a bottle of Bailey’s Irish Cream, a bottle of Kahlua, a package of Oreos, the remainder of my old Prozac prescription, the rest of the cheesecake, some Doritos, and a box of chocolates. You have no idea how freaking good I feel right now. Please pass this to those whom you think might be in need of inner peace.
On another note, if you are looking to buy or sell real estate in the Coconut Grove area and want to contribute to MY inner peace, give me a call at (305) 342-1623 or email me at smith.r@ewm.com. Or search for Property in Coconut Grove here.
The above email originated from a post on the blog site “Lost In Wonder“.
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Recent Coconut Grove Closed Sales
November 22nd, 2008 categories: Coconut Grove Real Estate
Here is your Coconut Grove Real Estate update:
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4001 Hardie Avenue: 3/2 | List Price at Time of Sale: $799,000 | Sale Price: $660,000 | PPSF $372.00 | See my post on this house here.
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178 South Shore Drive: 4/3 | List Price at Time of Sale: $849,000 | Sale Price: $820,000 | PPSF $288.00
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4050 Battersea Road: 6/5 | List Price at Time of Sale: 3,200,000 | Sale Price: $2,575,000 | PPSF $434.00
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3362 Devon Road: 4/4 | List Price at Time of Sale: $1,199,000 | Sale Price: $1,170,000 | PPSF $339.00
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1794 Micanopy Avenue: 4/3 | List Price at Time of Sale: $1,249,000 | Sale Price: $1,217,000 | PPSF $418 | See my post on this house here – Are Peacocks Helping Coconut Grove Real Estate?
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Incredible Foreclosure Opportunity in Grove Garden
November 21st, 2008 categories: Coconut Grove Real Estate
This foreclosure condo in Grove Garden just went on the market yesterday and it is a steal.
Priced at $397,900 for a 2 bedroom, 2.5 bath unit with 1,580 square feet of living space. See pictures of this unit below.
How do you know this foreclosure is a good deal? Check out the only 2 closed sales in Grove Garden this year!
- Grove Garden | Unit 306 | 1,009 Square Feet | 1 Bedroom, 2 Bath | Closed Price: $420,000
- Grove Garden | Unit 406 | 1,009 Square Feet | 1 Bedroom, 2 Bath | Closed Price: $450,000
There are 9 units for sale in Grove Garden, the highest is priced at $1,999,999. Two of these 9 units are distressed properties (including the above mentioned unit).
If you are interested in this property please contact me at (305) 342-1623 or send me a note here.
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Coconut Grove Condo Owners – Read This!
November 20th, 2008 categories: Condos
Effective January 1, 2009, condo owners must present proof of hazard insurance.
History
In 2004, the Florida Condominium Act stated that condominium owners “shall” have hazard insurance on their individual units. This hazard insurance was in addition to the hazard insurance that covered the common area of a building paid for by the condo association.
The problem with the law was that it did not specify (1) Whether an owner could self insure, (2) A specific amount that was required, (3) Whether the association had the right to enforce the requirement and (4) Remedies or penalties of non-enforcement.
After several hurricanes it became apparent that people did not have the required coverage because many owners were unable to bring their damaged units up to habitable condition. This resulted in abandoned units and distressed sales contributing to the overall value of the condominium.
Now
The Florida Legislature has amended the law to require owners to provide proof of this insurance policy every year. Beginning January 1, 2009 if an owner fails to provide proof of hazard insurance on their unit the Condo Association may buy the insurance on their behalf and bill the cost to the condo owner. The new law also states that each policy must contain a “loss assessment” limit of at least $2,000.00.
You may also be interested in: Coconut Grove Condo Market Update, Best Balcony Award Goes To…
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Why didn’t I think of that?
November 19th, 2008 categories: Coconut Grove Real Estate
Last night, ABC News did a story about a California company that has really capitalized on all of the foreclosures around town.
They are spraying the brown lawns of foreclosed homes GREEN! It makes sense. Curb appeal is very important to buyers, and once a home goes into foreclosure it often begins to look run down and poorly maintained. The banks don’t want to spend the time or money to keep a house looking fresh, so this is a quick solution for them. You can watch the video here.
They use a water soluble, biodegradable product that turns the dead grass into beautiful green grass. The spray lasts 3 to 4 months, and takes a couple of hours to dry. The cost ranges from $200 to $300.
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