coconut grove real estate: Homes Rising | New Construction Projects All Over Coconut Grove - 01/17/14 01:17 AM

If you drive around Coconut Grove you no doubt have noticed all of the residential construction.  It is great news that developers and builders have so much confidence in our market here.  The common theme among these new projects is that the builders purchased dividable lots and are building 3-4 similar homes on each site.  Most of the homes tend to be modern architecture which is in high demand right now. 
Just yesterday the pre-construction homes located at 1621 South Bayshore Drive and 1619 South Bayshore Drive hit the market with $2,000,000+ price tags.  These homes offer more than 5,000 … (1 comments)

coconut grove real estate: The Cloisters In Coconut Grove | The Most Asked About Gated Community - 12/18/13 11:28 PM

The Coconut Grove gated community I get asked about most frequently is The Cloisters.  Being that it sits directly across from the popular Greenstreet and Lulu Cafe, it is one of the more visible gated communities in the Grove.  Everyone wants to know what is behind those majestic gates! 
The Cloisters is a guard-gated private community of 41 Mediterranean style villas.  Each villa is 4 levels, and some owners have built out the bottom floor to be a basement area for storage or additional living space.  Each unit has a 2 car garage, elevator, rooftop sundeck and approximately 5,000 square … (1 comments)

coconut grove real estate: The Weather Outside Is.....Delightful - 12/15/13 02:52 AM

Delayed flights, power outages and city shutdowns are what most of the northeast is dealing with right now with the anticipation of Winter Storm Electra.  It is times like this that make us Coconut Grove residents very thankful to live in South Florida where the average December temperature is running about 78 degrees.  Here in Miami we are still walking around in our flip flops and the kids are playing in the pool.  

The weather is one reason that the real estate market in South Florida will always be in high demand.  People want a place where they … (4 comments)

coconut grove real estate: Ultra-Luxury Real Estate Market In Coconut Grove Heating Up! - 11/19/10 02:58 AM

The ultra-luxury market in Coconut Grove is certainly picking up speed.  As you know, Crystal View Court in the North Grove just sold for $9,000,000 (listed by Judy Zeder of EWM) and yesterday the home located at 3301 South Moorings Way in the gated community of The Moorings went under contract with a list price of $14,900,000 (Broker was Avatar).   The home featured 11,257 square feet of living space on a 27,516 square foot lot with 6 bedrooms and 6 baths.  Bayfront homes have been selling on average for $750 per foot however this is in a gated community so it will be interesting to see … (0 comments)

coconut grove real estate: Save The Date - Coconut Grove Real Estate Talk - 10/12/10 07:14 AM

I will be holding another Coconut Grove Real Estate Talk on November 15th, 2010.  Come, Listen, Ask Questions.  This is an open forum where I will give a synopsis of the various segments of our market here in the Grove and my predictions on where things are heading. 
Mark your calendar for Monday, November 15th, 7:00 pm at Greenstreet Cafe.  Complimentary appetizers and beverages will be served.  This is a free event that is open to the public.To view this post in its original form, click here.
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coconut grove real estate: Land Sale In Coconut Grove - $30.00 per square foot - 10/12/10 04:07 AM

The vacant lot that I had listed on Ventura Avenue closed recently for $350,000 or $30.00 per foot.   It was a decent size lot with 11,600 square feet of land.  There have been quite a few land sales in Coconut Grove this year ranging between $20.00 per square foot to $40.00 per square foot.
3850 Plaza Street (18,125 square foot vacant lot) | Sale Price: $425,000 ($23.00 per square foot).  This was located on the corner of Plaza Street and Main Highway a high traffic street. 3737 Kent Road (42,970 square foot lot with house on property) | Sale Price: $1,350,000 ($31.00 per … (0 comments)

coconut grove real estate: Did LeBron James Buy In Coconut Grove? - 09/27/10 07:17 AM

There were rumors swirling over the weekend about LeBron James buying a home in Coconut Grove's exclusive gated community of Hughes Cove.  The home that he is purportedly interested in is not officially on the MLS.  It is a waterfront home located at 3309 Devon Road and features 4 bedrooms, 4 full baths, 2 half baths, 9,622 square feet of living space on a 13,922 square foot lot.   The home was on the market back in 2007 priced at $7,650,000.

Hughes Cove is an extremely private community and currently home to auto tycoon Ronald Esserman, developer Jorge Perez along with many other high profile Miamians.   Above is … (0 comments)

coconut grove real estate: The "Real" Days On The Market For Homes In Coconut Grove - 09/23/10 04:51 AM

This is a very technical post, but as you know I am a numbers guy and like to make sure that all of the figures I am looking at are accurate.
The Multiple Listing Service can spit out an average "days on the market" for a particular area in a matter of seconds.  However, this number can be deceiving.  Sometimes a home goes on and off the market several times before it sells.  If someone changes listing agents, the home will be "cancelled" in the MLS and then come back on a few days later as "active".   Or sometimes a … (0 comments)

coconut grove real estate: A Must Read Guide To Coconut Grove's Gated Communities - 09/22/10 06:29 AM

Many people would be surprised to know that Coconut Grove actually has 13 gated communities within its boundaries.  Some are large waterfront communities with 30+ homes, some are old estates that have been divided up into several lots and some are gated with public access.   Below is a breakdown of the gated communities (from north to south) with the recent sales and current homes for sale.
L"Hermitage: A gated community of villa style homes.  L'Hermitage appeals to buyers who want a mixture of condo and single family home living.  It features a 24 hour guard, beautiful waterfalls and creeks throughout the grounds, perfectly maintained landscaping, a pool, tennis … (0 comments)

coconut grove real estate: Sales Figures In Coconut Grove Real Estate Are Strong - 09/20/10 06:11 AM
One thing is for sure, buyers are out there!  I was out with several groups over the weekend who are ready, willing and able to buy.   I currently have 6 of my listings under contract waiting to close and the number of showings at our current listings have greatly  increased.  So after all the doomsday news about real estate across the country, why is our market in Coconut Grove thriving?
First, we live in a top destination for international buyers.  Second, mortgage rates are lower than many of us have seen in our lifetime.  Finally, buyers see value in our homes here in Coconut Grove.  Our waterfront community is full of history, character, … (0 comments)

coconut grove real estate: "Has The Price Been Reduced?" - 09/17/10 05:24 AM
In all markets and in all price ranges the first question most buyers ask is "Has the price been reduced?".  And rightly so.  50% of the homes sold this year in Coconut Grove made one or more price reductions before going under contract.  That means that 50% of the sellers out there start at a price that is out of line with its true market value.  This is just another reason that it is essential to use the services of a local realtor who can give you an accurate assessment of a home's price.
To view a list of homes that have … (1 comments)

coconut grove real estate: Pre-Construction Buyers in Coconut Grove See Gains In 2009 - 12/11/09 02:28 AM

I am cleaning out a few files and I came across some of the pre-construction packets for a few buildings here in the Grove.  It is amazing to see that some people who purchased new construction in Coconut Grove during the boom did not suffer a loss.  Take the Grovenor House for instance.  Unit #1702 sold pre-construction for $1,640,000 in 2006 and the owners just sold it for $2,000,000 this year.  Unit #2903 sold pre-construction for $1,400,000 in 2006 and the owners sold it this year for $1,590,000.
On the other hand, Grove Garden pre-construction buyers took a real hit.  … (0 comments)

coconut grove real estate: Another Blogging Success Story - 11/25/09 05:01 AM



The story began when some buyers contacted me from the blog and asked for my assistance in helping them find a home here in Coconut Grove.  They were originally interested in my Matheson Avenue listing but upon seeing it told me that they really wanted something more with more land, and priced in the low $500k's.
A few days later, an associate in my office mentioned to me that her Battersea listing (priced at $749,000) was now a short sale.  I knew right away that it was THE property for my clients and took them over to see … (1 comments)

coconut grove real estate: So Far Coconut Grove Real Estate Has Outperformed Last Year - 07/03/09 12:28 AM
Looking at the numbers below, we have roughly 30% more sales the first half of this year as compared to last year.  I believe that three contributing factors to the increase in sales are that prices have continued to fall, sellers have finally become more realistic, and interest rates remain low. 
If last year's trend continues, the summer should be a busy one for Coconut Grove real estate.  Keep in mind that any first time home buyer looking to get their $8,000 tax refund has to close by the end of this year which should help the lower end townhouse and … (1 comments)

coconut grove real estate: Pending Sales In Coconut Grove - 06/27/09 11:04 AM

Currently in Coconut Grove we have 22 single family homes that are under contract.  The list price of these homes ranges from $380,000 for a foreclosure on Battersea Road to 3071 Lucaya whcih was listed for $1,250,000. 
Lets break down the pending sales in several different categories.  Of the 22 homes in Coconut Grove that are under contract:
11 are in North Grove and 11 are in South Grove.  6 are foreclosures, and 5 are short sales.  Above $1,000,000 there are 2 that are currently under contract, and of those, only one will close over a million.   From $800,000 to $1,000,000 there are 2 that are currently under … (0 comments)

coconut grove real estate: Relationships With Other Realtors....No Not That Kind!! - 06/24/09 10:07 AM

To be successful in real estate, it is not only important to cultivate good relationships with your clients, but also to maintain a good working relationship with the other Realtors in town.  I can honestly say that I have a professional and friendly relationship with just about every Realtor in Coconut Grove.  Doing so, benefits me and my clients.
Let me tell you about a couple of recent happenings:  
Last week I had some clients who were looking at townhouses in Center Grove so I called a few Realtors up to see if they had any properties that were coming on the market … (1 comments)

coconut grove real estate: West Coconut Grove: Are There Good Deals To Be Had? - 01/16/09 06:39 AM
Over the years, the West Grove has been a little bit slower than other parts of Coconut Grove to see an appreciation in home values.  There is quite a bit of land here that was bought up by investors during the boom and is now being sold at heavily discounted prices.
It will be interesting to see how and when future development in the West Grove will impact prices there.  The answer to that question will be determined in part by how quickly the changes occur and how successful they are in revitalizing the West Grove.
I think it is safe to say that many of the single family … (0 comments)

coconut grove real estate: ABC's Nightline: What Can You Buy For $100,000? Featuring EWM's Ron Shuffield - 01/13/09 04:30 AM
EWM's President Ron Shuffield was featured on Nightline last night during a piece titled: "What Can You Get for $100,000".  Coconut Grove was not one of the areas of Miami that they visited.  Why?  Probably because our market doesn't add to the hype of there being SO many heavily discounted homes for sale.  It would have been nice if they showed other areas in Miami that aren't seeing such drastic drops in home prices.    
Don't get me wrong there are some under-priced homes on the market here (like these foreclosures on Loquat), but nothing conmpared to what other areas of Miami are experiencing.  Did you see that house in Homestead?
All I am saying … (0 comments)

coconut grove real estate: Gated Communities in Coconut Grove - 12/27/08 02:13 PM
Our Coconut Grove gated communities are great for those people who seek privacy and security. 

Click on the below spreadsheet for detailed information.



 
Points Worth Mentioning
There were 6 Closed Sales in 2008:
As you will see from the above spreadsheet, there have only been 6 closed sales in all of the Grove's gated communities this year.  This is a very low number but may be indicative of the fact that sellers in these areas are not desperate to sell and are not willing to list their house at the current values. 
Are homes in Ye Little Wood selling at deeply discounted prices?
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coconut grove real estate: Coconut Grove Real Estate Outperforms Stock Market - 12/21/08 12:37 PM
When you compare the real estate market in Coconut Grove to the Dow Jones Industrial Average over the past year, purchasing a home in Coconut Grove would have been the better bet. 

Here are the statistics of 2008 to date:
The Dow Jones Industrial Average lost 31% Average price of homes sold in Coconut Grove fell 13.2% Lets take a look at 2007:
The Dow Jones Industrial Average gained 8.8% Average price of homes sold in Coconut Grove fell 7.6% On that note, real estate is just like any other investment, it comes with risk attached.  Many people believe that even though jobs are being lost, the … (0 comments)

 
Riley Smith, Coconut Grove Specialist (EWM Realty, International)

Riley Smith

Coconut Grove Specialist

Miami, FL

More about me…

EWM Realty, International

Address: 3560 Main Highway, Miami, FL, 33133

Office: (305) 960-5317

Mobile: (305) 342-1623

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