The Real Estate Coconut » Coconut Grove Real Estate Market Conditions

Not Always Sunshine And Rainbows In Coconut Grove Real Estate

Riley Smith — Mon, 30 Jan 2012 15:42:02 +0000

If you read my blog you know that I do my best to “tell it like it is” whether the news is good or bad. The real estate market in 2011 was fantastic but things haven’t always been nor will they always be sunshine and rainbows. In fact, this month was pretty disasterous with just 2 single family homes sold in the Grove. This figure is down from 6 sales in January of 2011 and 10 sales in January of 2010. *The above figures represent north and south Grove and exclude west Grove.

One explanation for the low number of sales could be the lack of inventory we have had in the Grove for the past few months, we are down significantly from previous years. Another reason could be that many short sales went under contract in November and December. Had these been typical sales, they would have closed in January but since they are short sales they will not likely close for several more months.

The good news is that in just the past few weeks there has been an influx of new properties on the market in Coconut Grove. I am confident that things will pick up over the next several months but I am wary that as we get closer to the presidential election the market may see another slowdown. As we have seen in the past, buyers tend to get nervous when the future is uncertain.

As always, I will keep you posted.

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 buying or selling I would be happy to meet with you for a no pressure consultation. Call me on my cell at 305.342.1623 or send me a message here.

October Experienced A 50% Dip In Sales In Coconut Grove

Riley Smith — Wed, 02 Nov 2011 15:11:04 +0000

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.

Coconut Grove Real Estate Alert: Home Values Are Up!

Riley Smith — Tue, 18 Oct 2011 15:45:35 +0000

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.

Coconut Grove Real Estate Fall Newsletter

Riley Smith — Thu, 29 Sep 2011 13:23:44 +0000

Below is my Coconut Grove Real Estate Newsletter for the Fall of 2011. Click on the image for some interesting statistics on the real estate market here in Coconut Grove.

If you are having trouble accessing the below image, click here to open the newsletter.

More Investors Jumping Back Into West Grove

Riley Smith — Thu, 01 Sep 2011 15:00:53 +0000

Going along with yesterday’s post there have been three more sales in the West Grove which were purchased by two different investors.

I had the buyers for the first sale which was a duplex located at 3065 Elizabeth Street. This property closed for $560,000. They intend to put renters in each of the townhouses and at this price will get a nice return on their money. The townhouses were built in 2007 and are in very good condition.

The other transactions were for two side-by-side townhouses located on New York Street. They were foreclosures and listed for $319,000. The properties sat on the market for a matter of days before getting snapped up by an investor and closing for $300,000 a piece. Listing broker was Lowell Homes.

Investors coming back into the market is just another great sign for Coconut Grove!

Great Comparable in Bay Heights – Highest PPSF In 24 Months

Riley Smith — Thu, 21 Jul 2011 14:02:37 +0000

Recently I reported here on the blog that asking prices seemed to be on the rise in the Coconut Grove community of Bay Heights (Are Bay Heights Values On The Way Up?). And now we have a great comparable to back up those list prices. The home located at 94 Bay Heights Drive sold for $295.00 per square foot ($740,000). One reason it garnered such a high price was because the house was in great condition, it had impact windows, California closets a heated pool etc. It is the highest “price per square foot” figure we have seen for a home in Bay Heights in over 24 months. The house was only on the market for 10 days before it went under contract. Listing courtesy of Alexandra Sierra.

If you are interested in buying or selling real estate in Coconut Grove and are looking for an experienced real estate agent 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.

Modern Style Homes For Sale In Coconut Grove

Riley Smith — Wed, 25 May 2011 13:00:21 +0000

In my opinion, contemporary is the new Mediterranean. For many years buyers wanted Mediterranean style homes similar to the one on Bougainvillea Road pictured above. Classic features of these homes are barrel tile roofs, arched doorways, courtyards and stuccoed walls. Just about every new construction home that was built in the Grove after the year 2000 was done in the Mediterranean style. But times have changed and buyers are looking for something different. In Coconut Grove there is currently a big demand for modern style houses. People seem to like the sophistication of the modern style, the large spaces which can be tailored to their needs, the tall windows and the soaring ceilings.

If you are considering building a spec house, there is no doubt in my mind that it should be done in the contemporary/modern style, supply is low and demand is high.

View modern homes for sale in Coconut Grove here.

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.

Are Bay Heights Values On The Way Up?

Riley Smith — Thu, 28 Apr 2011 16:22:44 +0000

Bay Heights is one of the newer residential neighborhoods in Coconut Grove. Most of the homes in this section of the Grove were built in the 50’s whereas the rest of the Grove offers homes built as far back as the 20’s and 30’s. Because of this fact, Bay Heights tends to be mostly ranch style homes that have already been updated (or need to be).

The neighborhood has a different vibe than the rest of the Grove, it has more of a suburban feel and a little less foliage. On the flip side, many people like Bay Heights because it typically sells at a discount to the rest of the Grove, it has sidewalks unlike the rest of the Grove, is walled and has a 24 hour roaming security guard, and it is also the closest part of Coconut Grove to downtown Miami and Brickell (meaning you avoid morning and afternoon traffic on Bayshore Drive).

I was taking a look at what is on the market in Bay Heights right now and it is interesting that all seem to be priced more akin to the rest of Coconut Grove (they don’t reflect any discount for their location). They range in price from $286.00 to $349.00 per square foot when we traditionally see homes selling in Bay Heights far below those figures.

Below are the homes currently for sale in Bay Heights (to view photos of all, click here):

94 Bay Heights Drive | 3 BR/3 BA | 2,502 Sq. Ft. | List Price: $875,000 or $349.00 per square foot
91 Bay Heights Drive | 4 BR/3 BA | 2,747 Sq. Ft. | List Price: $855,000 or $311.00 per square foot
159 West Shore Drive | 5 BR/4 BA | 3,787 Sq. Ft. | List Price: $1,100,000 or $290.00 per square foot
133 West Shore Drive | 4 BR/3 BA | 2,963 Sq. Ft. | List Price: $849,000 or $286.00 per square foot

Below are the past 3 sales in Bay Heights:

31 North Shore Drive | 5 BR/3 BA | Sale Price: $600,000 or $144.00 per square foot
76 West Shore Drive | 3 BR/2 BA | Sale Price: $559,000 or $186.00 per square foot
271 East Shore Drive | 3 BR/ 3 BA | Sale Price: $620,000 or $248.00 per square foot

It will be interesting to see where the sale prices end up, perhaps we could start to see values in Bay Heights creeping upwards.

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.

New Construction Homes In Coconut Grove

Riley Smith — Tue, 26 Apr 2011 15:11:53 +0000

Like it or not, there was a time during the boom when a new construction home was going up on just about every block in Coconut Grove. In my experience, these “McMansions” are usually condemned by the community but also highly in demand for buyers because many of them want a “turn-key” ready home. I am all in favor of preserving the charming and unique homes that we have to offer here in the Grove, but I do believe that the market needs refreshed once in awhile and there is no denying that there are many dilapidated properties that need torn down.

That being said, supply is virtually non-existent right now for already built new construction homes in Coconut Grove (I can count them on one hand). I know for a fact that builders are buying up land and waiting to build until home values increase. In my opinion it would be to their benefit to slowly get these projects started. We know that the market has leveled off, and it would be ideal to be some of the first new constructions to hit the market after the dry spell.

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.

3969 Hardie Avenue Under Contract!

Riley Smith — Mon, 14 Mar 2011 13:56:40 +0000

The historic coral rock house that I have listed at 3969 Hardie Avenue (list price $1,750,000) is officially under contract. This is one of Coconut Grove’s most charming homes.. I am thrilled because the current buyers truly appreciate the home for everything that it offers and I am certain will take good care of it. I will keep you posted with a sales price.

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 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.