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The Riley Smith Group

Daily News On Brickell, Coconut Grove and Coral Gables Real Estate

By Riley Smith | Agent in Coconut Grove, FL
  • I Always Enjoy Hearing From My Blog Readers!

    Posted Under: Home Buying in Coral Gables, Home Selling in Coral Gables, In My Neighborhood in Coral Gables  |  November 8, 2011 10:44 AM  |  560 views  |  No comments

    phone call

    I received a phone call last night from a very nice gentlemen who is a regular reader of my blog.   In fact, he just purchased the home that I wrote about yesterday at 5101 Hammock Lake Drive.  Since he knows that I am a stickler for details, he wanted to let me know that the square footage that is stated on the tax records and the MLS for his house does not accurately reflect the true living area of his new home.  Therefore, when I reported that his home was the lowest “selling price per square foot” in the $2,000,000+ market it was inaccurate.   Upon further investigation, it appears that the house has a square footage of around 6,000 (as opposed to 9,366 which is stated on the tax records and MLS) so that it now ranks in the bottom 10 ”selling prices per square foot” for homes sold over $2,000,000 in the Gables.

    Thanks for the call, I always enjoy hearing from my readers!

    View Original Post Here: http://coralgablesrealestatevault.com/2011/11/08/i-always-enjoy-hearing-from-my-blog-readers/

  • How Long Will Our Reprieve Last? Should You Sell Now?

    Posted Under: Home Buying in Coconut Grove, Home Selling in Coconut Grove, In My Neighborhood in Coconut Grove  |  September 26, 2011 7:20 AM  |  287 views  |  No comments

    now or later image

    How Long Will Our Reprieve Last? Should You Sell Now?

    According to the Miami Herald this morning the foreclosure lag has spurred home prices in South Florida.  If you read my blog you know that here in Coconut Grove we have certainly seen home values stabilize and even increase in some segments of the market over the past year.  At the same time we have also experienced a slowdown in the number of foreclosures.  The question is, are we headed for a full recovery or will the foreclosures that banks are holding onto bring our market down again?

    For quite awhile banks stopped releasing foreclosures to the public because they were taking heat for robo-signing and cutting corners in the court system, but eventually the buildup of foreclosures on their books will have to come to the market.  

    I ran the numbers on Realist today  and it shows that there are a shocking 100+ single family homes in Coconut Grove that are in pre-foreclosure or foreclosure.   The term “pre-foreclosure” typically means that the owners are 60+ days late on their mortgage payment.   Yes, pre-foreclosure is the first step in the foreclosure process however it does not necessarily mean that the property will become bank-owned.  There is likely a large portion of these properties that are in the process of getting a loan modification or are working on a short sale.   It is inevitable however that a percentage of these homes will come to the market eventually as bank owned and that the banks will begin to release the foreclosures they have been holding onto.  Our market here in Coconut Grove is so small that even a handful of foreclosures could potentially have a large impact on home values.

    I don’t like to be an alarmist or doomsdayer, but if you are considering placing your home for sale it may be a good time to list now while values are stable.

    The Real Estate Coconut is the most comprehensive online source for Coconut Grove real estate information.  Whether you are looking for the latest sales, trends or homes for sale in Coconut Grove, The Real Estate Coconut has it all at your fingertips.  Browse Coconut Grove’s gated communities, waterfront homes, villas, townhouses,foreclosures plus much more.

    When listing or buying a home it is essential to have a local Realtor who knows the numbers, tracks the market and can value a home correctly.  If you are interested in selling your home I would be happy to give you a no pressure home valuation.  Call me on my cell at 305.342.1623 or send me a message here.

    View Original Post Here: http://therealestatecoconut.com/2011/09/22/how-long-will-our-reprieve-last-should-you-sell-now/

  • Coconut Grove School District

    Posted Under: Schools in Coconut Grove, Home Buying in Coconut Grove, In My Neighborhood in Coconut Grove  |  July 26, 2011 8:04 AM  |  879 views  |  No comments

    Coconut Grove School Districts

    Many people would be surprised to know that all of Coconut Grove isn’t within the boundary of Coconut Grove Elementary’s district.  There are a few small portions of the Grove that are districted for Sunset Elementary as well as Frances Tucker Elementary.  Homes which sit in the the Sunset and Tucker districts are controlled choice areas, which means that parents may indicate their preference for school assignment within six controlled choice boundaries.  

    Take a look at the map above which shows the school districts of Coconut Grove. 

    If you would like to purchase a home specifically.....read more here: Coconut Grove School Districts

    July 26th, 2011 | categories: Coconut Grove Real Estate

  • Coconut Grove Population and Household Statistics

    Posted Under: General Area in Coconut Grove, Quality of Life in Coconut Grove, In My Neighborhood in Coconut Grove  |  October 26, 2010 8:19 AM  |  877 views  |  1 comment

    Coconut seedlings

    Today I thought I would post some recent population and household statistics for Coconut Grove (33133).   Source: Claritas, 2009.

    Total Population Of Coconut Grove? 22,872 (Projected 5 Year Growth: 7%)

    • Male to Female Ratio: 49.3% Male, 50.7% Female
    • Total Adult Population? 83% (Median Age is 43)
    • Race Origin: 48.9% Non-Hispanic White, 31.3% Hispanic, 17.3% Non-Hispanic Black, 1.1% Non-Hispanic Asian, 1.4% Non-Hispanic Other
    • Education: 21% have had some college, 51% have graduated from colllege
    • Marital Status: 34.1% Single (Never Married), 38.5% Married, 27.5% Divorced/Separated
    • Language Spoken At Home: 63.1% English Only, 29.3% Spanish, 7.7% Other
    • Occupation Status: 60.9% Employed, 3.4% Not Employed, 35.5% Not In Labor Force
    • Occupation: 21% Executive/Managerial, 33% Professional and Specialty, 23% Sales and Clerical

    Total Households In Coconut Grove: 10,932 (Projected 5 Year Growth: 8%)

    • Household Income: 36% Earn Over $100,000, 10% Earn Between $75,000 - $99,999, 16% Earn Between $50,000 and $74,999
    • Median Household Income: $69,970
    • Average Household Income: $126,734
    • Current Housing Units: 43% Occupied By Renters, 56% Occupied By Owners

    I know the numbers, I analyze the market, my clients make better decisions.  If you would like to buy or sell real estate in Coconut Grove and are looking for an experienced realtor, please don't hesitate to contact me at 305.342.1623 or send me a note here.

    Read original post here.

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