The Coconut Grove Journal of Real EstateThe Coconut Grove Journal of Real EstateThe Coconut Grove Journal of Real EstateThe Coconut Grove Journal of Real EstateThe Coconut Grove Journal of Real EstateThe Coconut Grove Journal of Real EstateThe Coconut Grove Journal of Real Estate

By Isabelle Andrews PA

& Alba Biondi

1st Quarter 2015

Isabelle: 305-546-5421Alba: 305-323-2595

GroveExperts.com

We focus on You, our Client.We connect Your Property with national

and international buyers.We deepen the ties between Coconut Grove

and the World.

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 fi rst 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 diffe rently. The number of homes sold and the total volume sold decreased signifi cantly 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 fi rst 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 fi rst 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 non-existent 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 fi rst 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 build-ings. Since January 2014, the number of units available in the resale market has fl uctuated 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 confi dential evalu-ation of your property.

Alba Biondi and Isabelle Andrews P.A.We are the # 1 team - EWM Coconut Grove

Top 1/2 of 1% NationallyEWM 2013 & 2014 Chairman's Club - Diamond Level

THE GROVE EXPERTS REPORT

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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 ante-rior (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 signifi cativamente: un volumen de ventas de $12,809,250 durante este trimestre en compara-ción 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,

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by Alba Biondi & Isabelle Andrews PA

305-323-2595305-546-5421

- 1 -

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 dóla-res, 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 con-dominios 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 aparta-mentos 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 edifi -cios. Desde enero de 2014, el número de unidades disponibles en el mercado de reventa ha fl uctuadoalrededor de 100 unidades con un número entre 40 y 50 unidades vendidas cada trimestre, lo que repre-senta alrededor de 6 meses de inventario, un signo de un mercado muy saludable y activo.

Si tiene preguntas acerca de su propiedad, esta-mos aquí para ayudarle con nuestro conocimiento experto. Por favor, llámenos estaremos encanta-dos de ofrecerle una evaluación confi dencial 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 rési-dences vendues au cours du premier trimestre 2015 a largement baissé par rapport au trimestre précédent (35 ce trimestre contre 50 le précédent), le prix mo-yen de vente à South Grove est passé de $747.000 à $1.575.000 pendant la même période, soit une aug-mentation de 110%.

Chacune des sections du quartier a reçu des résul-tats 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-de-gamme, 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 oppor-tunités 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 apparte-ments vendus au premier trimestre 2015, contre 49 au dernier trimestre 2014, une baisse de 18%.

Même avec cette baisse, le marché des apparte-ments à Coconut Grove est très stable, avec un in-ventaire 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 fl uctué 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 confi dentielle de votre propriété.

theteam@groveexperts.com

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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 fi rst 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 fi rst quarter.

The waterfront and West Grove market had very little activity this quarter. 2 waterfront homes and 2 West Grove single-family sold in the fi rst quarter of 2015.

INVENTORY FOR SALE VERSUS SOLD PER PRICE POINT

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

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0 5 10 15

LESS  $1M

$1M-­‐$1.5M

$1.5M-­‐$2M

$2M-­‐$3M

$3M+

SOUTH  GROVE  FOR  SALE  2015

SOUTH  GROVE  SOLD  1Q  2015

0 5 10 15

LESS  $1M

$1M-­‐$1.5M

$1.5M-­‐$2M

$2M-­‐$3M

$3M+

NORTH  GROVE  FOR  SALE  2015

NORTH  GROVE  SOLD  1Q  2015

SOUTH GROVENORTH GROVE

MEDIAN SALES PRICE THROUGH THE YEARS

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

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

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200,000  

400,000  

600,000  

800,000  

1,000,000  

1,200,000  

1,400,000  

1,600,000  

1,800,000  

1Q  2013

2Q  2013

3Q  2013

4Q  2013

1Q  2014

2Q  2014

3Q  2014

4Q  2014

1Q  2015

NORTH  GROVE  

SOUTH  GROVE

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

3 Bedrooms / 2 Baths + Guest House 1 /1 w/ Living Room

10,000 Sq/Ft Lot with Expansive Pool

Offered at $1,649,000

3 Bedrooms / 2 Baths + Guest House 1/1

14,184Sq/Ft LotOffered at $1,560,000

Penthouse with Deeded Boat Slip2 Bedrooms / 2 Baths

Offered at $1,290,000

312 RIDGEWOOD ROADCORAL GABLES ON COCONUT GROVE

1935 SECOFFEE STREETNORTH COCONUT GROVE

1632 BAYSHORE COURT WATERFRONT COCONUT GROVE

We will be listing new properties soon. Call us if you are looking to buy in Coconut Grove.

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LESS $1M

$1M-$1.5M

$1.5M-$2M

$2M-$3M

$3M+ TOTAL

SOUTH GROVE SOLD 1Q 2015 4 3 8 2 17

SOUTH GROVE SOLD 1Q 2014 18 4 3 3 1 29

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 13

NORTH GROVE SOLD 1Q 2014 9 5 2 1 17

NORTH GROVE SOLD 1Q 2013 10 3 3 16

NORTH GROVE SOLD 1Q 2012 9 1 10

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.

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1ST QUARTER: A SOFTENING CONDO MARKETAfter an exceptional fourth quarter 2014, the Coconut Grove condo market experienced a downturn during the fi rst 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 refl ected in the luxury market ($2 million+).

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

The total number of units sold in the $2 million+ market decreased in the fi rst 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 fi rst 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.

$2 MILLION CONDO MARKET

0

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SOLD  1st  Q  2014   SOLD  2nd  Q    2014 SOLD  3rd  Q  2014 Sold  4th  Q    2014 Sold  1st  Q  2015

2M  +1.5  M  -­‐ 2M1M  -­‐ 1.5  M500K  -­‐ 1M

"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

Alba305-323-2595

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

Yacht HarbourWe 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 main-tains 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 IsleAs 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 bath-rooms 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 HouseDesigned 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 bath-rooms 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.

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THE GROVE EXPERTS REPORT by Alba Biondi & Isabelle Andrews PA

ALBA BIONDI305-323-2595English/FrenchSpanish/Italian

ISABELLE ANDREWS305-546-5421EnglishFrench

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 confi dential evaluation of your property.

We believe Coconut Grove is extraordinary.

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theteam@groveexperts.com

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