Over this past year, there have only been a dozen or so of closed residential land sales in South & North Coconut Grove.  Most of the sales have gone to individuals who can’t seem to find the perfect home and resort to building it!  After all sometimes after renovating and redoing kitchen, baths, floors most of my clients and friends exclaim, “We should have just built, it would have been easier to get exactly what we wanted!”  It is a great time for developers to build again since inventory is low, land deals are still lurking around and there are lots of young families having more babies who want something new and nice to move into with more space.  There just isn’t plentiful amounts of land to even purchase or consider in North and South Grove.  I think from a resale value and location stand point it is always best to find a parcel of land or tear down in a gated community and heck if it’s on the water even better!   I just want to mention a few details from sales in 2011 in gated communities.  A tear down sold in Ye Little Wood for $730,000 which is 21,000 SF of land to a buyer who may build a spec home or create his own custom home.  Only one property sold this year for land in the adored Moorings and recently closed for a healthy $82/SF. I am pretty sure the buyers couldn’t find their dream 2^nd winter home but sure did pick a great location in the tropics!  The last land sale in The Moorings sold back in 2010 for $70/SF. Another lot which sold privately without Realtors sold for $2,580,000 in Four Way Lodges which is the gated portion of Poinciana Avenue towards the water.  Max Strang is in the midst of building the lucky new owners a magnificent modern masterpiece on the water. Gated communities will command more $/SF because of exclusivity and the location.   Keep in mind most land sales are tear downs and typically categorized in the MLS as single family homes so may be difficult to track since they won’t pop up if you are searching just on land.  Most Realtors will input them as both RE1=single family home and RLD=residential land.  Also, since they are not making more of it expect to see some sales above average.  Some savvy buyers understand and are willing to pay the premium for location to build. 

Is it time for a talented tasteful developer to start building Spec Homes in Coconut Grove? 4055 SW 37^th Avenue/Douglas is screaming to be developed.  This ~8 acre, 320,000 SF property rests peacefully between the amazing Kampong Tropical Botanical Garden and residential Bayhomes Drive backing up to the beauteous Bay.  Sold back in 2000 for $9,000,000 the owner of this land has been offered over the years triple what she paid for it but has never sold.  Annual taxes alone are $360,000.  If Ugo Colombo could get his hands on this parcel and build 30 or so homes I think it would be a total success especially if the architecture and finishes were reminiscent of his condo project on Bayhore Drive, The Grovenor House.  Young families and savvy buyers are not looking for cookie cutter McMansions or the overdone Mediterranean we see over and over again but rather modern, clean, sleek, sophisticated and classic Architecture.  There is a generation of buyers looking for homes that are currently nowhere to be found and I think would be quickly under contract if this specific parcel of land was developed and constructed. 

One reason to team up with a local, specialized Realtor to purchase or list your property is for their knowledge of the market.  Knowledge is power when buying or selling real estate.  If you are thinking about buying or selling in Coconut Grove call me at 305-807-9199.   

I get asked this question weekly especially as November approaches….this article nicely puts it.  In my opinion the 4^th Quarter has produced top selling results especially when your home is in great showing condition.  The decorations and smells of the holiday season only help to provide warmth and great vibes to any buyer.  We certainly don’t have weather restrictions like snow and hail in Miami!  If anything the holiday months provide the best real estate shopping weather.  Buyers want to walk outside and take the time to view the yard since the climate is not so hot and humid.   Plus, holiday months are the time when we have an influx of tourists from cold weather that also want to buy real estate in South Florida. 

Should I Take My Home Off the Market During the Holidays?

by Blanche Evans

Realty Times

When you look at your November and December calendars, you may find the months are already overloaded with seasonal obligations: shopping, entertaining, children’s pageants, charity work, decorating the house, and so much more. If you are also trying to sell your home, you are under extra pressure to keep your home in "showing" condition. That could be the last thing you need before your holiday spirit is broken, so it is understandable that you would be tempted to take your home off the market during the holidays. The list of justifications is long. Better to just pack it in and start fresh in January, right?

But wait! Top selling Realtors say taking your home off the market during the holiday season is a mistake. The house sure isn’t going to sell if it’s off the market! Let your Realtor do the work. You can leave in the morning, go to work, go shopping, and let your Realtor take care of things. The holidays are my best-selling period. Why? Because most people take some time off from work during the season, especially if they are thinking about buying a home in the area. I’ve even shown homes on New Year’s Day. I like working during the holidays because buyers have more time, and couples can look at homes together.

Before you take your home off of the market, consider the following points: Although buyer activity may appear to slow down, the buyers who are actively looking for a home during the holidays are that much more serious. Top-producing agents believe the home market is no more affected at the end of the year than during other times. If that were so, the market would shut down throughout the year as families concentrated on spring weddings and graduations, summer vacations and back-to-school activities.

Relocating families often don’t have a choice in when they can leave for their new destination. Although 68% of transferring families have children, many families transfer during the school year. These families are that much more motivated to get settled. If you sign a contract by New Year’s Eve, the timing couldn’t be more perfect.

Preparing for the holidays is one of the most enjoyable aspects of family tradition. Allowing buyers to view your home offers an exciting vision of their own family celebrations in the attractive environment you have created. When is your home ever more beautiful and inviting? You have cleaned and decorated, and your buyers will be impressed. Get the family on board to do a five-minute blitz every morning to keep clutter to a minimum.

With reduced inventories and motivated buyers, you will have the entire Multiple Listing Service on your team. You may even find you have more showings than you would if you had waited to market your home at another time. When you sign a contract, you can arrange the terms to suit your needs. If moving during the holidays isn’t an option, you can suggest the closing date of your choice. Most people can close 30 to 60 days after a contract is written, so there is plenty of time, and closings are often negotiable.

I hope you found this article helpful. Call me to discuss if you are considering selling at 305-807-9199. 

I noticed a handful of homes right under $1million in the Gables and the Grove which have recently pended (which means they have an executed contract) and now have popped up as active again-could this be because of inspections or appraisal issues or buyers’ remorse??  Possibly any of those reasons but my gut tells me more appraisal issues than the latter.  Typically, since the seller is required to fill out a seller’s disclosure the buyer has some idea about the property’s details like for example the roof age, septic tank details and termite/pest history and should not be walking in blindly.  Also, it is important for buyers to have a realistic expectation coming into any home inspection. Even eye balling a property a buyer can view wood rot, window condition and age of kitchen and baths.  If the home is not new construction and built perhaps in the 20s or 40s or 50s there will most likely be several items listed on the home inspection report.  My guess is since it is so difficult to get a home to appraise these days some buyers are forced unfortunately to cancel their contract if the buyer and seller cannot find a way to make the appraisal number work.  Some buyers if they really want the property enough will ask for a 2^nd appraisal or switch lenders/banks so they can get a new appraisal.  With the comparables all over the board including short sales and foreclosures and banks new strict regulations it is no surprise we are having appraisal challenges.  While some buyers have a change of heart or find out they are getting transferred to a new location most buyer’s change of heart is caused by the home not appraising.  If the home does not appraise some buyers think they are over paying for a property and are totally turned off while some may ask for a price reduction to match the appraisal number. 

417 Amalfi Avenue, 1935 Secoffee Street, 440 Luenga Avenue, 301 E. Shore Drive, 4060 Woodridge Road and 1518 Palencia Avenue are just a few properties that had executed contracts and are now either under contract again or available for purchase.  If priced to sell like 440 Luenga Avenue the property quickly had multiple offers in a matter of days hitting the market and once it went back on the market due to appraisal issues immediately had another offer in one day!   Of course there are a dozen or more reasons why some properties come back on as active once they were under contract but typically if you have your Realtor look at the history and the timeframe is between 2-4 weeks it is most likely a reason I mentioned above.  Inspections and appraisals happen within the first 2 weeks under contract.  Title issues like newly found encroachments is another possible deal killer or reason a buyer may desire to cancel and could be avoidable if the seller has a recent survey on the property.  Title issues may come out in the process down the road once the survey is ordered or the attorney/closing agent digs into the file.  Since there are so many details and steps in the process of purchasing a home it only does a buyer good to have a savvy Realtor working for them to assist with any bumps that may pop up or even help avoid a little hiccup. 

If you are interested in buying or selling in the South Miami area contact me today at 305-807-9199!