Archive for August, 2011
Is “Price Per Square Foot” The Best Way To Value A Home?
August 3rd, 2011 | categories: Buying Real Estate in Coconut Grove, Coconut Grove Real Estate
You may notice here on the blog that I always talk about “price per square foot” when determining the value of homes. But is that truly the best way to value a property?
During the boom and before the bust a home’s value was based on the number of beds, baths, location, age, upgrades and charm. However in our current environment banks (i.e. appraisers) dictate the new system which is based on square footage of the home and of the land. Unfortunately this made the process very sterile and doesn’t give as much credit for the character of a home or its quality. Buyers are using this same method of valuation to justify lower prices on certain homes.
We see a few exceptions to this rule when the buyer can pay cash and falls in love with a home that has “Grove” charm. For instance, my coral rock house on Hardie sold for $496.00 per square foot. If you valued based solely on square footage it would have sold somewhere around $300.00 per foot. But the cash buyers were willing to throw “PPSF” out the window to get one of the most iconic homes in Coconut Grove.
So although it is not the ideal or preferable way to value a home, ”price per square foot” looks like it is here to stay.
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.
Waterfront Homes In Coconut Grove
August 2nd, 2011 | categories: Coconut Grove Gated Communities
There have been 2 waterfront homes to sell in Coconut Grove this week boosting the numbers for luxury home sales in Coconut Grove for 2011.
I reported a few weeks ago that the waterfront home (it was located on a canal with no bridges to the bay) in the gated community of Camp Biscayne had been placed under contract. The home officially closed this week for $3,850,000 or $479.00 per foot. The listing agent was Josie Wang of Avatar.
Also, the home located in the gated section of Poinciana Avenue (Four Way Lodge Estates) also closed this week for a sales price of $3,440,000 or $523.00 per square foot. This was a canal-front home as well. The home was listed by Jo-Ann Forster of EWM.
These sales make the 5th and 6th waterfront homes to sell all year in Coconut Grove.
To view all waterfront homes for sale in Coconut Grove 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.
Land For Sale In Center and West Coconut Grove
August 1st, 2011 | categories: Coconut Grove Townhouses
As you can see from the map above there are quite a few pieces of land available right now in the Center and West Grove. Many of these lots are zoned for duplexes (two townhouses can be built on one piece of land) which automatically gives the land a different value than those zoned for single family. List price differences depend mostly on whether or not they are zoned for a duplex, the location of the lot and how realistic the sellers are. There have only been 2 lots sold in the above area this year and they each went for under $10.00 per square foot.
I continue to tell my investors that land right now is at an all time low if you can buy it and hold onto it for awhile you will certainly see some appreciation in the years to come.
- 3556 Oak Avenue | 25,000 square foot lot | List Price: $900,000 ($36.00 per foot)
- 3167 Shipping Avenue | 7,500 square foot lot | List Price: $799,000 ($106.00 per foot)
- 3082 Gifford Lane | 7,500 square foot lot | List Price: $799,000 ($106.00 per foot)
- 3025 Elizabeth Street | 12,500 square foot lot | List Price: $299,000 ($23.00 per foot)
- 2834 West Trade Avenue | 6,000 square foot lot | List Price: $195,500 ($32.00 per foot)
- 3655 Florida Avenue | 5,000 square foot lot | List Price: $85,000 ($17.00 per foot)
- 3333 Frow Avenue | 5,000 square foot lot | List Price: $70,000 ($14.00 per foot)
- 3652 Percival Avenue | 5,000 square foot lot | List Price: $55,000 ($11.00 per foot)
- 3648 Oak Avenue | 5,000 square foot lot | List Price: $49,900 ($9.00 per foot)
- 3523 Day Avenue | 3,600 square foot lot | List Price: $49,000 ($13.00 per foot)
- 3474 Frow Avenue | 5,000 square foot lot | List Price: $36,800 ($7.00 per foot)
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.