Coconut Grove, Coral Gables & South Miami Real Estate

Archive for the 'Selling' Category

My Top Three Coconut Grove Properties

Being a realtor here in Coconut Grove affords me the opportunity to see many spectacular properties.  Since I love viewing these amazing homes, I wanted to bring them to you.  Here are my top three.   

First on my list is the DeGarmo Estate which is located at 3710 DeGarmo Lane and is listed for $2,975,000.  Built in 1921, this two story Spanish Villa was designed by famed architect, Walter DeGarmo as his personal home.  It has 6 bedrooms, 6.5 baths with 7,761 square feet of living area.  It has been totally renovated and updated but kept in they style in which it was originally intended.  What makes this home a stand out is the central courtyard, grotto with waterfall and the attention to detail of the renovations.  It is truly breathtaking.  

Next is Villa Valentino located at 1855 South Bayshore Drive currently offered at $2,885,000.  This historic property was built in 1910 in the Moorish style up on coral rock bluff overlooking Biscayne Bay.  The this compound boast of 3 living areas.  The main house has 5 bedrooms and 4.5 baths with 2 separate cottages offering an additional 5 bedrooms and 2 baths.  Completely renovated just a few years ago, it offers old world charm with new world conveniences.

 

Last but certainly not least, except in price, is this contemporary home located at 3636 Hibiscus Street listed for $1,900,000.  I have written about it previously but I think it is worth mentioning again.  Built in 2002 this home has 4 bedrooms, 5.5 baths with over 4,800 square feet of living area.  Special features include a rare basement area that houses a private theater, game room and entertainment area.  Not to mention the state of the art kitchen and private pool and patio areas.

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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Surprise, Surprise, Surprise – Mortgage Rates at 50 Year Low

Well this came as a bit of a surprise.  Just last month there was speculation that the interest rates would go up due to the termination in March of the Federal Reserve program.  That increase could have eliminated some buyers altogether.  This in turn would adversely affect the leveling off that we have been seeing recently in the market, as mentioned in today’s Miami Herald article.

So, what happened?  The Wall Street Journal (WSJ) reported yesterday that “Economist largely attribute the decline in mortgage rates to the European debt crisis and new concerns about the global economy.”  Basically, they are saying that the foreign investors are putting tons of cash into U.S. Bonds.  This influx of cash pushed down the yields on Treasury Bonds which in turn lowered the mortgage rates.  Well that was unexpected.

How does this affect us?  WSJ says “Falling mortgage rates can give a powerful lift to the housing market.  A general rule of thumb holds that every one percentage point decline in mortgage rates is the equivalent of roughly a 10% reduction in the home price for the buyer. So, if the current rates hold, say economists, that could help stabilize prices and allow current homeowners to sell existing homes without substantial price cuts.”

Not only can prospective buyers still consider purchasing a home, now they may be able to purchase more home for the same monthly payment.

If you are interested in buying a home in the Coconut Grove, Coral Gables or South Miami areas and looking for a real estate specialist, please give me a call at 305-987-2644 or send me a note here.

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The Townhomes at Oak Lane – South Miami’s New Luxury Gated Community

The Townhomes at Oak Lane is a private gated community within walking distance to the heart of South Miami.  The intimate French Village architecture boasts of unique designs, spacious interiors and the ultimate in luxury.   

 Each of the 40 townhomes feature:

• Natural stone, wood or porcelain flooring throughout
• Underground parking at your doorstep
• Impact/sound resistant windows and doors
• Private walled garden with brick or stone pavers and the option of tranquil pool, spa or pond.  
• Covered terrace
• Soaring ceilings

The kitchens offer a wide variety of traditional or contemporary custom cabinetry with a selection of natural stone counter-tops.  The appliances are top of the line with Sub-Zero refrigerator/freezer, Wolf oven, microwave and gas cooktop with hood and Fisher & Paykel dishwasher.

Prices start at $695,000. for the 3 bedroom, 2 bath with 2,925 square feet.  They increase incrementally with the largest unit, a 3 bedroom, 4 bath home with 3,388 square feet listed for $969,000.

 

If your looking for brand new, spacious living, top of the line features and close to just about everything here in Miami, The Townhomes at Oak Lane may be just the place for you.

Click here for a complete list of all units available in The Townhomes at Oak Lane.

If you are interested in seeing this property or are looking for a South Miami specialist, please give me a call at 305-987-2644 or send me a note here.

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New Home for Sale on Micanopy Avenue in North Coconut Grove

Micanopy Avenue is a wonderfully lush street in North Coconut Grove that is only about 3 1/2 blocks long and runs parallel to, and between, Bayshore Drive and Tigertail Avenue.  This one of a kind gated residence has a blend of old Grove charm with all the modern conveniences of today.

The spacious country kitchen opens to a large informal dining area and separate family room.

Garden vistas envelope every room. 

Details of home

• 5 bedrooms, 4 baths
• 4,474 sq ft of living area
• 10,500 sq ft lot
• 2 car garage

Asking Price – $1,490,000.  ($333.00 per sq ft)

Click here for additional information and 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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New Luxury Listing on Premier Coconut Grove Cul-de-Sac – 3835 Park Avenue

I recently listed this fabulous 2-story Mediterranean style home in south Coconut Grove.  It features 6 bedrooms (one converted) 6.5 bathrooms with 5,514 sq ft of living area on a 11,774 sq ft lot. 

What is truly wonderful about this home is the floor-plan.  All of the main living areas open to the wrap around patio complete with the heated pool and gorgeous outdoor entertainment/bar area.

 

Even though there are 2-story ceilings and it is very spacious, there is still a certain warmth to it that is not often the case with the larger homes.  Marble and wood floors throughout, epicurean kitchen, game room and heated pool/spa.  Click here to view the complete virtual tour. 

Asking price – $1,899,000.

If you are looking for homes in this price range, here is a list of the Coconut Grove properties currently available.

If you are interested in viewing this property or any of the other properties mentioned here, call me at 305-987-2644 or email me here and I will be happy to schedule a showing.

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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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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. 

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

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.

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