Coconut Grove, FL

So you've found your dream home but you can't buy it because you're stuck in your current house that isn't selling. There is a solution.

I am working on a deal right now where the buyers are exactly in that position. Instead of just sitting around and waiting for their house in Tampa to sell, the buyers went ahead and made an offer to purchase one my Coconut Grove listings. The buyers will rent the house until their Tampa house sells. When it does sell, they must close on my listing within 25 days. The details have all been ironed out (purchase price, rental amount, inspection amount, deposits, etc.) and there will not be any further negotiations regarding the terms of the contract.

The sellers do have to take a leap of faith that the buyers are making a real effort to sell their Tampa house (i.e. offering it at fair market value). But the buyers wouldn't have entered into this contract if they didn't sincerely WANT to buy my client's house. They could have rented any other house in Coconut Grove without going through all this hassle.

The sellers must show proof every month that they have paid their mortgage, taxes and insurance. The buyers have 1 year to sell their house and will not be penalized if they don't. They have also agreed to take the property "as-is" when it comes time to purchase it. There were a few other details (legal issues) that had to be hashed out which I won't get into.

All in all, both parties are extremely happy with the deal. So ask your Realtor to get creative, it would be a shame to miss out on all of the good deals that are out there.

If you want to talk Coconut Grove real estate with me, give me a call at (305) 342-1623 or send me an email. Keep an eye out for the date of my next Real Estate Talk. It will likely be towards the end of January, or early February. The official date will be posted here on The Coconut.

To view this post in its original form, click here to view The Real Estate Coconut - Cracking Open The Coconut Grove Real Estate Market.

About 6 months ago, I tucked this orchid behind some Birds of Paradise and forgot about it. As I walked through my garden this morning the bloom caught my eye. There aren't too many places in the country right now where the flowers are blooming, the weather is warm, and the sky is clear.

Now is the time to be in South Florida.

To view this post in its original form, visit The Real Estate Coconut - Cracking Open The Coconut Grove Real Estate Market

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?

Something else that jumped out at me was the "Average Price Per Square Foot" of homes listed in Ye Little Wood. This is one of Coconut Grove's most exclusive communities. At first glance, it looks like the homes are under valued. However, there is 1 home priced at land value which is bringing the "Average Price Per Square Foot" down. Excluding this property, Ye Little Wood's "Average List Price Per Square Foot" is $634.00.

Gated Home Communities in Coconut Grove (From North to South)

• Treasure Trove | 2495 South Bayshore Drive, 33133
• Camp Biscayne | Munroe Drive | Main Lodge Circle | Banyan Circle, 33133
• Hughes Cove | Devon Road, 33133
• The Anchorage | Anchorage Way, 33133
• Four Way Lodge Estates | Poinciana Avenue, 33133
• The Moorings | Mooring Court | South Moorings Way | North Moorings Way, 33133
• De Garmo Estates | De Garmo Lane, 33133
• Poinciana Close Road | Poinciana Close Road, 33133
• Ye Little Wood | Little Avenue | Wood Avenue, 33133
• Entrada Estates | Matheson Avenue | West Avenue | Stewart Avenue, 33133

Gated Townhouse and Villa Communities in Coconut Grove (From North to South)

• Longview | 2475 South Bayshore Drive, 33133
• L'Hermitage | 2000 South Bayshore Drive, 33133
• Bayshore Villas | Bayshore Villas Drive, 33133
• The Cloisters | 3471 Main Highway, 33133
• Abitare | Via Abitare Way, 33133

For more information on what is for sale in these areas, or anywhere else in Coconut Grove, feel free to give me a call at (305) 342-1623 or email at smith.r@ewm.com

To view this post in its original form, please visit The Real Estate Coconut - Cracking Open The Coconut Grove Real Estate Market

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 stock market is falling and businesses are struggling, that they should still realize a gain on the sale of their home just because it is "real estate". For some reason, when your stock portfolio loses 10-20% it is easier to swallow than when your home has depreciated in value 10-20%.

Pretty much everyone lost money in their investments this year, but if you invested yours in a home here in Coconut Grove you lost less than most.

Stay informed on the Coconut Grove real estate market by subscribing to The Real Estate Coconut. Receive posts directly to your mailbox!

To view this post in its original form, visit The Real Estate Coconut

Many of you may have watched 60 minutes tonight on CBS where Scott Pelley reported on the state of the mortgage crisis and the effect it is having on South Florida's condo market. Pelley focused mainly on Downtown Miami and Brickell in his interviews and stories. He spoke with Peter Zalewski of Condo Vultures Realty, a Miami company that helps to "clean up the mess" when developers are left with hundreds of unsold units in their buildings. There was quite a bit of doom and gloom reported and I just wanted to clarify one thing: Coconut Grove's condo market cannot be lumped into the rest of Miami's.

Coconut Grove has not seen a rash of condo foreclosures or developers left with unsold inventory. There is certainly a sprinkling of foreclosures and short sales here and there, but the majority of our sales this year have been solid sales. Read my post "Coconut Grove Condo Market Update" where I discuss the state of the market in Coconut Grove's top 5 condo buildings.

As the title says, there is no room for condo vultures in Coconut Grove. We'll stick with the peacocks thanks.

Stay informed on the Coconut Grove real estate market by subscribing to The Real Estate Coconut. Receive posts directly to your mailbox!

To view this post in its entirety,visit The Real Estate Coconut - Cracking Open The Coconut Grove Real Estate Market.