Coconut Grove Homes and Condos for Sale

Archive for the 'Buyer's Information' Category

Comparing Distressed and Regular Sales in Downtown Coral Gables

One of my buyers who is looking at newer condos around downtown Coral Gables asked about the possible deals he could find by looking at only short sales and foreclosures.

Looking at the recent activity of condos priced no higher than $500,000 there are alot more regular sales on the market, but the bulk of closed and pending sales are distressed properties.

Status	Regular Sales	Short Sales & Foreclosures
On market now	39	18
Closed sales	7	14
Under contract	0	9
List price per sq ft average	$324	$209
Sale price per sq ft average	$222	$191

The average list price of a regular sale is just over $357,000 and the average sale price for the same is$238,000. The distressed properties average list price of $229,000 is so much closer to what they eventually sell for, $222,000, that it stands to reason more buyers are willing to wait out the oftentimes glacial process of purchasing a short sale or foreclosure.

The regular sales average about 7% more in sale price and sell a month sooner, which could be attributed to their being in better condition and easier to negotiate and close.

See all non distressed condos on the market near downtown Coral Gables here

Check available short sales and foreclosed condos under $500,000 here

Here are 2010 sales in the area of regular sales

Click here to see the closed short sales and foreclosures this year

If you are buying, selling or renting in Coral Gables you need a local specialist. Call me at 305 794.6570 or leave me a note here. 

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Grovenor House Sales Almost Double in 2010… So Far

Grovenor House has had 13 sales so far this year, compared to only seven in 2009! There are currently 2 under contract and enough time for more to sell and bump that number even higher.

More good news is that the price per square foot is up impressively, too. Last year’s average square foot price was $518 while this year the number is $570.

To illustrate clearly what this means let’s use one of the three bedroom, three and a half bathroom units with 2,640 square feet. According to the figures above, last year it would have sold for $1,367,520 and this year $1,504,800. To put it another way, last year the apartment would have sold for 91% of what it could bring in 2010!

See all 2010 sales at the Grovenor House

There are 22 places for sale now, ranging from a short sale at $590,000 to a penthouse apartment created from two units asking $16,900,000.

Condos for sale today at the Grovenor House

Grovenor House has one of the best locations in Coconut Grove, just across the street from Dinner Key Marina and the Fresh Market. Combined with the quality craftmanship lavished throughout the building and grounds, and the exceptional amenities and you’re looking at a great place to call home.

If you are interested in buying, selling, or renting in any Coconut Grove condominium give me a call at 305 794.6570 or leave me a message. If you enjoyed reading this article, why not Subscribe to receive the next one? Once you register, you must activate the subscription in a follow-up email.

 

Rentals Rule At the Moment

I handed over the keys to the new tenants at 2 of my rental listings on Sunday, and it got me to thinking. How big is the rental market right now? As my research covering area 41 confirmed, there are a LOT more rentals than sales being done this month. (For those of you not in my business, area 41 is part of the imaginary grid realtors use for property identification. Area 41 includes Coconut Grove, Coral Gables, South Miami, the Roads and Shenandoah.)

In the last 14 days a total of 525 properties have come on the market. Ninety-three are single family homes, 192 are condos and townhouses, and 240 are rental properties. Granted, the total of homes for sale equals 285, but the amount of rentals isn’t far off that number.

Looking at pending properties there are 157 single family and condos or townhouses under contract, compared to 154 rentals.

The real eye-opener is what has actually closed in the last two weeks. Of the 431 closings, 323 of them were rental properties. That’s three times the amount of rental properties closed compared to condos and homes!

Statistics like this clearly point out the need to put the property you are selling at a very compelling price. If buyers aren’t finding a home that shouts “Buy me now!” it’s easy for them to keep looking at other homes or rent for a while.

If you are buying, selling, or renting let a local specialist help you. I’m always available at 305 794.6570 or you can leave me a note and I’ll get back to you immediately.

To stay updated with all local real estate information, receive my blog posts via email by subscribing here.  Once you register, you must activate the subscription in a follow-up email.

Coconut Grove Homes Listed For $500,000 and Less

Some buyers may have felt the opportunity to own a home in Coconut Grove had passed them by, but today there are 44 single family homes and free-standing townhouses on the market at or under $500,000.

Pictured below is a home in the north end of the Grove at 2627 Halissee Street. It’s a 4 bedroom 3 bathroom home with 2043 square feet on a gorgeous lot with a pool. It was listed at $599,000 in January as a regular sale, then as a short sale for $567,000 by Coldwell-Banker in April. Today the asking price is $499,000.  That’s $244 per square foot, not out of line for such a great location, when the average asking price per square foot for all these homes is $226.

 

Of the forty-four homes on this list, 16 homes are short sales. Because any purchase requiring financing depends on the appraisal price we have finally reached a point where there’s really no striking difference between a regular, traditional sale and a short sale. Savvy sellers know that their properties must be priced similarly to comparable homes, even if that other home is a short sale, and they are much more willing to make the adjustment if it gets their property sold.

To see all the homes listed for $500,000 and less click here.

If you would like to see a list of Coral Gables homes listed under $500,000 refer to my recent post here.

It truly is a great time to buy! Interest rates are lower than ever before and there’s a great selection of homes for sale. If you would like to see 2627 Halissee Street or any of the homes in this price range, please call me at 305 794.6570 or you can leave me a note here .

Coral Gables Homes Priced Less Than $500,000

There are 71 homes in Coral Gables priced at $500,000 and less at this time.  At the height of the buying frenzy in 2006 I don’t recall a single home listed below half a million dollars!

Among those homes 16 are short sales and 6 are foreclosures. So far this year there have been 82 sales, and another 35 homes are under contract and working through the process to closing.

The averaged statistics for active listings, pending sales and sold properties are below.

• List Price: $391,000
• Sold Price: $359,000
• List Price Per Square Foot: $230.00
• Sale Price Per Square Foot: $207.00
• Sale Price to Listed Price Ratio: 93%
• Days on the Market: 133

One example of what you’ll find in this group of homes is 311 Navarre Avenue, a 3/2 main house and 1/1 cottage built in 1924 and needing some work. It has 2,140 square feet on a lot of 6,150. Coldwell-Banker has it priced at $299,900 now after a year on the market at $649,000. 

Click here to see all the Coral Gables homes listed for $500,000 and less.

One of the foreclosed homes in the list is a perfect example of what helped cause the meltdown in our housing market. 4810 Riviera Avenue was purchased in 2002 for $360,000. After the original mortgage of $337,000 to purchase the home, 2 more mortgages were added in March of 2004. The total mortgages outstanding were $742,000! Although the owners tried to sell it beginning in 2007, it was taken by the bank. The 2/2 home with a one-car garage is now listed by Keller-Williams for $304,000.

 Buying a home is more complicated than ever before. I can guide you through the paperwork, negotiations, and inspections, help you land the best mortgage, and anticipate and handle unexpected hurdles all the way to the moment you are given the keys to your new home.

Call me at 305 794.6570 anytime. You can also leave me a message and I’ll respond immediately. If you enjoyed reading this article, why not Subscribe to receive the next one.  Once you register, you must activate the subscription in a follow-up email.

 

It’s August, and Thoughts Turn to… School

Where your children will get their education is a top concern to every parent. If you are new to Miami or have finally moved into the area of the Roads through Coconut Grove, Coral Gables and on to South Miami, you can check here for neighborhood public and private schools.

Coconut Grove Public Schools

Coral Gables Public Schools

South Miami, Shenandoah, and the Roads Public Schools

Miami-Dade Private Schools

Colleges and Universities in Miami

Choosing the Right School

Performance Reports

Geographic Boundaries for Public Schools

If you need to get moved in time for school, do yourself a favor and use a local expert in the neighborhood. Call me at 305 794.6570 or leave me a note here.

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A Bit of Coconut Grove in South Miami

There’s a new listing in South Miami that you would swear is in the Grove! Three blocks south of Sunset Drive and surrounded by lush fully-grown trees and shrubs, this house is hidden from view from the street.

Located at 7520 SW 63 Avenue this house has 3 bedrooms and 2 bathrooms in just less than 1500 square feet. The floors are gleaming hardwood and the kitchen is updated with granite countertops. The family room overlooks the tropical back garden, a complete oasis.

The lot is over 10000 square feet and has an amazing heated pool and a spa. The detached one and a half car garage would also make a perfect studio or workshop, and an elevated “clubhouse” would make any child or child-at-heart happy!

Listed at $325,000 by Coldwell-Banker I expect this home to attract a lot of attention and to sell quickly.

If you would like to see this house, give me a call at 305 794.6570 or leave me a message here. To stay updated with all local real estate information, receive my blog posts via email by subscribing here.  Once you register, you must activate the subscription in a follow-up email.

Let’s Take a Look at Bay Heights in North Coconut Grove

Bay Heights is one of my favorite Coconut Grove neighborhoods. It’s the area of the Grove closest to downtown Miami and is surrounded by a 5 foot wall that originally enclosed the fields where food was grown for workers during the construction of Villa Vizcaya.

Vizcaya is the Italian-Renaissance estate built between 1914 and 1923  for the industrialist James Deering which is now owned by Miami-Dade County and open to the public. If you’ve not been there recently it is well worth another visit. If you’ve never been there, make it a priority the next time you can!

Back to Bay Heights, though! This is a community of 185 homes with 24 hour a day, seven days a week patrolling police presence. It can be accessed only through its 2 entryways, one at Tigertail and Alatka and the other where Samana Drive joins South Miami Avenue. The original homes were built during the mid-1950s and over time most have been updated.

One of the best renovations of an original Bay Heights-style home sold in June this year at 62 Bay Heights Drive that was listed by Kimberly and Associates. Pictured below, it has 5 bedrooms and three and a half bathrooms on 3 levels. It’s larger than the typical 1950s homes in the neighborhood with 4339 square feet and a lot over 17000 square feet. It has 10′ ceilings, terrazo floors, impact-glass windows, a truly gourmet kitchen, and complete guest or in-laws quarters (with kitchen) on the lower level. There is a huge wraparound deck in the backyard and plenty of room for a large pool.

[Gallery not found]

This property sold for $1,200,000 or 8% less than the asking price. This is in line with the other closed sales this year, except for one sale at 105 W. Shore Drive which sold for 20% less than asking. Check out all the closed sales here.

There are currently 7 homes on the market in Bay Heights, none of which is a short sale or foreclosure. This is a stable and desirable place to live, literally as close as you can live to downtown and still be in Coconut Grove! See all listed homes here.

 General statistics for the area are as follows:

• Average square footage of homes: 3120
• Average list price: $733,615 or $235 per square foot
• Average sale price: $668,000 or $209 per square foot
• Sale price to listed price average: 90.5%

I’ve lived in the north Grove for over 30 years. If you want a real specialist in the area give me a call at 305 794.6570 or leave me a note 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 follow-up email.

What’s Happening in Cocoplum and Tahiti Beach?

Cocoplum is a Coral Gables gated community on the bay just south of Coconut Grove. Accessible by car through the single guarded entrance on Cartagena Circle, it is an isolated and insulated enclave of homes with its own marina.

Begun in the late 1970’s, it has grown into an exclusive community of over 400 homes, many of them with direct access to Biscayne Bay.  The Cocoplum Yacht Club has a full-service marina from which several big-game fishing tournaments are held annually, marking it as a world-class facility.

Cocoplum maintains 24-hour manned security at its entrance guardhouse as well as roving patrols offering residents complete peace-of-mind. Community services include a large clubhouse with pool, playground, state-of-the-art gym, tennis courts, basketball court, and a half-court for children. There are beautifully maintained gardens and landscaping throughout the community. You can check out all Cocoplum amenities here.

As of the beginning of July the average selling price for non-waterfront property in Cocoplum is $2,133,333 or $332 per square foot. For the same period, waterfront homes average $2,865,000 or $511 per square foot when sold.

To see all non-waterfront homes on the market, under contract and sold this year click here.

See all waterfront homes available, about to close and closed this year click here.

 

The map above outlines the main area of Cocoplum, but through a second security point and only with advance notice to the guard on duty, you can enter Tahiti Beach. Tahiti Beach waterfront homes have some of the best views of Miami across the water.

So far this year nothing has sold in Tahiti Beach, but you can see all the homes for sale there here. The average square feet in the homes is 9,045, the average asking price is $8,939,000 and the average asking price per square foot is $959.

 If you’re thinking of selling your Cocoplum home or buying in the community, call me at 305 794.6570 or leave me a note.

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News Buyers Have Been Waiting to Hear

Congress has finally passed two important extensions that will give some buyers reason to jump for joy! The Homebuyer Assistance and Improvement Act deadline for closing has been extended from June 30 to September 30. This applies only to those transactions that have ratified contracts dated prior to April 30 that haven’t closed yet. This program offered qualified buyers up to an $8000 tax credit when purchasing a home.

The other piece of good news is that flood insurance is again available by the Senate’s extension of the National Flood Insurance Program. The bill is retroactive and covers the lapse period from June 1 to the date of enactment. It’s been impossible to close on some properties because this critical form of coverage wasn’t available anywhere and lending institutions were naturally reluctant to close on loans where properties that require flood insurance couldn’t be insured.

I wrote in an earlier post that it had been erroneously reported to have been passed, but this time it is official.

To read more about the extensions, click to be directed to Inman News’ coverage. To discuss your real estate needs give me a call at 305 794.6570 or leave me a note. You can also get my posts directly in your email.