2010 January

Archive for January, 2010

Riley Smith Launches Two (Yes Two) New Real Estate Blogs!!

January 29th, 2010 categories: Coconut Grove Real Estate

Well the time has come for The Real Estate Coconut to expand. Yes I will always be THE Coconut Grove real estate expert. Coconut Grove is my home, my life and my passion. But in reality, my real estate transactions take me all over the map and I have a lot of knowledge to share about other communities in South Florida.

So for the past few months I have been hard at work developing two new real estate blogs. The first, www.CoralGablesRealEstateVault.com will cover everything from Deering Bay to the Golden Triangle. And the second, www.SouthMiamiRealEstateBlog.com will cover real estate news in South Miami, High Pines and Ponce Davis areas.

So enjoy and I hope that you find them as equally interesting and informative as The Real Estate Coconut.

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Why I Can’t Stop Watching HGTV

January 29th, 2010 categories: Coconut Grove Real Estate

Now that football season is winding down and my wife has a little more control over the remote I end up watching episode after episode of real estate shows on HGTV. But after talking real estate non stop day after day I don’t even mind. In fact, I have a slight addiction to it.

Some of my favorites? House Hunters International, Property Virgins and Curb Appeal. I get a real kick out of people’s obsession over stainless steel appliances on Property Virgins. They top everyone’s wish list even more so than square footage or location. If it has a stainless steel refrigerator then the people are ready to put an offer in on the same day.

Or I like to sit back and watch some of the really dull realtors show house after house and I just hope that I have more personality than that. “And here you have the kitchen”, “And over here is the pool”, “And over here is the pantry”. Dull and Duller…but I keep watching.

Even better than the stainless steel appliances and the dull realtors are the people who are looking at the house and don’t like it because their furniture won’t fit. “I can’t buy this house because my couch won’t fit in the family room” they say. They are paying $300,000 for a house and the deciding factor is whether or not their $500 couch fits in the family room. Good stuff.

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What does $18,000,000 buy you in Coconut Grove?

January 28th, 2010 categories: Coconut Grove Real Estate

Yesterday I was out looking at Broker’s Opens in the Grove and stopped by the home located at 3575 Stewart Avenue which is priced at $18,000,000. Typically homes in this price range can be too over the top for my taste, but this one was surprisingly not. It was finished with understated elegance and had the best views of Biscayne Bay I have ever seen in Coconut Grove.

The home is located on a 3 sided waterfront acre in the gated community of Entrada Estates. It boasts 8 bedrooms, 7.5 baths, 10,000 sq. ft. of living space, a gourmet kitchen overlooking the family room, wet bar, billiard room, 2 sided fireplace and each room takes complete advantage of the gorgeous views.

Single family homes in this price range are more commonly found in Coral Gables and in Miami Beach so it will be interesting to see if Coconut Grove can support such a price.

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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New Listing in North Coconut Grove

January 26th, 2010 categories: Coconut Grove Real Estate

I have a new listing located at 3265 Coacoochee Street in North Coconut Grove. The home is in impeccable condition and features 3 bedrooms, 2.5 baths with a gorgeous tropical pool and patio area. If you like contemporary homes with walls of windows, high ceilings and open spaces then you will love this home.

The home is located just steps from Kennedy Park and Biscayne Bay.

Details of 3265 Coacoochee Street Include:

3 bedrooms, 2.5 baths
2,898 square feet of living space
5,438 square foot lot
Roof is 3 years old
New stainless steel appliances in kitchen
2 car garage
For more photos and information click here.
List Price: $829,000

If you would like to see this home contact me at 305.342.1623 and I would be happy to arrange a showing for you.

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My Pick: Best Buys In The Grovenor House

January 26th, 2010 categories: Condos

There are currently 24 condos on the market in The Grovenor House. They range in price from $799,000 (for a non-waterview unit) to $16,900,000 for the penthouse. If you need water views, the starting list price is $899,000 for a unit that features 2 bedrooms, 2 baths and 1,756 square feet of living space. At an asking price of $899,000 this unit is worth checking out (photos here) because a 2 bedroom, 2 bath with water views closed recently for $880,000. If you want water views with 3 bedrooms, you are looking at a starting list price of $1,190,000 (unit has direct bay views).

A colleague of mine is putting a short sale on the market today at a price of $749,000. It is 2 bedroom, 2 bath with non-waterviews. This is another opportunity to get a great deal at The Grovenor House. If you are interested in seeing the unit, I would be happy to schedule a showing.

There have been 5 closed sales in the past three months, average sales price per square foot was $544.00 (all units had direct waterfront views.)

To view all properties currently for sale in The Grovenor House, 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.

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Coconut Grove: A Small Fish In Miami’s Big Real Estate Pond

January 25th, 2010 categories: Coconut Grove Real Estate

Real Estate in Coconut Grove is a small fish compared to the rest of Miami’s market. See the chart below for a graph of the Dade County Florida real estate market since October of 2008 (click to view in new window).

You can see that at the end of 2009, Dade County had 24,448 properties on the market. To compare, Coconut Grove had only 575 properties currently for sale (single family homes + condos + townhouses). When you do the math, Coconut Grove makes up about 2% of Miami’s real estate market.

Over the year you can see a significant decline in homes for sale across Dade County which historically indicates a market in recovery. That being said, some people believe that there is “shadow inventory” (a large amount of short sales & foreclosures) which is waiting to hit the market over the next year which would cause the numbers of homes for sale to rise yet again. Coconut Grove has been pretty insulated from short sales and foreclosures so far and I have no reason to believe we would be heavily impacted.

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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7 Closed Sales In Coconut Grove This Week!

January 22nd, 2010 categories: What is selling in Coconut Grove?

There have been 7 properties to close this week in Coconut Grove making it the most active week in 2010 so far.

Address:	Bds/Bths	Size:	Sale Price:
Lofts At Mayfair (Condo)	2/2	1,053	$285,000 (foreclosure)
2753 West Trade Avenue (Townhouse)	3/2.5	1,776	$352,000 (short sale)
3144 McDonald Avenue (Townhouse)	3/3	2,338	$405,000 (foreclosure)
3 Grove Isle Drive (Condo)	2/2	1,642	$400,000
4131 Hardie Avenue	3/2	1,438	$396,300
3800 La Playa Boulevard	3/2.5	2,331	$700,000
3750 Frantz Road	4/4.5	3,449	$950,000

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.

Spoken by Riley Smith | Discussion: 1 Comment »

Best Townhouse For $350,000 In Coconut Grove

January 22nd, 2010 categories: Townhouses

I just put this McDonald Street townhouse back on the market at a reduced price of $350,000. It is located at 3201 McDonald Avenue and features 2 bedrooms, 2 baths with 1,295 square feet of living space, hurricane impact windows, open kitchen with wood cabinets and granite countertops, Trex wood deck, 6 person jacuzzi, fence, gate and alarm system.

In my opinion, it is the best townhouse in Center Grove for $350,000. It is in impeccable condition and located within steps from the Grove Village, Dog Park and Children’s Park.

The townhouse will be open this Sunday, January 24th from 12:00 to 2:00. Please stop by and take a look!

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New Service Available To My Coconut Readers!

January 21st, 2010 categories: Coconut Grove Real Estate

I have a new free service available to all of my blog readers who are current property owners.

Using state of the art technology you are able to enter in the address of your current home and get a LIVE market update emailed to you. The information is tailored to your property and provides you with recent sales, trends, average asking prices and new listings that occur within a small radius of your property.

Below is a sample for a property in The Moorings.

Once you receive your first market snapshot, the system will send you an email every 4 weeks with a new report of what has come on the market and what has sold within a small radius of your home.

It is a great tool if you want to stay informed about the real estate market in your area.

Just enter in your home property address here to receive your report!

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Landmark Estate In South Grove

January 21st, 2010 categories: Coconut Grove Real Estate

My new listing in South Coconut Grove is a true story book home. Anyone who has ever driven down Hardie Avenue would surely remember this one of a kind property.

The home features a coral rock exterior, gourmet kitchen, sapodilla wood beam ceilings, original Dade county pine floors, local oolitic limestone walls, fireplace, mahogany impact resistant windows and doors, keystone paths and luxurious pool and patio.