Coconut Grove Condos Category
Another Great Opportunity At The Ritz Carlton Residences, Coconut Grove
August 26th, 2011 | categories: Coconut Grove Condos
There was quite a buzz when Unit 906 at the Ritz Carlton Residences closed for $535,000. That unit had the larger 2 bedroom floorplan with 2,028 square feet of living space as opposed to other 2 bedrooms in the Ritz which have only 1,540 square feet of living space. If you remember my recent post, investors purchased that unit and put it back on the market for $850,000 (read more about 906 here).
Now another large 2 bedroom unit has come on the market as an approved short sale for $540,000. This one is located on the 10th floor, and offers an updated kitchen, California closets, marble floors, as well as designer window treatments. View more photos of Unit 1004 here. If you are interested in viewing this unit, I’d be happy to schedule an appointment for you. Contact me directly at 305-342-1623 or send me a message here. Broker is ReMax.
Flip Comes On The Market In The Ritz Carlton, Coconut Grove
August 18th, 2011 | categories: Coconut Grove Condos
Unit 906 located in the Ritz Carlton, Coconut Grove sold a few months ago for $535,000; it was a 2 bedroom + den, with 2 baths. I had the listing at one point, and one challenge that buyers always had was that the unit had been over-personalized by the seller and they had a hard time visualizing its potential. The seller was a very nice woman who was passionate about the French Country style. As you can see from the photos above there were trompe l’oeil murals, faux rock finished walls and some out of the ordinary color choices. There is nothing wrong with personalizing your home exactly the way you like it, after all we would hate for everything to be cookie cutter, but you may actually be lowering the value of the property if buyers can’t see past your design choices.
The buyers who purchased this property for $535,000 were investors and they took away most of the personalization on the unit. They replastered and painted the walls as well as installed new wood floors (the previous ones were damaged by water). My guess is that they probably spent $50,000 to $100,000. Now they have re-listed the unit for an asking price of $850,000. Photos of the newly renovated unit are below. It is amazing what a coat of paint can do to increase the value of a property.
When listing or buying a home it is essential to have a local Realtor who knows the numbers, tracks the market and can value a home correctly. If you are interested in selling your home I would be happy to give you a no pressure home valuation. Call me on my cell at 305.342.1623 or send me a message here.
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South 27 Lofts Is Now An FHA Approved Building
July 15th, 2011 | categories: Coconut Grove Condos
South 27 is a boutique loft building in Center Coconut Grove. The units are ready to move in with flooring, built out closets, granite counters, blinds and European cabinetry and last I heard the association was in good standing. Prices are in the $200,000’s and now they are FHA approved (with 3.5% down financing). To view photos and information on the lofts in South 27 please click here.
If you are interested in buying or selling real estate in Coconut Grove and are looking for an experienced real estate agent please do not hesitate to contact me at 305.342.1623 or send me a message here.
To stay updated with all Coconut Grove real estate information, receive my blog posts via email by subscribing here. Once you register, you must activate the subscription in a followup email.
Condos In Coconut Grove
July 12th, 2011 | categories: Coconut Grove Condos
I received a good response from my post yesterday Coconut Grove Home Sales By Neighborhood so I thought that I would go ahead and create a similar chart for the major condo buildings in Coconut Grove.
| Condos For Sale | Condos Pending |
Condos Sold | Average List Price | Average Sale Price | |
| Grove Hill | 5 | 0 | 4 | $1,225,400 | $752,500 |
| Grove Isle | 24 | 3 | 9 | $758,808 | $630,556 |
| Grove Tower | 5 | 0 | 6 | $976,000 | $458,208 |
| Grovenor House | 16 | 2 | 6 | $2,141,000 | $1,965,417 |
| The Mutiny | 17 | 5 | 7 | $195,100 | $213,413 |
| Ritz Carlton | 27 | 1 | 6 | $1,070,685 | $554,667 |
| The Sonesta | 19 | 4 | 11 | $379,974 | $307,573 |
| Yacht Harbour | 12 | 0 | 1 | $503,324 | $375,000 |
The chart above represents market activity as of today, July 12th 2011. As you can see, The Sonesta continues to outsell every other major condominium in Coconut Grove. This is likely due to price point as well as the fact that The Sonesta offers a rental program that is great for second home buyers. If you are interested in The Sonesta I have great contacts there, please give me a call.
You have probably also noticed the large discrepancy between the average list price and the average sale price in all of these buildings. These figures don’t necessarily mean that buyers are getting large discounts off the list prices. It simply means that the inventory is not perfectly in line with what buyers want.
If you are interested in buying or selling real estate in Coconut Grove and are looking for an experienced real estate agent please do not hesitate to contact me at 305.342.1623 or send me a message here.
To stay updated with all Coconut Grove real estate information, receive my blog posts via email by subscribing here. Once you register, you must activate the subscription in a followup email.
Prices Down 15% In Grove Isle, Coconut Grove
June 16th, 2011 | categories: Coconut Grove Condos
Grove Isle is a wonderful place for full time as well as part time residents. The amenities are great and the views are some of the best in Miami.
Taking a look at the overall real estate numbers in Grove Isle, I noticed that sale prices are down 15% since 2010. This year there have been a total of 8 condos sold with an average selling price per square foot of $275.00. The highest sale this year occurred for a double residence with over 5,000 square feet on the second floor which sold for $975,000. Last year there were a total of 22 sales, 4 of them selling for over $1,000,000.
Click here to view my recent video about life and real estate in Grove Isle, Coconut Grove.
Click here to view condos for sale in Grove Isle, Coconut Grove.
When listing or buying a home it is essential to have a local Realtor who knows the market. If you are interested in buying or selling a Coconut Grove home I would love the opportunity to work with you. Call me on my cell at 305.342.1623 or send me a message here.
Ritz Carlton Condos Are Struggling In Coconut Grove
June 9th, 2011 | categories: Coconut Grove Condos, Coconut Grove Real Estate
The real estate market at the Ritz Carlton Residences in Coconut Grove has been very tumultuous over the past few years. You would think that with a name like the Ritz Carlton behind it, the buildings would be some of the most desirable in the Grove. Unfortunately this doesn’t seem to be the case because there have only been 4 sales all year.
The higher end units are particularly struggling, there hasn’t been a $1,000,000 sale at the Ritz in over a year. Of the 30 units that are currently on the market right now, 1/3 of them are priced over $1,000,000. There was recently a 2 bedroom on the 9th floor that was listed for $650,000 and closed for $535,000.
Don’t shoot the messenger, sometimes the market is what it is.
When listing or buying a home it is essential to have a local Realtor who knows the market. If you are interested in buying or selling a Coconut Grove home I would love the opportunity to work with you. Call me on my cell at 305.342.1623 or send me a message here.
Waterfront Condos In The Grovenor House – Values Are Up!
June 3rd, 2011 | categories: Coconut Grove Condos
Take a look at the chart I created above which shows the average “sold price per square foot” for waterfront condos in The Grovenor House. Inventory in condos in Coconut Grove has decreased by 50% in the last 3 years and because of that we are starting to see prices spike up. Having a strong condo market certainly bodes well for real estate in Coconut Grove as that was the hardest hit segment during the bust.
Condos For Sale In The Grovenor House, Coconut Grove.
When listing or buying a home it is essential to have a local Realtor who knows the numbers, tracks the market and can value a home correctly. If you are interested in buying or selling a Coconut Grove home I would love the opportunity to work with you. Call me on my cell at 305.342.1623 or send me a message here.
Condo-Hotels In Coconut Grove Are Seeing High Sales
May 18th, 2011 | categories: Coconut Grove Condos
If you take a look at the condos selling in Coconut Grove right now you will see that it is the condo-hotel buildings that are experiencing the most activity. Combined, Sonesta and The Mutiny have sold a total of 13 condos in the past 6 months. We have a listing in The Mutiny that just went under contract and prior to that the requests to show it were through the roof. The type of people who seem most interested in buying in a condo-hotel are part-time residents, mostly Europeans (especially the French) and people who like the idea of placing the condo in the rental program and not having to do any of the management themselves.
To view a list of condos for sale in The Mutiny, click here.
To view a list of condos for sale in The Sonesta, click here.
If you are interested in buying or selling real estate in Coconut Grove and are looking for an experienced real estate agent please do not hesitate to contact me at 305.342.1623 or send me a message here.
To stay updated with all Coconut Grove real estate information, receive my blog posts via email by subscribing here. Once you register, you must activate the subscription in a followup email.
Grovenor House Coconut Grove, Market Update
March 25th, 2011 | categories: Coconut Grove Condos
Surprisingly there has only been 1 sale in The Grovenor House all year (last year there were 18 sales in the building). The unit that sold this year offerred 4,026 square feet of living space with 5 bedrooms/5.5 baths and bay views. The asking price was $3,200,000 and the sale price was $2,700,000 (or $670 per square foot).
There are currently 17 on the market with half offering bay views and the other half offering city views. None of the units currently for sale are in distress. Maintenance fees in The Grovenor House depend on the size of each unit but range from $1,000 all the way up to $5,000 per month. To view a list of what is on the market right now in The Grovenor House click here.
If you are interested in buying or selling real estate in Coconut Grove and are looking for an experienced Realtor please do not hesitate to contact me at 305.342.1623 or send me a message here.
To stay updated with all Coconut Grove real estate information, receive my blog posts via email by subscribing here. Once you register, you must activate the subscription in a followup email.
Grove Isle, Coconut Grove
February 17th, 2011 | categories: Coconut Grove Condos
The real estate market in Grove Isle was extremely active last year with 22 total sales. Sales prices ranged from $295,000 all the way up to $1,200,000. The average condo which sold was a 2 bedroom/2 bath for $677,395. The average “days on the market” for these condos was 180 days. Grove Isle offers some spectacular views of Biscayne Bay along with many great amenities including a 50 room hotel, incredible recreational facilities, world class spa, great restaraunt and dock spaces available. I know certain residents of Grove Isle who practically never leave the island!
There are currently only 21 condos for sale in Grove Isle with an average asking price of $793,000. There is only one unit that is currently in distress. This is Unit A909 which is an approved short sale listed at $975,000. It offers 2,614 square feet of living space with 3 bedrooms/2.5 baths. To view photos and information for all condos for sale in Grove Isle, click here.
When listing or buying a home it is essential to have a local Realtor who knows the numbers, tracks the market and can value a home correctly. If you are interested in buying or selling real estate in Coconut Grove and are looking for an experienced Realtor please do not hesitate to contact me at 305.342.1623 or send me a message here.