Archive for the 'Coconut Grove Market Conditions' Category
Pending Home Sales Are Essential In Home Valuation
July 26th, 2010 categories: Coconut Grove Market Conditions
There are 32 homes currently pending in Coconut Grove. Keeping track of these sales is important for many reasons. First, it is the only indicator of where the market will head in the future. It is not rocket science that if we have many pending sales in the pipeline that sales will be strong in the coming months.
But more importantly I like to take a look at the “Asking Price Per Square Foot” at the time that the home went under contract. This figure gives me a better handle on where currently active homes should be listed. Most of these homes that are under contract now have been reduced over time and it is interesting to see at what price point they end up attracting a buyer.
To see a list of homes that are currently under contract in Coconut Grove, click here.
If you are interested in selling your home and would like a no pressure home valuation, please feel free to give me a call at 305.342.1623 or send me a note here.
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Cracking Open The Coconut Grove Real Estate Market
July 19th, 2010 categories: Coconut Grove Market Conditions
I was running some numbers on the activity here in the Grove and thought I’d go ahead and post the results.
Here is how they break down:
North Coconut Grove:
- There are 90 homes for sale in North Coconut Grove
- 48 are priced below $1,000,000
- 42 are priced above $1,000,000
- 7 of the properties are waterfront
- 8 are short sales
- 1 is a foreclosure (located on 27th Terrace, priced at $305,000)
- With 18 listings, EWM has the highest market share of any broker in the North Grove.
South Coconut Grove
- There are 95 homes for sale in the South Grove
- 37 are priced below $1,000,000
- 58 are priced above $1,000,000
- 10 of the properties are waterfront
- 12 are short sales
- 1 is a foreclosure (located on Raynolds, priced at $294,900)
- Again, EWM has the highest market share with a total of 28 listings.
If you are interested in buying or selling real estate in Coconut Grove and are looking for an experienced Realtor 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.
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Recent Pending Sales In Coconut Grove
May 26th, 2010 categories: Coconut Grove Market Conditions
Here are the most recent pending sales in Coconut Grove over the past 2 weeks. As you can see below, Grove Isle is on fire with 3 units going under contract.
- Grovenor House, Unit 2603 (photo above) | $2,250,000 | 3 Bedroom, 3 Bath | 2,640 Square Feet
- 3 Grove Isle Drive, Unit C910 | $1,369,000 | 3 Bedroom, 2 Bath | 2,424 Square Feet
- 3 Grove Isle Drive, Unit C1509 | $1,100,000 | 3 Bedroom, 2.5 Bath | 2,614 Square Feet
- 3 Grove Isle Drive, Unit C1703 | $719,000 | 2 Bedroom, 2 Bath | 1,882 Square Feet
- 77 Bay Heights Drive | $565,000 | 4 Bedroom, 3 Bath | 3,142 Square Feet
- 3201 Calusa Street | $369,000 | 2 Bedroom, 2 Bath | 1,353 Square Feet
- 3792 Kumquat Avenue | $500,000 | 3 Bedroom, 2 Bath | 1,674 Square Feet
- 3690 Poinciana Avenue | $299,000 | 3 Bedroom, 3 Bath | 1,963 Square Feet
- 3060 Lime Court | $465,000 | 3 Bedroom, 2 Bath | 2,041 Square Feet
- 2750 Coacoochee Street | $599,900 | 3 Bedroom, 2 Bath | 3,025 Square Feet
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Lack Of Rental Properties In Coconut Grove
May 25th, 2010 categories: Coconut Grove Market Conditions
Dominique and Eric, two members of my team here at The Real Estate Coconut have had extreme frustration in the Center Grove rental market. They have many clients looking for 2 - 3 bedroom townhouses between $2,500 and $3,500 and there is just nothing on the market.
Due to a lack of inventory in the Center Grove, it is pretty much guaranteed that if you list your townhouse at market value it will be rented in a matter of weeks. For example I recently had a townhouse in Provence Village priced at $1,700 a month and we had renters lined up at the door to get in. It was gone after only a week on the market.
If you are interested in buying, selling or renting real estate in Coconut Grove and are looking for a realtor who specializes in Coconut Grove please do not hesitate to contact me at 305.342.1623 or send me a note here.
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Short Sale News From Miami’s Top Realtors
May 17th, 2010 categories: Coconut Grove Market Conditions
Every week on Sunday night I participate in a weekly ”TweetChat” with some of Miami’s top Realtors. Last night we discussed our experiences in handling short sales. Here are a few of the highlights:
- Short Sales continue to be the bain of many Realtor’s existence due to the time and energy that they require but in this market we all agree that they are par for the course.
- We are all seeing an increase in short sale fraud (where the short sale seller asks for cash on the side from the buyer).
- Banks make more money on foreclosures than they do on short sales due to the buyout from the Feds and deficiciency judgments. Also, it seems that the second lender is now the primary cause for major delays.
- Short Sales are no longer bringing down the market and frequently sell at market value.
- Short Sales are worth the time and energy for investors but not so much for end users.
- The average short sale turnaround time has been 90 to 180 days, if not more.
Follow along on Twitter every Sunday night at 9:00 on #MiamiRealEChat to hear advice, tips, and news on the Miami real estate market.
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Single Family Homes In Coconut Grove Selling At $248 per square foot
March 11th, 2010 categories: Coconut Grove Market Conditions
Coconut Grove has experienced twice the number of sales (single family) the first few months of 2010 compared to 2009. In total, there have been 16 single family home sales in Coconut Grove. Of these 16, 5 are short sales and 2 are foreclosures. The average sales price/square foot so far in 2010 is $248.
- 2990 Emathla Street | Sale Price $1,665,000
- 3750 Frantz Street | Sale Price: $950,000
- 3825 Poinciana Avenue | Sale Price $780,000
- 4135 Pomona Avenue | Sale Price $860,000
- 4120 Crawford Avenue | Sale Price $752,500
- 3683 Loquat Avenue | Sale Price: $814,000
- 3800 La Playa Boulevard | Sale Price $700,000
- 3638 Palmetto Avenue | Sale Price: $655,000
- 4066 Poinciana Avenue | Sale Price $525,000
- 3633 Poinciana Avenue | Sale Price $520,000
- 105 West Shore Drive | Sale Price $400,000
- 4190 Ventura Avenue | Sale Price: $400,000
- 4131 Hardie Avenue | Sale Price: $396,300
- 4030 Matheson Avenue | Sale Price: $200,000
- 1817 Wakeena Drive | Sale Price: $235,025
- 2395 SW 28th Street | Sale Price: $215,000
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Real Estate Update: Coconut Grove Hits Bottom With Prices Low and Sales Up
September 15th, 2009 categories: Coconut Grove Market Conditions, Coconut Grove Real Estate
Prices are Low
Prices in Coconut Grove are at an all time low. After a quick check of all closed single family homes in 2009 (there have been roughly 100), the average sale price per square foot is $265.00 (median sale price per square foot is $250.00).
At the same time last year (January through September 2008), the average sale price per square foot was $343.00 (median sale price per square foot was $309.00).
Right now we are looking at a sale price to list price ratio of 88%. This means that buyers are paying roughly 88% of the list price. However, the SP/LP figure needs to be taken with a grain of salt as there are some homes that have been reduced significantly to reach their final list price (on those homes we see about a 5% SP/LP ratio).
$500,000 – $1,000,000 market is the most active
As I have been saying all along, the $1,000,000+ market is SLOW. The average sale price on a home this year in Coconut Grove is $800,000 (median sale price is $600,000). That is the lowest average I have seen since I started in the business, and $200,000 lower than the average sale price of the same time last year. The figure is due to a combination of falling values, bad economy and difficulty in getting Jumbo Loans. I don’t have to look at the numbers to know this is true. I can tell simply by the amount of interest I am receiving on my $500,000 to $800,000 listings compared to my $1,000,000+ listings.
Coconut Grove Home Sales Are Up!
We are certainly selling more homes this year as compared to last year. At the same time last year we had only 70 sales for 2008, but so far this year we have had approximately 100. That is an almost 40% increase in single family home sales in Coconut Grove!
My prediction for Coconut Grove real estate in the months to come?
With activity drastically increasing (even over the past month) I do not predict that we will see another drastic drop in values next year. It is the simple law of supply and demand. With supply falling, demand will increase (along with prices).
And it is about time, Coconut Grove was one of the last communities in South Florida to see an increase in home sale activity.
Now is the time to buy, I have noticed that in all price ranges, the best quality homes are coming off the market much faster than before.
To stay updated with all of the current Coconut Grove real estate information, receive my blog posts directly to your inbox by subscribing here.
If you are interested in buying or selling real estate in Coconut Grove, please give me a call at 305.342.1623 or send me a note here.
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So Far Coconut Grove Real Estate Has Outperformed Last Year
June 30th, 2009 categories: Coconut Grove Market Conditions, What is selling in Coconut Grove?
Looking at the numbers below, we have roughly 30% more sales the first half of this year as compared to last year. I believe that three contributing factors to the increase in sales are that prices have continued to fall, sellers have finally become more realistic, and interest rates remain low.
If last year’s trend continues, the summer should be a busy one for Coconut Grove real estate. Keep in mind that any first time home buyer looking to get their $8,000 tax refund has to close by the end of this year which should help the lower end townhouse and condo market significantly.
2009
| Month | Homes Sold |
| January | 3 |
| February | 6 |
| March | 7 |
| April | 5 |
| May | 8 |
| June | 14 |
| Midyear | 43 |
2008
| Month | Homes Sold |
| January | 2 |
| February | 3 |
| March | 7 |
| April | 7 |
| May | 10 |
| June | 4 |
| Midyear | 33 |
If you are interested in buying or selling real estate in Coconut Grove, please give me a call at 305.342.1623 or send me a note here
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Land In Coconut Grove….The Time Is Now
June 29th, 2009 categories: Coconut Grove Market Conditions, New Listings in the Grove
Aside from the $1,000,000+ single family home market, vacant land has also taken quite a hit in the current real estate market. Due to stricter financing requirements, developers aren’t snapping up lots as fast as they once were. For the most part, the only people who are buying vacant land in Coconut Grove right now are buyers who are building custom homes. And from what I’ve heard, builders are lining up to do the work.
In South Coconut Grove, I just listed an 11,600 square foot lot priced at $550,000 ($47.00 psf). It sits on Ventura Avenue between Braganza Avenue and La Playa Boulevard. The lot size is 11,600 square feet. The beauty of this lot is that it sits in the center of a great street surrounded by million dollar homes and has already been cleared and is ready to build. See photos below.
So far this year in the South Grove there have been 3 land sales. The first was a 10,000 square foot lot on 3855 Poinciana Avenue with a list price of $495,000 and a sale price of $450,000 (sold for $45.00 per square foot). The second was a 15,000 square foot lot on 4060 Battersea Road with a list price of $749,000 and a sale price of $550,000 (sold for $36.00 per square foot). The third was an 11,287 square foot lot on 3777 Irvington Avenue with a list price of $425,000 and sale price of $412,000 (sold for $36.50 per square foot).
If you are interested in finding out more about this property, feel free to give me a call at 305.342.1623 or you can also contact me here.
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31 Coconut Grove Pending Sales In April…
May 4th, 2009 categories: Coconut Grove Market Conditions, Coconut Grove Real Estate
It was an unbelievable month for real estate here in Coconut Grove, things have changed drastically in just 30 days for us. As predicted, this was the busiest month that we have seen in over a year. My Grove market boards are getting full, and that is a great thing!
What is selling? The under $1,000,000 priced properties and short sales/foreclosures.
There were 15 single family homes to go under contract in Coconut Grove in April. All but one were priced under $1,000,000. There were 16 condos and townhouses to go under contract in April in Coconut Grove, all were under $1,000,000.
More than 50% of these pending sales were foreclosures and short sales. Combine that with the price point of the properties and you can see that buyers right now want deals. They also don’t seem to be turned away by the poor condition of the foreclosures and short sales. I have been in almost every one of these distressed properties that went under contract and can say that most of them give double meaning to the word distressed.
You may also be interested in: How To Price Your House In Today’s Market, New Construction in Coconut Grove
To stay updated with all of the current Coconut Grove real estate information, receive my blog posts directly to your inbox by subscribing here
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