The Real Estate Coconut

North Grove Old Spanish Home With Guest House Comes On Market

2009-11-10T16:05:21Z

This Old Spanish home recently came on the market in North Coconut Grove.

I was in the house last week and it is charming, in good condition and shows very well. The owners are asking $773,000. At this number it is not a steal, but it is a good house for a good price and worth checking out if you are looking in this neighborhood. For more pictures of 2521 Inagua, click here.

The house features 3 bedrooms, 2 baths in the main house and 1 bedroom, 1 bath in the guest house. The house has a total of 2,613 square feet on a 6,556 square foot lot.

The competition for this house would be my listing at 2322 Lincoln Avenue priced at $799,000 which is a tad larger, features a 12,800 square foot lot and a pool, but needs total renovation on the interior. For more pictures of 2322 Lincoln Avenue, click here.

Another house that is similar in price, size and area is 2410 Swanson Avenue which is a 2,200 square foot house on a 6,628 square foot lot with 3 bedrooms, 3 baths and a pool. It is listed at $699,000 (just reduced by $50,000) and is in good condition. The broker for this house is Prestige Homes. For more pictures of 2410 Swanson Avenue, click here.

If you are interested in seeing any of these properties, I would be happy to arrange a showing for you. Just give me a call at 305.342.1623 or send me a note here.

Zillow…The Good and The Bad

2009-11-09T01:06:31Z

Often times when I am on listing appointments or out with buyers someone will inevitably bring up some information they found on Zillow in regards to the value of a particular property.

The problem with using Zillow as a value estimator is that it does not take into account location (does your house backup to US1?), renovations (did you put in a $100,000 kitchen?), condition, and uses information from the Tax Rolls which can often times be inaccurate

Believe it or not, Zillow even admits that in certain cities they are less likely to give accurate estimations. Take a look at Zillow’s Accuracy Table (below), and you can see that in the City of Miami they only came within 20% of the actual sales price 46% of the time.

20% is a large number here in Coconut Grove where the average home is priced at $800,000. That would be a $160,000 or more difference!

Don’t get me wrong, I believe that Zillow is a great tool if used for the right purpose. For instance, it is the perfect place to get an approximation of values in an area, to see the sale price of your neighbor’s house, or to get a birds eye view of the surrounding properties (see below).

I wish that Zillow was correct in its’ Zestimate. First of all, it would make my job much easier! Second of all, Zillow says that my house has increased in value by more than $100,000 since I bought it in 2006. Wouldn’t that be great, I bought it at the height of the market and since the crash I’ve gained over $100,000 in value! No such luck. It is likely due to the fact that in early 2007 the house across the street from me (a very unique property) and the house next door to me (a new construction) both sold at a high PPSF. These sales might help my value a little bit, but certainly not by $100,000. Unfortunately, Zillow is wrong again.

One way to get an accurate estimation of your home is to call me, I will give you a free, no pressure valuation of your property. Give me a call at 305.342.1623 or send me a note here.

Kumquat Avenue Gem Listed At $500,000

2009-11-06T15:23:19Z

I just placed this house on the MLS system this morning. It is an original 1920’s South Grove home priced at $500,000. The home features open spaces, crown moldings, totally updated kitchen with high end finishes, cheerful breakfast room, wrap around porches, new roof, automatic gate and lush foliage.

Knowing what is on the market today this house will get snapped up quickly. There are not many turnkey ready homes in this price range.

Details of 3792 Kumquat Avenue include: 3 bedroom/2 bath | 1,674 square feet of living space, 7,400 square foot lot.

If you are interested in scheduling an appointment to view this house, please call me at 305.342.1623 or send me a note here.

L’Hermitage Market Update

2009-11-05T16:11:12Z

9 Units Currently For Sale At L’Hermitage

There are currently 9 units on the market at L’Hermitage in North Coconut Grove. L’Hermitage is a gated community of 75 luxury villas.

Prices today range from $1,600,000 for a 3,490 square foot unit with 3 bedrooms/3.5 baths and water views all the way down to $890,000 for a 3,490 square foot, 3 bedroom/4 bath unit that needs some upgrading. None of the units currently on the market are in a distress situation.

To see all units currently for sale at L’Hermitage, please click here.

1 Unit Currently Under Contract At L’Hermitage

A unit just went pending this week which was listed at $1,195,000. It featured 4 bedrooms/3 baths, was totally upgraded, had a small water view, new roof, impact glass and wet bar. The broker was EWM Realtors, Inc.

3 Units Closed At L’Hermitage In 2009

There have been 3 properties in L’Hermitage to close in 2009. The first was a non-distressed 4 bedroom/4 bath unit with 3,717 sq. ft. which closed for $750,000. The last two were foreclosures and sold far below market value. A 5 bedroom/5 bath unit with 4,029 sq. ft. closed for $500,000, and a 3 bedroom/3.5 bath unit with 3,641 sq. ft. closed for $529,000. Both of the foreclosures needed significant renovations.

L’Hermitage features 24 hour security, community pool, tennis court, and bay access.

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.

Under $400k Homes Moving Fast In South Grove

2009-11-04T13:03:14Z

There were 3 homes that came on the market recently that went pending in a matter of days. They were all priced under $400,000.

The first home was located at 4095 La Playa Blvd. and was priced at $399,000. The house featured 3 bedrooms, 1.5 baths and 2,026 square feet of living space. Broker was Coldwell Banker.

The second home was located at 3741 Crawford and was also priced at $399,000. The house featured 2 bedrooms, 1 bath with 1,853 square feet of living space. Broker was ReMax.

The third home was located at 3785 Kent Court and was priced at $325,000. The house featured 2 bedrooms, 1 bath with 1,214 square feet of living space. Broker was Bezold Realty.

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.

Coconut Grove Townhouse Rental Properties

2009-11-03T15:59:44Z

There are about 15 townhouses in Center Coconut Grove currently on the market for rent. They range in price from $3,500 to $1,495. The sizes range from 2 to 3 bedrooms.

I just listed a Center Grove townhouse located at 2982 Virginia Street priced at $3,200 a month. This 2,300 square foot townhouse is the largest unit currently on the market for rent, and comes with one of the largest backyards in Center Grove. It was built in 2006 and features 3 bedrooms and 2.5 baths.

Because the resale market in Center Grove has been so slow this year many people have decided to rent their townhouse. In fact there have been a shocking 100 townhouses that have been rented in 2009 in Center Grove.

Looking for a rental in Coconut Grove? I have a rental specialist who works on my team here at The Real Estate Coconut and would be happy to assist you in your search. Just send me a note here.

Recent Sold Homes In Coconut Grove

2009-11-02T01:45:30Z

If last year is any indication, we can expect the next few months to be VERY busy for Coconut Grove real estate. In fact, between November 1st and December 31st of 2008 Coconut Grove closed 30 homes.

In the last 2 weeks there were 9 homes to be placed under contract, prices ranged from $2,295,000 down to $325,000.

Below is a recap of homes sold over the last 2 weeks. You will notice that 4 of the 5 homes sold above $300.00 per square foot which is a nice trend to see. Even 4000 Kumquat which was a short sale closed over $300.00 per square foot.

Single Family Homes Sold Recently In Coconut Grove

Address:	Bds/Bths.	Sq. Ft.	Original Price	Sale Price	Price/ Sq. Ft.
2495 South Bayshore Drive	5/5	5,065	$1,900,000	$1,700,000	$335
3640 Royal Palm Avenue	5/4	3,491	$988,999	$920,000	$263
4070 Matheson Avenue	3/2	1,654	$645,000	$575,000	$347
2455 SW 28th St.	2/1	1,095	$380,000	$370,000	$337
4000 Kumquat Avenue	2/1	957	$325,000	$316,000	$330

Happy Halloween!

2009-10-31T01:26:58Z

Coconut Grove vs. Coral Gables/ Pinecrest Real Estate

2009-10-30T14:21:30Z

I have many clients who are relocating to South Florida and most of them want to look at homes not just in Coconut Grove but also Pinecrest and Coral Gables. So here is a comparison, as of today, of the different markets.

You will notice that I have used the “median” numbers as opposed to the “averages” that I typically use for Coconut Grove because there are a few homes in Coral Gables priced higher than $25,000,000 which totally throw off the numbers.

Coconut Grove Single Family Home Market

Coconut Grove Homes For Sale:	178
Coconut Grove Homes Sold:	85
Coconut Grove Median List Price:	$999,000
Coconut Grove Median Sale Price:	$600,000
Coconut Grove Median List Price Per Sq. Ft.:	$340.00 PPSF
Coconut Grove Median Sale Price Per Sq. Ft.:	$250.00 PPSF

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Coral Gables Single Family Home Market

Coral Gables Homes For Sale:	448
Coral Gables Homes Sold:	270
Coral Gables Median List Price:	$1,249,000
Coral Gables Median Sale Price:	$652,500
Coral Gables Median List Price Per Sq. Ft.:	$362.00 PPSF
Coral Gables Median Sale Price Per Sq. Ft.:	$263.00 PPSF

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Pinecrest Single Family Home Market

Pinecrest Homes For Sale:	185
Pinecrest Closed This Year:	138
Pinecrest Median List Price:	$1,399,000
Pinecrest Median Sale Price	$854,500
Pinecrest Median List Price Per Sq. Ft.:	$312.00 PPSF
Pinecrest Median Sale Price Per Sq. Ft.	$246.00 PPSF

Only 13 Gated Community Homes Currently On The Market In Coconut Grove

2009-10-29T00:34:09Z

I currently have a client looking for a home in a gated community in Coconut Grove. Just like other high end properties there is a limited supply right now on the market.

We have a few for sale in Camp Biscayne, one in Hughes Cove, several in The Moorings, one in Treasure Trove, another in De Garmo Estates and a few more in Ye Little Wood.

The “Average List Price Per Square Foot” of these homes is $431.00 and the average List Price is $2,800,000. Although that number seems high, there are 5 properties priced under $2,000,000 and don’t forget about the property I mentioned last week in Ye Little Wood that is priced at $890,000.

Click here to see ALL 13 homes in gated communities that are currently for sale 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.