Archive for August, 2011
Coconut Grove Real Estate Is Full Of “One-Offs”
August 17th, 2011 | categories: Selling Real Estate in Coconut Grove
I like to call real estate companies that I’ve never heard “one-offs”. In my opinion the definition of a “one-off” is a brokerage that is not locally established. In other words, you see their listing once and then you never see their name again. While there are roughly 150 single family homes for sale in Coconut Grove at least 50% of them are listed by these types of brokers. I’m not exactly sure why you would trust one of your largest assets with someone who can’t possibly offer the exposure and knowledge of an experienced and local company. But the reality is that a significant amount of sellers make the choice to list with an un-recognizeable broker.
Take a look at the chart below which shows the distribution of single family listings among the top 5 real estate companies in the Grove. As you can see, EWM continues to dominate the single family real estate market here with 30 listings.
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.
Buying Real Estate In Coconut Grove, Sight Unseen!
August 16th, 2011 | categories: Buying Real Estate in Coconut Grove
Last week a buyer put in a full cash offer on one of my Coconut Grove listings site unseen. He is one of the many international buyers we see here in Coconut Grove. It reminded me of the good old days where buyers were clamoring for homes and couldn’t get their offers in fast enough. We now have a fully executed contract on the property and we will wait to see if the deal actually goes through. They perform their inspections tomorrow at which point we will have a better idea of where the deal stands.
With inventory finally reaching a healthy level, perhaps this is a sign of good things to come!
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.
Stop By And Talk Real Estate
August 15th, 2011 | categories: Coconut Grove Real Estate
This is my EWM office in Coconut Grove. We’re located at 3560 Main Highway just down the street from Calamari Restaurant. If you’re in the area and are curious about what’s happening in the world of Coconut Grove real estate please feel free to stop in, I’d be happy to talk shop with you.
Best Deal For Waterfront Home In Coconut Grove
August 12th, 2011 | categories: Coconut Grove Gated Communities
This villa just came on the market in L’Hermitage, it is a 3 story townhouse that offers open bay views. If you are looking for a waterfront property but can’t afford something in the single family market, then this may be a very good option for you. Prices for bayfront single family homes are priced well over $5,000,000 however this villa in L’Hermitage is listed for $2,295,000. The home offers 3 bedrooms, 3.5 baths, 2 car garage, 2 car carport, elevator as well as impact glass and doors. For more photos click here. The property is courtesy of Judy Zeder of EWM.
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.
Low Inventory In The Cloisters, Coconut Grove
August 11th, 2011 | categories: Coconut Grove Gated Communities, Coconut Grove Townhouses
With only 3 villas currently on the market in The Cloisters, the supply is the lowest I have seen in a very long time. There have been 3 sales so far this year and it is possible that all of the inventory could be gone by the end of 2011 if nothing new comes on the market. The most recent sale in The Cloisters occurred back in June; it was a beautiful bay-front unit which went for $2,600,000 (sold by Avatar).
To view villas in The Cloisters for sale, click here.
To view all villas 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 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.
How Much Sales Volume Is Sold In Coconut Grove?
August 10th, 2011 | categories: Coconut Grove Real Estate
It is interesting to take a look at how much sales volume is sold in a year in Coconut Grove. There are approximately 3,000 single family homes in the Grove and we are on track to sell well over 100 this year. So far in 2011 Coconut Grove has sold $88,776,000 in volume. When I look at the pending sales I feel comfortable in saying that 2011 will surpass 2010 in sales.
- 2008: $111,515,000 sold in Coconut Grove
- 2009: $88,705,000 sold in Coconut Grove
- 2010: $127,607,000 sold in Coconut Grove
- 2011 to date: $88,776,000 sold in Coconut Grove
The above numbers include single family homes in North and South 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 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.
How Long Does It Take To Sell Your Coconut Grove Home?
August 9th, 2011 | categories: Selling Real Estate in Coconut Grove
As you know I am always tracking the numbers here in the Coconut Grove real estate market and one trend that I keep an eye on is the average time it takes to sell a home. There are two main factors that impact how long it will take to sell a property: first is how realistic the sellers are (more on that later) and second is the supply of inventory.
Right now, the average home in Coconut Grove takes 8 months to sell. If you look at the homes above $1,000,000 the average is even higher at 11 months on the market, while the homes under $1,000,000 are selling in 7 months. Foreclosures come in at an average of 4 months on the market while short sales are the highest at 13 months. *These figures are calculated by my office by hand, we can’t rely on the ”days on the market” given out by the MLS because we have found them to be inaccurate.
The main reason that it is taking so long to sell in the Grove right now is that many sellers start out listed way above market value. They test the market at a high price and then make reductions over time. The initial ”list price per square foot” in the Grove is $359 a foot while the final “list price per square foot” is much lower at $319 a foot indicating several price reductions. The final sales price per square foot in Coconut Grove is running about $282 a foot. It is no wonder that the average home takes 8 months to sell!
Of course, if you price your home correctly from the beginning then you should be able to sell your home in much less time. There have been several homes this year which were priced right and sold in a matter of days.
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.
Foreclosure In Coconut Grove Sells, 3835 Park Avenue Coconut Grove 33133
August 8th, 2011 | categories: Short Sales And Foreclosures In Coconut Grove
The home located at 3835 Park Avenue closed on the MLS today for a sales price of $1,305,000 or $236.00 per square foot. I first wrote about this house when it came on the market as a non-distressed sale priced at $1,499,000 back in 2010. There was a lot of interest in the home however it quickly became evident that it was going to be a short sale. It turned out, this was one of those non-sellable short sales due to too many encumbrances.
l wrote about the home again when it hit the market as a foreclosure a few months ago priced at $1,230,000. Not only did the home go under contract within days of coming on the MLS but it sold for $75,000 above the bank’s list price. In my opinion, the buyers got a great deal on this home which was located on a quiet cul-de-sac in the South Grove.
This sale is the highest priced foreclosure to sell all year in Coconut Grove.
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.
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 on my direct line at 305.342.1623 or send me a message here.
How Do You Choose A Realtor In Miami?
August 7th, 2011 | categories: Buying Real Estate in Coconut Grove, Selling Real Estate in Coconut Grove
According to the Miami Association of Realtors, there are an overwhelming 23,000 registered Realtors in Miami. So how do you choose the right real estate agent to help you buy or sell a property here? The answer is simple, get down to the local level. There isn’t an agent out there that knows the ins and outs of EVERY Miami real estate market (think about the areas of Homestead all the way up to Aventura). The best Realtors are those who work in a smaller defined area. I like to call these types of agents (which include yours truly) ”hyper-local Realtors”.
As a buyer, you need to narrow down the communities that you are interested in and find a realtor who specializes in those neighborhoods. Don’t forget, the internet is your best friend. If you’ve chosen Coconut Grove as the area that you want to live, you can Google keywords such as “coconut grove real estate”, “coconut grove realtor” or “real estate agents in coconut grove”. If you are a seller, find a realtor who has a real estate presence in your community, i.e. has other listings for sale. In both cases, it is best to set up an interview with the realtor you choose to see if he/she is a good match for you.
This wouldn’t be a post about finding the right real estate agent in Miami unless I promoted myself a little bit. I am a real estate professional who is a native of Coconut Grove. I have become known among my clients and peers as a Coconut Grove expert because I am always analyzing the market here and studying the trends to make sure that our buyers are fully educated and our sellers are priced effectively from day one. I have consistently sold more homes in Coconut Grove than any other agent in Miami-Dade County (Source: Top Brokers Trendgraphix Report July 2011). If you are interested in buying, selling or investing in the Coconut Grove real estate market please give me a call on my direct line at 305-342-1623, I would love the opportunity to work with you.
Home In DeGarmo Estates Sells For $438.00 PSF
August 4th, 2011 | categories: Coconut Grove Gated Communities
The home located at 3740 De Garmo Lane closed this week for a sales price of $1,993,900 or $438.00 per square foot. In my opinion, this is a good price/square foot comparable for homes located in gated communities. The home offered 5 bedrooms, 5 baths on an 11,138 square foot lot and was listed by Rodrigo Gomez of Fortune Realty.
There are currently no other homes for sale in De Garmo Estates which is a gated enclave of only 10 private residences. The last sale in the community occured exactly one year ago at 3710 De Garmo Lane for $2,737,500 ($352.00 per foot). This was Walter C. De Garmo’s original home and had been featured in many architectural design books. The home was listed by Laura Mullaney of Coldwell Banker.
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.