Coconut Grove Journal of Real Estate Second Quarter 2015

GROVEEXPERTS.COM

COCONUT GROVE JOURNAL OF REAL ESTATE SECOND QUARTER 2015 ALBA BIONDI / 305 323 2595 ISABELLE ANDREWS / 305 546 5421

Hello Grovites and the Rest of the World

As Alba and I compile Coconut Grove market sales performances, median prices and available inventory statistics, we see the transformation of our neighborhood. The value trends for homes and condos show that Coconut Grove real estate will soon be similar to the largest international cities in the world. During the second quarter of 2015, the single-family home market had a record total sales volume of $95,378,484. Comparably, the first quarter of 2013 only had a sales volume of $42,670,923: a 123% increase over the past two years.

In south Coconut Grove, 50% of the single-family homes sold for over $1,000,000. In North Grove, 62% sold over a $1,000,000.

Waterfront single-family homes represented 38% of total sales volume, totaling $36,287,500 in sales.

The West Grove market is also very active: 8 single-family homes sold between $62,500 and $543,000. The median sale price of $350,000 represents a record high since 2013.

38% of all the sale transactions were paid in cash. Such a high percentage of cash transactions demonstrates a strong demand for homes in the Coconut Grove market. Our properties are perceived as solid investments.

The inventory of homes for sale versus those sold is still skewed in the $2 million+ market segment. In South Grove, this market segment represents 25% of the total homes for sale while only 8% of homes sold are at this price point. In North Grove, 37% of homes for sale are in this market but only represent 9% of homes sold.

During the second quarter of 2015, the number of condos sold in the re-sale market was up 40% when compared with last quarter but was down 11% versus last year. This shows a rebounding market after a slight slow-down at the start of this year. At 56 condos, this is the highest number of condos sold since the 2nd quarter of 2014.

The total sales volume increase is even more impressive with a 90% growth versus last quarter’s $41,201,919 versus $21,650,887 and 18% versus last year which generated $34,865,394 in sales.

High-end sales had a big impact on the 2nd Q condo market sales volume. 3 significant sales totaled 37% of the $41,201,919 total sales volume of the quarter.

The condo inventory is at its lowest point since October 2014 with only 88 condos for sale as of mid-July. This represents 5.1 months of inventory. This is a notable difference with other Miami areas where the number of condos available may represent up to 20 months of inventory. The sold price per square foot surpassed the $1,000 mark in certain buildings. These two factors demonstrate a great momentum for owners who are waiting to put their properties on the market.

Call us today for a confidential valuation of your house or condo. We would love to guide and represent you in the sale of your property.

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

Hola Grovites y el Resto del Mundo

A medida que Alba y yo recopilamos las ventas inmobiliarias de Coconut Grove, el precio medio y el inventario disponible para la venta, vemos la transformación de nuestro barrio. Los precios están empezando a ser similares a los de grandes ciudades internacionales.

En el segundo trimestre de 2015, el mercado de casas unifamiliares tuvo un volumen total récord de $ 95.378.484 en ventas en comparación con el primer trimestre de 2013, que tuvo un volumen de ventas de $ 42, 670, 923: un incremento del 123%.

En South Coconut Grove, el 50% de las viviendas unifamiliares se vendieron por más de $ 1.000.000. En North Grove, el 62% se vendieron por más de un $ 1.000.000.

Las casas unifamiliares frente al mar con un volumen de ventas de $ 36.287.500 representaron el 38% del volumen total de ventas.

El mercado de West Grove es también un mercado activo, donde 8 viviendas unifamiliares se vendieron por entre $ 62.500 y $ 543.000.

El precio de venta promedio tiene un récord de $ 350.000 desde el año 2013.

El 38% de todas las operaciones de venta se pagaron en efectivo. Un porcentaje tan alto de operaciones en efectivo demuestra una fuerte demanda por propiedades en Coconut Grove. Las propiedades son percibidas como una inversión solida.

El inventario de casas a la venta comparado al vendido sigue siendo desigual en el mercado de + $ 2 millones. En el South Grove este mercado representa el 25% de las viviendas totales en venta y sólo el 8% se venden por encima de ese precio. En el North Grove, el 37% frente al 9%.

Durante el segundo trimestre de 2015, el número de apartamentos vendidos en el mercado de reventa subió un 40% en comparación con el último trimestre y bajo un 11% en comparación con el año pasado. Esto demuestra un mercado emergente luego de un pequeño periodo estancamiento al final del año pasado. Con 56 apartamentos, este es el mayor número de apartamentos vendidos desde el segundo trimestre de 2014. El aumento total del volumen de ventas es aún más impresionante, con un crecimiento del 90% frente al trimestre pasado, $ 41.201.919 versus $ 21.650.887 y un 18% frente al año pasado, que generó $ 34.865.394 en ventas. Las ventas de alta gama tuvieron un gran impacto en el volumen de ventas de condominios del segundo trimestre. 3 ventas importantes representaron el 37% de los $ 41.201.919 de volumen total de ventas del trimestre.

El inventario de apartamentos se encuentra en su punto más bajo desde octubre de 2014, con sólo 88 apartamentos a la venta a mediados de julio. Esto representa 5,1 meses de inventario. Esta es una diferencia notable con otras áreas de Miami, donde el número de apartamentos disponibles representa hasta 20 meses de inventario.

El precio de venta por metro cuadrado superó $ 1.000 por metro cuadrado en algunos edificios. Estos dos factores crean un gran impulso para los propietarios que estaban esperando el momento apropiado para poner sus propiedades en el mercado.

Llámenos hoy para una valoración confidencial de su casa o apartamento. Nos encantaría guiarle y representarle para vender su propiedad.

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Single-Family Home Record Sales Volumes

$148,084,544 is the total sales volume during the first 6 months of 2015, compared with $137,012,795 sold in 2014. Waterfront homes are driving this performance, $50,387,500 sold during the first 6 months of 2015 versus $15,525,000 sold in 2014.

$250,000,000 $200,000,000 $150,000,000 $100,000,000 $50,000,000

A Skewed Inventory

North Grove for Sale

9% $ 2 M-$ 3 M

10% >$3M

38% <$1M

27% $ 2 M-$ 3 M 27% <$1M 9% $ 1.5 M-$ 2 M

29% $ 1 M-$ 1.5 M

27% $ 1 M-$ 1.5 M

South Grove Sold 2Q 2015

South Grove for Sale

8% $ 2 M-$ 3 M

19% >$3M

19% $ 1.5 M-$ 2 M

6% $ 2 M-$ 3 M

50% <$1M

36% <$1M 15% $ 1.5 -$ 2 M

23% $ 1 M-$ 1.5 M

2014

2013

2012

Most homes sold are under the $2 million price point: 91% in North Grove and 92% in South Grove

North Grove Sold 2Q 2015

24% $ 1.5 M-$ 2 M

2011

2010

2009

0

24% $ 1 M-$ 1.5 M

Our Listings

1 2 3 4 5

1 1935 Secoffee Street North Coconut Grove Under Contract 3 Bedrooms / 2 Baths 14,184 Sq/FT Lot Offered at $1,560,000

3 3941 Crawford Ave South Coconut Grove 4 Bedrooms / 3 Baths 10,620 Sq/Ft lot Pool Offered at $1,598,000

2 1632 Bayshore Court Penthouse with Deeded Boat Slip 2 Bedrooms / 2 Baths Offered at $1,290,000 5

4 312 Ridgewood Road Coral Gables on Coconut Grove Side 4 Bedrooms / 3.5 Baths 3 Bedrooms in Main House + 2-story Guest Cottage 10,000 Sq/Ft Lot Salt Water New Pool Offered at $1,475,000

5 4003 Kumquat Road South Coconut Grove 3 Bedrooms / 3 Baths Offered at $749,000

Condos For Sale Versus Condos Sold Per Market Segment

The Coconut Grove condo market showed a 90% increase in total sales over the first quarter of 2015 and a corresponding decrease in available inventory.

The â&#x20AC;&#x153;Under $500kâ&#x20AC;? market segment has the smallest inventory.

As of mid-July there were only 29 properties in this market segment, representing a 17% decrease when compared with last quarter.

These statistics demonstrate a strong sellers market.

Sold 1st Q 2014

Sold 2nd Q 2014

Sold 3rd Q 2014

Sold 4th Q 2014

45 40 35 30 25 20 15 10 5

Sold 1st Q 2015

Sold 2nd Q 2015

For Sale Mid July 2015

35 30 25 20 15 10 5 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+

UNDER 500K

500 K - 1 M

1 M - 1.5 M

1.5 M - 2 M

2M+

0

Total Number of Condos for Sale Mid Jan 2014

Total # Condos For Sale

104

Mid Apr 2014

107

Mid Jul 2014

10/3 2014

Mid Jan 2015

97

88

100

Mid Apr 2015

97

Mid Jul 2015

88

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+

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

Coconut Grove enjoys a very solid re-sale condo market with less than 6 months of available inventory Condos For Sale Mid-July 2014

Condos For Sale Mid-July 2015

Condos Sold 2nd Q 2014

Condos Sold 2nd Q 2015

Grove Isle

15

7

6

Grovenor House

11

5

Ritz Carlton

7

Yacht Harbour

1

Worldwide Square Meter Prices in US$ Urban Apartments 120 sq. meters (1,291 sq. ft.)

Total Volume Sold 2nd Q 2014

Total Volume Sold 2nd Q 2015

6

$ 4,617,800

$ 5,936,000

3

3

$ 9,795,000

$ 12,120,000

10

5

4

$ 3,904,000

$ 3,896,000

8

0

2

$0

$ 1,510,000

As Grovites, we may wonder when the upward trends will soften. Letâ&#x20AC;&#x2122;s not forget that Miami is still a very underpriced city compared to the rest of the world. The beauty of the Grove, its location, our gorgeous bay and the tropical easy way of life make our neighborhood a prime destination to invest.

City Sources www.globalpropertyguide.com, Southeast Florida Regional MLS Data based on: 2013 and 2014 average per square meter (sq. m.) prices in US$ of 120-sq.m. apartments located in the centre of the most important city of each country, either the: Administrative capital and/ or Financial capital and/or the centre of the rental market.

Currency exchange rates as of June 11, 2015

US$/Sq. Meter

US$/Sq. Foot

London, UK

31,731

2,948

Hong Kong

25,089

2,331

New York, USA

21,784

2,024

Paris, France

15,375

1,428

Moscow, Russia

13,377

1,243

Tokyo, Japan

10,784

1,002

Toronto, Canada

8,288

770

Miami Beach, USA

8,181

760

Miami, USA

5,113

475

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 not intended to solicit property already listed. Equal Housing Opportunity practice.

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“WE BELIEVE COCONUT GROVE IS EXTRAORDINARY” Our purpose is to introduce C oconut Grove to the world as the ultimate neighborhood f or people in search of beauty, tropical elegance and a high quality of life.

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