Archive for July, 2009
Coconut Grove’s Diverse Real Estate Market, It Is All About Location
July 31st, 2009 | categories: Buying Real Estate in Coconut Grove, Coconut Grove Real Estate
For those of you who are not familiar with Coconut Grove, the community can be broken up into several different areas. Although I usually just differentiate between North and South Grove, there are actually pockets of homes in both areas where we see a vast difference in price point.
For instance, above you will find a map of “North Coconut Grove”. The entire area extends from 27th Avenue all the way North to where US1 meets South Miami Avenue. North Coconut Grove typically features homes with larger lots and higher prices (on average between $1,000,000 and $3,000,000). However, there is a section of the North Grove that doesn’t fall into that category. The pocket between 27th Avenue and 22nd Avenue is the perfect place for someone who wants to live in the North Grove but who’s price point is more in the $500,000 to $600,000 range.
South Coconut Grove can be broken up into the homes West of Main Highway and East of Main Highway. If you look at the homes West of Main Highway you will see most are priced between $600,000 and $1,500,000. But East of Main Highway you are looking at average prices of $3,000,000 and up. It is East of Main Highway in the South Grove where a bulk of the waterfront homes are which explains the high increase in price.
If you factor in our condos and the townhouses in Center Grove, our market here in Coconut Grove has something to offer everyone. In fact, I just listed two properties on the complete opposite ends of the spectrum. A gorgeous unit at the Ritz Carlton Residences priced for $1,190,000, and a condo at Grove’s Edge priced for $99,000.
If you are interested in buying or selling property in Coconut Grove, send me a note here or contact me at 305.342.1623.
Frustration In The Center Grove Townhouse Market
July 28th, 2009 | categories: Coconut Grove Townhouses
Yesterday I had a lunch meeting with a prospective client at where else but Greenstreets. The topic was his recent frustrations with the townhouse market in Center Coconut Grove. He is a smart, qualified, educated buyer who has spent quite a bit of time studying the townhouse market here in the Grove. He is looking to buy a distressed townhouse but has been having trouble with the financing.
We met because he wanted some insight into how he could buy a distressed townhouse in the Center Grove even though he is not a cash buyer.
Why is financing so hard to come by for a distressed townhouse in Center Grove?
Since most Center Grove townhouses are classified as condominiums, any person looking to get an FHA or Fannie Mae loan must have the condo association approved for its soundness. Getting approval is not an easy or timely task, and typically if 1 of the 2 townhouses in the association is either a short sale or foreclosure, approval will be denied and FHA or Fannie Mae financing unavailable. James Venney (mortgage broker with Gibraltar Private Bank and Trust) tells me that if this is the case, the buyer will have to put 25% down or be well qualified and go through a portfolio loan product (similar to a deal that James and I just completed together).
Other options:
Your other options are to buy a non-distressed townhouse where 20% down is available for well qualified buyers (not guaranteed). Or, to buy a single family house where financing is available starting at 3% for FHA or 10% down for a conventional loan (these guidelines apply to distressed properties as well).
In the future:
There is a movement among mortgage brokers to try and get the townhouses of Coconut Grove exempt from the condo guidelines. Don’t hold your breath, that movement will likely take a long time to come to fruition.
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Choosing A Realtor In This Market
July 27th, 2009 | categories: Coconut Grove Real Estate
There are approximately 25,000 licensed realtors in the Miami-Dade area.
So how do you find the right Realtor to work with?
Here are a few tips on choosing a good fit:
- Comfort Level: You must find a realtor who you feel at ease with. Trust me, you will be talking with this person more than you will your own spouse at times, so you might as well go with somebody that you like and are comfortable with.
- Local: Whether you are a buyer or a seller take a look at your potential Realtor’s current listings. Do they have a significant amount of market share in the area that you are buying or selling in?
- Experience: Now more than ever it is important to have someone with a tremendous amount of local experience. Ask how many transactions they have completed in your area in the past year or two.
- Ask for recommendations: Don’t hesitate to ask for a list of client recommendations.
- Once Again: I believe the biggest mistake sellers and buyers make in our market is hiring someone who is not local.
A little shameless self promotion never hurt: Of course I believe that my team is best suited to help you buy or sell your next property here in Coconut Grove. If you are curious as to the value of your home, please feel free to give me a call and we could set up a no pressure consultation.
I can be reached on my cell phone at 305.342.1623 or via email here.
New Construction Sales In Coconut Grove Picking Up
July 24th, 2009 | categories: Coconut Grove Video Updates
** Update – Another New Construction Sale: 3871 Battersea Road went under contract on July 28th.
Homes Mentioned In Video:
Sold – 1668 Micanopy Avenue
Sold – 3835 Kent Court (short sale)
Sold - 3839 Irvington Avenue
Pending – 4191 El Prado Boulevard
Pending – 4054 Barbarossa Avenue
To stay updated with all of the current Coconut Grove real estate information, receive my blog posts directly to your inbox by subscribing here
Rare Opportunity at 3625 Leafy Way
July 23rd, 2009 | categories: Coconut Grove Real Estate, New Listings in the Grove
A new property has come on the market today on Leafy Way (3925 Leafy Way). For those of you not familiar with the streets here in Coconut Grove, Leafy Way is a small private road off of Douglas Road. The street is known for its dense foliage covering every inch of the sky.
Although the house is charming, to me this property’s true beauty lies in the land, somebody could build their dream home here. It is a spectacular 16,200 square foot lot surrounded by oak, pine and flowering trees and comes with a natural swimming pool (complete with fish!). The house on the property is 1,253 square feet with 2 bedrooms and 2 baths. List Price is $899,000, Broker is EWM.
To stay updated with all Coconut Grove real estate information, receive my blog posts via email by subscribing here. Once you register, you must activate the subscription in a follow up email.
Coconut Grove’s Worst Neighbor
July 22nd, 2009 | categories: Coconut Grove Real Estate
This property has been abandoned for quite awhile now on Poinciana Avenue in the South Grove. At what point will the City of Miami demand that this eyesore be demolished? I must say that it is certainly not helping property values on the street.
Next door to this decaying blob of concrete sits a gorgeous European style villa. Picture below.
Update On Coconut Grove Real Estate Inventory
July 21st, 2009 | categories: Coconut Grove Real Estate
There are roughly 230 single family homes currently for sale in Coconut Grove. Although our inventory levels are slowly falling, this number is still extremely high. There was a time in my career where there were only 40 homes for sale at any given time in the Grove.
Breakdown of Coconut Grove’s Single Family Homes:
- 28 single family homes on the market listed above $2,000,000
- 63 listed between $1,000,000 and $2,000,000
- 140 for sale below $1,000,000 (70 of these priced under $500,000, the bulk of them being in West Grove)
Inexpensive vs. Most Expensive Home In Coconut Grove
The most inexpensive home currently on the market is a house on Williams Avenue in West Grove for $79,000. The most expensive would be on Munroe Drive in Camp Biscayne for $9,650,000.
Smallest vs. Largest Home In Coconut Grove
A new listing just came on located at 4178 El Prado for $289,500. It is a 745 foot cottage on a 7,000 square foot lot situated on one of the Grove’s best streets. This compared to the largest home for $3,995,000 which features 9,000 square feet of living space and located at 3528 Bayshore Villas Drive.
Something For Everyone…
- For $1,500,000 you can have 5,409 square feet in the prestigious gated community of DeGarmo Estates.
- For $599,000 you can have 1,572 square feet of updated house on Inagua Avenue in North Coconut Grove.
Plenty Of Land For The Kids To Run?
- The home located at 3737 Kent Court is on a 49,210 square foot lot with a 6,000 square foot house. It was built in 1912 and priced at $2,499,000. This is the largest house/lot combination in the Grove currently on the market.
My overall impression is that we will continue to see a decrease in the number of listings in the coming months. Although activity has not significantly picked up I have noticed several sellers either renting their homes or just taking them off the market to wait for better days ahead.
Obviously for this market to really stabilize we need to drastically reduce the number of listings. As long as buyers have so many choices there is not any immediate motivation to buy.
To stay updated with all Coconut Grove real estate information, receive my blog posts via email by subscribing here. Once you register, you must activate the subscription in a follow up email.
Unique Townhouses In Center Grove Do Exist!
July 20th, 2009 | categories: Coconut Grove Townhouses
If you’ve ever driven through Center Coconut Grove, you have certainly noticed the cookie cutter townhouses. Once the builders get the City to approve plans for a specific townhouse, they save money by building that same townhouse over and over again (as opposed to getting new plans drawn up and approved).
But Center Grove IS home to some townhouses that are unique and have a little bit more charm. The Parisian Village (located on Jackson Avenue) and The Arboretum (located on Peachy Street) are two of my favorite townhouse gated communities in the Center Grove.
There is a great unit for sale in Parisian Village that my mother in law almost bought years ago. When she backed out of the deal I ended up selling the townhouse to some clients of mine. I have just put it back on the market and it is as charming as ever.
The townhouse is freestanding and has been beautifully renovated and updated with wood floors, an open kitchen with Viking Stove, updated baths with stone counter tops, and a very nicely converted garage into playroom/office.
Details of Parisian Village, Unit #5 Include:
- 3 Bedrooms plus Office/Playroom, 2.5 Baths
- 1,870 Sq. Ft. Per Owner’s Appraisal
- 2+ Parking Spaces
- European Style Gated Townhouse Community
- Terrace Off Of Kitchen Perfect For Entertaining
- Asking Price: $549,000
If you are interested in seeing this property, or any others in Coconut Grove, I would be happy to arrange a showing for you. Just send me a note here, or contact me at 305.342.1623.
Click here for other Coconut Grove Townhouse News
New Foreclosure On The Market In Prestigious Beacon Harbour Condo
July 19th, 2009 | categories: Coconut Grove Condos
I hate to write about foreclosures so many days in a row, but this one I found so interesting I couldn’t help myself.
A foreclosure came on the market today in Beacon Harbour. It is Unit 302, priced at $1,790,000 and features 3,444 square feet of living space with 3 bedrooms and 3.5 baths.
Beacon Harbour is a luxury boutique condo that features 10 units total and 5 floors. This particular unit sits on the third floor and has Bay Views with 2 separate boat docks (with a 15,000 LB Hydro Hoist), private elevator, glass cased high impact doors, mahogany built-ins and gorgeous views. It appears that this unit was purchased from the developer back in 2004 at a price of $1,816,000.
There has not been a lot of turnover in this building since its completion in 2004. In fact, it appears to me that there have only been 2 resales in Beacon Harbour since 2004 (the Penthouse Unit which featured 3 bedrooms and sold for $3,750,000 in 2007 and Unit 201 which featured 4 bedrooms and sold for $$2,050,000 in 2006).
There are 2 other units (aside from unit 302) currently on the market which include:
- Unit 102 (3 bedroom) is on the market priced at $2,600,000
- Unit 201 (4 bedroom) is on the market priced at $3,000,000.
How Does It Compare to The Residences of Vizcaya?
Residences of Vizcaya (expected to be completed in early 2010) is a similar “boutique” style condo located next door to Beacon Harbour. At The Residences of Vizcaya the 3 bedrooms with direct water views are going for roughly $3,000,000.
Is Beacon Harbour Healthy?
There is one other unit that is distressed in the building, it is in pre-foreclosure.
So there you have it, you be the judge.
If you are interested in viewing this unit, I would be happy to arrange a showing for you and offer my opinion as to its value. Just send me a note here, or call at 305.342.1623.
You may also want to read: Residences of Vizcaya, Hard Hat Tour
To stay updated with all Coconut Grove real estate information, receive my blog posts via email by subscribing here. Once you register, you must activate the subscription in a followup email.
Broker is Brickell Bay Realty LLC
Grove Garden Foreclosure Story
July 17th, 2009 | categories: Coconut Grove Condos
Last week I posted a great foreclosure opportunity in Grove Garden. I had a large response from my readers who were very interested in the property and I took several of them to see it. You can read the post here.
One of my clients decided to put in an all cash offer for the unit. After submitting our offer, the agent called to let me know that we were only 1 of several cash offers on the table. The bank requested that the highest 3 offers make their best and final offer. My buyer, who really wanted the unit made an offer of $327,000 which was eventually accepted by the bank.
Now that the bank was working with my client’s offer, it was time for us to do our due diligence on the building. After meeting with the Property Manager, I found out several disturbing things. First, that there are 50% investors in the building and 50% renters. Second, there are 8 units currently in foreclosure and possibly several more on the horizon. And finally, there are surely going to be issues with the Association’s reserves and its ability to pay its bills.
Upon finding all of this information out, I concurred with my client that it was not in his best interest to purchase the property and we withdrew our offer. This unit is certainly still a great deal, but the buyer must be willing to take on a significant amount of risk. There will be more foreclosures coming on the market in this building, and any potential buyer will have to be a cash buyer as the association does not meet the minimum standards to get a mortgage.
The status of this foreclosure now? The selling agent informed me that there were about 5 backup offers waiting in the wings and it will surely go under contract today.