Archive for June, 2009
Villa De Garmo Makes Nice Price Reduction
June 19th, 2009 | categories: Coconut Grove Gated Communities
Villa De Garmo made a nice price reduction this week and is now listed at $3,975,000. This is one of my favorite estates in Coconut Grove, I have had the opportunity to visit it several times and each time I enter the gates a sense of tranquility washes over me. It has been beautifully restored and as a landscape buff I can’t help but admire what the owners have done. The home was the star property of last year’s Coconut Grove Garden Tour. If you are looking for a one of a kind estate in Coconut Grove you must visit this home.
Details Include:
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7,760 square feet of living area
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19,770 square foot lot
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Located in De Garmo Estates, a private gated community
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6 bedrooms, 6.5 baths
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2 car garage
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Pool and Grotto with Waterfall
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Original home of Walter C. De Garmo
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Broker is Coldwell Banker
If you wish to see this property I would be happy to arrange a showing for you . Please send me a note here, or give me a call at 305.342.1623.
Click here to read more about Walter C. De Garmo and De Garmo Estates.
My Sellers Stay Ahead Of The Market
June 17th, 2009 | categories: Coconut Grove Townhouses, Selling Real Estate in Coconut Grove
I keep my sellers informed of what is happening in the real estate market and specifically what is selling that affects their home’s value. Some people may not always like the news that I have to give them, but it would be irresponsible and unethical of me not to educate them on what is going on in the market. Imagine if your doctor didn’t tell you all that you needed to know about your particular health condition? The same goes for Realtors, you need to know all of the information in order to make an educated decision on how to proceed with the sale of your property.
As a realtor, I am lucky to have sellers that are very receptive and open to my market updates, even when the numbers are hard to swallow.
After taking a long hard look at what is going on in the townhouse market, my seller at 3144 Mary Street has reduced his price to $299,000. This puts his townhouse ahead of the falling market. The exact same townhouse next door is for sale at $389,900.
This secluded community of townhouses are situated at the end of a lush driveway off of Mary Street and are only a short walk from downtown Coconut Grove. This particular unit features a large deck off of the master bedroom and a large covered deck off of the dining room which is great for entertaining. You must check out this property if you are looking for a townhouse with privacy, charm, and a competitive price.
Details Include:
- 1,217 square feet of living space
- 2 bedrooms, 2.5 baths
- 2 floors
- 2+ parking spaces (1 covered)
- Original Asking Price: $375,000
- Current Asking Price: $299,000
If you are interested in seeing my listings or any property in Coconut Grove I would be happy to schedule a showing for you. Please give me a call at 305.342.1623 or send me a note here.
Click here to read more about Townhouses in Coconut Grove.
What Can I Get For Under $600,000 In Coconut Grove?
June 17th, 2009 | categories: Coconut Grove Real Estate
The below properties are some examples of what you can buy in Coconut Grove for UNDER $600,000.
4066 Poinciana Avenue | $599,000 | New On Market | A Foreclosure Flip | 1,493 square feet LA | 6,000 square foot lot | 3 bedrooms, 2 baths. Old Spanish home, updated, original hardwood floors. Broker is Continental RE. Not a distressed property.
2120 Tigertail Avenue | $599,000 | 2,027 square feet LA | 6,067 square foot lot | 2 bedroom, 3 baths in main house with 1 bedroom, 1 bath in guest house | Broker is EWM Realty Inc., Realtor is Riley Smith | Short Sale.
2922 West Trade Avenue | $599,000 | Recently Reduced $640,000 | 2,698 square feet LA | 3 bedrooms, 2 baths | 1 car garage | Broker is Ocean View Realtor | Not A Distressed Property.
2627 South Bayshore Avenue, Grovenor House | $600,000 | 1,595 square feet LA | 2 bedrooms, 2 baths | Garden View | Broker is Nations Properties. Short Sale.
If you are interested in seeing any of these properties I would be happy to schedule a showing for you. Please give me a call at 305.342.1623 or send me a note here.
South Coconut Grove Outsells North Coconut Grove
June 16th, 2009 | categories: Coconut Grove Real Estate
I was just checking out my board of Closed Sales for 2009 and it was interesting to see that of the 32 single family home sales this year, there were 20 sales in the South Grove and only 12 sales in the North Grove. This is likely due to a number of reasons.
First and most obvious is that there are slightly more listings in South Coconut Grove. Second reason is price point. The homes in South Coconut Grove tend to be on smaller lots and therefore are less expensive. Since it is the $1,000,000 and below market that is selling right now, the North Grove is at a slight disadvantage. Also, it seems that the South Grove has carried the brunt of the distressed properties. So far this year South Coconut Grove has seen 5 foreclosures and 2 short sales sold, while the North Grove has had only 1 foreclosure and 1 short sale sold.
To stay updated with all of the current Coconut Grove real estate information, receive my blog posts directly to your inbox by subscribing here
The End Of The Story For 1835 Opechee Drive
June 15th, 2009 | categories: Coconut Grove Real Estate
I like to keep my readers updated on properties that I feature here on the blog. The home at 1835 Opechee has had a wild ride from outrageous mortgages written by Lehman Brothers, to falling into foreclosure, and finally the discovery of asbestos. The story ended this week when the home closed for $605,000 (asking price was $612,500).
Taking a look at the price the property sold for $180.00 per square foot. As long as the structure is sound and the house does not need to be destroyed, this was a great deal in my mind. The 14,000 square foot lot with the gorgeous stone wall surrounding it is probably worth $650,000 in my opinion. The stone wall would cost approximately $100,000 to recreate today.
To read my past posts on this property see below links:
No Wonder Lehman Brothers Failed, January 28, 2009
Update on 1835 Opechee Street, January 30, 2009
Coconut Grove Open Houses, June 14
June 13th, 2009 | categories: Coconut Grove Real Estate
We will be holding two open houses this Sunday, June 14 2009. Stop by and take a look at these great properties in Coconut Grove. If you want to chat real estate come to the McDonald location where I will be from 1:00 to 3:00. Click on the links below for maps and more photos.
3201 McDonald Street | $395,000 | Picture Above
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3200 Ah We Wa Street | $1,179,000 | Picture above
Who Are The Buyers In Today’s Market?
June 12th, 2009 | categories: Coconut Grove Real Estate
A frequent question I get from talking to local people about the real estate market here in Coconut Grove is “where are today’s buyers coming from?”. I cannot speak for other Realtors in town, but my experience is that there are two types of buyers right now: those that are relocating from another city, and those that are renters who are looking to take advantage of the low prices. For the most part, I am not seeing too many local residents who are looking to upsize or downsize because they are stuck in their home that won’t sell.
In my recent transactions as a realtor here in Coconut Grove I have come across the following buyers.
- Buyers relocating from Washington DC | 3265 Coacoochee Street | Closed today for $715,000
- Buyers relocating from Tennessee | 3120 Day Avenue (townhouse) | Closed last month for $615,000
- Buyer was a previous local renter | 3060 Indiana Street (townhouse) | Closed last month for $515,000
- Buyer was a previous local renter | 1780 Chucunantah Road | Pended last month with list price of $499,000
My owner on Chucunantah is one of the first locals I have seen in a long time who has the ability to upsize (thanks to us selling his house in one day….a little self promotion). Other than that, we are currently working with 4 renters who have finally decided that it is time to make the move, several investors who now believe there is an opportunity in this market, and still more people wishing to relocate or buy second homes here in 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.
If you are interested in buying or selling real estate in Coconut Grove, please give me a call at 305.342.1623 or send me a note here.
The Moorings: A Gated Community in South Grove
June 11th, 2009 | categories: Coconut Grove Gated Communities
The 24 hour private gated community of The Moorings is located in South Coconut Grove off of Main Highway. There are 4 homes for sale right now which range in price from $1,495,000 to $2,799,000. None of the homes that are currently for sale are on the water, but the community does have waterfront homes. Each residence comes with Riparian Rights. There is dock space available for residents of The Moorings but the wait list is several years long. The properties in here are a mixture of old and new construction and the lots are very large.
Current Homes For Sale in The Moorings
3833 Moorings Ct. | Asking Price: $2,799,000 (never been reduced) | On Market Since 09/2008 | 2,500 sq. ft. | 25,500 sq. ft. lot | 3 bedrooms, 2 baths. Broker is Coldwell Banker. This is a large beautiful lot, price per square feet of land is $109.00, price per square foot of living area is $1,196.00.
3462 N. Moorings Way | Asking Price: $2,390,000 (reduced from 2,990,000) | On Market Since 2/2008 | 4,563 sq. ft. | 10,800 sq. ft. lot | 5 bedrooms, 4 baths. Broker is GRG Realtors. Price Per Square Foot is $523.00.
3837 N. Moorings Way | Asking Price: $1,950,000 (reduced from $2,699,000) | On Market Since 4/2008 | 4,416 sq. ft. | 12,000 sq. ft. lot | 4 bedrooms, 4.5 baths. Broker is Grove Properties. Price Per Square Foot is $441.00.
3574 S. Moorings Way | Asking Price: $1,495,000 (never been reduced) | On Market Since 1/2009 | 3,337 sq. ft. | 13,200 sq. ft. lot | 5 bedrooms, 4 baths. Broker is Avatar. Price Per Square Foot is $448.00.
Sold In 2009 in The Moorings
3570 South Moorings Way | Asking Price: $4,950,000 | Sale Price: $3,700,000 | Sale Date: 3/2009 | 8,142 sq. ft. | 21,360 sq. ft. lot | 6 bedrooms, 8 baths. Sale Price Per Square Foot: $454.00 per sq. ft.
Aside from the homes, one of my favorite things about The Moorings is this stunning tree that greets you as you drive through the guard gate. I believe it is a Kapok Tree.
If you are interested in seeing any properties in The Moorings, please send me a note here or call at 305.342.1623.
Not Your Average Foreclosure Flip
June 10th, 2009 | categories: New Listings in the Grove
This is one of the first foreclosures to be flipped in Coconut Grove. I wrote about the house when it came on the market as a foreclosure back in July of 2008 ($259,000 home on Kumquat…gone in seconds, Update on 3970 Kumquat) because it had been used as a marijuana grow house prior to the bank owning it, also because it received a contract the first day it came on the market due to its low price.
I had the chance to preview the renovated home today. The style of the home is South Beach meets the Grove. The owners kept some of the cottage charm and added contemporary finishes. I have seen my share of renovation projects and this one has been very well done. The home features a brand new kitchen, new impact windows, dark stained wood floors, new french doors and a new master bath.
Details of the 3970 Kumquat Avenue:
- 3 Bedrooms, Den, 2 Baths
- 7,000 Square Foot Lot
- 1,832 Square Feet Of Living Space
- Asking Price: $675,000
If you are interested in seeing this property, or have any other real estate needs here in Coconut Grove please give me a call at 305.342.1623 or send me a note here.
New Construction Sells For $1,200,000
June 9th, 2009 | categories: Coconut Grove Real Estate
The new construction house at 3839 Irvington Avenue which I wrote about in “Pending Sale Will Help Set The Market For New Construction“ closed this week at a price of $1,200,000. The asking price was $1,395,000, had 4,700 square feet of living space on a 7,120 square foot lot, pool, garage,decent but not spectacular finishes and was finished in 2008. Sales price per square foot was $255.00.
This closed sale is important for many reasons. First, it is the only closed new construction home in South Coconut Grove this year. It will definitely help to set prices in the new construction market. Second, it is important because it is a sale that was priced over a million dollars. 2 of the last 3 closed sales in Coconut Grove have been over a million dollars. It is encouraging to see our higher priced inventory moving. The other home priced over a million dollars that sold recently was located at 3800 Poinciana Avenue (see Wild Ride On Poinciana and Recent Pending Coconut Grove). This home sold for $1,229,000 (list price was $1,299,000). It was 5,027 square feet of living space on a 19,700 square foot lot and sold for $244.00 per square foot. The home needed some love and care.
To stay updated with all of the current Coconut Grove real estate information, receive my blog posts directly to your inbox by subscribing here.