Archive for February, 2009
Reasons To Get An Appraisal Before Listing Your House
February 27th, 2009 categories: Coconut Grove Real Estate
Many people ask whether or not they should get an appraisal before listing their house to sell. Here are 3 good reasons why it can be a good idea:
- You are skeptical of Realtors, and want to know an unbiased opinion of what your house is worth.
- You will have an accurate square footage of your home which may not be reflected on the tax records.
- You will not spend time worrying about whether or not your house will “appraise” by the buyer’s bank because you will already have a rough idea of what number they will come up with.
Keep in mind, sometimes an appraiser is not completely familiar with the area which may result in an inaccurate figure.
I have also noticed that lately appraisals have been coming in slightly lower than what properties are selling for.
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So far, only 1 townhouse sold in 2009….
February 26th, 2009 categories: Townhouses
This townhouse on Orange Street is the only closed townhouse so far in 2009, it sold for $470,000. Shockingly, the sellers were asking over $800,000 back in 2005. The townhouse was new construction with 2,600 square feet of living space, 5 bedrooms, 3 baths and a garage. The neighbor next door paid $730,000 for the exact same townhouse in 2007.
The sale wasn’t technically a foreclosure or short sale, but there are rumors that the builder was under financial pressure to sell. Although an amazing deal, I do not believe that it is a true barometer of the townhouse market in Center Grove.
I do feel that Center Grove’s townhouse market is comparable to Miami’s condo crisis on a much smaller scale. There are so many on the market right now that the only way to make one stand out from another is price point. Because prices have dropped, I believe we will start to see a dramatic increase in the number of townhouses selling in the near future. Many of the 2 bedrooms, and perhaps some of the 3 bedrooms will soon be under the $417,000 Jumbo Loan Limit. The benefit for staying under a loan price of $417,000 is that you have a much better interest rate, options with many more banks, and you are not required to put a 30% down payment (a new change in the loan criteria for Jumbo Loans).
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A Stable Condo In Unsure Times | Yacht Harbor
February 25th, 2009 categories: Condos
Yacht Harbor continues to be one of the best buildings to live in here in Coconut Grove. For those who are nervous about buying a condo in this market you can rest assured that Yacht Harbor is as solid as they come. The residents have owned for many years, the association is in good standing and sales last year were steady.
There are no forelcosures or short sales currently on the market in Yacht Harbor which adds to the building’s stability. There are 6 units for sale ranging in price from $725,000 to $325,000 with an average list price per square foot of $292.00.
One unit has closed in 2009 for $680,000. It was a 2 bedroom, 2 bath unit with 2,387 of living area and direct Bay Views.
Click here to read more about Yacht Harbor.
Click here to read other posts about Coconut Grove Condos.
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The Moorings | Interesting Opportunity
February 24th, 2009 categories: Gated Communities
Amy Sussman, a realtor of EWM and a friend of mine gave me a tour of this new listing in The Moorings yesterday. The owners of this partly completed custom home have decided not to continue construction in the current economic environment and instead put it on the market as is. As you will see from the pictures, the home is a shell which gives someone the ability to come and put their own finishing touches on. Amy said that the architect would finish the home to “suit the buyer”.
After touring the property, I have to say that this home has unbelievable potential. The design is grand living with many large open spaces downstairs. Some of the unique features are a grotto that flows through the downstairs portion of the guest house, his/her offices, wine cellar, wet bar, stunning vaulted kitchen and breakfast room and summer kitchen.
Details:
- 5 Bedrooms, 4 Baths, 3 Half Baths
- 6,046 Square Feet Living Area
- 12,454 Square Foot Lot
- Asking Price: $2,795,000
The Moorings is a private gated community in South Coconut Grove with a 24 hour security guard. If you are interested in touring this property I would be happy to arrange an appointment for you. Please just give me a call at 305.342.1623 or send me a note here.
Click here to read other posts about Coconut Grove’s Gated Communities.
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Where the action is….
February 23rd, 2009 categories: Coconut Grove Market Conditions
After talking to other agents around the Grove, it seems that everyone agrees the most active market in terms of “lookers” right now is in the under $700,000 price range.
Click here to see what single family homes you can buy in Coconut Grove for under $700,000.
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Green Space vs. McMansion
February 21st, 2009 categories: Coconut Grove Real Estate
Ever drive down Loquat Avenue and see this nice empty lot? The neighbor next door purchased the land awhile back to keep developers from building a McMansion on the property. Now instead of suffering through a year of construction and looking at a house 5 feet from their property line – these homeowners now have their own private park. If only everyone had the means to beat the developers at their own game.
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Out This Weekend? Come By My Coconut Grove Open Houses
February 20th, 2009 categories: Coconut Grove Real Estate
I am holding four of my listings open this Sunday, February 22. Stop in to say hello and see some of the Grove’s finest real estate. Since I cannot be in 4 places at once, I’ll be at the Barbarossa open house from 2 -4, and my associates will be at the other 3.
4054 Barbarossa Avenue | OPEN Sunday 2:00 pm to 4:00 pm
4,600 Sq. Ft. Living Area | 7,919 Sq. Ft. Lot | 5 Beds, 5 Baths
List Price: $1,550,000 - Picture Below
4070 Matheson Avenue | OPEN Sunday 2:00 pm – 4:00 pm
1,654 Sq. Ft. Living Area | 6,480 Sq. Ft. Lot | 3 Beds, 2 Baths
List Price: $695,000 – Picture Below
79 West Shore Drive | OPEN Sunday 1::00 pm – 3:00 pm
3,500 Sq. Ft. Living Area | 11,190 Sq. Ft. Lot | 3 Bed, 3 Bath
List Price: $995,000 – Picture Below
3201 McDonald Street | OPEN Sunday 11:30 pm to 1:30 pm
1,295 Sq. Ft. Living Area | 2 Beds, 2.5 Baths
List Price: $415,000 – Picture Below
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The Coconut Was Hijacked!
February 20th, 2009 categories: Coconut Grove Real Estate
I apologize to all those readers who came on this morning and saw a post about Aventura Real Estate. No, I have not decided to leave Coconut Grove and move my business up North. Our website simply got hijacked by another realtor. Well, not exactly. It really just happened because we share hosting companies, and the post went up by accident.
I deleted the post. Not that it was a bad post – it just didn’t have anything to do with Coconut Grove Real Estate. If you want to, you can read it here.
Hopefully this won’t happen again. We are looking into the matter.
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Coconut Grove 2009 Condo Update
February 18th, 2009 categories: Condos
The condo market has been surprisingly busy this year in Coconut Grove. We have had 10 closed sales to date and there are 9 pending sales.
Coconut Grove Condos Sold in 2009
|
Building |
List Price | Sale Price | Bds/Bths | Foreclosure |
| Ritz Carlton | $1,400,000 | $1,130,000 | 3/3.5 | No |
| Grove Isle | $1,199,000 | $950,000 | 3/2.5 | No |
| Grove Isle | $499,900 | $475,000 | 2/2 | Yes |
| Grovenor House | $795,000 | $670,000 | 2/2.5 | No |
| The Mutiny | $658,000 | $595,000 | 2/2.5 | No |
| The Mutiny | $199,000 | $155,000 | 1/1 | No |
| The Mutiny | $165,000 | $140,000 | 1/1 | No |
| Grove Garden | $397,900 | $380,000 | 2/2.5 | Yes |
| The Sonesta | $285,000 | $252,500 | 1/2 | No |
| South 27 | $225,000 | $165,000 | 1/1 | No |
You may also be interested in: Grovenor House Market Update, Ritz Carlton Market Update
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Contemporary Style Foreclosure in South Coconut Grove
February 17th, 2009 categories: New Listings in the Grove
|
February, 2009 |
List Price | $629,000 |
| May, 2007 | List Price | $1,450,000 |
| October, 2006 | Sale Price | $1,100,000 |
| September, 2004 | Sale Price | $733,000 |
| November, 2002 | Sale Price | $565,000 |
| February, 2000 | Sale Price | $360,000 |
I have seen the interior and the home does require moderate to significant repairs, probably in the range of $100k to $200k worth of work.
If you are interested in seeing this home please send me a note here, or give me a call at 305.342.1623. I have handled many foreclosures for my clients and would be happy to help you.
You may also be interested in other Coconut Grove Foreclosure information.
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