Beth Kipnis
HomeMarket Update Category
Coconut Grove Condos End The Year With Strong Sales
Grovenor House and Grove Isle led all condominiums in Coconut Grove with increases in apartments sold and in price paid per square foot, showing their strength in this recovering market.
Grovenor House showed the most significant rise with 20 units sold in 2010 compared to only seven in 2009. The square foot price average increased from $518 to $556. Grove Isle had 22 closed sales in 2010 and only 14 in 2009. The average price per square foot there went up from $297 to $322.
The Ritz Carlton also did well in 2010 with closed sales increasing from 5 in 2009 to 13. The per square foot price went from $404 to $420.
Yacht Harbour and Grove Towers both saw a decrease in price paid per square foot. Yacht Harbour went from $248 to $230 and Grove Towers from $374 to $342. Grove Hill had 2 more sales than in 2009 with the per square foot price dropping minimally by a couple of dollars.
It’s not surprising that Grovenor House, Grove Isle and the Ritz Carlton saw such increases. Grove Isle is a private guarded island with its own marina and boutique hotel, Grovenor House is the newest with the most luxurious finishes, and the Ritz Carlton carries the internationally known name – and lives up to those expectations.
The links below will show you everything on the market now in each of the buildings mentioned above. If your plans include a move to a Coconut Grove condo in the near future, give me call and we can discuss the best one for you.
Yacht Harbour on the market now
Give me a call at 305 794.6570 to discuss all your Coconut Grove real estate needs. You may also leave me a note and I’ll get right back to you. 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.
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Coral Gables Homes Under $500,000 Abound
Looking at the corridor of Coral Gables north of US 1, I find an abundance of homes listed for less than $500,000. With interest rates dipping to under 4% for the most desirable borrowers, it’s a very opportune moment for first-time buyers and downsizing homeowners to buy a property.
Cervera Realty has a great example of what can be found at 1501 Lisbon Street. This 3 bedroom, 2 bathroom was built in 1967 and has a one-car garage. At just under 1500 square feet on a lot of 5250 square feet, this home was originally priced at $399,000 and has been adjusted to $369,000.
Eleven homes listed for less than $300,000
Thirty Homes listed between $300,000 and $400,000
Thirty-three Coral Gables Homes listed between $400,000 and $500,000
Within the last 3 months, there have been 30 sales in this northern area of Coral Gables for less than $500,000. There are some really good opportunities out there, too.
This home at 445 Zamora Avenue has 3 bedrooms, 2 bathrooms and a den on a corner lot with room for a pool. It was listed by Coldwell-Banker for $549,000 originally, then reduced to $499,000. It closed this month for $441,500.
I’ve noticed that some of the closed sales went for more than list, which indicates that a compelling asking price can actually bring a seller more than anticipated!
Breaking down what has sold within the last three months we have 6 sales for less than $300,000, ten between $300,000 and $400,000, and another 14 closed sales between $400,000 and $500,000.
I study the market so you can make informed decisions when you buy or sell in Coral Gables. Call me to arrange a meeting at 305 794.6570.
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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. 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. 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. Share
Comparing Distressed and Regular Sales in Downtown Coral Gables
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
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