Coconut Grove Condo Owners - Read This!
November 20th, 2008 categories: Condos
Effective January 1, 2009, condo owners must present proof of hazard insurance.
History
In 2004, the Florida Condominum Act stated that condominium owners “shall” have hazard insurance on their individual units. This hazard insurance was in addition to the hazard insurance that covered the common area of a building paid for by the condo association.
The problem with the law was that it did not specify (1) Whether an owner could self insure, (2) A specific amount that was required, (3) Whether the association had the right to enforce the requirement and (4) Remedies or penalties of non-enforcement.
After several hurricanes it became apparent that people did not have the required coverage because many owners were unable to bring their damaged units up to habitable condition. This resulted in abandoned units and distressed sales contributing to the overall value of the condominium.
Now
The Florida Legislature has amended the law to require owners to provide proof of this insurance policy every year. Beginning January 1, 2009 if an owner fails to provide proof of hazard insurance on their unit the Condo Association may buy the insurance on their behalf and bill the cost to the condo owner. The new law also states that each policy must contain a “loss assessment” limit of at least $2,000.00.
You may also be interested in: Coconut Grove Condo Market Update, Best Balcony Award Goes To…
| Discussion: No Comments »
Why didn’t I think of that?
November 19th, 2008 categories: Coconut Grove Real Estate
Last night, ABC News did a story about a California company that has really capitalized on all of the foreclosures around town.
They are spraying the brown lawns of foreclosed homes GREEN! It makes sense. Curb appeal is very important to buyers, and once a home goes into foreclosure it often begins to look run down and poorly maintained. The banks don’t want to spend the time or money to keep a house looking fresh, so this is a quick solution for them. You can watch the video here.
They use a water soluble, biodegradable product that turns the dead grass into beautiful green grass. The spray lasts 3 to 4 months, and takes a couple of hours to dry. The cost ranges from $200 to $300.
| Discussion: No Comments »
Star For A Day
November 17th, 2008 categories: Coconut Grove Real Estate
My listing located at 3221 Morris Lane in North Coconut Grove was featured on the cover of The Miami Herald Real Estate Section yesterday. The price was recently reduced to $1,395,000.
You can view more information about 3221 Morris Lane by clicking here.
| Discussion: No Comments »
Looking for a good investment?
November 16th, 2008 categories: Grove News
Invest in Solar Powered Electricity for your home. These days it will give you a better ROI than the stock market!!
Check out these numbers, after all of the federal and state rebates, a 2,000 sq. ft. home can have solar power for a cost of $5,250.
I have been in contact with a local company here who installs solar electricity systems. Their name is BAM Solar and they have provided me with these surprising figures.
Solar Electricity / Photovoltaics (PV):
Solar Electric PV System (3kW, 450 KWH/mo) $ 24,000
FPL Rebate ($1.50/watt, $10,500 max) -$ 4,500
State of FL Rebate ($4/watt, $20,000 max) -$ 12,000
Federal Tax Incentive (30% rebate, no limit) -$ 2,250
Net Investment $ 5,250
ROI 5 - 10 Years
According to BAM, there are two ways to solar power your house.
- Traditional “Rigid Frame Solar Panels”
- Newer “Thin Film Panels”
Both are roof mounted and require Western or Southern direct exposure. For a 2,000 sq. ft. home, the “Rigid Frame Solar Panels” take up about 360 sq. ft. of roof space, and the “Thin Film Panels” take up about 885 sq. ft. of roof space.
Don’t want to spend the $5,250 for a solar electricity system, but still want to save 20-30% on your FPL bill? A solar water heating system that “pre-heats” the water (and still uses your same water heater tank) will only cost an investment of $1,960 (for a 2 adult, 2 child household) after rebates. Below is a picture of a solar water “pre-heater” for your home.
As far as solar heating your pool, the initial investment will cost you approximately $3,400 with a return on your investment in approximately 1 to 2 years depending on consumption.
You may also be interested in: The New “Green” Project on Grand Avenue, Groundbreaking Green Project on Kumquat Avenue
For more information on solar electricity, feel free to contact Bam Solar at 1(877)598-2261, or email at arasken@bampower.com.
| Discussion: No Comments »
Square Footage Questions Answered
November 15th, 2008 categories: Buying Real Estate in Coconut Grove
I received an email yesterday from a reader who is very much on top of things. He asked me why the square footage of the home at 3500 Frantz Avenue (yesterday’s post) is listed at 6,263 sq. ft. on the Multiple Listing Service but only 5,051 sq. ft. in the tax records.
Did the listing agent make up this higher number? No.
When a realtor inputs the square footage of their listing into the MLS, they take the number from one of three sources.
First, they may take it off of the tax records (this is the most common).
Second, if the owner has changed the square footage themselves or knows that the tax records are wrong, they may have gotten an appraisal from a licensed appraiser that shows a higher square footage. If this is the case, you will usually see the caveat “Square Footage is per Owner’s Appraisal”.
Finally, if it is a new construction home, the listing agent probably received the square footage number from the plans recorded with the City. If this is the case, then the square footage of the house will include a portion of the balconies and garage.
We see discrepancies in square footage quite a bit in Coconut Grove real estate because many owners have added on, converted and renovated their homes without the permission of the City.
Stay updated with the current Grove real estate market by subscribing to The Real Estate Coconut. Click here to subscribe.
| Discussion: 1 Comment »
We’ve all driven by this house…
November 14th, 2008 categories: Coconut Grove Real Estate
Across the street from the water plant on Loquat Avenue in South Coconut Grove, sits this 6,263 square foot monster house on a 12,778 square foot lot.
Today, the sellers lowered the price to $1,450,000 which comes out to $231.00 per square foot. This is an $800,000 price reduction from the original list price. For those of you who have been reading my blog, you are probably wondering why it has not sold when they are now asking almost $120.00 less per square foot than other homes in South Grove.
Location, location, location. In my opinion, the developer did not consider the location before building such an enormous house right across the street from the water plant and a stone’s throw from LeJeune Road. Also, as you go by you will notice that there is no gate around the property, and no privacy at all. Both of which I believe are enormous obstacles in a buyers market.
On the other hand, it is a brand new, well-built, beautiful home, with all the latest bells and whistles and great amenities. So if you can handle the location, you would be able to purchase this new construction home for well below market value.
Details:
- 3500 Frantz Road, Coconut Grove, FL 33133 (the house sits at the corner of Loquat and Frantz)
- 6,262 Square Feet of Living Space
- 12,778 Square Foot Lot
- 5 Bedrooms, 5.5 Baths
- 2 Car Garage
- 2 Fireplaces
- Gourmet Kitchen (2 sinks, 2 dishwashers, wine coolers)
- Rain Shower
- Surround Sound
| Discussion: No Comments »
Under Contract In Camp Biscayne
November 13th, 2008 categories: What is selling in Coconut Grove?
On the market for 33 months, this beautiful villa located in the prestigous gated community of Camp Biscayne went pending today.
Initially listed at $6,900,000, the price was at $5,775,000 when it went under contract.
Details of 3100 Munroe Drive, Coconut Grove, 33133 are:
- 8,025 Square Feet Living Space
- 16,750 Square Foot Lot
- 5 Bedrooms, 6.5 Baths
- Waterfront
- 3 Levels
- Rooftop Terrace
Stay updated with the current Grove real estate market by subscribing to The Real Estate Coconut. Click here to subscribe.
| Discussion: No Comments »
From Rain City Guide: Should I Buy A House Now?
November 13th, 2008 categories: Coconut Grove Real Estate
Rain City Guide’s Ardell DellaLoggia has a great series of posts titled “Should I Buy A Home Now“?
Ardell writes: “A lender tells you whether or not you CAN buy a house, not whether or not you SHOULD buy a house. An agent helps you select which house, and guides you through the process of buying a house. Only YOU can answer the question of whether or not you SHOULD buy a house, and this series is designed to assist you and give you confidence in your decision.”
Check it out here:
- Part I: Should I Buy A House Now?
- Part II: Count All The Money You Wasted This Year
- Part III: Don’t Pay Off Bad Credit
| Discussion: 2 Comments »
What Goes Up Must….New FHA and Conforming Loan Limits
November 12th, 2008 categories: Buying Real Estate in Coconut Grove
Ever get that feeling that the ceiling is a bit low? FHA announced that it is rolling back it’s loan limits as of January 1, 2009 in response to falling property values. As of the first of the year the new FHA loan limit for Miami Dade and Broward County will drop from $423,750 to $345,000. That’s not all……you will also be required to make a 3.5% down payment as opposed to the current requirement of a 3% down payment.
But alas there is always a silver lining. The conforming loan limit (i.e. non FHA or VA financing) will not be lowered and will remain at $417,000. The other bit of good news is that the interest rates on loans above the conforming loan limit which are considered “Jumbo Mortgages” have dropped almost 1% since October and currently stand at 6.75% with no points.
So if you want higher FHA loan limits and lower FHA down payments the time to buy is now. If you want the same conforming loan limit and lower FHA, conforming or Jumbo interest rates the time to buy is now. Or you can stick you head in the sand and pray that things improve.
Authored By Our Guest Contributor: James Venney CMPS, CMA
Phone: (305) 960-2671
Email: james.r.venney@homesvclending.com
James Venney is a licensed mortgage broker and a State Certified Residential Appraiser. Currently, he is the top producing mortgage banker at Home Services Lending which is a joint venture with Warren Buffet’s Berkshire Hathaway and Wells Fargo Bank.
| Discussion: 2 Comments »
33133 “Price Per Square Foot” Skyrockets In October
November 10th, 2008 categories: Coconut Grove Real Estate
The Average Price Per Square Foot (PPSF) of homes SOLD in Coconut Grove skyrocketed to $474.00 in the month of October. This is the highest number we have seen in over 2 years.
In the month of September we saw a very low “Price Per Square Foot” of $261.00, and in the previous months it had been hovering around the mid - low $300’s.
Keep in mind that Coconut Grove did see it’s highest ever recorded sale in the month of October, which might skew the numbers a little bit, especially since there were only 14 homes sold.
The numbers also show a rising trend in the number of single family homes going under contract. We saw 10 homes go under contract in July, 14 in August, and 18 in September and October. This is to be expected in the winter months, as we usually see an increase in activity. However, it is comforting to know that our Grove market did not come to a grinding halt amid fears of a recession.
**These numbers are based on data collected from the SEF Multiple Exchange Service, taken from the zip code of 33133 which may include a small area outside of Coconut Grove, specifically homes on the other side of US1.
Stay updated with the current Grove real estate market by subscribing to The Real Estate Coconut. Click here to subscribe.
| Discussion: No Comments »
