Archive for March, 2011
New Construction Homes In Coconut Grove
March 21st, 2011 | categories: Buying Real Estate in Coconut Grove, Coconut Grove Real Estate
Of the 22 homes sold in Coconut Grove this year, 5 were new constructions. When I say “new construction” I mean anything built since 2005. When you take a look at the closed sales for these homes the prices are really all over the place. You have 2520 Inagua which closed for $231.00 per foot, 3631 Matheson Avenue which closed for $280.00 per foot and then 4131 Woodridge which closed for $418.00 per foot. The drastic differences in price can be explained by the fact that some were short sales and sold below market value and others were located on less/more desirable streets with higher/lower quality construction.
In my opinion, a good quality, new construction home (not a short sale or foreclosure) on a decent street should be selling anywhere from $300 to $350 per foot. This takes into consideration some sales that occurred towards the end of 2010 that bring the numbers up quite a bit from what we’ve experienced this year.
2011 Coconut Grove New Construction Home Sales
4041 Ensenada Avenue (2010) | 5 bedrooms/5 baths | 4,500 square feet of living space | 6,750 square foot lot | sale price: $1,075,000 | $238.00 per square foot
3631 Matheson Avenue (2006) | 3 bedroom/2 baths | 8,381 square feet of living space | 14,950 square foot lot | sale price: $2,350,000 | $280.00 per square foot
2520 Inagua Avenue (2009) | 4 bedrooms/5 baths | 4,802 square feet of living space | 6,339 square foot lot | sale price: $1,100,000 | $231.00 per square foot
3795 Solana Road (2005) | 4 bedrooms/4 baths | 3,523 square feet of living space | 7,200 square foot lot | sale price: $900,000 | $255.00 per square foot
4131 Woodridge (2008) | 5 bedrooms/4.5 baths | 4,297 square feet of living space | 9,100 square foot lot | sale price: $1,800,000 | $418.00 per square foot.
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.
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Back-Up Contracts In Coconut Grove
March 18th, 2011 | categories: Buying Real Estate in Coconut Grove, Coconut Grove Real Estate
One reason I know the market is picking up is that I have been involved in several transactions recently where buyers have presented backup offers on properties that are already under contract. I believe it is a great sign of things to come.
Here is my recent experience with a backup. If you follow the blog you know that my listing on Hardie Avenue (Casa Kenya) is under contract. As is the case with all of my listings, I continued to market the property after it went pending just in case the deal fell apart. Good thing I did because that is exactly what happened. We entered into a back-up contract on the house just days before the buyers backed out. The same day we received the cancellation notice from the old buyers, we had a new set of buyers already under contract.
Another good reason to enter into back-up contracts is that they can be great leverage for getting the current deal done. If you are a seller and the current buyers ask for money back after the inspection period, you can tell them that you have another contract waiting in the wings. In my experience, 75% of the time that quells any discussion of credits.
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.
Banks Causing Severe Delays In Closing
March 17th, 2011 | categories: Coconut Grove Real Estate
There are several homes on the market right now in Coconut Grove that have been under contract since 2010. The delay is likely caused by mortgage issues. Not only have banks tightened the mortgage and down payment requirements over the past few years, they are now asking buyers to do things that will add value to the home should it go into foreclosure.
I have a listing in South Grove where the bank said they would only give a mortgage if the buyers or sellers put in a new bathroom, installed hurricane shutters and fixed the dilapidated fence. In this case the buyers were willing to pay for it but the sellers did not want to risk the potential liability of an accident during the construction. The buyers had to move on to another bank and we are hopefully going to close this week.
People are surprised that there can be so many issues after a contract is initially signed. I always tell them that we are never done with a deal until the money crosses the table, especially when a bank is involved. These complications are another reason why cash is king, and why many sellers are willing to take a slight discount off the price for a cash deal.
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.
3969 Hardie Avenue Under Contract!
March 14th, 2011 | categories: Coconut Grove Real Estate Market Conditions
The historic coral rock house that I have listed at 3969 Hardie Avenue (list price $1,750,000) is officially under contract. This is one of Coconut Grove’s most charming homes.. I am thrilled because the current buyers truly appreciate the home for everything that it offers and I am certain will take good care of it. I will keep you posted with a sales price.
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.
$16,900,000 Home Goes Under Contract In Coconut Grove!
March 11th, 2011 | categories: Coconut Grove Real Estate
I recently featured this home on Curtis Lane in a post of ultra-luxury homes in Coconut Grove. Today the house came across the wire as a pending sale. Depending on the sale price, it could very likely be the highest sale price for a single family home in Coconut Grove’s history. Listing agent was Jorge Uribe of Sotheby’s.
To view other luxury homes in Coconut Grove 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.
Condos In Coconut Grove For $500,000
March 10th, 2011 | categories: Coconut Grove Real Estate
Many people would be surprised to know that you can buy in some of Coconut Grove’s higher-end condominium buildings for prices around $500,000. Check out the below units in the Ritz Carlton, Yacht Harbour and Grove Isle. Keep in mind that because these buildings offer more amentities than others, their maintenance fees tend to be slightly higher.
Ritz Carlton, Coconut Grove
- Unit #408 is a foreclosure offering 2 bedrooms/2 baths with 1,666 square feet of living space priced at $499,900.
- Unit #605 offers 2 bedrooms/2 baths with 1,540 square feet of living space priced at $499,000.
- Unit #1605 offers 2 bedrooms/2.5 baths with 1,540 square feet of living space priced at $550,000.
Yacht Harbour, Coconut Grove
- Unit 10A offers 1 bedroom (it was a 2 bedroom that they converted to a 1 bedroom) with 1,605 square feet of living space priced at $455,000.
- Unit 5G offers 2 bedrooms/2 baths with 2,407 square feet of living space priced at $499,000.
- Unit 11F offers 2 bedrooms/2 baths with 2,407 square feet of living space priced at $529,450.
Grove Isle, Coconut Grove
- Unit C908 offers 2 bedrooms/2 baths with 1,642 square feet of living space priced at $529,000.
- Unit A207 offers 2 bedrooms/2 baths with 1,404 square feet of living space priced at $509,000.
- Unit A1607 offers 2 bedrooms/2 baths with 1,882 square feet of living space priced at $499,000.
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.
Coconut Grove Townhouses and Villas
March 9th, 2011 | categories: Coconut Grove Gated Communities, Coconut Grove Real Estate, Coconut Grove Townhouses
Coconut Grove consists of two different townhouse markets. First we have the center Grove townhouses where you can buy a new construction property somewhere between $400,000 and $600,000 (older townhouses for well below that). Second is the luxury townhouse market where prices start in the $600,000′s. The luxury townhouses in Coconut Grove are located east of South Bayshore Drive and are gated communities which offer pools, tennis courts and access to the Bay.
Below is a breakdown of what is currently on the market in these luxury townhouse communities:
Properties For Sale In L’Hermitage, Coconut Grove
Properties For Sale In The Cloisters, Coconut Grove
Properties For Sale In Abitare, Coconut Grove
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.
Riley Smith: Real Estate Agent/Advisor
March 8th, 2011 | categories: Coconut Grove Real Estate, Coconut Grove Real Estate Market Conditions
It is my hope to one day become Coconut Grove’s “go to” person for anything and everything real estate. With this goal in mind, I never turn down an opportunity to sit and talk real estate with the residents here even if they are not considering buying or selling in the near future.
Over the past month I have received an unusually large amount of calls from Coconut Grove residents who are renovating their home wanting me to give my opinion on where their money is best spent. They have questions regarding whether or not to put in a new kitchen, new floors, landscaping etc. and whether they will get that money back when the time comes to sell. I am thrilled that these people (who are mostly blog readers) feel comfortable enough with me to make that call and invite me into their home.
Another service that I offer the residents here is that I am willing to sit down with just about anyone and discuss the value of their home. If I weren’t a real estate agent myself, I would be very curious as to what exactly had happened to the price of my home during the bust. I understand people’s need for information and am happy to offer it.
Finally I hold Coconut Grove Real Estate Talks to give everyone a better understanding of where our market is headed in the future. I discuss specific segments such as townhouses, condos, single family, waterfront etc. These informal meetings are held at Greenstreet Cafe (and usually involve quite a bit of wine). More than 75 people attended our last one, Grove and non-Grove residents alike. Save the date for our next meeting which will be held in April.
So there you have it, I am not a “real estate agent” in the ordinary sense of the word. I try to be a trusted advisor, someone that people feel comfortable calling even when they aren’t going to buy or sell right away and someone who gives real advice (even when it hurts).
Coconut Grove Real Estate Notes
March 7th, 2011 | categories: Coconut Grove Real Estate, New Listings in the Grove
We had a great turnout at our open houses yesterday, thanks to everyone who came by. From my conversations with potential buyers it seems like momentum is going to continue as we head into the spring months of 2011. Buyers are certainly out there and ready to pull the trigger. Many of the people I spoke with were looking to buy out of necessity, they were either relocating to the area or expanding their family. That is a great thing about real estate, no matter how the market is doing (up or down) people will always need to buy or sell due to changing circumstances.
If you didn’t have time to stop by my new listing on Swanson Avenue, below are the pictures we just received from the photographer. This is a very charming 3 bedroom, 2 bath home with 1,860 square feet of living space on a 7,722 square foot lot in the North Grove. A light filled family room with french doors opens onto a beautiful pool and deck area. The master bedroom offers a special sitting area and a marble bathroom. Other special features include impact windows and kitchen with stainless steel appliances and granite countertops. For more photos click here. List price is $599,000.
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.
Coconut Grove Open Houses: 4 Houses Open This Sunday!
March 4th, 2011 | categories: Coconut Grove Real Estate
I am holding 4 of my properties OPEN this Sunday (March 6, 2011) from 2:00 to 4:00 pm. Please stop by and take a look at some of Coconut Grove’s finest homes on the market. Click to view Google Map of open houses.
Since I can’t be in 4 places at once, I will be at the house located at 2520 Swanson Avenue. Feel free to come by and talk “Grove Real Estate” if you’re in the area.
- 2520 Swanson Avenue is a new listing which just hit the market yesterday, professional photos are coming soon. This is a 3 bedroom, 2 bath home with 1,860 square feet of living space on a 7,772 square foot lot. Special features of the home include a sitting area in the master bedroom, marble master bath, private covered terrace and pool. The home is being offerred at: $599,000.
- 2441 Swanson Avenue is a 2 bedroom, 2 bath home with 1,485 square feet of living space on a 7,809 square foot lot. Special features of this home include a pool, private courtyard, fence around property, lush foliage and electrically gated parking. The home is being offerred at $525,000.
- 3094 New York Street is a new construction townhouse that offers some of the best finishes I’ve seen in Center Grove. It is a 4 bedroom, 3.5 bath wtih 2,706 square feet of living space. Offerring price is $475,000.
- 3605 Battersea Road is a contemporary beach style house with 3 bedrooms, 3 baths with 2,855 square feet of living space on a 10,500 square foot lot. Special features include white wood beamed ceilings with walls of glass opening onto a tropical pool and covered terrace. Home is being offerred at $825,000.