Try to sell now or rent again?
May 18th
That is the question! Several of my property owners and lots of sellers are renting their property that they are trying to sell now or renewing a lease for a 2nd or 3rd year. It is easier on the finances and at some level comforting to have steady rental income and great tenants that pay on time but if you are not making any profit and in some cases loosing money each month; you may really want to sell your property especially if your monthly payment, taxes and insurance is increasing annually and you don’t have the time or will to be a landlord. As an agent sometimes we have to show properties where a tenant(s) may occupy the premises. Most tenants have certain restrictions when we are allowed to show giving us specific days and times. It is just as important to have a respectful and professional relationship with the tenant like you would with the seller. If the property would be vacant otherwise sometimes it works to the seller’s advantage if the lessee is still occupying the property since they have appealing furniture therefore it is automatically staged for a buyer to envision themselves living there. Although most tenants don’t like to have to deal with their landlord’s agent and selling accommodations, I think the time usually comes when the tenant is looking for something like to extend or get out of the lease early and the landlord may be more apt to bend and conceed to what the tenant may want if the they were willing to work with them. It is always best to make sure you iron out any details like this in nature prior to extending a lease. For instance, if you renew the lease for any extended time and you may want to sell it during this time and it is wise to work out any showing agreement beforehand so you are both on the same page. This detail may be as simple as adding the verbiage to the addendum or to the lease. You don’t want to miss the best time of year to be showing your property for sale. If you are buying or selling in Miami call me at 305-807-9199.
What’s happening in High Pines?
May 12th
High Pines is a great little neighborhood south of Sunset Drive encompassed by 80th and the Ponce Davis neighborhood extremely close to Shops at Sunset Place. Centrally located close to the Village of South Miami this area reminds me of parts of the Grove with its tree lined streets and charm. There are currently 14 homes under $1,300,000 in this section (31) of South Miami. Four homes have closed this year and five are currently pending or under contract. The closed or sale price/LASF (living area square feet) has been between $193-$325 while the pending list price/LASF is between $236-268. Click here for more the full specs in regards to the active, pending and closed sales. High Pines consists of new construction and also lots of little 40′s-50′s gems with tons of character and curb appeal. This neighborhood appealed to many families after WWII since many folks worked at Holsum Bakery which was where Sunset and Red Road intersect. Today because so many great schools are located within walking distance as well as shops, cafes and markets this neighborhood makes urban living easy and inviting for any family!
If you are interested in selling or buying in High Pines or South Miami call me at 305-807-9199.
Great Grove Buys III-2010
May 11th
The first home I would like to tell you about is one in Camp Biscayne which was just listed yesterday by EWM. It is a 4 bedroom home with terraces located in the first cul’de sac in this gated community in the heart of Coconut Grove. Priced to sell at $338/SF this 1987 Mediterranean beauty rests on 15,250 SF of land and was recently vacated. Since the 18,000 plus lot next door to this property is for sale, a buyer willing to build their dream house or update this one has a fabulous opportunity to own over 33,000 SF of land in a coveted Coconut Grove community.
Another understated listing on MLS listed by Fortune with hardly any photos is a new construction modern home which is said to have 2,723 SF, 3 bedrooms, 2 baths and completed in 2010. There are two homes under construction and priced each at $475,000 on 26th Lane a stone’s throw away from North Grove. If the homes are 2,723 per mls then they are each priced graciously at $174.44 and priced to sell! They have not been completed and still under construction.
Another great little private 2 bedroom is listed in a hip, gated complex hidden off McDonald in Center Grove called “Serendipity” listed by Stonemason Realty. This unit #5 is totally updated with new appliances, renovated bathrooms and great spacious outdoor areas and even a large balcony off the master. Priced at $233.40/SF this unit has a complex pool, two parking spaces and maintenance is $350/month.
The above listings are not short sales. To view more information and photos for each property above please click here.
If you would like more information on any of these listings or any real estate assistance please contact me at 305-807-9199.
Great Coral Gables Old Spanish Short Sale!
May 10th
This charming Old Spanish once sold for $1,217,000 in May of 2006 and is in the heart of Coral Gables considered part of the Italian Village and now a short sale for $586,000. This home is located at 4108 Palmarito Street and features 3 bedrooms in the main house, guest house with private bath and a swimming pool. The master is on the second floor though and totally separate from the main house which with little children would have to be reconfigured to access to the house differently in my opinion. At $226.17/SF you have an amazing location, tons of character and a beautiful home with uber curb appeal. It needs to be cleaned up, landscaped and painted for sure but for this location and price would make an amazing buy! To check out more photos click here. If you would like to view this property out or have a friend looking to buy considering Coral Gables call me to schedule a showing at 305-807-9199.
The market prices are all over the place!?!
May 5th
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.
| SFH-Coconut Grove 41 | SALE PRICE/LASF |
| 4190 Ventura | 188.50-SS |
| 3683 Loquat | 219.70 |
| 3330 Crystal Ct | 223.56 |
| 3633 Poinciana | 238.10-SS |
| 3638 Palmetto | 253.68 |
| 4104 Ventura | 254.01 |
| 4151 Barbarossa | 259.67 |
| 3265 Coacoochee | 260.27 |
| 3085 Calusa | 260.45-SS |
| 203 Ridgewood | 266.46 |
| 4151 El Prado | 270.92 |
| 4131 Hardie | 275.59 |
| 3800 La Playa | 300.30 |
| 4129 Park | 303.44 |
| 4265 Braganza | 313.12 |
| 21 E Sunrise | 322.22 |
| 20 S Prospect | 325.06 |
| 4066 Poinciana | 351.64 |
| 4120 Crawford Ave | 473.27 |
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.
| Townhouse-CG | SALE PRICE/LASF |
| 2915 SW 30 | 86.30-F |
| 3182 Oak | 153.20-F |
| 3144 McDonald | 173.22-F |
| 2932 Trade | 179.57-SS |
| 3055 Virginia | 182.71-SS |
| 2753 Trade | 198.20-SS |
| 3059 Indiana | 208.51 |
| 3067 Indiana | 210.64 |
| 3036 Allamanda | 215.38 |
| 3152 Gifford | 223.51 |
| 3028 Day | 228.57-SS |
| 3025 Virginia | 240.52 |
| 3133 Jackson | 254.92-SS |
| 3070 Allamanda | 265.63 |
| 3005 Orange | 275.19 |
| 3153 Peachy | 311.18 |
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.
| SFH-$1m-$2m | SALE PRICE/LASF |
| 3400 Moorings | 352.81 |
| 4161 Park | 331.59 |
| 2990 Emathla | 389.20 |
| 32 N Prospect | 296.78 |
| Pending-under contract | List/LASF |
| 62 Bay Heights | 299.38 |
| 2756 Brickell Ct | 315.44 |
| 3462 Moorings | 458.25 |
| 120 Sans Souci | 406.65 |
| 4051 Woodridge | 337.40 |
| 1801 Espanola | 229.15-F |
| 4360 Ingraham | 390.05 |
If you are thinking about buying or selling call me today at 305-807-9199.
Great Grove Buys II-2010
May 3rd
Weekly I will put together my picks for great buys in Miami and will focus on Grove, Gables and South Miami. Last week’s blog two properties are already pending, one with 2 backup offers! The first property which is priced to sell and recently listed by Coldwell Banker for $499k is 3042 Orange Street. Looks like another short sale so my guess is their is an opportunity to buy this property for less than asking. Great street, friendly layout and private pool. Another Center Grove townhouse located at 3255 Allamanda boasts 3 bedrooms over 2000 SF with a 2 car garage and renovated. This is a cool complex on a private street and is priced at $425k about $206/ SF.
As far as single family homes in the Grove, inventory is really low for a great 3 bedroom under $750k. There are several homes on the market but either location is an issue for my buyers or the amount of updates that are necessary is just to much to take on as a project. One home that just popped back on the market is located at 1885 Wakeena in North Grove which is an approved short sale for $250,000. At $165/SF this could be a great way for someone to get into a 2 bedroom home in a great location in Coconut Grove!
If you or someone you know is looking to buy or sell in Miami call me at 305-807-9199.
W South Beach -The Residences
Apr 28th
This building is super hip, luxurious and alluring! So swank! The developers, David Edelstein and Aby Rosen spent $400 million dollars on this captivating hotel/condominium. There are 408 residences that have access to 300 feet of private Atlantic beachfront. The residences’ exclusive marketing and sales agent is One Sotherby’s International Realty although there are only a handful of resales which are listed with other Brokers. The units come fully, exquisitely furnished and are all serviced by the hotel program. There is of course a spa (Bliss), tennis and basketball court, two pools and world renowned restaurants like Mr. Chow and much more like a “lyrical” garden called, Grove. I dont think you could get more chic if you tried. Monday night I visited some of the rooms since I went to my first Master Broker Forum event since I am a newly invited member in this elite group of Real Estate Agents. They range in price from $620,000 up to $6,000,000 obviously depending upon size ranging between 556-3000 sq ft and views and floor. The finishes are exceptional in each unit and consistent with the super chic feel of the entire structure. The price per sq ft ranges from $1080 to well over $2000 for an upper penthouse suite which is 2399 sq ft listed at $6 million dollars. Maintenance fees range from $673-$3642 per month depending if you purchase the 556 SF ocean suite (studio) on the 7th floor price at $860,000 facing East or the 3 bedroom residence 2,960 SF on the 15th floor priced at $5,600,000 million dollars. What an awesome event to visit this sophisticated showplace -thanks to MBF and One Sotherby’s International Reatly for such a beautiful evening!
Since the residences may be placed in the hotel program anyone can book a night or more stay to experience this magical environment. If you would like to check out any of these units or other South Beach residences call me at 305.807.9199.
Great Grove Buys -April 2010
Apr 22nd
A couple of new listings have hit the market (or come back on the market at a lower price) and I think they are pretty good deals especially if there is still room to negotiate the price. First one is 1801 Espanola Drive which is a gorgeous estate in North Coconut Grove. This foreclosure property on 21,700 sq ft of land once sold back in 2006 for $2,650,000 and is now listed with Remax for $1,500,000. This is listed at only approximately $229/sq ft. This property was on the market for almost an entire year without the successfully closinng.
My second pick for this week is a unit listed by EWM in the Grovenor House at 2627 S Bayshore Drive. This 2 bedroom is the least expensive unit for sale for approximately $438/sq ft and is a short sale and unapproved. Unit 1508 is now listed at $699,000 which is far less compared to the other units actively on the market for sale Great opportunity to get into the Grovenor House for under $400/sq ft for this premier venue when most of the 2 bedrooms have sold for over $500/sq ft! It is a treat to show properties in this complex. The Grovenor House’s amenties are spectacular.
My third pick is a house built in 1989 listed by EWM located at 4052 Ventura Avenue in South Coconut Grove. Yes, it is short sale and unapproved. The house is on a great street surrounded by mult million dollar homes and is priced at $699,000. The home has been vacant so has not been taken care of and needs some tlc along with some updating. Regardless, at $210/sq ft (and that is asking) you have a diamond in the ruff! If you can get your realtor to negotiate under $200/sq ft and put some money to fix it up, in my opinion you have a super deal. This 3,321 sq ft home has a 2 car garage, pool and is located on a great South Grove Street!
My last pick this week is a 2 bedroom, 2 bath townhouse with a 2 car garage in Grove Villas listed by FL Home Realty Services. Yes, this is a short sale too but it is APPROVED. Therefore, if you are ready you can close quickly! Listed at almost half of what the seller paid for at $235,000 this unit is a steal at $165/sq ft. and has appliances and is in perfect condition.
Click here for more details on any of the above properties for sale.
You may reach me at 305-807-9199 if you need real estate assistance with buying or selling a short sale. Send me a note jill@jillpenman.com
Stately 1912 Coconut Grove Estate reduced $550,000!
Apr 14th
This amazing historical 1912 Estate is located at 3737 Kent Road has been drastically reduced to $1,849,000 and is listed by Jeanne Baker Realty Inc. This home rests on 49,210 sq ft of land and hides behind lush foliage and surrounded by a 10 foot privacy wall. The coral rock home has original Miami-Dade pine wood floors, two fireplaces and a guest house with a loft and fireplace. The property has 2 folio numbers so is already zoned for two lots and is one block west of Douglas between Crawford and Poinciana in South Coconut Grove.
If you would like to view this property or any other charming estates in Coconut Grove please call me at 305-807-9199.
Windstorm Insurance in Florida
Apr 13th
What fun, windstorm insurance-one more thing to worry about organizing (and paying for) if you are purchasing a single family home! A must if you have a home with a mortgage in the State of Florida. Did you know you can get discounts reducing this annual nut? All you have to do is set up an inspection with a certified licensed professional and they will come out for a nominal fee and fill out a Mitigation Verification Affidavit which is a 2-3 page form and explain to you why your home qualifies for specific discounts. If you don’t qualify for a discount, then they usually don’t charge you for the inspection. Typically, you could receive 7%-30% structural discount on premiums and up to 50% when you qualify for hurricane shutters. A website to reference which has a wind storm savings calculator is http://www.floridadisaster.org/mitdb/index.cfm The government is supposed to implement another program in 2010 like my safe florida home which was created to help Floridians identify and make improvements to strengthen their homes against hurricanes through free wind inspections and grant funds. This program unfortunately expired in 2009 but the website is still up and provides good information.
Here are a few local windstorm inspectors I have used:
John P. Turner-305-446-8028 or 954-600-8880
Kevin Brousseau with Florida Insurance Inspections, Inc-305-525-3264
The inspection typically costs somewhere between $125-$175 and if they find the discounts it could save you thousands of dollars. Even if you have owned your home for years and just added shutters or changed all the windows to impact you can still call for the inspection and they will give the discount or credit retroactively from the date of installation.
The Following Websites may offer additional Information On:
The Florida Building Code (FBC)
Florida Building Code Information System
Strengthening your Home
FloridaDisaster.org
Hurricane Retrofit Guide
DisasterSafety.org
Federal Allaince for Safe Home
Insurance in the State of Florida
Florida Department of Financial Services
MyFlorida.com
Florida Department of Insurance Regulation
Wind Mitigation Inspections
My Safe Florida Home
Intrarisk
So worth doing this inspection for the potential savings. If you are buying or selling call me at 305.807.9199!