Coconut Grove, Coral Gables & South Miami Real Estate
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Coconut Grove’s Melrose Place
There is an investment property here in Coconut Grove that I think is rather special. I am calling it Coconut Grove’s Melrose Place because it has four one bedroom cottages, each with their own walled yard, surrounding a lovely pool and courtyard area.
This is truly a “Grovey” place. The cottages all have coral rock accents and are surrounded by mature oak trees and lush foliage. The cottages all need a bit of TLC but for the right price, I think that it is a gem. The address is 3311 Franklin Avenue and it located one block from Main Highway and right around the corner from the heart of the village.
If you are interested in this property and 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
Miami voted #1 City to Buy vs. Rent
Great news, Miami is back on top. Just last week the Miami Herald published and article stating that Miami is now the number 1 big city for homebuying vs. renting. This ranking was based on data published by the real estate research firm, Trulia.
They compared the median cost of buying a 2 bedroom, 2 bath to the cost of renting a similar home for a year and found that if you can buy, you should. With the high demand for rentals, the prices continue to rise therefore the cost of owning a home (including taxes and insurance) is becoming more and more competitive.
Click here to read the full 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.
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
Three Coral Gables Condos with Surprisingly Spectacular Views
Recently, I was showing condos to clients relocating here from Washington D.C. Because of where they were coming from their first priority was the view. When people come here to Miami looking for a view, we generally think of coastal areas such as Coconut Grove, Brickell, Downtown or Miami Beach. But in the heart of Coral Gables is an area on the northern end of Ponce de Leon Blvd. that has three new construction buildings with surprisingly spectacular views. And even better, they and are priced very competitively for sale and rent.
The buildings located at 1300, 1607 and 1805 Ponce de Leon Blvd. are all mixed use buildings which means that they feature commercial space at the base of the building with residences above. Since they are the tallest structures in the area, many of the views are unobstructed for miles. We were very surprised being able to see downtown, the beaches and even the water to the east with limitless views of the Biltmore, golf courses and the residential areas surrounding.
All the Coral Gables shopping, restaurants and even golfing are within walking distance. Even better, you can jump on the Gables Trolley which provides public transportation throughout the day. The perfect urban style living.
Here are photos of each building with a link to the units currently available.
Additionally, all of these building have units for rent and since renting seems to be more prevalent, here is a list of the rentals for all three buildings.
Miami Rated Number 3 in Top Ten Cities to Buy vs. Rent
Earlier this week it was reported on CBS News Money Watch that Miami is currently rated number three in best places to buy a home versus renting. Right now many folks are renting as they are waiting to see where things settle. Based on this report, the tide is changing and renting may no longer be the best move for many folks.
Here are the highlights of the report:
- The high rating for Miami was assumed to be based on the significantly reduced prices of the homes and lower interest rates.
- Even though prices throughout the country are being reduced to stimulate sales, Miami is now well below the national average for close out pricing.
- Taxes and insurance are still significant costs and need to be taken into consideration in making this decision.
- You also need to consider how long you plan on staying in the home. If your plans are short term, renting may still be the most viable option.
- After everything is considered, even if buying is the best bet, financing can still be a major challenge.
Basically, if you plan on living in your home for more than 3 or 4 years and have the ability to purchase a home, real estate is still one of th best long term investments.
If you are interested in viewing the entire segment, just click 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.
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.
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.
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.
