Archive for December, 2009
Happy New Year Coconut Grove!
December 31st, 2009 categories: Grove News
Well the year has come to a close and I just wanted to thank all of my loyal followers on The Real Estate Coconut for a wonderful and exciting year. I look forward to providing you with valuable (and hopefully interesting) real estate information into the New Year!
The Real Estate Coconut Statistics in 2009
-
Total Unique Visitors in 2009: 65,444
-
Total Page Views in 2009: 118,402
We have some very exciting things happening on The Real Estate Coconut in 2010…..STAY TUNED!!!
| Discussion: No Comments »
Welcome To Bougainvillea Road
December 30th, 2009 categories: What is selling in Coconut Grove?
Today my listing on Bougainvillea Road closed for $1,250,000, which is $281.00 per square foot. It was fair market value for a house that was built in 2001 and needed some updating.
Once we reduced the price to $1,399,000 we started to see quite a bit of action on the property and these particular buyers came to see it 3 times in the same day (a clear indication that they had found “the one”). On the final showing at 8:00 pm on a Friday night I pulled out all my tricks including champagne and music. They made an offer the next day.
As is the case with most transactions, we had many hurdles to jump through in getting the deal done but lucky for us all parties were extremely cooperative.
Since I live next door I am thrilled to welcome this new family to our street and neighborhood, I hope they enjoy it as much as we do!
| Discussion: No Comments »
The Home Inspection Hurdle – It Can Make Or Break The Deal
December 29th, 2009 categories: Buying Real Estate in Coconut Grove
I have had 3 deals within the past month fall apart after my buyers did their home inspections of the property. Just to clarify, this is AFTER the sellers and buyers agreed on a sales price. Most home sale contracts in South Florida are “as is”, meaning that the buyer purchases the property “as is” and the seller is not required to fix anything wrong with the home. The buyer then has an inspection period after the contract is signed and they are allowed to cancel the contract based on the outcome of that inspection.
That being said, once the inspection report is given to the buyer they can try to renegotiate the sales price of the home with the seller for the repairs. I would say that this happens 75% of the time. I recently closed on a house where the buyer and seller split the repairs 50/50.
But some reports that come back are so frightening to the buyers that it sends them running in the other direction. This has happened to 3 of my clients in the past month. The first buyer had severe allergies to mold and the inspector told her that although the mold report came back negative there had been some leaky pipes in the walls and the roof was leaking. Even after the seller offered to put in an entire new roof, the buyer was still not interested. Her allergies were too sensitive and she couldn’t risk the possibility of being allergic to her own home.
The second buyers fell in love with a property in a gated community but when they found out that the roof needed replaced (potentially $25,000), one of the two septic tanks needed replaced (potentially $5,000) and the house had mold issues, they decided that it was just too much of a project than they were willing to take on. They weren’t even interested in re-negotiating the contract and cancelled it today.
My last clients didn’t even wait until the inspection report came back. They attended the inspection this morning and pretty much went running out of the house when they heard the issues brought up by the inspector (the house was being held up by cracked concrete blocks and the inspector said it was the worst he had ever seen). We are drawing up the cancellation of contract as we speak.
Lately appraisals have been the biggest hurdle that buyers and sellers face during their real estate transaction, but the past few days prove that home inspections can certainly make or break a deal as well.
| Discussion: No Comments »
Another Listing Under Contract
December 27th, 2009 categories: What is selling in Coconut Grove?
My listing on Kumquat Avenue in South Grove went under contract over the holidays. It was on the market for less than two months.
Details:
- Asking Price $500,000
- 3 bedroom, 2 bath
- 1,674 Square Feet Living Area
- 7,400 Square Foot Lot
You may also be interested in: Buyer Activity Is Up, Listing Activity Is Down In Coconut Grove Real Estate
| Discussion: No Comments »
Coral Rock Walls In Coconut Grove
December 23rd, 2009 categories: Grove News
One of the many things that make Coconut Grove unique are the beautiful coral rock walls that line the streets.
I snapped these photos early this morning along Main Highway.
| Discussion: No Comments »
2 New Construction Homes In Coconut Grove Sold
December 21st, 2009 categories: Coconut Grove Real Estate, What is selling in Coconut Grove?
There were two new construction sales this week in Coconut Grove. They add to the list of the many $1,000,000+ sales Coconut Grove has seen in the 4th quarter of 2009.
I represented the buyers for the sale on 1666 Micanopy Avenue. It closed today for $1,440,000.
Details of the house include:
- 4,777 square feet of living area
- 7,500 square foot lot
- 5 bedrooms, 5.5 baths
- Sold for $301.00 per square foot
The second house is located on 1770 Espanola Drive which sold for $1,450,000. It came on the market in 2007 while it was still under construction. I showed the house to many clients over the years and had one client make an offer last month but it was beat out by the current buyers.
Details of the house include:
- 4,723 square feet of living area
- 7,000 square foot lot
- 6 bedrooms, 5.5 baths
- Sold for $307.00 per square foot
If you are interested in buying or selling real estate in Coconut Grove give me a call at 305.342.1623 or send me a note here.
You may also be interested in: New Construction Sale On Tigertail Avenue, Another Real Estate Coconut Success Story, and “I Need Room To Negotiate” A Myth Of Sellers
| Discussion: 1 Comment »
2 Townhouses Close In Center Grove
December 21st, 2009 categories: Townhouses
There were two more townhouse sales in Center Coconut Grove last week. This is encouraging news for the nearly stagnant townhouse market.
The fact that they were both 3 bedrooms, 2 baths and newer construction would make you think that they should sell for a similar price – but the sales prices were $505,000 and $435,000.
In general, the exterior of the townhouses in Center Grove tend to look exactly the same but they can vary greatly on the interior depending on the builder and the footprint of the lot. If you have been inside a few of them you will know that different builders use different quality materials and different layouts. Some townhouses have a large backyard while others have virtually no backyard. Some have large bedrooms with smaller living spaces or vice versa. These differences can cause the sale prices here to be quite erratic.
Due to the fact that there is so much on the market in Center Coconut Grove, it is helpful to have a realtor who knows the market, the quality of the different builders and the streets that have the best value. If you are interested in buying or selling real estate in Coconut Grove, please feel free to send me a note here.
| Discussion: No Comments »
Market Update For Grove Isle
December 18th, 2009 categories: Condos
For Sale In Grove Isle
There are currently 23 units on the market in Grove Isle, a private island in North Coconut Grove that consists of 3 residential towers. There are no short sales or foreclosures on the market in Grove Isle as of today.
The units range in price from $475,000 for a 2 bedroom, 2 bath on the 3rd floor all the way up to $3,500,000 for a 5 bedroom, 5 bath on the 16th floor. To see a list of all that is currently on the market in Grove Isle, click here.
2009 Sold In Grove Isle
There have been 14 condos to close in Grove Isle in 2009, 2 of these were foreclosures. Sale prices have ranged from $320,000 (for a 2 bedroom/2 bath on the 2nd floor – not a foreclosure) all the way up to a $1,300,000 sale (for a 3 bedroom, 2.5 bath on the 8th floor). On average, the sales price per square foot of condos sold in Grove Isle during 2009 has been $297.00.
For Comparison – 2008 Sold In Grove Isle
Just as a point of reference, there were 19 units sold during 2008 in Grove Isle. The average sales price per square foot in 2008 was $398.00.
So if you compare 2008 with 2009, the average sale price per square foot has gone down by $100.00. That means that there is certainly value to be gained in Grove Isle right now.
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.
| Discussion: No Comments »
The Riley Circus
December 17th, 2009 categories: Selling Real Estate in Coconut Grove
With 4 closings and negotiating 5 offers all within 2 weeks, I feel like the ringmaster of my very own circus.
I closed on a house earlier this week in South Miami ($425,000), I am closing today on 79 West Shore Drive (list price $899,000), closing on Monday on 1666 Micanopy Avenue (list price $1,535,000), and closing on December 29th on 3625 Bougainvillea Road ($1,399,000).
I currently have under contract 3802 Little Avenue in Ye Little Wood and 3055 Virginia Avenue in Center Grove both looking to close in early January. And as I take a look at my buyer board, my team is working with over 20 buyers who all seem to be very anxious to get in a house after the New Year.
If you have been following the blog you know that inventory is very low, if you are considering selling your house, I would love to preview it to see if it matches any of my buyer profiles.
| Discussion: 1 Comment »
Another Foreclosure Sells Above Asking Price
December 16th, 2009 categories: Coconut Grove Real Estate
The foreclosure I wrote about last month (Bidding Wars On Two Grove Properties) came on the market at a price of $399,000 and sold yesterday for $475,000. Rumor had it that there were 12 offers on the property.
Details of the home are:
- 4 bedrooms, 3 baths
- 2,912 square feet of living space
- 9,547 square foot lot
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.
| Discussion: 1 Comment »
