Beth Kipnis

Buyer's Information Category

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.

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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.

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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.

To receive my posts in your email automatically click here. You must activate the subscription in a follow-up email.

 

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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.

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