Category Archive for ‘New Construction In Coconut Grove’

The new construction house at 3839 Irvington Avenue which I wrote about in “Pending Sale Will Help Set The Market For New Construction”  closed this week at a price of $1,200,000.  The asking price was $1,395,000, had 4,700 square feet of living space on a 7,120 square foot lot, pool, garage,decent but not spectacular finishes and was finished in 2008.  Sales price per square foot was $255.00.

This closed sale is important for many reasons.  First, it is the only closed new construction home in South Coconut Grove this year.  It will definitely help to set prices in the new construction market.  Second, it is important because it is a sale that was priced over a million dollars.   2 of the last 3 closed sales in Coconut Grove have been over a million dollars.  It is encouraging to see our higher priced inventory moving.  The other home priced over a million dollars that sold recently was located at 3800 Poinciana Avenue (see Wild Ride On Poinciana and Recent Pending Coconut Grove).  This home sold for $1,229,000 (list price was $1,299,000).  It was 5,027 square feet of living space on a 19,700 square foot lot and sold for $244.00 per square foot.  The home needed some love and care.

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Considering that there have only been 3 closed sales this year priced between $1,000,000 and $2,000,000 in the Grove, I was happy to see that my colleague at EWM Judy Zeder’s new construction listing went under contract.  It was priced for $1,395,000 and located at 3839 Irvington Avenue.  It will be interesting to see the sales price, as it will help to set the market for other new construction listings for sale in South Coconut Grove.  I will keep you posted.

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Warning: I am a numbers guy and this post is full of them.  I like to study them, track them and put them on my blog.  Here are some interesting ones on Coconut Grove new construction homes. 

Average Price Per Square Foot of New Construction Currently For Sale = $360.00

There have not been any new construction sales so far this year in Coconut Grove.  Of the 21 sales in Coconut Grove this year, all have been resales.  There are currently about 17 completed new construction homes on the market right now.  Leaving out the new construction homes that are waterfront (which are a completely different animal), the average list price per square foot is $360.00 and the range in price is $999,000 to $4,500,000. 

Average Price Per Square Foot of New Construction SOLD in 2008 = $331.00

Last year there were 6 new construction homes sold and they ranged in sale price from $1,250,000 to $2,150,000.   The average sale price per square foot of these sold new construction homes was $331.00.  This number is significantly lower than the price we saw for resale homes in the same price range.  When you take a look at resale homes sold in 2008 (in the same price range) the average sales price per square foot was $350.00.

You would expect the price per square foot of a new construction home sold to be significantly higher than the price per square foot of a resale home sold, right?  Not in this market.  Developers, especially last year, were looking to get out of these homes so that they could move on – and the sale prices reflected that. 

I have two new construction homes that are both listed below last year’s average selling price per square foot. 

The first home is on Barbarossa and in my opinion is one of the best built new construction homes in the South Grove.  It is listed at $325.00 per square foot.  It has 5 bedrooms, 5 and a half baths, 4,600 square feet of living space, 2 car garage and a pool.  It is within steps from Merrie Christmas Park, the second largest park in Coconut Grove.

My second new construction listing is in North Coconut Grove on Washington Street.  It is listed at only $330.00 per square foot and was designed  by local architect Alfred Browning Parker Jr. who is known for his bridges, archways and unique contemporary style.  This house has 4 bedrooms, 4 baths in the main house and 1 bedroom, 1 bath in the guest quarters.  It has a saline pool with a coral rock waterfall that winds through the gated and walled property.

I just reduced my new construction listing on Barbarrosa Avenue to $1,495,000.  Asking only $325.00 per square foot, this is a great opportunity to own what I believe is the best built new construction home in South Grove. 

Check out the PPSF on some of the other new construction properties and you will see the value in this home:

• 4040 Matheson Avenue is asking $426.00 per square foot
• 4169 Ventura Avenue is asking $362.00 per square foot
• 2626 Lincoln Avenue is asking $349.00 per square foot

Details of 4054 Barbarossa Avenue:

• 4,600 square feet living area
• 7,919 square foot lot
• 5 bedrooms, 5and a half baths
• 2 car garage
• Marble and wood floors
• Custom impact windows and doors
• Chefs ktichen with high end appliances

Over the past year developers have put a hold on speculating here in the Grove.  It is likely that we will not see any more new construction homes being built in Coconut Grove until the market turns around.  There are only a handful of them left on the market.

On that note, I just listed this home located at 4054 Barbarossa Avenue which I believe is the best new construction home in the South Grove.  The developer on this unit did not cut any corners on the finishes and everything is extremely well done.  The floor plan is comfortable and open.  The home features a pool, impact resistant windows, marble and wood floors, balconies, 2 car garage, 5 bedrooms, 5.5 baths, 4,600 square feet of living area on a 7,919 square foot lot.  Listed at $1,550,000 this is a rare opportunity to buy a brand new construction home for the same price per square foot as many of the older surrounding homes.

Located just steps from Merrie Christmas Park and minutes from South Miami and Coral Gables this is the perfect home for those who have an eye for luxury and are seeking a nice, quiet place to live in Coconut Grove.

If you are interested in seeing this home, or other Coconut Grove real estate, please call at (305) 342-1623 or email me here.

Yesterday I was talking to a Coconut Grove homeowner about the change in building code that requires new construction homes to have a side entry garage.  That is, a garage that does not face the street.  This is a minor change in code that is having a big impact on land sales.

Because of this change, the width of a buildable lot is more important than ever as developers have to make room for a side entry garage.  Second, the change in code makes the ideal minimum square footage for a vacant lot 7,500.

Personally, I like the change.  What do you think?  See the difference in these new construction homes and leave a comment below.

Side Entry Garage (New Building Code)

VS.

Front Entry Garage (Old Building Code)

If you are looking for a home or interested in selling, please give me a call at (305) 342-1623, or send me a note here.

You may also Search the Coconut Grove MLS here.  New features on the Property Search include: Foreclosure Homes in Coconut Grove, Percentage Change in Sales Price, Homes In A Specific School District and Days On The Market.

There are currently 15 new construction homes in Coconut Grove that range from $1,394,000 to $2,450,000. The average price per square foot for new construction here is $404.00. Now is a great time to buy new construction because builders are more negotiable than ever as their carrying costs continue to increase.

These new construction homes are of particular interest:

1. Architectural Masterpiece: 3005 Washington Street, Coconut Grove | Price Per Square Foot is $385.00 | Open Floor Plan | Guest Quarters | Free Form Pool | 4,932 Square Feet | Library | Wet Bar | 3 Bedroom, 3 Bath Main and 1 Bedroom, 1 Bath Guest | Asking Price: $1,900,000 | See Pictures Below

2. Lowest price per square foot: 1866 Tigertail Avenue, Coconut Grove | Price Per Square Foot $341.00 | 5 Bedrooms, 5 Baths | 4,677 Square Foot | Asking Price: $1,595,000 | See Pictures Below

3. LEEDS Certified: 3861 Kumquat Avenue, Coconut Grove | Price Per Square Foot is $439.00 | Featuring Hurri-Green Construction | Reinforced Concrete Roof | Low E-Glass | Solar Panels | Tankless Water Heaters | 6 Bedroom, 7.5 Bath | 5,000 Square Feet | Construction Completes in 2009 | Asking Price: $2,199,000 | See Pictures Below

Scroll through the available new construction homes in Coconut Grove here.