The Real Estate Coconut

New Inventory In North Coconut Grove!

Riley Smith — Thu, 09 Feb 2012 14:53:28 +0000

Over the past week or so there have been several new homes to come on the MLS in the North Grove. Most are priced between $1,000,000 and $2,000,000 which is a very active price point right now. Seven of my listings are in this price range and we are getting flooded with showing requests for them.

If you read my 2011 Coconut Grove Real Estate In Review you know that the North Grove was far behind the South Grove in the number of sales as well as volume. It looks like with all of these new homes hitting the market, the North Grove may catch up to the South Grove in 2012.

To keep you updated with the new inventory in the North Grove, here is a recap.

I am a Coconut Grove real estate specialist. I have sold the most number of homes in Coconut Grove in 2010 and 2011 than any other agent in town. If you would like to schedule a buyer or seller consultation with me, please feel free to contact me on my cell at 305-342-1623.

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.

Another Contemporary Residence Goes Up In Coconut Grove

Riley Smith — Wed, 08 Feb 2012 23:16:24 +0000

Check out these stunning renderings provided to me today by Max Strang Architecture. This contemporary house is going up at 2838 Brickell Avenue in the North Grove. I sold the 35,000 square foot lot for $1,500,000 to the current owners who wanted to build their dream home.

If you follow my blog you know that Strang Architecture has designed several contemporary homes here in Coconut Grove including Max Strang’s previous residence on Douglas Road, as well as the house that I wrote about a few weeks ago on Irvington Avenue.

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.

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.

Consumer Confidence Is Up In Coconut Grove!

Riley Smith — Mon, 06 Feb 2012 13:16:30 +0000

There is less fear in the marketplace than I have seen in a long time. As I am out and about in the Grove talking to buyers it is very clear that people believe now is the time to buy and there is an exciting buzz in the air. On Friday night I was at Coral Reef Yacht Club talking to some buyers of mine who purchased a home in the North Grove and they are now looking for investment opportunities here. I am currently working with clients from the northeast who are investing in properties in the West Grove. I have another client who just purchased land in North Coconut Grove to build their dream home. The list goes on and on. These are not the types of transactions you typically see in a market that is full of fear.

If you are one of the few hesitant buyers out there, here are some charts that might help ease your concerns.

First is a chart that I show frequently on my blog; the ROI for the Dow, S&P, NASDAQ and Real Estate over the past 11 years. You can see that real estate was by far the best investment during that time.

Next is a graph showing the unemployment numbers by state compared to where they were at the height of the recession. Unemployment is decreasing and so is the fear that people will lose their job. This is just another factor that is boosting consumer confidence as well as the real estate market here in South Florida.

Finally I have provided you with the latest edition of a Home Price Expectation Survey taken from over 100 economists across the country. In 2012 they are expecting about -.18 depreciation but over the next 5 years we should get back to the historic norm of 3% annual appreciation. Never has “normal” sounded so good.

Although Coconut Grove had a slow start to the year in terms of actual closed sales in January, I can tell you that there are 39 single family homes under contract right now in Coconut Grove totaling $29,000,000 in sales. 17 of these homes went pending in January. Buyers are out there, and they are ready to buy!

Coming Monday…New Listing In North Coconut Grove

Riley Smith — Fri, 03 Feb 2012 17:16:29 +0000

I wanted to give my blog readers a heads up on my new listing which will hit the MLS on Monday. You will fall in love with this house from the minute you step inside. It is a completely renovated Old Spanish home that has been finished to perfection with high ceilings, impact windows and top of the line appliances. The home is located on Coacoochee Street in North Coconut Grove and offers 4,271 square feet of living space (per appraisal) on a 12,800 square foot lot with 4 bedrooms, 3.5 baths. It is being offered at a list price of $1,650,000. View more photos of this spectacular home here.

If you would like to schedule a time to view this property please contact me at 305-342-1623 or send me a note here.

Two Coconut Grove Foreclosures Officially Go Under Contract

Riley Smith — Thu, 02 Feb 2012 14:35:50 +0000

The two foreclosures that I wrote about a few weeks ago (here) have officially been pended on the MLS. This means that the bank has chosen the best and final offer on the properties and they should be set to close in a matter of weeks barring no inspection issues. The homes were located at 3830 Frantz Road listed for $370,000 and 4288 Douglas Road listed for $1,299,000. Both of these were great deals for the buyers and I am anxious to see what price they ended up trading for. Stay tuned….

California Inspired Waterfront Home In Coconut Grove

Riley Smith — Wed, 01 Feb 2012 19:03:29 +0000

The home located at 3825 Bayside Court (in the gated community of Four Way Lodge Estates) came on the market recently at a list price of $5,985,000. I love the California style of this home with the wood, multi-levels and expansive windows. It offers dock space directly behind the home as well as its own protected boat slip in a side basin. 5,908 square feet of living area on a 13,182 square foot lot. It is listed by Chris Crystal of Miami Real Estate Company.

This is currently the least expensive direct waterfront home on the market. Check out the spreadsheet below which shows all of the waterfront homes for sale in Coconut Grove.

Address	List Price	Sq. Ft.	Sq. Ft. Lot	View
3187 ROYAL RD	$16,500,000	4,015	70,534	Direct Water View
3501 ANCHORAGE	$8,350,000	10,832	15,386	Direct Water View
1872 S BAYSHORE	$6,950,000	8,759	13,561	Direct Water View
3575 BATTERSEA	$6,500,000	10,982	39,000	Direct Water View
3825 BAYSIDE CT	$5,985,000	5,098	13,182	Direct Water View
3635 STEWART AV	$4,999,000	5,958	24,960	Canal
3618 MATHESON	$2,975,000	6,500	18,480	Canal
1840 S BAYSHORE	$2,498,000	6,304	20,000	Canal
3591 STEWART AV	$2,249,000	2,369	16,640	Canal

3811 Wood Avenue – Great Value In Coconut Grove Gated Community

Riley Smith — Tue, 31 Jan 2012 15:34:21 +0000

My listing located at 3811 Wood Avenue in Ye Little Wood is one of the best values in a Coconut Grove gated community. Take a look at the spreadsheet below which shows the “price per square foot” figures for all homes in gated communities in the Grove. The house is completely updated with impact windows and doors, a beautiful patio and pool area, upstairs master suite, full guest suite with kitchen as well as a separate maid’s quarters. The home offers 6 bedrooms, 6 full baths, 2 half baths with 7,286 square feet of living space on a 19,500 square foot lot. List price is $2,000,000. View more photos of 3811 Wood Avenue here.

We are holding a Brokers Open house at the home tomorrow (Wednesday, February 1st) from 12:00 to 2:00. Any interested buyers are welcome!

Not Always Sunshine And Rainbows In Coconut Grove Real Estate

Riley Smith — Mon, 30 Jan 2012 15:42:02 +0000

If you read my blog you know that I do my best to “tell it like it is” whether the news is good or bad. The real estate market in 2011 was fantastic but things haven’t always been nor will they always be sunshine and rainbows. In fact, this month was pretty disasterous with just 2 single family homes sold in the Grove. This figure is down from 6 sales in January of 2011 and 10 sales in January of 2010. *The above figures represent north and south Grove and exclude west Grove.

One explanation for the low number of sales could be the lack of inventory we have had in the Grove for the past few months, we are down significantly from previous years. Another reason could be that many short sales went under contract in November and December. Had these been typical sales, they would have closed in January but since they are short sales they will not likely close for several more months.

The good news is that in just the past few weeks there has been an influx of new properties on the market in Coconut Grove. I am confident that things will pick up over the next several months but I am wary that as we get closer to the presidential election the market may see another slowdown. As we have seen in the past, buyers tend to get nervous when the future is uncertain.

As always, I will keep you posted.

Construction Continues In Coconut Grove Via @StrangArchitect

Riley Smith — Fri, 27 Jan 2012 17:38:56 +0000

Just saw this on Twitter and thought I would share it with you. Strang Architecture is designing an incredible house in South Coconut Grove.

You can follow Max Strang and his team @StrangArchitect and @TropicalModern.

Follow me @RileySmithGroup.