Archive for the 'Townhouses' Category
2009 vs. 2010: The Coconut Grove Townhouse Market
March 8th, 2010 categories: Townhouses
The inventory numbers look good for Center Coconut Grove’s townhouse market with a 40% drop in the number of properties for sale since March of 2009. This is great news for sellers who were faced with steep competition last year.
Other interesting news is that the List Price to Sale Price ratio has come back up to 94% from 82% last year. This could mean one of two things: (1) that the sellers are getting 12% more in 2010 or (2) that the sellers are more realistic with their prices (more likely).
| March, 2009 | March, 2010 | |
| Number Of Center Grove Townhouses On The Market: | 110 | 67 |
| Sale Price to List Price Ratio: | 82% | 94% |
Other good news for sellers is that the we have seen an increase in the “Sale Price/Square Foot” figures so far in 2010. In 2009 townhouses in Center Grove were selling at an average “Sale Price/Square Foot” of $182.00. So far this year with 11 sales we have an average “Sale Price/Square Foot” of $207.00.
To see a list of all townhouses currently on the market in Coconut Grove, click here.
To see a list of all townhouses THAT HAVE SOLD in 2010, click 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 follow-up email.
If you are interested in buying or selling real estate in Coconut Grove and are looking for a Grove specialist, please contact me at 305.342.1623 or send me a note here.
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What Is The Most Expensive Townhouse In Center Grove?
February 2nd, 2010 categories: Townhouses
Back in the good old days $700,000 townhouses in Center Grove were a dime a dozen. Now there is only one on the market and it is priced at $710,000 on Indiana Street. Although Indiana Street is west of 32nd Avenue, most people now consider it part of Center Grove.
This property is not your typical cookie cutter townhouse. It is contemporary style with 2,551 square feet of living space and 3 bedrooms, 3.5 baths. Special features of this townhouse include walk in closets and bath in every bedroom, 2 car garage with back entry, master bath with dual sinks, whirlpool spa & shower and travertine floors.
View a list of all townhouses currently for sale in Center Coconut Grove.
If you are interested in seeing this property or any others in Coconut Grove, please give me a call at 305.342.1623 or send me a note here.
Broker for this property is Coldwell Banker.
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Best Townhouse For $350,000 In Coconut Grove
January 22nd, 2010 categories: Townhouses
I just put this McDonald Street townhouse back on the market at a reduced price of $350,000. It is located at 3201 McDonald Avenue and features 2 bedrooms, 2 baths with 1,295 square feet of living space, hurricane impact windows, open kitchen with wood cabinets and granite countertops, Trex wood deck, 6 person jacuzzi, fence, gate and alarm system.
In my opinion, it is the best townhouse in Center Grove for $350,000. It is in impeccable condition and located within steps from the Grove Village, Dog Park and Children’s Park.
The townhouse will be open this Sunday, January 24th from 12:00 to 2:00. Please stop by and take a look!
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Center Coconut Grove Townhouse Market Review
January 7th, 2010 categories: Townhouses
Current Townhouse Market
There are currently 68 townhouses on the market in Center Coconut Grove. The average list price is $462,000 and the average list price per square foot is $240.00.
2009 Townhouse Market
There were 53 closed sales in 2009 with an average sale price of $345,000 and an average “sale price per square foot” of $183.00. Keep in mind that there were a ton of foreclosures in the West Grove townhouse market that brought these numbers down.
The new construction townhouses sold in Center Grove during 2009 ranged in price from $150.00 per square foot (for those in the West Grove) to $250.00 per square foot (for those in the true Center Grove).
There are a few reasons why the townhouse market struggled in 2009. The first reason is that buyers had difficulty in obtaining financing due to the fact that most townhouses are classified as condos which requires the buyers to put at least 25% down. Another reason is due to the fact that it is now possible buy a single family home in North or South Grove for the same price as some townhouses in Center 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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2 Townhouses Close In Center Grove
December 21st, 2009 categories: Townhouses
There were two more townhouse sales in Center Coconut Grove last week. This is encouraging news for the nearly stagnant townhouse market.
The fact that they were both 3 bedrooms, 2 baths and newer construction would make you think that they should sell for a similar price – but the sales prices were $505,000 and $435,000.
In general, the exterior of the townhouses in Center Grove tend to look exactly the same but they can vary greatly on the interior depending on the builder and the footprint of the lot. If you have been inside a few of them you will know that different builders use different quality materials and different layouts. Some townhouses have a large backyard while others have virtually no backyard. Some have large bedrooms with smaller living spaces or vice versa. These differences can cause the sale prices here to be quite erratic.
Due to the fact that there is so much on the market in Center Coconut Grove, it is helpful to have a realtor who knows the market, the quality of the different builders and the streets that have the best value. If you are interested in buying or selling real estate in Coconut Grove, please feel free to send me a note here.
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Where is Center Grove anyway?
November 30th, 2009 categories: Townhouses
I write about the Center Coconut Grove townhouse market all the time on my blog and one of the questions I get asked frequently is “Riley, where exactly is Center Grove?”.
The true Center Grove lies from Bird Avenue and continues south to Oak Avenue, then from 32nd Avenue east to 27th Avenue. In my opinion, there is certainly a premium for real estate within this box.
Due to the explosion of construction we saw a few years ago in Center Grove, some people expanded the boundaries of the area to the north and to the west. I like to call them the fringe areas of Center Grove. The fringe area lies from Bird Avenue north to US1, and from 32nd Avenue west to Hibiscus Street.
The Center Grove townhouse market remains slow right now even though prices are already heavily discounted. There have only been a few closed sales in the past 30 days.
3090 Lime Court | List Price: $449,425 | Sale Price: $400,000 | 3 Bedroom,2.5 Bath | 1,847 Sq. Ft.
3054 Day Avenue | List Price: $369,000 | Sale Price: $315,000 | 3 Bedroom, 2.5 Bath | 1,710 Sq. Ft.
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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L’Hermitage Market Update
November 5th, 2009 categories: Townhouses
9 Units Currently For Sale At L’Hermitage
There are currently 9 units on the market at L’Hermitage in North Coconut Grove. L’Hermitage is a gated community of 75 luxury villas.
Prices today range from $1,600,000 for a 3,490 square foot unit with 3 bedrooms/3.5 baths and water views all the way down to $890,000 for a 3,490 square foot, 3 bedroom/4 bath unit that needs some upgrading. None of the units currently on the market are in a distress situation.
To see all units currently for sale at L’Hermitage, please click here.
1 Unit Currently Under Contract At L’Hermitage
A unit just went pending this week which was listed at $1,195,000. It featured 4 bedrooms/3 baths, was totally upgraded, had a small water view, new roof, impact glass and wet bar. The broker was EWM Realtors, Inc.
3 Units Closed At L’Hermitage In 2009
There have been 3 properties in L’Hermitage to close in 2009. The first was a non-distressed 4 bedroom/4 bath unit with 3,717 sq. ft. which closed for $750,000. The last two were foreclosures and sold far below market value. A 5 bedroom/5 bath unit with 4,029 sq. ft. closed for $500,000, and a 3 bedroom/3.5 bath unit with 3,641 sq. ft. closed for $529,000. Both of the foreclosures needed significant renovations.
L’Hermitage features 24 hour security, community pool, tennis court, and bay access.
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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Coconut Grove Townhouse Rental Properties
November 3rd, 2009 categories: Townhouses
There are about 15 townhouses in Center Coconut Grove currently on the market for rent. They range in price from $3,500 to $1,495. The sizes range from 2 to 3 bedrooms.
I just listed a Center Grove townhouse located at 2982 Virginia Street priced at $3,200 a month. This 2,300 square foot townhouse is the largest unit currently on the market for rent, and comes with one of the largest backyards in Center Grove. It was built in 2006 and features 3 bedrooms and 2.5 baths.
Because the resale market in Center Grove has been so slow this year many people have decided to rent their townhouse. In fact there have been a shocking 100 townhouses that have been rented in 2009 in Center Grove.
Looking for a rental in Coconut Grove? I have a rental specialist who works on my team here at The Real Estate Coconut and would be happy to assist you in your search. Just send me a note here.
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Cloisters On The Bay – Market Report
September 30th, 2009 categories: Gated Communities, Townhouses
Cloisters On The Bay is a gated community of 40 villas in the heart of downtown Coconut Grove. The community is waterfront although only a few villas have water views. The amenities at The Cloisters include a heated pool, tennis court, club house and a 24 hour security guardhouse.
There have been two closed sales this year. The first was Unit 518, a 4 bedroom, 4 bath with 5,860 square feet of living space and sold for $1,350,000 ($230.00 psf). This unit sold for $2,150,000 back in 2002.
The second Unit sold this year was Unit 1135 a short salewhich featured 3 bedrooms, 3 baths with 5,822 square feet of living space and sold for $1,000,000 ($171.00 psf).
The most expensive on the market is Unit #622 (above) priced at $2,990,000 which features direct bay views, a master suite, impact resistant doors and windows, rooftop terrace plus more. Broker is Avatar.
Probably the best deal in The Cloisters right now is Unit #205 (above) priced at $1,395,000 asking $246.00 per square foot. This unit has the lowest price per square foot in the community and features 5,664 square feet of living space with 4 bedrooms/4 baths. Broker is EWM.
If you have the luxury of time, check out the two short sales in The Cloisters. Units 204 and 1137 are both priced at $1,350,000 and feature 4,500 square feet of living space with 3 bedrooms and 4 baths. Broker is EWM for both.
Click here to view all 10 villas that are currently for sale in The Cloisters.
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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Frustration In The Center Grove Townhouse Market
July 28th, 2009 categories: Townhouses
Yesterday I had a lunch meeting with a prospective client at where else but Greenstreets. The topic was his recent frustrations with the townhouse market in Center Coconut Grove. He is a smart, qualified, educated buyer who has spent quite a bit of time studying the townhouse market here in the Grove. He is looking to buy a distressed townhouse but has been having trouble with the financing.
We met because he wanted some insight into how he could buy a distressed townhouse in the Center Grove even though he is not a cash buyer.
Why is financing so hard to come by for a distressed townhouse in Center Grove?
Since most Center Grove townhouses are classified as condominiums, any person looking to get an FHA or Fannie Mae loan must have the condo association approved for its soundness. Getting approval is not an easy or timely task, and typically if 1 of the 2 townhouses in the association is either a short sale or foreclosure, approval will be denied and FHA or Fannie Mae financing unavailable. James Venney (mortgage broker with Gibraltar Private Bank and Trust) tells me that if this is the case, the buyer will have to put 25% down or be well qualified and go through a portfolio loan product (similar to a deal that James and I just completed together).
Other options:
Your other options are to buy a non-distressed townhouse where 20% down is available for well qualified buyers (not guaranteed). Or, to buy a single family house where financing is available starting at 3% for FHA or 10% down for a conventional loan (these guidelines apply to distressed properties as well).
In the future:
There is a movement among mortgage brokers to try and get the townhouses of Coconut Grove exempt from the condo guidelines. Don’t hold your breath, that movement will likely take a long time to come to fruition.
To stay updated with all of the current Coconut Grove real estate information, receive my blog posts directly to your inbox by subscribing here.
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