Number Of Homes For Sale Trending Up In Coral Gables

April 10th, 2014 Written By Riley Smith


Categorized under Coral Gables Real Estate

Coral Gables real estate sign

For the first time in several years, we have seen 3 consecutive months of increasing inventory in Coral Gables. This trend is likely the result of two contributing factors:

  1. More people are putting their home for sale because they want to cash in on increasing home prices.  The average “sale price/square foot” has increased from $306.00/sq. ft. in 2012 to $352.00/sq. ft. in 2014.
  2. Home sales are down.  We are seeing a slight decrease in the number of closed sales from the same time period last year which results in more homes sitting on the market.  Some buyers are slightly wary of the quickly rising home values and are waiting to see where the market will go in the next few months.

One interesting thing to make note of is that the increase in inventory has been mostly in the $1,000,000 and over market (this segment has also seen an increase in the average “sale price per square foot” from $439.00 in 2012 to $470.00 in 2014).

If you want to work with a realtor who specializes in Coral Gables real estate, please feel free to contact me at 305-342-1623 or send me a note here.  The real estate market is changing rapidly and we follow the trends to make sure our clients make informed, confident decisions.

Featured Coral Gables Community: Sunrise Harbour

April 8th, 2014 Written By Riley Smith


Categorized under Coral Gables Real Estate

Park at Sunrise Harbour Park

The area known as Sunrise Harbour is one of my favorite spots in Coral Gables.  You have a wide range of properties available from $800,000 ranch style homes, up to luxury, waterfront homes.  The neighborhood is centered around the Sunrise Harbour Park which is a great place to exercise, take the kids or go for a walk.   It is also very central to the downtown shopping and dining areas of Coconut Grove and Coral Gables.

In the past 90 days there have been 3 homes sold in the Sunrise Harbour area.

105 Morningside Drive, Coral Gables: This was a 4 bedroom, 3 bathroom, one-story ranch style home with 2,613 square feet of living space on a 10,700 square foot lot.  Some of the special features included impact glass, two car garage, walk in closet and  high ceilings with crown moldings.  The home was listed for $925,000 and sold for $885,000.   Listed byXCellence Realty.

50 East Sunrise Drive, Coral Gables: This home offered 4 bedrooms, 5 bathrooms with 5,518 square feet of living space on a waterfront 14,000 square foot home.  It provided 43 feet of protected dockage with no bridges to the bay.  Some of the special features of the home included 40 feet heated pool, brazilian walnut floors, fireplace, butler’s pantry, steam shower, jacuzzi and chef’s kitchen.  The home was listed last year for $3,100,000 and went under contract in 4 days.  It closed for $2,895,000.  Listed by Avatar.

6975 Sunrise Terrace, Coral Gables: This spectacular listing offered 4 bedrooms, 4 full bathrooms, 2 half bathrooms with 4,484 square feet of living space on an incredible 26,700 square foot waterfront lot with bay views.  Water frontage was 266 feet.  The home was listed for $5,999,000 and closed for $5,000,000.  Listed by EWM Realty International.

There are currently several homes available for sale in Sunrise Harbour, see below:

See all Sunrise Harbour Area, Coral Gables.
(all data current as of 4/15/2014)

  1. 7 beds, 6 full, 1 part baths
    Home size: 9,322 sq ft
    Lot size: 25,936 sqft
    Year built: 2006
    Parking spots: 4
    Days on market: 13
  2. 5 beds, 6 full, 1 part baths
    Home size: 6,545 sq ft
    Lot size: 41,338 sqft
    Year built: 1975
    Parking spots: 3
    Days on market: 42
  3. 4 beds, 4 full baths
    Home size: 5,157 sq ft
    Lot size: 31,304 sqft
    Year built: 1970
    Parking spots: 2
    Days on market: 56

Listing information deemed reliable but not guaranteed. Read full disclaimer.

If you would like to work with a Coral Gables Realtor who specializes in Coral Gables real estate, please feel free to contact me at 305-342-1623 or send me a message here.

Partially Completed Home Sells In Gables Estates For $8,000,000

April 1st, 2014 Written By Riley Smith


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

Picture of Waterfront Homes in Gables Estates

The property located at 325 Leucadendra Drive in Gables Estates was under construction when it was listed for sale at $10,900,000.  The sellers were looking for a buyer who was interested in completing the home to their own taste and style.  The property offered 16,311 square feet of living space on a 57,017 square foot waterfront lot with 9 bedrooms, 9 full baths and 2 half baths and was designed by renowned architect Ralph Portuondo.  Listed by One Sothebys.

Another home also recently sold on Leucadendra Drive in Gables Estates.  145 Leucadendra Drive was listed for $7,500,000 and sold for $7,000,000.   This was a 3,221 square foot house on a 36,098 square foot waterfront lot with 4 bedrooms, 2.5 baths.   Listed by EWM Realty.

Gables Estates is the most exclusive gated community in Coral Gables.  The average sale over the past 24 months is $8,400,000 with an average “sale price/square foot” of $1,000.  Membership in the Gables Estates Club is a prerequisite to purchasing a home in Gables Estates ($75,000).

Click here to read more about Coral Gables gated communities.

If you want to work with a realtor who specializes in Coral Gables real estate, please feel free to contact me at 305-342-1623 or send me a note here.  The real estate market is changing rapidly and we follow the trends to make sure our clients make informed, confident decisions.

 

Hammock Oaks Harbor | Coral Gables Gated Community

March 30th, 2014 Written By Riley Smith


Categorized under Coral Gables Gated Communities, Coral Gables Real Estate

Hammock Oaks, Coral Gables

Hammock Oaks Harbour is  a gated community located just south of Fairchild Gardens off of Old Cutler Road.  The community offers both waterfront and non-waterfront homes.  There are two types of waterfront homes here: lakefront homes and canal-front homes with ocean access.  In contrast to most other gated communities in Coral Gables, you can find move-in ready homes in Hammock Oaks that are in the $1,000,000 – $2,000,000 range.

Last year, there were just two homes sold in Hammock Oaks.  These traded for $1,300,000 and $1,575,000 (both were non-waterfront).  The highest sale price on record is 11035 Marin Street which closed in 2006 for $3,550,000.  This was a beautiful home situated on almost 1 acre of waterfront land with 2 boat docks.

There are currently 3 homes listed for sale in this gated community.  These range in price from $1,395,000 to $2,990,000.

View details below of homes available for sale in Hammock Oaks.

See all Hammock Oaks, Coral Gables Gated Community.
(all data current as of 4/15/2014)

  1. 6 beds, 7 full, 1 part baths
    Home size: 7,819 sq ft
    Lot size: 23,818 sqft
  2. 6 beds, 4 full, 1 part baths
    Home size: 6,741 sq ft
    Lot size: 17,392 sqft
  3. 5 beds, 5 full baths
    Home size: 5,288 sq ft
    Lot size: 20,250 sqft

Listing information deemed reliable but not guaranteed. Read full disclaimer.

If you are interested in learning more about this gated community in Coral Gables, please feel free to contact me at 305-342-1623.  I am a Coral Gables real estate specialist and would be happy to assist you with your real estate needs.

Different Trends For Different Price Points In Coral Gables

March 19th, 2014 Written By Riley Smith


Categorized under Coral Gables Real Estate, Selling Real Estate In Coral Gables

I created the charts below which break down some different price points in the Coral Gables real estate market and show their average “sale price per square foot” over the past 4 years.  Some interesting points are that values for homes under $1,000,000 have remained relatively stable (declined slightly) since 2013.  We have seen a slight increase in value for homes priced between $1,000,000 and $2,000,000, but the most dramatic rise in home prices came from the $2,000,000 and above market which increased from $568.00 to $690.00 per square foot between 2013 and 2014.

When you look at the overall numbers for real estate in Coral Gables, you have to remember that the market is extremely diverse.  Although the “sale price per square foot” may have increased across the board, there are certainly some areas where we have seen values remain flat.

Coral Gables Real Estate Market Data

Coral Gables Real Estate

Chart featuring average sale price per square foot of over $2 million homes.

If you would like to work with Coral Gables Realtors who know the numbers and track the market, please contact me at 305-342-1623 to set up a buyer or seller consultation.  We can also be reached via our contact form here.

Another Happy Client!

March 13th, 2014 Written By Riley Smith


Categorized under Buying Real Estate In Coral Gables, Coral Gables Real Estate, Selling Real Estate In Coral Gables

ribbon-keys

Our goal at The Riley Smith Group is to help make the buying & selling process as stress free as possible. Many thanks to our recent clients Susan and Chuck Vodicka for their kind recommendation:

“Riley Smith was superb to work with from beginning to end. He was generous with his time, honest and smart, truly a seasoned professional. The whole RS Group were incredibly helpful in getting our property ready to sell and in flawlessly managing the process of showing it to potential buyers. And they found us a rental property in a good location that allows pets where we can live until our new house is built. Our whole experience has left us with the highest respect for Riley and his team.”

If you are considering buying or selling in Coral Gables and would like to work with real estate agents who specialize in this market, please feel free to contact me at 305-342-1623 or send us a message here.

What You Need To Know About Luxury Homes In Coral Gables

March 10th, 2014 Written By Riley Smith


Categorized under Buying Real Estate In Coral Gables, Cocoplum, Coral Gables Gated Communities, Coral Gables Real Estate, Coral Gables Waterfront Homes, Deering Bay, Gables By The Sea, Gables Estates, Hammock Lakes, Journey's End, Old Cutler Bay, Selling Real Estate In Coral Gables, Snapper Creek Lakes, Sunrise Harbour, Tahiti Beach

Luxury homes are a completely different animal when it comes to real estate in Coral Gables.  They sell at a different pace, are valued in a different way and are marketed in a unique manner.

Homes which have closed for over $3,000,000 in Coral Gables sold in an average of 218 days on the market.  This number is significantly higher than the average home in Coral Gables which sells in approximately 89 days.  Sellers should be warned that even though the market is hot all over Miami, there is less demand for these types of homes and it can take longer to find the right buyer.

A second interesting fact about luxury homes in Coral Gables is that they tend to sell at a larger discount than typical homes.  Over the past 12 months, homes priced over $3,000,000 had a “sale price/list price” ratio of 90% whereas the rest of the homes in Coral Gables have a “sale price/list price” ratio of 95%.  This needs to be taken into consideration when calculating the asking price of a luxury home.  Sellers need to be aware that these types of buyers are looking for a hefty discount off of the list price and adjust their number accordingly.

Lastly, many luxury homes in Coral Gables tend to sell by word of mouth.  By this I mean that top brokers market the listing to other top brokers.  They typically hold private open houses to a small group of Realtors who they believe will have a client for their property.  This often results in sales that don’t even appear on the MLS.

We know the Coral Gables real estate market and track 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 .

Learn more about our team! Visit our website! www.TheRileySmithGroup.com

Visit Today’s News From Our Other Miami Real Estate Blogs:
Coconut Grove Real Estate | Brickell Condo Blog Key Biscayne Real Estate

Great Opportunity Hits The Market In “Little Gables”

March 6th, 2014 Written By Riley Smith


Categorized under Coral Gables Real Estate

Little Gables home for sale

The neighborhood known as “Little Gables” is bordered on 3 sides by the City of Coral Gables but is technically located in un-incorporated Miami-Dade  County.  Little Gables looks and feels just like Coral Gables but the price points are much lower and buyers tend to get more for their money.

Little Gables Home For Sale

We just listed a great starter home in Little Gables located at 4453 SW 13th Terrace.  This home offers 3 bedrooms, 2 baths with 1,486 square feet of living space on a 6,675 square foot lot.  Special features include original wood floors, fireplace, built-ins and classic 1940′s architectural details.  The private back yard has a pool and lush tropical landscaping perfect for year round entertaining.  The home is being offered at $449,000. For more details and photos click here.

Little Gables Home For Sale Kit

This is a great opportunity for buyers looking for a home under $500,000.

Home For Sale In Little Gables Pool

For more information on this property, please contact our team member Liz Perdigon.  She can be reached any time on her cell phone at 786-543-5777 or you can fill out our contact form here.

We know the Coral Gables real estate market and track 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 .

Learn more about our team! Visit our website! www.TheRileySmithGroup.com

Visit Today’s News From Our Other Miami Real Estate Blogs:
Coconut Grove Real Estate | Brickell Condo Blog Key Biscayne Real Estate

How Long Will It Take To Sell Your Coral Gables Home?

March 5th, 2014 Written By Riley Smith


Categorized under Coral Gables Real Estate, Selling Real Estate In Coral Gables

Coral Gables Chart

If you are considering selling your Coral Gables home then I have good news for you! Coral Gables homes are selling faster than ever before.  Due to low inventory levels and high demand, homes are getting sold in an average of 80 days.  You can see from my chart above that this number is part of a trend of decreasing “days on the market”.

As we see homes selling faster, we are also seeing the average “sale price/sq. ft.” rise.  These two numbers typically go hand in hand.  The “sale price/sq. ft.” in 2014 is currently $346.00, up from $332.00 during 2013.

Real estate is changing on a daily basis and our team specializes in Coral Gables.  If you are interested in buying or selling a Coral Gables home, please contact us directly at 305-342-1623 or send us a message here.

The Coral Gables Real Estate Vault is the most comprehensive source for real estate information in Coral Gables. Read the latest news, statistics and opinions on our market or browse the latest listings in our Coral Gables Gated CommunitiesWaterfront HomesLand For SaleForeclosuresShort Sales and more.

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Visit Today’s News From Our Other Miami Real Estate Blogs:
Coconut Grove Real Estate | Brickell Condo Blog Key Biscayne Real Estate

Coral Gables Real Estate Market Update

February 28th, 2014 Written By Riley Smith


Categorized under Coral Gables Real Estate

Santa Maria

Today is the last day of February and I wanted to give you an overview of the Coral Gables real estate market as it stands today. There have been 51 home sales so far in 2014 with a total volume of $55,369,000.  This figure is down from the same time period during 2013 where we saw 74 homes closed with a total volume of $76,863,000.

Homes so far in 2014 have closed at an average “sale price/sq. ft.” of $348.00.  This figure has increased from the average “sale price/sq. ft.” figure from last year which came in at $338.00.

Coral Gables Waterfront Homes

There have been 8 waterfront homes sold in Coral Gables, they closed for an average price of $2,913,000 or $613/sq. ft.  All of these were canal-front properties except for 6975 Sunrise Terrace which offered direct bay views (in gated community of Sunrise Harbour) and closed for $5,000,000.

Coral Gables Gated Communities

Gated communities in Coral Gables have had a slow start to the year.  There have been just 6 homes sold in the gated communities of Coral Gables.  Cocoplum had the most sales with 3 properties sold.

Coral Gables Pending Sales

There are currently 99 pending sales in Coral Gables.  These are listed for an average price of $1,160,000 or $353.00/sq. ft.  The median home that is under contract is listed for $699,000.

The real estate market in Coral Gables is changing rapidly.  If you would like to work with with Coral Gables Realtors who specialize in this market, please give us a call to schedule a buyer or seller consultation.  We can be reached directly at 305-342-1623 or you can fill out our contact form here.

The Coral Gables Real Estate Vault is the most comprehensive source for real estate information in Coral Gables. Read the latest news, statistics and opinions on our market or browse the latest listings in our Coral Gables Gated CommunitiesWaterfront HomesLand For SaleForeclosuresShort Sales and more.

RECEIVE OUR BLOG POSTS DIRECTLY TO YOUR INBOX!

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