Archive for the 'Condos' Category
My Pick: Best Buys In The Grovenor House
January 26th, 2010 categories: Condos
There are currently 24 condos on the market in The Grovenor House. They range in price from $799,000 (for a non-waterview unit) to $16,900,000 for the penthouse. If you need water views, the starting list price is $899,000 for a unit that features 2 bedrooms, 2 baths and 1,756 square feet of living space. At an asking price of $899,000 this unit is worth checking out (photos here) because a 2 bedroom, 2 bath with water views closed recently for $880,000. If you want water views with 3 bedrooms, you are looking at a starting list price of $1,190,000 (unit has direct bay views).
A colleague of mine is putting a short sale on the market today at a price of $749,000. It is 2 bedroom, 2 bath with non-waterviews. This is another opportunity to get a great deal at The Grovenor House. If you are interested in seeing the unit, I would be happy to schedule a showing.
There have been 5 closed sales in the past three months, average sales price per square foot was $544.00 (all units had direct waterfront views.)
To view all properties currently for sale in The Grovenor House, click here.
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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The Sonesta Condo-Hotel
January 11th, 2010 categories: Condos
The Sonesta condo/hotel in downtown Coconut Grove is great for those people looking for a second home with income opportunities.
When you buy in The Sonesta you have the option of placing it in the hotel’s rental pool which allows you to earn income on the property. The hotel does charge you a fee and the amount of the fee depends on how frequently you place it in the pool.
They have some great new properties for sale starting at $145,000 all the way up to $1,600,000. It is a full service building and they have just installed a new pool deck on their rooftop pool. The building offers great views of Sailboat Bay.
It has been my client’s experience that those who place their units in the rental pool for a majority of the year are able to cover their annual expenses.
For all properties available in The Sonesta please click here.
As always, if you are interested in buying or selling real estate in Coconut Grove please feel free to give me a call at 305.342.1623 or contact me here.
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Market Update For Grove Isle
December 18th, 2009 categories: Condos
For Sale In Grove Isle
There are currently 23 units on the market in Grove Isle, a private island in North Coconut Grove that consists of 3 residential towers. There are no short sales or foreclosures on the market in Grove Isle as of today.
The units range in price from $475,000 for a 2 bedroom, 2 bath on the 3rd floor all the way up to $3,500,000 for a 5 bedroom, 5 bath on the 16th floor. To see a list of all that is currently on the market in Grove Isle, click here.
2009 Sold In Grove Isle
There have been 14 condos to close in Grove Isle in 2009, 2 of these were foreclosures. Sale prices have ranged from $320,000 (for a 2 bedroom/2 bath on the 2nd floor – not a foreclosure) all the way up to a $1,300,000 sale (for a 3 bedroom, 2.5 bath on the 8th floor). On average, the sales price per square foot of condos sold in Grove Isle during 2009 has been $297.00.
For Comparison – 2008 Sold In Grove Isle
Just as a point of reference, there were 19 units sold during 2008 in Grove Isle. The average sales price per square foot in 2008 was $398.00.
So if you compare 2008 with 2009, the average sale price per square foot has gone down by $100.00. That means that there is certainly value to be gained in Grove Isle right now.
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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Pre-Construction Buyers In Coconut Grove
December 11th, 2009 categories: Condos
I am cleaning out a few files and I came across some of the pre-construction packets for a few buildings here in the Grove. It is amazing to see that some people who purchased new construction in Coconut Grove during the boom did not suffer a loss. Take the Grovenor House for instance. Unit #1702 sold pre-construction for $1,640,000 in 2006 and the owners just sold it for $2,000,000 this year. Unit #2903 sold pre-construction for $1,400,000 in 2006 and the owners sold it this year for $1,590,000.
On the other hand, Grove Garden pre-construction buyers took a real hit. The buyers of Unit #309 paid $586,000 pre-construction, the unit went into foreclosure and sold for $380,000. The buyers of Unit #409 paid $840,000 pre-construction, the unit sold this year for $449,000.
Right now, we have pre-construction sales going on over at The Residences of Vizcaya which is a mid-rise boutique, waterfront condominium in North Coconut Grove. Prices currently range from $1,000,000 to $6,000,000.
When buying pre-construction it really pays to have a local specialist who can help you understand the direction the market may be taking and the potential value in a particular investment.
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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The Snowbirds Are Coming!
November 18th, 2009 categories: Condos
It is that time of year again when the northerners head south for the winter. For all of you who are interested in second homes, Coconut Grove has one of the most stable condo markets in South Florida. Our luxury buildings here in Coconut Grove offer bay views and top amenities.
Click on the links below to see what is available in our most popular condo buildings:
- Grovenor House: 22 for sale |6 closed this year.
- Ritz Carlton: 22 for sale | 3 closed this year.
- Grove Hill: 2 for sale | 3 closed this year.
- Grove Towers: 9 for sale | 1 closed this year.
- Yacht Harbor: 8 for sale | 5 closed this year.
In the above buildings there are only 2 units that are in foreclosure and they are both in Grove Towers (Unit 9A and 3F).
I handle many relocations to Coconut Grove and the surrounding areas.. If you are interested in buying a second home or relocating please contact me at (305) 342-1623 or send me a note here.
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2 Closed Sales This Week In Coconut Grove
October 9th, 2009 categories: Condos, What is selling in Coconut Grove?
The first closed sale was located at 3609 Solana Road and sold for $800,000. The owners had just purchased the home about a year ago for $945,000 but were relocated to another city. They priced it so competitively that it was only on the market for 15 days before it went under contract. The home featured 3 bedrooms, 3.5 baths with 3,000 square feet of living space on a 7,975 square foot lot.
The second closed sale this week was in The Grovenor House, Unit #2903, had an asking price of $1,800,000 and sold for $1,500,000. The property had 2,640 square feet of living space and 3 bedrooms, 3.5 baths. It had been on the market since 2008, and was initially priced at $2,800,000.
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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A Slice of Provence at The Ritz Carlton, Coconut Grove
October 8th, 2009 categories: Condos
If you love the South of France you will fall in love with my listing at the Ritz Carlton in Coconut Grove. The owner has gone to great lengths to transform this 2 bedroom, 2 1/2 bath condo into a little slice of Provence.
The condo features a kitchen styled after Monet’s very own, a VanGogh styled family room, hardwood and stone floors, hand painted walls by a talented local artist, wooden beam ceilings and custom built cabinets.
It is larger than other 2 bedroom units and has more patio space due to the fact that it is a corner unit. It actually has 4 large balconies that overlook the City and Bay.
I was over at the unit last night for a showing and snapped this picture of the view.
The owner has just reduced the price to $995,000.
Other details of Unit 906 include:
- 2,028 square feet of living area
- 2 bedrooms, 2.5 baths
- 5 Star Amenities such as valet and concierge.
- Located just steps from downtown 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.
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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High End Condos in Coconut Grove
September 21st, 2009 categories: Condos
There are 50 high end condos currently for sale in Coconut Grove. By high end I am referring to those priced $1,000,000 and up. For the most part, that price range will get you Bay views and 3 bedrooms & 3 baths. Obviously the more you move up in price, the larger the size and the higher the floor.
A majority of the luxury condos are found in The Grovenor House, The Ritz Carlton Residences and Grove Isle.
The lowest “Price Per Square Foot” (the best bang for your buck) luxury condo on the market right now is Unit #503 at The Grovenor House. The unit is listed at $490.00 per square foot and features a terrace that is extra large, 3 bedrooms, 3.5 baths, 2,640 square feet of living space and some water views. It is now priced at $1,299,999 and was initially priced at $1,490,000 when it came on the market in March and is listed by Ingletto Realty.
The highest asking “Price Per Square Foot” ($1,855.00 PSF) in the luxury condo market is the Penthouse at The Grovenor House which is going for $16,900,000. This is a 5 bedroom, 5 bath unit with rooftop terrace and pool and is listed by Sotheby’s.
To view all luxury condos on the market in Coconut Grove, click here.
There have been only 5 closed luxury condos so far this year in Coconut Grove.
| Building: | Bds/Bths: | List Price: | Sale Price: | Sale PSF: |
| Ritz Carlton Residences | 6/6.5 | $2,195,000 | $1,900,000 | $382.00 |
| Grovenor House | 3/3.5 | $1,799,000 | $1,500,000 | $568.00 |
| Ritz Carlton Residences | 3/3.5 | $1,400,000 | $1,130,000 | $505.00 |
| Grove Hill Tower | 3/3.5 | $1,399,000 | $1,150,000 | $435.00 |
| Grove Isle | 3/2.5 | $1,350,000 | $1,300,000 | $497.00 |
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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The End Of The Grove Garden Foreclosure Story
August 17th, 2009 categories: Condos
The foreclosure unit at Grove Garden which got so much interest last month (see post here, and here) closed on Friday for a price of $320,000. If you recall, my client’s offer was $327,000. The backup offer and the offer that they finally accepted was $330,000. As it turned out there was a government lien on the property that brought the final sale price down to $320,000.
I still feel at this price the unit was a great deal, however the buyer took on a bit of risk as the building faces many foreclosures in its future.
The unit was listed at $332,000. It was a 2 bedroom, 2.5 bath unit with 1,580 square feet of living space.
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Condo Sales Are Still Slow in Coconut Grove
August 10th, 2009 categories: Condos
As you can see from the above chart, condo sales in Coconut Grove are extremely slow this year. It is not surprising considering the fact that everything else in the Grove is slow as well.
Looking at things in a positive light, the fewer sales there are in a particular building the less chance there is for values to drop across the board.
You may also be interested in: Great Opportunities in The Grovenor House, Which Condos Allow Dogs In Coconut Grove?, Hard Hat Tour of Residences of Vizcaya
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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