Join us this Tuesday, October 29th at 7:00 pm for a presentation by Top Producer Riley Smith on the state of the Coconut Grove Real Estate market. He will cover recent trends, record breaking sales and give his opinion on where the Coconut Grove real estate market is headed in the coming months and years.

Here are a few teasers….

• The $1,000,000 – $2,000,000 price range now makes up 50% of our closed sales. The figure was 35% just 5 years ago!
• The highest sale price in 2019 for a single-family home was located at 3811 Bayside Court and it closed for $9,000,000.
• The number of land sales in Coconut Grove has dropped from 28 in 2018, to just 15 in 2019.

If you are interested in learning more facts like this plus MUCH more please join us for our annual Coconut Grove Real Estate Talk.

When: Tuesday, October 29th at 7:00 pm

Where: Greenstreet Cafe | 3468 Main Highway, Coconut Grove

Who: Anyone interested in buying or selling real estate in Coconut Grove is welcome to attend. This is a free event, but please come early as seating is limited.

The square footage of a house is one of the most important factors that Realtors use when valuing property. Here in Miami, we find that there is a lot of confusion between the different types of square footage – Adjusted, Living, Total, Building. To make things more complicated, occasionally the tax rolls do not accurately reflect the real square footage of a property. This can happen when a homeowner completes an addition to the home and the city has not yet updated their records. Therefore, it is important that agents and consumers educate themselves on the different figures, how to calculate them and how to properly use them.

DEFINITION OF SQUARE FOOTAGE NUMBERS USED ON THE MLS:

1. Adjusted Square Feet = Square Feet of Living Area + 1/3 of the SF for all covered patios/porches + 1/2 of the garage SF. This is the standard number that realtors use when valuing a home and calculating “Sale Price/Square Foot”. 
2. Living Area Square Feet = Total finished living area (with AC) Not to include open porches, balconies, terraces carports or garages. This should be the lowest number of the 3.
3. Total Area Square Feet = The sum total of all measured areas including living area, covered porches, covered patios, carports & garages. This should be the highest number of the 3.

DEFINITION OF SQUARE FOOTAGE NUMBERS USED ON TAX ROLLS:

1. Adjusted Square Feet = Square Feet of Living Area + 1/3 of the SF for all covered patios/porches + 1/2 of the garage SF.
2. Building Sq. Ft. = Total finished living area (with AC) Not to include open porches, balconies, terraces carports or garages.
3. Total Sq. Ft. =The sum total of all measured areas including living area, covered porches, covered patios, carports & garages.

To protect the public, most reputable brokers are not allowed to put a different square footage number on the MLS than exists on the tax rolls unless there is an appraiser’s sketch and and a letter from an architect that verifies the new number. If this rule were not in place, realtors would be free to put whatever square footage number they wanted on the listing, which could make their property look more appealing to buyers.  When buying a property, it is essential that you compare the tax roll numbers to the MLS figures in order to make sure you are not being mislead by the size of the home. If you see a discrepancy, ask for documentation of the difference.

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Riley Smith has been the #1 Top Producing Coconut Grove Realtor for over 10 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.

Bay Heights is located in the northernmost section of Coconut Grove. It has some unique characteristics that make it different from other Grove neighborhoods, for example, there are sidewalks on every street and there is an association that pays for a full-time driving security guard.

In years past, Bay Heights has sold at a discount compared to the rest of the Grove due to the fact that many of the homes were older and had not been renovated. Recently, the neighborhood has become more desirable because buyers are looking for properties with a shorter commute to work (Bay Heights is located just minutes to downtown Miami/Brickell, and bypasses all of the morning/evening traffic on Main Highway and South Bayshore Drive). Investors have noticed this opportunity and have been buying up homes, renovating and flipping them. This has certainly helped to raise values in the neighborhood over the years.

A few things you may not know about the Bay Heights real estate market:

• The highest sale price on record in Bay Heights was located at 58 Bay Heights Drive and closed for $2,500,000 ($531.00/square foot).
• There are currently 11 homes on the market for sale, but there has been just 1 closed sale this year (also 1 current pending sale). View homes for sale in Bay Heights here.
• In 2017, there were a total of 11 closed sales at an average of $393.00/square foot.

Bay Heights Real Estate Market

Right now we are seeing supply and demand out of balance with each other. There are 11 homes on the market and just 1 sold in 2018 (there have been 58 closed sales in the rest of the Grove). This could have to do with the fact that prices are out of line with what buyers are willing to pay for the area. As you can see below, the average “List Price/Square Foot” is close to $500.00/sf, however, we are seeing buyers act only on the homes that are listed for much lower than that.  The home that closed this year was listed for $362.00/square foot and closed for $348.00/square foot (there is currently one home under contract which is listed for $388.00/square foot).

We are seeing a similar trend throughout the Grove, where the inventory is outpacing the pending sales. As sellers adjust their pricing, I believe we will see the number of transactions start to creep up.

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Riley Smith has been the #1 Top Producing Coconut Grove Realtor for over 9 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

As a Coconut Grove native and resident, I am extremely passionate about this community and am honored and humbled to have so many Grovites trust my team with the purchase and sale of their home. We pride ourselves on being honest and always act in the best interest of our clients.  If you are considering selling please reach out to us today to learn about how we can get your Coconut Grove home sold quickly and for the highest price possible.

Recent Coconut Grove Homes Sold By The Riley Smith Group

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Riley Smith has been the #1 Top Producing Coconut Grove Realtor for over 9 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 few months we have seen inventory skyrocket to an all-time high in Coconut Grove, there are currently 163 homes for sale (77 for sale in the North Grove, 86 for sale in the South Grove). To make matters worse, buyers seem to have less urgency to pull the trigger. With so many choices, they are taking their time and seem to be waiting for sellers to adjust their pricing. In fact, of the 51 homes that have closed this year in Coconut Grove, 31 had price reductions prior to going under contract.

Take for example our listing located at 3740 Irvington Avenue. We began with a list price of $1,399,000 and had multiple showings a week, but no offers.  Once we reduced the price to a number that got buyers excited ($1,299,000) it went under contract shortly thereafter.  The same thing happened last week with our listing at 4180 Poinciana Avenue, we had showings almost every day without any offers. Our sellers didn’t want to test the market anymore and made a significant price reduction from $1,450,000 to $1,250,000. This produced an offer almost immediately.

So although we are in a tough market right now with an unprecedented amount of homes for sale, if you are priced right buyers will take notice and act accordingly.

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Riley Smith has been the #1 Top Producing Coconut Grove Realtor for over 9 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.

If you are looking for a great value in Coconut Grove, look no further than our listing at 4011 Malaga Avenue. Our motivated sellers have just reduced the price of their home to $890,000 or $291.00/square foot. This is currently the lowest “list price/square foot” for a single-family home in South Coconut Grove.

The walled and gated entrance opens to a professionally landscaped lush tropical garden with winding brick pathways & terraces. It offers light-filled living spaces with large living and dining rooms as well as a white kitchen with island and breakfast room overlooking the pool. The expansive family room has white wood vaulted ceilings. The layout consists of 2 bedrooms, 2 bathrooms + den downstairs, and a very private upstairs master suite. Close to the village center and bayfront parks & marinas.

Details of 4011 Malaga Avenue:

• 3 Bedrooms + Den, 3 Baths
• 3,051 Square Feet of Living Area
• 6,000 Square Foot Lot
• NEW PRICE: $890,000

If you would like to schedule a showing of this home, please reach out to us at 305-215-0871 or 305-960-5318.

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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.

When I sat down with the sellers of 3637 Royal Palm Avenue and discussed listing their home, one of the questions they asked was “What improvements can we make to the house to get it sold fast and for the highest price?”.  This simple question was music to my ears!! So often sellers don’t want to do anything to their house when it comes time to sell no matter how much I plead or promise that it will be to their benefit. Buyers these days are looking for turn-key ready homes in excellent condition, and if you can deliver that product you are way ahead of the game.

I walked through 3637 Royal Palm Avenue with the sellers and gave my opinion on what updates they could make which included some drywall work, refinishing/painting the kitchen cabinets (also extending the upper cabinets all the way to the ceiling), painting the interior of the house white and removing some decorative columns. After the work was done I sent my stager Marisa Salas of Showhomes Miami over to the house to add new furniture and artwork.

When I was invited back after everything was finished I was truly blown away. This was a completely different house, it was bright, fresh and modern. We ended up selling the house BEFORE it went on the market at a price of $1,775,000. MISSION ACCOMPLISHED!

Details of 3637 Royal Palm Avenue:

• 4 Bedrooms, 3.5 Baths
• 3,663 Square Feet Of Living Area
• 7,000 Square Foot Lot

Check out the before and after photos below and I think you will agree that this was money well spent.

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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 were honored that Curbed.com featured our listing at 3525 Royal Palm Avenue this week. It was perfect timing because we also just reduced the price to $4,750,000.  Designed by acclaimed architect, Charles Treister, the attention to detail and quality of finishes of this home is unsurpassed by any new construction property on the market today. Completed in 2017, the home offers 7 bedrooms, 8.5 baths with  5,746 square feet of living area on a 10,500 square foot lot.  It is ideally located just steps from the Commodore Bike Path on Main Highway, Ransom Everglades High School and Carrollton School Of The Sacred Heart, and within walking distance to the Grove Village Center.

Some of the special features of 3525 Royal Palm Avenue include:

• Italian kitchen by Tizzoni Cucine with Calacatta Oro marble countertops
• Sub-Zero and Wolf appliances
• Green and smart home technologies
• Italian porcelain tile
• 900 bottle wine cellar
• Gas heated salt water pool with 12 foot waterfall
• Outdoor kitchen
• Built in gas firepit
• Poolside cabana bath
• 2 car air-conditioned garage

Click here to read the write-up on Curbed.com!

Contact our office today at 305-960-5318 or at Riley@RileySmithGroup.com, to schedule a private showing of this spectacular home.

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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.

If you are a seller and frustrated that your home isn’t selling it may be comforting to hear that you aren’t alone. The Miami real estate market is experiencing some delayed effects from Hurricane Irma which include fewer pending sales and fewer new homes on the market.

The below charts show the comparison in pending sales between 2016 and 2017 for September, October and November in Coconut Grove. As you can see, the number of pending sales for the past 3 months has been significantly lower this year since Hurricane Irma made landfall on September 10th. Although the hurricane took just 24 hours to pass through Miami, the fallout has lasted for much longer. I believe that those who were gung-ho about buying in the fall got side-tracked, and are just now starting up their home searches again.

Another factor that has contributed to fewer pending sales is fewer new homes on the market.  With less new inventory, it is natural for there to be less activity.

I strongly believe that the market will continue to be a little sluggish until the end of December. Looking forward to things picking up in the New Year! Stay tuned to the blog for important market updates and new trends!

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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.

Despite all of the talk about new construction homes dominating the Coconut Grove market, it is important to keep in mind that there are still many buyers out there who are looking for older style “Grovey” homes.  In fact, of the 170 homes that have sold this year, just 21 of them were new construction (12%). I would say that is also the same ratio of new construction homes to older homes that currently exist in the Grove today.

One of the reasons I love the Grove so much is because of its diversity, you can find a fantastic modern showpiece right next to a tiny shipbuilder’s cottage. I believe right now we have a good distribution of many architectural styles in the Grove and hope it stays that way.

Below is a sample of some early 1900’s Coconut Grove homes that have SOLD in the past 365 days:

SOLD | 3500 SOUTH MOORINGS WAY | BUILT IN 1926

SOLD | 3635 ST. GAUDENS ROAD | BUILT IN 1924

SOLD | 3670 HIBISCUS STREET | BUILT IN 1922

SOLD | 3720 POINCIANA AVENUE | BUILT IN 1937

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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.