Archive for the 'Condos' Category
Yacht Harbour Priced In The $300,000’s
June 1st, 2009 categories: Condos
If you are a frequent reader of The Real Estate Coconut, you know that one of my favorite condo buildings here in Coconut Grove is Yacht Harbor. Yes The Grovenor House is more luxurious and The Ritz Carlton Residences offers more amentities, but there is just something about Yacht Harbor that I’ve always liked.
The building is extremely stable and only has 5 units on the market right now (none are foreclosures or short sales). There has been 1 sale in the building this year. The balconies are extra large, the staff is as nice as can be and the building is just steps away from the Village of Coconut Grove.
The 2 and 3 bedroom units at Yacht Harbor are priced from $650,000 to $750,000.
There is a 1 bedroom unit currently for sale that is priced at just $379,000. This unit has been perfectly updated. The kitchen features Carrera Marble countertops, gorgeous wood cabinets and a bathroom from Waterworks that could be in any designer’s magazine. Priced at only $379,000 I think it would be great for a part-time resident or as a vacation property. It is located on the 7th floor and there are indirect water views off of the balcony. It is a 1 bedroom, 1 and a half bath with 1,100 square feet of living space (not including balcony).
Information courtesy of Sotheby’s International.
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.
| Discussion: No Comments »
Hard Hat Tour of Residences of Vizcaya
May 15th, 2009 categories: Condos
I had the opportunity today to have a private hard hat tour of the Residences of Vizcaya (3535 Hiawatha Avenue) here in Coconut Grove. All I can say is that I was overwhelmingly impressed with the project as a whole. The floorplans are unique and very spacious, the views are outstanding, and the finishes will be first class. Prior to this, The Grovenor House was the premiere luxury condo in Coconut Grove and the Residences of Vizcaya certainly gives it a run for its money. Expect completion of the building by early of 2010.
The building can be broken up into 3 sections, North, Middle and South. The North and South sections of the building have 1 residence per floor that runs from the Park view all the way through to the Bay view. The first floor units on the North and South section offer their own private pool and a larger outdoor patio than the upper floors. The South section has larger bedrooms and smaller living spaces. While the North section of the building has smaller bedrooms and larger living spaces. The idea on the South section was to accomodate owners from Europe and South America who may have frequent family visitors. You could fit two queen beds in the 2nd and 3rd bedrooms in the units on the South side.
The Middle section is comprised of two different kinds of units. On the Bay side, there are two, two story units with living on the bottom floor and bedrooms upstairs. These units offer the largest Bayfront Views. The four units that face the park are smaller units but also have magnificent terrace spaces.
The North penthouse is available. The penthouse views are out of this world and feature a rooftop terrace with private pool, and summer kitchen. The penthouse has a 75 foot dock space that comes with the unit.
Prices currently range from $1,699,000 to $5,900,000. If you are interested in purchasing any of the units at The Residences of Vizcaya, I would be happy to set up a tour for you. Send me a note here, or give me a call at 305.342.1623.
Thank you to the lovely Monica Betancourt of EWM for her time.
| Discussion: No Comments »
New Hope For Grove Garden
April 8th, 2009 categories: Coconut Grove Real Estate, Condos
Grove Garden is located right across the street from my EWM office in Coconut Grove. I watched the building go up back in 2005/2006 and I have painfully watched its demise. The building was touted as a boutique condo building offering only the finest in finishes and luxury but the units are now selling well below their expected value. I have seen many of the units in here, and they are certainly well built with high end finishes. So if they are so great, then why, 3 years later are units in here selling in the $400,000 to $800,000 range when they were expected to be valued hundreds of thousands more?
The answer comes down to a few simple reasons:
1) Timing. Right when the units came on the market the real estate market tanked. This part is not rocket science. Many of the people who bought in Grove Garden were investors looking to make a quick flip. When the real estate market headed South, they had to dump the condos at whatever price buyers were willing to pay. Since many of the units came on the market all at once they were all instantly de-valued by these low asking prices. And it has been a vicious cycle since then.
2) Storefronts. Losing Cefalo’s and Sammy C’s gave a bad feeling to the joint. Jimmy Cefalo tried his hardest at opening up what was to be the premiere Italian restaurant in the Grove, an authentic Italian Market and a swanky wine bar in the bottom retail space of Grove Garden. It was a difficult task to undertake and in the end the costs were too high and the customers didn’t show. Then Sammy C’s opened up to replace them and history repeated itself. I really feel that these failed businesses gave the building a negative energy that buyers picked up on. You can sure bet that if a Houston’s was down there with their lively crowd it would give a “happening” vibe to the building which would certainly attract people and possibly buyers.
With all of these issues I feel that there is still hope for Grove Garden. First and foremost, a recovering economy will help to stabilize values here and eventually raise them. Second the building will get help from the opening of the new restaraunt Calamari. Calamari comes to us from the same person who owns Villagio and Carpaccio among many other very successful establishments. If his past restaurants are any indication, Calamari will be here to stay and the “vacant” feeling that hangs over Grove Garden will soon be gone (along with the very low prices).
| Discussion: 3 Comments »
Inexpensive 2 Bedroom Condos In Coconut Grove
April 8th, 2009 categories: Condos
I was out with some clients recently who were looking to get a good deal on a condo in Coconut Grove. Below are the least expensive 2 bedroom condos in the following buildings:
Harbour Hill Condos | $300,000 | 795 square feet | 2 bed/2 bath | Penthouse Unit | Water Views
The Mutiny | $349,000 | 980 square feet | 2 bed/2 bath | No Water Views
Grove Isle | $350,000 | 1,642 square feet | 2 bed/2 bath | Indirect Water Views
Grove Towers | $425,000 | 1,142 square feet | 2 bed/2 bath | Indirect Water Views
The Coconut Grove Bayshore (across from Monty’s) | $519,000 | 1,805 sq. ft. | 2 bed/2 bath | Direct Water Views
Grovenor House | $650,000 | 1,595 sq. ft. | 2 bed/2.5 bath | Short Sale | No Water Views
Yacht Harbor | $725,000 | 2,407 sq. ft. | 2 bed/2 bath | No Water Views
Grove Hill Tower | $750,000 | 1,190 sq. ft. | 2 bed/2.5 bath | Direct Water Views
In my opinion, the units that stand out as potential for great buys are Grove Isle for $350,000 and The Grovenor House for $650,000.
The information below is courtesy of the SEF Multiple Listing Service and is deemed reliable but not guaranteed.
| Discussion: 1 Comment »
Grovenor House Under $1,000,000
March 25th, 2009 categories: Condos
I was doing some research for a client yesterday on the Grovenor House and I was shocked to see how many units are available for under $1,000,000. Granted none of them have water views, but under a million is still a great price point to get into one of Coconut Grove’s most luxurious condo buildings.
There has been one sale at the Grovenor House so far this year. It was a 2 bedroom, 2.5 bath unit with city views, 1,595 square feet of living space and sold for $670,000 ($420.00 per square foot).
There were 10 closed sales at the Grovenor House in 2008. Of those, 9 had water views and 1 had a city view. The average price per square foot for those with water views was $584.00. For the one unit that had a city view, the price per square foot was $476.00.
For those with a higher budget, the penthouse listed by Sotheby’s was just reduced to $16,900,000!
Click here to scroll through all units for sale and rent at The Grovenor House. If you are interested in seeing any of these properties, I would be happy to arrange a showing for you, send me a note or call at 305.342.1623.
You may also be interested in: Be On Permanant Vacation By Living At The Ritz, New Boutique Condo in the Grove - Residences at Vizcaya , Hard Hat Tour of Residences of Vizcaya
| Discussion: 2 Comments »
By Request…Coconut Grove Sold Condos 2008
March 20th, 2009 categories: Condos
Condos are great for people who want waterfront views but aren’t in a position to shell out the $2.5 million+ it takes to get a single family waterfront home in Coconut Grove.
I received a request for the 2008 closed condo sales in Coconut Grove. While these numbers do give you an idea of our condo market here, don’t forget that prices have changed a lot since 2008.
Click on the chart to see all closed condos in Coconut Grove in 2008.
Don’t miss a thing! To make sure you receive my future blog posts directly to your inbox, subscribe to The Real Estate Coconut here.
| Discussion: 1 Comment »
Residences at Vizcaya | 18 Floors?
March 3rd, 2009 categories: Condos
Coconut Grove’s new boutique condo building The Residences at Vizcaya is coming along nicely. I passed by the site at 3535 Hiawatha Avenue the other day and saw the construction crews hard at work.
Going over the units that are currently for sale here I noticed the listing agents seem to disagree as to how many floors the building will actually have. Some agents say 5, while others say 6 and one agent wrote 18 floors! To clear things up, the sketch of the building below shows that there will be 6 floors. The buyer of the unit on the 18th floor is sure going to be surprised!
There are currently 11 units for sale at the Residences at Vizcaya ranging in price from $5,900,000 to $1,699,000. The sizes range from 2,710 to 5,491 square feet of living area. The average list price per square foot is $763.00 which is one of the highes PPSF in Coconut Grove as of today.
You may also be interested in: Hard Hat Tour of Residences of Vizcaya
You can check out a virtual tour of the Residences of Vizcaya here.
| Discussion: 1 Comment »
A Stable Condo In Unsure Times | Yacht Harbor
February 25th, 2009 categories: Condos
Yacht Harbor continues to be one of the best buildings to live in here in Coconut Grove. For those who are nervous about buying a condo in this market you can rest assured that Yacht Harbor is as solid as they come. The residents have owned for many years, the association is in good standing and sales last year were steady.
There are no forelcosures or short sales currently on the market in Yacht Harbor which adds to the building’s stability. There are 6 units for sale ranging in price from $725,000 to $325,000 with an average list price per square foot of $292.00.
One unit has closed in 2009 for $680,000. It was a 2 bedroom, 2 bath unit with 2,387 of living area and direct Bay Views.
Click here to read more about Yacht Harbor.
Click here to read other posts about Coconut Grove Condos.
| Discussion: No Comments »
Coconut Grove 2009 Condo Update
February 18th, 2009 categories: Condos
The condo market has been surprisingly busy this year in Coconut Grove. We have had 10 closed sales to date and there are 9 pending sales.
Coconut Grove Condos Sold in 2009
|
Building |
List Price | Sale Price | Bds/Bths | Foreclosure |
| Ritz Carlton | $1,400,000 | $1,130,000 | 3/3.5 | No |
| Grove Isle | $1,199,000 | $950,000 | 3/2.5 | No |
| Grove Isle | $499,900 | $475,000 | 2/2 | Yes |
| Grovenor House | $795,000 | $670,000 | 2/2.5 | No |
| The Mutiny | $658,000 | $595,000 | 2/2.5 | No |
| The Mutiny | $199,000 | $155,000 | 1/1 | No |
| The Mutiny | $165,000 | $140,000 | 1/1 | No |
| Grove Garden | $397,900 | $380,000 | 2/2.5 | Yes |
| The Sonesta | $285,000 | $252,500 | 1/2 | No |
| South 27 | $225,000 | $165,000 | 1/1 | No |
You may also be interested in: Grovenor House Market Update, Ritz Carlton Market Update
| Discussion: No Comments »
Grovenor House Market Update
January 26th, 2009 categories: Condos
The Grovenor House is certainly the most luxurious (and expensive) condominium in Coconut Grove. With its nautical style, I like to tell clients that you feel as if you have walked onboard a mega yacht.
There are currently 30 units for sale at the Grovenor House ranging in price from $18,700,000 to $600,000 (a short sale unit is available, see below). Last year, there were 12 sales at the Grovenor House. Of those sales, 9 had Bay views and 3 had City views.
2008 to Present: Grovenor House Market Update
Closed Sales - Water/Bay Views
- Average Selling Price: $1,521,000
- Average Sale Price Per Square Foot: $589 (List Price Per Square Foot was $656)
- Average Square Foot: 2,579
- Sale Price to List Price Ratio was 90%
- Highest Sale Price: $3,100,000
- Lowest Sale Price: $959,900
Closed Sales - City Views
- Average Selling Price: $895,000
- Average Sale Price Per Square Foot: $478 (List Price Per Square Foot was $530)
- Average Square Foot: 1,841
- Sale Price to List Price Ratio: 90%
- Highest Sold: $1,375,000
- Lowest Sold: $795,000
Short Sales and Foreclosures in the Grovenor House
There are no foreclosures currently on the market in the Grovenor House. There is 1 unit that is a short sale, priced at $600,000. This is a 2 bedroom, 2 bath unit with 1,595 square feet with City views. The listing agent has not put any photos online, but as long as the unit is in decent condition this would be an unbelievable value. Even if you bought the unit for full price, $376.00 per square foot is unheard of for a condo at the Grovenor House. None of the closed sales in 2008 were short sales or foreclosures. The above unit would be the first.
If you are interested in seeing the above short sale or any other units at the Grovenor House please call me at (305) 342-1623 or send me a note here.
You may also be interested in: More Grovenor House Details, Ritz Carlton Residences Market Update, There Is No Room For Condo Vultures in Coconut Grove
| Discussion: 1 Comment »
