Archive for January, 2010
Foreclosure On Wakeena Drive Is Finally Pending
January 20th, 2010 | categories: What Is Selling In Coconut Grove Real Estate?
There are two types of foreclosures in Coconut Grove. The first kind has an agent which prices the property way below market value and has realtors lining up to get their clients in. This kind usually ends up in a bidding war. The second type of foreclosure has an agent who either doesn’t know the market or wants to do right by the bank and prices it above market value, in which case it sits on the market and goes through several price reductions. Since all foreclosures are not priced to sell, buyers really need the help of a local agent to differentiate the good deals from the bad ones.
The house located at 1817 Wakeena Drive falls into the latter category. The house sat on the market for over 5 months and had 4 price reductions – it finally went under contract this week.
Details of 1817 Wakeena Drive:
- List Price: $240,000
- 1,635 square feet of living space
- 5,500 square foot lot
- 3 bedrooms, 2 baths (2 bedrooms, 1 bath per tax rolls)
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.
Poinciana Avenue Flip Sells
January 19th, 2010 | categories: What Is Selling In Coconut Grove Real Estate?
4066 Poinciana Avenue was purchased in July of 2008 for $390,000. The owners renovated the house and put it back on the market priced at $599,000 then reduced it to $549,000. They closed last week for $525,000.
Details of the house include:
- 3 bedrooms, 2 baths
- 1,493 square feet of living area
- 6,000 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.
Coconut Grove Featured Property
January 18th, 2010 | categories: Buying Real Estate in Coconut Grove
I was in this home twice over the weekend and it is worth checking out if you are looking for a property in this price range. The home is located at 3535 Crystal Court in the North Grove. It was built in 1936 but has been totally updated with a modern touch. The home features 5 bedrooms, 5.5 baths, 4,712 square feet of living space on an 8,000 square foot lot. The rooftop terrace offers great views of the bay. Asking Price is $1,575,000, it has been on the market since September. Listed by EWM Realtors, Inc.
Details include:
- 1 car garage
- 2 separate staircases offer privacy between family bedrooms and guest suite.
- Bonus playroom
- Den downstairs
- Pool and jacuzzi
- Rooftop terrace
- Lot runs from street to street
As always, if you are interested in buying or selling real estate in Coconut Grove feel free to give me a call at 305.342.1623 or contact me here.
North Grove Canopy
January 15th, 2010 | categories: Coconut Grove Real Estate, Grove News
I have lived all over Coconut Grove (North, South and Center) but I will always be partial to North Coconut Grove for its beautiful canopy of oak trees. They add great character to the neighborhood.
I especially like this mossy covered oak on Tigertail Avenue.
Recent Grove Pending Sales
January 14th, 2010 | categories: Coconut Grove Real Estate
So far in January we have had only 2 single family homes go under contract but there have been 11 condos/townhouses to go pending.
Single Family Homes Under Contract This Month:
| Address: | List Price: | Bds/Bths | Sq.Ft. |
| 3950 Wood Avenue | $3,500,000 | 5/5.5 | 7,111 |
| 3084 Jefferson Street | $424,900 | 4/3 | 1,940 |
Condos/Townhomes Under Contract This Month:
| Address: | List Price: | Bds/Bths | Sq. Ft. |
| The Sonesta | $1,600,000 | 3/4 | 1,937 |
| Grove Isle | $1,100,000 | 3/2 | 2,398 |
| Grove Towers | $499,000 | 3/3 | 1,682 |
| 3076 Ohio St. | $499,000 | 3/2.5 | 2,130 |
| 3172 Indiana St. | $475,000 | 3/2.5 | 2,040 |
| 3144 McDonald St. | $399,900 | 3/3 | 2,338 |
| 3078 Ohio St. | $399,000 | 3/2.5 | 2,130 |
| Ritz Carlton | $385,000 | 1/1 | 896 |
| 2932 West Trade Avenue | $209,900 | 2/2 | 1,175 |
| The Sonesta | $189,900 | 1/1 | 814 |
| 3245 Virginia Street | $85,000 | 2/1 | 664 |
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.
Rental Market In Coconut Grove
January 13th, 2010 | categories: Coconut Grove Real Estate
I was just having a conversation with a nice couple over at Greenstreet Cafe (my daily breakfast spot) who are looking for a rental property in Coconut Grove. They were trying to find a place on their own without using an agent and were extremely frustrated with the process. Agents for the listings wouldn’t call them back or they would set up appointments and nobody would show up. I suggested that they use the services of a realtor who specializes in the Grove and is able to do all of the leg work for them. What many people don’t know is that if you have an agent representing you as a renter you do not pay for their services (the landlord pays the commission).
On my team here at The Real Estate Coconut I have a Coconut Grove rental specialist who is professional and hard working and would be happy to assist you in your search. Just send us a note here and let us know what you are looking for.
To view all current rental properties in Coconut Grove, click here.
A few extra tips on renting property here in the Grove:
- If you are looking for a property under $1,000 a month it is best to check Craig’s List. Typically, a landlord who is charging such a low amount does not want to pay for the services of a Realtor and you will find much more available.
- If you are looking for a short term property (on a monthly basis) there are only 8 currently listed on the MLS in the Grove. To view all short term rentals in the Grove click here.
- If you are looking for weekly rentals, such as for Super Bowl week, I have had clients who used VacationRentals.com with much success. Also, The Mutiny and The Sonesta hotels offer short term rentals (weekly and monthly) of their condos and it would be best to contact them directly if you are interested.
Coconut Grove Short Sales – 24 For Sale
January 12th, 2010 | categories: Buying Real Estate in Coconut Grove, Coconut Grove Real Estate
24 of our 192 single family homes on the market in Coconut Grove are listed as “short sales”. To view all short sales that are currently listed as “active” in Coconut Grove click here. Keep in mind that short sales are not for the weak. Once you submit your offer to the bank you can wait months to get a response. A few things to consider when making an offer on a short sale:
- Some agents keep their “short sales” on the market (active) long after they receive the first offer because they want those backup offers knowing that the original buyer may not stick around until the bitter end. I have spoken to an attorney who handles short sales on a regular basis and he believes that submitting many offers to the bank only confuses them and delays the process even further. So although there are currently 24 listed as “active” on the MLS, many of these likely already have offers.
- Some sellers price their short sale at a price that would never be accepted by the bank just to attract buyers. This leads buyers to believe that they are getting a “steal” then months down the road find out that the bank has countered several $100,000′s higher.
- Once you finally get approval by the lender the decision can be overruled or revoked just before closing.
- There is a big difference in an “Approved” short sale and an “Un-Approved” short sale. Approved short sales can take significantly less time to close than Un-Approved ones.
I currently have 2 short sales pending (I am the listing agent on both), but I have written countless offers on short sale properties for my buyers. 99% of the time my buyers have decided to move on to other properties because they get frustrated by the process - this is after I preach to them about how long and frustrating the process can be. Last year I had clients back out of their offer after waiting 4 months with no response only to hear back from the bank a week later. By then, the clients had been so soured by the process that they decided not to buy anything.
To view a list of all single family short sales (16) that closed in 2009 in Coconut Grove, click here. You are able to see the List Price and the Sale Price. There are currently 17 short sales in Coconut Grove that are listed as pending on the MLS, some went pending in July of 2008 and still haven’t closed.
In the Coconut Grove single family home market in 2009, short sales only closed an average of $4.00 per square foot less than the non-distressed sales.
The Sonesta Condo-Hotel
January 11th, 2010 | categories: Coconut Grove Condos
The Sonesta condo/hotel in downtown Coconut Grove is great for those people looking for a second home with income opportunities.
When you buy in The Sonesta you have the option of placing it in the hotel’s rental pool which allows you to earn income on the property. The hotel does charge you a fee and the amount of the fee depends on how frequently you place it in the pool.
They have some great new properties for sale starting at $145,000 all the way up to $1,600,000. It is a full service building and they have just installed a new pool deck on their rooftop pool. The building offers great views of Sailboat Bay.
It has been my client’s experience that those who place their units in the rental pool for a majority of the year are able to cover their annual expenses.
For all properties available in The Sonesta please click here.
As always, if you are interested in buying or selling real estate in Coconut Grove please feel free to give me a call at 305.342.1623 or contact me here.
Price Reduction Of The Day, Down $750,000
January 8th, 2010 | categories: Coconut Grove Gated Communities
This waterfront lot in Camp Biscayne (a premiere gated community in Coconut Grove) has just been reduced by $750,000 and is now priced at $7,900,000.
The lot size is 41,124 square feet with 500 feet of waterfront. The lot comes with preapproved plans for a “Green” home with 6 bedrooms and 6 baths.
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.
Center Coconut Grove Townhouse Market Review
January 7th, 2010 | categories: Coconut Grove Townhouses
Current Townhouse Market
There are currently 68 townhouses on the market in Center Coconut Grove. The average list price is $462,000 and the average list price per square foot is $240.00.
2009 Townhouse Market
There were 53 closed sales in 2009 with an average sale price of $345,000 and an average “sale price per square foot” of $183.00. Keep in mind that there were a ton of foreclosures in the West Grove townhouse market that brought these numbers down.
The new construction townhouses sold in Center Grove during 2009 ranged in price from $150.00 per square foot (for those in the West Grove) to $250.00 per square foot (for those in the true Center Grove).
There are a few reasons why the townhouse market struggled in 2009. The first reason is that buyers had difficulty in obtaining financing due to the fact that most townhouses are classified as condos which requires the buyers to put at least 25% down. Another reason is due to the fact that it is now possible buy a single family home in North or South Grove for the same price as some townhouses in Center Grove.
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.