Coconut Grove, FL

If you are a fan or resident of Coconut Grove or own a business and don't follow the Coconut Grove Grapevine, you SHOULD!

The Coconut Grove Grapevine is your one stop shop for events, dining, dirt, news, politics and life in the Grove.

Updated throughout the day with info, photos, goings-on, it's all there. See a crazy sight on the street and wonder what that was all about? Go visit the Coconut Grove Grapevine. New restaurant open and wonder how the food is? Go visit the Coconut Grove Grapevine. Wonder what's up with the crazy politicians, bureaucrats and parking? Go visit the Coconut Grove Grapevine! Seriously, anything you might be thinking about int he Grove, it's on the vine!

COCONUT GROVE CALENDAR

COCONUT GROVE RESTAURANTS

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They are on twitter, and facebook, offer an RSS feed so you can get your Grove on however you like!

They also have tons of advertising opportunities for local Coconut Grove businesses, if you don't believe, check out who does!

Coconut Grove Active Listings -248 (similar to last month)
65 are "luxury listings" (ie over $1,500,000) - (down from last month)
36 are short sales (similar to last month; 4 are luxuray properties)
5 are foreclosures (fewer than last month)
Median List Price - $867,500 (up from last month)

Coconut Grove Pending Sales - 30 (similar to last month)
0 are "luxury listings" (same as last month)
8 are short sales (similar to last month)
9 are foreclosures (similar to last month)

Coconut Grove Closed Sales - 11 (double from last month)
1 was "luxury listings"
1 was a short sale
1 was a foreclsoure
Average List Price - $720,582
Average Sold Price - $660,000
List price to Sold Price Ratio - 92% (up 5% from last month)
Higest Closed Listing - $1,400,000
Lowest Closed Listing - $124,000 (a foreclosure)

What does this mean to you?

If you have a listing in the luxury market, there is stiff competition with over 1/4 of all listings in Coconut Grove in the top 10% of Miami-Dades' pricing ("luxury listings"), Listings in the upper price point are selling at a much slower rate than the lower price points and there are 4 years of inventory on the market (a sellers market is closer to 6 months). In order to be a viable listing, the price must be correct and the marketing top notch. Without both, listings are having a slow time moving.

If you are on the hunt for a "bargain", they are out there, but they go quickly. Most foreclosures sell quickly and close to, or above list price. In order to have the best chance of snatching one of these deals up, work with an experienced Coconut Grove Broker who is comfortable with foreclosures (like me, hint hint ;-). They will advise you as soon as a new property comes on the market or drops in price to be within your price range. They will also knows the special ins and outs of purchasing foreclosures.

Check back next month for the Coconut Grove August month in review!

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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 condo market significantly.

Click here to see a list of all single family homes that have closed in Coconut Grove the first half of 2009.

2009

2008

If you are interested in buying or selling real estate in Coconut Grove, please give me a call at 305.342.1623 or send me a note here.

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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 contract (1 of those is a short sale).
• The bulk of the pending sales are listed from $500,000 to $800,000. In this price range there are 11 homes under contract.
• The rest of the homes under contract were listed below $500,000.
• Of these 22 pending sales only 6 of them occurred in June.

Because quite often it takes a long time for foreclosures and short sales to close, we have some houses that went under contract in January and are still pending sales.

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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 soon but not yet listed. Berk Boge happened to have a great townhouse that he was listing the next day. Before he put it on the MLS I took my clients over to see it and they submitted their offer the day it was officially listed for sale. It certainly pays to have the inside scoop.
• I ran into Javier Gonzalez of ReMax on Friday night at Scotty's and we got to talking about some properties. My new listing on Lennox Drive came up and he said that he may have some buyers for it.
• My listing that went under contract in one day on Chucunantah received an offer because I knew that an agent in my office had the perfect buyer for this house. I took the agent and her buyer to the house the day it came on the market and they submitted an offer immediately.

These are just a few examples of why it is very important to use a realtor who has a good relationship with other local realtors and who has strings to pull if need be.

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