4190 Battersea Rd - Market and Pricing Presentation

4190 BATTERSEA RD COCONUT GROVE

PROPERTY OVERVIEW The property located at 4190 Battersea Road in the southern region of Coconut Grove is presently listed at $3,610,000, equating to $1,066 per square foot. This residence features three bedrooms, three and a half bathrooms, and was built in 2007. Occupying a total area of 3,385 square feet, it is situated on a 7,586 square feet lot at the junction of Battersea and Lejeune. This property has been on the market for 133 days.

MARKET TRENDS SOUTH GROVE

Active Listings: The average price per square foot is $1,059.25 with the lowest being $1,024.68 and the highest at $1,086.61.

Closed Sales: The average sold price per square foot is $899.49, with the lowest at $675.98 and the highest at $1,213.47.

The list-to-sell ratio averages 92%, indicating that properties typically sell for 92% of their listing price.

Absorption rate (3.5M to 4.0M): In the past 6 months, the $3.5M to $4M price range in South Coconut Grove has had 5 active listings and 3 closed sales. This translates to an absorption rate of one home every 60 days.

Absorption rate (3M to 3.5M) In the past 6 months, 4 properties in the $3M to $3.5M range were listed and 4 sold in South Coconut Grove. This equates to an absorption rate of 1 home every 45 days.

Days on Market: The average days on market in the South Grove area for properties priced between $3M and $3.7M is 117 days.

MAP

SOUTH GROVE We focused on South Coconut Grove for comparables because it provides a more accurate reflection of the market conditions relevant to our property. South Grove has distinct characteristics, buyer demographics, and market dynamics that differ from the broader Coconut Grove area. By narrowing our analysis to South Grove, we ensure our pricing strategy is based on the most relevant and precise market data, leading to better-informed decisions and realistic expectations for the sale of our property.

COMPARABLES

3810 Loquat Ave $3,400,000| 4 BED | 4 BATH | 3,129, SQFT | 7,579 SQFT LOT | 21 Days

3810 LOQUAT AVE $3,400,000| 4 BED | 4 BATH | 3,129, SQFT | 7,579 SQFT LOT | 21 DAYS

ACTIVE COMPARABLES Upon reviewing similar properties in south grove and based on the

3379 OAK AVE $3,695,000| 4 BED | 5 BATH | 3,606, SQFT | 4,866 SQFT LOT | 28 DAYS

feedback provided after showings and open houses, we find ourselves in competition

with

either

more

contemporary homes such as 3379 Oak Avenue listed at $3,695,000 or properties that boast an extra room, are situated on a quieter street, or have a larger lot, like 3810 Loquat Ave with 4 bedrooms and 5514 San Vicente St sitting in a 10,000 sqft lot.

5514 SAN VICENTE ST $3,075,000 | 5 BED | 4 BATH | 3,217 SQFT | 10,000 SQFT LOT | 93 DAYS

CLOSED COMPARABLES

4075 BATTERSEA RD $3,487,000| 4 BED | 3 BATH | 3,159 SQFT | 6,500 SQFT LOT | 140 DAYS

in terms of closed sales, we have examples such as 3657 Poinciana Avenue was purchased for $3,050,000, equating to $675.98 per square foot and 4070 Ensenada Ave closed at $3,490,000,

offering

more

square

footage and extra bedrooms on a

3657 POINCIANA AVE $3,050,000 | 54BED | 4.5 BATH | 4,512 SQFT | 7,000 SQFT LOT | 136 DAYS

private street. However, despite these advantages, it appears less modern compared to other houses, and the property itself is older.

Our best comparable 4075 Battersea Road

was

sold

for

$3,487,500

highlighting a complete and modern renovation and with an additional bedroom.

4070 ENSENADA AVE $3,490,000 | 5 BED | 4.5 BATH | 4,600 SQFT | 7,839 SQFT LOT | 9 DAYS

PRICING STRATEGY Approach to Pricing: Absorption Rate by Price Bracket: Properties in the $3.5M to $4M range sell every 60 days, while those in the $3M to $3.5M range sell every 45 days. By reducing our price to fall within the $3M to $3.5M bracket, we place the home in a more competitive space, increasing its attractiveness in terms of both condition and price. At our current price, we are competing with houses that have an additional bedroom or that more modern or in a better location.

Current Showings and Buyer Perceptions: The current price generates interest and showings, indicating that the house is appealing. However, at $3.6M, potential buyers focus on its drawbacks, such as its location on a busy street and the absence of a fourth bedroom, rather than appreciating its true value as a beautiful home in a desirable area.

Average Days on Market and Price Per Square Foot: Our listing has surpassed the average days on market and is priced at $1,066 per square foot, higher than the area’s average. While square footage pricing is less precise due to varying conditions and features, it’s clear our property is priced above comparable homes, impacting its competitiveness.

Recommendations: Considering that our price per square foot is on the higher end of the spectrum for active and sold listings over the past six months and that we have recurrent interest but only had one low offer, we might need to consider a price adjustment. Our current price is attracting interest, but it’s not compelling buyers to make good offers. To effectively target a new pool of buyers, a price reduction of at least 5% is recommended. This will help position the property more competitively and attract fresh interest, rather than targeting the same buyers who may perceive the price reduction as a signal of underlying issues. This strategy will help shift the perspective of buyers, emphasizing the property’s positive features rather than what it lacks compared to the competition and would position us in a price range where the absoption rate is better and we can compete.

4190 BATTERSEA RD COCONUT GROVE