Short Sales – Banks Demand Small Token From Sellers
September 1st, 2010 Categories:Coral Gables Real Estate
I currently have 5 short sales pending for my clients and have successfully completed many more. A recent trend that I am seeing is that the banks are asking the sellers to come up with a little bit of cash, I’ve seen anywhere from $3,000 to $100,000.
I have had instances where the buyers say that they will pay the money but the bank insists that the cash come from the seller. Think about it, they are forgiving $100,000’s of debt on each transaction and just want the short sellers to give some token of money. Since they won’t accept it from the buyer, it does seem that they want to penalize the seller.
Coral Gables Short Sale Update:
There are currently 46 short sales for sale in Coral Gables (to view them click here) and there have been 30 to close this year. The average list price to sale price of these short sales was 92% which is roughly the same as a typical sale. However, the average sale price per square foot was $214.00 which is far below the average in Coral Gables. To view a list of all closed short sales in Coral Gables, please click here.
If you are interested in listing or buying a short sale property, I have a great team in place to help make the process as smooth as possible. Please contact me at 305.342.1623 or send me a note here.
Coral Gables Hot Spot – Sunrise Harbour
August 31st, 2010 Categories:Coral Gables Real Estate
The area of Coral Gables known as the Sunrise Harbour neighborhood has been particularly active this year. There have been 15 single family homes sold (10 sold in 2009) and there are currently 23 for sale. Properties here range from small ranch style homes priced in the $600,000’s all the way up to multi-million dollar waterfront homes.
Map Of Sold Homes – Sunrise Harbour
Map Of Homes For Sale - Sunrise Harbour
To view a list and photos of all the homes currently for sale in Sunrise Harbour please click here.
If you are interested in buying, selling, building or renting in Coral Gables and are looking for a real estate agent who specializes in the area, please feel free to contact me at 305.342.1623 or send me a note here.
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Trouble Ahead For High End Homes In Coral Gables?
August 30th, 2010 Categories:Coral Gables Real Estate
This year there have been only 2 foreclosures sold over $1,000,000 in Coral Gables and there is currently only 1 on the market. But information from the Federal Reserve shows that things are about to change. There is a large amount of shadow inventory looming in the distance.
Check out these numbers for Miami-Dade: Only 61.2% of the homeowners with a jumbo-mortgage (mortgage over $423,750) are current with their payments. Of the other 38.8% here is the breakdown:
These numbers mean that if you are a luxury home seller you need to get your property sold before this inventory has a chance to bring values down.
How? List your home with a local agent who knows the price to get it sold while not selling for less than market value. You need to show buyers that you are serious about selling your house and not just testing the market.
If you are interested in buying, selling, building or renting in Coral Gables and are looking for a real estate agent who specializes in the area, please feel free to contact me at 305.342.1623 or send me a note here.
To subscribe to the Coral Gables Real Estate Vault, just enter in your email address here. A followup email will be sent and you will be required to “activate” the subscription.
Check Out These Coral Gables Colonial Style Homes
August 26th, 2010 Categories:Coral Gables Real Estate
Back during the colonization of North America, settlers brought their own style of architecture and combined them with the building techniques of North America. This created several different colonial styles of architecture including British Colonial, Caribbean Colonial, American Colonial, Spanish Colonial, French Colonial and others.
Colonial homes have become very popular recently and many builders are choosing this style as opposed to the often used Mediterranean style. Below are some of the colonial style homes currently for sale in Coral Gables:
10305 Coral Creek Road | List Price: $3,950,000 | Listed by EWM Realtors, Inc.
431 Como Avenue | List Price: $1,950,000 | Listed by One Sotheby’s
2720 Cardena Street | List Price: $1,850,000 | Listed by Dade County Development Corp.
To view other colonial style homes for sale in Coral Gables, please click here.
If you are interested in buying, selling, building or renting in Coral Gables and are looking for a real estate agent who specializes in the area, please feel free to contact me at 305.342.1623 or send me a note here.
To subscribe to the Coral Gables Real Estate Vault, just enter in your email address here. A followup email will be sent and you will be required to “activate” the subscription.
“Gables Estates” Market Has Been Slow
August 24th, 2010 Categories:Coral Gables Gated Communities
Gables Estates continues to be one of the premium gated communities in Coral Gables. But with no sales in 2010 their market has certainly slowed down (they had 7 sales in 2009).
This lack of sales is not indicative of the rest of the ultra-luxury market in Coral Gables. Below is a breakdown of the ultra-luxury sales in Coral Gables (they occurred in Snapper Creek Lakes, Journey’s End, Cocoplum and Old Cutler Bay):
- $3,000,000 – $4,000,000: 10 homes sold in 2010
- $4,000,000 – $5,000,000: 2 homes sold in 2010
- $5,000,000+: 4 homes sold in 2010
To view a list of homes currently on the market in Gables Estates, please click here.
If you are interested in buying, selling, building or renting in Coral Gables and are looking for a real estate agent who specializes in the area, please feel free to contact me at 305.342.1623 or send me a note here.
To subscribe to the Coral Gables Real Estate Vault, just enter in your email address here. A followup email will be sent and you will be required to “activate” the subscription.
A Look Back At The Coral Gables Real Estate Market
August 23rd, 2010 Categories:Coral Gables Real Estate
Take a look at the real estate activity here in Coral Gables over the past 8 years. It is fascinating to see the roller coaster ride we have been on. Although inventory rose slightly over the past few months, we are well below the levels of 2007 and 2008. Also interesting is the second chart which shows that real estate in Coral Gables is back to 2004 prices.
If you are interested in buying, selling, building or renting in Coral Gables and are looking for a real estate agent who specializes in the area, please feel free to contact me at 305.342.1623 or send me a note here.
To subscribe to the Coral Gables Real Estate Vault, just enter in your email address here. A followup email will be sent and you will be required to “activate” the subscription.
Which Coral Gables Condos Have The Highest Maintenance Fees?
August 20th, 2010 Categories:Coral Gables Condos
The highest maintenance fees in Coral Gables right now are not surprisingly in Deering Bay and The Gables Club. Maintenance fees typically include water, sewer, garbage, trash removal and insurance. But in the higher end buildings, you have other amenities such as health clubs, pools, marinas, tennis courts, valet parking and on site property management which add to the cost. As the saying goes, you get what you pay for.
Maintenance fees in Deering Bay vary depending on the size of your unit and the particular building whereas in The Gables Club it seems they are pretty standard across the board (about $2,500 per month).
If you are interested in buying, selling, building or renting in Coral Gables and are looking for a real estate agent who specializes in the area, please feel free to contact me at 305.342.1623 or send me a note here.
To subscribe to the Coral Gables Real Estate Vault, just enter in your email address here. A followup email will be sent and you will be required to “activate” the subscription.
THE Most Important Question To Ask Your Realtor
August 18th, 2010 Categories:Coral Gables Real Estate
Is NOT “How many years have you been in the business?” but rather ”How much business have you had?”.
Think about it, would you rather have an agent who had been in the business for 20 years and participated in 30 transactions, or 10 years with 150 transactions?
An agent learns something new with every sale and that accumulated knowledge is what provides them with the expertise to successfully close a deal.
If you are interested in buying, selling, building or renting and are looking for an experienced Coral Gables realtor to assist you, please don’t hesitate to call me on my cell at 305.342.1623 or send me a note here.
Short Sale In Snapper Creek Lakes
August 16th, 2010 Categories:Buying in Coral Gables
A short sale (unapproved) in Snapper Creek Lakes has recently come on the market. The home was built in 2006, features 6 bedrooms, 7 baths, 8,443 square feet of living space on a 57,449 square foot lot and is listed at $3,950,000 (recently reduced by $500,000). Keep in mind that short sales can take anywhere from 3 to 9 months to close. I have completed several short sale transactions for my clients and it certainly takes an extreme amount of patience and time. However, if you are willing to suffer through the process there are some great deals out there.
This house is listed by Elena Kemper and Libby Klein of EWM Realtors, Inc. If you would like to view this home I would be happy to schedule an appointment for you.
If you are interested in buying, selling, building or renting in Coral Gables and are looking for an experienced realtor to assist you, please don’t hesitate to call me on my cell at 305.342.1623 or send me a note here.
Another Closed Sale In Cocoplum: 9 Total This Year
August 12th, 2010 Categories:Coral Gables Gated Communities
The home located at 151 Paloma Drive in Cocoplum’s southern end closed earlier this month for $1,812,500. The house was a gorgeous 2 story, 6 bedroom, 5 bath, non-waterfront home on a 16,047 square foot lot. It sold for $367 a foot. The home was on the market for only 10 days once they reduced the price from $2,400,000 to $2,175,000.
This brings the total closed sales in Cocoplum this year to 9. The average price per square foot of non-waterfront homes in Cocoplum is running about $358 a foot.
To view all homes for sale in Cocoplum, click here.
If you are interested in buying, selling, building or renting in Coral Gables and are looking for an experienced realtor to assist you, please don’t hesitate to call me on my cell at 305.342.1623 or send me a note here.
