The Real Estate Coconut » Coconut Grove Townhouses

Center Grove Townhouse Owners Deciding To Rent vs. Sell

Riley Smith — Tue, 07 Feb 2012 18:46:17 +0000

I had a meeting yesterday with a buyer who is interested in purchasing a townhouse in the Center Grove. She came to us because she had been looking for quite some time on her own and was frustrated with the lack of inventory on the market. I explained to her that in the last year there has been a huge reduction in the amount of newer 3 bedroom/2.5 bath townhouses for sale. Some have sold but a large majority of owners decided that it made more financial sense to rent as opposed to sell. In the current rental environment these newer 3 bedroom, 2.5 bath townhouses are commanding up to $3,800 per month. These rental figures are hard to ignore for many owners who would potentially lose money on their townhouse if they decided to sell.

That being said, inventory levels are so low that sellers will see a lot of activity should they decide to place their townhouse on the market for sale. Below are the closed townhouse sales so far in 2012. 2982 Virginia Street was my listing which we closed in early January.

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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 I would be happy to meet with you for a no pressure consultation. Call me on my cell at 305.342.1623 or send me a message here.

Coconut Grove Townhouses – Market Update

Riley Smith — Thu, 29 Dec 2011 15:26:15 +0000

Today I am heading out to show property in the Center Grove so I thought I would give a little synopsis of the market there. There have been a total of 42 townhouses sold in the Center Grove in 2011. Sale prices start at $144,900 (a foreclosure on Bird Avenue) and go all the way up to $539,000 (built in 2007 with a pool and upgrades). On average, sellers are getting 95% of their list price on these townhouses which indicates to me that most Center Grove townhouse owners are very realistic on their pricing. In the single family market the average is about 90%.

The Center Grove is in an interesting position right now. There is a lack of single family homes in Coconut Grove priced in the $400,000 to $500,000’s which is causing an increased demand for townhouses in that price range. Also, the townhouses in this price range are typically turn-key ready whereas the single family homes in this price range are not. During the boom, the townhouse market skyrocketed under the very same conditions. It will be interesting to see what lies ahead for townhouses in the Center Grove.

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.

Homes For Sale Near Coconut Grove’s Village Center

Riley Smith — Tue, 25 Oct 2011 16:48:57 +0000

I have had quite a few buyers lately who were looking to purchase property within walking distance to Coconut Grove’s village center. Just this year we have sold two units in Yacht Harbour, one villa in The Cloisters, one in Grove Square and one in Cocostyle all of which were just steps away from the movies, restaurants, cafes and shops of Coconut Grove. Buyers certainly see value in properties that are walkable. In fact, many home search websites (including ours) give a “walk score” on every home to help buyers determine how close they are to a city center.

Below is a list I have prepared of the current homes for sale located within the heart of Coconut Grove’s downtown village:

High Rise Condos: The Ritz Carlton, Yacht Harbour, Grove Tower, The Sonesta and The Mutiny.
Low-Rise Condos: Grove Garden, Rice 3333, Grove Square and Lofts At Mayfair.
Luxury Villas and Townhouses: The Cloisters and Abitare.

Even if you don’t live in the heart of the village you can walk to Coconut Grove’s downtown district in about 20-30 minutes from any location in the Grove. I live in the South Grove and we try to walk or bike into town several times a week whether its on the weekends for breakfast or happy hour at Scotty’s.

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.

Important Sale In Center Coconut Grove

Riley Smith — Tue, 27 Sep 2011 14:33:17 +0000

I mentioned last week that there had not been a townhouse sale over $500,000 in Center Coconut Grove in the past 3 months. Thankfully, one just came across the wire on Gifford Lane for $517,500 with a price per square foot of $219.00. A $500,000+ sale will help with values in the Center Grove however we still have to get the price/square foot figures up this year before we can start to see an increase in prices. 3130 Gifford Lane offered 2,354 square feet of living space with 3 bedrooms, 2.5 baths and a pool. To view photos click here. The townhouse was listed by Ivory Cooks of Coldwell Banker.

Real Estate Market Update: Townhouses In Center Grove

Riley Smith — Wed, 21 Sep 2011 14:18:16 +0000

There have been approximately 11 townhouses sold in the Center Grove in the past 3 months. Depending on location, condition and age the sales have ranged from $260,000 (a short sale) all the way up to $475,000. I know many of the townhouse owners in Center Grove have been very frustrated about the state of the market and the loss in value since the boom and this segment has certainly been one of the slowest to recover.

In the past 3 months we have not seen a sale over $500,000 or $221.00 per square foot for any of the newer construction 3 bedroom townhouses. Last year there were almost 10 sales over $500,000 in the Center Grove with the highest “sale price per square foot” coming in at $311.00 for a townhouse on Peachy Street.

Just when it seemed that things were looking up for the Center Grove market it seems that the area has taken a step backwards. This is bad news for sellers but presents an opportunity for buyers to get in before the window closes.

To view a list of townhouses for sale in Center Grove please click here.

Low Inventory In The Cloisters, Coconut Grove

Riley Smith — Thu, 11 Aug 2011 13:40:54 +0000

With only 3 villas currently on the market in The Cloisters, the supply is the lowest I have seen in a very long time. There have been 3 sales so far this year and it is possible that all of the inventory could be gone by the end of 2011 if nothing new comes on the market. The most recent sale in The Cloisters occurred back in June; it was a beautiful bay-front unit which went for $2,600,000 (sold by Avatar).

To view villas in The Cloisters for sale, click here.

To view all villas in Coconut Grove, click here.

Land For Sale In Center and West Coconut Grove

Riley Smith — Mon, 01 Aug 2011 15:41:38 +0000

As you can see from the map above there are quite a few pieces of land available right now in the Center and West Grove. Many of these lots are zoned for duplexes (two townhouses can be built on one piece of land) which automatically gives the land a different value than those zoned for single family. List price differences depend mostly on whether or not they are zoned for a duplex, the location of the lot and how realistic the sellers are. There have only been 2 lots sold in the above area this year and they each went for under $10.00 per square foot.

I continue to tell my investors that land right now is at an all time low if you can buy it and hold onto it for awhile you will certainly see some appreciation in the years to come.

3556 Oak Avenue | 25,000 square foot lot | List Price: $900,000 ($36.00 per foot)
3167 Shipping Avenue | 7,500 square foot lot | List Price: $799,000 ($106.00 per foot)
3082 Gifford Lane | 7,500 square foot lot | List Price: $799,000 ($106.00 per foot)
3025 Elizabeth Street | 12,500 square foot lot | List Price: $299,000 ($23.00 per foot)
2834 West Trade Avenue | 6,000 square foot lot | List Price: $195,500 ($32.00 per foot)
3655 Florida Avenue | 5,000 square foot lot | List Price: $85,000 ($17.00 per foot)
3333 Frow Avenue | 5,000 square foot lot | List Price: $70,000 ($14.00 per foot)
3652 Percival Avenue | 5,000 square foot lot | List Price: $55,000 ($11.00 per foot)
3648 Oak Avenue | 5,000 square foot lot | List Price: $49,900 ($9.00 per foot)
3523 Day Avenue | 3,600 square foot lot | List Price: $49,000 ($13.00 per foot)
3474 Frow Avenue | 5,000 square foot lot | List Price: $36,800 ($7.00 per foot)

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.

Coconut Grove Townhouses Under $500,000 Are Selling!

Riley Smith — Mon, 16 May 2011 15:47:23 +0000

As I continue to review the numbers for tonight’s real estate talk, I am amazed at how well the $500,000 and under townhouses are selling in Center Coconut Grove. So far in 2011 there have been 20 townhouses in Center Grove sold under $500,000 and there are only 36 left on the market. Back in 2008 there was double that figure for sale in Center Grove. Demand is increasing and inventory is shrinking which is great news for sellers. Also, I do see some strength in the above $500,000 townhouse market coming as there have been some recent sales in this segment as well.

To view all townhouses for sale in Center Coconut Grove priced under $500,000 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.

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Townhouse In Coconut Grove – Just Listed!

Riley Smith — Mon, 04 Apr 2011 14:02:29 +0000

I just listed a townhouse in Center Coconut Grove that is a great buy. It is in excellent condition and offers many special features including tile and wood floors, french doors leading to two outdoor terraces, vaulted ceilings upstairs, 2 parking spaces, 3 year old roof, and plenty of storage. The townhouse is not a condominium so FHA financing is possible. It is a 2 bedroom, 2.5 bath with 1,500 square feet of living space. The townhouse is being offerred at $359,000.

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.

Coconut Grove Townhouses and Villas

Riley Smith — Wed, 09 Mar 2011 16:49:41 +0000

Coconut Grove consists of two different townhouse markets. First we have the center Grove townhouses where you can buy a new construction property somewhere between $400,000 and $600,000 (older townhouses for well below that). Second is the luxury townhouse market where prices start in the $600,000’s. The luxury townhouses in Coconut Grove are located east of South Bayshore Drive and are gated communities which offer pools, tennis courts and access to the Bay.

Below is a breakdown of what is currently on the market in these luxury townhouse communities:

Properties For Sale In L’Hermitage, Coconut Grove

Properties For Sale In The Cloisters, Coconut Grove

Properties For Sale In Abitare, 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 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.