Coconut Grove, FL

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.

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I have had 3 properties (2 Buyers, 1 Seller) in Coconut Grove go under contract in the last 2 weeks. Buyers seem to be motivated by the fact that if they close before 2009 they will secure their $25,000 Property Tax Homestead Exemption. You must "Reside" in your home on January 1st, to be eligible to claim the exemption.

The following is taken from the Florida Department of Revenue:

"Every person who has legal or equitable title to real property in the State of Florida and who resides on the property on January 1 and in good faith makes it his or her permanent home is eligible for a homestead exemption. If title is held by the husband alone, a wife may file for him, with his consent, and vice-versa. If property is held by the entireties, one spouse may file as agent for the other.

If filing for the first time, be prepared to answer these questions:

1. In whose name or names was the title to the dwelling recorded as of January 1?
2. What is the street address of the property?
3. How long have you been a legal resident of the State of Florida? (A Declaration of Domicile or Voter's Registration will be proof of date before January 1.)
4. Do you have a Florida license plate on your car and a Florida driver's license?
5. Were you living in the dwelling on January 1? "

The time period to file for your homestead exemption runs from January 1st to March 1st. Don't forget, when filing for the first time, you must present your application in person to the Property Appraiser's Office.

View this post in its original form at: The Real Estate Coconut: Cracking Open The Coconut Grove Real Estate Market.

Here are some interesting numbers regarding the Center Coconut Grove Townhouse Market in 2008. There are roughly 145 townhomes for sale in Center Coconut Grove, and approximately 48 sold in 2008. As would be expected, the majority of sales have occurred under $500,000. The median "Price Per Square Foot" of homes sold in the Center Grove is $258.00. Sellers are getting anywhere between 91% and 95% of their FINAL asking price. If you were to look at the same number based on INITIAL asking prices, I'm sure the percentage would be much lower. As I scrolled through the list of closed sales, it was not uncommon to see sellers initially asking in the $700,000's and selling in the low $500,000's.

You may also be interested in A Shining Star in Center Coconut Grove, A History of Coconut Grove's Townhouse Market.

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Yesterday I was talking to a Coconut Grove homeowner about the change in building code that requires new construction homes to have a side entry garage. This is a minor change in code that is having a big impact on land sales.

Because of this change, the width of a buildable lot is more important than ever as developers have to make room for a side entry garage. Second, the change in code makes the ideal minimum square footage for a vacant lot 7,500.

Personally, I like the change. What do you think? See the difference in these new construction homes and leave a comment below.

Side Entry Garage (New Building Code)

vs.

Front Entry Garage (Old Building Code)

If you are looking for a home or are interested in selling, please give me a call at (305) 342-1623.

You may also Search the Coconut Grove MLS here. New features on the Property Search include: Foreclosure Homes in Coconut Grove, Percentage Change in Sales Price, Homes in a Specific School District and Days On The Market.

New Construction in Coconut Grove at The Real Estate Coconut to view this post in its original form.

3 Three Grove Isle Coconut Grove
The Three Grove Isle condo location: 3 Grove Isle Dr, Coconut Grove. FL 33133

Photos from Grove Isle

The Grove Isle Three condominium is Luxury living with 24 hour gate security on a 20 acre island just minutes from downtown Miami, the International Airport, South Beach and in Coconut Grove. Amenities include an elegant 50 room hotel and yacht club; world class tennis and marina facilities; fitness rooms; a gourmet restaurant and a bicycle and jogging path encircling the island. Grove Isle Condos is a private, gated island located on the boating paradise of Biscayne Bay just 3 miles south of Downtown Miami and a mile from the center of lovely Coconut Grove. Grove Isle condominiums comprises 3 high-rises buildings 510 Units. all of the highest construction standards set in a luxurious tropical garden. The buildings have elegant marble-floored lobbies and the all important 24 hour valet parking for you and your guests. Enjoy an ocean view, bay view or the Miami Skyline from your private terrace. Self-contained island with a fine restaurant and a full service hotel.