Archive for December, 2009
Many Coconut Grove Residents Are Stuck In Their Homes
December 15th, 2009 | categories: Selling Real Estate in Coconut Grove
We all know that the number of listings in Coconut Grove is down. Part of it is due to the time of the year (i.e. the holidays) but as I talk to residents in the Grove and go on my listing presentations it seems that most people are just STUCK and cannot sell.
In general, if you purchased a home in the last 5 years (even if you put down 20%) you are upside down on your mortgage. Meaning you currently owe more than your home is worth and you cannot sell unless you are willing to bring money to the table or negotiate a short sale with the bank. I believe this is the number one reason why our inventory levels are so low right now, and unfortunately I don’t see an end in sight.
The good news is that for those of you who can afford to sell, this should help push prices up slightly as there is such a lack of quality homes for sale in the Grove today.
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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.
Largest Lots Available In Coconut Grove
December 14th, 2009 | categories: Coconut Grove Real Estate
If you are looking for a home with a large piece of land in Coconut Grove, here are the top three biggest lots:
3575 Stewart Avenue – South Grove Waterfront | 42,689 Square Foot Lot | 10,025 Sq. Ft. Living Area | 8 Bedrooms, 7 Baths | $18,000,000 | Broker: Sotheby’s
1653 South Bayshore Drive – North Grove | 40,500 Square Foot Lot | 4,310 Sq. Ft. Living Area | 4 Bedrooms, 4.5 Baths | $2,499,000 | Broker: Coldwell Banker
3737 Kent Road – North Grove | 49,210 Square Foot Lot | 6,015 Sq. Ft. Living Area | 5 Bedrooms, 4 Baths | $2,399,000 | Broker: Jeanne Baker
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.
Antoine Walker’s Coconut Grove Home For Sale In “Ye Little Wood”
December 13th, 2009 | categories: Coconut Grove Real Estate
Update: Photos were just added on the MLS, to view click here.
Former Miami Heat player Antoine Walker’s home in Ye Little Wood came on the market over the weekend priced at $3,500,000.
The agent hasn’t posted any photos of the property, but here are the details of Walker’s home:
- 7,111 square feet of living space
- 5 bedrooms, 5 baths
- 20,700 square foot lot
- 3 car garage
- Built in 2004
If you are interested in seeing the property, 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.
Broker is Miami Living.
Activity Levels For Coconut Grove Real Estate
December 12th, 2009 | categories: Coconut Grove Real Estate
Real estate in Coconut Grove has picked up speed over the last few months. There were 15 single family homes sold and 7 put under contract in November. In December there has been 2 closed sales with 7 to go under contract. The number of closed sales should skyrocket towards the end of December as people hurry to lock in their homestead exemption and banks try to wrap up their short sales before the end of the year.
Pre-Construction Buyers In Coconut Grove
December 11th, 2009 | categories: Coconut Grove Condos
I am cleaning out a few files and I came across some of the pre-construction packets for a few buildings here in the Grove. It is amazing to see that some people who purchased new construction in Coconut Grove during the boom did not suffer a loss. Take the Grovenor House for instance. Unit #1702 sold pre-construction for $1,640,000 in 2006 and the owners just sold it for $2,000,000 this year. Unit #2903 sold pre-construction for $1,400,000 in 2006 and the owners sold it this year for $1,590,000.
On the other hand, Grove Garden pre-construction buyers took a real hit. The buyers of Unit #309 paid $586,000 pre-construction, the unit went into foreclosure and sold for $380,000. The buyers of Unit #409 paid $840,000 pre-construction, the unit sold this year for $449,000.
Right now, we have pre-construction sales going on over at The Residences of Vizcaya which is a mid-rise boutique, waterfront condominium in North Coconut Grove. Prices currently range from $1,000,000 to $6,000,000.
When buying pre-construction it really pays to have a local specialist who can help you understand the direction the market may be taking and the potential value in a particular investment.
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 Cloisters Market Update
December 10th, 2009 | categories: Coconut Grove Gated Communities
I was showing several units at The Cloisters yesterday and since I already have the research done I thought I’d post a quick market snapshot.
There are currently 7 units for sale at The Cloisters. They range in price from $1,749,000 to $995,000. Of these, two are unapproved short sales. There have been 2 sales closed this year in The Cloisters (one sold for $1,350,000 and the other for $1,000,000).
In my opinion, the nicest unit on the market in The Cloisters right now is #1033 listed for $1,595,000. It has been updated to perfection. The price was just reduced from $1,750,000.
To see photos and information for all properties for sale in The Cloisters click 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.
See A Resemblance?
December 9th, 2009 | categories: Grove News
Our EWM office Christmas party was last night and I wanted to thank Gwen Taylor for my new office mascot…. the Riley Coconut Head.
Unfortunately I do see a resemblance (except for the cocktail, which is usually much bigger).
Did You Know?
December 8th, 2009 | categories: Grove News
In the right sidebar of my website where it says Search Site you can search for any word that I’ve ever mentioned on The Real Estate Coconut. It is a great tool if you are interested in a particular street, building or community. I always group my posts into “Categories” (on the left sidebar), but the search tool is great when you are looking for something more specific.
Just type in Waterfront, New Construction, The Cloisters, Grovenor House, Poinciana Avenue etc. and a list of all blog posts (including this one) that mention that word/phrase will appear.
French Style Villa Sells for $419.00 per square foot
December 7th, 2009 | categories: Selling Real Estate in Coconut Grove
This beautiful home on one of Coconut Grove’s most prestigious streets sold today for $419.00 per square foot, one of the highest price per square foot numbers we have seen all year (three that were higher included a house in The Moorings for $454.00 PSF, a house in North Grove which sold for $700.00 PSF and a house in The Anchorage which sold for $592.00 PSF).
Details of 4160 La Playa Boulevard include:
- 6 Bedrooms/6 Baths
- 5,240 Sq. Ft. of Living Area
- Built in 2000
- List Price: $2,295,000
- Sale Price: $2,200,000
- 41 Days On The Market
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.
Gates of Coconut Grove
December 6th, 2009 | categories: Coconut Grove Real Estate
Weathered and worn. A beautiful gate in South Coconut Grove.