There are many different ways to look at real estate data and market statistics. One of my favorite reports is the break down of active listings, pending and closed sales by price point. I think its important to keep an eye on the shifts between supply and demand by segment. As you can see from this week’s charts below, there is far more inventory in the $1,000,000+ price point than the below $1,000,0000 price point. However, the $1,000,0000 and below segment is where we have the most pending sales (which is where the demand is). Closed sales have been relatively quiet over the past 2 weeks with just 4 total single-family transactions in Coconut Grove.

_____________________________________

Riley Smith has been the #1 Top Producing Coconut Grove Realtor for over 8 years and knows the market inside and out.  If you would like to buy or sell real estate in Coconut Grove, please contact us at 305-342-1623 or send us a message here.

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 information regarding the Coconut Grove Gated Communities, Coconut Grove Waterfront Homes, Coconut Grove Townhouses, Coconut Grove Condos plus much more.

There have been a few Center Grove townhouses sold so far in 2017 which is providing us with a good idea on where values are headed in this market over the next few months. The numbers show that townhouses built between 2000 and 2010 will garner well over $300/square foot. The newer and more updated townhouses on good streets will see prices closer to $350/square foot. Check out the recent sales below:

1. 2926 Virginia Street | Just Sold By The Riley Smith Group | Built in 2001 | 3 bedrooms, 2.5 baths | 2,170 square feet of living area | Sale Price: $697,000 | Sale Price/Square Foot: $321.00
2. 3069 Gifford Lane | Built in 2006 | 3 bedrooms, 2 baths | 2,221 square feet of living area | Sale Price: $765,000 | Sale Price/Square Foot: $344.00
3. 3225 Gifford Lane | Built in 2006 | 3 bedrooms, 2.5 baths | 1,719 square feet of living area | Sale Price: $575,000 | Sale Price/Square Foot: $334.00

_____________________________________

Riley Smith has been the #1 Top Producing Coconut Grove Realtor for over 8 years and knows the market inside and out.  If you would like to buy or sell real estate in Coconut Grove, please contact us at 305-342-1623 or send us a message here.

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 information regarding the Coconut Grove Gated Communities, Coconut Grove Waterfront Homes, Coconut Grove Townhouses, Coconut Grove Condos plus much more.

I like to keep my blog readers appraised of any sales that have an impact on property values. This week, the home at 3865 Poinciana Avenue closed for $855,000 which is $541.00/square foot. This is a great comparable for homes in the South Grove priced under $1,000,000.

Details of 3865 Poinciana Avenue:

• 3 bedrooms, 2 baths
• 1,578 square feet of living area
• 6,008 square foot lot
• No Pool
• Built in 1959

_____________________________________

Riley Smith has been the #1 Top Producing Coconut Grove Realtor for over 8 years and knows the market inside and out.  If you would like to buy or sell real estate in Coconut Grove, please contact us at 305-342-1623 or send us a message here.

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 information regarding the Coconut Grove Gated Communities, Coconut Grove Waterfront Homes, Coconut Grove Townhouses, Coconut Grove Condos plus much more.

We have just completed the professional photos of our new listing located at 3894 Main Highway. It will be hitting the market in the next few days but I wanted to give my blog readers the first look. Situated on the corner of Bougainvillea Road and Main Highway in the South Grove, this charming home is completely turn-key ready with a renovated kitchen and baths, new roof, impact windows, a covered terrace perfect for entertaining and features 3 bedrooms, 2 baths. We will be listing the home under $1,000,000, contact us at 305-342-1623 for exact price and more details.

_____________________________________

Riley Smith has been the #1 Top Producing Coconut Grove Realtor for over 8 years and knows the market inside and out.  If you would like to buy or sell real estate in Coconut Grove, please contact us at 305-342-1623 or send us a message here.

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 information regarding the Coconut Grove Gated Communities, Coconut Grove Waterfront Homes, Coconut Grove Townhouses, Coconut Grove Condos plus much more.

Right now there are 6 homes in Coconut Grove that are non-waterfront and priced over $5,000,000.  Sellers asking these kind of prices for non-waterfront homes is a relatively new trend in the Grove. There are some markets which have commanded such high prices for non-waterfront homes but it will be interesting to see if these numbers hold up in the Grove. There has not been a non-waterfront home sold over $5,000,000 in Coconut Grove’s history.

The Top 3 Highest Priced Non-Waterfront Homes For Sale In Coconut Grove:

1. 4100 Kiaora Street | List Price: $11,900,000 | 6 bedrooms, 7 baths | 9,323 square feet of living area | 47,705 square foot lot
2. 4020 Kiaora Street | List Price: $10,900,000 | 8 bedrooms, 9 baths | 11,611 square feet of living area | 36,652 square foot lot
3. 1641 South Bayshore Drive | List Price: $9,750,000 | 6 bedrooms, 6 baths | 9,165 square feet of living area | 30,375 square foot lot

The Top 3 Highest Priced Non-Waterfront Sales (all-time) In Coconut Grove:

1. 3505 South Moorings Way | Sale Price: $4,770,000 | 7 bedrooms, 7 baths | 9,481 square feet of living area | 25,000 square foot lot | Closing date: 2/16/16
2. 3410 Poinciana Avenue | Sale Price: $4,500,000 | 8 bedrooms, 7 baths | 11,243 square feet of living area | 35,561 square foot lot | Closing date: 12/7/15
3. 3843 Little Avenue | Sale Price: $4,225,000 | 5 bedrooms, 7 baths | 8,488 square feet of living area | 26,500 square foot lot | Closing date: 6/12/14

_____________________________________

Riley Smith has been the #1 Top Producing Coconut Grove Realtor for over 8 years and knows the market inside and out.  If you would like to buy or sell real estate in Coconut Grove, please contact us at 305-342-1623 or send us a message here.

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 information regarding the Coconut Grove Gated Communities, Coconut Grove Waterfront Homes, Coconut Grove Townhouses, Coconut Grove Condos plus much more.

Our office has sensed a definite shift in the Coconut Grove real estate market since January 1st. We have been going non-stop with showing requests for our properties, negotiating deals, buyers meetings and listing appointments. I believe that everyone who was sitting on the sidelines in 2016 has finally decided that it’s time to make a move.  In addition, there have been 22 new single-family listings to come on the market over the past 20 days which has helped re-ignite interest in buyers.

We recently listed the property at 3645 Battersea Road in South Coconut Grove and placed it under contract just 5 days later. This was a turn-key ready home that offered 3 bedrooms, 3 baths (+ den), pool, 2,787 square feet of living area on a 10,500 square foot lot. The home was listed for $1,425,000.  This is the perfect example of the type of property that is moving quickly in today’s market – it was move-in ready, had a pool, impact windows and was listed under $1,500,000.

There have been 8 single-family homes to go under contract so far in January, I would love to see that momentum continue through the rest of the winter.

Click here to view all homes for sale in Coconut Grove, data is updated in real-time!

_____________________________________

Riley Smith has been the #1 Top Producing Coconut Grove Realtor for over 8 years and knows the market inside and out.  If you would like to buy or sell real estate in Coconut Grove, please contact us at 305-342-1623 or send us a message here.

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 information regarding the Coconut Grove Gated Communities, Coconut Grove Waterfront Homes, Coconut Grove Townhouses, Coconut Grove Condos plus much more.

Last week we were honored to receive the award for “Small Business Of The Year” by the Coconut Grove Chamber Of Commerce at the Annual Golden Coconut Awards.  I am thankful to be surrounded by such a wonderful team of staff and agents who work tirelessly every day to deliver excellent results and customer service. We are proud to be a part of this incredible community and look forward to helping the residents of Coconut Grove with their real estate needs for many years to come.

The first single-family home to close in 2017 has just come across the wire. 4149 Bonita Avenue was an Alfred Browning Parker home built in 1948. The home offered 3 bedrooms, 2 baths with 1,885 square feet of living area on an 8,475 square foot lot. The property was on the market for years as a single-family home and a rental. It was listed for $659,000 and closed for $640,000 or $339.00/square foot.

Market Note: During 2016, single-family homes priced under $1,000,000 accounted for approximately 50% of the sales, however these homes comprise just 26% of the active listings. This data tells us that the demand for this segment of the market far exceeds the supply.

View all properties listed for sale under $1,000,000 in Coconut Grove here.

_____________________________________

Riley Smith has been the #1 Top Producing Coconut Grove Realtor for over 7 years and knows the market inside and out.  If you would like to buy or sell real estate in Coconut Grove, please contact us at 305-342-1623 or send us a message here.

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 information regarding the Coconut Grove Gated Communities, Coconut Grove Waterfront Homes, Coconut Grove Townhouses, Coconut Grove Condos plus much more.

Over the past week we have all been bombarded on social media with images from the huge winter storm that swept across the country. Zero degree temperatures and white out conditions have been the norm.  But for those of us living in Miami, we have had some of the best weather we’ve seen all year. The skies are deep blue, zero humidity and highs are in the upper 60’s which is still still shorts and flip-flop weather if you ask me.  My family and I spent as much time outside as we possibly could over the weekend walking and biking all over the Grove, I even got in 9 holes of golf with my daughter. It’s no wonder that real estate seems to be picking up, if I lived in New York right now and was sloshing through the muddy, icy streets I’m pretty sure that I’d hop on a plane to sunny South Florida as fast as possible.

The photo above was our view on Saturday morning from Greenstreet, as you can see it was a picture perfect day.

So to all of the Northerners who are stuck inside reading this blog…..come on down to Coconut Grove, where the only thing falling from the sky is COCONUTS.

_______________________________________________

Looking for a new home in the New Year? Browse a complete list of Coconut Grove homes for sale here.

Riley Smith has been the #1 Top Producing Coconut Grove Realtor for over 7 years and knows the market inside and out.  If you would like to buy or sell real estate in Coconut Grove, please contact us at 305-342-1623 or send us a message here.

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 information regarding the Coconut Grove Gated Communities, Coconut Grove Waterfront Homes, Coconut Grove Townhouses, Coconut Grove Condos plus much more.

Happy New Year! The last few sales have come across the wire for 2016 and I wanted to give you a market recap for the year as we head into 2017. Overall we saw prices remain fairly stable between 2015 and 2016. Both years pulled in an average “sale price/square foot” figure of approximately $455.00 which is a very good number.  The average sale price fell slightly in 2016 to $1,417,000 (down from $1,548,000 in 2015).

The largest and most significant shift in the Coconut Grove real estate market during 2016 was a drop in the number of total sales and total volume sold. As you can see from the charts below, there were just 133 single family homes sold in 2016 which is down 18% from 2015.  There was a total volume sold in 2016 of $167,220,348 which is down 37% from 2015. The large decrease in volume is a result of fewer ultra-luxury sales. I believe that there were several factors which triggered the slowdown in 2016. The first was pre & post election anxiety. The second was sticker shock (there has been an 11% increase in prices since 2014). The third reason was the strong US dollar which drastically reduced the number of foreign buyers.

A few other interesting things if you are keeping track of the Grove market are that 50% of homes which sold in 2016 were reduced prior to going under contract. In addition, homes in 2016 sold nearly 15% off of their original list price, and 7% off of their final list price. 

The good news is that we are seeing a definite pickup in the amount of buyers around town and I sense a positive shift in the market. I am much more optimistic about 2017 than I was about 2016. Stay tuned to the blog for market updates, new listings and significant sales in the year ahead!

Looking for a new home in the New Year? Browse a complete list of Coconut Grove homes for sale here.

_______________________________________________

Riley Smith has been the #1 Top Producing Coconut Grove Realtor for over 7 years and knows the market inside and out.  If you would like to buy or sell real estate in Coconut Grove, please contact us at 305-342-1623 or send us a message here.

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 information regarding the Coconut Grove Gated Communities, Coconut Grove Waterfront Homes, Coconut Grove Townhouses, Coconut Grove Condos plus much more.