Coconut Grove Journal of REAL ESTATE 1Q 2017
Coconut Grove Market Report
Alba Biondi / 305 323 2595 Isabelle Andrews / 305 546 5421 theteam@groveexperts.com groveexperts.com
What a 1Q 2017 performance! The 1Q 2017 Coconut Grove single-family total sales volume was $71,959,700, a 43% increase over last year for the same period. South Coconut Grove sales volume represents more than 31% of the whole market. Waterfront properties and the West Grove single-family market have not been very active. Pending sales already show signs of a very active market in the months ahead. The overall single-family homes market is a sellers market. On the other hand, the 1Q 2017 resale condo market underperformed, with only $18,793,130 in total volume sales versus $28,008,348 during the same period last year. Inventory for sale grew 65% over the same period last year. The condo market is a buyers market. Are you thinking about buying or selling in Coconut Grove? We will share with you our deep knowledge and understanding of the Coconut Grove market and make sure you reach your real estate goals.
Increibles rendimientos durante el 1er Trimestre 2017! El volumen total de ventas durante el primer trimestre de 2017 en Coconut Grove fue de $ 71.959.700, un 43% más que el año pasado durante el mismo período. El volumen de ventas del area de South Coconut Grove representa más del 31% de todo el mercado. Las propiedades frente al mar y el mercado de West Grove no tuvieron mucha actividad immobiliaria. Las ventas pendientes ya muestran signos de un mercado muy activo en los próximos meses. En este momento, el mercado de casas unifamiliares en general es un mercado que favorece a los vendedores. Por otro parte, el mercado de reventa de condominios tuvo un desempeño inferior durante el primer trimestre de 2017, comparado con el año pasado con sólo $ 18,793,130 en volumen total de ventas versus $ 28,008,348 durante el mismo período del año pasado y el inventario creció 65%. El mercado actual de condominios es un mercado que favorece a los compradores. ¿Está pensando en comprar o vender su propiedad en Coconut Grove? Llamenos hoy, compartiremos con usted nuestro profundo conocimiento y comprensión del mercado de Coconut Grove y nos asegúraremos que usted alcance sus metas en bienes raíces.
Alba Biondi
Isabelle Andrews
Pour la version de ce texte en français, contactez-nous
1Q 2017 single-family market performance versus 1Q 2016 for each subneighborhood
The 1Q 2017 outperformed 1Q 2016 in almost every parameter used to evaluate a real estate market.
North Grove # Single-Family Homes Sold $ Sales Volume Median Sales Price Average Sales Price Median Sales Price Per Sq/Ft Average Sales Price Per Sq/Ft South Grove # Single-Family Homes Sold $ Sales Volume Median Sales Price Average Sales Price Median Sales Price Per Sq/Ft Average Sales Price Per Sq/Ft
West Grove * # Single-Family Homes Sold $ Sales Volume Median Sales Price Average Sales Price Median Sales Price Per Sq/Ft Average Sales Price Per Sq/Ft
1Q 2017
1Q 2016
18 $17,637,150 $850,000 $979,842 $438 $424
12 $11,635,000 $775,000 $969,583 $434 $417
1Q 2017
1Q 2016
26 $40,547,550 $1,380,000 $1,559,521 $487 $465
19 $32,088,750 $1,525,000 $1,688,882 $438 $462
1Q 2017
1Q 2016
2 $815,000 $407,500 $407,500 $253 $253
6 $1,516,300 $258,250 $252,717 $210 $216
* The activity is in the townhouse market. Call us if you would like the numbers/sales performance
Waterfront Only one waterfront property sold in both the 1Q 2017 and 1Q 2016. The property located at 3575 Stewart Avenue (8 bedrooms / 8 baths / 14,097 Sq Ft of living space / 42,689 Sq/Ft lot) sold this year for $12,400,000. Last year the property at 3579 Stewart Avenue (5 bedrooms / 5.5 baths / 5,252 Sq Ft of living space / 19,500 Sq/Ft lot) sold for $4,120,000.
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% 50% 54% 9% 1% 1% 1% % 36% 26% 9% 7% 11% 0%
% 66% 94% 57% 61% 20% 17%
Single-family homes sold versus for sale 1Q 2017
North Grove
North Grove # homes sold 1Q 2017
North Grove # homes for sale in April
Of the homes sold in North Grove, 78% sold for under $1M when most of the homes available for sale (72%) are priced over $1M. The gap between available inventory for sale and sold inventory will put pressure on the $1M+ market bracket.
1 15
2 1
3
10
14
13
Under $1M $1M - 1.5M $1.5M - 2M $2M - $2.5M $2.5M - $3M $3M +
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South Grove
Of the homes sold in South Grove, 69% sold for less than $2M. Of the homes available for sale, 48% are priced over $2M. There is 6 months of inventory for sale for the $2M and below market, which makes it a sellers market. The $2M+ market offers one year of inventory, which makes it a buyers market. The market for waterfront properties and homes situated in West Grove is a buyers market, as the available inventory is expansive, and the demand is still low.
South Grove # homes sold 1Q 2017
South Grove # homes for sale in April
1
13
8
3
15
3
4 4
6
14
15 5
Under $1M $1M - 1.5M $1.5M - 2M $2M - $2.5M $2.5M - $3M $3M +
New construction singlefamily home market
The new construction market features homes built in 2015, 2016, and 2017. This market underperformed during the 1Q 2017, as only 3 “new constructions” sold.
New construction sold 1Q 2017 Address 1623 S Bayshore Dr 1701 Tigertail Ave 3221 Calusa St
$ Sold $2,275,000 $1,800,000 $1,700,000
SP$/SqFt $428 $511 $490
SqFt/LA 5,315 3,525 3,471
#Beds 5 4 4
#Full Bath 5 4 3
#Half Bath 2 1 0
Year Built 2016 2016 2016
#Gar 0 2 0
Pool? Y Y Y
A total of 26 new constructions are available for sale (2 waterfronts, 12 situated in South Grove, and 12 in North Grove). The supply is constant. Twenty-three properties were available last year at the same period. The median asking price is $2,469,500 in South Grove and $2,439,950 in North Grove. The median asking price per sq/ft is $590 in South Grove and $564 in North Grove. Only 2 new waterfront constructions are available for sale: 3085 Munroe Drive is a 13,483 Sq/Ft house with a $43M asking price and 3604 Matheson Avenue, a 9,813 Sq/Ft house with an asking price of $7,995,000. The 2Q 2017 should mark the emergence of the new construction market, as several properties are already under contract.
Grove Watch Group A group of Coconut Grove residents has created grovewatchgroup.com and a page (Facebook.com/groups/grovewatchgroup), with the following mission: “To protect and preserve the nature and character of Coconut Grove by ensuring local government adherence to and enforcement of all laws, regulations, and due processes for the benefit of residents and the community.”
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1Q 2017 Condo Market Numbers and Trends
During the 1Q 2017, the gap between available inventory and the number of condos sold grew. As of April 10, 2017, the Coconut Grove market offered 187 condos for sale. During the 1Q 2017, only 26 were sold. The number of units and total volume sold decreased 33% respectively compared with the same quarter last year, while the median and average sold price increased 13%. At this pace, the market will need several years to absorb the inventory.
Newly built condos hit the resale market
Of the 187 condos available for sale in Coconut Grove at the beginning of this quarter, 18% were new construction or preconstruction condos. At Grove at Grand Bay (the Twisters Towers), 33 condos are available for resale, which represents 34% of the total number of units in this complex. Now is the perfect time for buyers to jump into the beautiful Coconut Grove condo market, which offers an incredible array of prices and opportunities, ranging from a 402 sq/ft studio at Dixie Grove for $119,000 to a luxurious 5 bedrooms, 6.5 bathrooms at Grove at Grand Bay for $12,000,000. Something is available for all types of buyers and investors. Are you looking for the perfect condo for you and your family? Are you thinking of downsizing from a large home but you don’t want to leave the amazing Coconut Grove way of living? Call us. We would love to share our knowledge of the Coconut Grove condo market and help you find the right one that matches your lifestyle.
“We simply attempt to be fearful when others are greedy and to be greedy only when others are fearful.” — Warren Buffet All material in this journal is intended for information purposes only and has been compiled from sources deemed reliable. Though information is believed to be correct, data sources are subject to errors, omissions, changes, or withdrawal without notice. This is not intended to solicit property already listed. Equal Housing Opportunity practice.
Sample of our Listing
3610 Solana Road in South Grove
SONESTA 2889 McFarlane Road #1815/1
6 Bedrooms 4.5 Baths 4,622 Sq/Ft Living Space 12,150 Sq/Ft Lot Heated Saltwater Pool 2-car Garage Offered at $2,350,000
3 Bedrooms 3.5 Baths Condo Hotel Can be rented short term as 3 individual 1-bedroom units Offered at $899,000
4155 Kiaora St in South Grove
724 SW 25 Road in Miami 3 Bedrooms 3 Baths 3,128Sq/Ft Living Space 8,064Sq/Ft Lot Pool Generator Offered at $1,049,000
4 Bedrooms 3.5 Baths 3,127Sq/Ft Living Space 21,187Sq/Ft Lot Offered at $2,200,000 The property is rented until December 2017
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Our 1Q 2017 Coconut Grove market report is available on video in English, Spanish, and French on our website GroveExperts.com
Alba Biondi 305 323 2595 Isabelle Andrews 305 546 5421 Alba Biondi
Isabelle Andrews
groveexperts.com theteam@groveexperts.com