Sellers guide by Grove Experts Journal

COCONUT GROVE SELLERS GUIDE

by Alba Biondi and Isabelle Andrews

The best time to sell your Coconut Grove property is during the second and third quarters of each year. Single-Family Homes These two quarters represent about 59% and 61% of the yearly total dollar volume sold for the single-family market. SINGLE-FAMILY MEDIAN SALES PRICE - Q4 2016 1st Q

2nd Q

3rd Q

4th Q

Year Total

Center Grove

North Grove

South Grove

101

West Grove

Waterfront

215

Center Grove

North Grove

South Grove

West Grove

Waterfront

Total

193

Sub-Neighborhoods

2014

Total

2015

2016 Center Grove North Grove

South Grove

West Grove

Waterfront

176

Total

Alba Biondi / 305 323 2595 â&#x20AC;˘ Isabelle Andrews P.A. / 305 546 5421 theteam@groveexperts.com

The price of your property will be determined by not only sq/ft value but also intangible assets. Today, sellers and buyers often rely on such websites as Zillow and Trulia to assess the value of a property. Because these sites work with logarithms, they very often fail to provide an accurate estimation of value. Our many years of experience in the Coconut Grove market have given us many examples of the value of an intangible. An interesting example is that a home displaying valuable artwork will sometimes bring offers well above the property’s value. The average sold price and median sold price are different. The Coconut Grove market is highly diverse, especially when selling a single-family home. A median price is more accurate to evaluate the Grove market as a whole. A micro-market analysis must be performed to determine a home/condo value. As stated previously, square footage, architecture, lot size, and location will all affect the price point of your property. The location of your property within Coconut Grove will have an impact on its value. In general, the South Grove single-family market has delivered higher median sales prices through the years, and this market offers more luxury properties than North Grove. On the other hand, North Grove offers delightful areas with similar or higher values on certain streets, such as Emathla, Seminole, and Secoffee. These streets are among the most expensive in North Grove. The single-family homes priced at $1M and below offer similar features in both markets. SINGLE-FAMILY MEDIAN SALES PRICE - Q4 2016 Sub-Neighborhoods

Median Sold Price

# Homes Sold

$ Volume Sold

NORTH GROVE

$ 1,125,000

$ 12,460,800

SOUTH GROVE

$ 1,207,500

$ 25,367,450

$ 355,000

$ 3,114,750

$ 2,550,000

WEST GROVE WATERFRONT

Alba Biondi / 305 323 2595 • Isabelle Andrews P.A. / 305 546 5421 theteam@groveexperts.com

Gated communities are very reassuring for international buyers and residents who do not live in Miami year-round. They offer different values. The names of these communities are: • Camp Biscayne Munroe Drive | Main Lodge Circle | Banyan Circle • De Garmo Estates De Garmo Lane • Entrada Estates Matheson Avenue | West Avenue | Stewart Avenue • Four Way Lodge Estate Part of Poinciana Avenue • Hughes Cove Devon Road • Poinciana Close Road Part of Poinciana Ave • The Anchorage Anchorage Way • The Moorings Moorings Court | South Moorings Way | North Moorings Way • Treasure Trove Treasure Trove Lane • Ye Little Wood | Little Avenue | Wood Avenue

Alba Biondi / 305 323 2595 • Isabelle Andrews P.A. / 305 546 5421 theteam@groveexperts.com

Townhouses and Villas in Gated Communities • Abitare

Via Abitare Way

• L’Hermitage

2475 South Bayshore Drive

• Bay View Villas

South Bayshore Drive

• Longview

3471 Main Highway

• Bayshore Villas

Bayshore Villas Drive 2000 South Bayshore Drive

• The Cloisters

GATED COMMUNITY - SAMPLES OF 2016 SALES Community Name

Sold Price

#BR

#FB

#HB

Year

Sq/Ft LA

Lot Sq/Ft

THE CLOISTERS 3471 Main Hy # 1201

$ 2,675,000

3471 Main Hy # 931

$ 2,100,000

3305 S Moorings Wy

$ 8,650,000

3333 S Moorings Wy

$ 3,300,000

3431 N Moorings Wy

$ 3,025,000

3885 S Moorings Ct 3485 N Moorings Wy

2005

6,140

N/A

2004

5,090

N/A

2009

12,702

21,786

1982

5,495

11,300

1936

5,372

12,000

$ 2,900,000

2003

6,288

11,800

$ 2,750,000

1951

5,128

11,930

3632 Stewart Ave

$ 2,650,000

1925

5,080

24,000

3690 Stewart Ave

$ 2,550,000

1973

5,300

13,950

$ 2,425,000

1993

5,224

10,000

$ 2,875,000

1922

5,501

17,100

2000 S Bayshore Dr # 0

$ 1,100,000

1982

4,029

N/A

2000 S Bayshore Dr # 9

$ 1,150,000

1983

4,029

N/A

2000 S BAYSHORE DR # 10

$ 1,450,000

1982

4,029

N/A

2000 S Bayshore Dr # 22

$ 1,350,000

1982

4,029

N/A

2000 S Bayshore Dr # 54

$ 1,325,000

1981

3,490

N/A

THE MOORINGS

ENTRADA

TREASURE TROVE 3276 Treasure Trove YE LITTLE WOOD 3976 Little Ave L'HERMITAGE

Alba Biondi / 305 323 2595 • Isabelle Andrews P.A. / 305 546 5421 theteam@groveexperts.com

The condo market is in transition. Buyers are now willing to match South Beach prices. This is great news! It will have a positive effect overall on values in Coconut Grove communities.

CONDOS - SAMPLES OF 2016 SALES Complex Name

Sold Price

Sold $ / SqFt

Living Sq/Ft

Year

$ 3,750,000

$ 984

3812

2004

3242 Mary St # S313

$ 230,000

$ 332

692

1966

3240 Mary St # S103

$ 225,000

$ 325

692

1966

3240 Mary St # S204

$ 215,000

$ 311

692

1966

$ 1,197,000

$ 782

1530

1990

$ 1,250,000

$ 654

1910

1996

1 Grove Isle Dr # A1009

$ 1,200,000

$ 459

2614

1979

1 Grove Isle Dr # A1105

$ 850,000

$ 452

1882

1979

1 Grove Isle Dr # A406

$ 735,000

$ 448

1642

1979

1 Grove Isle Dr # A708

$ 675,000

$ 411

1642

1979

2 Grove Isle Dr # B1108

$ 720,000

$ 438

1642

1980

2 Grove Isle Dr # B1201

$ 1,600,000

$ 612

2614

1980

2 Grove Isle Dr # B1704

$ 700,000

$ 372

1882

1980

2 Grove Isle Dr # B209

$ 895,000

$ 342

2614

1980

3 Grove Isle Dr # C1005

$ 700,000

$ 372

1882

1981

3 Grove Isle Dr # C1107

$ 680,000

$ 361

1882

1981

3 Grove Isle Dr # C1805

$ 760,000

$ 404

1882

1981

3 Grove Isle Dr # C502

$ 840,000

$ 350

2398

1981

3 Grove Isle Dr # C908

$ 720,000

$ 438

1642

1981

BEACON HARBOR 1660 W Glencoe St # PH-1 COURTYARDS OF THE GROVE

GROVE HARBOUR 1690 S Bayshore Ln # 4B GROVE HILL 2645 S Bayshore Dr # 1501 GROVE ISLE

Alba Biondi / 305 323 2595 • Isabelle Andrews P.A. / 305 546 5421 theteam@groveexperts.com

CONDOS - SAMPLES OF 2016 SALES Complex Name

Sold Price

Sold $ / SqFt

Living Sq/Ft

Year

GROVE TOWERS 2843 S Bayshore Dr # 10D 2843 S Bayshore Dr # 9F 2843 S Bayshore Dr # 17-A

$ 1,100,000

$ 753

1460

1982

$ 960,000

$ 571

1682

1982

$ 795,000

$ 696

1142

1982

GROVENOR HOUSE 2627 S Bayshore Dr # 1606

$ 1,670,000

$ 951

1756

2005

2627 S Bayshore Dr # 606

$ 1,625,000

$ 925

1756

2005

2627 S Bayshore Dr # 2501

$ 3,650,000

2627 S Bayshore Dr # 3002

$ 7,622,000

$ 1,101

6920

2006

2627 S Bayshore Dr # 1105

$ 1,590,000

$ 905

1756

2006

2627 S Bayshore Dr # 502

$ 1,675,000

$ 718

2333

2005

2006

MUTINY 2889 Mcfarlane Rd # 916

$ 710,000

$ 529

1342

2001

2889 Mcfarlane Rd # 1715

$ 220,000

$ 603

365

2001

2889 Mcfarlane Rd # 1015

$ 205,000

$ 562

365

2001

2889 Mcfarlane Rd # 2107

$ 238,000

397

2001

$ 1,125,000

$ 657

1712

1984

$ 980,000

$ 552

1774

1980

$ 3,400,000

$ 764

4453

2011

3400 SW 27 AV # 2101

$ 2,100,000

$ 735

2859

2001

3400 SW 27th Ave # 901

PELICAN REEF 1638 S Bayshore Ct # 301E PORT BY WATER CONDO 1700 S Bayshore Ln # 3B RESIDENCES AT VIZCAYA 3535 Hiawatha Ave # 503 RITZ CARLTON $ 1,050,000

$ 686

1530

2001

3400 SW 27 AV # 1904

$ 825,000

$ 522

1581

2001

3400 SW 27 AV # 1806

$ 820,000

$ 519

1581

2001

3400 SW 27th Ave # 705

$ 710,000

$ 461

1540

2001

2951 S Bayshore Dr # 603

$ 299,000

$ 404

740

1998

2951 S Bayshore Dr # 314

$ 269,900

$ 333

810

1998

2951 S Bayshore Dr # 613

$ 244,000

$ 339

720

1998

2951 S Bayshore Dr # 510

$ 225,000

$ 326

690

1998

THE MUTINY CONDO

Alba Biondi / 305 323 2595 • Isabelle Andrews P.A. / 305 546 5421 theteam@groveexperts.com

CONDOS - SAMPLES OF 2016 SALES Complex Name

Sold Price

Sold $ / SqFt

Living Sq/Ft

Year

TOWER RESIDENCES /RITZ 3400 SW 27 AV # 1201

$ 990,000

$ 647

1530

2001

3400 SW 27th Ave # 1003

$ 808,500

$ 528

1530

2001

2901 S Bayshore Dr # 15F

$ 945,000

$ 393

2407

1975

2901 S Bayshore Dr # 8C

$ 935,000

$ 388

2407

1975

2901 S Bayshore Dr # 13F

$ 700,000

$ 291

2407

1975

2901 S Bayshore Dr # 10F

$ 690,000

$ 287

2407

1975

YACHT HARBOR

Waterfront single-family homes represent a very narrow market with 6 properties sold in 2016. Boating knowledge is a must for selling waterfront property at its highest price point. Be sure your Realtor is familiar with this luxury segment of the market. It requires experience, skill, and geographical awareness.

WATERFRONT SINGLE-FAMILY HOMES SOLD IN 2016 Sq/Ft LA

Lot Sq/Ft

#BR

#FB

#HB

Yr Blt

2,962

10,328

1998

16,500 300,860

1920

12,863

11,851

2009

$ 784

5,252

19,500

1986

$ 3,300,000

$ 601

5,495

11,300

1982

$ 2,550,000

$ 783

3,255

11,544

1979

Address

Sold Price

1800 S Bayshore Lane

$ 3,550,000

$ 1,199

$ 34,600,000

$ 2,097

1840 S Bayshore Ln

$ 5,936,000

$ 461

3579 Stewart Ave

$ 4,120,000

3333 S Moorings Way 3830 Carole Ct

3551 Main Hwy

SP$/SqFt

Alba Biondi / 305 323 2595 • Isabelle Andrews P.A. / 305 546 5421 theteam@groveexperts.com

Coconut Grove offers an extensive array of townhouses. From the unassuming attractive townhouse in Center Grove to a luxury townhouse overlooking the Bay, there is something for everyone! Our combined years of experience make us realize that many buyers don’t think of a townhouse as a great property for their needs, but most of the Coconut Grove townhouses are located close to the Village and offer a perfect alternative between a condo and a single-family home.

For all type of properties and locations, sellers should be aware of the following: Buyers are increasingly aware and concerned by the consequences of living in a flood zone, especially higher insurance rates. Please discuss this item with your Realtor. It can make or break the sale. If your property offers a garage, be sure it is clean and free of clutter. Enhancing curb appeal and your property’s appearance is absolutely necessary. Investing in repairs will help you get a top-dollar price and prevent a buyer from trying to renegotiate after inspections. Preparing the property’s ambiance before listing the property for sale is important. This goes beyond burning candles or baking cookies! Some of the best features that sell a listing include a home that is serene, uncluttered, and bathed in beautiful light. It is very difficult for anyone to sell their own property. Emotions often get in the way when attempting to receive the highest possible price. It is very important to have an impartial party involved when making “smart decisions” that may be influenced by attachments and personalities.

Alba Biondi / 305 323 2595 • Isabelle Andrews P.A. / 305 546 5421 theteam@groveexperts.com

Your Realtor must understand how wonderfully unique your property is so that he/she will be able to convey its uniqueness to all potential buyers. A deep knowledge of the several Coconut Grove micro markets is essential to overcome objections and trigger quality offers. Be sure to hire an expert in the Coconut Grove market, to hire a caring person who knows how to listen and strives to achieve your objectives. Hire someone positive with an analytical mind. You expect deep local knowledge and the finest national and international real estate marketing. This is what we provide.

Are you thinking about selling? Call us to experience what sets us apart. We are Local • We are Global Hablamos Español • Nous parlons Français • Parliamo Italiano

Alba Biondi & Isabelle Andrews #1 Top Producers • EWM Coconut Grove Office 2013 • 2014 • 2015 • 2016 Alba Biondi / 305 323 2595 Isabelle Andrews P.A. / 305 546 5421 theteam@groveexperts.com GroveExperts.com IsaMiami.com The Grove Experts ® . All Rights Reserved.

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