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Archive for January, 2009

Update on Opechee

January 30th, 2009 categories: Coconut Grove Real Estate

Just an update on the property I wrote about on Wednesday at 1835 Opechee.  I know that it has 1 official contract and have heard that there are several others waiting in line.

I was in the house yesterday and the property consists of 1 main house, 1 guest house, and a detached 2 car garage.  The property needs approximately $200,000 worth of updating.  But once completed, the new owners will have a beautiful old school mansion with a lot of character, and a second guest house perfect for in-laws or renting out.  The property is on a 14,000+ square foot lot and located in a great part of Coconut Grove.  My guess is that the final selling price will be above the banks asking price (which was $625,000).

I feel that this has been the best foreclosure opportunity so far in Coconut Grove.  Although there has been an increase in foreclosures coming on the market here, it is a positive sign that they are still being bought up quickly and not sitting on the market for too long.

Spoken by Riley Smith | Discussion: 1 Comment »

No wonder Lehman Brothers failed….

January 28th, 2009 categories: Coconut Grove Real Estate

It was truly in the cards for Lehman Brothers.  Back in 2006, just on the cusp of the real estate meltdown, Lehman Brothers approved the loan for this property located at 1835 Opechee Drive in North Coconut Grove. 

If you look back at the property history, you will see that in 2004 the house sold for $850,000 which at the time was a very appropriate price.  It came back on the market in February 2006, the asking price was $1,690,000, way out of line with other houses in the area. 

Mysteriously, the contract was cancelled 2 months later with the Realtor and the house was sold for $2,850,000 on May of 2006 without any Realtor participation.  Lehman Brothers wrote a mortgage of $1,852,000 on this property which again, was unbelievable. 

Today, two and half years later, after an extensive foreclosure process, Lehman Brothers has put the house on the market for $625,000.  This was one of the biggest examples of mortgage fraud I have seen in Coconut Grove.  The house itself, has 3,400 square feet of living space, on a 14,000 square foot lot, with 7 bedrooms and 5 baths.  It was built in 1930 and its current condition needs alot of updating.  The location is hard to beat, as this is on a quiet street in the North Grove.

I have handled many foreclosures recently for my clients, if you are interested in seeing this property, please feel free to contact me.

Spoken by Riley Smith | Discussion: 1 Comment »

Lucaya Street or Key West?

January 28th, 2009 categories: Coconut Grove Real Estate

I am sitting at a new listing that just came on the market at 3071 Lucaya Street.  Our office decided to have its regular Wednesday meeting here as a way to get the agents out to see the property.  It is an older Key West style home that has been completely updated with all of the bells and whistles. 

The home sits high on the Coconut Grove ridge and if you really try, you can feel the ocean breeze coming in the windows.  It features many french doors that open onto a beautiful wrap around porch, a metal roof, vaulted ceilings and an oversized 2 car garage.

Details:

FYI: Come back to The Real Estate Coconut later today to read about an interesting foreclosure in the North Grove!

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More Qualify For Loans Through Private Mortgage Banking

January 27th, 2009 categories: Coconut Grove Real Estate

Written by our Guest Contributor, James Venney:

Success certainly has its privileges, one of which is Private Mortgage Banking. 

I am in the twin cities of Minneapolis / St. Paul (yes, it’s freezing…why don’t they hold these events in Hawaii?) attending a Private Mortgage Bankers conference and I realized that most homeowners and Real Estate professionals in the Miami area are not aware of what Private Mortgage Banking can do for them.

As Private Mortgage Bankers we have more flexibility in how we interpret income and tax returns particularly for business owners or professionals that have significant bonus and/or commission income.  Many times by looking at income from a cash flow perspective we are able to secure an approval for an applicant that would not otherwise qualify under standard mortgage underwriting guidelines.  Additionally we can use dissipation of assets techniques that are not available to regular mortgage bankers and can offer access very attractive portfolio loans through our wealth management group to those individuals who establish significant deposit relationships. 

In short Private Mortgage Banking is intended to deliver a concierge level of service to those of you that have achieved a certain level of success in your financial lives.  If you or your clients are looking for unique solutions for the purchase of a luxury home in Miami or surrounding areas please feel free to contact me to discuss how Private Mortgage Banking can help.

View more from James Venney by visiting his blog, Juicy Estates.

James is the top producing Private Mortgage Banker in the South East with an Affiliate of Wells Fargo.  He is a licensed mortgage broker, certified mortgage planner, and a State Certified Residential Appraiser.

Spoken by James. Venney | Discussion: No Comments »

Grovenor House Market Update

January 26th, 2009 categories: Condos

The Grovenor House is certainly the most luxurious (and expensive) condominium in Coconut Grove.  With its nautical style, I like to tell clients that you feel as if you have walked onboard a mega yacht. 

 

There are currently 30 units for sale at the Grovenor House ranging in price from $18,700,000 to $600,000 (a short sale unit is available, see below).   Last year, there were 12 sales at the Grovenor House.  Of those sales, 9 had Bay views and 3 had City views.

2008 to Present: Grovenor House Market Update

Closed Sales – Water/Bay Views

 

Closed Sales – City Views
Short Sales and Foreclosures in the Grovenor House

There are no foreclosures currently on the market in the Grovenor House.  There is 1 unit that is a short sale, priced at $600,000.  This is a 2 bedroom, 2 bath unit with 1,595 square feet with City views.  The listing agent has not put any photos online, but as long as the unit is in decent condition this would be an unbelievable value.  Even if you bought the unit for full price, $376.00 per square foot is unheard of for a condo at the Grovenor House. None of the closed sales in 2008 were short sales or foreclosures.  The above unit would be the first.

If you are interested in seeing the above short sale or any other units at the Grovenor House please call me at (305) 342-1623 or send me a note here.

You may also be interested in: More Grovenor House Details, Ritz Carlton Residences Market Update, There Is No Room For Condo Vultures in Coconut Grove

Spoken by Riley Smith | Discussion: 1 Comment »

New Listing | New Construction in South Grove

January 24th, 2009 categories: Coconut Grove Real Estate, New Listings in the Grove

Over the past year developers have put a hold on speculating here in the Grove.  It is likely that we will not see any more new construction homes being built in Coconut Grove until the market turns around.  There are only a handful of them left on the market.

On that note, I just listed this home located at 4054 Barbarossa Avenue which I believe is the best new construction home in the South Grove.  The developer on this unit did not cut any corners on the finishes and everything is extremely well done.  The floor plan is comfortable and open.  The home features a pool, impact resistant windows, marble and wood floors, balconies, 2 car garage, 5 bedrooms, 5.5 baths, 4,600 square feet of living area on a 7,919 square foot lot.  Listed at $1,550,000 this is a rare opportunity to buy a brand new construction home for the same price per square foot as many of the older surrounding homes.

Located just steps from Merrie Christmas Park and minutes from South Miami and Coral Gables this is the perfect home for those who have an eye for luxury and are seeking a nice, quiet place to live in Coconut Grove.

If you are interested in seeing this home, or other Coconut Grove real estate, please call at (305) 342-1623 or email me here.

Spoken by Riley Smith | Discussion: No Comments »

What does My Blog have in common with the White House Blog?

January 22nd, 2009 categories: Coconut Grove Real Estate

On Tuesday afternoon at 12:01 pm, the Obama/Biden Administration launched the “White House Blog“. 

The first post titled,  ”Change Has Come to WhiteHouse.gov” states that the blog will focus its efforts on Communication, Transparency and Participation.

Those are exactly the same goals that I hope to achieve here on The Real Estate Coconut.

Communication: Buyers and sellers crave information.  They want to know what is selling, what is on the market, what the latest statistics are….anything that can give them an indication of what and when to buy or sell.  That is the service that I provide and it is unmatched anywhere else in Coconut Grove.

Transparency: Another reason I like to blog is that my readers get to know a personal side to me.  When I get a call from a potential buyer or seller they are already at ease with me.  They know who I am, what I think, and how I do business.

Participation: There is nothing that I enjoy more than getting emails from my readers about questions, observations and comments regarding Coconut Grove real estate.

Coconut Grove real estate is my life, my passion, and I am lucky to love what I do for a living. I hope that all of this comes through to my readers.

Spoken by Riley Smith | Discussion: 1 Comment »

Best Value In Gated Community – $284.00 Per Square Foot

January 21st, 2009 categories: Coconut Grove Real Estate

I recently wrote a post about the real estate market in Coconut Grove’s gated communities.  If you will recall, the average asking “price per square foot” in these neighborhoods ranged anywhere from the mid $300’s all the way up to $800 per square foot. 

A home in Ye Little Wood just came back on the market at an incredible $284.00 per square foot.  This is an unheard of “price per square foot” and an incredible value for a home in a gated community. 

I have been in the home several times, and although it needs some updating, the potential here is unbelievable.  The garden surrounding the home is full of gorgeous landscaping and makes you feel as if you are a million miles away from the City.  This home also features a 3 car garage and a special back entrance onto the corner of Kiora and Braganza that other homes in Ye Little Wood do not have. 

If you are interested in seeing this home, give me a call at (305) 342-1623, or send me a note here.

The home features:

Spoken by Riley Smith | Discussion: No Comments »

Contemporary Home For Sale Designed By Max Strang

January 21st, 2009 categories: New Listings in the Grove

I visited a great home this morning on my regular Wednesday Broker’s Open house tour.  This home is listed by Jo-Ann Forster and is located at 3960 Utopia Court.  The house was designed by Max Strang a local Coconut Grove architect and features floor to ceiling glass, sleek lines and open spaces.   He has truly “brought the outdoors in” with this masterpiece.

As you can see from the pictures, it is one of a kind. 

Details:

If you are interested in seeing this home, please feel free to call me at (305) 342-1623, or contact me here.

Spoken by Riley Smith | Discussion: No Comments »

Falling Numbers in Grove Townhouse Market

January 20th, 2009 categories: Coconut Grove Market Conditions, Condos, Townhouses

I found a surprising number as I was looking at some statistics for a client.  By the end of 2008, the list price to sale price ratio for townhouses and condos in 33133 fell to 82%.  This is a significant drop because for two years prior the number was in the 90-96% range.

What does an 82% list price to sale price ratio mean? If a property is listed at $500,000, it is selling at $410,000.  Or a property that is listed at $400,000 is selling at $328,000.  I believe it is indicative of sellers getting desperate and an over-supply of these properties on the market.

To stay updated with the latest Coconut Grove real estate news and statistics receive my blog posts directly to your inbox by subscribing here.

You may also be interested in: Coconut Grove Townhouse Market, French Village – Will Go Fast

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