The Real Estate Coconut

Great Opportunities in The Grovenor House

2009-07-10T19:03:57Z

For those of you who are looking at luxury condos in Coconut Grove, here are some interesting facts about what is going on at The Grovenor House.

30% of the units at The Grovenor House are on the market.
There are 2 short sales and o foreclosures in the building which makes it one of the most stable condos in the Miami area.
The 2 bedroom units with City views are available in the $600,000 to $800,000 price range.
Unit 509 is the only 2 bedroom, 2.5 bath unit with Bay Views to be priced below $1,000,000. There are 5 other units exactly like it currently for sale priced above $1,000,000. In an effort to remain competitively priced, you can expect the sellers of the other similar units to follow suit.
The 3 bedroom units with Bay views start at $1,399,000.
There have been 3 closed sales this year at The Grovenor House. The first was for a 3 bedroom, 3 bath unit with 2,640 square feet of living space on the 19th floor and direct water views which closed for $1,500,000. The other two units had 2 bedrooms, 2 baths and City views which closed for $670,000 and $700,000.

To view all properties currently available at The Grovenor House, click here.

If you are interested in any of these properties at The Grovenor House, or other real estate in Coconut Grove, please feel to send me a note here or call at 305.342.1623.

Coconut Grove Is Hit Hard By Appraisals

2009-07-08T14:45:57Z

Appraisals are the name of the of the game these days and especially here in Coconut Grove. We have such an eclectic mix of properties here and so few sales that it can be hard for an appraiser to know exactly what to use as comparables. As I talk with the other Realtors in town we all have a shared frustration. With guidelines getting stricter and stricter every day, many homes that finally receive a contract are failing to appraise.

Many people might not know this, but it is allowable for the Realtors involved in the transaction to provide the appraiser with what he/she thinks the proper comparables should be. At this moment in the real estate transaction, it is crucial to have a realtor who is knowledgeable about the appraiser’s guidelines, has a strong handle on what the correct comparables should be and the finesse to deliver the information to the appraiser in the proper way. There is a fine line that Realtors must walk between being helpful and not pushy with the appraiser It is very easy to completely turn them off from the information you want to provide.

I had a great experience with an appraiser the other day in the North Grove. She was open to discussing what I believed to be the correct comps and was appreciative of the information I presented her. Sometimes I feel like a lawyer arguing my case, but in this circumstance it was more of a joint effort in getting the home to appraise correctly. For a property that had a 50% chance of appraising in this market, we got the job done together.

Whether you use myself or another realtor when buying real estate in the Grove, it is more important than ever for buyers and sellers to use an agent that is LOCAL, experienced and informed.

How Does The Coconut Grove Real Estate Market Size Up?

2009-07-07T14:56:47Z

Many times when my clients are looking at homes for sale in Coconut Grove they want to check out the neighboring areas of Coral Gables and Pinecrest. These three communities couldn’t be more different in terms of style and vibe. But when it comes to real estate, you may be surprised to find out that the three markets do not vary too much in terms of price point.

Coconut Grove Single Family Homes Review:

Number of Homes For Sale:	230
Number of Homes Under Contract:	20
Number of Homes Sold This Year:	46
Average List Price/Square Foot:	$330.00
Average Sold Price/Square Foot:	$245.00
Average Sale Price:	$582,000

Pinecrest Single Family Homes Review:

Number of Homes For Sale:	211
Number of Homes Under Contract:	31
Number of Homes Sold This Year:	70
Average List Price/Square Foot:	$294.00
Average Sold Price/Square Foot:	$231.00
Average Sale Price:	$750,000

Coral Gables Single Family Homes Review:

Number of Homes For Sale:	492
Number of Homes Under Contract:	89
Number of Homes Sold This Year:	147
Average List Price/Square Foot:	$340.00
Average Sold Price/Square Foot:	$262.00
Average Sale Price:	$600,500

To view all homes for sale in Coconut Grove, click here.

To view all homes for sale in Coral Gables, click here.

To view all homes for sale in Pinecrest, click here.

You may also be interested in: New Construction in Coconut Grove, The Moorings – A Gated Community in South Grove, Yacht Harbour Priced In The $300,000’s

New Agent, New Price | $1,000,000 Price Reduction in North Grove

2009-07-03T16:16:29Z

Sometimes being the second agent is just like being the second wife….

This unbelievable custom Mediterranean home on Crystal View Court has just come back on the market with a new agent and a $1,000,000 price reduction. Now listed at $6,900,000, the home has 5 bedrooms, 6 baths, smart house technology, gourmet kitchen, detached guest house, a private dock with boat lift and unrestricted access to Bay. Broker is One Sotheby’s.

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.

Recent Closings in The Grove

2009-07-01T20:26:33Z

3071 Lucaya Street in the North Grove which I’ve written about several times on my blog closed yesterday at a price of $1,100,000. The house sold at a price per square foot of $290.00, had 3,792 square feet of living space, 4 bedrooms, 4 baths on a 10,000 square foot lot.

Also yesterday, 4050 Ventura Avenue (short sale) closed at a price of $825,000 (list price was $950,000). The house sold at a price per square foot of $246.00. The home features 3,353 square feet of living space, 4 bedrooms and 4 baths on a 6,500 square foot lot. This house sits across the street from the 11,600 square foot lot that I just listed.

So Far Coconut Grove Real Estate Has Outperformed Last Year

2009-06-30T14:17:59Z

Looking at the numbers below, we have roughly 30% more sales the first half of this year as compared to last year. I believe that three contributing factors to the increase in sales are that prices have continued to fall, sellers have finally become more realistic, and interest rates remain low.

If last year’s trend continues, the summer should be a busy one for Coconut Grove real estate. Keep in mind that any first time home buyer looking to get their $8,000 tax refund has to close by the end of this year which should help the lower end townhouse and condo market significantly.

Click here to see a list of all single family homes that have closed in Coconut Grove the first half of 2009.

2009

Month	Homes Sold
January	3
February	6
March	7
April	5
May	8
June	14
Midyear	43

2008

Month	Homes Sold
January	2
February	3
March	7
April	7
May	10
June	4
Midyear	33

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

Land In Coconut Grove….The Time Is Now

2009-06-29T15:52:37Z

Aside from the $1,000,000+ single family home market, vacant land has also taken quite a hit in the current real estate market. Due to stricter financing requirements, developers aren’t snapping up lots as fast as they once were. For the most part, the only people who are buying vacant land in Coconut Grove right now are buyers who are building custom homes. And from what I’ve heard, builders are lining up to do the work.

In South Coconut Grove, I just listed an 11,600 square foot lot priced at $550,000 ($47.00 psf). It sits on Ventura Avenue between Braganza Avenue and La Playa Boulevard. The lot size is 11,600 square feet. The beauty of this lot is that it sits in the center of a great street surrounded by million dollar homes and has already been cleared and is ready to build. See photos below.

So far this year in the South Grove there have been 3 land sales. The first was a 10,000 square foot lot on 3855 Poinciana Avenue with a list price of $495,000 and a sale price of $450,000 (sold for $45.00 per square foot). The second was a 15,000 square foot lot on 4060 Battersea Road with a list price of $749,000 and a sale price of $550,000 (sold for $36.00 per square foot). The third was an 11,287 square foot lot on 3777 Irvington Avenue with a list price of $425,000 and sale price of $412,000 (sold for $36.50 per square foot).

If you are interested in finding out more about this property, feel free to give me a call at 305.342.1623 or you can also contact me here.

June ‘09 Townhouse Market Update

2009-06-29T14:55:24Z

Keeping buyers informed of the townhouse market in Coconut Grove, here are the following pending and closed sales for June of 2009.

June Pending Coconut Grove Townhouses:

Address	List Price	Beds/Baths	Square Feet	Year	Distress?
3182 Jackson Avenue	$525,000	3/2.5	2,350	2003	No
3128 Center Street	$414,999	2/2.5	1,405	1976	No
2998 Virginia Street	$289,000	2/2	1,116	1979	No
3095 Ohio Street	$284,900	3/2.5	2,555	2006	Foreclosure
2927 Catalina Street	$229,000	3/2.5	1,370	1986	No

June Sold Coconut Grove Townhouses:

Address	List Price	Sale Price	Beds/ Baths	Square Feet	Distress?
2970 Shipping Avenue	$449,000	$425,000	3/2	1,756	No
3120 Bird Avenue	$139,900	$135,000	2/1.5	1,143	Foreclosure

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.

Come See My New Listing on Tigertail Avenue!

2009-06-26T16:53:31Z

You will see my signs all over town this Sunday as The Real Estate Coconut team is holding 5 of our 15 listings OPEN. I will be located at my new listing on 1645 Tigertail Avenue property, stop in to see this gorgeous Old Spanish home or even just to chat about real estate.

Click on the addresses below for more information about each property.

1645 Tigertail Avenue - NEW LISTING

Open Sunday, 2:00 to 4:00 pm

5 Bedroom/3.5 Baths $1,295,000

If you saw this home previously you MUST see it again, the owners have made some great renovations and reduced the price!

____________

79 West Shore Drive

Open Sunday 2:00 to 4:00 pm

3 Bedrooms/3.5 Baths $899,000

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3200 Ah We Wa Street

Open Sunday 2:00 to 4:00 pm

5 Bedrooms/5 Baths $1,179,000

___________

3201 McDonald Street

Open Sunday 12:00 to 1:30 pm

2 Bedrooms/2.5 Baths $379,000

____________

4070 Matheson Avenue

Open 12:00 to 2:00 pm

3 Bedrooms/2 Baths $695,000

Pick Up A Rake!!

2009-06-26T14:23:28Z

Being a 40 year resident of the Grove, I love it here more than anybody and appreciate the overgrown canopies and landscaping. But one of my pet peeves as I drive around the streets here is that some property owners just don’t take care of their swale areas. Although the City of Miami technically owns the swale outside your home, you have a (legal and moral) responsibility for maintaining it.

I won’t name names, but check out the picture I took this morning on my drive in to work. It is unfortunate because there are some great houses on this street but their values are being brought down by their “messy” neighbors.

If you are one of the offenders, for the community’s sake, pick up a rake!!