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 l... 12/21/2008

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 ... 12/14/2008

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 f... 12/14/2008

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 Gr... 12/11/2008

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 Coco... 12/10/2008

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 con... 12/02/2008

 2 Two Grove Isle Coconut Grove 2 Two Grove Isle condo location:  2 Grove Isle Dr, Coconut Grove. FL 33133 Two Grove Isle website Grove Isle Two condo year build: 1980Location: Coconut Grove FloridaUnits: 510 units in 3 buildingsGrove Isle Two number of floors: 18Views: 360 degree Bayfront and water viewsFloor plans Grove Isle Two : 2, 3 Bedrooms. 1,642 square feet - 2,424 square feet.5,812 square feet. One Grove Isle website Three Grove Isle website 12/02/2008

 1 One Grove Isle Coconut Grove 1 One Grove Isle condo location:  1 Grove Isle Dr, Coconut Grove. FL 33133 One Grove Isle websiteGrove Isle One condo year build: 1979Location: Coconut Grove FloridaUnits: 510 units in 3 buildingsGrove Isle One number of floors: 18Views: 360 degree Bayfront and water viewsFloor plans Grove Isle One : 2, 3 and 4 Bedrooms. 2,614 square feet - 5,012 square feet. One Grove Isle Condo5,812 square feet.Special Features Include:24 Hour Valet Parking - State of the Art Patrick McEnroe Tennis Center with 11 Hard Tru Tennis Courts and 1 U.S.Open Hard Tennis Court with Tennis Shop - Heated outdoor swimming pool overlooking the Bay - 85 slip marinaFitness Center - Spa Terre - Jogging Path around island - Babysitting - Dry Cleaning -Room Service Two Grove Isle website... 12/02/2008

This foreclosure condo in Grove Garden just went on the market yesterday and it is a steal. Priced at $397,900 for a 2 bedroom, 2.5 bath unit with 1,580 square feet of living space.  See pictures of this unit below. How do you know this foreclosure is a good deal? Check out the only 2 closed sales in Grove Garden this year! Grove Garden | Unit 306 | 1,009 Square Feet | 1 Bedroom, 2 Bath | Closed Price: $420,000 Grove Garden | Unit 406 | 1,009 Square Feet | 1 Bedroom, 2 Bath | Closed Price: $450,000 There are 9 units for sale in Grove Garden, the highest is priced at $1,999,999.  Two of these 9 units are distressed properties (including the above mentioned unit). If you are interested in this property please contact me at (305) 342-1623 or send me a note here. You can read this post in i... 11/21/2008

Coconut Grove is on the brink of a major facelift.  Pointe Group Advisors has started the ball rolling with their Grove Village project which will transform the old shuttered up buildings on Grand Avenue to a vibrant street complete with apartments, houses, shops, restaurants and a new grocery store.   With Bahamian themed architecture, more green space, more jobs created, and a grocery store within walking distance to many Grove neighborhoods, the project is sure to be a hit with Coconut Grove residents.  As if this weren’t already a “Grand” task to undertake, Pointe Group has taken steps to receive LEED certification and accreditation on each and every building.  From non-toxic paints and renewable flooring, to energy efficient lighting and cooling - these buildings will help to redu... 09/19/2008

If  you have ever driven down Hardie Avenue in Coconut Grove you have passed this adorable house on the North Side of the street.   From the copper accents on the outside of the home to the gorgeous English garden, this house is a must see. Features: 3 bedrooms, 2.5 baths 1,174 Square Feet Living Space 7,905 Square Foot Lot Updated kitchen Oak floors throughout Chicago brick Heated saline pool (for more information on the benefits of saline pools, click here) Waterfall Wood burning fireplace, and Large Bay window 4001 Hardie Avenue, Coconut Grove, FL 33133 Asking Price: $799,000 (reduced from $899,000) Want to receive my blog posts directly to your inbox? Click here to subscribe to my blog. To view this article in its original form, please visit The Real Estate Coconut. 09/13/2008

This post is authored by our Guest Contributor, James Venney:  That house you want in Coconut Grove just got more affordable.  The Fed's action to take Fannie Mae and Freddie Mac into conservatorship has had a positive effect on interest rates.  The implied government guarantee of the mortgage backed securities that Fannie and Freddie issue has attracted more investors and as a result conforming interest rates have drop .5% since Monday! That .5% decrease equates to payment that is about $32 lower for every $100,000 of loan amount.  $32 a month doesn't sound like much but it has the same effect on your monthly payment as a 5% price reduction.  So now is a great time to buy that Coconut Grove house you have always wanted. Now regarding that old myth that more people are killed each year ... 09/12/2008

For South Grove residents this little known bike path off of Loquat Avenue provides access to Coconut Grove's downtown district without having to travel on busy roads. Enter the brick path off of Loquat, and it will put you out on Franklin.  Head East, and you will end up right at the beginning of Coconut Grove's village. 09/12/2008

I can’t remember where I’ve heard this phrase before, but when I saw this month’s Coconut Grove real estate statistics it came to mind. Last month marked the 6th consecutive month that the number of homes for sale in Coconut Grove have fallen.   This trend has major implications.  In February of 2008 we had 1,007 properties for sale, and in August of 2008 we had only 910.  That is 100 LESS homes currently for sale in the area. Why is this important? Experts say that 3 consecutive months of falling inventory indicates a real estate market in recovery (we now have 6!) If your house is for sale, you now have a 10%  higher chance of selling than you did in February (generally speaking) With the number of homes on the market decreasing, the good homes will be snapped up faster than before. C... 09/10/2008

I am very excited about the new LEED certified home that is going up at 3861 Kumquat Avenue.  My wife (who is very green conscious) would kill to live here.  Currently there are only 7 homes in the entire state that are LEED certified, none of which target the luxury high end market such as this one.    I spoke with the listing agent, Henry Padroso earlier this morning regarding an update on the project. Construction began 2 weeks ago, to be completed in late 2009, early 2010 Originally designed to comply only with the minimum LEEDS requirements, the developer has gone through extraordinary feats to make the home LEED SILVER certified - which is extremely hard to do based on the fact that it is such a large home (5,000 square feet) Low E-glass Solar Panels Tankless Water Heaters The hom... 09/10/2008

This home is located in a little community off of Loquat Avenue.  From the outside of the village (a typical Grove jungle), you would never imagine such a beautiful, quaint cottage existed on the property.  Featuring Carrera marble counter tops, fine mill work and wainscoting, it is one of a kind. This cottage would be the perfect second home for a snowbird. It was reduced yesterday to a new low price of $379,000. Details: 2 bedrooms, 1 bath 789 square feet $260.00 maintenance fee Pets allowed, any size. 1 assigned parking space Community heated pool 3643 Loquat Avenue If you are interested in seeing this property I would be happy to show it to you, just drop me a note, or call me at 305-342-1623. Want to receive my blog posts directly to your inbox? Click here to subscribe to my blog.... 09/08/2008

Trulia has a new application for the iPhone which allows you to instantly see homes for sale within a few block radius of where your exact location is. Imagine this….you are standing on the street corner in New York City, Austin or Coconut Grove. And you say to yourself….”I wonder what prices are like in this neighborhood”? You take out your iPhone, click on Trulia’s free iPhone application, and VOILA, you have every house that is currently for sale within a few block radius of where you are standing.  Using the iPhone’s tracking device, the phone can send your exact latitude and longitude to Trulia, which will then give you a detailed map of every home for sale around you (along with pictures, prices, square footage, beds & baths, Listing Agent’s phone number etc.) What does this mean ... 09/05/2008

COCONUT GROVE CONDOSAbout Coconut Grove The earliest settlers of Coconut Grove were the Pent and Frow families. In the 1830's both families were lighthouse keepers at Cape Florida and homesteaders in what is now Coconut Grove. Another settler of that era was Edmund D. Beasley who homesteaded 160 acres bay front property. In 1873, after Beasley's death, his widow rented their home to Dr. Horace P. Porter. He lived there for only a year but during that time established a post office that he named "Cocoanut Grove." When Porter left the area, the post office was closed, but years later it was reopened using the same name. Coconut Grove's variety and originality is reflected in the dining choices offered by its fine restaurants, themed eateries, sports bars and casual outdoor cafes. On the m... 09/04/2008

The Coconut Grove Condo information detailed in the below charts comes from the South East Florida MLS, between the dates of January 1, 2008 and August 31, 2008. When you compare these figures with last year's, it seems that the Grovenor House and the Ritz Carlton Residences have taken the biggest hit.  The Grovenor House had 34 closed sales last year, and the Ritz Carlton Residences had 11.  Although we are heading into the busiest time of the real estate market, I doubt that these condos will be able to recover these numbers by January.  Grove Isle is currently outperforming the other condos in number of units sold.  They will likely be the only condo in Coconut Grove to sell more units this year than last.  Grove Isle had 16 closed sales in all of 2007, and will surely exceed their c... 09/02/2008

This house in North Coconut Grove recently went under contract. It was a great buy for the money, and had a completely updated kitchen. After they reduced the price on August 5th from $429,000 to $399,000, they got an offer within days. Details: 2345 SW 27 Lane 1,315 square feet 3 bedroom, 1 bath Here are the other current pending sales in Coconut Grove as of today, August 26, 2008. An interesting thing to note, only 4 of these pending sales are over $1,000,000. The lower priced homes are really moving this month: 1828 Espanola Drive | List Price $650,000 1829 Espanola Drive | List Price: $3,450,000 4180 Poinciana Avenue| List Price: $899,000 3720 Kumquat Avenue | List Price: $428,000 3410 Poinciana Avenue | List Price: $4,990,000 3970 Kumquat Avenue | List Price: $259,000 3619 Bayview ... 08/27/2008