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. 

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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.

In February I wrote about a new small commercial building being built on Oak Avenue across from the Fire Station and behind Mayfair. It was especially interesting to me because it’s designed by Arquitectonica, one of Miami’s premier architecture firms.

As it turns out, this building will become their new headquarters when it’s completed! So, Arquitectonica  is returning to our village where it all began in 1977.

To stay updated with all Coconut Grove real estate you may want to subscribe to my posts. Once you register, you must activate the subscription in a follow-up email. 

If you are selling, buying, or renting I can help. Give me a call at 305 794.6570 or leave me a note here.

To maximize return-on-investment for renovations and upgrades your priorities should be:

1. Paint outside and inside. Use modern neutral colors that won’t lock people into your style.
2. Upgrade the kitchen and bathrooms. If they are dated or tired realize that kitchens return between 79%-88% and bathrooms between 82%-96% of their cost. One of the best improvements you can make is to add a second bathroom to a one bedroom house if there is existing space under the roof. This should only be done if the new bathroom fits organically into the existing floorplan and doesn’t scream “this space used to be the other half of a bedroom”. It has to flow with the house.
3. Improve light fixtures, faucets, shower heads, cabinet knobs and pulls, light-switch and outlet covers, a/c grills, door knobs and anything that looks too used.
4. Curb appeal. Don’t go overboard on expensive landscaping but make sure the first impression is great. Some inexpensive seasonal plants from the garden store will work wonders.
5. Fix what is obviously broken. Fix screens, leaky faucets, leaky ductwork, fences, mailboxes, non-functioning blinds and shades, window locks and door knobs. Some of these may not be broken, but look at everything with an impersonal eye . Polish, tighten, glue, nail down, shore up, and do anything else that will make your home look fresh and well-kept.

Not on the list above because they aren’t an upgrade or renovation but they have maximum impact is to clean like the Queen of England is on her way over and declutter, declutter, declutter. You will wish you’d already done this when you pack for the move and they are 100% free!

Before doing any work, design carefully and plan the execution in detail. Use good materials. Don’t expect to get you money back on highly-customized work. Most of all, don’t eliminate options for the next owners when you upgrade.

And do keep in mind that if an upgrade will improve your standard of living and enjoyment it might be worth doing even if you don’t get it back!

I have a record of helping my clients make huge changes to their homes with very little money. I’d be happy to consult with you, too. Give me a call at 305 794.6570 or leave me a note.

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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.

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 .

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.

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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To get a feel for the place, here are a few pictures taken there:

This home is currently for sale for $695,000. It has 4 bedrooms, two and a half bathrooms, 3 stories, on a lot that is 40′ by 40′. Taxes are $12,242 per year!!

The home above has detail known there as Chautauqua Lace. In Miami we would call that “gingerbread”.

I’m writing this to let you know I’m back home, well-rested, feeling smart and cultured, and ready to continue serving your real estate needs!

If you are ready to list or sell your Coconut Grove home, call me at 305 794.6570 or leave me a note here.

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I think we all open that bill from Florida Power and Light with trepidation. As the summer heat endures we depend on our air conditioners like a fish does water, and for that, we pay!

There are many ways to fight the bill that are free or very inexpensive we all can do. And there are some bigger-ticket actions we can take.

Here are some no or low-cost measures for keeping the electric bill lower:

• Turn things OFF! We have so many appliances and electronics that sit in “ready” mode that we don’t use every day. Think about what doesn’t need to be plugged in all the time. A great example is your cellphone charger which always draws a trickle of power.
• Turn off lights and ceiling fans when nobody is in the room. The slight boost when turned back on is negligible and equals less than staying on all the time. And make sure those fans are blowing air DOWN.
• Lock your windows. Most windows have a weather seal no matter what type they are, and locking them makes the contact tighter. Also, make sure the window and door seals are in good shape and not worn down or misshapen.
• Close a/c registers in unused rooms, or at least lessen the flow of cool air into those rooms.
• Adjust drapes and shades to keep direct sunlight out of the house.
• Hang-dry your laundry outdoors on sunny days.
• Close the damper if you have a wood-burning fireplace.

For a little money the following can decrease your bill:

• Let’s assume you already change your a/c filters monthly. Now consider shading – not blocking –  that compressor outside from the direct burning sunshine.
• Install ceiling fans where there are none. Did you know the fan doesn’t actually lower the tempurature, but the moving air and drying moisture (think sweat) makes you feel cooler.
• Shade – not block – the unit’s outdoor compressor.
• Install refective films on windows and/or consider solar screens.

The more expensive fixes undoubtedly have the most impact over time, so if you can’t do these immediately think about getting to them when you can.

• Plant shade trees, specifically on the south and west sides of your property
• Insulation:  Make sure you have insulation at least in the attic. It’s estimated that undiscovered openings in walls, floors and the roof account for about 45% of cooling loss.
• Tankless Hot Water Heaters:  Because these provide hot water only when it’s needed, they remove the need for a big tank of hot water waiting to be used.
• Energy Efficient Windows:    These stop unwanted cooling loss and they can also block harmful UV rays that fade carpets and furniture. 
• Water Circulation System:  How much water goes down the drain while you are waiting for it to warm up?  It’s estimated that about 25 to 30 gallons of water daily can be wasted  this way, 10,000 to 14,000 gallons annually.   A water circulation system automatically recirculates colder water back to your water heater until it’s hot enough for use.

I’ve been playing a game with FPL for years. Every month I try to lower my bill, even if it’s only by $1. The satisfaction I get is, as they say, priceless!

If you have real estate needs I’m here for you. Call me at 305 794.6570 or leave me a message here.

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