Taking a look at my boards this morning I noticed that there have been many more sales in the South Grove (7) than the North Grove (2) so far in 2010.    Last year there were approximately the same number of sales in the North compared to the South Grove.

Many people have a firm opinion on whether they prefer North or South Coconut Grove.   What are some of the differences?   The North Grove is much closer to downtown Miami and could mean a 20 minute faster commute during rush hour.   Some people also prefer the North for its larger lots and lush tree canopy.

In terms of size the South Grove is much larger and has more waterfront properties available.   Most of the residential gated communities are located in South Grove.   Some people feel that the South Grove is more “walkable” thanks to the Commodore Bike Trail along Main Highway.  From personal experience, I can say that I used to live on Seminole Street in the North Grove and never once walked into town for dinner and now live in the South Grove and walk into town about 3 times a week.

Whatever your preference, both North and South Grove are great neighborhoods with wonderful homes.

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Just as a reminder, the Market Snapshot offers the following information:

Here is a sample market snapshot:

Despite the downturn in the market real estate remains a good long term investment.   Take a look at the above chart taken from MSN Money.com which compares different investments over a 10 year period.  

If you had $100,000 at the beginning of 2000 and invested in the Dow you would now have about $95,000.  If you invested it in the S&P you would now have less than $80,000.  And if you invested in the NASDAQ, you would have less than $60,000. 

But if you took that same $100,000 and invested it in real estate in January of 2000, you would have over $150,000 in your pocket.  

Real estate is and always will be a good long term investment.

If you are interested in buying or selling real estate in Coconut Grove and are looking for a realtor who specializes in the area, please contact me at 305.342.1623 or send me a note here.

The home located at 3638 Palmetto Avenue finally sold after 39 months on the market.  Once it was reduced to $675,000 they got a contract in a few weeks.

This sale reinforces my belief that the closer you price your home to its true value the quicker it will sell.  When you build in a large cushion on top of your home’s true value it only turns away buyers. 

Let me explain further.  It was originally priced at $920,000 back in 2006 and then it was reduced, reduced, reduced over the years to a final asking price of $675,000.  Once they had it priced at $675,000 (very close to the home’s true value), they got a contract within a matter of weeks and sold only $20,000 less than their asking price.

Steve Harvey, a nationally recognized real estate guru believes that in this market your home price must be “compelling” and not just “competitive”.   He believes that you should price your home so that a buyer is compelled to buy it.

The sellers of 3639 Palmetto Avenue finally made their home so compelling that it brought a buyer in less than a month.  Point made.

If you are interested in buying or selling real estate or just want my opinion on the value of your home, feel free to give me a call on my cell at 305.342.1623 or send me a note here.

My listing on Kumquat Avenue has come back on the market after the buyer had trouble securing financing (a problem facing many people in this market).  The house has the charm of an original Grove cottage with updated amenities such as a completely new kitchen, new roof, new A/C system and new septic system.   There is room to expand the house and to add a pool or garage.   The home is gated and feels very private and secure.

Features of 3792 Kumquat Avenue Include:

• Asking Price: $500,000
• 3 Bedrooms, 2 Baths
• 1,674 Square Feet Of Living Space
• 7,400 Square Foot Lot

If you are interested in seeing this property, please contact me at 305.342.1623 or send me a note here and I will be happy to schedule a showing for you.

Here is my plan to eliminate him as my competition……CLICK HERE. 

Javi, good run yesterday…..looking forward to another 8 miles on Thursday.

If this house was interesting to you, you should check out my new listing at 4129 Park Avenue.  It will hit the MLS today.  The house is priced at $795,000 and features 2,620 square feet of living space on a 5,750 square foot lot.  The home has 4 bedrooms and 3 baths.  Now that Park Avenue has been closed at the end of Main Highway it has become one of the Grove’s best streets.  See photos of the home below.

If you would like to see the home I would be happy to arrange a showing for you with the owners.  Just contact me here or give me a call on my cell at 305.342.1623.

So for the past few months I have been hard at work developing two new real estate blogs.  The first, www.CoralGablesRealEstateVault.com will cover everything from Deering Bay to the Golden Triangle.  And the second, www.SouthMiamiRealEstateBlog.com  will cover real estate news in South Miami, High Pines and Ponce Davis areas.

So enjoy and I hope that you find them as equally interesting and informative as The Real Estate Coconut. 

Now that football season is winding down and my wife has a little more control over the remote I end up watching episode after episode of real estate shows on HGTV.   But after talking real estate non stop day after day I don’t even mind.  In fact, I have a slight addiction to it. 

Some of my favorites? House Hunters International, Property Virgins and Curb Appeal.   I get a real kick out of people’s obsession over stainless steel appliances on Property Virgins.  They top everyone’s wish list even more so than square footage or location.  If it has a stainless steel refrigerator then the people are ready to put an offer in on the same day.  

Or I like to sit back and watch some of the really dull realtors show house after house and I just hope that I have more personality than that.  “And here you have the kitchen”, “And over here is the pool”, “And over here is the pantry”.  Dull and Duller…but I keep watching.

Even better than the stainless steel appliances and the dull realtors are the people who are looking at the house and don’t like it because their furniture won’t fit.  “I can’t buy this house because my couch won’t fit in the family room” they say.  They are paying $300,000 for a house and the deciding factor is whether or not their $500 couch fits in the family room.  Good stuff.

Yesterday I was out looking at Broker’s Opens in the Grove and stopped by the home located at 3575 Stewart Avenue which is priced at $18,000,000.  Typically homes in this price range can be too over the top for my taste, but this one was surprisingly not.  It was finished with understated elegance and had the best views of Biscayne Bay I have ever seen in Coconut Grove.

The home is located on a 3 sided waterfront acre in the gated community of Entrada Estates.  It boasts 8 bedrooms, 7.5 baths, 10,000 sq. ft. of living space, a gourmet kitchen overlooking the family room, wet bar, billiard room, 2 sided fireplace and each room takes complete advantage of the gorgeous views.

Single family homes in this price range are more commonly found in Coral Gables and in Miami Beach so it will be interesting to see if Coconut Grove can support such a price.

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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.