The Coconut Grove Journal of Real Estate 1st Q 2015

The Coconut Grove Journal of Real Estate 1st Quarter 2015

By Isabelle Andrews PA & Alba Biondi

Alba: 305-323-2595

Isabelle: 305-546-5421

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THE GROVE EXPERTS REPORT

Alba Biondi and Isabelle Andrews P.A. We are the # 1 team - EWM Coconut Grove Top 1/2 of 1% Nationally EWM 2013 & 2014 Chairman's Club - Diamond Level

Hello, Grovites and the rest of the world, The Coconut Grove single-family market is rapidly changing. The total number of homes sold during the first quarter of 2015 declined dramatically compared with the last quarter of 2014 (35 compared to 50).

Demonstrating the market’s strength, the median sold price in South Grove jumped from $747,000 to $1,575,000 during the same period, a 110% increase.

Each sub-neighborhood performed very differently.

The number of homes sold and the total volume sold decreased significantly in the North Grove. 13 homes sold this quarter compared with 20 last quarter and $12,809,250 total sales volume this quarter compared with $22,107,500 last quarter.

South Grove sold one fewer single-family homes this quarter compared to last quarter, but the total volume sold increased by 79%: $24,979,000 sold in South Grove during the first quarter of 2015 compared with $13,895,720 in the fourth quarter of 2014. Only two single-family homes sold in both the West Grove and Waterfront markets during the first quarter 2015 versus 11 properties in West Grove and no waterfront properties last quarter 2014.

The Coconut Grove market has shifted towards the high-end price range and 45% of all single-family transactions were paid in cash. Park Grove and the Grove at Grand Bay projects are changing the Grove real estate market by creating an active $1.5 million+ market in single-family homes, which was almost nonexistent in previous years.

The Coconut Grove condo market is as diverse as our neighborhood, offering opportunities for an array of tastes and budgets. As of the beginning of April 2015, 97 condos were for sale on the resale market, with prices ranging from $105,000 to $8,750,000.

Forty condos sold during the first quarter of 2015 compared with 49 during the last quarter of 2014, an 18% decrease.

Even with the decrease, however, the Coconut Grove condo market is very stable, with a constant inventory of properties for sale and prices per square foot increasing in our beautiful and so unique buildings. Since January 2014, the number of units available in the resale market has fluctuated around 100 units with 40 to 50 units sold each quarter. This represents around 6 months of inventory, a sign of a very healthy and active market.

If you have questions about your property, we are here to help you with our expert knowledge.

Please call us, and we will offer a confidential evaluation of your property.

Hola Grovites y el resto del mundo, El mercado de casas de Coconut Grove está cambiando rápidamente. Aunque el número total de casas vendidas durante el primer trimestre de 2015 se redujo drásticamente con respecto al trimestre anterior (35 este trimestre frente a 50 el trimestre anterior), el precio medio en South Grove pasó de ser $747,000 a $1,575,000durante el mismo período, un aumento del 110%.

Cada sub-barrio se comportó de manera muy diferente. North Grove es estable en cuanto al número de casas vendidas, pero el volumen total vendido en $ disminuyó significativamente: un volumen de ventas de $12,809,250 durante este trimestre en comparación con $22,107,500 en el último trimestre.

South Grove vendió 1 vivienda unifamiliar menos el último trimestre, pero el volumen total de ventas incrementó en un 79%: $24,979,000 vendidos en South Grove durante el primer trimestre de 2015 en comparación con $13,895,720 en el cuarto trimestre de 2014. En los mercados de West Grove y Waterfront sólo se vendieron 2 viviendas unifamiliares.

El mercado se realzó en el segmento de alta gama, -1-

by Alba Biondi & Isabelle Andrews PA

con un mercado emergente en las propiedades de alta gama. 45% de todas las transacciones de casas unifamiliares fueron pagadas en efectivo.

Los proyectos Park Grove yGrove at Grand Bay están cambiando el mercado inmobiliario en Coconut Grove, creando un mercado de viviendas unifamiliares muy activo en el segmento de más de $1.5 millones dólares, el cual era casi inexistente en los años anteriores.

El mercado de condominios en Coconut Grove es tan diverso como nuestro barrio, ofreciendo oportunidades para una gran variedad de gustos y presupuestos.

A principios de abril de 2015, estaban a la venta 97 apartamentos en el mercado de reventa, con precios que iban desde $105,000 a $8,750,000. Cuarenta condominios fueron vendidos durante el primer trimestre de 2015 en comparación con 49 durante el cuarto trimestre de 2014, una disminución del 18%.

Incluso con el descenso en el número de apartamentos vendidos, el mercado de condominios de Coconut Grove es muy estable, con un inventario constante de propiedades en venta y los precios por pie cuadrado en aumento para nuestros bellos edificios. Desde enero de 2014, el número de unidades disponibles en el mercado de reventa ha fluctuado alrededor de 100 unidades con un número entre 40 y 50 unidades vendidas cada trimestre, lo que representa alrededor de 6 meses de inventario, un signo de un mercado muy saludable y activo.

Si tiene preguntas acerca de su propiedad, estamos aquí para ayudarle con nuestro conocimiento experto. Por favor, llámenos estaremos encantados de ofrecerle una evaluación confidencial de su

Bonjour aux habitants de Grove et d’ailleurs, Le marché immobilier à Coconut Grove est en rapide évolution. Bien que le nombre total de résidences vendues au cours du premier trimestre 2015 a largement baissé par rapport au trimestre précédent (35 ce trimestre contre 50 le précédent), le prix moyen de vente à South Grove est passé de $747.000 à $1.575.000 pendant la même période, soit une augmentation de 110%.

Chacune des sections du quartier a reçu des résultats différents. North Grove est stable en termes de nombre de maisons vendues, mais le volume total en

dollars a nettement baissé : $12.809.250 de volume total de ventes ce trimestre, contre $22.107.500 le trimestre dernier.

South Grove a vendu une maison en moins qu’au dernier trimestre, mais le volume monétaire total a augmenté de 79%: 24.979.000 vendus à South Grove ce trimestre, contre $13.895.720 au dernier trimestre de 2014. Seules 2 maisons se sont vendues sur les marchés de West Grove et au bord de l'eau.

Le marché a changé dans le segment haut-degamme, avec un marché émergent dans cette gamme de prix: 45% de toutes les transactions ont été payées comptant Les projets de Park Grove et The Grove à Grand Bay sont en train de changer le marché immobilier du Grove, en créant un marché actif de résidences de plus de $1,5 million, ce qui n’existait quasiment pas par le passé.

Le marché des appartements de Coconut Grove est aussi varié que notre quartier, offrant des opportunités à une large gamme de goûts et de budgets.

Au début avril 2015, 97 appartements étaient à vendre sur le marché de la revente, avec des prix allant de $105.000 à $8.750.000. Quarante appartements vendus au premier trimestre 2015, contre 49 au dernier trimestre 2014, une baisse de 18%.

Même avec cette baisse, le marché des appartements à Coconut Grove est très stable, avec un inventaire immobilier constant de résidence à vendre et des prix au mètre carré en hausse dans nos superbes bâtiments tellement originaux. Depuis janvier 2014, le nombre d’unités disponibles sur le marché de la revente a fluctué autour de 100 unités, avec 40 à 50 unités vendues chaque trimestre, ce qui représente environ 6 mois d’inventaire, indiquant un marché très sain et actif.

Si vous avez des questions sur votre propriété, nous sommes là pour vous aider grâce à notre expertise. Veuillez nous appeler, et nous vous offrirons une estimation confidentielle de votre propriété.

305-546-5421

305-323-2595

theteam@groveexperts.com -2-

Alba Biondi & Isabelle Andrews - 1st Q 2015 SINGLE-FAMILY HOME REPORT

1,800,000 1,600,000 1,400,000 1,200,000

North Grove median sales price has been increasing steadily since 2013, with a $950,000 median sales price in the first quarter of 2015.

South Grove’s current median sales price of $1,575,000 is at a record high since 2013.

1,000,000

NORTH GROVE

800,000

SOUTH GROVE

600,000 400,000 200,000 -­‐

1Q 2013

2Q 2013

3Q 2013

4Q 2013

1Q 2014

2Q 2014

3Q 2014

4Q 2014

1Q 2015

SINGLE- FAMILY: A SKEWED INVENTORY In North Grove, 12 homes have an asking price above $2M when only 1 sold at that price point in the first quarter of 2015. Similarly, in South Grove 21 homes are priced at over $2M as of April yet only 2 homes sold at that price last quarter.

In South Grove, 10 of 17 homes listed at a price point greater than $1.5M sold in the first quarter.

The waterfront and West Grove market had very little activity this quarter. 2 waterfront homes and 2 West Grove singlefamily sold in the first quarter of 2015.

SOUTH GROVE

NORTH GROVE $3M+

$3M+

$2M-­‐$3M

$2M-­‐$3M NORTH GROVE F OR S ALE 2015

$1.5M-­‐$2M

NORTH GROVE S OLD 1Q 2015

$1M-­‐$1.5M

SOUTH GROVE F OR S ALE 2015

$1.5M-­‐$2M

SOUTH GROVE S OLD 1Q 2015

$1M-­‐$1.5M LESS $1M

LESS $1M 0

5

10

15

0

5

10

15

All material herein 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.

MEDIAN SALES PRICE THROUGH THE YEARS

- 3-

Alba Biondi & Isabelle Andrews - 1st Q 2015 SINGLE-FAMILY HOME REPORT

312 RIDGEWOOD ROAD CORAL GABLES ON COCONUT GROVE

3 Bedrooms / 2 Baths + Guest House 1 /1 w/ Living Room 10,000 Sq/Ft Lot with Expansive Pool Offered at $1,649,000

1935 SECOFFEE STREET NORTH COCONUT GROVE

1632 BAYSHORE COURT WATERFRONT COCONUT GROVE

3 Bedrooms / 2 Baths + Guest House 1/1 14,184Sq/Ft Lot Offered at $1,560,000

Penthouse with Deeded Boat Slip 2 Bedrooms / 2 Baths Offered at $1,290,000

We will be listing new properties soon.

Call us if you are looking to buy in Coconut Grove.

SINGLE- FAMILY HOME MARKET A New Single-Family Market is emerging: the $1.5 Million+ Market in South Coconut Grove.

76% of home sales in the South Grove market (13 of the 17 homes) sold above $1.5M compared with only 38% in 2014, 43% in 2013, and 27% in 2012.

LESS $1M

$1M$1.5M

$1.5M$2M

$2M$3M

$3M+

SOUTH GROVE SOLD 1Q 2015

4

3

8

2

SOUTH GROVE SOLD 1Q 2014

18

4

3

3

SOUTH GROVE SOLD 1Q 2013

16

7

4

1

28

SOUTH GROVE SOLD 1Q 2012

8

2

1

11

NORTH GROVE SOLD 1Q 2015

8

4

1

NORTH GROVE SOLD 1Q 2014

9

5

2

NORTH GROVE SOLD 1Q 2013

10

3

3

NORTH GROVE SOLD 1Q 2012

9

TOTAL

17 1

29

13 1

17 16

1

10

- 4-

Alba Biondi & Isabelle Andrews - 1st Q 2015 CONDO REPORT

1ST QUARTER: A SOFTENING CONDO MARKET After an exceptional fourth quarter 2014, the Coconut Grove condo market experienced a downturn during the first quarter of 2015, with 18% fewer resale condo units sold and a 53% decrease in the total volume sold—$21,650,887 sold during 1Q 2015 compared with $46,487,959 sold during 4Q 2014. This decrease is reflected in the luxury market ($2 million+).

$2 MILLION CONDO MARKET

45 40 35 30 25 20 15 10 2M + 1.5 M -­‐ 2M 1M -­‐ 1.5 M 500K -­‐ 1M

5 0

SOLD 1st Q 2014

SOLD 2nd Q 2014

SOLD 3rd Q 2014

Sold 4th Q 2014

Sold 1st Q 2015

The total number of units sold in the $2 million+ market decreased in the first quarter of 2015 compared with the fourth quarter of 2014. Only 1 condo sold above $2,000,000 this past quarter compared with 6 during the last quarter of 2014.

However, no condos sold in this price range during the first quarter of 2014.

As of April 4, 2015, the total number of condos for sale in the $2 million+ price segment represent 9.2% of all 92 condos available on the resale market.

"Isabelle and Alba are true gems. They sold our home quickly, professionally and at all times with good grace.

They were patient with our questions and made the whole process seem effortless. Both Isabelle and Alba know Coconut Grove and the value of its properties and lifestyle.

They convey this to potential buyers with enthusiasm."

L. P. and M.G. - Sellers of a condo on Bayshore Lane - 5-

Alba Biondi & Isabelle Andrews - 1st Q 2015 CONDO REPORT

Yacht Harbour We just sold unit 11A at a record sales price—a great value in this Coconut Grove classic with amazing waterfront views and large balconies. The building was just renovated and looks great! The original ironwork and carvings from internationally recognized architect Kenneth Treister were preserved, and the building maintains its iconic nautical look. Six units were available as of mid-January, and 2 units were sold in the first quarter of 2015. Asking prices range from $725,000 to $965,000.

Grove Isle As of mid-January, 18 apartments were available for sale. Only 1 condo sold during the first quarter of 2015 compared with 3 during the fourth quarter of 2014 and 2 in the same quarter 2014. With prices ranging from $550,000 for a 1 bedroom, 1 bathroom in Building 2 compared with to $1,750,000 for 3 bedrooms, 2.5 bathrooms in Building 3, this could be a great time to invest in a condo that offers amazing views of Biscayne Bay and an exceptional location close to the Brickell area, Mia, and the Village of Coconut Grove.

Grovenor House Designed in 2005 by renowned architect Ugo Colombo, this building shows a steady increase in value. Buyers favor the building’s unique design and elegance. Two units sold during the first quarter of 2015, one more than the same quarter of 2014 but, four less than the fourth quarter of 2014. As of mid-April 2015, only five units were for sale.

Prices ranged from $1,600,000 for 2 bedrooms/2.5 bathrooms on the 17th floor to $8,750,000 for 5 bedrooms/6 bathrooms/2 half bathrooms on the 30th floor.

Interested in Selling?

Call us for a confidential evaluation of your property.

Alba 305-323-2595

- 6-

THE GROVE EXPERTS REPORT

by Alba Biondi & Isabelle Andrews PA

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AN INTERNATIONAL APPROACH TO A VERY LOCAL MARKET Our purpose is to introduce Coconut Grove to the world as the ultimate neighborhood for people in search of beauty, tropical elegance, and a high quality of life.

Interested in Selling?

Call us for a confidential evaluation of your property.

We believe Coconut Grove is extraordinary.

ALBA BIONDI

305-546-5421

305-323-2595

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