Coconut Grove, Coral Gables & South Miami Real Estate

Archive for the 'Buying' Category

Coral Gables Waterfront – “Big Sale – 40% off”

What a deal!!  Who would have thought that a Coral Gables waterfront property would sell for 40% less than the listing price. 

List Price:  $23,500,000.

    Selling Price: $14,100,000.    

 The property, well actually compound, is 2.75 acres with 6 structures.  There are three guest houses, 13 bedrooms, 13 baths and a two story air conditioned garage which accomodates 20+ cars.

 

285 ft. of deep water dockage on the open bay. 

 

Two story boat house with protected dockage and lifts.

 

Tennis court and Gazebo

 

And of course, 22 seat home theater….

So what does this tell us?  Basically, it is very hard to determine what a property like this will sell for.  As Realtors, we want to do the best job for our clients and part of that is getting the best price we can.  In most cases we use comparables to determine the approximate value.  In this case, it is such a special property that there really isn’t much to compare with. 

This property is located at 158 S. Prospect Drive, Coral Gables and was listed by Sotheby’s International Realty.  Click here for more information and additional photos.

If you or someone you know is looking for a real estate professional who specializes in Coconut Grove, Coral Gables or South Miami real estate, give me a call at 305-987-2644 or send me a note here.

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NY Times names South Florida as area where “Buying a home appears to be a Bargain”

The NY Times reported last week that in some areas “prices have fallen so far that buying a home appears to be a bargain”.  Luckily for us, South Florida was named as one of those areas.

The Times analysis was based on the costs of buying versus renting a home of comparative value.  The article also provides three very informative, interactive tables.   All three are geared towards helping you decide if it is better for you, personally, to buy or rent.

Read the full article here.

If you or someone you know is looking for a real estate professional who specializes in Coconut Grove, Coral Gables or South Miami real estate, give me a call at 305-987-2644 or send me a note here.

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Open House this Sunday at 2441 Swanson Ave. Coconut Grove

This weekend I will be hosting an open house on Sunday, April 25th from 2:00 to 4:00, at 2441 Swanson Avenue.  Swanson Avenue is a beautiful, quiet street in North Coconut Grove that runs parallel to Bayshore Drive between 27th and 22nd Avenue.

 

The home has 2 bedrooms, 2 baths and an office/den and a beautiful pool.  Some of the special features include wood floors, crown molding, a formal dining room and a large corner lot.

 

 

And did I mention the pool?  This large secluded pool is surrounded by lush tropical landscaping.  Your own private oasis.

List price $549,000.

 

Click here for additional information and more photos.

If you are out and about, please make sure to stop by and say hello.  I would love to see you. 

And of course, if you or someone you know is looking for a real estate professional who specializes in Coconut Grove, Coral Gables and South Miami real estate, give me a call at 305-987-2644 or send me a note here.

Or, just subscribe here if you would like these blogs sent directly to your inbox.  After subscribing, you will recieve an email requesting activation.

New HAFA Program – Could it be a Short Sale Savior?

 

“Short sales”, just the words evoke controversy.  If your not familiar with the term, it is used when a home is what we call upside-down on the mortgage.  When the market value of the home is less than the actual mortgage amount due and the homeowner needs to sell.

Like many Realtors here in Miami, I have been trying to avoid short sales like the plague.  You may have heard the stories.  Buyer finds a great home at a great price.  Offers full price on short sale property.  Offer is accepted by the homeowner and submitted to the bank for review.  Buyer waits and waits, months and months, and finds out that the list price is no where near what the bank will accept.  Deal dies.  Frustrated buyer, frustrated seller, no one wins. 

Now it looks like there may be some relief in sight and short sales may become the new best deals in town. 

The Treasury Department has introduced a new program, Home Affordability Foreclosure Alternatives Program (HAFA).  This program is designed as an option for homeowners that are unable to keep there homes through the original Home Affordable Modification Program (HAMP). 

The HAFA Program took effect on April 5, 2010 and offers significant modifications to the short sale process.  Additionally, it provides financial incentives for the homeowners and the lenders, in connection with a short sale.  It was designed to expedite the short sale process significantly thereby getting the homes sold prior to foreclosure.  

Here are some key points:

• Allows sellers to receive pre-approved short sales terms, including the minimal acceptable net proceeds (sales price). 
• Uses standard processes, documents and time frames/deadlines.  This in itself can change the short sale climate drastically.
• Provides financial incentives:
  • $3,000. for Sellers relocation assistance.
  • $1,500. for lenders administrative and processing costs.
• Best of all, the lender may not require a cash contribution or promissory note from the borrower and must forfeit the ability to pursue a deficiency judgment against the borrower.  This is HUGE.

Click here to find a list of participating lenders/servicers.

The HAFA Program has the potential to revolutionize short sales, but it’s success will depend on committed implementation by the lenders and recognition that the loss will be less with a short sale than a foreclosure, not just for the lender, but for everyone!

I look forward to seeing how this will affect short sales in the near future and the market in general.  I will keep you informed as to how it goes.

If you or someone you know is looking for a real estate professional who specializes in Coconut Grove, Coral Gables or South Miami real estate, give me a call at 305-987-2644 or send me a note here. 

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Green Living Kitchen Renovation – Part 1 – Countertops

If you’re planning on updating or remodeling your kitchen, why not consider green alternatives?  It not only enhances the environment you live in but it will help “The Environment” we all live in.  

Did you know that kitchens are the most energy-intense room in your house?  Updated kitchens are a dime a dozen but a kitchen that can claim to be “green”, meaning cost and energy efficient and made of recycled or sustainable materials, will stand out when it is time to sell.  Being a realtor here in Miami I see plenty of spectacular kitchens, but whenever there is mention of a home with “Green” features, my colleagues and I take special notice.  It is enticing to buyers.  Therefore nothing but good for you in the short and long term.

I wanted to start this series with countertops for two reasons.  First the aesthetics, changing a countertop can change the entire look of a kitchen.  Secondly, since this is where we store and prepare our foods, what a countertop is made of can have a significant effect on the toxicity levels of items that go into our bodies.  Often price is a concern for someone that want to include sustainable products.  The list below provides the full spectrum of prices ranges.

Some of the more popular options are recycled glass, concrete countertops, paper composite and laminate.

• Icestone is “100% recycled glass in a cement matrix”.  This product has a marble like appearance and comes in 31 colors.  Downside is that hot pots could possibly burn the sealer on the countertop.
• Paper composite is a combination of waste paper, recycled paper, cellulose and resin.  It has a consistency of hardwood and can handle hot pans up to 350 degrees.  Richlite and Paperstone are two vendors that provide this product.
• Last and actually least, when it comes to expense, is laminate.  This is not your Grandmothers laminate countertops.  There are now green certified laminates that are sourced from recycled plastic, non- toxic glues and formaldehyde free substrate.  VT Industries offers products made with no VOC adhesives, 100% post consumer recycled cores and GreenGuard certified.

I really enjoy sharing ideas and options for “Greener Living” so if you have any suggestions or know of additional resources, I would love hearing from you either via comment below or you can send me a note here.

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New Sale in Coconut Grove’s Ye Little Wood

Last week we had our first sale in over a year the Coconut Grove community of Ye Little Wood.  It was listed for $599,000. and sold for $550,000.  The property has a 2/2 main house with a 1/1 cottage on a lot of over 14,000 sq ft.  With 2,504 of living area, it sold for just under $220 per sq ft.

I visited this property when it first came on the market and it definitely needed some TLC but there was huge potential there.  Good bones, interesting floor-plan and room to renovate.  The new owner plans on doing just that and making it into a ”green” home.

For those of you who are not familiar with Ye Little Wood, it is a private, gated community of 36 homes just off Douglas Road in South Coconut Grove. It is known for it’s exquisite homes on large tropical lots.

Click here to view the homes currently for sale in Ye Little Wood. In addition to the homes for sale, there is also a 12,050 sq ft lot listed for $899,000.

If you or someone you know is looking for a real estate professional who specializes in Coconut Grove and the surrounding areas, give me a call at 305-987-2644 or send me a note here.

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Market Update – Tri-City 1st Qtr 2010 – Coconut Grove, Coral Gables and South Miami

Great news, the first quarter results for the tri-city area are in and it’s looking good.  I have broken down this information into three categories, single family under $1MM, single family over $1MM and condominium/townhomes.  We, as Realtors here in Miami, have felt the increase in activity so we knew things were moving forward but the graphs below provide the evidence to support this.

Single Family Under $1MM

In the under $1MM category, home sales are up 27.5% with inventory of homes dropping 34% over last year.  This means less homes available and more people buying.  Additionally, the homes pended are significantly higher over last year which hopefully will translate to higher closed sales in the next few months. 

 

Single Family Over $1MM

In the over $1MM single family market we are seeing the same trends, just not as drastic.  The closed sales are the same as this time last year but inventory of homes for sale did show a 15.6% decrease.  So basically, the higher end sales have not picked up as of yet.  

 

Condominium/Townhomes

Condos and townhomes have been the hardest hit in this market with the vast amount of inventory and the difficulties with financing.  The good news is that we are seeing improvements in this area too.  The inventory of units is leveling off with a 15% decrease over this time last year and and a 36.4% increase in closed sales.  There even appears to be a spike in pended sales in March.  We will see if this translates into an increase in sales over the next few months.

I love these graphs because, being a visual person, it makes interpretation of the data much easier for me to understand and provides a snapshot of a significant period of time.  I hope it does the same for you.

For more concise market information, just click on Coconut Grove, Coral Gables or South Miami to see the market data specific to each city/area.

If you or someone you know is looking for a real estate professional who specializes in Coconut Grove, Coral Gables and the South Miami areas, or if you would like a trends report tailored to your neighborhood, give me a call at 305-987-2644 or send me a note here.

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If Contemporary is your Style, here’s the Home for You

Yesterday was Brokers Open day here in Coconut Grove.  This is the time when realtors open their listings to other realtors to view and familiarize themselves with the current inventory of homes.  After doing this for quite some time now, it takes something pretty special to make a big impression.  This home certainly did.  

Located at 3636 Hibiscus Street in South Grove, this four bedroom, five and a half bath home offers over 4,800 square feet of living area. 

Floor to ceiling glass wall brings the outdoors in.  You can see that attention to detail was the name of the game with the state of the art kitchen, full guest suite a fully finished basement complete with media room and game room area.

Since the average sales price of homes in this area of this size and in this condition is aproximately $363 per square foot, the list price of $1,900,000.,  ($390 per square foot) shows that the owners are serious about selling and have priced the home to get the attention of  buyers in that price range.

Considering the quality and spectacular condition of the home, I would be surprised if this home stayed on the market for any length of time.

If you or someone you know is looking for a real estate professional who specializes in Coconut Grove, give me a call at 305-987-2644 or send me a note here.

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Mindello Street – Coral Gables Tree-Lined Corridor

I recently visited three beautiful homes on one of my favorite streets in Coral Gables, Mindello Street.  Mindello is located in an area referred to as the Platinum Triangle and offers new construction and older homes in a range of prices.  From the tree-lined streets to the school district, it is considered one of the most sought after neighborhoods in ”South Gables.”  

  

7320 Mindello Street

5 bedroom, 5 1/2 bath Mediterranean Villa.  Top of the line finishes, gourmet kitchen, 13 ft ceilings, marble & hardwood flooring, pool/spa.

List Price $1,950,000.

 

 7200 Mindello Street

3 bedroom, 2 bath home built in 1953 with over 1,845 sq ft.  Large corner lot with lush landscaping and pool.

List Price $675,000. 

 

 

7750 Mindello Street

Three bedroom, two bath home was built in 1962 and offers over 1,700 sq ft of living area.  It has a remodeled eat-in kitchen and spacious floor plan. 

List Price $589,000.

 

View more photos and additional information on these homes.  If you or someone you know is looking for a real estate professional who specializes in the Coral Gables area, give me a call at 305-987-2644 or send me a note here.

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Pine Manor – South Miami’s Premier Townhome Residence

Pine Manor is a luxury townhome community located in prestigious High Pines, just minutes from downtown South Miami.  This 42-unit gated residence was built in the Dutch Caribbean style with lush gardens and coral archways throughout.

 

There are 4 floorplans, each named for one of the “A-B-C” Islands of the Carribean.  The Aruba, Bonaire, Curacao and Damaire all offer elegant luxury and spacious living.  The models come in either 3 or 4 bedrooms varying in size from 2,046 – 3,106 sq ft of living area.

Upon entering the homes you immediately notice the attention to detail.  With 10 ft ceilings, granite countertops, European style cabinets with wood doors and Saturnia marble flooring  throughout, they define splendid living.  All this and just a few minutes walk to restaurants, unique shops and parks of South Miami.

Here is a list of the townhomes currently for sale in Pine Manor.

If you or someone you know is looking for a real estate professional who specializes in the South Miami area, give me a call at 305-987-2644 or send me a note here.

Or, just subscribe here if you would like these blogs sent directly to your inbox.  After subscribing, you will recieve an email requesting activation.