Archive for October, 2011
Coconut Grove Real Estate Alert: Home Values Are Up!
October 18th, 2011 | categories: Coconut Grove Real Estate, Coconut Grove Real Estate Market Conditions, Selling Real Estate in Coconut Grove
We just added the 10 most recent sales in Coconut Grove to our boards and were happy to see that the average “price per square foot” figures for single family homes are up! Thanks to some homes which sold well above $300.00/sq. ft. we are now experiencing an average of $295.00/sq.ft. which is the highest figure we have seen in several years. And it is quite a bump from 2010 where the average was $282.00. If you figure that the average house in Coconut Grove is 3,000 square feet, this can make a difference of $39,000. **These numbers exclude single family homes sold in West and Center 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.
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.
Short Sale Homes In Coconut Grove
October 17th, 2011 | categories: Buying Real Estate in Coconut Grove, Short Sales And Foreclosures In Coconut Grove
For the most part short sale properties do sell slightly below market value here in Coconut Grove. The problem with (unapproved) short sales is that many buyers don’t have the luxury of time to sit around and wait for the short sale process to go through. In the past 30 days there have been 3 short sale homes sold here in the Grove. The “months on the market” for these properties have ranged anywhere from 5 months to 20 months.
The first sale was located at 3950 Park Drive in South Coconut Grove (see photo above). This house was placed under contract within the first few days of coming on the market and then took 5 months to work its’ way through the bank. The buyers had to have quite a bit of patience to wait out this process and obviously did not need a home to live in right away. The 15,000 square foot lot contained 2 homes with 2,179 square feet of living space and sold for $549,000 or $251.00 per square foot. This home was listed by Leslie Jones of EWM Realtors.
The second occurred at 3610 Douglas Road (also known as 3700 Kumquat Avenue) and sold for $360,000. This home was located on a 15,632 square foot lot and offered 2,231 square feet of living space. The home needed some updating on the interior but the big problem was that the main house was very small and the guest house took up a large chunk of the 2,231 square feet of living area. The home was also located on a busy street. It is not clear from the property history exactly how long the final buyers waited this one out because the house went pending and active several times before it closed. If you calculate from the day it came on the market until the day it closed, the property sat on the market for 7 months.
The last short sale to close in the past 30 days in Coconut Grove occurred at 2627 Halissee Street in North Coconut Grove. This home had the highest “months on the market” coming in at 20 months. The home offered 2,043 square feet of living space with 4 bedrooms, 3 baths plus a pool. It appears that the home needed renovated on the interior. It closed for $460,000 or $225.00 per square foot. The home was listed by Ruth Johnson of Coldwell Banker.
So as you can see, waiting out the short sale process can be a crap shoot. I have seen short sales pushed through in 90 days, but some can take almost 2 years to close. Recently I had buyers who waited for several months on a short sale home only to hear from the bank that they were going to let it slip into foreclosure. You may be rewarded in the end with a slightly better deal, but many times the headaches aren’t worth the money.
Social Media Roundtable At Residences Of Vizcaya, Coconut Grove
October 14th, 2011 | categories: Coconut Grove Condos, Coconut Grove Real Estate
Last evening I was honored to speak in front of my colleagues to discuss the power of social media in today’s real estate market. Joining me on the panel were fellow Realtors Janie Coffey of One Sothebys and Sarah Elles Boggs of Keller Williams. Moderating the event was Jason Smith of Keller Williams. It was interesting to hear how each one of us sitting at that table have our own unique way of reaching out to buyers and sellers through social media.
I think that one of the most important lessons learned by everyone was that whichever method of social media you choose you have to stay true to yourself. As I’ve said many times on my blog over the years, I am a numbers guy. I study, track and analyze the trends in order to produce a predictable outcome for my clients. In my earlier years I was a day-trader in the stock market and spent quite a bit of time pouring over charts and data. My education and past experiences have combined with my passion for real estate to help give my clients and blog readers the best possible advice and direction.
The setting of the event was incredible. Residences of Vizcaya is located on Biscayne Bay in North Coconut Grove. It is a brand new, high-end boutique style building comprised of just 18 residences with prices starting at $2,100,000. If you are looking for extreme privacy and luxury, then you should definitely take a look at these units. Click here to view what is currently available.
For the past several years I have been following the progress of Residences Of Vizcaya from the ground up here on The Real Estate Coconut. You can see some of my past posts here:
- Residences of Vizcaya (February, 2010)
- Hard Hat Tour Of Residences Of Vizcaya (May, 2009)
- Residences Of Vizcaya – First Unit Officially Goes On Market (July, 2008).
Back From Napa Valley…
October 13th, 2011 | categories: Coconut Grove Real Estate
I just got back in town from a great trip to Napa Valley with my wife. We went for a short getaway to escape the hustle and bustle of real estate here in Miami. As we were drinking wine in the vineyards we were talking about the similarities between Napa Valley and Coconut Grove. On some level they share many of the same qualities which is probably why I love them both so much.
Both Napa and Coconut Grove are small towns with a bohemian vibe. We both have a strong local community where the residents know each other and stick together. We both have a large presence of tourists which brings in a constant influx of diversity as well as cash. They have grapes, we have coconuts. They have rolling hills, we have Biscayne Bay. They have quaint sidewalk cafes, we have Greenstreets. The way I see it, the only thing we’re missing is the wine….
Just Listed Newer Construction Home In Coconut Grove
October 11th, 2011 | categories: Coconut Grove Real Estate
I just listed this great home located at 1600 Onaway Drive in North Coconut Grove. This home was built in 2008 and finished to perfection, it is one of the best newer construction homes on the market right now in the Grove. It is an elegant French Carribbean style home designed by Pedro Bravo with many special features including 10 and 11 foot ceilings, wide plank solid chestnut floors, Hurd impact windows and french doors, a light filled formal living and dining room, chefs kitchen with 48″ 5 star duel fuel range and double oven and island. The home also has a metal roof, large second floor balcony which overlooks a Chicago brick courtyard and pool area.
Details of 1600 Onaway Drive include:
- 4,496 square feet of living space
- 5 bedrooms, 5.5 baths
- View More Photos Here
- Offered at $1,800,000
If you are interested in seeing this special home please contact me on my direct line at 305-342-1623.
Ritz Carlton, Coconut Grove Market Update
October 10th, 2011 | categories: Coconut Grove Condos
You likely remember the sale of Unit 906 at The Ritz Carlton earlier this summer for $535,000. It was the larger 2 bedroom floorplan consisting of 2,028 square feet of living space. The owners purchased the unit, did some renovations and placed it back on the market for a list price of $850,000 which has now been reduced to $795,000.
However there has now been another 2 bedroom unit (also the larger floorplan) which has sold for $540,000. The good news is that this was a short sale so it might not have the impact on values that another low non-distressed sale would in the building.
There are currently only 2 of the larger 2 bedroom units currently on the market at the Ritz Carlton (including Unit 906 above). To view more information and photos of these units click 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.
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.
Plans To Privatize And Gate Royal Road, Coconut Grove
October 7th, 2011 | categories: Coconut Grove Real Estate
Royal Road is located along Main Highway in South Coconut Grove and is situated between Ransom Everglades High School and Devon Road. Plans are in the works to make the street private and place a guard gate at the entrance. If this were to happen it would certainly increase property values for the homes located on the street.
Since Royal Road is situated directly adjacent to Ransom it certainly has potential to turn some buyers away who fear that there will be more traffic on the street caused by drop-off and pick-up. A guard gate would alleviate these concerns. The street is home to several luxury homes including a waterfront lot that is for sale for $8,500,000 (see photo below, courtesy of Cervera Real Estate).
What will the new Coconut Grove gated community be called? Perhaps they will go with “Royal Gardens” the name of the current subdivision.
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 Riley Smith Group Welcomes Carleen Smith
October 6th, 2011 | categories: Grove News
I would like to extend a very warm welcome to our new team member, Carleen Smith. Carleen specializes in the marketing and sale of residential properties and offers both buyer and seller representation. Carleen has experience in the Coconut Grove, Coral Gables, South Miami and Pinecrest markets and I know will be a great asset to The Riley Smith Group.
Just this past week Carleen listed and placed under a contract the home located at 305 East Shore Drive in the Bay Heights neighborhood of Coconut Grove for $499,000. She received 5 offers within the first few days of coming on the market. The home offered 2,937 square feet of living space on a 13,000 square foot lot.
Carleen joins my longtime buyer’s specialist Dominique Duque and the rest of our team to make sure that our clients receive the highest level of customer service and satisfaction.
‘Tis The Season For…..Price Reductions
October 5th, 2011 | categories: Selling Real Estate in Coconut Grove
The busy real estate season is upon us here in Miami and myself along with the other Coconut Grove Realtors in town are after our sellers who are priced above market value. If you don’t get your home priced correctly now then you take the chance that your house will not sell before the end of the year. If you have had your home listed for awhile without much action then it is very likely time to make a price reduction. With over 40 transactions closed this year, I know what it takes and doesn’t take for a house to get sold in this market and price is a big piece of the puzzle.
Here are some nice price reductions that have occurred in Coconut Grove over the past 7 days:
3553 Palmetto Avenue | Contemporary Home | Initially listed at $1,325,000 now reduced to $1,190,000 | 3 bedromos, 2.5 baths | 3,118 square feet of living space on a 7,000 square foot lot | More Photos Here | Listed by Jorge Fernandez of One Sothebys.
3645 Palmetto Avenue | Private and Gated Home With Pool | Initially listed at $799,000 now reduced to $689,000 | 3 bedrooms, 3 baths | 2,530 square feet of living space on a 7,000 square foot lot | More Photos Here | Listed by Christine Monge of ReMax.
3061 Mary Street | Built in 1995, Great Finishes With Pool | Initially listed at $535,000 now reduced to $499,000 | 3 bedrooms, 2.5 baths | 2,180 square feet of living space | More Photos Here | Listed by Jill Penman of Coldwell Banker.
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.
Just Listed On Stewart Avenue, Coconut Grove Estate Home
October 4th, 2011 | categories: Coconut Grove Real Estate, New Listings in the Grove
I just listed this wonderful estate in South Coconut Grove. This gated home sits on a 21,680 square foot lot and offers 6 bedrooms, 5 full baths and 2 half baths. Special features of the home include original Dade County pine floors, two fireplaces, coral rock porch and french doors that lead out to lush tropical gardens with a mature tree canopy and pool with summer kitchen and cabana. The home is being offered at $1,895,000.
If you would like to schedule a showing of this property, call me on my direct line at 305-342-1623.
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.