Buying Real Estate in Coconut Grove Category
Bidding Wars Are Back!
June 18th, 2012 | categories: Buying Real Estate in Coconut Grove, Coconut Grove Real Estate
If you follow my blog and read the front page of The Miami Herald yesterday you know that bidding wars in the Miami real estate market are back! Over the past few days I have been involved in numerous bidding wars in the Grove for buyers on properties that either just hit the market or were recently reduced. One property received 7 offers within days of coming on the market and a second property which was priced over $1,000,000 was so hot that we had to agree to a 10 day closing.
It is more important than ever for buyers to be represented by a competant, local realtor who can advise them as to the terms and conditions that will help their offer stand out above the rest.
I am a Coconut Grove real estate specialist. In 2010 and 2011 I earned the distinction of selling the most number of homes in Coconut Grove. If you would like to schedule a buyer or seller consultation with me, please feel free to contact me on my cell at 305-342-1623 or send me a note 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 information regarding the upcoming Grove at Grand Bay new construction project, Coconut Grove’s gated communities, waterfront homes, villas, townhouses, foreclosures plus much more.
Looking For Value In Coconut Grove?
April 30th, 2012 | categories: Buying Real Estate in Coconut Grove
Although inventory is falling and prices are increasing, there are still some homes out there that offer great value…check out the “LP/Sq. Ft.” figures on these homes.
To scroll through photos and information of these properties, click here.
I am a Coconut Grove real estate specialist. In 2010 and 2011 I earned the distinction of selling the most number of homes in Coconut Grove. If you would like to schedule a buyer or seller consultation with me, please feel free to contact me on my cell at 305-342-1623 or send me a note 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 information regarding the upcoming Grove at Grand Bay new construction project, Coconut Grove’s gated communities, waterfront homes, villas, townhouses, foreclosures plus much more.
Strong Numbers In Coconut Grove
April 24th, 2012 | categories: Buying Real Estate in Coconut Grove, Coconut Grove Real Estate
I was reviewing the latest figures here in the Grove and was thrilled to see the Sale Price/List Price ratios increase to 94% over the past 30 days for single family homes. For as long as I can remember, this figure hovered at 89%.
So what does this mean to you? If you are a buyer, you should be prepared to pay more than 90% of a seller’s list price (assuming the house is properly priced). This is going to be a big change in mindset for many of you out there. If you are seller, recognize that you don’t need to build in that extra cushion to the list price. I can’t tell you how many times I have heard a seller tell me that they need to list their home significantly above the true value in order to protect themselves from low-ballers. This new trend in the market shows us that low-ball buyers aren’t closing deals.
I am a Coconut Grove real estate specialist. In 2010 and 2011 I earned the distinction of selling the most number of homes in Coconut Grove. If you would like to schedule a buyer or seller consultation with me, please feel free to contact me on my cell at 305-342-1623 or send me a note 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.
Coconut Grove Townhouse Market Needs Inventory
March 12th, 2012 | categories: Buying Real Estate in Coconut Grove, Coconut Grove Real Estate, Coconut Grove Townhouses
Inventory levels are down significantly in the Center Grove townhouse market and there are very few distressed properties for sale (just 5 short sales and 0 foreclosures). If we continue to see these kind of numbers going forward, it will almost certainly result in an increase in property values. For now, the result is that we see major activity on any new townhouse listing that hits the market. I had some buyers last weekend who put in an offer on a townhouse just days after it came on the MLS because they knew if they waited they would lose out on the chance to buy it.
In the past 30 days, there have been approximately 6 townhouses sold and 9 placed under contract in the Center Grove.
I am a Coconut Grove real estate specialist. In 2010 and 2011 I earned the distinction of selling the most number of homes in Coconut Grove. If you would like to schedule a buyer or seller consultation with me, please feel free to contact me on my cell at 305-342-1623.
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Looking For Value? Read This Post!
March 5th, 2012 | categories: Buying Real Estate in Coconut Grove, Coconut Grove Real Estate
It is a fact that sellers who have had their home listed for several months are going to be much more negotiable than a seller who has just placed their home on the market. I am currently working with a client who is considering placing an offer on a waterfront property which has been on the market for over 6 months. Like most buyers do, they want VALUE. Their only concern with getting under contract on this home is that something better will come along over the next few weeks. I can’t stress enough that if you are looking for a “deal” you are probably not going to find it on a home that has just come on the market (unless its a short sale or foreclosure). I can’t remember the last time that I heard a seller say “Riley, list my house for rock bottom price right away!”. On the other hand I have heard countless times, “Riley, you were right, we listed our house at too high of a price and we are finally ready to make a price reduction”.
So although new inventory comes on the market every day, keep in mind that those sellers may not be willing to take as much off of the list price as a seller who’s home has been on the market for a longer period of time.
I am a Coconut Grove real estate specialist. In 2010 and 2011 I earned the distinction of selling the most number of homes in Coconut Grove. If you would like to schedule a buyer or seller consultation with me, please feel free to contact me on my cell 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.
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.
