Selling Real Estate in Coconut Grove

Selling Real Estate in Coconut Grove Category

Why List Your Coconut Grove Home With Me?

December 28th, 2011 | categories: Selling Real Estate in Coconut Grove

Riley Hunter Smith

Aside from my charming personality and professional reputation as “The Real Estate Coconut”, another reason to list with The Riley Smith Group is that your home will be syndicated to more than 500 websites around the globe such as: www.MayfairInternationalRealty.com, www.LuxuryPortfolio.com, www.MiamiHerald.com, www.ChristiesInternationalRealEstate.com, www.WallStreetJournal.com, www.LeadingRe.com, www.HomeFinder.com, www.HotPads.com, www.ReloDirect.com, www.AOLRealEstate.com, www.Trulia.com, www.Realtor.com, www.Zillow.com and www.EWM.com.

According to NAR (The National Association of Realtors) 88% of home buyers use the Internet in their home search. In this market it is essential to give your home maximum exposure and the Internet is one of the most effective means of accomplishing this.

I am in town and working over the holidays, if you would like to set up a listing or buyer consultation please contact me directly at 305-342-1623.

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Breakdown Of Homes Sold In Coconut Grove

November 21st, 2011 | categories: Selling Real Estate in Coconut Grove

Coconut Grove Home Sales 2011

Take a look at the chart I created above which shows you the breakdown of Coconut Grove single family home sales in 2011. As you can see we have a healthy market both over and under $1,000,000. The chart also tells us that the homes between $600,000-$1,000,000 are far less active than other segments of the market which can be explained by a couple of factors. The entry level home market ($599,999 and under) has always been a thriving segment in the Grove but the main reason for its success right now is that buyers tend to qualify for FHA loans which are easier to get than conventional loans. The homes over $1,000,000 are active right now because you have more buyers who can pay cash. It is the $600,000 to $1,000,000 homes where buyers don’t have cash and struggle to get conventional financing, therefore we see less activity in this price range.

This chart includes north and south Coconut Grove home sales since January 1, 2011.

Pricing your home correctly is essential in our current market. I have recently reduced a couple of my listings and the increase in activity has been dramatic. Buyers are out there and inventory is low, now is the time to get your home priced right and sold quickly.

The Real Estate Coconut is the most comprehensive online source for Coconut Grove real estate information. Whether you are looking for the latest sales, trends or homes for sale in Coconut Grove, The Real Estate Coconut has it all at your fingertips. Browse Coconut Grove’s gated communities, waterfront homes, villas, townhouses, foreclosures plus much more.

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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Pocket Of Homes In North Coconut Grove Sees High Turnover

October 26th, 2011 | categories: Coconut Grove Real Estate, Selling Real Estate in Coconut Grove

I am very partial to the area in North Coconut Grove between 27th and 22nd Avenue. I have several friends who live here and they always tell me how much they love their neighborhood. One reason I like the area is because it doesn’t have the high walls and gates that you see on homes elsewhere in the Grove which gives it a very welcoming feeling and makes it easier to meet your neighbors. It is also located just a few blocks away from Kennedy Park.

This section in the North Grove tends to see quite a high turnover due to what I believe is the price point. It is one of the only “entry-level” locations in the Grove and therefore you tend to have more owners who are looking to sell within 5 years of purchasing.

So far in 2011 the neighborhood has had 20 home sales at an average of $466,000 per home or $266.00 per square foot which is up from last year where the average was $376,000 per home and $239.00 per square foot.

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Coconut Grove Real Estate Alert: Home Values Are Up!

October 18th, 2011 | categories: Coconut Grove Real Estate, Coconut Grove Real Estate Market Conditions, Selling Real Estate in Coconut Grove

coconut grove real estate boards

We just added the 10 most recent sales in Coconut Grove to our boards and were happy to see that the average “price per square foot” figures for single family homes are up! Thanks to some homes which sold well above $300.00/sq. ft. we are now experiencing an average of $295.00/sq.ft. which is the highest figure we have seen in several years. And it is quite a bump from 2010 where the average was $282.00. If you figure that the average house in Coconut Grove is 3,000 square feet, this can make a difference of $39,000. **These numbers exclude single family homes sold in West and Center Coconut Grove.

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‘Tis The Season For…..Price Reductions

October 5th, 2011 | categories: Selling Real Estate in Coconut Grove

The busy real estate season is upon us here in Miami and myself along with the other Coconut Grove Realtors in town are after our sellers who are priced above market value. If you don’t get your home priced correctly now then you take the chance that your house will not sell before the end of the year. If you have had your home listed for awhile without much action then it is very likely time to make a price reduction. With over 40 transactions closed this year, I know what it takes and doesn’t take for a house to get sold in this market and price is a big piece of the puzzle.

Here are some nice price reductions that have occurred in Coconut Grove over the past 7 days:

modern home in coconut grove

Home For Sale In Coconut Grove

townhouse in coconut grove

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Are Buyers Turned Away By Stale Listings?

September 26th, 2011 | categories: Coconut Grove Real Estate, Selling Real Estate in Coconut Grove

A big concern of sellers is not allowing their home to sit on the market for a long time where it could be perceived as undesirable or stale. In my experience a high “days on the market” number does not attract low offers or detract good buyers. However a high number of days on the market is usually an indication that a price reduction is necessary.

Case in point is a listing I currently have in the North Grove. If there was ever a perception of a “stale” property than this was it. I have shown this house to every realtor in town at least 3 times since we put it on the market exactly 2 years ago. We received 3 good offers over the years which my clients declined. Time after time I begged, pleaded and presented them with all of the facts as to why they needed to lower the price but it just never seemed to sink in. A few weeks ago after another discussion on price they finally took my advice and we decided that lowering the price from $639,000 to $575,000 would show buyers that their house was now more in tune with the market. A few days later we had two offers from two different buyers in our hands. One of them was willing to come all the way up to my seller’s desired number and we are now on our way to inspections. The myth of the “stale home” has officially been debunked!

If you are curious about the true value of your home in today’s market then please feel free to give me a call for a no pressure home valuation. I can be contacted directly at 305-342-1623 or you can send me a note here with your phone number and address.

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How Long Will Our Reprieve Last? Should You Sell Now?

September 22nd, 2011 | categories: Coconut Grove Real Estate, Selling Real Estate in Coconut Grove

now or later image

According to the Miami Herald this morning the foreclosure lag has spurred home prices in South Florida. If you read my blog you know that here in Coconut Grove we have certainly seen home values stabilize and even increase in some segments of the market over the past year. At the same time we have also experienced a slowdown in the number of foreclosures. The question is, are we headed for a full recovery or will the foreclosures that banks are holding onto bring our market down again?

For quite awhile banks stopped releasing foreclosures to the public because they were taking heat for robo-signing and cutting corners in the court system, but eventually the buildup of foreclosures on their books will have to come to the market.

I ran the numbers on Realist today and it shows that there are a shocking 100+ single family homes in Coconut Grove that are in pre-foreclosure or foreclosure. The term “pre-foreclosure” typically means that the owners are 60+ days late on their mortgage payment. Yes, pre-foreclosure is the first step in the foreclosure process however it does not necessarily mean that the property will become bank-owned. There is likely a large portion of these properties that are in the process of getting a loan modification or are working on a short sale. It is inevitable however that a percentage of these homes will come to the market eventually as bank owned and that the banks will begin to release the foreclosures they have been holding onto. Our market here in Coconut Grove is so small that even a handful of foreclosures could potentially have a large impact on home values.

I don’t like to be an alarmist or doomsdayer, but if you are considering placing your home for sale it may be a good time to list now while values are stable.

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Recent Sales In Coconut Grove You Should Know About

September 15th, 2011 | categories: Selling Real Estate in Coconut Grove, What Is Selling In Coconut Grove Real Estate?

Home Sold In Coconut Grove, FL 33133

There are a few closed sales that have occurred this month that are worth mentioning today. First is the home located at 3350 Poinciana Avenue (the gated section of Poinciana east of Main Highway) which was listed for $2,695,000 and closed for $2,400,000 or $471.00 per square foot. In my opinion this is a very good PPSF figure considering that the home wasn’t waterfront. I took some buyers to view the property awhile back and it was a completely turn-key ready home that had been finished beautifully. There have only been 2 higher “price per square foot” figures in the Grove this year for non-waterfront. First was my listing on Hardie Road which closed for $496.00 per square foot and second was the property at 3618 St. Gaudens Road which closed for $523.00 per square foot. 3350 Poinciana was listed by Avatar.

contemporary home in coconut grove

The second sale I want to mention is the one that occurred at 3835 Kent Court. This is significant because the contemporary/modern style is very much in demand these days. The home sold for $1,700,000 or $267.00 per square foot. 3835 Kent Court was listed by ReMax.

Lastly, I wanted to mention the home at 3121 Kirk Street in the North Grove that sold for $490,000, or $290.00 per square foot. This is a good comparable for all of those 3 bedroom ranch style homes in the pocket of the Grove between 22nd and 27th Avenue. 3121 Kirk Street was listed by ReMax.

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Coconut Grove Real Estate Is Full Of “One-Offs”

August 17th, 2011 | categories: Selling Real Estate in Coconut Grove

I like to call real estate companies that I’ve never heard “one-offs”. In my opinion the definition of a “one-off” is a brokerage that is not locally established. In other words, you see their listing once and then you never see their name again. While there are roughly 150 single family homes for sale in Coconut Grove at least 50% of them are listed by these types of brokers. I’m not exactly sure why you would trust one of your largest assets with someone who can’t possibly offer the exposure and knowledge of an experienced and local company. But the reality is that a significant amount of sellers make the choice to list with an un-recognizeable broker.

Take a look at the chart below which shows the distribution of single family listings among the top 5 real estate companies in the Grove. As you can see, EWM continues to dominate the single family real estate market here with 30 listings.

Real Estate Brokers In Coconut Grove

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How Long Does It Take To Sell Your Coconut Grove Home?

August 9th, 2011 | categories: Selling Real Estate in Coconut Grove

As you know I am always tracking the numbers here in the Coconut Grove real estate market and one trend that I keep an eye on is the average time it takes to sell a home. There are two main factors that impact how long it will take to sell a property: first is how realistic the sellers are (more on that later) and second is the supply of inventory.

Right now, the average home in Coconut Grove takes 8 months to sell. If you look at the homes above $1,000,000 the average is even higher at 11 months on the market, while the homes under $1,000,000 are selling in 7 months. Foreclosures come in at an average of 4 months on the market while short sales are the highest at 13 months. *These figures are calculated by my office by hand, we can’t rely on the ”days on the market” given out by the MLS because we have found them to be inaccurate.

The main reason that it is taking so long to sell in the Grove right now is that many sellers start out listed way above market value. They test the market at a high price and then make reductions over time. The initial ”list price per square foot” in the Grove is $359 a foot while the final “list price per square foot” is much lower at $319 a foot indicating several price reductions. The final sales price per square foot in Coconut Grove is running about $282 a foot. It is no wonder that the average home takes 8 months to sell!

Of course, if you price your home correctly from the beginning then you should be able to sell your home in much less time. There have been several homes this year which were priced right and sold in a matter of days.

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