Archive for September, 2009
Cloisters On The Bay – Market Report
September 30th, 2009 categories: Gated Communities, Townhouses
Cloisters On The Bay is a gated community of 40 villas in the heart of downtown Coconut Grove. The community is waterfront although only a few villas have water views. The amenities at The Cloisters include a heated pool, tennis court, club house and a 24 hour security guardhouse.
There have been two closed sales this year. The first was Unit 518, a 4 bedroom, 4 bath with 5,860 square feet of living space and sold for $1,350,000 ($230.00 psf). This unit sold for $2,150,000 back in 2002.
The second Unit sold this year was Unit 1135 a short salewhich featured 3 bedrooms, 3 baths with 5,822 square feet of living space and sold for $1,000,000 ($171.00 psf).
The most expensive on the market is Unit #622 (above) priced at $2,990,000 which features direct bay views, a master suite, impact resistant doors and windows, rooftop terrace plus more. Broker is Avatar.
Probably the best deal in The Cloisters right now is Unit #205 (above) priced at $1,395,000 asking $246.00 per square foot. This unit has the lowest price per square foot in the community and features 5,664 square feet of living space with 4 bedrooms/4 baths. Broker is EWM.
If you have the luxury of time, check out the two short sales in The Cloisters. Units 204 and 1137 are both priced at $1,350,000 and feature 4,500 square feet of living space with 3 bedrooms and 4 baths. Broker is EWM for both.
Click here to view all 10 villas that are currently for sale in The Cloisters.
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.
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Save The Date – October 19th – Real Estate Talk at Greenstreet
September 28th, 2009 categories: Coconut Grove Real Estate
Save the date for my quarterly Coconut Grove Real Estate talk on Monday, October 19th at Greenstreet Cafe.
What: The real estate market here in the Grove is unique and constantly changing. Come hear the latest news, statistics and predictions for what is in store for home values here in the Grove. All questions will be answered. Anyone who is interested in Coconut Grove real estate is invited to attend this free event!
Where: Greenstreet Cafe, 3468 Main Highway, Coconut Grove
When: Monday, October 19th at 7:00 pm
Complimentary Appetizers and Wine Will Be Served.
No RSVP is required. As always, if you have any questions I can be reached on my cell phone at 305.342.1623 or by email at smith.r@ewm.com
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Inventory is DOWN in Coconut Grove
September 28th, 2009 categories: Buying Real Estate in Coconut Grove
Across South Florida, the number of homes for sale are down and Coconut Grove is no different. There are only 178 single family homes currently on the market in both North and South Grove.
This comes as a shock to many of my buyers who in the past have had “time on their side”. A year ago buyers who found the perfect home were able to wait and wait and wait until they made their offer. Now with inventory falling, we are seeing buyers having to make decisions much faster. In fact, two of my recent sales had backup offers waiting in the wings.
Prices in Coconut Grove right now range from $275,000 for a distressed proeprty on 1880 Wakeena Drive up to $18,000,000 for a gorgeous 10,000 sq ft mansion in gated community on a half acre of land. Although the Grove is known for having prices on the higher end, there are currently 28 single family homes that are priced under $500,000. On the flip side, over half of our inventory is priced over a million dollars.
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.
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Old Spanish Home Back On Market With Price Reduction
September 25th, 2009 categories: New Listings in the Grove
This Old Spanish home on Bayview Road in South Coconut Grove was for sale a year ago priced at $1,325,000. The property has come back on the market with a $225,000 price reduction.
Well restored Old Spanish homes are rarely on the market in Coconut Grove and with a new price reduction this one is sure to generate quite a bit of interest.
The property features a heated pool, grand master bedroom, large master bath, walk in closets, original Dade County pine floors, detached 2 car garage and Riparian rights (access to the water).
Other details include:
- 3,260 square feet of living space
- 9,000 square foot lot
- 4 bedrooms, 3.5 baths
- Gated
- Asking Price: $1,100,000 (337.00 psf)
- Listed by EWM Realtors, Ashley Cusack
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.
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High End Condos in Coconut Grove
September 21st, 2009 categories: Condos
There are 50 high end condos currently for sale in Coconut Grove. By high end I am referring to those priced $1,000,000 and up. For the most part, that price range will get you Bay views and 3 bedrooms & 3 baths. Obviously the more you move up in price, the larger the size and the higher the floor.
A majority of the luxury condos are found in The Grovenor House, The Ritz Carlton Residences and Grove Isle.
The lowest “Price Per Square Foot” (the best bang for your buck) luxury condo on the market right now is Unit #503 at The Grovenor House. The unit is listed at $490.00 per square foot and features a terrace that is extra large, 3 bedrooms, 3.5 baths, 2,640 square feet of living space and some water views. It is now priced at $1,299,999 and was initially priced at $1,490,000 when it came on the market in March and is listed by Ingletto Realty.
The highest asking “Price Per Square Foot” ($1,855.00 PSF) in the luxury condo market is the Penthouse at The Grovenor House which is going for $16,900,000. This is a 5 bedroom, 5 bath unit with rooftop terrace and pool and is listed by Sotheby’s.
To view all luxury condos on the market in Coconut Grove, click here.
There have been only 5 closed luxury condos so far this year in Coconut Grove.
| Building: | Bds/Bths: | List Price: | Sale Price: | Sale PSF: |
| Ritz Carlton Residences | 6/6.5 | $2,195,000 | $1,900,000 | $382.00 |
| Grovenor House | 3/3.5 | $1,799,000 | $1,500,000 | $568.00 |
| Ritz Carlton Residences | 3/3.5 | $1,400,000 | $1,130,000 | $505.00 |
| Grove Hill Tower | 3/3.5 | $1,399,000 | $1,150,000 | $435.00 |
| Grove Isle | 3/2.5 | $1,350,000 | $1,300,000 | $497.00 |
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.
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Price Reduction on Bougainvillea Road
September 21st, 2009 categories: Coconut Grove Real Estate
My listing located at 3617 Bougainvillea Road has been reduced to $1,399,000. Now asking just $315.00 per square foot, I feel that it is a great deal for someone who is looking for a newer construction home with plenty of space.
The home sits on an oversized lot of 8,260 and features 4 large bedrooms/4 baths in the main house and a 1 bedroom, 1 bath in the guest quarters (with separate entrance) perfect for an office).
The home also features a pool, 2 car garage, hurricane protection, volume ceilings, dining room overlooking courtyard, brand new entertainment center, gleaming wood and stone floors and large kitchen with breakfast area.
Details:
- 4,442 Square Feet of Living Space
- 8,260 Square Foot Lot
- 5 Bedrooms/5.5 Bath
- 2 Stories
- See More Pictures By Clicking 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.
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.
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Good News On The Mortgage Front
September 17th, 2009 categories: Coconut Grove Real Estate
According to James Venney’s mortgage update this week, 30 year fixed rate mortgages have fallen below 5% and down payment requirements for Jumbo Loans (loans over $417,000) have relaxed recently.
This is good news for our market here in Coconut Grove where price points are higher than other areas and buyers have been struggling to come up with the high down payment requirements to get a Jumbo Loan.
Read James’ post in its entirety here.
James Venney is a mortgage banker with Gibraltar Private Bank and Trust.
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.
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Center Grove Townhouse Market….Still Falling
September 16th, 2009 categories: Coconut Grove Real Estate
Yesterday I wrote about a possible “bottom” for the single family home market in Coconut Grove, but unfortunately the Center Grove townhouse market is another story.
I do not feel that the Center Grove townhouse market has reached its bottom. For the purposes of this post we are discussing the original Center Grove, the areas between 27th and 32nd Avenue, and between Bird and Grand Avenues. There have only been 18 closed townhouses in Center Grove this year and there are currently 40 on the market. The average sale price per square foot of these townhouses sold to date is $200.00 with an average selling price of $350,662.
The problem for these townhouses is that Coconut Grove’s single family home market has fallen so much that buyers who used to be forced to buy a townhouse due to price point can now afford to get into a single family home in the Grove. I am working with several buyers right now where that is the case.
Although the townhouses in Center Grove all look very similar from the exterior, there are varying degrees of quality and location. If you are interested in selling your Center Grove townhouse, you need someone who specializes in Coconut Grove who can place a value on those things and can get you the most for your property.
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.
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Real Estate Update: Coconut Grove Hits Bottom With Prices Low and Sales Up
September 15th, 2009 categories: Coconut Grove Market Conditions, Coconut Grove Real Estate
Prices are Low
Prices in Coconut Grove are at an all time low. After a quick check of all closed single family homes in 2009 (there have been roughly 100), the average sale price per square foot is $265.00 (median sale price per square foot is $250.00).
At the same time last year (January through September 2008), the average sale price per square foot was $343.00 (median sale price per square foot was $309.00).
Right now we are looking at a sale price to list price ratio of 88%. This means that buyers are paying roughly 88% of the list price. However, the SP/LP figure needs to be taken with a grain of salt as there are some homes that have been reduced significantly to reach their final list price (on those homes we see about a 5% SP/LP ratio).
$500,000 – $1,000,000 market is the most active
As I have been saying all along, the $1,000,000+ market is SLOW. The average sale price on a home this year in Coconut Grove is $800,000 (median sale price is $600,000). That is the lowest average I have seen since I started in the business, and $200,000 lower than the average sale price of the same time last year. The figure is due to a combination of falling values, bad economy and difficulty in getting Jumbo Loans. I don’t have to look at the numbers to know this is true. I can tell simply by the amount of interest I am receiving on my $500,000 to $800,000 listings compared to my $1,000,000+ listings.
Coconut Grove Home Sales Are Up!
We are certainly selling more homes this year as compared to last year. At the same time last year we had only 70 sales for 2008, but so far this year we have had approximately 100. That is an almost 40% increase in single family home sales in Coconut Grove!
My prediction for Coconut Grove real estate in the months to come?
With activity drastically increasing (even over the past month) I do not predict that we will see another drastic drop in values next year. It is the simple law of supply and demand. With supply falling, demand will increase (along with prices).
And it is about time, Coconut Grove was one of the last communities in South Florida to see an increase in home sale activity.
Now is the time to buy, I have noticed that in all price ranges, the best quality homes are coming off the market much faster than before.
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.
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Recent Closed Sales in Coconut Grove
September 14th, 2009 categories: What is selling in Coconut Grove?
Single Family Homes Closed in September
| Address: | List Price: | Sale Price: | Bds/Bths | Sq.Ft. |
| 4080 Barbarossa Avenue | $1,395,000 | $1,200,000 | 5/5 | 4,800 |
| 2989 Natoma Street | $881,400 | $870,000 | 4/4 | 2,938 |
| 3737 Matheson Avenue | $849,000 | $682,500 | 4/3 | 2,893 |
| 3814 El Prado | $845,000 | $785,000 | 4/3 | 2,757 |
| 2551 Trapp Avenue | $449,000 | $380,000 | 3/2 | 1,878 |
Townhouses Closed in September
| Address: | List Price: | Sale Price: | Bds/Bths. | Sq.Ft. |
| The Cloisters (Short Sale) |
$1,350,000 | $1,000,000 | 3/3 | N/A |
No Condos Closed in September
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.
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