After studying the sales in Coconut Grove during 2009 I feel that it has been a great year for buyers and a somewhat depressing year for sellers. You will see below that we saw virtually the same number of sales in Coconut Grove as last year but similar to most areas in South Florida home values have continued to fall.
The figures I am giving you come from North and South Coconut Grove only. I have meticulously weeded out those sales from the West Grove and other areas of 33133 (there are streets in 33133 not within the boundaries of Coconut Grove) which would drastically affect our numbers. The West Grove is a completely different market which I will address in another year end review.
The best way to put into perspective 2009's numbers are to compare them with 2008, so here we go.
Single Family Home 2009 Real Estate Market Overview
- There were 105 single family homes sold in 2009 in Coconut Grove compared to 107 in 2008. Only 40 of the single family home sales occurred in the first 6 months of 2009, while 65 occurred in the second half of the year.
- The average list price of sold homes in 2009 was $961,419 compared to $1,136,383 in 2008.
- The average selling price was $846,113 in 2009 compared to $1,012,250 in 2008.
- The average Sale Price Per Square Foot in 2009 was $266.00, the average in 2008 was $314.00.
That means if you had an average house in Coconut Grove it went down in price by 15%. Keep in mind that every house and location within Coconut Grove is unique. For instance, the new construction market and waterfront market have held their values quite well in 2009.
Gated Communities in Coconut Grove
L'Hermitage (2000 South Bayshore Drive, Miami, FL 33133) was the most active gated community in Coconut Grove in 2009, there were 6 sales at an average "Sale Price Per Square Foot" of $201.00. And the average Sale Price was $794,000. The low number is due to the fact that several units were in distress and needed total renovation.
Abitare (Via Abitare Way, Miami, Fl 33133) had 2 sales which sold for $1,150,000 and $500,000. One unit needed total renovation on the interior and the other unit was in good condition.
The Cloisters (3471 Main Highway, Miami, FL 33133) saw 2 villas close in 2009, the first sold for $1,350,000 ($230 per square foot) and the second was a short sale that sold for $1,000,000 ($171 per square foot).
The Moorings (3570 South Moorings Way, Miami, FL 33133) had 1 sale for $3,700,000 for a 6 bedroom, 4.5 bath home featuring 8,142 square feet of living space. It sold for $454.00 per square foot.
Ye Little Wood (3976 Little Avenue, Miami, FL 33133) had 1 sale for $1,200,000 for a 6 bedroom, 4 bath home featuring 5,800 square feet of living space. It sold for $206.00 per square foot. The house needed a significant amount of updating.
Treasure Trove (2495 South Bayshore Drive, Miami, FL 33133) had 1 sale for $1,700,000 for a 5 bedroom, 5 bath home featuring 5.065 square feet of living space. it sold for $335.00 per square foot.
There were no sales in the gated communities of Camp Biscayne or De Garmo Estates.
Waterfront Properties in Coconut Grove
There was only 1 true waterfront sale in Coconut Grove. This was a sale in The Anchorage which closed for $6,000,000. It was a 5 bedroom, 5 bath house with 10,121 square feet of living space. Another waterfront property sold for land value only at $1,250,000 on Fairhaven Place (see below).
Properties in Coconut Grove that sold for land value (vacant and non-vacant) in 2009.
| Address: | Lot Size: | Sale Price: |
| 4060 Battersea Road | 15,075 sq. ft. lot | $550,000 |
| 1735 Fairhaven Place | 15,000 sq. ft. lot | $1,250,000 |
| 2534 Lincoln Avenue | 13,262 sq. ft. lot | $640,000 |
| 3855 Poinciana Avenue | 10,000 sq. ft. lot | $450,000 |
| 2845 Coconut Avenue | 7,500 sq. ft. lot | $260,000 |
| 3737 Matheson Avenue | 14,535 sq. ft. lot | $682,500 |
| 3525 Crystal View Ct. | 11,600 sq. ft. lot | $495,000 |
| 4044 Malaga | 9,225 sq. ft. lot | $325,000 |
| 3812 Park Avenue | 21,600 sq. ft. lot | $630,000 |
So there you have it. Buyers got some great deals in 2009, and sellers took a big hit. I know from speaking with my sellers that they are having a hard time accepting the fact that prices have fallen. For the most part, the only people who are selling right now are those who have outgrown their home, relocating or investors.
Stay tuned for the 2009 Center Grove Townhouse, Condo and West Grove year in review.
As always, if you are interested in buying or selling real estate in Coconut Grove give me a call at 305.342.1623 or send me a note here.
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