Archive for April, 2009
Ramblings From A Sick Realtor
April 15th, 2009 | categories: Coconut Grove Real Estate
I am sick and I have a headache…so here are just a few quick updates on Coconut Grove real estate today.
In South Grove… I was out looking at Broker’s Open houses this morning and I went in into a beautiful new listing located at 4131 Raynolds Avenue (pictures above). It is in perfect condition and has one of the nicest guest houses in town. The interior living space is 3,164 square feet and it is located on a 7,000 square foot lot. With 4 bedrooms and 3.5 baths this is a great house if you are looking for something that is totally updated and charming. Carole Smith of EWM Realtors has this listing priced at $979,000. Call me if you want to see it.
In Center Grove…. A foreclosed townhouse went pending in less than a week. I showed the townhouse to a client the day it came on the market and it was in surprisingly good condition. The townhouse was located at 3057 Virginia Street. The townhouse was priced at $254,900 (it sold back in 2005 for $435,000). Rumor has it that there were several offers on the property and I will not be surprised if it closes above asking price. It had 1,423 square feet of living space with 2 bedrooms/2 baths upstairs and a bathroom downstairs. As I have said many many times on this blog, when a well priced foreclosure comes on the market in Coconut Grove it goes fast.
On a lighter note… A few nights ago I visited Calamari, the restaraunt that just opened up in the bottom of Grove Garden (across the street from my office). I found the meal and atmosphere to be great, well priced, and a wonderful addition to Coconut Grove. For those of you who faithfully read my blog, I mentioned Calamari in a recent post about Grove Garden. I think the restaraunt will certainly have a positive impact on the property values there.
Off to bed.
Recent Pending Sales in Coconut Grove
April 14th, 2009 | categories: Coconut Grove Real Estate
My listing at 3625 Coacoochee Street in North Coconut Grove went under contract yesterday. I had the home listed for 4 months and it was priced at $875,000. It was a 3 bedroom, 2.5 bath contemporary style home with 2,898 square feet of living space , a pool and a garage.
Tony Scornavacca’s listing on Poinciana Avenue also recently went under contract. I wrote about it here a few weeks ago. When he got the listing, I thought the price was perfect for a quick sale. I guess I was right. It is refreshing to see a perfectly priced home in this market. Way to go Tony.
A Foreclosure On Your Street….
April 13th, 2009 | categories: Coconut Grove Real Estate
When does a foreclosure hurt the value of your home the most? It hurts the most when an “identical” property to yours comes on the market. Here in Coconut Grove, we don’t see identical properties so much in the single family home market. But we certainly see them in the townhouse and condo market.
For the most part in Coconut Grove, realtors and appraisers do not use foreclosure prices in their market analysis of a home. We take recent sales of similar homes in your neighborhood that are non-distressed sales to get a true value of your home. That being said, buyers are smart these days and your home is only worth what someone will pay for it – if a buyer knows that an identical property to yours has come on the market at a much lower price they will certainly buy the cheaper unit (regardless of what the realtor or appraiser says).
Shameless
April 12th, 2009 | categories: Coconut Grove Real Estate
Looking for a property in Coconut Grove with plenty of land for Easter Egg Hunts??
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Setbacks When Buying A Foreclosed Townhouse In Coconut Grove | Proceed With Caution
April 10th, 2009 | categories: Coconut Grove Townhouses
There is a new trend developing in the townhouse market here in Coconut Grove and it can happen just days before the buyer is ready to close. If a buyer is purchasing a townhouse that is currently in foreclosure, he/she may not be able to obtain the condo documents for the association which can result in the lender not providing funds just days before the closing. Yes, I said condo documents for a townhouse. 
A little history. Back when development was booming in the Center and West Grove, builders were buying lots that they could split in half and put 2 townhouses on. They then formed a condo association with the two townhouses, filed the association with the county and created condo documents. Why did they create a condo association for only 2 townhouses? For one, it is easier for insurance purposes but also because they share a common roof, common wall and perhaps some common grounds.
Here is the problem. Typically, the condo docs are passed from seller to buyer prior to closing but if the owners have vanished and both the townhouses are in foreclosure nobody can get their hands on them. If the lending bank does not see a copy of these documents or receive an estoppel letter that explains the association’s financial strength then they will not release the funds.
After hearing several stories of townhouse deals falling apart because of this, I did a little research and found that all condo docs over the past few years must be registered with Miami Dade County and can be found at www.miamidade.gov in the recorded document division. Perhaps the buyers and their agents were not aware of this or perhaps the association was registered before this requirement was put into place.
On a similar note, there is a new Fannie Mae guideline that went into affect 30 days ago that requires the condo association to be no more than 15% in arrears. If both townhouses are in foreclosure you can bet that neither has been making payments to the association. Therefore, the buyer of the foreclosure will not be eligible for Fannie Mae loans. The option would be to get a conventional loan but that requires at least 30% down at this time.
New Hope For Grove Garden
April 8th, 2009 | categories: Coconut Grove Condos, Coconut Grove Real Estate
Grove Garden is located right across the street from my EWM office in Coconut Grove. I watched the building go up back in 2005/2006 and I have painfully watched its demise. The building was touted as a boutique condo building offering only the finest in finishes and luxury but the units are now selling well below their expected value. I have seen many of the units in here, and they are certainly well built with high end finishes. So if they are so great, then why, 3 years later are units in here selling in the $400,000 to $800,000 range when they were expected to be valued hundreds of thousands more?
The answer comes down to a few simple reasons:
1) Timing. Right when the units came on the market the real estate market tanked. This part is not rocket science. Many of the people who bought in Grove Garden were investors looking to make a quick flip. When the real estate market headed South, they had to dump the condos at whatever price buyers were willing to pay. Since many of the units came on the market all at once they were all instantly de-valued by these low asking prices. And it has been a vicious cycle since then.
2) Storefronts. Losing Cefalo’s and Sammy C’s gave a bad feeling to the joint. Jimmy Cefalo tried his hardest at opening up what was to be the premiere Italian restaurant in the Grove, an authentic Italian Market and a swanky wine bar in the bottom retail space of Grove Garden. It was a difficult task to undertake and in the end the costs were too high and the customers didn’t show. Then Sammy C’s opened up to replace them and history repeated itself. I really feel that these failed businesses gave the building a negative energy that buyers picked up on. You can sure bet that if a Houston’s was down there with their lively crowd it would give a “happening” vibe to the building which would certainly attract people and possibly buyers.
With all of these issues I feel that there is still hope for Grove Garden. First and foremost, a recovering economy will help to stabilize values here and eventually raise them. Second the building will get help from the opening of the new restaraunt Calamari. Calamari comes to us from the same person who owns Villagio and Carpaccio among many other very successful establishments. If his past restaurants are any indication, Calamari will be here to stay and the “vacant” feeling that hangs over Grove Garden will soon be gone (along with the very low prices).
Inexpensive 2 Bedroom Condos In Coconut Grove
April 8th, 2009 | categories: Coconut Grove Condos
I was out with some clients recently who were looking to get a good deal on a condo in Coconut Grove. Below are the least expensive 2 bedroom condos in the following buildings:
Harbour Hill Condos | $300,000 | 795 square feet | 2 bed/2 bath | Penthouse Unit | Water Views
The Mutiny | $349,000 | 980 square feet | 2 bed/2 bath | No Water Views
Grove Isle | $350,000 | 1,642 square feet | 2 bed/2 bath | Indirect Water Views
Grove Towers | $425,000 | 1,142 square feet | 2 bed/2 bath | Indirect Water Views
The Coconut Grove Bayshore (across from Monty’s) | $519,000 | 1,805 sq. ft. | 2 bed/2 bath | Direct Water Views
Grovenor House | $650,000 | 1,595 sq. ft. | 2 bed/2.5 bath | Short Sale | No Water Views
Yacht Harbor | $725,000 | 2,407 sq. ft. | 2 bed/2 bath | No Water Views
Grove Hill Tower | $750,000 | 1,190 sq. ft. | 2 bed/2.5 bath | Direct Water Views
In my opinion, the units that stand out as potential for great buys are Grove Isle for $350,000 and The Grovenor House for $650,000.
The information below is courtesy of the SEF Multiple Listing Service and is deemed reliable but not guaranteed.
Rarely On The Market
April 7th, 2009 | categories: Coconut Grove Gated Communities, New Listings in the Grove
These two beautiful homes came on the market last week in two of Coconut Grove’s most exclusive gated communities, Hughes Cove and Treasure Trove.
3303 Devon Road, Hughes Cove
The first is located at 3303 Devon Road in Hughes Cove. Hughes Cove is THE ultimate community for luxury and privacy (24 hour manned security entrance) and is located at the end of Devon Road in South Coconut Grove. I previewed the home for a client and was able to snap a few pictures for the blog. There are no other properties on the market in this community, the last sale was 3220 Devon Road in July of 2008 for $2,700,000.
Details of 3303 Devon Road are:
- New Construction
- 6,100 Square Feet of Living Space
- 11,702 Square Foot Lot
- 5 Bedrooms, 5 and a half baths
- Impact Glass Windows and Doors
- Gas Chefs Kitchen
- Elevator
- 3 Car Garage
- Pool
- Access to Hughes Cove Tennis Court
- Access to Hughes Cove Waterfront Park and Boat Slips
- Priced at $4,450,000
- Listed by Jorge Lluch at Fortune Realty
2495 South Bayshore Drive, Treasure Trove
The second home is located at 2495 South Bayshore Drive in Treasure Trove across the street from Kennedy Park, Coral Reef Yacht Club and Biscayne Bay Yacht Club. Treasure Trove is also secured by a 24 hour manned guardgate. I was in the home last week during Broker’s Open houses and it has top of the line finishes, a beautiful pool and great spaces. Treasure Trove has not had a sale since this exact home sold back in 2006. It closed for $2,300,000 and is currently listed at $2,200,000.
Details of 2495 South Bayshore Drive are:
- Built in 1998
- 5,065 Square Feet of Living Space
- 10,641 Square Foot Lot
- 5 Bedrooms, 5 and a half baths
- 2 Car Garage
- Elevator
- Pool
- Price at $2,200,000
- Listed by Ashley Cusack Karen McCammon at EWM Realtors Inc.
If you would like to see either of these properties, I would be happy to arrange a showing for you. Just give me a call at 305.342.1623 or send me a note here.
To stay updated with all of the current Coconut Grove real estate information, receive my blog posts directly to your inbox by subscribing here
You may also be interested in other Gated Communities in Coconut Grove.
Coconut Grove Has 2 Townhouse Markets
April 6th, 2009 | categories: Coconut Grove Gated Communities, Coconut Grove Real Estate Market Conditions, Coconut Grove Townhouses
Coconut Grove has 2 distinct townhouse markets. The first is the townhouse market of Center Coconut Grove. The second is the luxury townhouse market.
The Center Coconut Grove Townhouse Market
The first townhouse market in Coconut Grove consists of the townhouses in Center Grove. Here you see an average price of $300,000 to $800,000 and is comprised of old construction and new construction.
1st Qtr. Closed Center Grove Townhouses:
| Address | Bd/ Bth |
Sq. Ft. | Original List Price | List Price At Time Of Sale | Sale Price | Distress? |
| 3187 Lamb Ct. | 3/2.5 | 2,318 | $649,000 | $649,000 | $550,000 | No |
| 3075 Alamanda St. | 4/3 | 2,472 | $699,000 | $569,000 | $510,000 | No |
| 2972 Shipping | 3/2 | 1,756 | $499,000 | $499,000 | $446,700 | No |
| 3041 Orange St. | 5/3 | 2,600 | $849,000 | $475,000 | $470,000 | No |
| 3154 Mary St. | 2/2 | 1,032 | $439,000 | $399,000 | $320,000 | No |
| 3076 McDonald St. | 2/2.5 | 1,380 | $299,900 | $269,000 | $250,000 | No |
1st Qtr. Pending Center Grove Townhouses that have not closed:
| Address | Bd/ Bth |
Sq. Ft. | Original List Price | List Price At Time Of Contract | Distress? |
| 3036 Matilda St. | 3/2.5 | 2,500 | $689,000 | $619,000 | No |
| 3060 Indiana St. | 3/2.5 | 3,025 | $649,000 | $599,000 | No |
| 3092 New York St. | 4/3.5 | 2,706 | $449,900 | $449,900 | No |
| 3054 Day Ave. | 3/2.5 | 1,710 | $499,000 | $399,000 | No |
| 3075 Elizabeth St. | 3/2.5 | 2,104 | $850,000 | $335,000 | Short Sale |
| 3112 Ohio St. | 3/2 | 2,400 | $322,900 | $322,900 | Foreclosure |
| 3110 Ohio St. | 3/2 | 2,400 | $330,000 | $289,900 | Foreclosure |
| 3151 New York St. | 3/2.5 | 2,406 | $379,900 | $319,900 | Foreclosure |
| 3024 Aviation Ave. | 2/2.5 | 1,252 | $315,000 | $315,000 | No |
| 2990 Virginia St. | 2/2 | 1,116 | $385,000 | $171,000 | Foreclosure |
The Luxury Townhouse Market
The luxury townhouses (villas) in Coconut Grove are located in gated communities as opposed to individually gated units as you see in the Center Grove. From North to South the luxury townhouse communities in Coconut Grove consist of L’Hermitage, Bayshore Villas, Longview, Abitare and The Cloisters. The minimum size is usually 2,500 square feet and list prices (excluding foreclosures) begin around $800,000.
1st Qtr. Closed Sales in Luxury Townhouses:
No Closed Sales
1st Qtr. Pending Luxury Townhouses that have not yet closed:
| Community | Bd/Bth | Sq.Ft. | Original List Price | List Price At Time Of Contract | Distress? |
| L’Hermitage | 4/4 | 3,717 | $1,047,000 | $895,000 | No |
SOLD: Alonzo Mourning’s Home In Coconut Grove
April 2nd, 2009 | categories: Coconut Grove Real Estate
Not only was his Miami Heat jersey retired this week, but Alonzo Mourning’s house in The Anchorage finally closed for a price of $6,000,000 ($592.00 per square foot). The asking price was originally $10,000,000 back in 2006, and at the time of sale was $8,750,000. It took the buyers 7 months to close on the home after putting a contract back in September. The listing agent was my colleague Judy Zeder at EWM Realtors, Inc.
I will be sad to see Alonzo leave Coconut Grove. He has done incredible things for this City, and in my opinion he has done more than any other professional athlete in Miami’s history.
Details of Mourning’s house on 3525 Anchorage Way:
- Square Feet Living Space: 10,121
- Lot Size: 18,583
- 5 Bedrooms, 5.5 Baths
- 4 Car Garage
- Built in 1996
- Direct Bay Views
- 3 Boat Slips
The Anchorage Market Update: Prior to this sale, the last sale in The Anchorage was back in 2008 for a non-waterfront, 5 bedroom 5 bath house with 5,575 square feet of living space which sold for $2,125,000. There are currently no properties for sale.
You May Also Be Interested In: Gated Communities in Coconut Grove, Ex-NBA Player Says Goodbye To Coconut Grove
To stay updated with all of the current Coconut Grove real estate information, receive my blog posts directly to your inbox by subscribing here.