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

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.

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.

Click here to see a list of all single family homes that have closed in Coconut Grove the first half of 2009.

2009

2008

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

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.

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

The Center Coconut Grove Townhouse Market

The first townhouse market in Coconut Grove consists of the townhouses in Center Grove.  Here you see an average price of $300,000 to $800,000 and is comprised of old construction and new construction. 

1st Qtr. Closed Center Grove Townhouses:

1st Qtr. Pending Center Grove Townhouses that have not closed:

The Luxury Townhouse Market

The luxury townhouses (villas) in Coconut Grove are located in gated communities as opposed to individually gated units as you see in the Center Grove.  From North to South the luxury townhouse communities in Coconut Grove consist of L’Hermitage, Bayshore Villas, Longview, Abitare and The Cloisters.  The minimum size is usually 2,500 square feet and list prices (excluding foreclosures) begin around $800,000.

1st Qtr. Closed Sales in Luxury Townhouses:

No Closed Sales

1st Qtr. Pending Luxury Townhouses that have not yet closed:

Don’t be misled by the seemingly high average prices because factored into these numbers are many waterfront and multi-million dollar estates which bring the numbers up.  There are certainly many good properties for sale in all of these communities that are under $500,000.

Single Family Coconut Grove 1st Qtr. Market Summary:

Single Family Coral Gables 1st Qtr. Market Summary:

Single Family Pinecrest 1st. Qtr. Market Summary:

To view all homes for sale in Coconut Grove, click here.

To view all homes for sale in Coral Gables, click here.

To view all homes for sale in Pinecrest, click here.

Check out these 4 bedroom homes in Coconut Grove priced under $700,000.

50 Bay Heights Drive | $699,000

• 3,202 Square Feet Living Area, 9,826 Square Foot Lot
• 4 Bedrooms, 3 Baths
• New kitchen, 3 new A/C’s and duct work
• On market since September 2008 – never reduced.

3565 Avocado Avenue | $699,000

• 2,034 Square Feet Living Area, 7,000 Square Foot Lot
• 4 Bedrooms, 2 Baths
• Pool, new marble floors, new A/C, new windows and doors, requires some renovation.
• Reduced from $779,000 to $699,000 in November 2008

125 West Shore Drive | $650,000

• 2,676 Square Feet Living Area, 10,776 Square Foot Lot
• 4 bedrooms, 4 baths
• Pool, split floor plan.
• Reduced from $720,000 to $650,000 in January 2009

You may also be interested in: A Tidal Wave of Foreclosure Activity In Coconut Grove

Click here to see what single family homes you can buy in Coconut Grove for under $700,000.

I just had a meeting with James Venney and he informed me that yesterday the down payment requirement rose from 25% to 30% for Jumbo Loans (any loan amount over $417,000).   In recent times (during the real estate boom), there was a very low down payment requirement or even none at all.  Down payments were a non-issue.

Check out the below charts which show the trend lines for mortgage rates between the end of 2002 through 2008.  Then take a look at the Sold and Pending numbers for homes in zip code 33133 during the same time period. 

You will see that in the second quarter of 2004 when interest rates dropped, home sales rose.  And as would be expected, in the second quarter of 2005 when interest rates rose, home sales dropped. 

The fascinating thing is to take a look at the second half of 2007 when interest rates began to drop again, we saw home sales continue to fall in 33133.  And fall, and fall.  In the beginning of January/February of 2008 when we saw more low rates, the number of sales still fell.

Why has basic economics failed us? I believe that its all about the down payment.  Buyers aren’t so concerned right now with whether interest rates have risen or fallen 1-2%, but they ARE concerned about how much cash they need to put into their home.  With the average price of a home in Coconut Grove around $1,000,000 – buyers here looking in that price range are now required to put down $300,000 for a Jumbo Loan.  

Due to the unique nature of home buyers here in South Florida and our high home prices we might not see a turnaround in home sales until the down payment requirements fall.

Click here to read other Coconut Grove Real Estate News.

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