Coconut Grove, Coral Gables & South Miami Real Estate
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Like We’ve Been Saying, the Tides they are A-Turnin!!
Today the Wall Street Journal published and article stating that buyers are “stunned because bidding wars are back.” This is something that we, the Realtors here in Miami, have been trying to explain to our buyers for months now. Unfortunately, it has been our experience that instead of heeding our advice, they’ve had to experience it themselves, possibly losing a home they love, before realizing the changes that have occurred.
It is the law of supply and demand! The supply has been dwindling and the the demand increasing month my month. The below graph represents the last 15 months of single family homes under $600K for sale, under contract and sold in the Coconut Grove, Coral Gables and South Miami areas.
This is the most popular and desirable segment of the market right now and as you can see, we are down to less than 4 months of inventory. Since 6 months is needed for a balanced market, the inventory for nice homes is significantly low and the Sellers have the advantage. Thus the multiple offers.
You can read the entire article here.
If you or someone you know are looking for a real estate professional who specializes in Coconut Grove, Coral Gables and South Miami areas, give me a call at 305-987-2644 or send me a note here.
Coconut Grove Local Favorite Could Be on it’s Last Leg
Scotty’s Landing has long been known by the Grove locals for its beautiful views of Dinner Key, Biscayne Bay, burgers and fish sandwiches.
Since Scotty’s location is off the beaten trail, most visitors to Coconut Grove never get there. That being said, it is always busy. Whenever it is a beautiful day and you want to have a drink and bite by the water, Scotty’s is the place. It’s a laid back, friendly, t-shirt, shorts and flip-flop kind of place. As close as you can get to the Florida Keys lifestyle without making the drive.
Unfortunately, the 35 year lease that includes Scotty’s, the Grove Key Marina and Chart House is ending this year and the City of Miami is considering other options for that entire area. The city has published a worldwide request for proposals for an improved marina, including a “casual outdoor restaurant” that would appeal both to locals and to tourists.
As someone that lives and works here in Coconut Grove, it would really be a shame to loose this treasure.
Click here to read the entire article….
If you or someone you know are looking for a real estate professional who specializes in Coconut Grove, Coral Gables and South Miami realty, give me a call at 305-987-2644 or send me a note here.
Coconut Grove – Then and Now
If you want to catch up on your Coconut Grove history and see some really interesting photos, check out this post in the Miami Social Diary, Coconut Grove: From Arquitectonica to Zen, by Augustus Mayhew. It is kind of a photo tour highlighting Coconut Grove, past and present.
His article includes information on several areas such as Dinner Key (back when it was the Pan Am Seaplane Terminal) Mayfair in the Grove, Main Highway, North Grove and The Kampong.
Whether your new to the area, a longtime resident or considering a move to our bayside community, this article offers interesting tidbits for all.
And as always, if you are considering buying or selling your home in our lovely, historic village, please call me at 305-987-2644 or email me at [email protected].
Just Reduced – 2929 Center Street, Coconut Grove
I just reduced the price of my listing at 2929 Center Street in Coconut Grove to $380,000. What makes this townhome stand apart from the rest is the outdoor living area. There is approximately 1,500 sq ft of fenced, outdoor space with a gazebo, deck, garden and more than enough room to entertain you family and friends.
The interior is 2 bedroom, 2 bath plus den, impeccably maintained and beautifully tiled with an open, updated kitchen that leads to the sunken living room with garden views throughout the entire home.
The community is gated and has only has 6 units in total with a private pool exclusive to the residents. Each unit comes with 2 assigned parking spaces and visitor parking on premises. Spectacular location, just minutes from Downtown Miami, Coral Gables, South Miami and the Beaches.
If you are interested in seeing this home or any others in the Coconut Grove, Coral Gables, or South Miami areas. please give me a call at 305-987-2644 or send me a note here.
The 1st Quarter 2011 numbers are in and things are looking great!
The year is off to an amazing start in the tri-city area of Coconut Grove, Coral Gables and South Miami. As reported in the Miami Herald earlier this month, “Home sales hit five year high in South Florida”. Since I am a visual person and like my information in a succinct format, I thought you might too. The below graphs provide 15 months of data regarding home sales, pended (under contract) and inventory of homes currently for sale. I have segmented them by single family homes, condominiums and price range.
The big winners so far are the condos under $500,000. The sales for condos are up 64.6% over last year this time. The contracts pending are up 60.3% and the inventory of condos for sale is down 15.7%. This is great news for all those condos that have been sitting on the market for literally years.
The single family market is showing significant changes also and all are in the right direction. Compared to last year’s first quarter, sales are up 3.1%, pended homes (under contract) are up 17.6% and the inventory of homes is down almost 16% . This translates to less homes for sale and more homes being purchased. The perfect scenario for movement towards a balanced market.
Single Family Homes up to $500K
Sales – ↑ 10.5%
Pending contracts - ↑ 13.8%
Inventory - ↓ 19.4%
Single Family Homes from $500,000. to $1MM
Sales – 0% change
Pending contracts ↑ 40%
Inventory – ↓ 18%
Single Family Homes for over $1,000,000. 
Condos for under $500,000
Sales – ↑ 64.6% Pending contracts – ↑ 60.3% Inventory - ↓ 15.7%
Condos from $500,000 to $1MM
If you or someone you know are looking for a real estate professional who specializes in Coconut Grove, Coral Gables and South Miami realty, give me a call at 305-987-2644 or send me a note here
Looking for Room to Run? I Have the Perfect Home for You!
If your looking for a beautiful home with lots of room, inside and out, I have just the home for you. Recently reduced to $339,000. this 4 bedroom, 2 bath pool home located on a 20,600 sq ft lot is a spectacular buy.
Located in the heart of Kendall, the coveted community of The Crossings offers Olympic sized pool, tennis courts, entertainment area and gym.
Newly resurfaced pool, spa and patio area in a completely fenced yard that seems to go on forever.
Eat-in kitchen with island adjacent to spacious family/entertainment area.
Master bedroom opens to the lovely view of the patio and pool/spa area.
Additional features are sunken living room, vaulted ceilings, separate family room and fireplace. All this and located directly across from a public park. Above are just a few photos of the many features this home has to offer. Click here if you would like to see more.
If you are looking for a real estate professional who specializes in Miami realty, give me a call at 305-987-2644 or send me a note here.
Low Mortgage Rates Aren’t Just for New Homebuyers
It’s everywhere, “Mortgage Rates at Lowest in 50 years”, even in my previous blog. But what if you aren’t a new homebuyer? What can this mean for you? Well, there are a few ways you might benefit from these lower interest rates. CNNMoney.com offers 3 suggestions for current homeowners.
1. Consider re-financing to a 15 year mortgage. A 15-year mortgage saves you in two ways. The interest rate is generally about a 1/2 point less than a 30-year conventional plus you can save tens of thousands in interest by paying off your loan in half the time.
2. Improve your Cash Flow. By re-financing your home at a lower interest rate, you will lower your monthly payment, thereby lowering your monthly expenses. Obviously you need to take into consideration your current interest rate and closing costs but you might find significant savings and be able to replenish that savings account or pay off some credit card debt. A good mortgage broker can assist you with the calculations to determine if this is a worthwhile option for you.
3. Double Down on Real Estate. If your future plans include a second home in North Carolina, a condo on the beach or maybe your looking for an investment property, now is the time to consider this purchase. While rates are low and prices are still favorable, if you have the money, the timing for that purchase is now.
To read the entire CNNMoney.com article just click here.
Of course, if you or anyone you know of is considering buying, selling or renting a home here in Miami, and would like working with a professional, give me a call at 305-987-2644 or you can email me here
Queen of the Grove
Last week’s peacock was a princess, this week I am featuring the queen, “Queen of the Grove”. This stately peacock stands just outside of one of Coconut Grove’s newest establishment, Lulu. Lulu is a sidewalk cafe located on the corner of Commodore Plaza and Main Highway.
Queen of the Grove is sponsored by the Pat Sessions Family and was painted by Eileen Seitz. Eileen says “It is this beauty that inspires her to paint with the colors and compositions she creates, whether it is with watercolors on paper, or oil on canvas, or dyes on fabric”.
As with all the other 2010 Coconut Grove peacock’s on the tour, this statue will be auctioned off at the end of the six month exhibition with proceeds to be donated to a non-profit/charitable organization.
Click here for an interactive map of the locations for all the Coconut Grove peacocks.
If you or someone you know is looking for a real estate professional who specializes in Coconut Grove real estate, give me a call at 305-987-2644 or send me a note here.
The Face of Princess (Peaclock, that is)
Where in the world can you find this lovely face? Coconut Grove, of course. My next stop on the 2010 Coconut Grove Peacock Tour is “The Princess Peaclock”. The Peaclock, sponsored by Valerie Davis-Bailey Insurance Agency, is located in front of their office at 3180 Commodore Plaza.
The Peaclock was painted by local artist Pablo Cano. Pablo was born in Havana, Cuba and has been a resident of Miami’s Little Havana since his arrival in 1962. As per his Bio, he is regarded by art patrons and critics alike as one of Florida’s premier contemporary fine artists.
Of all of the peacock’s, this may be the least colorful, but I think one of the most regal. Stop by and take a look.
Click here for an interactive map of the locations for all the Coconut Grove peacocks.
If you or someone you know is looking for a real estate professional who specializes in Coconut Grove real estate, give me a call at 305-987-2644 or send me a note here.
Not only does the Miami Heat have Lebron, they have a Peacock too!!
As we all know, even those of us who aren’t sports fans, last nights big news was all about Lebron choosing the Miami Heat. But did you know that the Miami Heat are also a sponsor for the 2010 Coconut Grove Peacock Tour? I know, not as important to the sports fan but still kind of a big deal for us here in Miami.
On the corner of Commodore Plaza and Grand Avenue in Coconut Grove, proudly stands “The Magic City” peacock. This peacock was sponsored by the Miami Heat to be displayed for six months and then auctioned off with all the proceeds to be donated to a charity/non-profit organization.
“The Magic City” peacock design is the work of the artist David LeBatard of LEBO Studios. LEBO refers to his work as Post Modern Cartoon Art Impressionist. He says his work is heavily influenced by his Cuban American upbringing here in Miami.
Click here for an interactive map of the locations for all the Coconut Grove peacocks.
If you or someone you know is looking for a real estate professional who specializes in Coconut Grove real estate, give me a call at 305-987-2644 or send me a note here.
