Coconut Grove, Coral Gables & South Miami Real Estate

Archive for the 'South Miami' 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.

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

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.

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

South Miami Sales through April 2010

So far this year there have been 15 single family home sales in South Miami.  Of those, 2 were short sales and 3 foreclosures.   Average price per sq. ft., approximately $172.00.

This is down, 21%, from last years 19 sales for the same time period.  There were no short sales last year but 6 of the 19 were foreclosures.  Average price per sq. ft., approximately $190.00. 

Click here for a list of sold single family homes in South Miami for Jan –  April 30, 2010

Click here for a list of sold single family homes in South Miami for Jan - April 30, 2009

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.

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 Homes under $1MM

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.  

Single Family Homes over $1MM

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.

Condominium and Townhomes

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.

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