Coconut Grove Market Report 3Q 2016

COCONUT GROVE JOURNAL OF REAL ESTATE THIRD QUARTER 2016 Coconut Grove Market Report

Alba Biondi / 305 323 2595 Isabelle Andrews / 305 546 5421 theteam@groveexperts.com groveexperts.com

Hello, Grovites and the Rest of the World

Hello, Grovites and the Rest of The World, Is Coconut Grove a buyer’s market or a seller’s market?

It is both.

The 3Q 2016 single-family home market continued to experience a market correction.

Only the single-family home market under $1M in North and South Coconut Grove was resistant to the downward trend.

The condo market also experienced a market correction.

The 3Q 2016 condo market was down 14% year over year. Thirty-one units sold compared with 36 during the same quarter last year. Sales volume for the quarter was $19,257,100 compared with $26,494,500 for the same quarter last year, a 27% decrease.

The increase of inventory, the elections, the holidays, and a strong exchange rate will keep pressuring sales prices and volume of sales.

In a challenging market, experienced and knowledgeable Realtors are essential for rewarding sales transactions.

Call us.

Contactenos para la versión en español de este texto Pour la version de ce texte en français, contactez-nous Alba Biondi

Isabelle Andrews

Coconut Grove Single-Family Homes Marketwide 43 Single-Family Homes Sold 3Q 2016 Numbers Center Grove North Grove South Grove Waterfront Properties West Grove

Sales volume for 3Q 2016 was $45,352,483 compared with $69,302,701 for the same quarter last year, a 34% decrease. Forty-three homes sold compared with 53 for the same quarter last year, an 18% decrease.

#Homes Sold 1 12 22 1 7

$ Median Sold Price $ 600,000.00 $ 850,000.00 $ 977,000.00 $ 3,550,000.00 $3 ,725,00.00

$ Median Sold Price/Sf $ 703.00 $ 430.50 $ 412.00 $ 1,199.00 $ 213.00

#Homes for sale 2 61 69 6 22

$ Median Asking Price $ 944,500.00 $ 1,499,998.00 $ 1,700,000.00 $ 8,447,500.00 $ 537,000.00

$ Median Asking Price/Sf $ 488.00 $ 523.00 $ 588.00 $ 1,622.00 $ 213.00

160 Single-Family Homes For Sale Center Grove North Grove South Grove Waterfront Properties West Grove

Average # Days on Market 50 days 81 days 99 days 100 days 92 days

Year to year single-family market numbers

2016 2015

$ Volume Sold 3Q $ 45,352,483 $ 69,302,701

$ Home Sold 3Q 43 53

34%

18%

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$ Volume Sold January September $ 195,073,783 $ 217,387,245

10%

# Homes Sold January September 138 150

8%

Coconut Grove—a buyer’s market or a seller’s market?

The number of months of inventory forecasts future market trends.

North Grove Under the $1M price point, this market offers 6 months of available inventory. Seven homes sold in one quarter when 15 were available for sale. This is a seller’s market. A property at that price point is very desirable for buyers.

The $1M+ market is a buyer’s market. Forty-six homes are available, with only 5 sold. For your property to find an affluent national or international buyer, a powerful worldwide marketing plan must be implemented.

South Grove Under the $1M price point, this market offers about 3 months of available inventory. Eleven homes sold in one quarter when 15 were available for sale. This is a very strong seller’s market. If you are ready to introduce your property to the market, now is the perfect time. You will get top dollar for it. Contact an expert for advice about the Coconut Grove market.

The $1M–$1.5M market is also a seller’s market, with only 6 months of available inventory.

The $1M+ market is a buyer’s market. A powerful worldwide marketing plan must be implemented to find a national or an international buyer for your property.

The West Grove and Waterfront markets are a buyer’s market.

3Q 2016 sales performance per price point North Grove # Homes for sale 10/2016 # Homes sold 2Q 2016 South Grove # Homes for sale 10/2016 # Homes sold 3Q 2016 West Grove # Homes for sale 10/2016 # Homes sold 2Q 2016 Waterfront # Homes for sale 10/2016 # Homes sold 3Q 2016

Third Quarter 2016 61 12

Under $ 1M 15 7

$ 1M $ 1.5M 16 3

$ 1.5M $ 2M 12 1

$ 2M $ 2.5M 10 1

$ 2.5M $ 3M 5 0

$ 3M + 3 0

Third Quarter 2016 69 22

Under $ 1M 15 11

$ 1M $ 1.5M 12 7

$ 1.5M $ 2M 14 2

$ 2M $ 2.5M 10 1

$ 2.5M $ 3M 5 1

$ 3M + 13 0

Third Quarter 2016 22 7

Under $ 300,000 1 2

$ 300,000 $ 500,000 9 5

$ 500,000 + 12 0

Third Quarter 2016 6 1

$ 3M $ 4M 2 1

$ 4M $ 10M 3 0

$ 10M + 1 0

Single-family homes / new construction market

The increase in new construction activity has fueled many meetings with city officials. We Grovites want the beauty and canopy of our neighborhood to be respected and preserved.

For this article, new construction is for all homes built in 2014 and later.

Here are the latest numbers:

New construction market Single-family homes

North Grove South Grove Waterfront

Available for sale As of 9/29/16 17 13 3

Sold 3Q 2016 1 1 0

$ Median asking price $ 2,240,000 - $ 534 Sq/Ft $ 2,250,000 - $ 558 Sq/Ft $ 7,995,000 - $ 815 Sq/Ft

$ Sold price $ 2,200,000 or $372 Sq/Ft $ 2,325,000 or $505 Sq/Ft N/A

It is a buyer’s market, as 2 properties have been sold, and 33 are for sale. Four years of inventory will put pressure on the sales price. Are you thinking of selling your contemporary home? A specialized marketing plan must be targeted to national and international trendsetters.

Our Listings

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 2

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4155 Kiaora Street in Coconut Grove

2300 Tigertail Court in Coconut Grove

3665 Justison Road in Coconut Grove

4 bedrooms 3.5 baths 3,127 Sq/Ft of living space 21,187 Sq/Ft lot Pool Asking Price: $ 2,200,000 For Rent: $7,000 per month

4 bedrooms 4 baths 3,444 Sq/Ft of living space 9,585 Sq/Ft lot Asking Price: $1,255,000 Under contract

5 bedrooms 5.5 baths 3,698 Sq/Ft of living space 8,100 Sq/Ft lot Asking Price: $1,575,000 Under contract

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Coconut Grove condo market microanalysis

The number of months of available inventory is an indicator of future market trends.

The $1.5M–$2M market is the best performing market.

The available inventory has been increasing since the beginning of the year. In 1Q 2016, 113 condos were for sale, 132 condos in 2Q 2016, and 139 condos in 3Q 2016, which is a 67% increase compared with 3Q 2015.

3Q 2016 sold vs for sale per price point 70 59

60 50

40

40 30 20

14

10

12

500K-1M

Sold 3Q 2016 4

1

0 under 500K

25

14

1M-1.5M

1

1.5M-2M

For sale midOctober 2016

0 2M +

Condo overview 3Q 2016 31 139 13

3Q 2015 36 83 7

%Chg(yr) -13% 67% 114%

Prices Median Price Average Price Median PPSF Average PPSF

$ 632,000 $ 621,197 $ 393 $ 475

$ 647,500 $ 735,958 $ 374 $ 485

-2% -15% -4% -2%

Median Price

by Bedroom 1 Bedroom 2 Bedrooms 3 Bedrooms 4 Bedrooms

$ 180,000 $ 699,000 $ 1,105M 0

$ 231,250 $ 705,000 $ 1,180M $ 3,505M

-22% -0.50% -6% n/a

Overview Closed Sales Inventory Months of Supply

The Grove condo market is very diverse.

Call us for your free and confidential property evaluation.

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.

Grove Isle in numbers

Grovenor House in numbers

Yacht Harbour in numbers

6 units sold in 3Q 2016 compared with 12 during 3Q 2015 3Q 2016 sales volume $4,970,000 3Q 2015 sales volume $8,950,000 Median sales price $727,500

2 units sold in 3Q 2016 and 3Q 2015

2 units sold in 3Q 2016 compared with 1 in the same quarter 2015

3Q 2016 sales volume $3,143,000 3Q 2015 sales volume $5,505,000 Average sales price $1,571,500

3Q 2016 sales volume $2,277,000 3Q 2015 sales volume $601,650 Median sales price $700,000

Average $/Sqft: $895 5 units are for sale

Median $/Sqft: $393 Average sales price: $1,571,500 Average $/Sqft: $356 5 units are for sale

Median $/Sqft: $424 Average sales price: $828,333 Average $/Sqft: $440 18 units are for sale.

Yacht Harbour Listing 2901 S. Bayshore Drive in Coconut Grove Unit 6H 1 bedroom / 1 bath 1,105 Sq/Ft living space Offered at $499,000

The Ritz Carlton/Tower Residences had 1 sale during 3Q 2016. Unit #1904, 2 bedrooms/2.5 baths with 1,581 sq/ft of living space, sold for $825,000.

Four units sold during the same period last year. Fifteen residences are currently for sale, with asking prices between $520,000 and $2,085,000.

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Thinking of selling?

Check our sellers guide at GroveExpert.com

Alba Biondi 305 323 2595 Isabelle Andrews 305 546 5421 Alba Biondi

Isabelle Andrews

groveexperts.com theteam@groveexperts.com