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The Coconut Grove Journal of Real Estate 1st Quarter 2013

Carol Garvin

By Isabelle Andrews & Alba Biondi GroveExperts.com theteam@groveexperts.com facebook.com/coconutgroveexperts Alba 305-323-2595

Isabelle 305-546-5421


Coconut Grove Experts - International Connections mejores agentes de bienes raíces para comercializar su propiedad. Disfruten la revista!

Chers Grovites, Vous souvenez-vous des années 2000-2005 quand le marché était si porteur que les prix montaient de 10 à 25% par an ? Les chiffres de ce trimestre sont époustouflants. Le nombre de ventes, le montant total vendu en dollar ainsi que le prix médian sont bien supérieurs à ceux des années précédentes. La tranche de prix au-dessous de 1 million de dollars représente la tranche du marché la plus active. C'est un marché favorable pour les vendeurs. Bonne lecture !

Give us your property to sell! We will speak the buyer's language: English, Español, Français & Italiano

BUBBLE OR NO BUBBLE? Dear Grovites, Do you remember the golden years 2000-2005 when the market was so active that the selling prices were increasing 10% to 25% a year? The numbers, this quarter, are astonishing. The numbers of sales, the volume sold, and the median prices are at much higher levels than the previous years. The market below the $1,000,000 price point is the most active. The transactions are mostly financed. It is definitely a sellers' market. If you are thinking about selling, let's meet. We will tell you why we are the best Realtors to list your property. Enjoy the magazine!

Queridos Grovites, Recuerdan los años de oro 2000-2005 cuando el mercado de bienes raíces estaba tan activo que los precios de venta aumentaban de 10% a 25% al año? Las cifras este trimestre son asombrosas. El número de propiedades vendidas, el volumen vendido y el precio medio de las ventas están a un nivel muy por encima al de los años precedentes. El mercado de propiedades de menos de $1, 000,000 es el más activo y la mayoría de las transacciones fueron financiadas. Si usted ha estado pensando en vender su propiedad, contáctenos hoy. Le explicaremos porque somos los

Meaning of Carol Garvin's Painting 0n the Front Cover Southern Biscayne Bay is sheltered by a chain of islands, and one of the most picturesque is Boca Chita Key. In 1937, Mark Honeywell transformed this uninhabited island into a beautiful, private retreat. The architecture is constructed of native, coral rock including buildings, walls, cisterns, a wishing bridge, a small chapel, and a 65’ lighthouse. As a finishing touch, the island was landscaped with exotic plants and studded with palms. Its tiny harbor is encircled with Venetian-style lamps and colorful, mooring poles. This watercolor depicts Boca Chita in 1938 with Mark Honeywell hosting the annual Committee of One Hundred party. He is dressed in white and sitting astride Rosie, Carl Fisher’s pet elephant. Yes, Rosie a Miami Beach celebrity, was really there. The custom was to fire the cannon when a yacht entered the harbor. The final party on Boca Chita in January, 1941, marked the last of those halcyon days. Wartime shortages including fuel and U-Boat activity off the beach made the bay islands off-limits and put an end to that way of life. "Committee of One Hundred Party and Rosie" Circa 1938 - Boca Chita Key Original watercolor by Carol Garvin, Coconut Grove Questions: www.CarolGarvin.com - 305 444 4717 Hours very irregular.


Coconut Grove by Neighborhood List of Single Family Homes Sold in the Grove / Ist Quarter 2013 Addresses

#Beds

#FB #HB

Sq. Ft. LA

Yr Blt

Pool?

Lot Sq. Ft.

Sale Price

$ Sq. Ft.

$315

SOUTH GROVE 3601 MATHESON AV

6

6

1

7,102

2002

Y

15,015

$2,235,000

3724 LOQUAT AV

6

5

1

5,600

2005

Y

11,369

$1,670,000

$298

3855 POINCIANA AV 3883 WOOD AV 3657 POINCIANA AV 3734 JUSTISON RD 3350 DEVON RD 3773 MATHESON AV 3701 BATTERSEA RD 3564 AVOCADO AV 4071 BATTERSEA RD 3609 SOLANA RD 4160 WOODRIDGE RD 4351 CULTRY DR 3560 AVOCADO AV 3810 WOOD AV 3870 POINCIANA AV 4121 MALAGA AV 4046 EL PRADO BL 4320 SURREY DRIVE 3760 KUMQUAT 4260 BRAGANZA AV 4288 LENNOX DR 4131 HARDIE AV 4081 HARDIE AV 3828 KUMQUAT AV 3701 IRVINGTON AV 4055 BONITA AV

4 5 4 5 3 4 4 4 4 3 4 3 3 4 3 4 3 5 4 4 3 3 3 3 3 2

4 5 3 5 2 4 3 4 5 3 4 3 3 4 2 3 2 4 3 3 3 2 2 2 2 2

0 0 2 1 1 0 0 0 0 1 0 0 1 1 1 0 1 0 0 1 0 0 0 0 0 0

3,966 4,932 3,450 3,636 3,401 3,630 2,680 3,000 3,596 2,949 2,685 2,279 3,139 3,182 3,115 2,614 2,400 3,160 4,170 2,334 2,920 1,438 1,430 1,855 1,862 1,551

2012 1940 2006 1935 1977 1925 1958 1936 2005 1939 1949 1956 1998 1940 1981 1984 1953 1957 2012 1964 1950 1988 1947 1935 1922 1946

Y Y Y Y Y Y Y Y Y Y N Y Y N Y Y N Y Y Y Y N N N N Y

10,000 16,530 7,000 13,300 16,200 10,500 7,567 7,000 6,500 7,975 11,316 7,333 7,000 6,700 6,500 6,050 5,400 10,000 7,550 6,500 13,000 4,650 8,475 7,150 7,643 8,023

$1,662,000 $1,540,000 $1,400,000 $1,350,000 $1,295,000 $1,250,000 $1,125,000 $1,125,000 $1,100,000 $1,050,000 $990,000 $860,000 $826,500 $815,000 $815,000 $805,000 $799,000 $730,000 $719,423 $712,000 $650,000 $475,000 $468,000 $450,000 $430,000 $400,000

$419 $312 $406 $371 $381 $344 $420 $375 $306 $356 $369 $377 $263 $256 $262 $308 $333 $231 $173 $305 $223 $330 $327 $243 $231 $258

2

1

0

1,121

1947

N

5,000

$125,000

$112

3 1 3 3

2 1 2 1

0 0 0 0

1,434 940 1,284 1,147

1952 1946 1981 1973

N N N N

5,000 5,000 7,425 5,000

$230,000 $145,000 $140,000 $110,000

$160 $154 $109 $96

2 2

1 0

0 0

767 812

1949 1931

N N

3,500 5,000

$60,000 $45,000

$78 $55

CENTER GROVE 2996 SHIPPING AV

WEST GROVE 3318 FROW AVENUE 3258 PERCIVAL AV 3750 PERCIVAL AV 3411 FLORIDA AV 3871 WASHINGTON AV 3630 WILLIAM AVE

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Coconut Grove by Neighborhood List of Single Family Homes Sold in the Grove / Ist Quarter 2013 #Beds

Addresses

#FB #HB

Sq. Ft. LA

Yr Blt

Pool?

Lot Sq. Ft.

Sale Price

$ Sq. Ft.

NORTH GROVE 2900 NATOMA ST 1609 S BAYSHORE DR

5 5

5 5

2 0

4,576 5,440

1965 1939

Y Y

19,500 13,500

$1,850,000 $1,650,000

$404 $303

1674 NOCATEE DR 2891 COACOOCHEE ST 2930 SEMINOLE ST 18 SAMANA DR 3225 CRYSTAL CT

5 3 3 4 4

3 4 2 4 3

1 0 0 0 0

4,255 3,119 2,659 3,252 2,866

1925 1962 1948 1957 1923

Y Y N Y Y

12,524 8,543 20,000 14,670 8,750

$1,600,000 $1,250,000 $1,185,000 $950,000 $800,000

$376 $401 $446 $292 $279

3251 COACOOCHEE 2132 TIGERTAIL AV 2370 OVERBROOK ST

3 2 3

3 1 2

1 1 0

3,054 1,882 1,911

1990 1920 1949

Y N N

5,391 15,725 7,500

$780,000 $755,000 $580,000

$255 $401 $304

2471 ABACO AV

3

3

0

1,629

1951

N

7,282

$530,000

$325

3000 WASHINGTON ST 2221 TIGERTAIL AV 2621 NOCATEE DR

3 2 3

2 2 1

1 0 1

1,574 1,476 2,319

1947 1953 1925

N Y N

7,224 8,750 6,600

$528,000 $480,000 $435,000

$335 $325 $188

2550 TIGERTAIL AV 2405 TEQUESTA LN

2 3

1 2

0 0

1,033 1,120

1985 1937

N N

8,648 5,250

$385,000 $311,000

$373 $278

RECORD SALES RESULT IN HOUSING SHORTAGE

Excess housing inventory locally has been absorbed. Currently, there is slightly more than 3 months’ inventory available in North and South Grove for properties priced below $1,000,000. The limited supply is fueling price appreciation. There is more than 8 months’ supply for properties priced over $1,000,000. There were no sales of waterfront property this first quarter of 2013 when there are 9 on the market. Myth: Banks are not financing. Most transactions are cash transactions. Reality: Out of 51 transactions in the first quarter of 2013, 36 were financed transactions, a whopping 70.5%!

Ist Quarter of 2013 Sold Versus For Sale PROPERTIES UNDER 1 MILLION For Sale*

Sold

Months of inventory

North Grove

8

11

3

South Grove

15

16

West Grove

13

6

*As of April 4th 2013

PROPERTIES OVER 1 MILLION For Sale*

Sold

Months of inventory

North Grove

23

5

12

3

South Grove

31

12

8

6

West Grove

0

0

n/a -3-


Coconut Grove by Neighborhood EVIDENT DEMAND CONTINUES TO FUEL STRONG PRICE APPRECIATION

Our beautiful Coconut Grove has such an assortment of properties that we find it difficult to publish an average sales price. We prefer to rely on the median sales price. The North Grove median price rose 41% the first quarter of 2013 versus the first quarter of 2012. The South Grove median price rose 53% the first quarter 2013 versus the first quarter of 2012.

Ist Quarter 2013 Median Price VS 1st Quarter 2012 Median Price $900,000

$843,250

$800,000

$767,500

$700,000 $600,000 $545,000

$500,000 $400,000 $300,000

$550,000 Median 2012

$360,000

Median 2013

$200,000 $100,000 $0

$170,000 $125,000

$125,000

CENTER GROVE

NORTH GROVE

SOUTH GROVE

0 WEST GROVE WATERFRONT

A NOTABLE SALE

Alba and I have generated in March the highest sales price per square foot in the 33133 zip code. We listed and sold 203 Ridgewood Avenue at an amazing $533 per sq. ft. The house has 2,700 sq. ft. under roof on an 11,925 sq. ft. lot.

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Coconut Grove by Neighborhood A SELLERS' MARKET The Federal Reserve may increase interest rates over the next several months, risking inflation and decreasing home affordability. We are in a sellers' market right now. Our deep knowledge of the market, our unique international marketing and our negotiating skills in four languages will sell your property at the highest price that the market can offer.

Ist Quarter Total Sales Volume 2013 Versus 2012

$30,000,000 $27,746,923 $25,000,000

$20,000,000

$15,000,000

$10,000,000

2012

$14,069,000

2013

$9,493,600 $6,987,900

$5,000,000 $1,065,500 $-

NORTH GROVE

SOUTH GROVE

$730,000

WEST GROVE

0

0 WATERFRONT *

*No waterfront properties sold during 1st quarter 2013 and 2012

You know where our office is! 3560 Main Highway in the village The beautiful yellow home on Main Highway is where EWM Realtors is located. As a team of two women who love Real Estate, we were naturally drawn to the company founded by Anna Mae Esslinger, Dodie Wooten, and Arline Maxwell. We want to meet you soon! A bient么t ! Hasta pronto! Arrivederci!

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NORTH GROVE

Coconut Grove by Neighborhood

SOUTH GROVE

SOUTH GROVE 1st quarter 2013 Total sales volume: $27,746,923 Median Price: $843,250 Number of properties sold: 28 8 cash transactions / 20 financed transactions

SW 32th Avenue Franklin Avenue

WEST GROVE 1st quarter 2013 Total sales volume: $730,000 Median Price: $170,000 Number of properties sold: 6 1 cash transaction / 5 financed transactions

WEST GROVE

CENTER GROVE 1st quarter 2013 One Sale: $125,000

SW 27th Avenue

CENTER GROVE

NORTH GROVE 1st quarter 2013 Total sales volume: $14,069,000 Median Price: $767,500 Number of properties sold: 16 5 cash transactions / 11 financed transactions

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PROPERTIES OF DISTINCTION Our Listings

3839 LEAFY WAY IN SOUTH GROVE 2 bedrooms & 3 baths in main house 1 bedroom & 1 bath in guest cottage 25,800 Sq/Ft lot Offered at $1,949,000

4037 POINCIANA AVENUE

2492 LINCOLN AVENUE

5 bedrooms & 4.5 baths 4,271 Sq/Ft - 9,080 Sq/Ft lot Offered at $1,695,000

3 bedrooms & 2 baths in main house 1 bedroom & 1 bath in guest cottage 1,929 Sq/Ft - 6,250 Sq/Ft lot Offered at $749,000

GroveExperts.com All of the properties for sale in the grove Alba 305-323-2595

Isabelle 305-546-5421

The Coconut Grove Journal of Real Estate  

A comprehensive Analysis of the Coconut Grove Real Estate Market during the 1st quarter of 2013 By Alba Biondi and Isabelle Andrews

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