Archive for May, 2011
Appraisals In Coconut Grove
May 31st, 2011 | categories: Coconut Grove Real Estate
A recent experience with one of my listings that recently went under contract here in the Grove is the perfect example of the inconsistencies in the appraisal process. We had two different appraisals completed within a span of 10 days (the first was done pre-contract and the second was done post-contract) and each one came in at a drastically different number. We gave each appraiser the same comparable sales and there were no changes in the market.
How could this be? For one, the appraisal process is very subjective. But secondly, the first appraisal was done without a sales price while the second one was done with a sales price. For those of you who don’t know, if a home is pending the appraisor always gets a copy of the sales contract. I have always had a hunch that the sales price factors heavily into their decision and the way this scenario played out, I am just about certain of it.
If you are interested in seeing this home or any others in Coconut Grove pleae feel free to give me a call at 305-342-1623 or send me a message here.
New Home For Sale In Coconut Grove!
May 27th, 2011 | categories: New Listings in the Grove
I just listed a great property in South Coconut Grove. Last night we had 8 showings at the house. Buyers were particularly impressed with the large master suite on the second floor as well as the oak tree canopy that is visible from almost every window.
The home is completely gated and offers a designer kitchen, bright living areas with volume ceilings, french doors leading to an outdoor terrace and pool area. Special details include plantation shutters, crown moldings, travertine floors and exquisite millwork.
Details of 4170 Raynolds Avenue, Coconut Grove:
- 3,439 Square Feet Of Living Space
- 7,000 Square Foot Lot
- 4 Bedrooms/3 Baths
- 2 Car Garage
- Pool
- List Price: $1,075,000
- To view more photos click here.
If you are interested in seeing this home or any others in Coconut Grove pleae feel free to give me a call at 305-342-1623 or send me a message here.
Property Management In Coconut Grove
May 26th, 2011 | categories: Coconut Grove Real Estate, Grove News
Coconut Grove is seeing a large influx of out-of-town buyers which is creating an increased demand for property management. Landlords and investors are always asking me if I have someone on my team who could assist them with home checks, maintenance and repairs, preparing the home for a storm etc. However as EWM agents we are not allowed to handle the property management side of the business so I must refer my clients to someone who is extremely trustworthy and reliable.
Over the past few months I have had several clients use Pointe Group’s property management services and they have been extremely satisfied with their work. They have gone above and beyond the client’s expectations. Another thing I like about Pointe Group is that their offices are right here in Coconut Grove. I asked them to send me over a flyer that I could post on the blog for anyone who might be interested, click on the image above for more details and their contact information.
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.
Modern Style Homes For Sale In Coconut Grove
May 25th, 2011 | categories: Coconut Grove Real Estate, Coconut Grove Real Estate Market Conditions
In my opinion, contemporary is the new Mediterranean. For many years buyers wanted Mediterranean style homes similar to the one on Bougainvillea Road pictured above. Classic features of these homes are barrel tile roofs, arched doorways, courtyards and stuccoed walls. Just about every new construction home that was built in the Grove after the year 2000 was done in the Mediterranean style. But times have changed and buyers are looking for something different. In Coconut Grove there is currently a big demand for modern style houses. People seem to like the sophistication of the modern style, the large spaces which can be tailored to their needs, the tall windows and the soaring ceilings.
If you are considering building a spec house, there is no doubt in my mind that it should be done in the contemporary/modern style, supply is low and demand is high.
View modern homes for sale in Coconut Grove here.
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.
To stay updated with all Coconut Grove real estate information, receive my blog posts via email by subscribing here. Once you register, you must activate the subscription in a followup email.
Good Comparables For Sellers In South Coconut Grove
May 24th, 2011 | categories: Buying Real Estate in Coconut Grove, Selling Real Estate in Coconut Grove
I always like to highlight the homes that sell for a decent “price per square foot” in the Grove because they can be very useful for buyers and sellers who are tracking the market. The home located at 4001 Park Avenue closed this week for a sales price of $849,000 or $414.00 per square foot. This was a 4 bedroom modern style home that was located on a double lot and had been completely renovated. The home generated quite a bit of buzz when it hit the market and went under contract days after coming on the MLS. This is a great comparable for homes in the South Grove. The house was listed by Isabelle Andrews of EWM.
Also, the home at 4010 El Prado closed recently for a sales price of $950,000 or $301.00 per square foot. Not quite as high as the Park Avenue house but still well over the average “price per square foot” in the Grove. In my opinion any seller getting over $300 a foot in this market, is doing very well. The home was listed by Brett Troskey of Yourigloo Realty.
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 a Coconut Grove home I would love the opportunity to work with you. Call me on my cell at 305.342.1623 or send me a message here.
Will This Be The Busiest Summer In Coconut Grove’s History?
May 23rd, 2011 | categories: Coconut Grove Real Estate
In Miami-Dade County we are seeing a 38% increase in sales of homes and condos from just one year ago. In fact, we are on track to sell more homes this year than we ever have in Dade County’s history. As I’ve told you before, the driving force is that buyers are finally getting off the fence and recognizing the value to be had. My team alone has already put 6 homes under contract during the month of May. Inventory is low (144 active single family homes in Coconut Grove) and buyers are out there. If you are interested in selling now is the time to talk to a real estate agent about the value of your home. Feel free to give me a call, I would be happy to come over and give you a no pressure home valuation.
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.
To stay updated with all Coconut Grove real estate information, receive my blog posts via email by subscribing here. Once you register, you must activate the subscription in a followup email.
The Moorings, Coconut Grove: First Sale Of The Year Occurs
May 20th, 2011 | categories: Coconut Grove Gated Communities
Last year The Moorings real estate market was extremely active with 5 closed sales. This week The Moorings experienced their first sale of 2011. The home is located at 3425 North Moorings Way (listed by JoAnn Forster of EWM) and sold for $1,675,000 or $332.00 per square foot. The home offered 5,037 square feet of living space with 4 bedrooms and 4 baths on a 9,500 square foot lot. For the most part, homes above $1,000,000 seem to be holding their value. We have not seen a drop in the average “price per square foot” for this segment of the market (single family homes over $1,000,000) since 2009.
To view all the homes currently for sale in The Moorings, Coconut Grove, click here.
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.
To stay updated with all Coconut Grove real estate information, receive my blog posts via email by subscribing here. Once you register, you must activate the subscription in a followup email.
Another Historical Sale In Coconut Grove
May 19th, 2011 | categories: Short Sales And Foreclosures In Coconut Grove
The property located at 3835 Carole Court is the highest priced short sale to sell in Coconut Grove’s history. It was listed for $4,895,000 and sold for $4,350,000. I know the house very well and it was unique because you were paying for a canal-front home but actually had good views of the bay from the master bedroom. This makes the third waterfront sale in Coconut Grove so far in 2011. The home closed for $556.00 per square foot, which in my opinion is market value. This is another example that you don’t always get to steal the property when it is a short sale. The listing agent was Toni Schrager of Avatar.
If you are interested in buying or selling real estate in Coconut Grove and are looking for an experienced real estate agent please do not hesitate to contact me at 305.342.1623 or send me a message here.
To stay updated with all Coconut Grove real estate information, receive my blog posts via email by subscribing here. Once you register, you must activate the subscription in a followup email.
Condo-Hotels In Coconut Grove Are Seeing High Sales
May 18th, 2011 | categories: Coconut Grove Condos
If you take a look at the condos selling in Coconut Grove right now you will see that it is the condo-hotel buildings that are experiencing the most activity. Combined, Sonesta and The Mutiny have sold a total of 13 condos in the past 6 months. We have a listing in The Mutiny that just went under contract and prior to that the requests to show it were through the roof. The type of people who seem most interested in buying in a condo-hotel are part-time residents, mostly Europeans (especially the French) and people who like the idea of placing the condo in the rental program and not having to do any of the management themselves.
To view a list of condos for sale in The Mutiny, click here.
To view a list of condos for sale in The Sonesta, click here.
If you are interested in buying or selling real estate in Coconut Grove and are looking for an experienced real estate agent please do not hesitate to contact me at 305.342.1623 or send me a message here.
To stay updated with all Coconut Grove real estate information, receive my blog posts via email by subscribing here. Once you register, you must activate the subscription in a followup email.
Coconut Grove Real Estate Talk Recap
May 17th, 2011 | categories: Coconut Grove Real Estate
We had another great turnout at Greenstreet’s last night, thanks to everyone who was able to make it. And a special thanks to Matt Martinez for his discussion on investing in the new economy. Here are a few of the things that we touched on:
- There have already been 43 homes sold in Coconut Grove so far this year. Breaking those numbers down, 1/3 sold over $1,000,000 and 2/3 sold below $1,000,000. The $1,000,000 and over market is showing signs of strength – it is currently selling at $395 per square foot which is the highest we have seen in more than 3 years. On the flip side, the $1,000,000 and below market is probably selling at its lowest point in over 15 years. The current “price per square foot” for a home under $1,000,000 is $230 (in 2010 it was $251, in 2009 it was $244 and in 2008 it was $293).
- The townhouse market is starting to recover finally after years of high inventory and low sales. There are only 54 on the market and we have already had 20 closed sales this year. There are also another 41 that are under contract (14 of these are short sales).
- The condo market has also seen a sharp decline in supply, we currently have 205 condos for sale in Coconut Grove which is down from 310 in 2010, 284 in 2009, and 508 in 2008. There have already been 68 closed condos in Coconut Grove this year and there are 79 pending. 80% of the condos that have closed this year sold for under $500,000.
If you are interested in buying or selling real estate in Coconut Grove and are looking for an experienced real estate agent please do not hesitate to contact me at 305.342.1623 or send me a message here.
To stay updated with all Coconut Grove real estate information, receive my blog posts via email by subscribing here. Once you register, you must activate the subscription in a followup email.