Archive for November, 2011
Waterfront Homes For Sale In Coconut Grove
November 15th, 2011 | categories: Coconut Grove Real Estate
Here in Coconut Grove there are several different types of waterfront single family homes. First we have homes that offer open bay views and second we have homes located on waterways or canals. Of the 5 waterfront sales that occurred in Coconut Grove this year I would say that only one of these had open bay views. That home was located at 3500 Curtis Lane and sold for $13,419,495 or $1,219 per square foot. The other 4 homes did not have open bay views and sold for much more “reasonable” prices between $2,000,000 and $3,500,000. The below map shows you the location of the 5 waterfront sales this year.
It is interesting to note that the sale price/list price ratio for waterfront homes is well below the average we see elsewhere in Coconut Grove. Waterfront homes sell on average 85% off of the list price, whereas Coconut Grove as a whole sells 90% off list price. That means on a waterfront home listed for $3,000,000 you can expect it to sell somewhere around $2,550,000. Some of the waterfront homes this year sold as much as 26% off list price.
Click here to view waterfront homes for sale in 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.
A Great Night For The Kids
November 14th, 2011 | categories: Coconut Grove Real Estate
On Saturday night we had a great event to raise money for AMI Kids which is a national, non-profit organization for adjudicated youth. I sit on the Board of Directors for AMI Kids Miami and am honored to be a part of such an incredible program which has helped more than 100,000 misguided youth become productive members of the community. With a focus on family values, respect, discipline, and character building the children who enter AMI Kids have a 90% success rate.
I want to extend a big thank you to everyone including all of the EWM agents and managers who turned out in support of this great cause. If you would like more information on AMI Kids and want to find out how you can help, please feel free to contact me on my cell at 305-342-1623 or send me a message here.
Coconut Grove Real Estate Market Always Changing
November 11th, 2011 | categories: Buying Real Estate in Coconut Grove
This week during our team meeting we discussed the lack of “turn-key ready” entry-level homes for sale in Coconut Grove. Just a few months ago there seemed to be several turn-key ready homes in the $500,000′s on the market but as of today all need major renovations. The lack of move-in ready homes in this price range has resulted in two things for our buyers. First, they have to turn towards the Center Grove townhouse market where they can get a home that is relatively new with updated kitchens and baths. Or second, they turn to Coral Gables where there are more turn-key ready homes in this price point.
For those of you who follow the blog you know that the main reason the townhouse market took off in the Center Grove 5-10 years ago was because single family homes in the Grove got too expensive for the entry level buyer. Now, we are having the same effect but this time it’s a result of non-existent inventory.
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.
Going, Going, Gone! Home Placed On The Auction Block In Coconut Grove
November 10th, 2011 | categories: Buying Real Estate in Coconut Grove, Coconut Grove Real Estate
Saturday December 17th @ 11:00 am the home located at 3659 Bayview Road will be auctioned on site. As far as I know, this is one of just a handful of homes to be auctioned off in this manner in the past 10 years in Coconut Grove. According to the MLS, the home will go to the highest bidder at or above $790,000 + 10% buyer’s premium. The current owner purchased the property back in 2005 for $1,900,000.
The home offers 4,824 square feet of living space with 3 bedrooms, 2.5 baths on a 12,000 square foot lot. Bayview Road is a very desirable, dead-end street in the South Grove. The true value of the home will depend on the condition of the property however I can say that it should sell well above the asking price. The auction house is offering a standard 3% commission to any buyer’s agent and they will be scheduling showings prior to the auction for any interested buyers. If you intend to bid on this property, I highly recommend that you inspect the property prior to bidding and enlist the help of an experienced local agent who can properly value the home.
The auction house requires that the deal be all cash, as-is, and close prior to January 16, 2012. Registration occurs 1 hour before the auction and bidders must have a $50,000 cashier’s check present. The buyer will be required to execute the sales contract immediately following the conclusion of the auction.
If you are interested in finding out more about this home or would like to schedule a showing, feel free to contact me on my cell at 305-342-1623 or send me a message here.
3659 Bayview Road is just a few blocks away from my house in the South Grove so I intend to stop by and watch the circus!
Good News For The Ritz Carlton, Coconut Grove
November 9th, 2011 | categories: Coconut Grove Condos
This week Unit #2001 at the Ritz Carlton in Coconut Grove closed for a sales price of $1,675,000 which makes the first $1,000,000+ unit to sell all year at the Ritz. The luxury market at the Ritz Carlton has been virtually non-existent since the beginning of the year so this sale indicates that buyers continue to see value in the higher-end price range here. The unit offered 3 bedrooms, 3 baths with 2,859 square feet of living space and great views of Biscayne Bay and was listed by Anabella Hildalgo of EWM. Last year there were 13 total sales at the Ritz with 3 of those coming in over $1,000,000.
Below are the 2011 Ritz Carlton sales:
Click the following link for: Condos For Sale At The Ritz Carlton, 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.
Good Comparable Land Sale In South Coconut Grove
November 8th, 2011 | categories: Buying Real Estate in Coconut Grove, What Is Selling In Coconut Grove Real Estate?
The lot located at 4060 Battersea Road closed for $640,000 (list price was $749,000) yesterday which makes the first land sale in the North or South Grove in over 6 months. It closed for $42.00 per square foot which I would say is slightly above other comparable land sales this year. It was a good builder’s lot and located on a highly desirable section of Battersea Road (not in a flood zone).
The property sold for $550,000 back in 2009 which means that the owners should have profited $90,000, less realtor fees (6%), closing costs and taxes.
Click here to view land that is currently for sale in 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.
What Do Low Interest Rates Mean To You?
November 7th, 2011 | categories: Coconut Grove Real Estate
Everyone knows that we are experiencing extremely low interest rates right now in conjunction with decreased values. As a country we are back to 2003 prices however our interest rates are much more favorable now than they were at that time. Take a look at the below chart which shows the monthly savings a buyer would receive if they purchased the same $200,000 house in 2003 compared to 2011. Here in Coconut Grove where the average home is well over $500,000 that is a considerable savings.
Below is another helpful chart which shows what a rise in interest rates will cost you. The price of a house may remain the same over the next few months but interest rates will not stay this low forever.
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.
Looking Ahead In Coconut Grove Real Estate
November 4th, 2011 | categories: Coconut Grove Real Estate
Taking a look at the pending sales below you can get a good feeling for where the market is headed in Coconut Grove. We have 37 homes under contract with an average “list price per square foot” of those pending homes coming in at $265.00. On average, homes are selling 10% off of list price in Coconut Grove which would put the “average sale price per square foot” of these pending homes at $239.00.
You may remember my recent article Home Values Are Up In Coconut Grove where I posted that the average “selling price per square foot” had risen to $295.00. That was great news and good historical data however these figures represent where our market is headed in the future. You should know that 11 of the pending sales are distressed (either short sales or foreclosures) which means that they won’t have the impact on values that similar priced non-distressed sales would.
COCONUT GROVE PENDING SALES
| ADDRESS | LIST PRICE | LP/SQ. FT. | BEDS | BATHS | SQ. FT. | SQ. FT. LOT | YEAR |
| 3672 BAYVIEW RD | $1,795,000 | $401 | 5 | 4 | 4,473 | 19,200 | 1922 |
| 4047 ENSENADA AV | $1,655,000 | $360 | 5 | 5 | 4,587 | 8,200 | 2006 |
| 1653 S BAYSHORE DR | $1,500,000 | $348 | 4 | 4 | 4,310 | 40,500 | 1953 |
| 4095 PARK AV | $1,425,000 | $356 | 6 | 5 | 3,992 | 11,813 | 1923 |
| 3740 IRVINGTON AV | $1,399,000 | $402 | 4 | 4 | 3,472 | 6,850 | 2007 |
| 4288 DOUGLAS RD | $1,299,000 | $221 | 5 | 4 | 5,861 | 16,367 | 1926 |
| 89 BAY HEIGHTS DR | $1,090,000 | $259 | 5 | 4 | 4,208 | 12,320 | 1953 |
| 1723 TIGERTAIL AV | $995,000 | $297 | 4 | 3 | 3,341 | 7,000 | 1991 |
| 159 W SHORE DR | $975,000 | $257 | 5 | 4 | 3,787 | 21,975 | 1955 |
| 3207 KIRK ST | $950,000 | $257 | 4 | 3 | 3,696 | 5,779 | 1998 |
| 4098 MALAGA AV | $829,000 | $271 | 4 | 3 | 3,051 | 6,100 | 1991 |
| 1823 S BAYSHORE LN | $765,000 | $303 | 4 | 4 | 2,521 | 6,427 | 1925 |
| 4060 WOODRIDGE RD | $669,900 | $294 | 4 | 3 | 2,276 | 8,704 | 1947 |
| 4146 POINCIANA AV | $650,000 | $198 | 4 | 3 | 3,280 | 6,000 | 1981 |
| 4040 MATHESON AV | $650,000 | $254 | 4 | 3 | 2,557 | 6,540 | 2007 |
| 4129 HARDIE AV | $625,000 | $254 | 3 | 2 | 2,457 | 4,650 | 1990 |
| 4160 HARDIE AV | $585,000 | $385 | 3 | 3 | 1,519 | 6,500 | 1945 |
| 2322 LINCOLN AV | $575,000 | $193 | 3 | 2 | 2,973 | 12,880 | 1941 |
| 2330 LINCOLN AV | $560,000 | $280 | 3 | 2 | 2,000 | 9,600 | 1965 |
| 4070 HARDIE AV | $499,000 | $178 | 4 | 3 | 2,800 | 6,500 | 1945 |
| 305 E SHORE DR | $499,000 | $169 | 4 | 3 | 2,937 | 13,000 | 1959 |
| 4140 CRAWFORD AV | $450,000 | $243 | 3 | 2 | 1,846 | 6,750 | 1950 |
| 3551 E GLENCOE ST | $435,000 | $204 | 3 | 2 | 2,131 | 7,650 | 1957 |
| 4180 LYBYER AV | $400,000 | $183 | 3 | 3 | 2,185 | 10,700 | 1949 |
| 3558 ROYAL PALM AV | $400,000 | $481 | 2 | 1 | 831 | 7,000 | 1924 |
| 3158 DAY AV | $389,000 | $166 | 3 | 2 | 2,335 | 9,215 | 1938 |
| 4040 HARDIE AV | $350,000 | $310 | 3 | 2 | 1,127 | 7,000 | 1945 |
| 3197 VIRGINIA ST | $349,800 | $200 | 2 | 2 | 1,744 | 2,121 | 1991 |
| 2411 TIGERTAIL AV | $349,000 | $275 | 3 | 1 | 1,265 | 7,292 | 1945 |
| 3580 VISTA CT | $325,000 | $161 | 2 | 2 | 2,007 | 7,500 | 1969 |
| 3803 LOQUAT AV | $319,900 | $319 | 2 | 1 | 1,002 | 7,400 | 1940 |
| 4004 KUMQUAT RD | $285,000 | $133 | 3 | 3 | 2,130 | 6,016 | 1981 |
| 2510 INAGUA AV | $250,000 | $132 | 3 | 2 | 1,885 | 7,545 | 1944 |
| AVERAGE: | $736,139 | $265 |
Longview In Coconut Grove – No Sales Since 2005
November 3rd, 2011 | categories: Coconut Grove Gated Communities
It is rare to find a community that doesn’t have at least a few homes turn over every couple of years. However in the gated community of Longview there hasn’t been a home placed on the market or sold since 2005. It is safe to say that the next home to hit the MLS in there will garner quite a buzz.
Longview, just like many of the plots of land along Bayshore Drive, is situated between South Bayshore Drive and Tigertail Avenue giving it an extra point of ingress and egress. Many of these pieces of land actually used to run all the way down to Biscayne Bay.
Longview was originally the home of Alfred Whitting but in the 1930’s was sold to philanthropist W.T. Grant. In 1937 Mr. Grant donated Longview to the University of Miami and it became the President of UM’s home for the next 37 years. It was the scene of many of the University’s social and ceremonial functions.
Today, Longview consists of 10 luxury two-story villas. Common areas of Longview include a 60 foot pool with waterfall and tennis court. It is a great combination of today’s luxury mixed with the charm of yesterday’s 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.
October Experienced A 50% Dip In Sales In Coconut Grove
November 2nd, 2011 | categories: Coconut Grove Real Estate, Coconut Grove Real Estate Market Conditions
October was a scary month for real estate in Coconut Grove and I’m not talking about Halloween. We experienced a 50% drop in single family home sales this month compared to the same time last year.
Don’t panic yet! First of all, there hasn’t been a large amount of inventory coming on the market so our absorption rates remain stable (absorption rates are a good indicator of the health of the market). Second, even though we had a slow month Coconut Grove has already sold more homes in 2011 than it did in 2010. And third, one month doesn’t make a trend. If we continue to see slow sales in November and December then I will be concerned about our market going forward into 2012. With 35 pending sales on the books I believe we are going to end the year on a high note.
*These figures represent single family homes in north and south Coconut Grove and exclude west 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.