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COCONUT GROVE JOURNAL OF REAL ESTATE THIRD QUARTER 2015

We are the # 1 EWM Coconut Grove Team Top 1/2 of 1% Nationally EWM 2013 and 2014 Chairman’s Club Diamond Level Alba Biondi / 305 323 2595 Isabelle Andrews / 305 546 5421 theteam@groveexperts.com groveexperts.com


Hello Grovites and the Rest of the World

The Coconut Grove single-family market has had steady, annual price growth over the last few years. For the first time, the South and North Coconut Grove markets had similar sales performance when compared to the previous quarter. The third quarter is typically less active than the second quarter. However this year, 26 homes is the same number sold in South Grove in the third quarter as the previous quarter. Similarly, 19 North Grove homes sold during the third quarter versus 21 last quarter. Only the waterfront market suffered a performance decline with one 1 sale versus 5 last quarter. These consistent sales statistics demonstrate the continued strength of the Coconut Grove market. Additionally, the overall single-family market has enjoyed a 20% increase in number of homes sold over last year and a 24% increase in total volume sold. This increase in sales is largely driven by the North Grove market. These numbers continue to demonstrate that Coconut Grove is one of the most desirable places to live in Miami. The condo market has mixed results. After a very active 2nd quarter 2015, the number of closed re-sales condos is down 35% when compared to last quarter and down 7.5% when compared to the same quarter of 2014. Total volume sold also declined 38.9% compared to last quarter. This decrease largely occurred in the $500K and less segment of the market even though the inventory in this segment remains about the same. Unlike the condo re-sale market, the Coconut Grove condo new construction market trends are mind blowing. According to the developers, Park Grove Towers Two and Three are already 90% under contract while Grove at Grand Bay, which is to be finished by the first quarter of 2016, is almost entirely sold out. Only one penthouse is available and it can be yours for $28 million. These numbers demonstrate the market’s demand for new construction condos over re-sale condos. Coconut Grove is a complex real estate market. Our deep knowledge of its market trends has allowed 3 of our listings to be among the top 10 highest price-per-square foot homes sold in Coconut Grove in the last 6 months.* Call us to list your property for boutique service and remarkable results.

*As of 9/30/2015 Waterfront single-family homes not included

Pour la version de ce texte en français, contactez-nous


Hola Grovites y el Resto del Mundo

El mercado de casas unifamiliares en Coconut Grove ha presentado un crecimiento estable durante los últimos años. Por la primera vez, los mercados de North Grove y South Grove tuvieron resultados similares al trimestre anterior. El tercer trimestre del año es típicamente menos activo que el segundo. Sin embargo, este año en el South Grove se vendieron 26 casas unifamiliares durante el 3er trimestre, exactamente el mismo número que el trimestre anterior. Igualmente en el North Grove se vendieron 19 casas durante el 3er trimestre versus 21 el trimestre pasado. Solamente el sector de propiedades frente al mar sufrió una disminución con una (1) sola propiedad vendida en comparación con cinco (5) el trimestre pasado. Estas estadísticas de ventas consistentes demuestran el continuo fortalecimiento del mercado de Coconut Grove. Adicionalmente, en general el mercado de casas unifamiliares disfrutó de un aumento del 20% en el número de casas vendidas en comparación con el año pasado y de un incremento del 24% en el volumen total vendido. Este aumento proviene en su gran mayoría de las ventas en el sector del North Grove. Estas cifras no hacen sino demostrar que Coconut Grove es uno de los lugares más deseados para vivir en Miami. El mercado de apartamentos presenta unos resultados mixtos. Después de un 2do trimestre muy activo, el número de ventas en el mercado de reventa de condominios bajó 35% comparado con el trimestre pasado y 7.5% comparado con el mismo trimestre del 2014. El volumen total también declino de 38.9% comparado con el trimestre pasado. Esta disminución ocurrió sobre todo en el segmento de condominios a un precio de $500K o menor, a pesar de que el inventario en este segmento se mantiene casi igual. A diferencia de los apartamentos en el mercado de reventa, las ventas de los condominios en los nuevos proyectos en Coconut Grove son sorprendentes. Según cifras que nos fueron comunicadas por la oficina del desarrollador, Park Grove las torres Two and Three están ya bajo contrato en un 90% mientras que Grove at Grand Bay, que está previsto estar terminada para el 1er trimestre del 2016, está casi enteramente vendida. Solamente queda disponible un penthouse que puede ser suyo por $28 millones. El mercado de bienes raíces de Coconut Grove es singularmente complejo. Nuestro conocimiento profundo de sus tendencias hizo posible que 3 de las propiedades que teníamos a la venta en exclusividad estén en la lista de las 10 propiedades que se han vendido al precio más alto por pie cuadrado durante los últimos 6 meses. * Llámenos hoy si está pensando poner a la venta su propiedad y disfrute de nuestro servicio personalizado y de nuestros remarcables resultados.

(*) Hasta el 9/30/2015 / Propiedades frente al mar no incluidas.

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Single-Family Home Segment Performance Through The Years.

North Coconut Grove has enjoyed the highest increase in sales each third quarter for the last three years while South Coconut Grove’s performance is steady.

Median Price 3nd Q 2013 3nd Q 2014 3nd Q 2015

North Grove $700,000 $930,000 $1,100,000

South Grove $912,500 $1,112,500 $990,100

West Grove $120,000 $187,275 $287,500

Total Volume Sold 3nd Q 2013 3nd Q 2014 3nd Q 2015

North Grove $17,215,000 $11,091,050 $21,492,001

South Grove $33,499,000 $31,633,373 $31,306,700

West Grove $867,000 $921,750 $2,032,000

Waterfront $11,700,000 $11,410,000 $13,400,000

Number of Properties Sold 3nd Q 2013 3nd Q 2014 3nd Q 2015

Single-Family Home Sales Performance by Price Point

North Grove South Grove West Grove 19 30 5 10 28 4 19 26 6

Waterfront 1 2 1

The number of single-family homes for sale with a price point over $1.5M represents 52% in North and 50% in South Coconut Grove when the number of homes sold represent 10% and 30% respectively. The median asking price is $1,620,000 in North and $1,494,500 in South Grove when the median sales price is $1,100,000 and $990,100 respectively. Almost 40% of the homes on the market at the beginning of October had their original asking price reduced at least once. These numbers show that Coconut Grove sales prices may be outpacing demand.


A Reshaping Coconut Grove Condo Market

As of the 3rd Quarter 2015, the Coconut Grove re-sale condo market has a stable inventory with a slight decrease in the number of units sold. On the other hand, a very high number of preconstruction units have been put under contract. The fabric of the Coconut Grove Luxury condo market is changing due to new projects. 336 condos sold in the re-sale market of Coconut Grove from January 2014 until mid-October 2015. During the same period, an amazing number of about 276 preconstruction condos were put under contract in the new developments of Park Grove Towers Two and Three, and Grove and Grand Bay combined. The Uber-Luxury Condo Market will have an impact on the whole Coconut Grove Condo Market for the years to come.

Sold 1st Q 2014

Sold 2nd Q 2014

Sold 3rd Q 2014

Sold 4th Q 2014

70 60 50 40 30 20 10 UNDER 500K

500 K - 1 M

1 M - 1.5 M

1.5 M - 2 M

UNDER 500K UNDER 500K

2M+

500 K - 1 M

1 M - 1.5 M

1.5 M - 2 M

2M+

UNDER 500K

500 K - 1 M

1 M - 1.5 M

1.5 M - 2 M

Sold 2nd Q 2015

500 K - 1 M

Sold 1st Q 2015

2M+

UNDER 500K

500 K - 1 M

1 M - 1.5 M

1.5 M - 2 M

2M+

0

Sold 3rd Q 2015

70 60 50 40 30 20 10

3rd Q 2015 Re-Sale Condo Market in Numbers

Number of Units Sold Highest Sale of the Quarter Number of Units for Sale as of Mid-October 2015

5

1 M - 1.5 M

1.5 M - 2 M

2M+

UNDER 500K

500 K - 1 M

1 M - 1.5 M

1.5 M - 2 M

2M+

UNDER 500K

500 K - 1 M

1 M - 1.5 M

1.5 M - 2 M

2M+

0

36 $3,505,000 83


Our Listings

1

2 3

4 5

1 312 Ridgewood Road Coral Gables on Coconut Grove Side 3 Bedrooms / 2.5 Baths +1 Bedroom / 1 Bath 2-story Guest Cottage Amazing and rare 10,000 Sq/Ft lot Saline System New Large Pool Offered at $1,395,000

2 6481 SW 74 St, South Miami Great Pool Home located in a Coconut Grove like enclave 3 Bedrooms / 2 Baths 1,781 Sq / Ft Living Space 10,200 Sq/ Ft Lot Offered at $654,000 4 4003 Kumquat Rd 3 Bedrooms / 3 Baths SOLD Offered at $749,000

3 2374 SW 19 Ave, Miami 2 Bedrooms / 2 Baths Offered at $429,000 5 For Rent Grove Garden 3540 Main Hwy 2 Bedrooms / 2.5 Baths 1,541 Sq/Ft Living Space Offered at $4,250 per Month


Sample of Condos Sold in the Resale Market During 3rd Q 2015

Building

Address

#Beds #FB #HB

LA

YR

#GAR

Sold Price

$per sq/ft

Grovenor House

2627 S Bayshore Dr # 2803

3

3

1

2640

2005

2 $ 2,500,000

947

Ritz Carlton

3350 Sw 27 Av # 1901

3

2

1

2530

2002

2

$ 1,450,000

573

Ritz Carlton

3350 SW 27 AV # 1101

3

3

1

2235

2002

1

$ 1,200,000

537

Grove Isle

1 Grove Isle Dr # A301

3

2

1

2614

1979

2

$ 1,180,000

451

Grove Harbour

1690 S Bayshore Ln # 4A

2

2

0

1530

1990

2

$ 1,150,000

752

Grove Towers

2843 S Bayshore Dr # 16D

2

2

0

1460

1982

2

$ 985,000

675

Grove Isle

2 Grove Isle Dr # B203

2

2

0

1882

1980

1

$ 785,000

417

Grove Isle

3 Grove Isle Dr # 208

2

2

0

1642

1981

2

$ 625,000

381

Yacht Harbour

2901 S Bayshore Dr # 6F

3

2

0

2407

1975

1

$ 601,650

250

Mutiny Park

2889 Mcfarlane Rd # 1414

1

1

0

693

2001

1

$ 335,000

483

Coco Ibiza

3356 Bird Av # 11

2

2

1

1050

1995

0

$ 326,000

310

Grove Square

2801 Florida Av # 410

2

2

1

810

1987

1

$ 315,000

389

Virginia Oaks

3304 Virginia St # 5C

1

1

0

666

1970

0

$ 230,500

346

Sample of Homes Sold in 33133 During 3rd Q 2015 Address

#Beds

# Bath

#1/2 Baths SqFt LA

Lot SqFt

3655 St Gaudens Rd

5

4

1

4,218

10,680

3770 Kumquat Av

5

4

0

4,014

3650 Stewart Av

5

5

0

1675 Micanopy Av

5

4

60 Prospect Dr

4

4350 Mayfair Dr

#Gar

Pool

Sale Price

2

Y

$ 1,715,000

7,150

2

Y

$ 982,000

3,653

24,000

0

N

$ 950,000

1

3,565

8,702

2

Y

$ 1,155,000

3

0

3,282

9,900

2

Y

$ 1,120,000

4

2

1

3,047

7,133

0

Y

$ 1,200,000

3863 Irvington Av

4

3

1

2,685

7,500

0

Y

$ 998,200

4066 El Prado Bl

2

2

1

2,581

5,150

0

Y

$ 1,010,000

161 S Shore Dr

3

2

0

2,563

2,563

0

Y

$ 820,000

1935 Secoffee St

4

3

0

2,076

14,184

0

Y

$ 1,405,000

3635 Justison Rd

3

2

0

1,729

12,775

2

N

$ 845,000

4130 Poinciana Av

3

2

0

1,700

6,000

0

Y

$ 742,500

3490 William Av

4

2

0

1,669

5,643

1

N

$ 260,000

215 Jefferson Dr

3

2

0

1,303

7,315

0

N

$ 265,000

2326 Swanson Av

2

1

0

1,142

6,693

0

N

$ 550,000

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.

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Testimonial “Dear Alba and Isabelle, Both my husband and I have been really busy settling into the new home you helped us buy. We wanted to thank you both for all your incredible help during this process. I know for a fact that without you we would not have found this house and certainly would not have been able to purchase it. In today’s competitive market timing is everything and you were able to provide us with access to the opportunity that created the circumstances for the actual purchase. We are fully aware that this happened thanks to your network of contacts and your knowledge of this field. And on top of everything you guided us through the sale of the former home and made it seem easy. We can’t thank you enough for all your assistance and advice. Just the other day, more than 2 months after the closing you were still helping us with things pertaining our move. This is just one example of the quality of your service. It is my wish our paths cross again soon and thank you again for everything!” Sellers of 3941 Crawford Ave. in Coconut Grove

Interested in Selling? Call us for a confidential evaluation of your property. Alba Biondi 305 323 2595 Isabelle Andrews 305 546 5421 groveexperts.com theteam@groveexperts.com

Coconut Grove Journal of Real Estate Third Quarter 2015  

Journal that describes the real estate markets in Coconut Grove, FL.

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