Ransom Everglades High School right here in Coconut Grove is one of the top 10 high schools in the country. They have recently placed under contract the adjacent 6.9 acre waterfront property located at 3551 Main Highway known as La Brisa. La Brisa is steeped in history, it was originally deeded to Kirk Munroe back in 1886 who was a noted conservationist and founding member of the Florida Audubon Society. The home sold in 2008 for $11,500,000 and came on the market in 2014 for $65,000,000. It was the most expensive home for sale in Miami at that time. Over the past few years they reduced the price to $39,500,000. The school is scheduled to close on the purchase June 21.

A note on Ransom Everglades’ website reads:

“We can’t pass up the opportunity to buy this beautiful property,” said Ransom Everglades Head of School Penny Townsend. “The purchase will allow us to improve our facilities, add vital greenspace  and continue our long tradition of respecting, protecting and learning from the treasures of Old Florida and Miami’s precious coastal ecosystems.”

“Paul Ransom founded our school 113 years ago with a forward-thinking focus on taking care of the natural world,” said Eric Mendelson, chairman of the school’s board of trustees. “The current trustees are strongly committed to ensuring the vitality of the school for the next century, and the prudent addition of this neighboring property fits squarely into our long-term educational goals while also honoring Paul Ransom’s legacy.”

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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.

De Garmo Estates is one of the most sought after gated communities in Coconut Grove. The community is named after Walter C. De Garmo, a renowned architect from the early 1900’s who built his home on the site. Today, the community is made up of 10 private villas situated along a winding road canopied by massive oak trees.

We have just listed a spectacular property in De Garmo Estates. This elegant Italian-inspired residence offers light filled living spaces with double height ceilings and the finest of finishes. Some of the special features include a marble fireplace, coffered & tray ceilings and extensive millwork throughout. An expansive custom kitchen and family room open to a covered terrace and pool surrounded by lush botanical gardens.

The home offers 4 bedrooms, 4 full baths and 1 half bath with 4,670 square feet of living area on a large 11,378 square foot lot. It is being offered at $2,700,000. View more photos here.

Join us for lunch on Wednesday, June 15 at our Brokers Open House from 12:00 to 2:00 to preview this new listing.

The Riley Smith Group has been the #1 Top Producing team in Coconut Grove 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.

Over the past few weeks I have noticed a surge of price reductions coming across the wire. Sellers who were once very aggressive with their list prices are now listening to what the market is telling them. In other words, they may need to reduce their price to sell. Of the 28 pending sales in Coconut Grove, 1/2 of them were reduced prior to going under contract. This number is different from the overall closed sales in 2016 where just 1/3 were reduced prior to closing. I believe that we will continue to see this trend throughout Coconut Grove until at least the end of the year.

The Riley Smith Group has been the #1 Top Producing team in Coconut Grove 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.

I wanted to share a recent testimonial that we received from our clients at 1601 Onaway Drive in North Coconut Grove. Ania Lenzhzölzer was a local real estate agent who initially listed her house on her own. After a short time on the market, Ania and her husband had to leave Coconut Grove due to a family emergency. I was honored when she asked if I would take over the listing for her and was thrilled to place it under contract shortly thereafter. This 4 bedroom, 3.5 bath home offered 2,109 square feet of living space on a 7,309 square foot lot. The home closed for $1,175,000.

“Riley helped us sell our home in early 2016. My wife is a realtor also and listed the home initially, but due to a family emergency, we had to leave town before the house went under contract. Riley was not only ready to jump in right away, he handled the transaction in the most professional way and the sale of our home went smoothly and quickly. Riley knows the market like no one else, he is very responsive and has a great support team around. We cannot recommend Riley highly enough and we are very thankful he helped us out in this unforeseen situation.”

Many thanks to our wonderful clients Ania and Steve. We wish them all the best!

I am excited to announce a great new condo project coming soon to Coconut Grove! This boutique building, named Fairchild Coconut Grove, will be designed by the renowned architectural firm of [Strang] and located at 3581 Glencoe Street. The building will be just 3-5 stories high, much smaller than some of the newer condo buildings currently going up in Coconut Grove. Residences will range in size from 1,700 to 4,200 and prices will start at $1.4 million. It is situated on 1 acre of land. In keeping with the lush vegetation of Coconut Grove, the renderings show vine covered walls and dense foliage surrounding the building.

Max Strang has designed many luxury single-family homes in South Florida and has already left his mark on Coconut Grove’s architecture. The firm has received numerous awards and has been featured in countless publications for their designs. (The Riley Smith Group currently has Max Strang’s original Coconut Grove residence for sale at 4080 Douglas Road, list price $4,000,000 – view photos and information here).

Stay tuned to the blog for more information on Fairchild Coconut Grove!

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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.

Congratulations to our sellers and buyers who just closed on the home located at 3720 Poinciana Avenue. We had this home listed for just a few weeks before placing it under contract. The home closed for $2,600,000 or $605.00/sq. ft. As of today, it is the highest “sale price/square foot” for a non-waterfront home sold in 2016. The home offered 4,294 square feet of living area on a 32,706 square foot lot with 5 bedrooms, 5.5 baths. It was a gated plantation style estate surrounded by lush tropical gardens, winding pathways and majestic oak trees. It had been recently renovated with attention to detail and the finest finishes and fixtures throughout. There was also a spectacular 1 bedroom, 1 bathroom guest cottage on the property.

The Riley Smith Group has been the #1 Top Producing team in Coconut Grove 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.

As we get closer to the halfway mark in 2016, I thought it would be interesting to see how the real estate market in Coconut Grove compares to the same time period last year. So far in 2016, there have been approximately 50 single family home sales. These homes sold at an average of $450.00/square foot and $1,300,000. Last year at the same time there were 63 sales which closed for an average of $456.00/square foot and $1,370,000. These numbers tell us that although values are fairly steady, the amount of activity has fallen. It is my sense that buyers are a little more cautious right now and acting with less urgency.

In addition to this, we have seen an increased amount of inventory. The number of homes for sale has increased every month for the past 6 months in Coconut Grove.

The Riley Smith Group has been the #1 Top Producing team in Coconut Grove 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.

We all know that the first thing home sellers do when they consider selling is go to Zillow and look up the value of their house. Then, when they call their realtor to discuss listing their home, the first thing they say is “Well….Zillow says my house is worth X” – and usually the Zillow value is significantly higher different than what the recent comparables show it should be.  So 99% of realtor/seller conversations start out with a argument discussion about why Zillow is wrong. Sure, Zillow gives the disclaimer that their “Zestimate” is just a guess starting point and they even say that in Miami they only come within 10% of the actual price 50% of the time. But there are many sellers that will hold on to that number as if god himself handed it down.

But……things have just changed. Over the weekend it was reported that Zillow CEO Spencer Rascoff’s home sold for 40% less than what his “Zestimate” had shown the day prior to closing. Yes you heard that right, Zillow couldn’t even guess the price on their own CEO’s home! I can’t tell you what a gift this is to Realtors. I want to shout it from the rooftops, print it out and give it to everyone I know, and certainly bring it up on every listing appointment I go on from here until eternity.

The fact that Zillow could be so wrong is not a news flash to most realtors. There are a million factors that go into properly valuing a home that even the best algorithm out there can’t compete with.

Needless to say this news will have me smiling from ear to ear for days to come.

We have just listed a charming bungalow with a fantastic “Pinterest-Worthy” backyard. The magical garden at this home perfectly captures what life in Coconut Grove is all about it – it is a place where you want to put your feet up and soak up the outdoors.   Lush tropical foliage + casual outdoor living space creates the quintessential Grove backyard.

The interior of the home features an expansive and light filled family room with white wood beamed ceilings and stone floors. It has also recently been updated with a marble bath and impact windows.

Details of 2245 Overbrook Street, Coconut Grove:

• 1,438 square feet of living area
• 2 bedrooms, 1.5 baths
• 5,500 square foot lot
• More photos and details here
• Offered at: $699,000.

The Riley Smith Group has been the #1 Top Producing team in Coconut Grove 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 home located at 3579 Stewart Avenue in the gated community of Entrada Estates has just closed for $4,120,000 ($784/sq. ft.). This is the first waterfront sale we have seen all year in Coconut Grove, and is the highest “sale price/square foot” we have experienced this year as well. The home was located on a 19,500 square foot lot with 5,252 square feet of living area and offered 5 bedrooms, 5 baths. The home was finished in a casual Polynesian style and had incredible entertaining spaces overlooking the canal. There were no bridges to the bay. Broker was Rose Realty.

Last year there were 8 waterfront sales which closed at an average of $7,900,000 and $878.00/square foot (these figures include both direct bay and canal front homes).

There is currently just 1 waterfront home in Coconut Grove that is under contract. That home is located at 3333 South Moorings Way and in the gated community of The Moorings.

The Riley Smith Group has been the #1 Top Producing team in Coconut Grove 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.