Archive for August, 2011
Investors Snap Up Land In West Coconut Grove
August 31st, 2011 | categories: Coconut Grove Real Estate
A 33,000 square foot lot was purchased in the West Grove last week for $1,400,000. The land had been cleared and is ready to build with approved plans and permits for 12 townhouses on the site (see above sketch). This is more evidence that investors are back in the marketplace and betting on the west Grove. The address is 3111 Hibiscus Street.
The Real Estate Coconut is the most comprehensive online source for Coconut Grove real estate information. Whether you are looking for the latest sales, trends or homes for sale in Coconut Grove, The Real Estate Coconut has it all at your fingertips. Browse Coconut Grove’s gated communities, waterfront homes, villas, townhouses, foreclosures plus much more.
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.
The Moorings In Coconut Grove Sees A Slowdown In Activity
August 30th, 2011 | categories: Coconut Grove Gated Communities
Last year activity in the gated community of The Moorings was very high. There were 8 homes that came on the market and 5 homes that sold which is a lot of activity for such a small community. With much of the inventory selling last year and not much new for sale in 2011 their market has significantly slowed down.
There are currently 3 homes on the market in The Moorings and there have been 2 homes sold. The first home offered 4 bedrooms, 4 baths with 5,037 square feet of living space and sold for $1,675,000 ($332.00 per square foot), and the second property sold for land value at a price of $960,000 ($82.00 per square foot of land). This land sale is a good comparable for other land in gated communities. Both of these properties were listed by Jo-Ann Forster of EWM Realtors.
The Real Estate Coconut is the most comprehensive online source for Coconut Grove real estate information. Whether you are looking for the latest sales, trends or homes for sale in Coconut Grove, The Real Estate Coconut has it all at your fingertips. Browse Coconut Grove’s gated communities, waterfront homes, villas, townhouses, foreclosures plus much more.
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.
Coming Soon…New Listings In Coconut Grove
August 29th, 2011 | categories: Coconut Grove Real Estate
There have only been 1 or 2 new listings to come on the market in the past 30 days in Coconut Grove. I have several clients who are waiting to put their home on the market until after Labor Day and from speaking with other realtors it seems that other sellers are waiting for the holiday to pass as well. August is historically a very slow month in terms of new listings as well as buyer activity. We do continue to see homes close in August because they were placed under contract in June and July.
I have been telling my buyers to be patient and I anticipate a good amount of inventory coming on the market in September.
The Real Estate Coconut is the most comprehensive online source for Coconut Grove real estate information. Whether you are looking for the latest sales, trends or homes for sale in Coconut Grove, The Real Estate Coconut has it all at your fingertips. Browse Coconut Grove’s gated communities, waterfront homes, villas, townhouses, foreclosures plus much more.
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.
Another Great Opportunity At The Ritz Carlton Residences, Coconut Grove
August 26th, 2011 | categories: Coconut Grove Condos
There was quite a buzz when Unit 906 at the Ritz Carlton Residences closed for $535,000. That unit had the larger 2 bedroom floorplan with 2,028 square feet of living space as opposed to other 2 bedrooms in the Ritz which have only 1,540 square feet of living space. If you remember my recent post, investors purchased that unit and put it back on the market for $850,000 (read more about 906 here).
Now another large 2 bedroom unit has come on the market as an approved short sale for $540,000. This one is located on the 10th floor, and offers an updated kitchen, California closets, marble floors, as well as designer window treatments. View more photos of Unit 1004 here. If you are interested in viewing this unit, I’d be happy to schedule an appointment for you. Contact me directly at 305-342-1623 or send me a message here. Broker is ReMax.
Riley Smith “Director Of The Coconut Grove Real Estate Market?”
August 25th, 2011 | categories: Coconut Grove Real Estate
With school starting and the threat of Hurricane Irene there was a slowdown in showing requests over the past week. Below is a funny series of emails between myself and a seller:
Seller: “Riley, any showings this week?”
Me: “Unfortunately, the past couple of days has been radio silence. Everyone has been sitting around watching the storm, or getting ready to go back to school. We have one person who called yesterday that will be seeing it over the weekend. Going forward, I expect it to be relatively quiet until Labor Day. That is when the market historically gets busier.”
Seller: “I thought you were the guy who sold one house every 6 days?”
Me: “Same guy, different market.”
Seller: “I thought you directed the Coconut Grove market?”
Me: “I like to think so, however I have no power over mother nature or the Dade County School System. I am very confident that things will pick up shortly.”
Seller: “We have full trust in you, Riley.”
Sometimes it’s nice to have your ego stroked a little.
Big Price Reduction At 2411 Tigertail Avenue, Coconut Grove
August 24th, 2011 | categories: Buying Real Estate in Coconut Grove
I have just reduced my short sale listing at 2411 Tigertail Avenue from $499,000 to $349,000 hoping to get a contract quickly so that we can start negotiating with the bank. This is a very charming entry-level home and I would love to sell it to one of my blog readers! The home offers 3 bedrooms, 1 bath, 1,265 square feet of living space on a 7,292 square foot lot. It has an updated kitchen, wood floors and a wood deck overlooking a lush garden. To view more photos of this home click here. If you are interested in seeing it please don’t hesitate to contact me on my cell at 305-342-1623 to arrange a showing.
Coconut Grove vs. Coral Gables…Which Area Is More Expensive?
August 23rd, 2011 | categories: Coconut Grove Gated Communities, Coconut Grove Real Estate
I get asked all of the time which area is more expensive, Coconut Grove or Coral Gables? In my opinion, you seem to get a little less for your money in the Grove. Here is a comparison between two recent homes that sold for $2,000,000 on similar quality streets in the Grove and the Gables. Of course, one reason for the difference is that as a whole, the Grove is closer to downtown, Key Biscayne, Brickell and the water. Also, there are far less properties for sale in the Grove so the laws of supply and demand keep it higher than in the Gables.
3740 De Garmo Lane sold for $1,993,900. It offered 4,500 square feet of living space on a 11,138 square foot lot with 5 bedrooms, 5 baths. Located in the gated community of De Garmo Estates. The home sold for $438.00 per square foot.
133 Rosales Court sold for $2,000,000. It offered 5,224 square feet of living space on a 15,971 square foot lot with 5 bedrooms, 4 baths. Located in the gated community of Cocoplum. The home sold for $382.00 per square foot.
The Real Estate Coconut is the most comprehensive online source for Coconut Grove real estate information. Whether you are looking for the latest sales, trends or homes for sale in Coconut Grove, The Real Estate Coconut has it all at your fingertips. Browse Coconut Grove’s gated communities, waterfront homes, villas, townhouses, foreclosures plus much more.
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.
Rental Homes In Coconut Grove: The Market Is Hot!
August 22nd, 2011 | categories: Coconut Grove Real Estate
There is no doubt that the rental market in Coconut Grove is hot right now. If you don’t act quickly you take the chance that you will miss out on a property. I have recently seen several renters putting in offers sight unseen on something they particularly want. Over the weekend a fellow realtor texted one of my agents 15 times within 10 minutes to see a townhouse rental of ours. Her reasoning when we asked her about the harassing texts? Supply is low!
The most popular rental price point in Coconut Grove ranges from $3,000 to $6,000. In this price range there have been about 65 houses/condos/townhouses rented in the Grove in 2011. A large majority of these properties are renting in less than a month. That means that the actual time on the market is a matter of days because it takes time for an applicant to submit an offer to lease, have the offer accepted, perform background checks etc and then it takes time for the agent to close out the rental on the MLS. Many agents don’t put rentals “pending” on the MLS, they keep them active until the deal is absolutely done.
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.
The Real Estate Coconut is the most comprehensive online source for Coconut Grove real estate information. Whether you are looking for the latest sales, trends or homes for sale in Coconut Grove, The Real Estate Coconut has it all at your fingertips. Browse Coconut Grove’s gated communities, waterfront homes, villas, townhouses, foreclosures plus much more.
Coconut Grove Real Estate Office Retreat!
August 19th, 2011 | categories: Coconut Grove Real Estate
I am taking my office on a mini-retreat this weekend over to Naples to thank them for all of their hard work and to recharge their batteries as we head into the busiest time of the year for real estate in Coconut Grove.
Have a great weekend, be back on Monday!
Flip Comes On The Market In The Ritz Carlton, Coconut Grove
August 18th, 2011 | categories: Coconut Grove Condos
Unit 906 located in the Ritz Carlton, Coconut Grove sold a few months ago for $535,000; it was a 2 bedroom + den, with 2 baths. I had the listing at one point, and one challenge that buyers always had was that the unit had been over-personalized by the seller and they had a hard time visualizing its potential. The seller was a very nice woman who was passionate about the French Country style. As you can see from the photos above there were trompe l’oeil murals, faux rock finished walls and some out of the ordinary color choices. There is nothing wrong with personalizing your home exactly the way you like it, after all we would hate for everything to be cookie cutter, but you may actually be lowering the value of the property if buyers can’t see past your design choices.
The buyers who purchased this property for $535,000 were investors and they took away most of the personalization on the unit. They replastered and painted the walls as well as installed new wood floors (the previous ones were damaged by water). My guess is that they probably spent $50,000 to $100,000. Now they have re-listed the unit for an asking price of $850,000. Photos of the newly renovated unit are below. It is amazing what a coat of paint can do to increase the value of a property.
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.
The Real Estate Coconut is the most comprehensive online source for Coconut Grove real estate information. Whether you are looking for the latest sales, trends or homes for sale in Coconut Grove, The Real Estate Coconut has it all at your fingertips. Browse Coconut Grove’s gated communities, waterfront homes, villas, townhouses, foreclosures plus much more.