Archive for September, 2010
FHA Deals: Beware Of The Appraisal
September 30th, 2010 | categories: Coconut Grove Real Estate
I have had several properties on the buying and selling side lately where there was FHA financing involved. For those of you who don’t know, an FHA loan is given by the Federal Housing Administration and is limited to small mortgage loans. The problem with FHA loans is that when the appraisal is done the value they come up with sticks with the property for 6 months. This isn’t a problem if the property appraises, but if it doesn’t appraise then there can be serious consequences for the seller.
Consider this scenario:
- Seller has listed his home for $350,000.
- Buyer and seller agree to a price of $300,000.
- Buyer is getting FHA financing (as most buyers are in this price range).
- Appraiser comes out and gives us a value of $280,000 therefore the bank will not give a loan for more than 96.5% of that amount.
- At this point, the buyer can come up with the extra money, seller can agree to sell for less, they can split the difference or the contract can be cancelled.
- If the buyer and seller cannot agree to make concessions, then this value of $280,000 sticks with the property for the next 6 months for any FHA buyer.
One could argue that the FHA is setting the market in this price range.
In my experience, the buyer and seller have managed to work something out but not without a lot of frustration and heartache.
When buying and selling, please use the services of a knowledgeable, local realtor. It can make all of the difference in the outcome of your purchase or sale. If you are interested in buying, selling, renting or building in the Coconut Grove area please don’t hesitate to contact me on my cell at 305.342.1623 or here.
A Unique Niche: Specializing In Out Of Town Sellers
September 29th, 2010 | categories: Coconut Grove Real Estate
Through our blog we are in touch with many out of town property owners looking to put their home or condo on the market. We have recently sold 3 properties where our only contact with the owner was by phone or email. I believe that we get their business because people who read the posts daily have a comfort level with me and know that I am keeping track of the market here in the Grove.
How is the process done? Easy, as long as there is a way for us to have access to the property all documents for listing and selling the home can be completed via email or scan. We will also send you showing reports and market updates throughout the process. My clients can attest to the fact that I am ALWAYS available by phone or email to answer any questions or concerns you may have.
If you are consdering placing your property on the market please don’t hesitate to contact me at 305.342.1623 or send me a note here.
You may also be interested in reading:
Being A Top Realtor Means Taking Care Of The Details
Quick Home Sales In Coconut Grove
Center Coconut Grove: Buyers Want Move-In Ready Townhouses
September 29th, 2010 | categories: Coconut Grove Townhouses
It is clear what buyers in Center Grove want these days…..a turn-key ready home. The only 2 townhouses to close in Center Coconut Grove this month were well maintained, nicely updated and showed very well. The first was Jill Penman’s (Coldwell Banker) listing at 2936 Virginia Street. This was a new construction (2008) townhouse that featured 3 bedrooms, 2.5 baths with 2,000 square feet. The townhouse sold for $460,000 (or $230 a foot). This sale stays in line with other new construction townhouse sales over the past few months (3067 Gifford Lane which sold for $254 a foot, 3212 Matilda which sold for $221 a foot, and 3114 Aviation Avenue which sold for $200 a foot). I also have a new construction, turnkey ready Center Grove townhouse under contract that is set to close in the next few days.
Berk Boge (Miami Real Estate Company) closed on his listing located at 3214 Mary Street. This was a townhouse in very good condition built in 1980 and featured 2,100 square feet of living space with 3 bedrooms, 3 baths. It sold for $410,000 (or $195.00 per square foot).
I know the numbers, I analyze the market, my clients make better decisions. If you are interested in buying or selling real estate in Coconut Grove and are looking for an experienced Realtor please do not hesitate to contact me at 305.342.1623 or send me a message here.
New Listings In Coconut Grove!
September 28th, 2010 | categories: New Listings in the Grove
I always get excited when new properties come across my desk in the morning. Here are a few new listings on the market in Coconut Grove:
My colleague Jo-Ann Forster of EWM recently listed the above home located at 3410 Poinciana Avenue. It was built in 2008 and features 7 bedrooms, 7 baths (plus 2 half baths) with 10,762 square feet of living space on a 35,556 square foot lot. I was in this home a few years ago when it was still under construction. It has all the bells and whistles including a walk in wine cellar, bar, 2 fireplaces, elevator, 3 car garage and more. It is located in the gated section of Poinciana Avenue known as Four Way Lodge Estates. The home is priced at $4,995,000.
Toni Schrager of Avatar just listed this rarely available waterfront unit at The Cloisters. It is a stunning property that features 4,960 square feet of living space with 3 bedrooms/3 baths. The unit has been completely updated with a new kitchen and baths and impact windows. The villa is priced at $2,800,000. View more photos and information of this Cloisters Villa here.
If you are interested in seeing either of these properties or need the assistance of a realtor in Coconut Grove please don’t hesitate to contact me. I can be reached on my cell at 305.342.1623 or send me a message here.
Did LeBron James Buy In Coconut Grove?
September 27th, 2010 | categories: Coconut Grove Real Estate, Grove News
There were rumors swirling over the weekend about LeBron James buying a home in Coconut Grove’s exclusive gated community of Hughes Cove. The home that he is purportedly interested in is not officially on the MLS. It is a waterfront home located at 3309 Devon Road and features 4 bedrooms, 4 full baths, 2 half baths, 9,622 square feet of living space on a 13,922 square foot lot. The home was on the market back in 2007 priced at $7,650,000.
Hughes Cove is an extremely private community and currently home to auto tycoon Ronald Esserman, developer Jorge Perez along with many other high profile Miamians. Above is a picture I snapped last year of the main road in Hughes Cove along with the community’s small harbor.
We would be thrilled to have LeBron here in Coconut Grove and would welcome him with open arms. Keep in mind these are only rumors and there has been no confirmation of any sale.
1621 Micanopy Avenue Open This Sunday!
September 24th, 2010 | categories: Grove News
If you are out and about this weekend be sure to stop in our open house at 1621 Micanopy Avenue from 2:00 – 4:00 pm.
This is a great house on a wonderful, quiet street. The home is fully gated, sits under towering oak trees and has unsurpassed quality of construction and finishes. Other special features include CGI impact glass, custom woodwork, a chef’s country kitchen that opens onto an informal dining room, even a mud room with “cubbies” for the whole family. It is a split bedroom plan with 2 bedrooms, 2 baths downstairs and 3 bedrooms, 2 baths upstairs including a master sitting room, playroom and 2 balconies.
Details Include:
- 5 Bedrooms, 4 Baths
- 4,474 Square Feet Of Living Space
- 10,500 Square Foot Lot
- For more photos and information click here.
- List Price: $1,395,000
The REAL “Days On The Market” For A Home In Coconut Grove
September 23rd, 2010 | categories: Selling Real Estate in Coconut Grove
This is a very technical post, but as you know I am a numbers guy and like to make sure that all of the figures I am looking at are accurate.
The Multiple Listing Service can spit out an average “days on the market” for a particular area in a matter of seconds. However, this number can be deceiving. Sometimes a home goes on and off the market several times before it sells. If someone changes listing agents, the home will be “cancelled” in the MLS and then come back on a few days later as “active”. Or sometimes a listing “expires” and comes back on the market the same day. The problem is that the MLS only tracks the “days on the market” since the most recent time it was put back on the MLS as active.
It takes somebody going in by hand and looking at each closed sale to determine what the true days on the market is for a home.
Take for instance the house that recently sold located at 3737 Kent Road, the MLS says that the “days on the market” was 49 days. But when you go back and look at the home’s history, you see that it was really on the market for 36 months. That distorts the final averages put out by the MLS considerably.
Rest assured that here in my office, we are calculating that figure one closed sale at a time. So what is the “real” number anyway? The true days on the market for single family homes sold in 2010 in north and south Coconut Grove (excluding west Grove) is 240 days. That’s right, it takes roughly 8 months on average for a home to sell in Coconut Grove.
I know the numbers, I analyze the market, my clients make better decisions. If you are interested in buying or selling real estate in Coconut Grove and are looking for an experienced Realtor please do not hesitate to contact me at 305.342.1623 or send me a message here.
A Must Read Guide To Coconut Grove’s Gated Communities
September 22nd, 2010 | categories: Coconut Grove Gated Communities
Many people would be surprised to know that Coconut Grove actually has 13 gated communities within its boundaries. Some are large waterfront communities with 30+ homes, some are old estates that have been divided up into several lots and some are gated with public access. Below is a breakdown of the gated communities (from north to south) with the recent sales and current homes for sale.
L”Hermitage: A gated community of villa style homes. L’Hermitage appeals to buyers who want a mixture of condo and single family home living. It features a 24 hour guard, beautiful waterfalls and creeks throughout the grounds, perfectly maintained landscaping, a pool, tennis courts and some boat dockage. The villas are clustered around small cul-de-sacs and each has a 2 car garage and a 2 car carport. There have been 3 sales this year in L’Hermitage all under $1,000,000. They sold at an average “Sale Price Per Square Foot” of $259.00. View Properties For Sale In L’Hermitage Here.
Bayshore View Villas: Just across the street from Kennedy Park is Bayshore View Villas which is home to several tri-level luxury villas. The last sale occurred in 2008 for $1,000,000 or $318.00 per foot. There is one on the market now listed for $1,324,000 by Coldwell Banker. View The Property For Sale In Bayshore View Villas.
Longview: Just a little further south lies the gated community of Longview. It was originally the home of Alfred Whitting but in the 1930’s was sold to philanthropist W.T. Grant who lavishly entertained there. In 1937 Mr. Grant donated Longview to the University of Miami and it became the President of UM’s home for the next 37 years. It was the scene of many of the University’s social and ceremonial functions. Today, Longview consists of 10 luxury two-story villas. Common areas of Longview include a 60 foot pool with waterfall and tennis court. It is a great combination of luxury and yesterday’s Coconut Grove. The last sale in Longview was in 2005 for $1,300,000 (or $433.00 per square foot). There are currently no homes for sale in Longview.
Treasure Trove: Also close to Kennedy Park is the brick road entrance to Treasure Trove. This beautiful estate was once home to just one original property but in the late 1990’s it was divided up into several lots and 10 single family homes were built. Years went by and there was no activity in here but in 2009 a home closed for $1,700,000 (or $335.00 per square foot) and there are currently 3 on the market as of today. View Homes For Sale In Treasure Trove.
New Listing At The Ritz Carlton Residences – Compelling Price!
September 21st, 2010 | categories: Coconut Grove Condos, Coconut Grove Real Estate
I just listed this great unit at the Ritz Carlton Executive Residences in Coconut Grove for $749,000. Located at 3350 SW 27th Avenue Unit 906, this is one of the much desired corner units and features 2 bedrooms (with a convertible 3rd bedroom), 2 1/2 baths with 2,028 square feet.
My seller has priced this unit to sell quickly. It is by far the lowest priced 2 bedroom with this amount of square footage in the building. We are asking $369 per square foot. When you look at the sales in this building for the past 6 months you will see that our price is very compelling.
- 3350 SW 27th Ave. #1207: 1 BR/1 BA | 896 Sq. Ft. | Sale Price: $340,000 | Sale Price/Sq. Ft.: $379.00
- 3350 SW 27th Ave. #1904: 1 BR/1 BA | 1,084 Sq. Ft. | Sale Price: $390,000 | Sale Price/Sq. Ft.: $359.00
- 3350 SW 27th Ave. #1801: 3 BR/3.5 BA | 2,530 Sq. Ft. | Sale Price: $1,050,000 | Sale Price/Sq. Ft.: $415.00
View all condos for sale at the Ritz Carlton Residences, Coconut Grove.
If you would like your home featured on my blog and viewed by 500 daily visitors who are specifically interested in the real estate market here in the Grove please feel free to contact me on my cell at 305.342.1623 or here. I often find my own buyers for my properties thanks to the exposure provided by The Real Estate Coconut. I would be happy to prepare a price valuation for you and get your home on the market.
Sales Figures In Coconut Grove Are Strong
September 20th, 2010 | categories: Coconut Grove Real Estate, Selling Real Estate in Coconut Grove
One thing is for sure, buyers are out there! I was out with several groups over the weekend who are ready, willing and able to buy. I currently have 6 of my listings under contract waiting to close and the number of showings at our current listings have greatly increased. So after all the doomsday news about real estate across the country, why is our market in Coconut Grove thriving?
First, we live in a top destination for international buyers. Second, mortgage rates are lower than many of us have seen in our lifetime. Finally, buyers see value in our homes here in Coconut Grove. Our waterfront community is full of history, character, charm and we are the first neighborhood south of downtown Miami. All of these factors contribute to a healthy and stable market. The number of Coconut Grove single family home sales for the first quarter of 2010 (compared to 2009) was up 50%, and the second quarter was up 23%. When the 3rd quarter numbers are out, I will certainly let you know.
Here are just a few of my team’s recent pending sales:
My listing in North Coconut Grove priced at $1,700,000 has gone pending with one of my own buyers. This was a foreclosure property that needed significant renovations. The home featured 5,333 square feet of living space on a 35,000 square foot lot.
My listing located at 4012 Bonita Avenue in South Coconut Grove listed at $559,000. This was a 3 bedroom, 2 bath property with 2,404 square feet of living space and is set to close tomorrow.
Another recent property of mine to go under contract was my townhouse listing in center Coconut Grove at 3075 Allamanda. This was a 2006 townhouse that featured 4 bedrooms, 3.5 baths with 2,472 square feet, listing price was $557,900.
To view all homes for sale in Coconut Grove, click here.
As we head into the winter months the Coconut Grove real estate market is sure to pick up even more speed. If you are considering placing your home on the market, now is the time. When listing your home for sale it is essential to have a local Realtor who knows the numbers, tracks the market and can price your home correctly. If you are interested in selling your home I would be happy to give you a no pressure home valuation. Call me on my cell at 305.342.1623 or send me a message here.