Coconut Grove Journal of Real Estate Q1 2021

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COCONUT GROVE JOURNAL OF REAL ESTATE Q1 2021 Be sure to hire an expert in the Coconut Grove market. You deserve local expertise and the finest national and international marketing. This is what we provide. Alba Biondi / 305 323 2595 Isabelle Andrews / 305 546 5421 theteam@groveexperts.com GroveExperts.com

Alba Biondi & Isabelle Andrews Over $100 Million in Sales We speak English, Spanish, French, and Italian.


Dear Groveites,

63 homes were for sale as of April 1, 2021, compared to 113 at the beginning of the year, a 44% decrease.

Coconut Grove real estate sales activity delivered an astonishing performance during the first quarter of the year.

123 condos were available as of April 1, 2021, compared to 174 at the beginning of the year, a 29% decrease.

Single-family home sales volume was three times higher than last year.

The high demand combined with historical low inventory will continue to push real estate values upward.

The number of homes sold doubled compared to last year.

For how long? It will all depend on buyers coming from the four corners of the country keeping their investments in Miami and how the pandemic continues to reorder buyer priorities.

The condo market also delivered impressive sales results with a booming median sold price. In both markets, cash transactions dominated all transactions.

The second quarter of 2021 already looks very promising. Contact us if you have any questions or are thinking of introducing your property to the market.

The available inventory for sale keeps shrinking.

Regards, Isabelle and Alba

COCONUT GROVE REAL ESTATE MARKET REPORT Q1 2021 sales performance is astonishing. Q1 Single-Family Home Sales Performance # Homes Sold Total $ Volume Sold Median Sold Price % of Cash Transactions Q1 Condo Sales Performance # Homes Sold Total $ Volume Sold Median Sold Price % of Cash Transactions

Q1 2020

Q1 2021

Variance

47 $63M $1,300,000 31%

93 $175M $1,455,000 50%

100% 177% 11% 61%

Q1 2020

Q1 2021

Variance

53 $44M $550,000 50%

64 $74M $810,000 62%

20% 68% 47% 24%

Highlights: Throughout the years, about 200 single-family homes sell every year. Almost half sold in one quarter. Cash transactions represent the preferred method of funding even though mortgage rates are at a record low. The condo median sold price increase shows the luxury market is very active.

2020 COCONUT GROVE MARKET FACTS Single-Family Market · $9,500,000 is the highest sale—a waterfront home located at 3467 N. Moorings Way. It offered 6,268 Sq. Ft. of living space, 6 bedrooms, and 6.5 bathrooms on a 28,577 Sq. Ft. lot. It was built in 1929. · $450,000 is the lowest sale—a home located at 2525 Tequesta Lane in North Grove. It offered 1,162 Sq. Ft. of living space, 3 bedrooms, and 2 bathrooms on a 3,500 Sq. Ft. lot. It was built in 1953. · $540,000 is the sale price of the only single-family home sold in West Grove—a home located at 3208 Oak Avenue. It offered 1,170 Sq. Ft. of living space, 3 bedrooms, and 2 bathrooms on a 4,800 Sq. Ft. lot. Most transactions in West Grove were land sales. Four lots sold with an $86 per square foot median sold price.


Condo Market · $7,000,000 is the highest sale—unit 16BC at One Park Grove. It offered 5 bedrooms and 5 baths. · $190,000 is the lowest sale—unit 236 at Grove Square. It offered 1 bedroom and 1 bath. · Park Grove buildings are driving the sales in the luxury market, with 11 transactions versus 3 in the Grovernor building and 2 at Grove at Grand Bay.

FUTURE COCONUT GROVE MARKET TRENDS Q1 2021 Single-Family Sales Performance and Available Inventory as of 04/01/21 Price Range # Homes Sold Q1 2021 # Homes for Sale # Months of Inventory

0-$1M 35 5 0.50

$1M-$1.5M 14 11 3

$1.5M-$2M 20 6 1

$2M-$3M 10 17 6

$3M+ 14 24 6

Total 93 63

Months of inventory is a measure of how fast all the existing properties on the market would last assuming a) no more listings are added and b) the rate at which properties sell is constant based on the average of the last 3 months of sales.

It is a seller’s market for Coconut Grove single-family homes at all price levels. Q1 2021 Condo Sales Performance and Available Inventory as of 04/01/21 Price Range # Condos Sold Q1 2021 # Condos for Sale # Months of Inventory

0-$1M 41 70 5

$1M-$1.5M 14 16 3

$1.5M-$2M 1 4 12

$2M-$3M 3 8 6

$3M+ 5 25 15

It is a seller’s market for Coconut Grove condos priced below $1.5M. All data in this journal was compiled and analyzed by Isabelle and Alba.

OUR LISTINGS

FOR SALE 3798 Matheson Ave 4 bedrooms & 4.5 baths + family room 4,244 Sq/Ft – 13,490 Sq/Ft lot Offered at $2,849,000

FOR SALE 4111 Barbarossa Ave 3 bedrooms & 2 baths 1,487 Sq/Ft – 6,500 Sq/Ft lot Offered at $999,000

SOLD 4054 Bonita Ave 3 bedrooms & 2 baths 1,781 Sq/Ft – 7,797 Sq/Ft lot Offered at $ 1,299,000

Total 64 123


OUR RECENT SALES

SOLD 718 Valencia Ave/ Biltmore Parc 2 bedrooms & 2.5 baths 1,972 Sq/Ft Offered at $1,189,000 Represented buyer

SOLD 3723 Le Jeune Rd 2 bedrooms & 2 baths 1,616 Sq/Ft – 7,000 Sq/Ft lot Offered at $729,000

SOLD 637 Alcazar Ave 5 bedrooms & 3 baths 2,790 Sq/Ft – 10,000 Sq/Ft lot Offered at $1,650,000 Represented buyers

The Coconut Grove Real Estate Podcast: Market Trends and Distinguished Guests Scan and Listen Reach out to us if you would like us to cover an aspect of the Grove market in a new episode. Enjoy!

Curious About Your Property Value? Are you thinking about selling? This may be the perfect time. Call us.

We are the experts in the Coconut Grove real estate market. theteam@groveexperts.com GroveExperts.com Over $100 Million in Sales We speak English, Spanish, French, and Italian.

Alba Biondi & Isabelle Andrews