Coconut Grove, Coral Gables & South Miami Real Estate

Archive for the 'Coral Gables' Category

Tri-City Market Update – July 2010 – Coconut Grove, Coral Gables & South Miami

Under $500,000.

$500,000. to $1,000,000.

Over $1,000,000.

Condominium and Townhomes

Coconut Grove (Miami) to the Florida Keys – Short Trip, Big Vacation

For those of you that follow my blog, you may have noticed a little break in blogging this last week.  I was on a much needed and truly valued vacation.  The best part for me is that I didn’t have to go too far.  One of the many benefits of living here in Coconut Grove (Miami) is it’s location to many coveted vacation spots.  None more frequented by this native Miamian than the Florida Keys.

Within 1 hour’s drive you are in this vacation paradise.  As a native, I have been going to the Keys all my life and for some reason, the minute I hit the infamous Card Sound Road I feel the stresses and tensions of everyday life just slip away.  It is almost magical how it happens every time. 

On this trip, we spent the entire time in Key West, the southernmost point in the continental U.S.   The Florida Keys are known for their sunny days, spectacular sunsets and many water sports including boating, scuba diving, snorkeling and fishing.  In addition to the above, Key West also boasts of a lively nightlife, a variety of eateries and a sunset celebration every evening on Mallory Square.

I couldn’t have asked for more.  It was perfect.  I feel rested, refreshed and have a tan to boot.  

Well now I am back and ready to get back to work so, if you are looking for a real estate professional who specializes in Miami, Coconut Grove, Coral Gables or South Miami real estate, give me a call at 305-987-2644 or send me a note here. 

Buying a Home, Do it Yourself or Not???

Like many people, I am a bit of a do-it-yourselfer.  I assume if I handle something myself, I can get a better price or do a better job without having to pay extra for a professional.

Cliffs of Moher

Recently, I found that in certain instances, this is not the case.  I was organizing a trip to Ireland for my mother’s 70th birthday and was doing my homework online, of course.  I found exactly what we wanted.  It was offered by a  specific tour group that I assumed did all their transactions online.  Just to cover my bases, I contacted a friend of mine who is a travel agent and asked what she had available.  Turns out, she can get me the same trip, through the same company, for the same price BUT I will have the additional advantage of the individual service and experience that her company provides.  I have to say that I was very surprised.  Of course, I would prefer to have a contact person and not a computer as my go to, especially when it comes to something as important as travel arrangements.

While we were talking it occurred to me that it seems like many people feel the same way about buying a home.  If they do all the legwork themselves, go to the open houses, look at homes online, deal directly with the listing agent or owner, they will save money.  

But, just as in the instance above, that is not usually the case.  First of all, and most importantly, here in Florida the Seller pays the entire commission.  Both sides of the deal, buyers agent commission and selling agent commission.  Buyers are not responsible for any commission.  The only fee that a buyer may be charged by his/her realtor is a fee for processing, typically under $300., and that is only at time of closing.  

Additionally, wouldn’t you prefer to have someone represent you that is a professional and specializes in the market in which your are looking to buy?  Someone to help you navigate the ups and downs of the home buying process?  Someone who’s job it is to assist you in all aspects of purchasing a home?

Buying a home, just like travel, can have it’s unexpected challenges and having someone you can rely on is priceless.  So if you or anyone you know of is considering purchasing a home and would like working with a professional, give me a call at 305-987-2644 or you can email me here.

Tri-City Market Update – June 2010 – Coconut Grove, Coral Gables & South Miami

The June numbers are in!!  The below graphs outline the sale statistics, on a month-by-month basis, for the tri-city areas of Coconut Grove, Coral Gables and South Miami.  As usual, I have broken down the data into categories:  Single family under $500K, $500K – $1MM, over $1MM and Condominiums/Townhomes.

Historically, summer months are slower here in sunny Miami and it appears that history is repeating itself.  Many of my fellow realtors have also noticed a slight decrease in activity this June over previous months.

Single Family Homes under $500,000.

0 to $500,000.

$500,000 to $1,000,000.

In this segment of the market, there also appears to be some sort of leveling off occurring.  The inventory is roughly the same since the beginning of the year along with the sales, and pending contracts. 

Single Family Homes over $1,000,000 

Over $1,000,000.

All price ranges

Here in the condominium/townhome market is where we are currently seeing the most significant positive movement.  Over last year this time, there is a 45.8% increase in sales, 29.8% increase in pended contracts and a decrease of 9.4% in inventory.  Due to the influx of cash buyers, many of these builidngs are making a turnaround and becoming financially stable again.

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.

Nice Selection for under $500,000. in Coconut Grove, Coral Gables and South Miami

Looking for a home in the tri-city area for under $500,000?  Great news, there are some really great homes to choose from.  I was recently previewing for a client that is looking for a nice single family home under $500,000.  I was pleasantly surprised with the quality and quantity of the inventory.   

Here are a few of my favorites.

516 Aragon Ave, Coral Gables

This charming home located at 516 Aragon Avenue is literally just blocks from the center of the Coral Gables shopping and restaurant district.  The property offers two residences with a 2 bedroom, 1 bath main house and a 1/1 cottage at the rear of the property.  Wood floors, fireplace, high ceilings and Chicago brick patio are just a few of the features of this special home.  Asking Price: $436,000.

4055 Hardie Ave, Coconut Grove

This lovely South Grove home has 2 bedrooms and 1 bath with wood floors, restored Cuban tile and private garden.  Located at 4055 Hardie Avenue, this home is within walking distance to the Village of Coconut Grove and Merrie Christmas Park, a popular destination for local families.  Asking Price:  $449,000.

7800 SW 53 Ave., Miami

This High Pines home located at 7800 SW 53 Ave. features 3 bedrooms and 2 baths with 1,646 sq ft of living area.  High Pines is a subdivision near South Miami that is very desirable due to the school district and it’s proximity to Downtown, Miami Beach, Miami Airport, Coral Gables, South Miami and Coconut Grove.  Asking Price $488,000.

Click here for additional information and photos of the homes featured here.

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.

Tri-City Market Update – May 2010 – Coconut Grove, Coral Gables & South Miami

Here we are again with the updated statistics for Miami’s Select neighborhoods, Coconut Grove, Coral Gables and South Miami.  This month I chose to include the data for condominiums and townhomes in addition to single family homes.  Condos seem to be trending in the right direction and based on the below statistics, making the most significant improvements overall.

As in my previous posts, I have segregated the information into categories, single family under $500K, $500K to $1MM, over $1MM and Condos and Townhomes.  I hope you find it interesting and informative.

Single Family homes up to $500,000.

$0 to $500,000.

The under $500K market is moving steadily in the right direction with the supply reduced by more than 100 homes (23.4%) over the last 12 month.  The sold homes are slightly lower than last year but the pending sales (under contract) are up almost 14%.  Something I think important to mention are the pending sales vs. closed sales.  Even though there are more homes going under contract, there are less homes actually sold.  With appraisals and financing being more difficult than ever, getting from contracting to closing is the biggest challenge. 

Single Family homes from $500,000. to $1,000,000. 

$500,000. to $1,000,000.

Single Family homes over $1,000,000.

Over $1,000,000.

The over $1MM market shows a slight reduction (8%) in supply over last year, sales are up slightly but the pended dropped to half of what was slotted last May with just 7 homes going under contract this month.

Condominiums and Townhomes

All Price Ranges

As you can see from the above graph, the outlook for condominiums and townhomes is trending in the right direction. Compared to the May ’09 numbers there is a decrease in supply of 13.8%, a 63% increase in sales and a 66.7% increase in pending sales.  All very hopeful signs.

For more concise market information for Coconut Grove, Coral Gables or South Miami just click on the city name and you will be re-directed to the market data specific to each.  Or, if you would like a similar report tailored to your neighborhood, give me a call at 305-987-2644 or send me a note here.

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Coral Gables Finest Restaurants offering Special Menus at Special Prices

Today kicks off the first day of the Coral Gables Restaurant Week.  Actually, it is more like weeks as it runs from June 7th to the 20th.  Participating restaurants are offering a 3-course prix fixe menu.  Some offer both lunch and dinner options and other are just dinner.  With over 30 participating vendors, there is something for everyone.  All boasting of a 20% or more discount off of their standard prices.

This is a great opportunity to try an establishment that you might not normally consider.  Step out of the box, so to speak.    

Visit the Coral Gables Restaurant Week website for a complete list of the over 30 participating vendors and to view the menus available.

I really enjoy sharing what’s going on in my neck of the woods so if you have any comments or suggestions I would love hearing from you either via comment below or you can send me a note here.

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Gables by the Sea – A Boaters Paradise

If your looking for luxury waterfront living then Gables by the Sea is the place for you.  As the name implies, life revolves around the sea in this community where water-skiing, sailing, scuba diving, deep sea fishing and just plain boating are year-round activities.

This private gated community of single family homes features a series of channels with many providing direct access to Biscayne Bay and the Atlantic beyond.  Located at the southernmost point of Coral Gables, just south of Fairchild Tropical Gardens and Matheson Hammock Park, it is minutes from all the major metropolitan areas of Miami.

Quite the eclectic community, Gables by the Sea features a mixture of older established homes and newer construction throughout.  Prices vary drastically based on access to the bay, age of home and condition of the property.  At this time, there are 22 homes for sale ranging in price from $765,000. to $3,697,000.  Within the last six months, there have been 6 sales with prices ranging from $605,000. to $2,450,000. and 2 homes currently under contract.  

Truly a boater’s paradise……

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 receive an email requesting activation.

Market Update – Tri-city April 2010 – Coconut Grove, Coral Gables & South Miami

So now the question that is on everyone’s lips is “How will the real estate market be affected now that the tax credit has expired?”  The answer, only time will tell.  But what I can tell you is that the over $1MM market here in Miami seems to be rebounding a bit.

It is still early to make any determinations but below are the numbers through April for the Coconut Grove, Coral Gables and South Miami areas.  I have broken the information into 3 categories, single family homes under $500K, $500K to $1MM and over $1MM.

Single Family up to $500,000.  

Single Family Homes up to $500,000.

As you can see, the homes sales are down 25% with the pended also down 2.5% over last years numbers.  The good news is that the inventory, homes for sale, is down significantly which can translate to more stabilization in this segment of the market.

Single Family $500,000. to $1,000,000.

Single Family Homes - $500,000. to $1,000,000.

In this market segment the sales are up 60% with the pended sales down 21.1%. 

Single Family over $1,000,000.

Single Family Homes over $1,000,000.

The best news this month is in the over $1MM market.  Sales are up 66.7% with the contracts pended up 128.6% over last year.

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.

For more concise market information for Coconut Grove, Coral Gables or South Miami just click on the city name and you will be re-directed to the market data specific to each.

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

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.

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