Category Archive for ‘New Construction In Coconut Grove’

The Miami Herald reported this morning that the 5 acre waterfront property on South Bayshore Drive has been sold to developer Terra Group.  Plans are for 200 units in towers that won’t be higher than 20 stories.  Rumors have been swirling over the past few years about the sale of this property and as little as 6 months ago Coconut Grove Bank made a statement that the land was not for sale.  The firm Terra Group is also building the luxury condo project Grove at Grand Bay just a few blocks north.

“We felt this is one of the best sites that could be developed in Miami-Dade County,’’ said Pedro Martin, a Miami lawyer who runs owns and runs Terra with his son, David.

In my opinion it is great news for Coconut Grove.  I have no doubt that once completed these new high end condo projects along South Bayshore Drive will boost values in all segments of our Grove market.

Coconut Grove bank will remain on the site but will have a new location on the property closer to the street.

For more information on the sale of the Coconut Grove Bank property, read Douglas Hanks article in Miami Herald here.

I am a Coconut Grove real estate specialist. Over the past 3 years, I have earned the distinction of selling the most number of homes in Coconut Grove. If you would like to schedule a buyer or seller meeting with me, please feel free to call me directly at 305-342-1623 or send me a note 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 upcoming Grove at Grand Bay new construction project, Coconut Grove’s gated communities, waterfront homes, villas, townhouses, foreclosures plus much more.

Don’t Miss Today’s News From Our Other Real Estate Blogs:

http://BrickellCondoBlog.com

http://CoralGablesRealEstateVault.com

I snapped this picture yesterday as crews began the demolition process of the old Grand Bay Hotel.  Those who were hoping for a big explosion will be disappointed.  The developers have decided out of consideration for its neighbors they will dismantle the old hotel piece by piece with a wrecking ball.

This is the first major step towards construction of the new Grove at Grand Bay luxury condo project.  I was over at the sales center earlier this week with a client of mine and have good news to report on the progress.   Since they began executing contracts a few weeks ago, they have had no cancellations.  This indicates that the buyers have confidence in the project and are committed to moving forward.  The buzz around town is that the Grove at Grand Bay will be a huge success.

As of today, there are only a few units left in the North Tower.  If you are interested in learning more about the Grove at Grand Bay condo and would like to schedule a private meeting, please contact me at 305-342-1623.

I am a Coconut Grove real estate specialist.  Over the past 3 years, I have earned the distinction of selling the most number of homes in Coconut Grove.   If you would like to schedule a buyer or seller meeting with me, please feel free to call me directly at 305-342-1623 or send me a note 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 upcoming Grove at Grand Bay new construction project, Coconut Grove’s gated communities, waterfront homes, villas, townhouses, foreclosures plus much more.

RECEIVE MY BLOG POSTS DIRECTLY TO YOUR INBOX, SUBSCRIBE HERE!

The 5 acre DuPont Estate that came on the market recently at a list price of $22,000,000 (read my recent post about the house here)  is being marketed as a large scale renovation project or as a possible investment opportunity for 7 new construction homes.  Recently the above site plan was released which shows the potential division of land.

3500 St. Gaudens Road is currently the most expensive property for sale in Coconut Grove.

The property is listed by Toni Shrager of Avatar.

I  am a Coconut Grove real estate specialist.  Over the past 3 years,I have earned the distinction of selling the most number of homes in Coconut Grove.   If you would like to schedule a buyer or seller meeting with me, please feel free to call me directly at 305-342-1623 or send me a note 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 upcoming Grove at Grand Bay new construction project, Coconut Grove’s gated communities, waterfront homes, villas, townhouses, foreclosures plus much more.

RECEIVE MY BLOG POSTS DIRECTLY TO YOUR INBOX, SUBSCRIBE HERE!

Many buyers are looking for newly built homes in Coconut Grove.  They want a house with a new roof, new kitchen, updated baths and impact windows.  Homes that were built in the past 5 years certainly meet these requirements.  Take a look at the chart above which shows all of the Coconut Grove homes built since 2008 that are currently on the market.   As you can see, my listing at 3621 Le Jeune Road offers the best value on list price as well as list price/square foot.   To view more photos of 3621 Le Jeune Road, click here.

I am a Coconut Grove real estate specialist.  I sold the most number of homes in Coconut Grove in 2010 and 2011.  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.

I just listed this great home located at 1600 Onaway Drive in North Coconut Grove.  This home was built in 2008 and finished to perfection, it is one of the best newer construction homes on the market right now in the Grove.  It is an elegant French Carribbean style home designed by Pedro Bravo with many special features including 10 and 11 foot ceilings, wide plank solid chestnut floors, Hurd impact windows and french doors, a light filled formal living and dining room, chefs kitchen with 48″ 5 star duel fuel range and double oven and island.  The home also has a metal roof, large second floor balcony which overlooks a Chicago brick courtyard and pool area. 

Details of 1600 Onaway Drive include:

• 4,496 square feet of living space
• 5 bedrooms, 5.5 baths
• View More Photos Here
• Offered at $1,800,000

If you are interested in seeing this special home please contact me on my direct line at 305-342-1623.

Like it or not, there was a time during the boom when a new construction home was going up on just about every block in Coconut Grove.   In my experience, these “McMansions” are usually condemned by the community but also highly in demand for buyers because many of them want a “turn-key” ready home.  I am all in favor of preserving the charming and unique homes that we have to offer here in the Grove, but I do believe that the market needs refreshed once in awhile and there is no denying that there are many dilapidated properties that need torn down.  

That being said, supply is virtually non-existent right now for already built new construction homes in Coconut Grove (I can count them on one hand).   I know for a fact that builders are buying up land and waiting to build until home values increase.  In my opinion it would be to their benefit to slowly get these projects started.  We know that the market has leveled off, and it would be ideal to be some of the first new constructions to hit the market after the dry spell.

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.

Of the 22 homes sold in Coconut Grove this year, 5 were new constructions.  When I say “new construction” I mean anything built since 2005.   When you take a look at the closed sales for these homes the prices are really all over the place.   You have 2520 Inagua which closed for $231.00 per foot, 3631 Matheson Avenue which closed for $280.00 per foot and then 4131 Woodridge which closed for $418.00 per foot.  The drastic differences in price can be explained by the fact that some were short sales and sold below market value and others were located on less/more desirable streets with higher/lower quality construction.   

In my opinion,  a good quality, new construction home (not a short sale or foreclosure) on a decent street should be selling anywhere from $300 to $350 per foot.  This takes into consideration some sales that occurred towards the end of 2010 that bring the numbers up quite a bit from what we’ve experienced this year.

2011 Coconut Grove New Construction Home Sales

4041 Ensenada Avenue (2010) | 5 bedrooms/5 baths | 4,500 square feet of living space | 6,750 square foot lot | sale price: $1,075,000 | $238.00 per square foot

3631 Matheson Avenue (2006) | 3 bedroom/2 baths | 8,381 square feet of living space | 14,950 square foot lot | sale price: $2,350,000 | $280.00 per square foot

2520 Inagua Avenue (2009) | 4 bedrooms/5 baths | 4,802 square feet of living space | 6,339 square foot lot | sale price: $1,100,000 | $231.00 per square foot

3795 Solana Road (2005) | 4 bedrooms/4 baths | 3,523 square feet of living space | 7,200 square foot lot | sale price: $900,000 | $255.00 per square foot

4131 Woodridge (2008) | 5 bedrooms/4.5 baths | 4,297 square feet of living space | 9,100 square foot lot | sale price: $1,800,000 | $418.00 per square foot.

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.

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.

There were two new construction sales this week in Coconut Grove.  They add to the list of the many $1,000,000+ sales Coconut Grove has seen in the 4th quarter of 2009.

I represented the buyers for the sale on 1666 Micanopy Avenue.  It closed today for $1,440,000.

Details of the house include:

• 4,777 square feet of living area
• 7,500 square foot lot
• 5 bedrooms, 5.5 baths
• Sold for $301.00 per square foot
  

The second house is located on 1770 Espanola Drive which sold for $1,450,000.  It came on the market in 2007 while it was still under construction.  I showed the house to many clients over the years and had one client make an offer last month but it was beat out by the current buyers.

Details of the house include:

• 4,723 square feet of living area
• 7,000 square foot lot
• 6 bedrooms, 5.5 baths
• Sold for $307.00 per square foot

If you are interested in buying or selling real estate in Coconut Grove give me a call at 305.342.1623 or send me a note here.

You may also be interested in: New Construction Sale On Tigertail Avenue, Another Real Estate Coconut Success Story, and “I Need Room To Negotiate” A Myth Of Sellers

This house was featured last week in my post titled “New Construction Homes In Coconut Grove”.  Turns out the home was actually under contract but the real estate brokerage company never listed it as a Pending Sale (some companies don’t ever change the status until the home closes).

The home sold today for a price of $1,260,000 ($291.00 per square foot).  It was a 4 bedroom, 4.5 bath with 4,322 square feet of living area on a 6,250 square foot lot.

I track every sale in the Grove and the recent sales trend for new construction homes in Coconut Grove has been $300+ per square foot.  In my opinion, the reason this one sold below that number is due to the fact that (1) It was located on a busy part of Tigertail Avenue, (2) There was virtually no land (3) The house is not gated and has little privacy from the street and (4) The finishes were not as good as other new constructions currently on the market.

To stay updated with all of the current Coconut Grove real estate information, receive my blog posts directly to your inbox by subscribing here.

If you are interested in buying or selling real estate in Coconut Grove, please give me a call at 305.342.1623 or send me a note here.

I have several clients looking for new construction in Coconut Grove.  Unfortunately there is not a lot on the market right now in that sector (only about 10 currently for sale).  By new construction, I am referring to those built in 2007 to the present.

The average List Price Per Square Foot of new construction homes in Coconut Grove right now is $398.00 p.s.f., and the average list price is $1,800,000.

Quality varies significantly when it comes to new construction here in the Grove and it is helpful to have someone like myself who knows the different builders and can steer you towards the best property for your money.

Click here to see new construction homes in Coconut Grove.

To stay updated with all of the current Coconut Grove real estate information, receive my blog posts directly to your inbox by subscribing here.

If you are interested in buying or selling real estate in Coconut Grove, please give me a call at 305.342.1623 or send me a note here.