Archive for March, 2010
Recent Home Sales In Coconut Grove
March 31st, 2010 | categories: What Is Selling In Coconut Grove Real Estate?
This has been a busy month for real estate in Coconut Grove. Below are a few of the most recent sales. You will notice once again a lack of $1,000,000+ properties selling.
3330 Crystal Court, Coconut Grove
- List Price: $759,000
- Sale Price: $700,000 ($206.00 psf)
- 4 Bedrooms, 3.5 Bathrooms
- 3,395 Sq. Ft.
- 13 months on the market
2201 SW 28th Street, Coconut Grove
- List Price: $460,000
- Sale Price: $400,000 ($254.00 psf)
- 2 Bedrooms, 2 Baths
- 1,571 Sq. Ft.
- 5 Months On The Market
3085 Calusa Street, Coconut Grove
- List Price: $429,888
- Sale Price: $405,000 ($260.00 psf)
- 3 Bedrooms, 2 Bathrooms
- 1,555 Sq. Ft.
- 6 Months On The Market
259 East Shore Drive, Bay Heights, Coconut Grove
- List Price: $599,000
- Sale Price: $565,000 ($217.00 psf)
- 3 Bedrooms, 2 Bathrooms
- 2,601 Sq. Ft.
- 4 Months On The Market
The Cloisters Is Hot!
March 30th, 2010 | categories: Coconut Grove Gated Communities
I have written several offers for my clients in The Cloisters over the past few months. It seems that everyone is finding value in this exclusive gated community, there have been 2 units to go under contract in March and 1 unit to close this year. This is a lot of activity considering there are only 40 units in the entire complex (2 units sold last year).
With the current closed and pending sales, we are left with only 3 properties currently on the market in The Cloisters. To view photos and more information on them, click here. If you are interested in purchasing a unit at The Cloisters, please don’t hesitant to contact me. I am extremely familiar with what is on the market in here and would be happy to work with you.
Sold In The Cloisters 2010
The Cloisters, Unit 1033 was a gorgeous unit, completely updated and in perfect condition. I wrote about the property back in 2009 and touted it as the “The Best Unit On The Market In The Cloisters”. The sellers were asking $1,595,000 and it sold for $1,475,000.
Pending In The Cloisters 2010
The Cloisters, Unit 1136 which was a unit that needed built out but had great potential. I didn’t have the buyer for this unit but I have shown it many times and know that whoever the buyers are they are getting a good deal. List Price was $1,599,000.
The Cloisters, Unit 414 which was another one of my favorite units in The Cloisters. It had been designed and upgraded with extreme attention to detail. List Price was $1,450,000.
I will keep you posted on the sales prices for these units!
Two New Listings In Coconut Grove
March 29th, 2010 | categories: New Listings in the Grove
I have two new listings in Coconut Grove, both priced at $599,000. The first is located in the North Grove at 1669 Onaway Drive and features 3 bedrooms, 1.5 baths in the main house and 1 bedroom, 1 bath in the guest house with 1,841 square feet of living space. This is a true Grove cottage with tons of character and charm including original plaster fireplace, cathedral ceilings and stained glass. The home is completely walled creating a mini-estate with lush gardens and pool. See pictures below.
My second new listing is located at 4012 Bonita Avenue and features 3 bedrooms, 2 baths with 2,404 square feet of living space. This house has been completely upgraded on the interior with new kitchen and baths. The large master suite is located on the second floor and opens to the living area below. Vaulted wood ceilings create an open airy feeling throughout the home. See pictures below.
Both of these homes have generated a large amount of interest since they went on the market last week.
Since I now have 5 listings priced in the upper $500,000’s my sellers are getting quite a bit of exposure. How so? Because when a buyer isn’t interested in one house they will be redirected to one of my other listings in the same price range. This results in more showings for all of my sellers!
Another Listing Sold!
March 26th, 2010 | categories: What Is Selling In Coconut Grove Real Estate?
My clients from the recent post Goodbye Coconut Grove…Hello Virginia closed on their house yesterday on Park Avenue. We got the house sold in less than a month for them at a sale price of $700,000/$267 per square foot. They will certainly be missed in Coconut Grove, but we wish them all the best in their new endeavors up north.
If you are interested in a no pressure home valuation, feel free to give me a call at 305.342.1623 or send me a note here.
Presidential Suite At The Sonesta Sells For $1,450,000
March 25th, 2010 | categories: Coconut Grove Condos
The Presidential Suite at The Sonesta sold recently for $1,450,000. The unit offered sweeping east, west and south views with 3 bedrooms, 4 baths and 1,937 square feet of living space.
The Sonesta has some of the best views in Coconut Grove and was rated #6 for the Best Performing Condo/Townhome Complexes in Miami. It is also a full service hotel and located just steps from the shops and cafes of downtown Coconut Grove.
There are currently 28 properties for sale in The Sonesta, the average list price per square foot is $468.00, and maintenance fees run between $500 and $1,500 a month. To view all properties currently available in The Sonesta, click here.
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If you are interested in buying or selling real estate in Coconut Grove and are looking for a Grove specialist, please contact me at 305.342.1623 or send me a note here.
Trials and Tribulations With Appraisals
March 24th, 2010 | categories: Buying Real Estate in Coconut Grove
I have had good and bad experiences with appraisers here in Coconut Grove. There are some appraisers that come here from outside the area and are completely unfamiliar with the nuances of the Coconut Grove market. But I will respect the final outcome of an appraisal if fair comps are used even though the outcome may not be favorable to my clients. Recently I had a property that did not appraise by the bank and when I took a look at the appraisal I was shocked to see several things wrong. I wrote the following letter to the bank expressing my frustration with the appraisal and requesting that they send a new appraiser out.
Let me preface this by saying that in no way are realtors permitted to request a specific appraiser for their property or improperly influence an appraiser. But it is acceptable to offer the appraiser comparable properties that you feel support the sale price and to submit a letter to the lender notifying them of issues/concerns/inconsistencies that you have with the appraisal itself.
This letter also shows how important it is to work with a realtor who is intimately familiar with the local real estate market.
To Whom It May Concern:
My name is Riley Smith and I am the listing agent for the property located at ”xxx”. The purpose for this letter is to express my concern and disappointment over the appraisal that was recently completed. I am a Coconut Grove specialist, have been selling residential real estate here in Coconut Grove for over 10 years and know this market extremely well. I would like to point out some inconsistencies in the appraiser’s approach to coming up with his value. It is my hope that you will take this under advisement and order a new appraisal.
1. My first point. On 2 of the 3 closed comparable sales, the appraiser took a picture of a property that does not correspond with the address or the numbers he is using. This to me is a sign of very sloppy work. Example #1, the photo at ”xxx” is actually a photo of ”xxx” a property which I am intimately familiar with since it was my listing. Example #2, the photo of ”xxx” is a property that is not in a gated community and has a 1 car garage when I know for a fact that the actual address and numbers he used is in a gated community and has a 2 car garage.
2. When the appraiser spoke to my assistant at the subject property, he explained to her that appraisers are not supposed to take into consideration properties that are more or less than 20% of the square footage of the subject property. However, he then goes on to use as one of his only 3 closed sales a property that is higher than 20% and that property happens to be the one that is pulling this appraisal down.
3. Another key component to his appraisal is his use of two actively listed comparables. Both of these properties are located in a neighborhood that is not comparable to the subject property although they are only several blocks apart. If he had local knowledge of the neighborhood he would know that any property sold between X Street and X Street must be discounted for the quality of the neighborhood. You are no longer in walking distance to the center of town and you are now in a neighborhood that is surrounded by heavily trafficked streets and commercial properties. There are several dozen actively listed properties that are higher in list price and closer to “xxx” property that would have been proper comps.
4. There has also been a new closed sale since the appraisal was done which I understand was not the appraiser’s fault. The address is “xxx”. The sales price was “xxx”. It was my buyer who purchased the property so I am intimately familiar with it. It is a block and a half away from the subject propert and is in a gated community, the same as “xxx”. The square footage is only slightly larger. This property sold for ”xxx” a square foot, which would certainly support the sales price of ”xxx” for the subject property.
5. The appraiser told us that he had to use comparables that were fee simple, however one of the active listings he chose to use was not – it was listed in the tax rolls as condo.
In summary, it is clear to both listing and buying agents that this appraiser did a disservice to the transaction, seller, buyer and lender because of his lack of knowledge of the local area. I would implore you to send someone who is experienced in this area to do this appraisal again. I am extremely confident that there are comparables that will support not only $xxx for the subject property, but higher.
Thank you for your consideration, you can reach me anytime on my cell phone at 305.342.1623 or by email at [email protected]
Regards,
Riley Smith
Another Alfred Browning Parker Home Hits The Market In Coconut Grove
March 23rd, 2010 | categories: New Listings in the Grove
This home designed by modernist Alfred Browning Parker has just come on the market in South Coconut Grove. Listed by my friend Sean Reichart from Grove Properties the home is located at 4195 Park Avenue and sits at the corner of Park Avenue and LeJeune Road. It is a one of a kind home and will take a unique buyer. The home features 2 bedrooms + office, with 1 bath. Details include 1,072 square feet of living space on a 10,525 square foot lot.
As a former landscape designer and lifelong plant lover/addict, I have always admired this house for its beautiful landscaping. The owner, Eduardo Bilbao has chosen rare exotic palms and bamboo to adorn the garden.
The home is listed at $599,000. If you are interested in seeing this or any property in Coconut Grove I would be happy to schedule a showing.
L’Hermitage Market Update
March 22nd, 2010 | categories: Coconut Grove Gated Communities, Coconut Grove Townhouses
L’Hermitage is a gated community located at 2000 South Bayshore Drive in North Coconut Grove. It is a wonderful place to live and residents enjoy the fact that it offers the benefits of condo living with the space and feel of a single family home. The grounds are meticulously maintained and amenities include tennis courts, pool, 24 hour gated security, access to the ocean and boat dockage. About half of the villas in L’Hermitage have been updated, maintenance fees run about $1,000 a month.
There are 75 residences total in L’Hermitage and only 7 on the market for sale.
Take a look at Unit 11 which is priced at $949,500 and features 3 bedrooms, 3.5 baths, 2 car garage and has been completely remodeled.
Another great property is Unit #33 (pictures below) which offers views of the Bay, 3 bedrooms, 3.5 baths, 2 car garage and has also been completely renovated. It is priced at $1,499,000.
There have been 3 closed sales in the past 6 months in L’Hermitage.
- 4 bedroom which sold for $1,129,000
- 5 bedroom which sold for $800,000
- 4 bedroom which sold for $860,000
The value of each unit in L’Hermitage varies greatly depending on location within the community, quality/amount of renovation and size. It is due to these factors that we see such large differences in sales price.
Click here to see all properties currently for sale in L’Hermitage, Coconut Grove.
High End Luxury In Coconut Grove, List Price: $14,900,000
March 18th, 2010 | categories: Coconut Grove Real Estate
Out for Broker’s Opens yesterday I stopped by this $14,900,000 home located in The Moorings. As you can imagine, the home is stunning and is everything you would expect from a $14,900,000 home. The home features great water views, attention to detail, quality finishes and an incredible terrace. Check out the slideshow below.
Details include:
- 11,257 square feet of living space
- 27,561 square foot lot
- 6 bedrooms, 6 baths
- 60 foot+ dock with davits
- 3 car garage
Broker is Avatar.
You Put Your House On The Market, Now What?
March 17th, 2010 | categories: Selling Real Estate in Coconut Grove
You made the big decision to sell your house, you called a realtor, decided on a price, and now your home is officially “For Sale”. But now what should you do?
Cross your fingers, knock on wood, pray to the real estate gods, don’t step on a crack and whatever you do don’t walk in front of a black cat!!
Just kidding….now that your home is on the market, follow these simple steps:
- Keep Appearances Up: Maintain the curb appeal, keep it de-cluttered, open and bright.
- Wait and See: Wait to see how many showings you have, what buyers reactions are to the home (and price) and finally wait to see if you get any offers. If you receive an offer right away, you should counter and try to make it work with these buyers. I can’t tell you how many times I have seen sellers pass up on the first offer only to settle for a much lower price later on down the line. If you don’t have much interest or receive any offers it will be necessary to re-evaluate (see next step).
- Re-evaluate Your Price: A lack of showings, a lack of interest, a lack of offers is all due to the same thing, price! My two most recent sellers decided to reduce their price within a matter of weeks after coming on the market because they weren’t satisfied with the amount of interest their home was receiving. You also need to re-evaluate the market because in a short time period there can be sales in your neighborhood which have completely changed the value of your home. In this market, houses don’t get stale but prices do.
- Be Patient: It can take time to find the right buyer. The average days on the market for single family homes sold this year in Coconut Grove (not including distressed properties) is 12 months!
If you are interested in buying or selling real estate in Coconut Grove and are looking for a Grove specialist, please contact me at 305.342.1623 or send me a note here.