Archive for the 'Condos' Category
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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New Foreclosure On The Market In Prestigious Beacon Harbour Condo
July 19th, 2009 categories: Condos
I hate to write about foreclosures so many days in a row, but this one I found so interesting I couldn’t help myself.
A foreclosure came on the market today in Beacon Harbour. It is Unit 302, priced at $1,790,000 and features 3,444 square feet of living space with 3 bedrooms and 3.5 baths.
Beacon Harbour is a luxury boutique condo that features 10 units total and 5 floors. This particular unit sits on the third floor and has Bay Views with 2 separate boat docks (with a 15,000 LB Hydro Hoist), private elevator, glass cased high impact doors, mahogany built-ins and gorgeous views. It appears that this unit was purchased from the developer back in 2004 at a price of $1,816,000.
There has not been a lot of turnover in this building since its completion in 2004. In fact, it appears to me that there have only been 2 resales in Beacon Harbour since 2004 (the Penthouse Unit which featured 3 bedrooms and sold for $3,750,000 in 2007 and Unit 201 which featured 4 bedrooms and sold for $$2,050,000 in 2006).
There are 2 other units (aside from unit 302) currently on the market which include:
- Unit 102 (3 bedroom) is on the market priced at $2,600,000
- Unit 201 (4 bedroom) is on the market priced at $3,000,000.
How Does It Compare to The Residences of Vizcaya?
Residences of Vizcaya (expected to be completed in early 2010) is a similar “boutique” style condo located next door to Beacon Harbour. At The Residences of Vizcaya the 3 bedrooms with direct water views are going for roughly $3,000,000.
Is Beacon Harbour Healthy?
There is one other unit that is distressed in the building, it is in pre-foreclosure.
So there you have it, you be the judge.
If you are interested in viewing this unit, I would be happy to arrange a showing for you and offer my opinion as to its value. Just send me a note here, or call at 305.342.1623.
You may also want to read: Residences of Vizcaya, Hard Hat Tour
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Broker is Brickell Bay Realty LLC
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Grove Garden Foreclosure Story
July 17th, 2009 categories: Condos
Last week I posted a great foreclosure opportunity in Grove Garden. I had a large response from my readers who were very interested in the property and I took several of them to see it. You can read the post here.
One of my clients decided to put in an all cash offer for the unit. After submitting our offer, the agent called to let me know that we were only 1 of several cash offers on the table. The bank requested that the highest 3 offers make their best and final offer. My buyer, who really wanted the unit made an offer of $327,000 which was eventually accepted by the bank.
Now that the bank was working with my client’s offer, it was time for us to do our due diligence on the building. After meeting with the Property Manager, I found out several disturbing things. First, that there are 50% investors in the building and 50% renters. Second, there are 8 units currently in foreclosure and possibly several more on the horizon. And finally, there are surely going to be issues with the Association’s reserves and its ability to pay its bills.
Upon finding all of this information out, I concurred with my client that it was not in his best interest to purchase the property and we withdrew our offer. This unit is certainly still a great deal, but the buyer must be willing to take on a significant amount of risk. There will be more foreclosures coming on the market in this building, and any potential buyer will have to be a cash buyer as the association does not meet the minimum standards to get a mortgage.
The status of this foreclosure now? The selling agent informed me that there were about 5 backup offers waiting in the wings and it will surely go under contract today.
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Great Opportunities in The Grovenor House
July 10th, 2009 categories: Condos
For those of you who are looking at luxury condos in Coconut Grove, here are some interesting facts about what is going on at The Grovenor House.
- 30% of the units at The Grovenor House are on the market.
- There are 2 short sales and o foreclosures in the building which makes it one of the most stable condos in the Miami area.
- The 2 bedroom units with City views are available in the $600,000 to $800,000 price range.
- Unit 509 is the only 2 bedroom, 2.5 bath unit with Bay Views to be priced below $1,000,000. There are 5 other units exactly like it currently for sale priced above $1,000,000. In an effort to remain competitively priced, you can expect the sellers of the other similar units to follow suit.
- The 3 bedroom units with Bay views start at $1,399,000.
- There have been 3 closed sales this year at The Grovenor House. The first was for a 3 bedroom, 3 bath unit with 2,640 square feet of living space on the 19th floor and direct water views which closed for $1,500,000. The other two units had 2 bedrooms, 2 baths and City views which closed for $670,000 and $700,000.
To view all properties currently available at The Grovenor House, click here.
If you are interested in any of these properties at The Grovenor House, or other real estate in Coconut Grove, please feel to send me a note here or call at 305.342.1623.
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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.
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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.
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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.
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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
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