Archive for January, 2010
Slow Start To 2010
January 7th, 2010 | categories: Coconut Grove Real Estate
My Coconut Grove hot sheet has been slow this week. Virtually no new single family listings or closed sales. There has been only one home to go under contract it was listed by the Cherry Group at 2080 Emathla Street and a few price reductions (most notably, Javier’s listing on Loquat was reduced by $100,000 to $899,000).
On a brighter side, there is no slow down of buyers. Yesterday I showed property to 3 different buyers, wrote 2 offers and met with another set of potential buyers who will be looking shortly.
I can’t stress enough that if you are considering putting your house on the market, now is the time. We have a shortage of quality inventory and what appears to be a surplus of ready, willing and able buyers.
Coconut Grove vs. Coral Gables in 2009?
January 5th, 2010 | categories: Coconut Grove Real Estate
I think many people were surprised after yesterday’s post to learn that Coconut Grove home values dropped 15% in 2009. I did a quick analysis of the Coral Gables market for 2009 and thought some of you might be interested to see how we compared to the City Beautiful. It wasn’t just Coconut Grove that was hit hard, see the stats for Coral Gables below.
Coral Gables 2009 Real Estate Market Review
- The total number of homes sold in Coral Gables in 2009: 347 (308 in 2008)
- Average “sales price per square foot” in 2009: $284.00 ($309.00 in 2008)
- Average sales price in 2009: $987,687 ($1,042,585 in 2008)
For those of you who missed yesterday’s post, Coconut Grove 2009 Real Estate Market Review.
To view all homes for sale in Coconut Grove, click here.
To view all homes for sale in Coral Gables, click here.
Coconut Grove 2009 Real Estate Market Review
January 4th, 2010 | categories: Coconut Grove Real Estate
After studying the sales in Coconut Grove during 2009 I feel that it has been a great year for buyers and a somewhat depressing year for sellers. You will see below that we saw virtually the same number of sales in Coconut Grove as last year but similar to most areas in South Florida home values have continued to fall.
The figures I am giving you come from North and South Coconut Grove only. I have meticulously weeded out those sales from the West Grove and other areas of 33133 (there are streets in 33133 not within the boundaries of Coconut Grove) which would drastically affect our numbers. The West Grove is a completely different market which I will address in another year end review.
The best way to put into perspective 2009’s numbers are to compare them with 2008, so here we go.
Single Family Home 2009 Real Estate Market Overview
- There were 105 single family homes sold in 2009 in Coconut Grove compared to 107 in 2008. Only 40 of the single family home sales occurred in the first 6 months of 2009, while 65 occurred in the second half of the year.
- The average list price of sold homes in 2009 was $961,419 compared to $1,136,383 in 2008.
- The average selling price was $846,113 in 2009 compared to $1,012,250 in 2008.
- The average Sale Price Per Square Foot in 2009 was $266.00, the average in 2008 was $314.00.
That means if you had an ”average” house in Coconut Grove it went down in price by 15%. Keep in mind that every house and location within Coconut Grove is unique. For instance, the new construction market and waterfront market have held their values quite well in 2009.
Gated Communities in Coconut Grove
L’Hermitage (2000 South Bayshore Drive, Miami, FL 33133) was the most active gated community in Coconut Grove in 2009, there were 6 sales at an average “Sale Price Per Square Foot” of $201.00. And the average Sale Price was $794,000. The low number is due to the fact that several units were in distress and needed total renovation.
Abitare (Via Abitare Way, Miami, Fl 33133) had 2 sales which sold for $1,150,000 and $500,000. One unit needed total renovation on the interior and the other unit was in good condition.
The Cloisters (3471 Main Highway, Miami, FL 33133) saw 2 villas close in 2009, the first sold for $1,350,000 ($230 per square foot) and the second was a short sale that sold for $1,000,000 ($171 per square foot).
The Moorings (3570 South Moorings Way, Miami, FL 33133) had 1 sale for $3,700,000 for a 6 bedroom, 4.5 bath home featuring 8,142 square feet of living space. It sold for $454.00 per square foot.
Ye Little Wood (3976 Little Avenue, Miami, FL 33133) had 1 sale for $1,200,000 for a 6 bedroom, 4 bath home featuring 5,800 square feet of living space. It sold for $206.00 per square foot. The house needed a significant amount of updating.
Treasure Trove (2495 South Bayshore Drive, Miami, FL 33133) had 1 sale for $1,700,000 for a 5 bedroom, 5 bath home featuring 5.065 square feet of living space. it sold for $335.00 per square foot.
There were no sales in the gated communities of Camp Biscayne or De Garmo Estates.
Waterfront Properties in Coconut Grove
There was only 1 true waterfront sale in Coconut Grove. This was a sale in The Anchorage which closed for $6,000,000. It was a 5 bedroom, 5 bath house with 10,121 square feet of living space. Another waterfront property sold for land value only at $1,250,000 on Fairhaven Place (see below).
Properties in Coconut Grove that sold for land value (vacant and non-vacant) in 2009.
| Address: | Lot Size: | Sale Price: |
| 4060 Battersea Road | 15,075 sq. ft. lot | $550,000 |
| 1735 Fairhaven Place | 15,000 sq. ft. lot | $1,250,000 |
| 2534 Lincoln Avenue | 13,262 sq. ft. lot | $640,000 |
| 3855 Poinciana Avenue | 10,000 sq. ft. lot | $450,000 |
| 2845 Coconut Avenue | 7,500 sq. ft. lot | $260,000 |
| 3737 Matheson Avenue | 14,535 sq. ft. lot | $682,500 |
| 3525 Crystal View Ct. | 11,600 sq. ft. lot | $495,000 |
| 4044 Malaga | 9,225 sq. ft. lot | $325,000 |
| 3812 Park Avenue | 21,600 sq. ft. lot | $630,000 |
So there you have it. Buyers got some great deals in 2009, and sellers took a big hit. I know from speaking with my sellers that they are having a hard time accepting the fact that prices have fallen. For the most part, the only people who are selling right now are those who have outgrown their home, relocating or investors.
Stay tuned for the 2009 Center Grove Townhouse, Condo and West Grove year in review.
As always, 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.