COCONUT GROVE JOURNAL OF REAL ESTATE Q3 2020 Be sure to hire an expert in the Coconut Grove market. You deserve local expertise and the finest national and international marketing. This is what we provide. Alba Biondi / 305 323 2595 Isabelle Andrews / 305 546 5421 Since 2013 theteam@groveexperts.com GroveExperts.com The image of this flower was created by Lisa Remeny, an internationally renowned artist, Miami native, and longtime resident of Coconut Grove. mail@LisaRemeny.com 305.854.9485 LisaRemeny.com
Isabelle Andrews & Alba Biondi
Over $100 Million in Sales We speak English, Spanish, French, and Italian.
Dear Groveites, Beyond the stock market and interest rates, the Covid-19 has shaken the behavior of both sellers and buyers. Many sellers have postponed or cancelled putting their property on the market to retain a sense of security. Buyers are favoring properties with large yards, home offices, and quiet streets. Renovated abodes sell rapidly, as most investors want to enjoy without delay their new purchase. Alba and I have been reminded that a property is more than square footage and price. It has renewed our love for our trade and our clients. We know more now than ever before that a property is a “home”, where love, happiness, togetherness, and safety create a beautiful life. It has made us better realtors. The Coconut Grove market has delivered a remarkable performance. Enjoy! Alba and Isabelle
COCONUT GROVE REAL ESTATE MARKET REPORT Third Quarter 2020 # Homes Sold # Condos Sold $ Volume Homes Sold $ Volume Condos Sold Median Home Sold Price Median Condo Sold Price
54 50 $82,274,990 $46,983,411 $1,106,500 $448,000
+14% above Q3 2019 -15% below Q3 2019 +34% above Q3 2019 +25% above Q3 2019 -8% below Q3 2019 +12% above Q3 2019
COCONUT GROVE MARKET FACTS Single-Family Market
Condo Market
· $6,680,000 is the highest sale for a waterfront home located at 3604 Matheson Avenue
· $8,032,500 is the highest sale for a condo located at Grove at Grand Bay
· $185,000 is the lowest sale for a home located at 3516 Plaza Street
· $145,028 is the lowest sale for a condo located at 3071 SW 27 Ave
· 33% is the cash transaction market share versus 44% in Q3 2019; mortgage interest rates are low
· 54% is the cash transaction market share versus 25% in Q3 2019
· 44% is the market share below the $1M price point
· 84% is the market share below the $1M price point
FUTURE COCONUT GROVE MARKET TRENDS Q3 SINGLE-FAMILY SALES PERFORMANCE VERSUS AVAILABLE INVENTORY AS OF 10/01/20 Price Range # Homes Sold # Homes for Sale # Months of Inventory
0-$1M 25 23 3
$1M-$1.5M 10 28 8
$1.5M-$2M 7 23 10
$2M-$3M 7 27 12
$3M+ 5 40 24
Months of inventory is a measure of how fast all the existing properties on the market would last assuming a) no more listings are added and b) the rate at which properties sell is constant based on the average of the last 3 months of sales.
It is a seller’s market for Coconut Grove homes priced below $1.5M and a buyer’s market above the $1.5M price point. AVAILABLE INVENTORY AS OF 10/01/20 Price Range # Homes Sold # Homes for Sale # Months of Inventory
0-$1M 36 92 8 Months
$1M-$1.5M 9 34 11 Months
$1.5M-$2M 0 15 N/A
$2M-$3M 2 15 23 Months
$3M+ 3 39 39 Months
Months of inventory is a measure of how fast all the existing properties on the market would last assuming a) no more listings are added and b) the rate at which properties sell is constant based on the average of the last 3 months of sales
It is a seller’s market for Coconut Grove condos priced below $1M and a buyer’s market above the $1M price point. OUR LISTINGS
321 Manor Place 3 bedrooms & 3 baths 2,291 Sq/Ft – 10,000 Sq/Ft lot Offered at $950,000
3309 Granada Blvd 6 bedrooms & 5.5 baths + office 6,046 Sq/Ft – 13,707 Sq/Ft lot Offered at $3,990,000
3585 Poinciana Ave 4 bedrooms & 4 baths 2,913 Sq/Ft – 7,000 Sq/Ft lot Offered at $1,249,000 UNDER CONTRACT
OUR LISTINGS
3642 N Bayhomes Dr 3 bedrooms & 2 baths 1,864 Sq/Ft – 5,100 Sq/Ft lot Offered at $749,000 UNDER CONTRACT
3801 Crawford Ave 5 bedrooms & 6 baths 3,627 Sq/Ft – 7,349 Sq/Ft lot Offered at $1,995,000 UNDER CONTRACT
4121 Malaga Ave 4 bedrooms & 3 baths 2,928 Sq/Ft – 6,500 Sq/Ft lot Offered at $1,195,000 UNDER CONTRACT
6130 SW 81st St 6 bedrooms & 7 baths 4,485 Sq/Ft – 14,318 Sq/Ft lot Offered at $2,290,000 UNDER CONTRACT
3820 El Prado Blvd 3 bedrooms & 3 baths 2,657 Sq/Ft – 9,156 Sq/Ft lot Offered at $1,069,000 UNDER CONTRACT
THINKING ABOUT SELLING? CALL US. WE ARE EXPERTS IN THE COCONUT GROVE REAL ESTATE MARKET.
theteam@groveexperts.com GroveExperts.com All material in the 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.
Isabelle Andrews & Alba Biondi
Over $100 Million in Sales We speak English, Spanish, French, and Italian.