Archive for February, 2011
Signs That 2011 Will Be The Bottom In Miami Real Estate
February 28th, 2011 | categories: Buying Real Estate in Coconut Grove, Coconut Grove Real Estate
The Wall Street Journal recently reported several indicators that 2011 will be the bottom of the real estate market (Why 2011 May Be the End Of The Housing Crash). Here are a few of the highlights:
- Taking a look at house prices and incomes, housing is the most affordable it has been in decades. Right now, the cost of a house is about 19 months of total pay for an average family – that is the lowest level in 35 years. At the height of the market, we saw house prices equal to 4.5 years of pay!
- Scott Simon a managing director at money-management firm Pimco in Newport Beach, California who foresaw the housing crash and helped his firm dodge losses that plagued Wall Street states “housing prices will probably bottom in 2011″. Mr. Simon says prices may dip another 5% but considering that in some markets they have already dropped by half, this figure is inconsequential.
- Investors are back in the market: In Miami over half of the transactions are cash deals which is a sign that investors are betting on a rebound.
As a Realtor who specializes in Coconut Grove, I feel that we are already starting to see prices stabilize. In most segments they haven’t started to creep up yet, but that is just a matter of time. With so many buyers out there ( a recent short sale that came on the market on Nocatee Drive had 9 offers – many were over asking price – on the first day) simple economics tells us that prices will slowly trend upwards.
When listing or buying a home it is essential to have a local Realtor who knows the numbers, tracks the market and can value a home correctly. 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.
Buy And Sell Locally!
February 25th, 2011 | categories: Coconut Grove Real Estate
As a Realtor, I feel that it is better to have more knowledge about fewer markets than less knowledge about more markets. This is why I specialize and focus my efforts on a small number of communities. I don’t go to Doral, I barely go to Brickell and it would take an act of god to get me to Broward. I would be doing my clients a disservice if I was traipsing all over South Florida because there is no way to track each real estate market properly and have insight into the inner-workings of each.
So what happens if a client wants to move to Ft. Lauderdale? I refer them to an EWM Realtor in Ft. Lauderdale. I’ll never understand buyers and sellers who don’t hire a LOCAL agent. Why would you use someone who couldn’t give you the “inside information” on houses, streets, neighbors, builders, etc.
When listing or buying a home it is essential to have a local Realtor who knows the numbers, tracks the market and can value a home correctly. 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.
Just Listed In The Mutiny, Largest Unit In Building
February 24th, 2011 | categories: New Listings in the Grove
I have just listed a unit at The Mutiny (#1008) which offers great views of Biscayne Bay. This unit also happens to be the largest in the building with 1,750 square feet of living space, 2 bedrooms/2 baths and 2 parking spaces. The condo could be used as a permanant residence (located within steps of Fresh Market, CocoWalk, Peacock Park, many cafes and shops) or as a second home (The Mutiny offers a great rental program if you wish to rent it out while you are away). Amenities of this first class building include: heated pool, gym, spa/sauna, restaraunt, bar, valet, 24 hour concierge. The condo is being offered at $343,000.
If you would like to see this property I would be happy to arrange an appointment. Please give me a call at 305.342.1623 or send me a message here.
Battersea Road Experiences Rash Of Activity
February 23rd, 2011 | categories: Coconut Grove Real Estate
I am always tracking the market in Coconut Grove to see where the activity is occurring. As you know I often compare north vs. south Grove but sometimes there is a particular street that for whatever reason experiences a rash of new listings and sales. Last year it was Poinciana Avenue and more recently it has been Battersea Road.
See for yourself – here is the 12 month activity on Battersea Road, Coconut Grove, 33133:
| For Sale | 3575 Battersea Road | $6,999,000 | 6 BR/7 BA |
| For Sale | 3615 Battersea Road | $1,500,000 | 4 BR/5 BA |
| For Sale | 4071 Battersea Road | $1,299,000 | 4 BR/5 BA |
| For Sale | 3701 Battersea Road | $1,055,000 | 4 BR/3 BA |
| For Sale | 4140 Battersea Road | $899,000 | 4 BR/ 4 BA |
| Pending Sale | 3605 Battersea Road | $825,000 | 3 BR/ 3 BA |
| Closed Sale 1/05/2011 |
3650 Battersea Road | $565,000 | 3 BR/ 2 BA |
| Closed Sale 10/13/2010 | 3660 Battersea Road | $1,175,000 | 5 BR/ 6 BA |
| Closed Sale 12/21/2010 | 4001 Battersea Road | $1,080,000 | 4 BR/ 3 BA |
| Closed Sale 6/10/2010 | 4190 Battersea Road | $1,090,000 | 3 BR/ 4 BA |
When listing or buying a home it is essential to have a local Realtor who knows the numbers, tracks the market and can value a home correctly. 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.
Did You Buy A Home In Coconut Grove Last Year?
February 22nd, 2011 | categories: Coconut Grove Real Estate
If you purchased a home in 2010 then now is the time to file for your 2011 homestead exemption (filing period ends March 1st).
In order to qualify for the Homestead Exemption you must have met the following criteria as of January 1:
- Be a U.S. citizen or legal resident
- Own the property (i.e., have legal or equitable title)
- Occupy the property as his/her permanent residence (to the exclusion of all others).
- Only those qualified persons listed on the exemption application will receive the exemption benefits.
- If the property is held jointly by husband and wife, either party may apply in person for the homestead exemption.
For more information click here.
Ultra-Luxury Homes In Coconut Grove
February 18th, 2011 | categories: Coconut Grove Real Estate
Last year Coconut Grove’s highest sale was $10,125,000 for a home in The Moorings (Listed by Judy Zeder of EWM). Hopefully we will top that this year with one of these incredible luxury homes priced at $16,900,000.
3575 Stewart Avenue | List Price: $16,900,000 | 12,099 Square Feet Of Living Area | 42,689 Square Foot Lot | 8 Bedrooms/7 Baths | Home offers: unobstructed Bay views, wine cellar, billiard room, 2 bedroom guest house with kitchen and gym, plus much more. | Listed By Avatar | Photos and Details Here.
3500 Curtis Lane | List Price: $16,900,000 | 11,000 Square Feet Of Living Area | 86,001 Square Foot Lot | 7 Bedrooms/8 Baths | Home offers: 2+ acres, open bay views, lit clay tennis court, Boffi kitchen, guest house, oversized A/C garage, 60 foot mosaic tile pool. | Listed By One Sotheby’s | Photos and Details Here.
When listing or buying a home it is essential to have a local Realtor who knows the numbers, tracks the market and can value a home correctly. 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.
Grove Isle, Coconut Grove
February 17th, 2011 | categories: Coconut Grove Condos
The real estate market in Grove Isle was extremely active last year with 22 total sales. Sales prices ranged from $295,000 all the way up to $1,200,000. The average condo which sold was a 2 bedroom/2 bath for $677,395. The average “days on the market” for these condos was 180 days. Grove Isle offers some spectacular views of Biscayne Bay along with many great amenities including a 50 room hotel, incredible recreational facilities, world class spa, great restaraunt and dock spaces available. I know certain residents of Grove Isle who practically never leave the island!
There are currently only 21 condos for sale in Grove Isle with an average asking price of $793,000. There is only one unit that is currently in distress. This is Unit A909 which is an approved short sale listed at $975,000. It offers 2,614 square feet of living space with 3 bedrooms/2.5 baths. To view photos and information for all condos for sale in Grove Isle, click here.
When listing or buying a home it is essential to have a local Realtor who knows the numbers, tracks the market and can value a home correctly. 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.
Coconut Grove Townhouses – Prices Are Coming Down
February 16th, 2011 | categories: Coconut Grove Townhouses
It seems that most sellers in Center Grove are finally coming around to more realistic pricing. The average list price right now for a townhouse is $376,000 and there have been a total of 6 townhouse sales this year all of which sold for under $400,000.
We have also experienced the new construction townhouses coming down in price. There are several options right now which could be purchased in the $400,000’s. To view a list of townhouses for sale in Center Grove click here.
Below are some of my new construction townhouse listings in Center Grove, both priced under $500,000:
2922 West Trade Avenue | 2,698 Square Feet Of Living Space | 3 Bedrooms/2.5 Baths | List Price: $499,000 | More Photos Here
3094 New York Street | 2,706 Square Feet Of Living Space | 4 Bedrooms/3.5 Baths | List Price: $475,000 | More Photos Here
When listing or buying a home it is essential to have a local Realtor who knows the numbers, tracks the market and can value a 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.
What Coconut Grove Needs To Know About Zillow
February 15th, 2011 | categories: Coconut Grove Real Estate
I just love it when a buyer or seller tries to justify the value of a house from a Zillow estimate. Time and time again I have to defend my handcrafted, thoroughly researched price that I give someone thanks to Zillow’s inaccurate figures. At least nowadays Zillow has the courtesy of posting a disclaimer.
If you go to the bottom of Zillow’s home page you will see a link to “Zestimate’s Value And Accuracy“. On this page you will find that their ability to place the correct value on a property in the City of Miami isn’t exactly perfect. You will see that in the City of Miami they admit to only coming within 5% of the sales price 20% of the time. And they go on to say that they can only come within 20% of the sales price 60% of the time.
Those figures include the entire city. When you take into consideration that we live in Coconut Grove where neighboring homes are drastically different from one another in terms of style, quality, condition and location (factors not included in Zillow’s algorithm) then their accuracy goes further down the drain.
Take for instance these two homes that closed last year in Coconut Grove. They are nearly identical “on paper” yet sold for over $100,000 apart.
| 1830 Opechee | 2,281 Sq. Ft. LA | 3 BR / 3 BA | With Pool | Sale Price: $663,000 |
| 3633 Poinciana | 2,184 Sq. Ft. LA | 3 BR / 3 BA | With Pool | Sale Price: $520,000 |
When listing or buying a home it is essential to have a local Realtor who knows the numbers, tracks the market and can value a home correctly. 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.
Pending Sales In Coconut Grove
February 14th, 2011 | categories: What Is Selling In Coconut Grove Real Estate?
Although Coconut Grove has had very few home sales so far this year, when I take a look at the pending sales I feel much more comfortable about where the market is headed. There are currently 30 homes under contract and 5 of these are priced over $1,000,000.
Another reason to follow the pending sales aside from getting a preview of what is going to close is because I like to take a look at the “Asking Price Per Square Foot” at the time that the home went under contract. Most of these homes that are under contract now have been reduced over time and it is interesting to see at what price point they ended up attracting a buyer. This pending sale figure gives me a better handle on where currently active homes should be listed.
A few of the most recent homes to go under contract are:
|
Address: |
List Price: |
Broker: |
| 3631 Matheson Avenue | $2,390,000 | Avatar |
| 3636 Hibiscus Street | $1,750,900 | Coldwell Banker |
| 4169 Ventura Avenue | $1,090,000 | Biscayne Realty |
| 2627 Halissee Street | $499,000 | Coldwell Banker |
When listing or buying a home it is essential to have a local Realtor who knows the numbers, tracks the market and can value a 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.