Saturday, May 31, 2014

Top Five Coconut Grove Listings Under $1 Million

There is probably not an area in all of Florida that quite compares to Coconut Grove.  It is the essence of Classic Florida life with a slightly modern edge to it.  This quaint little neighborhood has a lot of history including the claim to fame of being the oldest continuously inhabited neighborhood in Miami.  Known by locals as “the Grove,” Coconut Grove has a lot to offer those who have a desire to live here.  Situated south of Brickell and east of Coral Gables, this is a spectacular place to raise a family. 

In addition to featuring neighborhoods, condominiums and more around Coral Gables, we like to list the top five listings.  Here is the most recent list of the top five Coconut Grove real estate listings under $1 million:

4120 Hardie Avenue, List Price:  $1,000,000
When you think about a Mediterranean-style home, this is the epitome of what comes to mind.  Built in 1945 and remodeled in 1994, it combines the charm of old Florida with the modern conveniences to create a delightful home in Coconut Grove.  Situated on a quiet tree-lined street, this gorgeous home has three bedrooms and two baths, and so much character.  In addition to the large kitchen with custom cabinetry, there is a large master suite with marble bath, elegant formal living room with large trey ceilings and a wonderful family room with beautiful murals painted on the walls.  The feel of the home gives the feeling of living in a Mediterranean villa.  Outside, the fenced back yard encloses a wonderful private pool.  List prices for homes in the same neighborhood range from the upper $800s to over $2 million with the average price per square foot at about $458.  This home is priced just under the average price per square foot.  In the last three months, six homes within a few blocks have sold with the average price per square foot sitting at about $386. 

3350 SW 27th Avenue, #1204, Ritz Executive Residences, List Price:  $925,000
Located in the tony Ritz Executive Residences, this property is the only one that was on our list months ago.  It is an amazing property that offers the most spectacular views of Biscayne Bay, the Grove and the Gables.  The views alone are unreal but when you add its prime location within walking distance to the Fresh Market and restaurants as well as a short drive to CocoWalk and Dinner Key Marina.  Now, step inside, and see this gorgeous contemporary and large residence in one of the most well-known condominiums in all of South Florida.  From the large contemporary kitchen with granite counter tops, sleek custom cabinets and high end stainless steel appliances to the wide open space of the main living areas and two large bedrooms, there is nothing left out.  On top of all of this, you have all of the amenities of the Ritz Carlton Hotel at your fingertips including room services, a 24-hour fitness center, 24-hour concierge and so much more.   Other listings in this condominium are priced from the mid-$400s to almost $1.9 million with the average price per square foot is about $451.  The average sold price for the units that have sold thus far this year is almost $800K with the average sold price per square foot at about $473. 

3714 Matheson Avenue, Sunshine Villas, List Price:  $925,000
If you love older homes that bring history with them, then this is the right home for you.  Built in 1914 (yes, 1914), this home was built as part of the original William J Matheson estate.  There are two structures on the property – the main house and a second structure that houses a garage and storage on the first floor along with a large loft on the second.  Inside the cedar shake/wood frame home, there are two bedrooms and one bath with so many unique finishes and characteristics from the original home plus modern updates that make it conducive to today’s lifestyle.  The kitchen has a large cooking island and stainless steel appliances while other rooms have vaulted ceilings and dark hardwood floors.  Outside, there is lush tropical landscaping that shades the home and gives it privacy.  This home is so different from most Coconut Gove homes but is still a really cool home.  As for other listed homes, this home is one of only two listed properties priced under $1 million within a few blocks. 

3730 Kumquat Avenue, Douglas Circle, List Price:  $899,000
While some may think the exterior is quite understated, the inside is a different story.  This is a perfect home with a lot of room, high ceilings, and an open kitchen and living area that is perfect for entertaining.  The master is very spacious and features nice size closets.  Impact doors lead out to a wonderful covered terrace and barbeque area.  The backyard has plenty of room for a pool.  Additionally, there is a small cottage in the back.  The location of this house ideal as it is within walking distance to the historic district of Coconut Grove.  Many of the homes in this part of Coconut Grove are older classic Florida-style homes that have updated and remodeled interiors.  There are currently four properties for sale within a few blocks of this home that priced between the mid-$600s and over $1.7 million.  Only three homes have sold in past 90 days with sale prices between the mid-$500s and upper-$600s. 

1669 Onaway Drive, List Price:  $875,000 
If privacy is your main objective, this house is perfect for you.  It is situated in lovely part of the Grove close to main travel arteries as well as Vizcaya Museum and Gardens as well as other locations of interest in Coconut Grove and Coral Gables.  Set back off the street and surrounded by lush tropical vegetation, the almost 1800-square foot house has a lot to offer including a wonderful and updated gourmet kitchen, hardwood floors, a large master suite with great walk-in closet and more.  The main house has two bedrooms and one and a half bath while the cottage located by the pool brings and additional bedroom and bath to the table.  The rooms are open and airy making you feel like you have more space than you do.  Other properties for sale within a few blocks start in the mid-$600s and climb into the millions.  This is simply an opportunity to buy in a great neighborhood for a lot less than many of the residents have paid.  Recently sold homes (over the past 90 days) indicate that buyers paid anywhere from the mid-$700s to over $1.7 million.  The average sold price per square foot is around $355. 

Coconut Grove – Best of Both Worlds
Coconut Grove has a lot to offer home buyers wanting a wonderful house with lots of character on a quiet street.  When considering where to buy a home in South Florida, Coconut Grove real estate gives you the best of both worlds – more house for your investment centrally located close to everything in the area. 

Friday, May 23, 2014

Top Five Coral Gables Rentals Under $10,000/Month

Coral Gables is full of extraordinary homes and condominium residences located in some of the best neighborhoods with the City Beautiful.  While many people want to live in Coral Gables, others have a desire to spend time here without having to invest in property.  With that in mind, it has been a year since we highlighted rentals.  Here are the top five Coral Gables rentals under $10,000:

7225 Vistalmar Street, Cocoplum, Monthly Rental Rate:  $9,900
This home is a lovely estate style home located in the exclusive and guard-gated Cocoplum neighborhood.  Situated on a half-acre lot and on a cul-de-sac, this is a lovely one-story home with an open floor plan that has been updated and offers so tons of luxury fixtures and finishes.  The huge kitchen is unbelievable with lots of cabinets and counter top space not to mention a pass through to the patio.  The spacious family room has a nice fireplace and French doors that lead out to a gorgeous covered terrace.  and half acre lot with great outside covered terrace, pool and garden. Other features include a new roof in 2007, impact windows and accordion shutters.  This rental property is an annual rental that is unfurnished In Cocoplum.  Rentals in Cocoplum are few and far between but when they are available, they are snatched up.   While rental rates currently start at just over $4,000, this is a fantastic opportunity to live in a large estate-style home that is just less than 5,000 square feet in size with five bedrooms and five baths for a monthly rent under $10,000.

279 Galeon Court, Cocoplum, Monthly Rental Rate:  $9,800
Another property in gated Cocoplum, this is a gorgeous Italian-style villa with four bedrooms and three and a half baths plus an extra den.  It is a perfect home for families and includes a huge kitchen with tons of granite counter space, custom cabinetry and high end appliances.  The landscaping around the lap pool is lush and tropical.  Galeon Court is flanked on both sides with canals, and although this home is not waterfront, at the end of the street is the Cocoplum Yacht Club.  As a rental in one of the most exclusive neighborhoods, this home is one of a kind and offers an opportunity to live in a gorgeous home for less than $10,000 per month. 

1107 Alfonso Avenue, University Estates, Monthly Rental Rate:  $9,000
Located in South Gables in University Estates, this home is large with over 4,200 square feet, four bedrooms and four and a half baths.  It features a split floor plan with tons of space and unbelievable fixtures and finishes including marble and wood flooring, crown molding and more.  There is an open living area that combines the large eat-in kitchen and an open family room with huge windows and French doors that open up to the gorgeous pool and patio area.  Best of all, there are tons of windows with beautiful backyard views.  In this part of Coral Gables, the beauty lies in the distinctiveness of the homes throughout the surrounding neighborhoods.  The architecture is what we call “old” Florida or “classic” Florida with the beauty of South Florida is all around.  There are many Coral Gables rentals in this neighborhood and others within a short distance.  Monthly rental rates start at about $1,500 for older and smaller properties and climb to over $15,000 for similar homes to this one. 

5201 Alhambra Circle, Gables Riviera, Monthly Rental Rate:  $8,950
This two-story Mediterranean-style home is situated on one of Coral Gables most sought-after streets – Alhambra Circle.  Built in 1993, it features five bedrooms and six baths with the master bedroom on the first floor and all bedrooms en suite with their own bathrooms.  This home is ideal for entertaining as it has both formals along with a second-floor enclosed balcony.  There is also a large living area and kitchen containing custom-tiled counter tops and lots of cabinet space.  The finishes in this home like the arched doorways and large terracotta tile floors give this home its character.  Outdoors, everyone can enjoy a beautiful and sparkling pool along with an elegant patio area and lush tropical landscaping.  This home is listed for rent on an annual basis.  Rental properties in close proximity to this featured home typically have monthly rental rates starting at about $2,500 and climbing to about $15,000.  Because of the neighborhood, homes are usually available on an annual basis.  It is the ideal location for those who want to be close to Riviera Country Club, UM, Doctor’s Hospital and Downtown Coral Gables.   

13621 Deering Bay Drive, #603, Milano at Deering Bay, Monthly Rental Rate:  $8,600
This residence in the elegant Milano in Deering Bay is spectacular.  It features breathtakingly beautiful views of golf course, pool & Miami skyline and is perfectly decorated.  The kitchen is a chef’s dream with tons of counter space and top of the line stainless steel appliances.  There are continuous wood floors throughout the interior along with a very clean and sleek design.  The residence boasts a large laundry room with cabinets and tons of room to move along with two bedrooms and two and baths.  Rentals at Milano at Deering Bay are few and far between with monthly rental rates dependent upon their location at Deering Bay.  Like most rentals, this residence is listed unfurnished on an annual basis. 

Living a Luxurious Life

Coral Gables rentals allow residents to live a luxurious life without the responsibility of upkeep on estate homes or in high-end condominiums.  The city is filled with rental opportunities to fit any budget.  For those who have the desire to live lavishly, these properties are a great place to start.

Sunday, May 4, 2014

Affordable Coral Gables Condominium Investment Properties

If you have kept up with the real estate market in Miami and the surrounding areas, you know that prices are climbing and inventory is in demand.  For those still wanting solid real estate investments, there are several affordable Coral Gables condominiums that offer the opportunity to buy property in buildings where residents seek rentals.  Here are a handful of condominiums:

Valencia Condo, South Miami, 6001 SW 70th Street, Miami.  While not technically in Coral Gables, Valencia is located in the perfect location for investors.  It is close to the main travel arteries that provide a quick drive to Coral Gables, Downtown and the surrounding areas as well as the South Miami Rail Station and University of Miami.  On top of that, it units feature great amenities including gourmet kitchens, entertaining bars, a private terrace/balcony, track lighting, built-in alarm systems and much more.  As for community amenities, there are 24-hr camera security, covered parking, pool, and other conveniences.  List prices start in the $120s for a one-bedroom unit and climb into the mid-$300s for a unit with four bedrooms and three baths.  Rental rates typically range between $1,300 and $3,500 per month.   

Douglas Grand, 50 Menores Avenue, Coral Gables.  Built in 2002, Douglas Grand is situated in the heart of Coral Gables just blocks off the Miracle Mile and adjacent to Phillips Park.  Residents enjoy amenities like a fitness center, resort-style pool, concierge, security, and covered parking.  Inside each unit, there are balconies, roomy kitchens, bedrooms and living areas, and more.  Probably the most popular feature of Douglas Grand is that it sits atop Publix.  As for list prices, the range is usually from the low-$200s to the low-$300s with rental rates falling between about $1,400 per month for a studio and about $2,300 for two-bedroom units.  Over the last 12 months, nine units have sold with sale prices between $165K for a one-bedroom/one-bath and $309K for a two-bedroom/two-bath.  The average number of days on the market for these 12 is 155 days however three of them took an exceptionally longer time to sell than the other. 

Metropolis at Dadeland, 9055/9066 SW 73rd Court, Dadeland.  Metropolis at Dadeland condo is a two-tower property located in the center of what we call Downtown Dadeland.  Dadeland is just south of Coral Gables and has streets with tree-lined medians that give way to a lovely part of South Florida.  Metropolis is in an ideal location as it is close to the University of Miami and offers direct access to downtown Miami via Metro-Rail.  Residents enjoy amenities like a resort-style pool, fitness center, and other conveniences.  Each unit is spacious with roomy updated kitchens, bedrooms and baths, private terraces, washers/dryers, and so much more.  Investors can expect to pay between the upper-$180s and the mid-$400s.  There have been 12 sales in the past six months with sales in the above range.  As for leasing, rental rates are anywhere from about $1,500 to just under $3,000 per month.  Rental units at Metropolis at Dadeland are offered on long-term leases only and typically rent within about two months.   

Ten Aragon, 10 Aragon Avenue, Coral Gables.  Situated on the Miracle Mile, Ten Aragon is the quintessential Coral Gables condominium that is close to everything in Coral Gables.  In addition, Ten Aragon is close to top rated golf courses and just a short drive from Downtown Miami and South Beach.  The property is large with over 500,000 square feet of mixed use space including a 10-story residential condominium and over 65,000 square feet of commercial space.  Residences are spacious and offer nine to 10-foot ceilings, impact-resistant sliding glass doors that open to balconies with beautiful unobstructed views, spacious walk-in closets, and much more.  Upgrades are available in some units with high-end features.  Community amenities include a fitness center, large outdoor pool, concierge, security, covered and assigned parking and much more.  Ten Aragon is very appealing to renters because of its prime location along with the affordable luxury that comes with living here.  Investors can expect units to list between the upper-$200s and low-$600s as the four units sold thus far this year have landed in this range.  There is a broad range of monthly rates at Ten Aragon typically between about $1,800 and over $5,000. 

Investment Opportunities
In addition to these condominiums, there are lots of real estate investment opportunities throughout Coral Gables and its surrounding areas.  Many people place a larger emphasis on living in a certain neighborhood or area in Miami-Dade County.  It just takes a little research to find the best investments that the most potential of yielding the biggest return.  

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