Archive for April, 2010
Internet Exposure Is Everything
April 30th, 2010 | categories: Coconut Grove Real Estate
But who’s keeping track?
- An average of 278 (unique) visitors to The Real Estate Coconut from Google/Yahoo every day.
- Plus 157 unique E-mail subscribers to The Real Estate Coconut.
- 127 “Fans” (and growing every day) on my Facebook Page “Miami’s Top Neighborhoods”.
My listings also appear on: www.ewm.com, www.trulia.com, www.realtor.com, www.FrontDoor.com, www.MiamiHerald.com, www.SunSentinel.com, www.LuxuryPortfolio.com, www.ReloHomeSearch.com, www.LuxuryRealEstate.com, www.ChristiesGreatEstates.com, www.MayfairInternationalRealty.com
If you are interested in selling your Coconut Grove home and are looking for a realtor who offers an unmatched level of internet and traditional marketing services (yes, I also do my fair share of print mail and newspaper ads) please feel free to call me at 305.342.1623 or send me a note here.
The Ultimate Guide To Condos In Coconut Grove
April 29th, 2010 | categories: Coconut Grove Condos
Here you have it, all you need to know about what is for sale and what has sold in Coconut Grove’s top condominiums. As you can see below The Grovenor House has been the most active with 9 sales in the past six months. Taking a look at the below numbers it seems that buyer confidence in the condo market is returning.
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Grove Hill Tower: 6 Units Currently For Sale, 1 Closed Sale In Past 6 Months
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Grovenor House: 27 Units Currently For Sale, 9 Closed Sales In Past 6 Months
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Grove Isle: 30 Units Currently For Sale, 8 Closed Sales In Past 6 Months
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Grove Tower: 4 Units Currently For Sale, 5 Closed Sales In Past 6 Months
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Yacht Harbor: 8 Units Currently For Sale, 1 Closed Sale In Past 6 Months
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Ritz Carlton: 38 Units Currently For Sale, 7 Closed Sales In Past 6 Months
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The Sonesta: 29 Units Currently For Sale , 3 Closed Sales In Past 6 Months
If you or someone you know is interestesd in buying/selling real estate in Coconut Grove and are looking for a Grove Specialist, please contact me on my cell at 305.342.1623 or send me a note here.
To stay updated with all Coconut Grove real estate information, receive my blog posts via email by subscribing here. Once you register, you must activate the subscription in a follow-up email.
Good News From James Venney, 5% Down Conventional Financing
April 27th, 2010 | categories: Buying Real Estate in Coconut Grove
James Venney of Gibraltar Private Bank announced today on his website Juicy Estates that he is offering conventional financing with just 5% down. Why is this better than FHA? With FHA financing you have to pay 2 1/4 up front costs towards your mortgage plus a monthly fee. In conventional, you could use that 2 1/4 towards your down payment. Why give that money to the bank when you could use it towards your home?
If you are interested in discussing your loan options with James you can reach him via email at [email protected] or on his phone at 305.476.5539. Don’t forget to mention that The Coconut sent you!
Visited my other blogs lately? Here are some recent posts:
- Are You Cheating On Your Realtor? www.SouthMiamiRealEstateBlog.com
- The “Piazza” Coconut Grove Town Photos
- New Construction in Coral Gables www.CoralGablesRealEstateVault.com
Who Says You Can’t Mix Business With Pleasure?
April 26th, 2010 | categories: Coconut Grove Real Estate
As you all know my team had an Open House event yesterday in the North Grove. We held 5 of my listings open at the same time. I was located at the Freeman Street property because it was one of the most centrally located. Boy did I make the right decision, the owner Clare left some nice cold beer for me to help pass the time. There I was sitting under the chickee hut with a beer in my hand and talking real estate all afternoon. It got me thinking about my future open houses….. beer for homes with chickee huts, champagne for waterfront properties, scotch for condos at the Ritz, I think that Clare is on to something!
All around we had a great turnout with at least 25 different people at each house. Buyers are out in full force these days and my guess is that with Jumbo Loan rates down into the 5’s,we will start to see more activity in the $500,000 to $1,000,000 price range.
Below are some recent closed sales that might be of interest to you, click on the address to view photos and more information of each property:
- 4161 Park Avenue - 2010 Construction – 5 BR/5 Bath - Sold for $1,459,000 ($331.00 per square foot)
- 4104 Ventura Avenue - 4 BR/4 Bath – Sold for $650,000 ($254.00 per ssquare foot)
- Beacon Harbour Unit 302 - Foreclosure – 3 BR/3 Bath – Sold for $1,350,000 ($391.00 per square foot)
- 4151 El Prado – 2 Bedroom/1 Bath – Sold for $395,000 ($270.00 per square foot)
Open House Event This Sunday In North Coconut Grove
April 23rd, 2010 | categories: Coconut Grove Real Estate
I am holding 5 of my North Coconut Grove listings open this Sunday from 2:00 to 4:00. Since I can’t be in 5 places at once, I will be at the 3150 Freeman Street property and my associates will be helping me out at the other locations. Feel free to stop by and chat real estate with me if you are in the area!
The homes that will be Open are priced between $549,000 and $735,000. If you are in the market for a home in this price range this will be a great opportunity to view many properties in a short period of time.
To view more pictures and information of the homes that will be open, click on the below links.
I have other listings in North Coconut Grove that will not be open on Sunday but are available to see by appointment. These include: 1669 Onaway Drive and 2800 Coacoochee Street (now priced at $575,000).
Renting vs. Buying (Revisited)
April 21st, 2010 | categories: Buying Real Estate in Coconut Grove
Following up on my recent post titled Rental Mindset Has Shifted In Coconut Grove there was a great article in the New York Times yesterday titled In Sour Home Market, Buying Often Beats Renting.
Here are a few excerpts of the NY Times Article:
“In much of the country, for much of the last decade, renting a home has usually been a better financial move than buying one. It’s been true in Southern California, San Francisco, Phoenix, Las Vegas and large parts of Florida, the Pacific Northwest and the Northeast.”
“Renting required you to suffer the scorn of many real estate agents and the skepticism of friends and relatives who believed that owning a home was almost always superior. But renting also would have typically saved you thousands of dollars a year. “
“Now, however, the situation is getting more complicated because the housing bust has been playing out unevenly across the country. “
“In some once bubbly markets, prices have fallen so far that buying a home appears to be a bargain, based on a New York Times analysis of prices and rents in 54 metropolitan areas. In South Florida, Phoenix and Las Vegas, house prices — relative to rents — are as low as in places that never experienced a bubble, like Indianapolis and St. Louis.”
“A simple way to do the comparison is to look at something called the rent ratio: the purchase price of a house divided by the annual cost of renting a similar one. The number 20 provides a useful rule of thumb. When you do the math, you discover that a ratio above 20 means you should at least consider renting, especially if you may move again in the next five years or so. When the ratio is well below 20, the case for buying becomes a lot stronger.”
“In many large metropolitan areas, including New York, Los Angeles, Chicago, Houston, Dallas, Atlanta and South Florida, the average (rent) ratio is now 16 or lower. It was more than 25 in several of these places at the peak of the bubble, about five years ago. With a ratio as low as 16 and interest rates as low as they are, the costs of owning can be less than the costs of renting — and buyers will end up worse off only if prices fall considerably more.”
If you are looking for a Realtor who specializes in Coconut Grove please give me a call at 305.342.1623 or send me a note here, I would be happy to assist you in your real estate needs.
Center Grove Townhouse Market Is Slow
April 20th, 2010 | categories: Coconut Grove Townhouses
I pride myself on “telling it like it is” in real estate and when it comes to the Center Grove townhouse market I have no problem admitting that things are TOUGH.
There have been only 2 townhouses to close in Center Grove in the past 30 days (14 all year). These are alarmingly low numbers for the townhouse market which has already taken a big hit over the past few years. It seems that most buyer’s interest has turned towards single family homes either out of preference or necessity.
There are several contributing factors that have lead to the perfect storm here:
- It is extremely hard to get a townhouse to appraise right now (you may remember my recent letter to an appraiser).
- It is impossible to get FHA financing for any townhouse that is categorized as a “condo” (which many are).
- Just about every owner in Center Grove purchased during the boom and is having a hard time accepting the true value of their unit.
- Now that single family home prices have come down it is possible to buy a house for the same price as a townhouse. Most people prefer a home over a townhome because they typically offer larger pieces of land and more character. Check out the two properties below listed for the exact same price.
The first is a townhouse located in Grove Enclave. This is a 3 bedroom, 2.5 bath townhouse with 2,350 square feet of living space priced at $499,000.
The second property is a single family home in the South Grove priced similarly at $500,000. This is my listing and is located at 3792 Kumquat Avenue. Details of the home include 3 bedrooms, 2 baths, 1,674 square feet of living space on a 7,400 lot.
If you are interested in buying or selling property in Coconut Grove please give me a call at 305.342.1623 or send me a note here.
To stay updated with all Coconut Grove real estate information, receive my blog posts via email by subscribing here. Once you register, you must activate the subscription in a follow-up email.
5 New Listings In Grovenor House
April 19th, 2010 | categories: Coconut Grove Condos
There have been 5 new listings to come on the market in The Grovenor House recently. If you have been interested in purchasing a condo here you should head over and take a look at the new inventory.
| Unit Number | List Price | Beds/Baths | Square Feet |
| Unit 22FL | $2,800,000 | 4 Bd/6 Bths | 4,026 Sq. Ft. |
| Unit 2002 | $2,725,000 | 5 Bd/6 Bths | 4,026 Sq. Ft. |
| Unit 2603 | $2,250,000 | 3 Bd/3 Bths | 2,640 Sq. Ft. |
| Unit 2605 | $1,195,000 | 2 Bd/2 Bths | 1,756 Sq. Ft. |
| Unit 1806 | $1,095,000 | 2 Bd/2 Bths | 1,756 Sq. Ft. |
Click here to view the new properties on the market in The Grovenor House.
I showed a property at The Grovenor last week and I was reminded once again what a great building it is. The staff is extremely helpful, the grounds are impeccable, and the amenities are unmatched here in Coconut Grove.
If you are looking for a realtor who specializes in Coconut Grove please give me a call at 305.342.1623 or send me a note here, I would be happy to assist you in your real estate needs.
Sold In 2 Weeks In South Grove! $313 Per Square Foot
April 16th, 2010 | categories: What Is Selling In Coconut Grove Real Estate?
The single family home located at 4265 Braganza Avenue in South Coconut Grove went under contract within a matter of days. I saw the home when it first came on the market and it was in very good condition with a brand new kitchen, new baths, new roof, updated electrical, Elpha shelving throughout and great landscaping. It was turn-key ready which is something buyers in this price range are looking for. The home had a compelling list price of $425,000 and closed yesterday for $406.430.
This is a great example for buyers out there who are sitting on the sidelines. If you wait for every home to become “seasoned” you will definitely miss out on some great opportunities.
Details of the home include:
- 1,298 Square Feet Of Living Space
- 7,865 Square Foot Lot
- 3 Bedrooms, 2 Baths
- Listed by EWM Realtors, Inc.
To view all homes currently for sale in Coconut Grove priced between $400,000 – $600,000 click here.
If you are interested in buying or selling property in Coconut Grove please give me a call at 305.342.1623 or send me a note here.
To stay updated with all Coconut Grove real estate information, receive my blog posts via email by subscribing here. Once you register, you must activate the subscription in a follow-up email.
“Prices Are Rising!” “Prices Continue To Fall!”….Huh?
April 15th, 2010 | categories: Selling Real Estate in Coconut Grove
I was talking to a seller recently who was holding out for an extra $10,000 during the negotiation process and I was trying to help her to see the light. I explained that holding out for this money NOW could mean losing much more money LATER.
My seller told me that she was digging in her heels because she had just read an article which said that prices across the country were rebounding. What she didn’t read was the article on the very same day which predicted falling prices.
Check out these two articles:
Home Price Dips Extends to 4th Month – CNN Money 3/30/10
After a five month run up in home prices starting last spring, prices have now fallen for four consecutive months, according to the S&P/Case-Shiller Home Price Index of 20 cities, a gauge of market values, released Tuesday….The market seems to have pulled the rug out from under housing industry hopes for a sustained early recovery.
Home Price Index Edges Up – Wall Street Journal 3/30/10
The seasonally adjusted S&P/Case-Shiller Index of home prices in 20 major metropolitan areas increased .3% in January from a month earlier, the eighth consecutive monthly increase. Twelve of the 20 cities saw price gains over the month….The report indicates that the worst of the declines are behind us and we can at least move forward from here,” said Adam York, an economist with Wells Fargo Securtiies.
Which reports should you believe? They are all technically correct because it is just a matter of manipulating the numbers. The fact is, to get a true market value you need to speak with a realtor. It is the realtor’s job to educate their clients on the LOCAL market conditions which may be vastly different from what the national studies indicate.
For instance, the average price per square foot in Coconut Grove so far in 2010 is $257.00 per square foot (down from $265.00 in 2009 and $329.00 in 2008). The tricky part is that even within these figures there are specific price ranges that have not fallen in value.
In order to accurately get a sense for the value of your home you must know the hyper-local numbers.
If you are interested in buying or selling real estate in Coconut Grove and are looking for a local, experienced Realtor please give me a call at 305.342.1623 or send me a note here.