BHS Miami’s Q1 2019 Market Update

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Brown Harris Stevens just released the First Quarter 2019 Market Report.  Recognized for its detailed analysis and area by area market evaluations, it has become the ‘go-to’ real estate report by both Realtors and consumers alike.

2019 is off to a great start, as the data highlights South Florida’s active and healthy real estate market with positive indicators for both Buyers and Sellers. As some areas rallied with higher sales prices, increased closings, and fewer days on market, other areas experienced mixed trends and signs of stabilization.

Notably, the Coconut Grove condo market (which includes the sale of townhouses) saw a drop in the average and median sales price, while the average price per square foot saw an increase.

Coconut Grove Condo Market Update – Q1 2019

Coconut Grove Condo Market Update - Q1 2019

As for the Coconut Grove single family home market, the median and average sales price continues to increase, and the average price per square foot continues to increase, as well.  However, the number of closings dropped from 24 in Q1 2018 to 11 in Q1 2019.

Coconut Grove Single Family Home Market Update – Q1 2019

Coconut Grove Single Family Home Market Update - Q1 2019

The full report can be viewed here: http://media.bhsusa.com/pdf/BHS-Miami-Q1-2019_Market-Report.pdf.

I invite you to explore the report and contact me to discuss real estate opportunities at any time. You can reach me directly at 305.799.2124 or Lrubens@bhsusa.com.

Miami Home Sales Volume and Price Grew in 2018

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Miami-Dade County reported 12,931 single-family home sales in 2018, up 1.1% from 2017, according to the MIAMI Association of Realtors and the Multiple Listing Service (MLS) system.

This figure ranks 2018 as the fourth highest year in county history for the sale of single-family homes; according to the report, only in 2014, 2015 and 2016 did Miami see more single family home sales (the Miami Association of Realtors and the MLS have been tracking these figures since 1994).

Existing condo closings increased 5.6% to 13,863 in 2018, marking the sixth best sales year in history despite competition from the new construction condo boom.

Total residential sales volume jumped 10.7% to $12.4 billion, up from $11.2 billion in 2017.

According to the report, lack of supply in certain price ranges and neighborhoods as well as higher interest rates impacted sales.

Other notable takeaways from the report include:

  • The $300,000 to $600,000 range proved to be the most popular price point for Miami single-family homes in 2018, posting a 15.7% increase in sales year-over-year, increasing from 5,448 sales in 2017 to 6,303 in 2018.
  • The luxury segment ($1 million+) also proved to be a hot sector for single-family homes, increasing 15.9% in 2018 from 878 to 1,018 sales.
  • In 2018, cash deals represented 37.8% of Miami’s total closed sales, a decrease from 40.4% in 2017 (51.3% of  all condo closings were made in cash, while 23.3% of all single family home sales were cash deals).

Read the full report here.

Spotlight on Arbor: Coconut Grove’s Newest Boutique Condo Project

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Arbor
3034 Oak Ave | Miami, FL 33133

Have you heard? There’s a new boutique condo building coming to Center Grove and from the looks of it, it will have no problem fitting in. Arbor describes itself as “52 residences in Coconut Grove inspired by eco-living, good living and everything in between.” Inspired by the Grove’s lush canopy of trees, natural beauty and laid-back pace, Arbor’s high ceilings, private gardens and floor to ceiling windows offer a natural retreat from the daily grind.  With only five floors, the building nestles discreetly among the leafy streets of Coconut Grove.

arbor INTERIOR

Developed by Urban Atlantic Group and Oak Ventures, Arbor will be situated just north of Cocowalk at 3034 Oak Avenue.  Behar Font & Partners is the architect behind Arbor’s design, which it describes as “practically proportioned both inside and out…a welcome contrast to many of the large-scale, statement developments that have become the norm.”

I recently had the opportunity to meet with Arbor’s developer and sales team to get the full scoop on the project, and I can’t wait to watch it all unfold.  Sales have already launched and groundbreaking is expected in about three months.

Read on for more details on the project and photos from the sales gallery.  For more information on Arbor, contact me directly at 305.799.2124 or lrubens@bhsusa.com.

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Quick facts:

  • 52 residences on 5 floors
  • 2-3 bedroom residences
  • residence options include single level units, two-story townhomes, and two-story lofts
  • square footage ranging from 1,466-2,010 sq ft
  • pricing from $799,000+

Residence features:

  • single level units with 10-foot ceilings
  • townhomes with over 20-foot ceilings and private gardens
  • penthouses with private terraces
  • floor to ceiling windows
  • porcelain tile floors
  • Miele appliances
  • gas cooktop
  • Quartzite countertops

Amenities and building features:

  • concierge
  • fitness center
  • lush courtyard pool
  • social lounge
  • rooftop terrace
  • pet friendly
  • private garage parking and visitor parking
  • electric car charging stations

FullSizeRender 17A very “Grovey” sales gallery entrance complete with a lush vertical garden

FullSizeRender 12Model kitchen complete with quartzite countertops and backsplash, and Miele appliances 

FullSizeRender 11Another shot of the beautiful kitchen

FullSizeRender 15Model bathroom

FullSizeRender 10Vanity in model bathroom

FullSizeRender 9Close-up of porcelain tile “wood look” floors

20161104_pool-1920x1440Rendering of pool deck

Exciting Changes in 2017!

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I am delighted to share that Avatar has been acquired by Brown Harris Stevens, the quintessential luxury residential real estate firm of New York.  BHS has offices throughout New York City, the Hamptons and Palm Beach, and has been making its way through South FL over the last year or so.  In 2015, BHS acquired Zilbert International Realty on South Beach and this past summer, it acquired Ocean Club Realty in Key Biscayne.  Now with the acquisition of Avatar, BHS adds offices in Coconut Grove and South Miami to its enterprise.

BHS has been around since 1837 and regularly holds records in all residential sales categories in New York City.  I have no doubt that this will be an exciting new chapter for all of us at Avatar, as we jump headfirst into 2017 and break new records in the Miami market.

You can read more about the acquisition here, and you can check out Brown Harris Stevens’ website here.

Spotlight on 3183 Oak Ave: Highest Priced Sale in Center Grove in 2016

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3183 Oak Ave, Miami, FL 33133
3 beds/3.5 baths | 2,987 sf | built in 2007 | sold for $1,150,000 on 10/27/16

With the new year just on the horizon, I wanted to take a moment to highlight the priciest sale (as per MLS data) in Center Coconut Grove in 2016 to date. This two-story home sits at 3183 Oak Avenue, just off of McDonald St. The property was originally listed for sale in June 2016 asking $1,225,000.  The price was dropped to $1,195,000 at the end of August, and it sold on October 26, 2016 for $1,150,000 ($385/sf).

The home was originally constructed in 2007 as a 4 bedroom, 3.5 bathroom townhouse, but the seller completely renovated it, and in the process he removed one of the bedrooms in order to construct a large master suite with a spa-like bath and an enormous closet.

The renovations are simply stunning – I toured this house several times and it truly feels like you are walking through a Restoration Hardware catalog.  Just check out these photos I snapped of the master bath (shower envy, anyone?):

Other improvements include a GORGEOUS kitchen with loads of counter space, Italian porcelain floors, statement walls with reclaimed wood from New England, beautiful light fixtures, plantation shutters in all bedrooms, recessed lighting, and a spacious laundry room.  The home also features impact glass windows, a two car garage, a zen-like backyard with a pool and Chicago brick patio, and balconies off the master suite and one of the guestrooms. For more photos of this drool-worthy property, check out the virtual tour here.

FUN FACT: My sale at 3167 Gifford Lane in September was the second highest priced sale in the neighborhood in 2016.  There is a handful of new construction properties that will be completed in Center Grove in 2017, and many of them have already sold! Contact me directly at lindsayrubens@avatarflorida.com or 305-799-2124 for more info.

*Top image via ashleycusack.com