Surprised Sellers Learn The Value Of Their Home In A Changing Market

November 17th, 2014 Written By


Categorized under Coral Gables Real Estate

Stressed businessman

Now that the real estate market has come back in full force, many sellers are unsure about the current value of their home.  There are certain segments of the market which have increased more than others and only after an in depth analysis will you know the true value of your home.  I met with some potential sellers on Sunday morning to discuss their home’s market value and delivered the good news that their house was worth nearly $100,000 more than they thought.  Now that was a refreshing change!

There are many factors that I take into account when performing a valuation aside from just the recent comparable closed sales.  I also like to pull the comparable active listings to see what the competition (including the “days on the market” for these properties).  If a similar home down the street from the subject property is listed for $750,000 and still hasn’t sold after several months, then it is an indication that buyers don’t see the value at this price.  Another important factor is pending sales. Pending sales can tell you where prices are headed in the future.  Even though we don’t know the sale prices yet, we know that Coral Gables homes sell roughly 5% off of their list price which will give us an approximate value.

If you are interested in working with Realtors who specialize in Coral Gables, please feel free to contact us at 305-342,1623, we would love the opportunity to work with you.

After 4 Years On The Market 6801 Pullen Avenue Sells For $6,025,000

November 13th, 2014 Written By


Categorized under Coral Gables Real Estate, Coral Gables Waterfront Homes

Pullen Avenue, Coral Gables

The home located at 6801 Pullen Avenue in Coral Gables just sold for $6,025,000.

This property originally hit the market back in 2010 for a list price of $6,500,000.  The home offered 5,157 square feet of living area with 4 bedrooms, 4 baths on a 31,304 square foot lot.  It was marketed as a renovation project and/or land value.  Over the years they raised the price to $7,500,000 then lowered it back down to $7,100,000, $6,999,000 and finally $6,495,000.  This was a unique property for Coral Gables because it was direct-bay front with 121 feet of water frontage, however it was not located in a gated community.  Most direct bay-front homes in Coral Gables are in Cocoplum, Gables Estates, Sunrise Harbour, Gables By The Sea, etc.  But Pullen Avenue in Coral Gables is between North Prospect and South Prospect and not in a gated community.  That presented some difficulty in the sale of the home because there aren’t too many buyers who are willing to pay upwards of $6,000,000 for a non-gated community home that needed torn down or renovated.

At $192.00 per square foot of land, the house sold for approximately the same price that a similar direct bay-front lot sold for in the nearby gated community of Sunrise Harbour (6975 Sunrise Terrace closed for $187.00/square foot).

**This is the first home sold over $5,000,000 in the past 90 days in Coral Gables.

Listing agent was Dennis Carvajal of One Sothebys.

Pullen Avenue, Coral Gables

Pullen 3

We are Coral Gables real estate specialists.

If you are interested in buying or selling real estate in Coral Gables, we would love the opportunity to work with you.  We can be reached anytime at 305-342-1623 or by sending us a message here.

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Gables Estates Activity Is SLOW In 2014

November 10th, 2014 Written By


Categorized under Coral Gables Gated Communities, Coral Gables Real Estate

Gables Estates Aerial

Activity is so slow in Gables Estates this year that you could hear a pin drop.  With just 3 homes sold since January 1st, the market is pretty much at a standstill in this prestigious gated community.  The reason? A lack of inventory is the main contributor but we have also seen a slowdown in the number of ultra-luxury sales.  In fact, there has not been a home sold over $5,000,000 in Coral Gables during the last 90 days.  This is a problem for Gables Estates where homes start at $5,000,000 and go up to $15,000,000.

If you follow the blog you may remember that 2012 was a record setting year for Gables Estates with 12 sold homes and $100,000,000+ sold in volume.

Gables Estates is a private, 200 acre gated community situated on Biscayne Bay in Coral Gables.   With homes that have an average sale price of $7,000,000, it is certainly one of Florida’s most exclusive addresses.  Gables Estates was developed in the 1960′s by industrialist Arthur Vining Davis (Davis owned an estimated 1/8 of Dade County at the time).

Our team knows the Coral Gables real estate market and tracks the sales to help our clients make informed, confident decisions.  If you are interested in working with realtors who specialize in Coral Gables, please feel to contact us here .

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Coral Gables On Track To Break Record | $1,000,000+ Home Sales

October 29th, 2014 Written By


Categorized under Coral Gables Real Estate

Coral Gables Million Sales Chart

Reports surfaced this week stating that Miami was now among the nation’s Top 10 Luxury Home Markets.  The cities with the most $1,000,000+ home sales earned a spot on the list.  Coral Gables certainly contributed to these figures with over 177 $1,000,000+ properties sold in 2014.  And we are on track to sell more $1,000,000+ homes in 2014 than any year in history (with 79 under contract).  Rising values, low inventory and high demand are among the contributing factors to these high price sales.  Take a look at the chart I created above which shows how this segment of the market has grown over the past 5 years.

We are Coral Gables real estate specialists.

If you are interested in buying or selling real estate in Coral Gables, we would love the opportunity to work with you.  We can be reached anytime at 305-342-1623 or by sending us a message here.

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Direct Waterfront Sells In Gables By The Sea For $2,650,000

October 23rd, 2014 Written By


Categorized under Coral Gables Gated Communities, Coral Gables Real Estate, Coral Gables Waterfront Homes

780 Lugo Avenue, Gables By The Sea

This unique property located on a peninsula in the gated community of Gables By The Sea (780 Lugo Avenue) just closed for $2,650,000.  It was being sold as a renovation project and offered 4,045 square feet of living area on a 11,500 square foot lot.  It had 100′ of direct bay views with a private dock and boat lift. Although the home needed significant updating, it still sold for $655/sq. ft. of living area which is one of the highest price per square foot figures this year in Gables By The Sea.

It is not likely that the property sold completely for land value because at $250.00/sq. ft. – you would be looking at a higher $/sq. ft. than even Gables Estates is fetching for direct waterfront land.

Property was listed by Joann Roberts.

We are Coral Gables real estate specialists.

If you are interested in buying or selling real estate in Coral Gables, we would love the opportunity to work with you.  We can be reached anytime at 305-342-1623 or by sending us a message here.

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Is It Still Possible To Find A Distressed Sale In Coral Gables

October 13th, 2014 Written By


Categorized under Coral Gables Real Estate

Despite the unbelievable turnaround in the Coral Gables real estate market over the past few years, we are still seeing some distressed properties come across the MLS.  There have been a total of 17 short sales and 12 foreclosures sold in 2014 in Coral Gables.  The average sale price of these homes has been $600,000 ($250.00/sq. ft.).

There are 21 short sales and 4 foreclosures pending/under contract in Coral Gables and approximately 5 short sales and 5 foreclosures currently for sale.

While it is still possible to snag a distressed sale, you typically have to be a cash buyer and willing to pay close to or above asking price.

Check out the spreadsheet below which shows all of the short sales and foreclosures which have closed in Coral Gables this year.  If you would like more information about any of these sales, please feel free to contact us.

Distressed Sales Coral Gables

We are Coral Gables real estate specialists.

If you are interested in buying or selling real estate in Coral Gables, we would love the opportunity to work with you.  We can be reached anytime at 305-342-1623 or by sending us a message here.

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Just Listed In Coral Gables! 806 Messina Avenue

October 7th, 2014 Written By


Categorized under Coral Gables Real Estate

Messina Collage

We just listed a great home with 3 bedrooms, 2 baths + office/den for under $600,000 in North Gables.  This is a fantastic property that I know will sell fast.  The home offers light filled living spaces with new hardwood floors, updated master bath, California closets and impact glass.  French doors in the family room open to a charming Chicago brick terrace and lush tropical garden which is perfect for entertaining.

Details of 806 Messina Avenue in Coral Gables:

Please contact Liz Perdigon of The Riley Smith Group at 786-543-5777 to set up a showing.

We are Coral Gables real estate specialists.

If you are interested in buying or selling real estate in Coral Gables, we would love the opportunity to work with you.  We can be reached anytime at 305-342-1623 or by sending us a message here.

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731 Minorca Avenue Sells $84,000 Above List Price!

September 29th, 2014 Written By


Categorized under Coral Gables Real Estate

Minorca

731 Minorca Avenue listed by Jeannett Slesnick hit the market with a description that read:

“Stunning, updated/expanded home close to CG Country Club and downtown Gables. Enter large foyer, then step into LR with carved stone fireplace & cathedral ceiling. Formal DR leads to the Fam Rm that opens to a covered back porch and lushly landscaped/lighted back yard. The new kitchen has breakfast area, plus dining counter. 3 large bdrms/2 baths. Master is huge with walk-in closet. Like a brand new home as most major updates have been completed including impact windows.  FIRM PRICE OR ABOVE LIST PRICE EXPECTED

They weren’t joking with that caveat!  The home went under contract in days and sold $84,000 above asking price.  This was a 1930’s home that had been well updated and expanded.  It offered 2,954 square feet of living space on a 11,250 square foot lot with 3 bedrooms, 2 baths.  Special features included carved stone fireplace, cathedral ceilings & impact windows and doors.  The home closed for $1,180,000.

With inventory so low in today’s market, a well priced home garners a huge amount of interest and typically sells at or above list price.

The Coral Gables real estate market is changing on a daily basis.  If you are interested in buying or selling and want to work with an experienced Realtor who knows the numbers and tracks the sales, please contact me directly at 305-342-1623. 

Coral Gables Homes For Sale Under $1,000,000 | Lowest Level In 5 Years

September 22nd, 2014 Written By


Categorized under Coral Gables Real Estate

Gables Chart

 

The chart above shows the number of homes for sale in Coral Gables which are priced under $1,000,000.  You can see that we are currently at the lowest inventory level in over 5 years.   These figures are a result of rising home prices as well as increased activity in this price point.  This segment of the market is by far the most active in Coral Gables right now as buyers quickly snap up entry-level homes.

While this is great news for sellers, it has led to frustration among many buyers.  When a good home priced under $1,000,000 hits the market it is common for there to be multiple offers with the highest and best offer securing the deal.

An interesting figure about this segment of the market is that sale prices for $1,000,000 and below homes have increased from $500,000 to $600,000 since 2010.

The Coral Gables real estate market is changing on a daily basis.  If you are interested in buying or selling and want to work with an experienced Realtor who knows the numbers and tracks the sales, please contact me directly at 305-342-1623.

Land In Coral Gables Sells For $58.00/Square Foot

September 8th, 2014 Written By


Categorized under Coral Gables Real Estate

Land for sale in Coral Gables

With home prices on the rise, developers are circling Coral Gables real estate looking for opportunities to build.  The property at 6505 Castaneda Street sold for full price in just 2 days after hitting the market.  The property offered 17,078 square feet of land in a prime location.  Although there was a structure on the lot, the property sold for land value at $1,000,000 or $58.00/square foot.  Listed by Dee Quintero of EWM Realty.

Currently in Coral Gables the average sale price per square foot of non-waterfront lots is $55.00, while the average waterfront lot is selling for over $100.00 per square foot.

There have been 14 other lots sold in Coral Gables this year, see details below:

  1. 2 Arvida Parkway | Sale Price: $6,125,000 | Waterfront and Gated Community | $161.00/Sq. Ft.
  2. 10350 Old Cutler Road | Sale Price: $1,300,000 | $29.00/Sq. Ft.
  3. 1507 Cordova Street | Sale Price: $600,000 | $55.00/Sq. Ft.
  4. 432 Madeira Ave. | Duplex Lot | Sale Price: $425,000 | $42.00.Sq. Ft.
  5. 450 Como | Sale Price: $1,500,000 | $60.00/Sq. Ft.
  6. 6975 Sunrise Terrace | Sale Price: $5,000,000 | Waterfront and Gated Community | $187.00/Sq. Ft.
  7. 2 Arvida Parkway | Sale Price: $6,159,000 | Waterfront and Gated Community | $112.00/Sq. Ft.
  8. 111 San Souci Drive | Sale Price: $950,000 | $55.00/Sq. Ft.
  9. 816 Paradiso Avenue | Sale Price: $600,000 | $71.00/Sq. Ft.
  10. 4940 Hammock Lake Dr. | Sale Price: $1,830,000 | $36.00/Sq. Ft.
  11. 145 Leucadendra Dr. | Sale Price: $7,000,000 | Waterfront and Gated Community | $193.00/Sq. Ft.
  12. 0 Cantoria Ave | Sale Price: $650,000 | $59.00/Sq. Ft.
  13. 0 Calibira Ave | Sale Price: $490,000 | $75.00/Sq. Ft.
  14. 12 Sorolla Ave | Sale Price: $470,000 | $62.00/Sq. Ft.
We are Coral Gables real estate specialists.

If you are interested in buying or selling real estate in Coral Gables, we would love the opportunity to work with you.  We can be reached anytime at 305-342-1623 or by sending us a message here.

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