Buying Real Estate in Coconut Grove Category
Why Live In Coconut Grove?
January 5th, 2012 | categories: Buying Real Estate in Coconut Grove
I am starting a new series of posts here on The Real Estate Coconut about living in Coconut Grove. I can sit here all day long and tell you how great I think the Grove is, but sometimes it is nice to hear it from someone who is not so partial. Yesterday I asked one of my buyers who is purchasing a property in the South Grove if she could give me a few reasons why she chose Coconut Grove. She is a Swiss buyer who has lived in 8 different countries and could have chosen anywhere in the world to live.
Here is what she told me:
I love Coconut Grove for its quirky village atmosphere, the fact that it is a stone’s throw from one of the hottest urban scenes in the world and I like that there is no uniformity, just live and let live.
I couldn’t agree more, thank you Sonya!
Surprising Numbers In The North Grove
December 13th, 2011 | categories: Buying Real Estate in Coconut Grove, Coconut Grove Real Estate
If you read my blog you know that the neighborhood north of Tigertail Avenue between 27th and 22nd Avenue in Coconut Grove is typically entry-level homes priced $400,000 to $600,000. We are now beginning to see prices in the $1,000,000’s in this neighborhood thanks to some newer construction homes that are just now coming on the market. Of the 12 homes that are currently for sale in this area, 4 are priced over $1,000,000. Click to scroll through the homes that are currently for sale in this section of North Coconut Grove.
One of the $1,000,000+ homes that came on the market went pending in just a matter of days. Because of their size and price, buyers/realtors/appraisers will not use these as comparable sales on the smaller homes going forward.
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 Stigma Of Chinese Drywall
December 12th, 2011 | categories: Buying Real Estate in Coconut Grove, Coconut Grove Real Estate
A few days ago a property came on the market in Coconut Grove that is rumored to have Chinese Drywall. The property came on at a great discount due to the fact that it needs several $100,000’s worth of remediation. One of my clients inquired about the property as an investment however after advising them about all of the risks they decided not to proceed with an offer. For an investor I believe the savings is not worth the risk on these types of properties.
Homes that have Chinese Drywall must be completely gutted all the way to the exterior walls. You must replace appliances, a/c ducts, carpets, electric, water pipes, etc. All of the work needs to be completed by a licensed company who is authorized to perform this type of work and needs to be documented along the way and go through rigorous testing upon completion. As an investor you can pretty much calculate the amount of money it will cost to remediate but the one thing you cannot determine is how buyers will react to purchasing a home that once had Chinese Drywall.
Last year I had a $1,000,000+ listing that had been remediated from Chinese Drywall. We listed the home at a price that was comparable to similar sales in the neighborhood. We didn’t want to list at a discount because we had the reports and guarantees to show that the house was completely safe. Unfortunatley many buyers still believed that there was going to be some potential health risks and we didn’t receive any offers. After sitting on the market for several months we had to make a significant price reduction. Although the Chinese Drywall had been completely removed and it was essentially a brand new home, we couldn’t get away from the stigma. Finally after 6 months on the market an agent brought us some buyers (doctors nonetheless) who were confident that the house was safe and they purchased the home for $1,075,000.
In this market there are many opportunities out there. For investors times is money and they cannot take the chance that they will have to carry the property for months on end waiting for the right buyer to walk to through the door.
As a side note, Chinese Drywall (past or present) is something that MUST be disclosed on the property disclosure.
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.
Buyer Consultations In Coconut Grove
December 5th, 2011 | categories: Buying Real Estate in Coconut Grove
Thanks to our blog we receieve many inquiries from buyers looking to purchase a home here in Coconut Grove. If the buyers are local we insist on setting up an appointment prior to going out and viewing property. This short and casual consultation helps us gain a better understanding for exactly what it is the buyer is looking for and gives us some time to get to know each other. Sometimes after the initial meeting I already have the perfect house in mind for them. Typically I meet buyers in my office but depending on what the client prefers we may meet at Greenstreet or somewhere else in the Grove.
If you are interested in buying a home here in Coconut Grove and would like to schedule a consultation with us, please 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 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.
Land For Sale In Coconut Grove – Market Update
October 24th, 2011 | categories: Buying Real Estate in Coconut Grove, Coconut Grove Real Estate
I was talking to a client the other day about vacant land in Coconut Grove. She knew from reading the blog that prices for land were at an all time low right now but was curious why there were some lots in Coconut Grove that hadn’t been snapped up by builders yet. The main reason I explained, was that builders are limited with the pieces of land that they can buy. In order for them to maximize profits, they need to build a single family home that is at least 4,000 to 5,000 square feet in size and with today’s code restrictions (setbacks, etc) it means that they need a lot size of about 8,500 to 10,000 sq. ft. which needs to be at least 60 feet wide.
Therefore if you have a piece of land which is smaller than 8,500 you will very likely be selling to an end-user, someone who wants to build a house for their own personal use and these buyers are very hard to come by. With prices what they are, I believe that land remains one of the best investments you can make right now 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.
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.
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.