GARY HECHT SAYS, "THANKS" TO THE GROVE

As my four year term winds down as a Grove Councilman, I 'd like to thank so many of you for your help and encouragement. I attended hundreds of meetings, especially as Chairman following Commissioner Sarnoff. Many were in your community centers, churches and homes. Thank you for the hospitality and for spurring me on through your activism. The power of many voices coming together as one is a cannon in our democratic arsenal. Thanks again.

CHERRY GROUP GOES PENDING WITH BUYER AT GROVENOR

The Cherry Group is still on a roll..........the market is warming up, though it's been hot for us for the last two years. Our Buyers made an offer on a fabulous 1,756 square foot unit at the Grovenor listed at $1,090,000 and it was accepted. Due to close in four weeks.

CHERRY GROUP CLOSED CALUSA TODAY

The Cherry Group closed its listing at 3230 Calusa today for $1,556,000. We brought the buyers, representing both sides of the transaction.

33133 ZIP CODE RANKS 37 OUT OF 40 FOR DAYS ON MARKET

Out of 40 Zip Codes, ours (33133) is almost in the basement for the number of days listed homes are on the market (134 days). Homes are selling faster elsewhere because there are more short sales and Bank Owned properties in other ZIP Codes. So a Zip Code Analysis might not be very telling. Still, The Cherry Group is selling its properties within 120 days when the they're priced for today's market.

GENDER INFLUENCES BUYING DECISIONS

Women make up their minds faster than men. In a recent Coldwell Banker study, 70% of the women knew on the first visit when a home was right for them. More women than men wanted to be closer to family and had more security concerns. Of all respondents, 70% said financial decisions were mutual.

NEW LISTING - BEST IN SHOW

Spectacular walled Key West compound at 2990 Emathla Street is best in show. Situated on 20,000 square feet, the main house is a 4/3/1 with double height ceilings in the living room. The Master Suite is an entire wing with two walk-in closets and three auxiliary closets. A professional Kitchen has gas range, stainless Steel and butcher block countertops with a prep-room pantry. Separate housekeeper's quarters (private entry) off the kitchen. There's a temperature controlled wine room as well. A living room sized foyer has a fireplace with an entrance to an office. There's a 1/1 guest house and pool cabana with wet bar and shower facilities. The asking price is $1,950,000.

CHERRY GROUP BRINGS BUYER TO CALUSA LISTING

3230 Calusa listed by the Cherry Group went under contract today with our own buyers. About 8,300 square feet of living space on a 27,000 square foot lot was listed at $2,750,000.

RECOVERY IN FULL SWING

In Miami-Dade County this year, sales units on residential properties are up 62% for the first 8 months of the year as compared with the same time last year. The number of active listings on the market has declined by 34.1% as compared with the same time last year. The months of active inventory based on closed sales has declined from 30.4 months in January to 18.6 months at the end of August. The average sales price has stabilized this year with the average sales price in January being recorded at $264,000 and the ASP at the end of August coming in at $265,000. All signs are indicating a stabilizing market with respect to pricing and a market with significant growth with respect to sales units. FOR SELLERS, PRICE RIGHT AND SELL NOW. FOR BUYERS, IT'S TIME TO MAKE THE MOVE.

CHERRY GROUP SELLS ICONIC HOME NOT ON MARKET

WOODSONG, Architect Alfred Browning Parker's signature creation located on Seminole Street in the North Grove, will close early next week. Purchased by a couple from London for $1,550,000, or $707.00 per square foot, the home was not on the market. Situated on a 18,000 square foot lot, three separate pavilions, connected by a pool, comprise the living spaces. Sylvia worked via emails with the couple over a six month period. After showing the couple some thirty properties on their first visit, she just knew Woodsong would be their ideal home. Sylvia contacted the buyer and negotiated the deal.

LOOKING FOR A SPECIAL HOME

We have all cash buyers looking for an estate-quality home in the NORTH GROVE only. It must have an 18,000 sq. ft. or greater lot. If you're thinking about selling, please call Sylvia or me so we can give you a pricing analysis and show your home to these buyers who are ready to buy now. 305.607.8360

INTERESTING AVERAGES FOR LAST 25 LISTINGS SOLD IN THE GROVE

THE AVERAGE:
LIST PRICE........$681,376.00
SOLD PRICE.......$617,760.00
PERCENT DIFFERENCE.............. -9.3 PERCENT
DAYS ON MARKET........................ 128

To sell a home in just 128 days seems miraculous in this market, especially when so many sellers have had their homes listed for a year or more. The numbers speak for themselves. The last 25 homes sold in the Grove were listed pretty near real market value and sold for just under 10 percent of the asking price. Accurate pricing is key to faster sales.

PLEASE CLICK ON THIS LINK TO CHECK OUT NATOMA

This is the way The Cherry Group presents each of its listings to get the property sold fast. http://photoplan.planomatic.com/viewer.php?propertyTourID=3894

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2989 NATOMA - GONE IN JUST 6 DAYS

WHAT'S THE SECRET? The Cherry Group priced the house right on the money at $881,400 and the owners understood our justification for the listing price. We sold almost every listing we used as comparables and knew the truth. Another Top Producer vied for the business and suggested a listing price over $100,000 more and the Realtor came to the presentation with no justification. We call that buying the listing, where a Realtor suggests an inflated asking price and the owner buys into that with inflated hopes. Make sure when you interview Realtors to list your home, they come fully prepared with pricing support. Natoma sold for all cash near asking price and will close in just three weeks. If the other Realtor had sold the home, it would not have sold for more (probably less) and the owners would have incurred between $60,000 to $100,000 in carrying costs, making their net on the sale substantially less.

EXISTING HOME/CONDO SALES UP IN 2Q

Florida's second quarter home sales were 37.2 percent higher than the first quarter. Condo sales were up 45.3 percent.

3941 CRAWFORD - BEST IN SHOW

About 3,000 sq. ft. on a 10,500 sq. ft. lot, this classic 4/3 contempory is tropical, New York chic. The double height livingroom has views to the over-sized pool, a rare 10 ft. deep. The home has a spectacular, open commercial-grade kitchen, hurricane shutters & generator. Totally private, gated and fenced, it's being offered at $1,300,000.

THINGS ARE LOOKING UP!

We are past the low point of the pricing cycle. Average home prices in June jumped 2.5 percent. And, according to the Florida Association of Realtors, existing home sales jumped by 28 percent. It's the time to sell and the time to buy.

Cherry Group Celebrates Second Closing in Last Three Days

The Cherry Group closes today on 141 East Sunrise Drive in the Gables. The 2,762 sq. ft., 5/3 pool home sold at $1,080,000 or $391.00 per square foot.

Commission Has Second Reading of Miami 21 This Thursday

FROM DAILY BUSINESS REVIEW. If you live anywhere in Miami, the passage of Miami 21 will change the quality of our lives forever. Please attend the City Commission hearing this Thursday at 9:00 AM.


Mayor calls on commission to discuss contentious Miami 21August 04, 2009By: Paola Iuspa-Abbott

In a last ditch effort to leave his mark on the city, term-limited Miami Mayor Manny Diaz is pushing the commission to act on his proposed sweeping overhaul of Miami’s zoning code, which continues to be a magnet for controversy. Diaz spent years on the Miami 21 rewrite of the city’s decades-old zoning code, only to watch it sputter. Both critics and supporters were surprised when, with just months left in office, he called a commission meeting for Thursday to discuss Miami 21. Opponents of the plan are fuming the mayor would call a meeting to discuss Miami 21 in August — a time when many vacationing residents are out of town. Commissioners, by city charter, don’t typically meet in August. But with city elections set for November, Diaz has little time left for any initiatives. “This is an underhanded move by the administration,” said neighborhood activist Grace Solares. “They don’t want to have public input into anything they do with respect to Miami 21. They know full well that there are a lot of people who left town on vacation.” She said many opponents won’t have an opportunity to air their concerns Thursday. Miami 21 would change density, setback, and height rules; give the city’s planning director much more control over the permitting process, and potentially increase developers’ impact fees. The code, which has been in the works for four years, has been on hold since January, when the city’s Planning Advisory Board endorsed it. The proposal must be reviewed by the City Commission a second time before a final vote for approval is scheduled. “I am stunned, absolutely stunned that they would schedule this in August,” land-use attorney Carter McDowell said. The Bilzin Sumberg Baena Price & Axelrod partner represents developers who oppose Miami 21. Diaz did not return several messages seeking comment. “Government keeps working through August. We don’t see it as inappropriate to hold a meeting that has been properly advertised,” said Helena Poleo, a spokeswoman for the mayor. The scheduling of the first reading during August could call into question issues of transparency and public engagement, said Jonathan West, professor of Public Administration at the University of Miami. It “has a negative impact on public trust and on public acceptance of governmental actions” he said. “The legitimacy of a decision, sometimes, can be questioned.” Web Extra:Link explaining Miami 21Diaz’s move even surprised his allies, including City Commission chairman Joe Sanchez, who had scheduled an emergency budget workshop for Thursday to explore how to reduce a projected $118 million shortfall in next year’s budget. Sanchez urged the mayor to cancel the Miami 21 meeting, saying city leaders had bigger issues to deal with. “Hundreds of people have contacted my office about the dire financial situation our city is in,” Sanchez said in a July 27 memo to Diaz. “Not one person has contacted me pushing to get Miami 21 adopted before the mayor’s term expires.” Sanchez, who is running for mayor, postponed the workshop. “The vote regarding Miami 21 will not distract staff away from working on the city budget,” Diaz said in a July 27 statement. Opponents' concerns Aside from the hearing schedule, neighborhood activists, as well as developers, worry the new code will give the city’s planning director unprecedented power. Currently, the commission and various city departments and officials all have a hand in overseeing the design, character, specific uses, occupancy and compatibility of projects. The planning director should have to work under strict guidelines, McDowell said. “The planning director is being given a much wider discretion to say ‘yes’ or ‘no’ because [the director] likes something or doesn’t like it,” McDowell said. McDowell said Miami 21 lacks sufficient guidelines, making the city vulnerable to lawsuits from developers and residents. “Imagine the chaos created if Miami 21 is adopted and two years later is found to be invalid,” said McDowell, adding that permits granted under Miami 21 would become void. Those concerns are unfounded, said Planning Director Ana Gelabert-Sanchez. Under Miami 21, “The City Commission continues to have ultimate decision-making powers,” she said, adding that “the criteria in which the planning director bases his/her recommendation is clearly spelled out.” A neighbor's fight For almost four years, Hadley Williams and other members of the group Miami Neighborhoods United unsuccessfully pushed city planners to lower Miami 21’s proposed height limits for buildings near residential neighborhoods. “Our comments have fallen on deaf ears,” said Williams, who saw a high-rise condo go up near his home and along Southwest 27th Avenue between Coral Way and U.S. 1 during a recent housing boom. Gelabert said Miami 21 provides a transitional height between residential and high-rise areas. “Miami 21 reflects many of the wishes of the public, such as neighborhood conservation, transitions to avoid out of scale buildings, and height restrictions — particularly when next to a single family neighborhood.” Critics say the code favors developers by limiting public input during the permitting process. “Miami 21 has stripped away a lot of those public hearings and allows the planning director a great deal of authority,” Williams said. Gelabert said “each process [will] require significant public notice and opportunity for participation.” Buying development rights Architects also have concerns. They say Miami 21 will limit their creativity and hamper their ability to design innovative buildings. The Miami chapter of the American Institute of Architects opposes the code. Miami architect Dean Lewis discussed his concerns with city planners. He said they told him height, setback and other waivers would still be available. But that would be an uncertain process, he said, and waivers would be “granted at the discretion of the planning director.” Lewis also said Miami 21 will bolster the city’s income more than help developers. The code would reduce density for dozens of vacant parcels citywide. Yet, owners could get permitted density increased by paying into a public benefit fund, according to Miami 21. McDowell says a client that owns a Brickell Avenue parcel would be limited by Miami 21 in the amount of space he could build. Under the current code, McDowell’s client would have to pay the city close to $9 million in fees to be able to develop the site, according to McDowell. Under Miami 21, he would pay nearly $27 million in fees plus the cost of buying back development rights, or buildable space, McDowell said. A Breath of Fresh Air? Miami’s current zoning code is outdated and flawed, said Miami historian Arva Parks, past chair of the city’s Planning Advisory Board. Developers can now obtain spot land-use changes, often resulting in projects incompatible with the neighborhood, said Parks, whose term on the board expired earlier this year. Miami 21 would give the Planning Advisory Board more power and she welcomes that. The board would be merged with the Zoning Hearing Board and its recommendations would have to be appealed to the City Commission to be changed. The planning board now only advises the commission, and commissioners often ignore its advice. “It became very apparent to me that this advisory business was a sham,” she said. “Now, [developers] don’t have to file an appeal, they just have to lobby. Under Miami 21, it will become a much more transparent process.” Paola Iuspa-Abbott can be reached at (305) 347-6657.

BALLROOM AT 3230 CALUSA IN THE GROVE

Need A Ballroom?

One of our listings is crying out for a movie, sports star or consulate. With more than 8,300 sq. ft. on a Fairchild Gardenesque 27,000 square feet, this very private estate has it's own ballroom, with a fireplace. The owners kids, take fencing lessons in it and one of them is rated third nationally. Call me at 305.607.8360 to see this unique home. Offered at $2,750,000.

Miami 21 Coming Before Commission

Just learned the revised plan for city-wide rezoning, MIAMI 21, is coming before the City Commission on August 6 for its first reading. a vote is taken at the second reading set for a yet undetermined time. This is very important to the future Miami and especially, our Grove. Please plan to attend.

North Grove Measures Up to South Grove

For the first time in our Real Estate practice, the North Grove has reached parity with the South Grove. There was a time when buyers stated a well-defined preference to live in the South where property values were higher too. But now, property values are the same and data suggests there’s a buyer preference skewed to the North Grove.
As not only a Realtor, but an Elected Coconut Grove Councilman, I’ve paid attention to the zoning proposals of the Mayor Diaz government. The future of Miami calls for higher density living. That means taller homes, increased setbacks and altered floor to area ratios, where bigger homes will be built on smaller lots. All of this is coupled with an emphasis on mass transit. We might see, unfortunately, an urbanization of this cherished place. Additionally, the exclusivity that privacy brings will become a thing of the past, as shrubs, walls and fencing might not exceed three feet in height. The Diaz plan, over two years in the making and dubbed Miami 21, created uproar among activists and their elected leaders. The Village Council rejected it and so did the City Commission. It has been tabled, but may re-emerge after the mayoral elections in November.
Reduced density means more convenience, less traffic and more public safety for people living in those areas. And, that’s the reason the North Grove is emerging as a homestead of choice. Buyers have taken the trip during rush hour between 17th and 42nd Avenues and realize an additional commuting time from downtown of up to a half hour. Most residents living in the North Grove have easy access to the water at Kennedy Park, the Fresh Market is near and so are the marinas. Understand, we have lived in the North and South and as Top Producing Realtors list in both areas; we haven’t a preference. This discussion is about a trend we see emerging, evidence by the fact that of the forty homes sold in the Grove since January 1, only thirteen have been in the South Grove.
With this trend, pricing disparity between the two areas has vanished. The South Grove always commanded more, but not today. Homes in the North and South, selling for over $500,000, are being listed at an average $327 per square foot and selling at an average $286.00 per square foot. The average difference between asking and selling price per square foot is 10.43 percent and that’s across the board for the North and South. The Cherry Group doesn’t sell homes by the square foot, but still buyers make comparisons, in part, with this fundamental measurement and when pricing your home, price per square foot is worthy of your consideration.
What we have now is a “one” Coconut Grove, where property values at both ends of the village are the same. And, which statistically through the first half of this year, seems to indicate a buyer preference for the North Grove.

Gary Hecht and Sylvia Cherry – THE CHERRY GROUP AT COLDWELL BANKER