Coconut Grove Homes and Condos for Sale

Archive for the 'Market Update' 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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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 .

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.

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.

Reverse Mortgages Subject To More Scrutiny

Reverse mortgages can be a useful vehicle for people over 62 who have good equity in their home. Seniors can get funds based upon their age and amount of equity.  Until now, sufficient equity has been pretty much the only requirement to qualify, and there has been minimal or no attention given to credit scores or applicant’s incomes. The typical borrower is not required to make any monthly payments, and no escrows for property taxes or insurance are collected.

The Federal Housing Administration, which runs the dominant reverse mortgage program, reported its first-ever budget shortfall of $798 million for the program during the last fiscal year, in part because of wide-spread declines in the values of the homes that secure its insured loans.

Mortgage experts say that insurance and tax defaults are rising in part because of the housing recession, but also by borrowers who may not be adequately counciled that foreclosure could be the outcome of non-payment. Tax liens take precedence over mortgages, and with no escrows collected seniors may not keep track of property tax and insurance premium notices.

Until recently the FHA and Fannie Mae were pretty lenient when senior borrowers fell behind or stopped paying, not wanting to appear to be ”throwing them out into the street” instead of waiting for full repayment upon the sale of the property. Although neither entity provided statistics on the defaults, they say they no longer have the means to look the other way.

Both say they are looking into solutions that will create a mandatory step-by-step system to contact borrowers who are delinquent, determine the cause, and if necessary refer them to charitable groups who can assist them and prevent foreclosure.

I can direct you to the best person for your mortgage needs. You can call me at 305 794.6570 or leave me a note 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.

Reported Tax Credit Extension Struggles for Support

Florida News Alert from Florida Realtors

A USA Today story published in yesterday’s Florida Realtors News inaccurately reported that the U.S. Senate passed a bill extending the closing deadline under the homebuyer tax credit for three months. That is incorrect. The Senate did vote to add that extension as an amendment to a larger bill, but that bill is struggling to find support – a bill that also includes an extension of the expired National Flood Insurance Program.

The U.S. Senate voted on Wednesday to give homebuyers another three months to settle on their contracts and take advantage of a popular tax credit that sparked a rush of activity in the housing market. The measure has been offered as an amendment to a bill that would extend popular tax breaks and unemployment insurance benefits for jobless workers.

The current deadline requires buyers to close by June 30 to get the $8000 tax credit for first-time homebuyers. Existing homeowners buying a new primary residence are eligible for a $6500 credit.

It is not expected that the proposal would have a significant impact on future home sales as the extension covers only those buyers who had valid sales contracts in effect on April 30. As home prices continue to go down and interest rates for mortgages stay at record lows, however, sales should remain brisk.

If you need to speak to a local specialist about this call me at 305 94.6570 or leave me a note.

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.

Call It the Dante Fascell Park or Epiphany Area, It’s All Beautiful South Miami

Enough cannot be said about using a local specialist when deciding where your next home will be located. Around here there are differences within small geographic areas that will influence your decisions, and if you are new to the area you’re going to need help!

South Miami has so many great neighborhoods, each with its own character, and one that I think has a great location and value is the area south of SW 80 Street down to Dante Fascell Park, bordered by Red Road on the east and US 1 on the West. The average listing price per square foot is $271, selling price per square foot is $232, and time on the market from listing to sale is 92 days. The average sale price during 2010 has been $536,000.

The following two places are typical of what you will find for sale in the neighborhood, one a recently updated 1950 home and the other a home built in 2005 that is twice the size.

6430 SW 83 Street is a recently renovated older home with a pool, impact glass windows and hardwood floors listed by Coldwell-Banker.

Details of this home include:

• 4 bedrooms, 2 bathrooms
• 2,222 square feet living area and 10,650 square feet of land
• Originally built in 1950 and renovated in 2007 and 2010
• List Price is $639,000 or $287 per square foot

6051 SW 85 Street was completed in 2005 in the Florida vernacular style. It has family rooms on both floors, something we often see in newer homes, and the pool is fed by a waterfall.

Details of this home include:

• 6 bedrooms, 5 and a half bathrooms
• 4,929 square feet of living area on a lot of 11,520 square feet
• 2 car garage, pool with waterfall, covered terrace
• Listed for $1,475,000 or $299 per square foot by EWM

Click here to see all the homes currently for sale in the area 

To see the 4 homes now under contract click here

8121 SW 63 Court sold in May for less than a thousand dollars under the asking price of $429,000. It’s a 1955 built home on a large lot with plenty of room for a pool or an addition.

Details of this home include:

• 3 bedrooms, 2 bathrooms
• 1,806 square feet of living area on a lot of 11,040 square feet
• One car garage, well and sprinkler system
• Sold for $428,022  or $237 per square foot and listed by ERA

 Another sale that closed in May is 6250 SW 84 Street. This was built in 1990 and has been updated throughout with multiple skylights and lush exotic landscaping.

Some features of this home are:

• 3 bedrooms, 3 bathrooms
• 2,546 square feet on 14,200 square feet of land
• 2 car garage, pool
• Located on a quiet one-way street
• Listed by Coldwell-Banker for $669,000 ($262 psf) and sold for $618,000 ($243 psf)

You can see all 7  homes sold this year by clicking here

This neighborhood, known by either the Epiphany or Dante Fascell Park Area, is close to great schools and shopping at Dadeland Mall or Sunset Place, and is convenient to US 1 and the Palmetto Highway.  I would love to show you around! You may give me a call at 305.794.6570 to arrange a meeting.

You may also leave me a note here or subscribe to receive my posts  directly in your email. Once you register, you must activate the subscription in a follow-up email.

 

Schenley Park and Biltmore Heights – The Beauty and The Value

There are two South Miami neighborhoods just west of Red Road that grab my attention for two reasons. Since both the cities of Miami and Coral Gables end at SW 57th Avenue they fall outside those taxing districts, and their close-in location makes commuting to downtown Miami or even Miami Beach a comparative breeze.

The first area of which I write is Schenley Park, located between Sw 24th Street  (Coral Way) and SW 40th Street  (Bird Road) and from Red Road  (SW 57th Avenue) to SW 62 Avenue. The homes, some of which are on one of Miami’s ubiquitous canals, were built in the late 40’s and 50’s for the most part, and have the mature trees and foliage of an older neighborhood.

The other neighborhood lies directly south of Schenley Park with the same east and west boundaries. It goes from Bird Road to Miller Drive (SW 56 Street). I’ve heard it called both Biltmore Heights and Riviera Estates, so call it whichever you prefer. Again, it has the same established landscaping and general age of the homes.

Here’s a home in Schenley Park at 6092 SW 27 St listed since March at $688,000 by Bank Plus Realty. It has 5 bedrooms, 3 bathrooms in 3260 square feet with a pool in the 12,800 square foot lot. At a  price equalling $211 per square foot, it’s marginally over the average price per square foot of $205.

 

To see details of all the homes currently ON THE MARKET in these two neighborhoods, click here.

For all PENDING properties, click here.

See all the properties CLOSED in 2010 by clicking here

It’s good to know that beginning literally one block west of Coral Gables is an area of homes where the selling prices and property taxes are significantly less, yet the ambiance and character are quite similar. If you are interested in learning more about Schenley Park and Biltmore Heights/Riviera Estates give me a call anytime at 305.794.6570 or leave me a note here.

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The “Little Gables” Is a Gem of a Neighborhood

The Little Gables is near the northeast corner of Coral Gables bordered by SW 8th St on the north and LeJeune Rd on the east. It’s only goes 8 blocks to the south, to Mendoza Av, and to the west it ends at SW 47th Av. It is actually part of the city of Miami, not Coral Gables, and has mostly older homes with plenty of character.

 Of the fifteen homes currently available there are only 2 short sales and no foreclosures, indicating that the average list price per square foot of $216 and sale price per square foot of $214 accurately represents the value of the neighborhood’s homes.

Here are two of the homes on the market now:

4501 SW 14 Street   3 bedrooms and 2 bathrooms pool home on a corner lot of 7,845 square feet. Listed at $415,000 or $225 per square foot.

4250 SW 10 Street   Old Spanish style with wood floors, high ceilings,  a front porch and plenty of room for a pool. 3/2 and a half baths listed for $349,000 or $199 per square foot.

To see all the homes for sale in the “Little Gables” click here

Two examples of recent sales follow:

4410 SW 13 St  3 bedrooms and 2 and a half bathrooms with a garage, pool and large covered patio. Sold for $430,000 on April 27, 2010 or $227 per square foot.

4617 SW 11 St  Magazine-quality finishes throughout this 3 bedrooms and 2 bathroom meticulously maintained and updated home. With 1594 square feet on a lot of 8025 square feet this sold on May 7, 2010 for $374,000, $234 per square foot.

To see all the recent sales in the Little Gables click here

To see all the current pending sales in the Little Gables click here

If you would like to be updated on your neighborhood regularly leave me a note here. To receive my posts directly in your email subscribe here. Once you register, you must activate the registration in a follow-up email.

For immediate service you may always call me at 305.794.6570. You’ll find me at work every day of the week!

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