Archive for October, 2010
“Tell It Like It Is Riley!”
October 29th, 2010 | categories: Selling Real Estate in Coconut Grove
When I go on a listing appointment I always give the homeowner a realistic value of their home. It may hurt to hear the truth in some cases, but most people respect my honesty. It was refreshing to go on a listing appointment last week where the homeowners said “Just tell it like it is Riley, what number will it take to get this house sold?”.
On the other end of the spectrum you have some homeowners who don’t want to hear the truth. They get angry and like to shoot the messenger. These are the same type of people who hire a realtor based on who gives them the highest price.
So even though I may lose a listing here or there for giving a REAL valuation of a home based on the recent comparables, I still believe that honesty is the best policy.
I know the numbers, I analyze the market, my clients make better decisions. If you would like to buy or sell real estate in Coconut Grove and are looking for an experienced Realtor, please don’t hesitate to contact me at 305.342.1623 or send me a note here.
What Is Selling In Coconut Grove?
October 28th, 2010 | categories: Coconut Grove Real Estate
The $1,000,000 and below market in Coconut Grove is where we have seen the most activity over the past few months. 13 of the last 15 sales (single family) in Coconut Grove were priced under $1,000,000. Below are some of the recent closed sales here in Coconut Grove.
|
4131 Barbarossa Avenue |
Original List Price: $499,000 |
Sale Price: $475,000 |
Days On The Market: 4 |
|
1830 Opechee Drive |
Original List Price: $895,000 |
Sale Price: $663,000 |
Days On The Market: |
|
2705 SW 22nd Avenue |
Original List Price: $399,000 |
Sale Price: $340,000 |
Days On The Market: 130 |
|
2215 Lincoln Avenue |
Original List Price: $749,000 |
Sale Price: |
Days On The Market: 180 |
|
2600 Alatka Street |
Original List Price: $525,000 |
Sale Price: $522,000 |
Days On The Market: 60 |
|
4030 La Playa Boulevard |
Original List Price: $997,000 |
Sale Price: $795,000 |
Days On The Market: 630 |
|
3962 North Moorings Way (Short Sale) |
Original List Price: $2,900,000 |
Sale Price: $1,100,000 |
Days On The Market: 930 |
My team is experiencing the same trend. Our last 4 closed sales here in the Grove were under $1,000,000.
I know the numbers, I analyze the market, my clients make better decisions. If you would like to buy or sell real estate in Coconut Grove and are looking for an experienced Realtor, please don’t hesitate to contact me at 305.342.1623 or send me a note here.
Coconut Grove – More Than Just Coconuts
October 26th, 2010 | categories: Grove News
Today I thought I would post some recent population and household statistics for Coconut Grove (33133). Source: Claritas, 2009.
Total Population Of Coconut Grove? 22,872 (Projected 5 Year Growth: 7%)
- Male to Female Ratio: 49.3% Male, 50.7% Female
- Total Adult Population? 83% (Median Age is 43)
- Race Origin: 48.9% Non-Hispanic White, 31.3% Hispanic, 17.3% Non-Hispanic Black, 1.1% Non-Hispanic Asian, 1.4% Non-Hispanic Other
- Education: 21% have had some college, 51% have graduated from colllege
- Marital Status: 34.1% Single (Never Married), 38.5% Married, 27.5% Divorced/Separated
- Language Spoken At Home: 63.1% English Only, 29.3% Spanish, 7.7% Other
- Occupation Status: 60.9% Employed, 3.4% Not Employed, 35.5% Not In Labor Force
- Occupation: 21% Executive/Managerial, 33% Professional and Specialty, 23% Sales and Clerical
Total Households In Coconut Grove: 10,932 (Projected 5 Year Growth: 8%)
- Household Income: 36% Earn Over $100,000, 10% Earn Between $75,000 – $99,999, 16% Earn Between $50,000 and $74,999
- Median Household Income: $69,970
- Average Household Income: $126,734
- Current Housing Units: 43% Occupied By Renters, 56% Occupied By Owners
- Median Home Value: $651,154
I know the numbers, I analyze the market, my clients make better decisions. If you would like to buy or sell real estate in Coconut Grove and are looking for an experienced realtor, please don’t hesitate to contact me at 305.342.1623 or send me a note here.
Many Buyers Cannot Afford To Renovate
October 25th, 2010 | categories: Selling Real Estate in Coconut Grove
These days many buyers are not interested in buying a home that needs remodeled. Why? Because they don’t have the cash. Right now banks require at least 20% down for financing which eats up all of a buyer’s leftover cash. At the height of the market banks allowed zero money down on most deals which left some money for buyers to do necessary renovations.
This means that buyers are more likely than ever to buy a home that has already been updated as opposed to one that isn’t.
With a lack of move in ready homes on the market, it would certainly expedite the sale of your home to renovate before you list.
I know the numbers, I analyze the market, my clients make better decisions. If you would like to buy or sell real estate in Coconut Grove and are looking for an experienced realtor, please don’t hesitate to contact me at 305.342.1623 or send me a note here.
Contemporary Home In Coconut Grove Sells For $298 Per Foot
October 22nd, 2010 | categories: What Is Selling In Coconut Grove Real Estate?
The home located at 3660 Battersea Road closed yesterday for $1,175,000 or $298.00 per foot. It sold for 12% off the list price which is slightly above average. This was a good price for the seller and indicates that the market in Coconut Grove remains stable at around $280 to $320 per square foot depending on size, condition and location. This home is also a good comparable for others that are in a flood zone. Broker was MP Marketing of Florida.
Details Include:
- 3,933 Square Feet Of Living Space
- 5 Bedrooms, 6 Baths
- 10,500 Square Foot Lot
I know the numbers, I analyze the market, my clients make better decisions. If you would like to buy or sell real estate in Coconut Grove and are looking for an experienced realtor, please don’t hesitate to contact me at 305.342.1623 or send me a note here.
Would You Rent A Home That Was In Pre-Foreclosure?
October 21st, 2010 | categories: Coconut Grove Real Estate
Yesterday we were working on a rental search for a client who wants to rent a single family home in Coconut Grove. When we pulled up RealList (a tax database that Miami-Dade realtors have access to) we could see that the home was in pre-foreclosure. Laws have been passed recently that are supposed to protect a renter in this situation from being kicked out of the home. However, in light of the recent scandals surrounding banks and foreclosures I don’t think it is worth taking the risk. Your lease and deposits could be in jeopardy.
If you would like to buy or sell real estate in Coconut Grove and are looking for an experienced realtor, please don’t hesitate to contact me at 305.342.1623 or send me a note here.
A Few Good Reasons To Sell Your Coconut Grove Home Now…
October 19th, 2010 | categories: Selling Real Estate in Coconut Grove
- Buyers at this time of year are more serious. In my opinion, there are fewer lookers and tire kickers. Typically, buyers during these next few months NEED (not just want) to buy.
- You may take a hit on your current home but if you are upsizing or downsizing you will make up for that loss in your next purchase.
- Interest rates just fell again, down to 4.19%. Founder Carl Case, found of Case Shiller Pricing Index tells us “Four years ago, the monthly payment on a $300,000 house with 20 percent down and a mortgage rate of about 6.6 percent was $1,533. Today that $300,000 house would sell for $213,000 and a 30-year fixed-rate mortgage with 20 percent down would carry a rate of about 4.2 percent and a monthly payment of $833 … housing has perhaps never been a better bargain.” Hard to beat that.
- Inventory levels in Coconut Grove for nice, updated homes has fallen. This means that if you have a home that is turnkey ready you will have little competition. If you price it right, it will sell.
I know the numbers, I analyze the market, my clients make better decisions. If you would like to buy or sell real estate in Coconut Grove and are looking for an experienced realtor, please don’t hesitate to contact me at 305.342.1623 or send me a note here.
A Great Weekend In Coconut Grove
October 18th, 2010 | categories: Grove News
The weather has turned and Coconut Grove has come alive again. I tried to take advantage of the cooler temperatures and get outside as much as possible over the weekend. The best part about it was that I never had to leave 33133.
On Friday night my wife and I met some friends at Gibraltar (Grove Isle) for drinks. We sat outside on the Bay next to their firepit as the sun went down. I highly recommend this for out-of-towners looking for a spot to unwind with great waterfront views.
On Saturday my daughter went to see Mr. Nick at The Kampong as part of their Kids Music Series. If you haven’t been to The Kampong then you should definitely take the time to visit this tropical oasis in Coconut Grove. For a schedule of guided tours of The Kampong, click here.
Sunday morning we were at Greenstreet early for our usual breakfast. The crowds packed in for brunch, it reminded me of the cafes in Europe buzzing with energy. To finish the weekend we had dinner on our deck for the first time since spring.
To top it all off, the Dolphins beat the Packers.
As you know, I sell real estate in Coconut Grove. If you are interested in buying, selling, renting or building please give me a call at 305.342.1623 or send me a note here.
Quick Notes On Coconut Grove Real Estate
October 15th, 2010 | categories: Coconut Grove Real Estate
Here are a few recent happenings in the Coconut Grove real estate market:
- A short sale closed in the gated community of The Moorings (3462 North Moorings Way) for $1,100,000/$280.00 per square foot. This makes the second sale in The Moorings all year. The other sale was 3400 South Moorings Way for $1,250,000/$352.00 per square foot.
- Another end unit came on the market in The Cloisters; it is priced at $1,950,000. One came on the market last month priced at $2,800,000. The difference? Quality of upgrades, finishes and proximity to the Bay.
- My townhouse listing located at 3075 Allamanda Avenue closed last night for $525,000 ($212.00 per square foot). In my opinion, this was one of the best townhouses in the Grove due to location, size and quality. The sale is in line with other new construction townhouses in Center Grove.
- In case you missed these, here are properties that came on the market in the past 7 days in Coconut Grove: Homes (3) , Townhouses/Condos (5), Rentals (8).
I know the numbers, I analyze the market, my clients make better decisions. If you would like to buy or sell real estate in Coconut Grove and are looking for an experienced realtor, please don’t hesitate to contact me at 305.342.1623 or send me a note here.
Can’t Buy Until You Sell? The Catch 22 Of Real Estate
October 14th, 2010 | categories: Coconut Grove Real Estate
I have several clients right now who are in the process of buying a house but they cannot complete that transaction until the sale of their current home goes through. This is a very common but tricky situation. And it has become increasingly difficult in this environment where appraisals and lenders are famous for delaying closings. A delayed closing on one end creates a delayed closing on the other end. I recently had both transactions held up by over a month when a bank required 3 different appraisals and review appraisals be performed on the buyer’s property. Trust me, tensions can get very heated in this situation and it is my job to try to keep everyone as calm as possible. But it is important to keep in mind that in the end the buyers still want to buy and the sellers still want to sell.
We protect both the buyer and seller in these situations by putting a clause in the contract. It reads something along these lines: “This contract is contingent on the lease or closing of Buyer’s property located at ______. If Buyer’s property is not closed or subject to a signed lease acceptable to Buyer’s lender by ____(”Deadline”). Buyer will, within 3 days from Deadline, provide Seller with written notice canceling this Contract. and Seller will refund Buyer’s deposit. If Buyer does not timely provide written notice of cancellation, this contingency will be deemed removed.” As always, you should have a lawyer review anything that you sign.
If you would like to buy or sell real estate in Coconut Grove and are looking for an experienced realtor, please don’t hesitate to contact me at 305.342.1623 or send me a note here.