Archive for May, 2011
Coconut Grove Townhouses Under $500,000 Are Selling!
May 16th, 2011 | categories: Coconut Grove Townhouses
As I continue to review the numbers for tonight’s real estate talk, I am amazed at how well the $500,000 and under townhouses are selling in Center Coconut Grove. So far in 2011 there have been 20 townhouses in Center Grove sold under $500,000 and there are only 36 left on the market. Back in 2008 there was double that figure for sale in Center Grove. Demand is increasing and inventory is shrinking which is great news for sellers. Also, I do see some strength in the above $500,000 townhouse market coming as there have been some recent sales in this segment as well.
To view all townhouses for sale in Center Coconut Grove priced under $500,000 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.
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Reminder: Coconut Grove Real Estate Talk Monday Night
May 15th, 2011 | categories: Coconut Grove Real Estate
Don’t forget that Monday, May 16th at 6:30 pm I am holding another Coconut Grove Real Estate Talk at Greenstreet Cafe. If you are curious about the Coconut Grove real estate market and where it is headed this is an event you should not miss. For more info, click here.
New On Market: Great Value On One Of The Grove’s Best Streets
May 13th, 2011 | categories: New Listings in the Grove
This property just came across the wire and I wanted to write about it as soon as possible because I believe it is a great value and will sell quickly. I was invited to preview the home before it hit the market and I can tell you that it is in great condition and move-in ready. Located on Espanola Drive, one of the Grove’s most prestigious streets, this home was built in 2000 and offers 4,301 square feet of living space with 4 bedrooms, 3 baths, pool and 2 car garage. The owners are asking $1,100,000. At $255.00 per square foot, it is definitely priced to sell! To view photos and more information, click here. The property is listed by Laura Mullaney of Coldwell Banker.
If you are interested in viewing this property please don’t hesitate to contact me on my cell at 305.342.1623 or send me a note here, I would be happy to arrange a showing.
Be Careful Not To OVER Improve Your House!
May 13th, 2011 | categories: Selling Real Estate in Coconut Grove
Last night I was on a panel with some other local Realtors discussing the different methods we each take when valuing a home in Coconut Grove. One of the homes I analyzed was a small house on a large lot in Coconut Grove that had been completely updated. The owner spent $200,000 on renovations that were done very particular to his taste. While he did a good job with the upgrades he will never be able to recoup that kind of money on such a small house. The house is listed for over $1,000,000 and in my opinion is worth at the most in the upper $700,000′s.
You have to be very careful not to pour money into a home that will never be able to support the desired value. I believe that this particular owner’s money would have been better spent adding a few more bedrooms. If you’re not sure about what improvements to make, please feel free to give me a call. I’d be happy to stop by your house and let you know whether I think your home can support your renovations.
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.
The Waiting Game – How Long Does It Take To Sell Your Coconut Grove Home?
May 11th, 2011 | categories: Coconut Grove Real Estate, Selling Real Estate in Coconut Grove, Short Sales And Foreclosures In Coconut Grove
I am working on the figures for my Coconut Grove real estate talk and am looking over the average length of time it takes for a property in the Grove to sell. These figures will probably surprise many of you especially those who currently have their home listed. Keep in mind that if you price a property right it should go under contract within 30 days. For example the listing that I recently placed on the market at 3630 Battersea Road is already under contract and two of my most recent closed sales in the North Grove were under contract in less than a week. The one thing they all had in common was that they were priced to sell quickly at the highest price the market would bear.
These figures are calculated by hand and not taken from the MLS which frequently has errors regarding “days on the market”. The below time is based on when the home came on the market and ends when the home officially closes. This gives you a true estimate of how long it should take between the moment you place your house on the market and the day you move out.
- All Coconut Grove Homes: 8 Months
- Above $1,000,000: 13 Months
- Below $1,000,000: 7 Months
- South Coconut Grove: 8 Months
- North Coconut Grove: 6 Months
- Coconut Grove Foreclosures: 5 Months
- Coconut Grove Short Sales: 11 Months
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.
Live Near Merrie Christmas Park
May 10th, 2011 | categories: New Listings in the Grove
I know many people who would name Merrie Christmas Park as their favorite park in Coconut Grove. I grew up going there with my family and now take my daughter to run on the hills and climb the banyan trees. I recently listed a house that is located just steps away from Merrie Christmas Park on Matheson Avenue. It is a very charming home with a new kitchen, new roof and spacious and light filled living, dining and family rooms. The home is being offerred at $489,000. To view pictures and more details of the home click here.
We will be holding an Open House tomorrow (Wednesday, May 11) from 12:00 to 2:00 if you would like to pass by!
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.
New Foreclosure Hits The Market In Coconut Grove
May 9th, 2011 | categories: Short Sales And Foreclosures In Coconut Grove
Last night a new foreclosure came on the market in Coconut Grove. The property is located at 3835 Park Avenue in the South Grove and is listed for $1,230,000. I was in the home when it was on the market a few months ago before it slipped into foreclosure (list price was $1,499,000) and in my opinion at the current price it will sell within a day or two. If you are interested, you need to act fast. To view more photos of 3835 Park Avenue, click here. Listing is courtesy of Serrano Properties.
Details of 3835 Park Avenue:
- 5,514 Square Feet Of Living Space
- 11,774 Square Foot Lot
- 6 bedrooms/6 full baths/1 half bath
- Located on cul-de-sac
If you would like to see this home I would be happy to arrange a showing for you. Just send me a note here, or contact me on my cell at 305-342-1623. 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.
Looking Back…
May 6th, 2011 | categories: Coconut Grove Real Estate
I was working on a real estate article for Inman News last night and one of the questions that was asked of me was “How Have You Changed Your Business To Mirror The Market And Capitalize On Market Trends?”. The answer was simple, when the market was at its worst I needed a way to directly tap into international buyers. In 2008 I launched www.TheRealEstateCoconut.com to try to expand my business to those who were becoming major players in Coconut Grove real estate, South Americans and Europeans. As it turned out we did successfully reach those clientele but as a wonderful perk we also began to grow a large following of local readers.
Take a look at the map below from Google Analytics which shows where our site visitors came from during the past 30 days. The Top 3 US Cities that came to The Real Estate Coconut were: 1) Miami 2) New York and 3) Washington. As far as international visitors, the top 3 cities were: 1) Munich, 2) Florence (a big shout out to our friends in Florence, we hope to be coming in October!) and 3) Caracas.
Thanks to all of those who follow along, as always if you are looking for a realtor who specializes in Coconut Grove I would love the opportunity to work with you. Please give me a call on my cell phone at 305-342-1623 or send me a note here.
One Of A Kind Home In South Coconut Grove
May 5th, 2011 | categories: New Listings in the Grove
Many buyers who are looking to buy in Coconut Grove tell me that they want a home with ”charm” or something that is “Grovey”. If you are looking in the $1,000,000 to $2,000,000 price range this can sometimes be a challenge due to the fact that many of the homes in this segment are of newish construction. The home located at 3901 Braganza Avenue in the South Grove however satisfies both of these criteria. Built in 1925, it combines Old Spanish charm with modern amenities. The rooms have great light with high ceilings, the windows are impact glass, the master suite has its own office and walk in closets plus many other special features including breezeways, a fireplace, Cuban tile floors and wood floors. The home offers 5,317 square feet of living space with 6 bedrooms and 5 baths on a 12,117 square foot lot. Click here for more photos of this home. The property is listed for $1,995,000 and is listed by Ashley Cusack of EWM.
If you would like to see this home I would be happy to arrange a showing for you. Just send me a note here, or contact me on my cell at 305-342-1623. 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 Short Sale Update
May 4th, 2011 | categories: Short Sales And Foreclosures In Coconut Grove
In 2010 there were 16 short sale properties sold in Coconut Grove which made up approximately 6% of the total volume ($8,303,000 out of $127,606,000) that year. So far this year there has been a total of 8 short sales closed making up approximately 11% of our total volume ($6,900,000 out of $60,597,000).
The average “sales price/sq. ft.” for a short sale is significantly lower than a non-short sale property (about $234.00 vs. $287.00), but keep in mind when making an offer that the list price to sale price ratio is the same as a typical sale – approximately 90%. All above figures include only north and south Coconut Grove and exclude west Grove.
The increase in the amount of short sales this year tells me that the short sale process is getting smoother and quicker for sellers and buyers. Every day that goes by the banks are figuring out how to push these sales through faster without having them fall into foreclosure.
To view a list of short sales on the market 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 selling your Coconut Grove 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.