The Real Estate Coconut

Condos In Grove Isle Have Remained Stable

rileysmith — Thu, 02 Sep 2010 16:25:23 +0000

If you are looking to invest in a condo where there is proven stability than look no further than Grove Isle. Over the past 5 years their sales numbers have remained strong.

Last year Grove Isle had a slight drop in the “sales price per square foot” figure but that number has already bounced back this year. With the market improving every day, I wouldn’t be surprised if we saw the number go back to 2006 – 2008 levels by next year

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. I can be reached on my cell phone anytime at 305.342.1623 or you can send me a message here.

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Unapproved Short Sale In The Cloisters Is Back On The Market

rileysmith — Wed, 01 Sep 2010 15:04:23 +0000

An unapproved short sale in The Cloisters came back on the market today at a new price of $1,000,000. To view photos and information click here. If you could get this unit for under $1,000,000 it would be the lowest priced sale all year.

Other 2010 sales in The Cloisters include:

Unit 1136 for $1,295,000
Unit 1033 for $1,475,000
Unit 414 for $1,400,000
Unit 102 for $1,198,500

I have handled many short sale transactions for my clients and know the ins and outs of the process. If you are interested in viewing this property or any others in Coconut Grove please don’t hesitate to contact me at 305.342.1623 or send me a message here.

3323 Devon Road Now For Rent

rileysmith — Wed, 01 Sep 2010 13:37:24 +0000

I wrote about the above house (located in the exclusive gated community of Hughes Cove) when it first came on the market back in April of 2009. The home was priced at $3,750,000 and was listed for sale for over a year before they decided to take it off the market. The owners have now decided to rent the property, asking price is $16,500 a month. Listing broker is One Sotheby’s.

If you want to live in an extremely private location with gated, manned security 24 hours a day then this may be the spot for you. There has not been a single sale or rental in Hughes Cove since 2008.

To view a list of all rental homes in Coconut Grove, click here.

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Coconut Grove, A Small Village In The Big City Of Miami

rileysmith — Tue, 31 Aug 2010 08:53:55 +0000

Coconut Grove has everything I could ever want for my family, a place to live that is close to the culture and energy of Miami while having the intimacy of a small village. Here are a few of my experiences over the past few days that demonstrate why we live in such a special community….

Friday was a particularly busy day and I was trying to wrap things up at the office in time to cook dinner before the Dolphins game. It was looking as if something was going to give….dinner or football. But at 6:00 pm I got a call from my neighbor Larry Kritcher (an excellent cook by the way) and said that he had plenty of extras for dinner if we wanted to join them. I had just enough time to head to Fresh Market grab a bottle of wine and get to the Kritcher’s house. We had a great meal, great conversation and finished just in time for kickoff. What more could I ask for?

On Saturday morning we went over to Coral Reef Yacht Club for a swim. Our friends (and past clients) happened to be at the pool with their 3 kids and we had a nice impromptu get together. As the day went on there were many other friends and families that passed through. It was good to catch up with everyone before the start of school.

On Sunday in the Grove I ran into some clients of mine who had just moved here from Ireland and it was great to hear that they were settling in, enjoying their children’s new school and all of the things that Miami has to offer.

My wife and I took a nice run through the South Grove after the rains passed late in the afternoon. The streets were quiet and for the first time there was a slight coolness in the air.

Yesterday I had a breakfast meeting (at Greenstreet) with Gordon Fales regarding a transition school I am hoping to open in the West Grove for adjudicated youth. Gordon is part of the Coconut Grove Collaborative which is a strong coalition of residents, organizations and community partners to restore and revitalize the West Grove. We had a great talk about my ideas and he gave me some good input as well as some good points of contact.

So there you have it, being a Coconut Grove resident is more than just an address. When you move to Coconut Grove you become a member of our tight knit community. Depending on what street you live on you may get invited to the Kritcher’s for dinner, Irivington Avenue’s outdoor Thanksgiving party, or a neighborhood bike parade through the North Grove.

Need A Home With A Guest House In Coconut Grove?

rileysmith — Mon, 30 Aug 2010 16:03:14 +0000

Many people are looking for a house with a detached guest house for in-law quarters, maid’s/nanny’s quarters, gym, office, storage, kid’s play room, dog house, yoga studio or writer’s retreat. A “guest house” can mean several different things especially here in Coconut Grove. Some are a 200 x 200 square enclosure while others have kitchens, vaulted ceilings and up to 2 or 3 bedrooms. I have even seen some properties where the guest house was nicer than the main house!

Here is a list of all homes for sale in Coconut Grove that come with a detached guest house/cottage, prices start at $399,000.

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.

Check Out Our New Look In Today’s Miami Herald

rileysmith — Sun, 29 Aug 2010 17:25:59 +0000

Neighbor’s Section, Miami Herald

A Lack Of “Move-In” Ready Homes In Coconut Grove

rileysmith — Fri, 27 Aug 2010 14:29:19 +0000

I talk to other realtors all day long about activity in the area and the market in general. It is a good way to get a sense of what is happening outside of my own personal business and aside from what the numbers may show. Many of them, including myself are concerned about the inventory that is currently available in Coconut Grove. While there are over 200 single family homes for sale the general feeling is that there are not enough “move in ready” homes on the market.

Why you ask? In my opinion, buyers who purchased a home in the last 5 to 6 years are more likely to have made renovations and own a ”newer” home than those who bought 10+ years ago. However, these are the same people who bought at the height of the market and are currently under-water (their mortgage is higher than the current value) and cannot afford to sell.

With demand high, the market for move-in ready homes in Coconut Grove is one of the strongest we have.

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Villa De Garmo Sells For $2,737,500

rileysmith — Thu, 26 Aug 2010 16:55:12 +0000

Keeping you up to date on the luxury market, Villa De Garmo closed recently for $2,737,500. This makes it the 4th home to sell over $2,000,000 all year. It is also the highest priced non-waterfront home to sell in 2010. Details of the home included 7,761 square feet of living space, 6 bedrooms, 6 baths, 19,770 square foot lot, new pool and incredible lushly landscaped grounds. Broker was Coldwell Banker.

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.

The Ultimate Guide To Coconut Grove Real Estate

rileysmith — Wed, 25 Aug 2010 13:58:31 +0000

There are 216 single family homes currently on the market in Coconut Grove. This number is slightly down from a year ago when we had 230 single family homes on the market.

Here is a breakdown of the single family homes for sale in Coconut Grove:

28 single family homes listed above $2,000,000
61 single family homes listed between $1,000,000 and $2,000,000
127 single family homes listed under $1,000,000 (58 of these are in the West Grove)

There are 48 single family homes currently under contract:

1 is listed above $2,000,000
9 are listed between $1,000,000 – $2,000,000
38 are listed below $1,000,000
21 of the pending sales are short sales
6 of the pending sales are foreclosures (majority of these are in the West Grove)

There have been 85 single family homes sold in 2010:

4 sales are above $2,000,000
16 sales are between $1,000,000 and $2,000,000
65 sales are below $1,000,000

In my opinion, we are seeing an increase in prices for certain segments of the Coconut Grove market (specifically, move-in ready houses). Inventory levels remain relatively high which means that some buyers will continue to drag their feet as they search for the “perfect” house.

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Need Dock Space? Check Out Coconut Grove’s Waterfront Homes

rileysmith — Tue, 24 Aug 2010 14:03:41 +0000

What better place to park that sport fisherman than right outside your own home. Coconut Grove’s waterfront homes offer breathtaking views of Biscayne Bay and Key Biscayne but some buyers are not only interested in the views, they also need a home with plenty of water frontage to dock their boat.

Current Waterfront Homes For Sale In Coconut Grove

As of today, there are 17 waterfront homes for sale in Coconut Grove. The water frontage of these homes varies from 50′ to 500′. The least expensive property is priced at $1,995,000 (20,000 square foot lot basically selling for land value). Click here to view all of the waterfront homes for sale in Coconut Grove.

2010 Waterfront Homes Sold In Coconut Grove

This year there have been 3 waterfront homes to sell. The first was located at 1910 South Bayshore Lane and sold for $6,750,000. The second was located at 3581 Crystal View Court (Carlos Boozer’s former house) and sold for $5,500,000. The final one sold for 3528 Bayshore Villas Drive sold for $3,400,000. The average selling price per square foot of these homes was $651.00 per square foot.

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