Coconut Grove

In the last 30 days in Coconut Grove there have been some high dollar property transactions!  Two of the homes were on the water within a few houses of each other.  1910 Bayshore Lane closed mid June after being on the market for over 500 days.  This 2002 gorgeous 8,500+ SF home sold for $6,750,000 about $790/SF.  3581 Crystal View Court closed almost simultaneously for $5,500,000 which is about $785/SF.  This tremendous 2006 built property boasted 5 bedrooms and was graced with all the bells and whistles you would expect for an athlete to possess in their waterfront Miami home!  A-Rod sold this house to Carlos Boozer a few years ago. 

Click here to see all the closed sales over $500,000 in the last 30 days and current pending sales in Coconut Grove.  There are currently 21 pending sales waiting to close between $500,000-$2,000,000 not including condos or townhouses.  The prior month of sales totaled $10,267,000 in Coconut Grove and was comprised of 11 homes between$500,000-$1,500,000 verses the four closed sales last month totally $15,875,000 listed above. 

With interest rates still historically low, word of the tax credit getting approved to remain in affect until September 30 and great pricing compared to years prior it is no surprise that the Grove is heating up!!!

Call me at 305-807-9199 or email me at jill@jillpenman.com if you would like to buy or sell in Miami or discuss interesting real estate opportunities.   Stay cool and enjoy the summer heat!

I often hear this from sellers, buyers, appraisers and fellow agents.  If you have your property on the market good chances are you have looked at the range of comparables to formulate your list price.  When you receive an offer and go through the sales process, the time may come again when the comparables are put in front of you for a 2nd time since it is negotiation time or appraisal time.  You may have to look at the appraisal and come down off the negotiated price due to your property under appraising.  Perhaps, the last time you have looked at the comps was over 90 days ago when you first put it on the market and now since appraisers are looking at only 90 days back and not 180 days back the comps may have changed compared to when you first listed the property 4 months ago therefore you were looking at comparables that are now as old as 7-8 months back.  It seems in some price ranges in Miami the prices have stabilized but once you take the short sales and foreclosures into play the sold prices per SF are all over the place!  You also have to consider the condition which is not always given enough credit. 

Here is a slice of single family homes in Coconut Grove all closed in 2010 under $750,000.  As you can see the range is from $188.50 to over $400.  The short sales are depicted by a SS after the price/living area SF.

Now let’s look at townhouses in Center Coconut Grove.  Depending on which street and neighborhood the Sold Price/LASF drastically changes.  Please note the short sales and foreclosure townhouses inevitable lower the Sold Price/LASF.  Again, SS is for short sale and F is for foreclosure.  So depending upon which comparables an appraiser considers in his analysis could steer and sway the number up or down. 

Over a million to 2 million you will notice more steady, consistent numbers in the Coconut Grove area-most of these properties are waiting to close so pending. 

If you are thinking about buying or selling call me today at 305-807-9199.