Archive for December, 2010
Advice To Buyers and Sellers: Don’t Lose The Momentum!
December 30th, 2010 | categories: Buying Real Estate in Coconut Grove, Selling Real Estate in Coconut Grove
I have a piece of advice to offer all buyers and sellers out there…..you must do whatever it takes to keep the deal moving forward. I cannot tell you how many times someone has backed out of a contract due to a lapse of time or slow response from the other party. The scenario typically happens during the re-negotiation of the sales price from a low appraisal or high repair amount When days start to go by without any communication from one of the parties the other side starts to lose interest. The excitement of purchasing the home wains, aggrivation sets in, doubts start to fill their heads and they begin to think that there may be something better out there. When time passes you lose momentum and that can have a big impact on the outcome of the deal.
So please be mindful that both parties must communicate and be actively engaged at all times to successfully complete a transaction.
If you would like to buy or sell real estate and are looking for an experienced Realtor in Coconut Grove, please don’t hesitate to contact me at 305.342.1623 or send me a note here.
Holiday Real Estate Activity In Coconut Grove
December 28th, 2010 | categories: Coconut Grove Real Estate
There have been several important sales over the past week that I wanted to bring you up to speed on.
The first sale that I want to mention is the new construction home at 3921 Irvington Avenue (photo above) which sold for $1,250,000. This sale is a great comparable for new construction homes in the Grove because it sold for $384.00 per square foot. Lately we have seen some lower numbers for new constructions but this sale helps to bring values back up. Listing agent was Martine Paulin of EWM.
Second, a property in The Moorings that I wrote about here – The Moorings | Interesting Opportunity - finally came across the MLS as “sold” although it really closed back in September. This was a shell of a home located on a great lot in the gated community of The Moorings. The project came with the architectural plans to finish the home. It was a hard one to put a price tag on but it closed for $1,690,000 or $279.00 per sq. ft. The lot size was 12,454 square feet and the size of the home is 6,046 square feet. There have been 5 homes sold in The Moorings this year and there are currently only 3 homes left on the market. Listing agent was Amy Sussman of EWM.
Moving on to the Bay Heights area, the home located at 76 West Shore Drive closed for $480,000 or $186.00 per square foot. As I have said before on the blog, Bay Heights is a location in Coconut Grove that typically sells at a discount. Bay Heights has been extremely active in terms of the number of homes sold this year and there are currently only 2 left on the market. Listing agent was Sasco Realty.
I know the numbers, I analyze the market, my clients make better decisions. If you would like to buy or sell real estate and are looking for an experienced Realtor in Coconut Grove, please don’t hesitate to contact me at 305.342.1623 or send me a note here.
The Lights Are On….
December 17th, 2010 | categories: Coconut Grove Real Estate
The holidays have arrived and although many things have come to a standstill real estate is moving along as usual in my office. We are holding inspections today for a listing of mine that recently went under contract, I have two sets of buyers coming in from out of town next week, we are working on our marketing plans for next year and are having an unusually high number of requests to show our listings.
So for all of you buyers and sellers out there who need assistance during these next few weeks, know that we are here and we are working!
Smaller Homes Sell At A Higher “Price/Sq.Ft.”
December 16th, 2010 | categories: Coconut Grove Real Estate
In this market buyers are very focused on “price per square foot”. Currently the average SP$/SqFt in Coconut Grove is running about $280.00. I have buyers who know that figure and are shocked when they are purchasing a 1,500 square foot house that has a price per square foot of over $300. What I have to explain to them is that as a house gets smaller the price per foot usually increases. This is due to the fact that there is a value for the land that must be distributed into the price and the smaller the home the more that value is concentrated.
Below is a spreadsheet of homes between 1,000 and 1,500 square feet that have sold this year in Coconut Grove. You will see that many of the homes’ average “price per square foot” is significantly higher than the average of $280.00 in Coconut Grove.
- LP$ = List Price
- LA = Square Feet Of Living Area
- LP$/SqFt = List Price Per Square Foot
- SP$ = Sale Price
- SP$/SqFt = Sale Price Per Square Foot
I know the numbers, I analyze the market, my clients make better decisions. If you would like to buy or sell real estate and are looking for an experienced Realtor in Coconut Grove, please don’t hesitate to contact me at 305.342.1623 or send me a note here.
Home In The Moorings Sells For $10,125,000
December 14th, 2010 | categories: Coconut Grove Real Estate, Coconut Grove Real Estate Market Conditions
On the blog I try to touch on different segments of the market in order to reach all types of buyers and sellers. However lately it has been difficult because it seems that the only big news in Coconut Grove has been the luxury home sales. Well today is no different, so here we go.
The home located in the gated community of The Moorings closed for a sales price of $10,125,000.00 (or $899,00 per square foot). The property sold much higher than the average waterfront home in Coconut Grove which is selling at $651.00 per square foot.
Another interesting fact is that this is the 4th sale this year to sell over $5,000,000 (last year there was only 1). These ultra luxury sales have helped boost Coconut Grove’s volume to over $100,000,000 in 2010, well above what we sold in 2009.
I know the numbers, I analyze the market, my clients make better decisions. If you would like to buy or sell real estate and are looking for an experienced Realtor in Coconut Grove, please don’t hesitate to contact me at 305.342.1623 or send me a note here.
3861 Kumquat Avenue: No Longer “LEED” Certified But Still Green
December 13th, 2010 | categories: Coconut Grove Real Estate
The house located at 3861 Kumquat Avenue which has been under construction for the past several years has just come on the market as an unapproved short sale. The last time I drove by the house it looked like it still had several months to go before completion. Above is a rendering of the home. The home was originally marketed as LEED Certified however it appears they are no longer going to have the certification. The new price is $1,200,000, down from $2,199,000 in 2008. Although the home will not be officially green it will still have low-e glass, solar panels and tankless water heaters.
Bear in mind that navigating the purchase of this home would be extremely tricky due to the fact that it is an unfinished project and an unapproved short sale. I also would like to add that the home is located on a street which does not support $1,000,000+ prices.
Details of 3861 Kumquat Avenue, Coconut Grove, FL 33133 include:
- 5,000 square feet
- 7,200 square foot lot
- 6 bedrooms, 7 baths
- Rooftop pool
- Broker is Keller Williams
I know the numbers, I analyze the market, my clients make better decisions. If you would like to buy or sell real estate and are looking for an experienced Realtor in Coconut Grove, please don’t hesitate to contact me at 305.342.1623 or send me a note here.
Treasure Trove – One Home Sells, Another Reduces Price
December 10th, 2010 | categories: Coconut Grove Gated Communities
The home located at 3280 Treasure Trove Lane in the gated community of Treasure Trove closed this week for a sales price of $1,250,000 (or $325.00 per foot). After that sale popped up, the other home that was for sale in the community(3210 Treasure Trove Lane) reduced their price from $1,700,000 to $1,590,000.
It is certainly hard to swallow when your neighbor sells for a price that substantially impacts the price of your home. In places like Treasure Trove where the homes are relatively similar and there are not many good comparables outside the community the value is determined mostly by your neighbor’s sales figures. Of course you should make adjustments to these comps based on location and condition of each individual property.
I know the numbers, I analyze the market, my clients make better decisions. If you would like to buy or sell real estate and are looking for an experienced Realtor in Coconut Grove, please don’t hesitate to contact me at 305.342.1623 or send me a note here.
Coconut Grove Isn’t Getting Its Credit!
December 9th, 2010 | categories: Coconut Grove Real Estate
Some national websites have reported that LeBron’s new $9,000,000 home at 3590 Crystal View Court is located in South Beach. Maybe I was wrong about the Grove getting some great exposure on this.
Below is one of the headlines….HOUSE OF THE DAY: LeBron James Buys $9 Million South Beach Mansion
Those who don’t know the Miami area assume South Beach is the only place a celebrity would live. Let’s be clear, 3590 Crystal View Court is in Coconut Grove, not South Beach!
WELCOME TO COCONUT GROVE LEBRON!
December 9th, 2010 | categories: Coconut Grove Real Estate, Grove News
According to the Miami Herald today LeBron James has purchased the home located at 3590 Crystal View Court. Rumors swirled a few months ago that he bought in Hughes Cove in South Coconut Grove but now we have confirmation of his purchase in North Coconut Grove. I wrote about the home on Crystal View Court as a great option for LeBron back in July when we found out he was coming to Miami in this post: We Got Him To Miami, Let’s Get Him To Coconut Grove.
RealList reports that the home was purchased by Suite 823 Investments, Florida Inc. Suite 823 is the headquarters for LeBron James Cleveland marketing company. I was in the property on Crystal View Court when it first came on the market and the home is certainly fit for a King. The home boasts 12,178 square feet of living space on a 19,941 square foot lot. There are 6 bedrooms, 8 baths, infinity pool and enough dock space for two 60′ yachts.
This is great news for Coconut Grove and will certainly bring a lot of attention and press to the area.
WELCOME TO COCONUT GROVE!!
The Cloisters, Coconut Grove: NBA Player Shawn Marion’s Villa
December 8th, 2010 | categories: Coconut Grove Gated Communities
Shawn Marion is a former Miami Heat basketball player and currently plays for the Dallas Mavericks. Last week his villa located in the gated community of The Cloisters came on the market priced at $2,000,000. The home features 6 bedrooms, 8 baths and is one of the newer completed units. It is listed by Antigen Realty.
In true celebrity fashion, he is offering a bonus to any buyer who brings a full price offer and closes by 5:00 pm on December 31, 2010. The golden parachute includes a trip to this year’s Superbowl with roundtrip private jet service and 4 Club Level tickets. I suppose the idea is to somehow distinguish their unit from the other similarly priced villas in the community.
There are currently only 2 other units (both priced at $1,950,000) on the market in The Cloisters. I have a buyer who recently placed Unit 1239 (priced at $1,500,000) under contract, and we are set to close in early January.
To view photos of Shawn Marion’s Villa in The Cloisters click here.
If you would like to buy or sell real estate and are looking for an experienced Realtor in Coconut Grove, please don’t hesitate to contact me at 305.342.1623 or send me a note here.