RECORD BREAKING: Alan Potamkin’s Coral Gables Home Sells For $43.7 Million

March 15th, 2017 Written By


Categorized under Coral Gables Gated Communities

If you are a regular reader of our blog, you may remember that we have blogged about Alan Potamkin’s home in Gables Estate several times over the past few years (Alan Potamkin is Co-Chairman of Potamkin Automative Group). The property originally hit the market back in 2015 at a list price of $67,000,000 and over time was dropped to $47,500,000. The home is situated on a fantastic corner double lot with 937′ of water frontage and offers 9 bedrooms, 10.5 baths with 20,862 square feet of living area. It had all of the bells and whistles that you would expect from an estate of this magnitude including gym, 1,500 bottle wine room, his/hers libraries, game room, nanny’s quarters, tennis court, guest house, private beach and boat dock.  The Jills of Coldwell Banker represented the seller.

The home went pending on January 6 of this year and closed this week for $43,700,000 (Potamkin reportedly paid $2,000,000 for the land in 1987). This is the highest priced sale on record for a single-family home in Coral Gables. It is also, in the top 10 sales on record in Miami-Dade County.

____________________________________________

If you are interested in buying or selling real estate in Coral Gables and would like to work with Realtors who specialize in the area, please contact us at 305-342-1623 or by filling out a contact form here.

Search All Coral Gables Homes For Sale Here

Coral Gables Under $1 Million Market | Values Trending Down In 2017

March 9th, 2017 Written By


Categorized under Coral Gables Real Estate

Homes priced under $1 million in Coral Gables are by far the highest in demand; every year there are over 300 home sales in this segment of the market. For the past 5 years home values in this price point have been on a steady rise, however, that trend may be leveling off. So far in 2017 we have seen a 7% drop in prices for homes under $1 million in Coral Gables.  Last year they were selling at an average of $352/square foot while this year the average is coming in at $324/square foot.

Another interesting figure is that although the average “sale price/square foot” is lower this year, the average “days on the market” is less too. In 2016 the average home under $1 million took over 100 days to sell, while this year the figure is at just 64 days.  This may be due to the fact that buyers are acting faster in response to the lower prices.

____________________________________________

If you are interested in buying or selling real estate in Coral Gables and would like to work with Realtors who specialize in the area, please contact us at 305-342-1623 or by filling out a contact form here.

Rare Opportunity | Grand Estate On Large Lot In Coral Gables

March 2nd, 2017 Written By


Categorized under Coral Gables Real Estate

If you are looking for a spectacular home on a large lot in Coral Gables, then you will love our listing at 450 Ridge Road. Situated just south of the Cocoplum Circle off of Old Cutler Road, this 5 bedroom, 6.5 bath home offers a 38,500 square foot lot. This magazine quality home has been updated with elegantly appointed interiors and the finest of finishes and fixtures throughout. The home features extensive millwork, inlaid wood and marble floors, and built-in cabinetry. One of my favorite things about the home is the dramatic entrance with circular driveway and Italian-inspired fountain which makes you feel as if you have been whisked away to a European villa.

Details Of 450 Ridge Road:

If you are interested in buying or selling real estate in Coral Gables and would like to work with Realtors who specialize in the area, please contact us at 305-342-1623 or by filling out a contact form here.

“Days On The Market” Increases By 32 Days In Coral Gables

November 10th, 2016 Written By


Categorized under Coral Gables Real Estate

DOM Coral Gables

Homes have taken longer to sell in 2016 than in recent years. You can see from the chart above that the average “days on the market” during 2016 has inched up to 134 days, which is 32 days more than we experienced during 2015. The new trend can be attributed to the fact that we have had a slowdown in sales this year (down by 7% compared to the same time period last year). A good amount of inventory coupled with less demand results in longer “days on the market” for homes that are listed for sale.

What does this mean if you are a seller? Coral Gables home sellers need to make their home stand apart from the competition in order to get it sold. One way to do this is by pricing the home competitively. You don’t have to under-price it, but if you truly want to sell then you need to price it close to market value.  Buyers right now have time on their side and they are showing us that they will wait for overpriced listings to be reduced before making a move.

If you are interested in buying or selling real estate in Coral Gables and would like to work with Realtors who specialize in the area, please contact us at 305-342-1623 or by filling out a contact form here.

Just Listed In Great Coral Gables Location | 54 Prospect Drive

September 21st, 2016 Written By


Categorized under Coral Gables Real Estate

54 Prospect Drive

We have just listed a great home in one of the best Coral Gables locations, 54 Prospect Drive. It is a very quiet neighborhood, with great parks and walking paths nearby. I often take bike rides with my kids through the streets around here because there are very few cars and there is a nice tree canopy overhead. It is also just minutes to downtown South Miami and Coconut Grove. The area is in very high demand and homes don’t stay on the market long.

Our new listing at 54 Prospect Drive has been totally renovated with 4 bedrooms + a den and 3 bathrooms. It offers 2,815 square feet of living area on a 9,900 square foot lot. The kitchen opens up to the family room with vaulted ceilings and french doors overlooking the courtyard style pool and garden.

54 Prospect-19

54 Prospect Drive

Details of 54 Prospect Drive, Coral Gables:

  • 4 Bedrooms, 3 Baths
  • 2,815 Square Feet Of Living Area
  • 9,900 Square Foot Lot
  • Offered at $1,195,000

Please contact our team member Maria Parra Loughlin at 305-878-2488 or [email protected] if you would like to schedule a showing of this property.

If you are considering selling your Coral Gables home and would like to know how we sell our listings fast and for the highest price possible, please contact us today. We can be reached anytime at 305-342-1623 or by sending us a message here.

Number Of Coral Gables Waterfront Home Sales Down, But Prices Are Up

July 27th, 2016 Written By


Categorized under Coral Gables Waterfront Homes

Waterfront Homes In Coral Gables Chart 1

Today I ran the numbers for waterfront properties in Coral Gables and found some interesting stats. Since the beginning of 2015, sales of waterfront homes in Coral Gables has significantly slowed down. On the flip side, values have increased at a steady pace for this segment of the market. The fact that sales have slowed down as prices have risen is not surprising. Buyers tend to get cold feet when they see prices increasing in such a short period of time. This also

Coral Gables Waterfront Homes Chart 2

There are currently 72 waterfront properties on the market in Coral Gables.  These are listed for an average price of $6,000,000 and $889/square foot. Values for waterfront homes vary dramatically depending on whether or not the property is in a gated community, what type of access it has to the bay (bridges or no bridges) and the condition & size of the home. For a list of waterfront homes in Coral Gables click here.

If you are considering selling your Coral Gables home and would like to know how we sell our listings fast and for the highest price possible, please contact us today. We can be reached anytime at 305-342-1623 or by sending us a message here.

Significant Sale: French Village Home Sells For $1,775,000

June 29th, 2016 Written By


Categorized under Coral Gables Real Estate

French Village, Coral Gables

George Merrick was the founder of the City Of Coral Gables back in the early 1900’s. His original architectural plan for Coral Gables included Spanish and then Mediterranean style homes. However he later expanded his vision to include 7 “villages” scattered all over the city which would lure northerners with their unique architectural style. The 7 villages include: The French Normandy Village, The Chinese Village, The Pioneer Village, The Italian Village, French City Village, French Country Village and lastly the Dutch South African Village. Homes that are located in these communities are highly desirable and certainly sell for a premium compared to similar homes in their areas.

French Village, Coral Gables

The residence located at 1017 Hardee Road in the French Country Village has recently sold for $1,775,000 or $528.00/square foot. The home offered 4 bedrooms, 3.5 baths on a 5,000 square foot lot. Built in 1925, the home had been restored to perfection. Broker was Grove Properties.

French Country Village Market Update:

  • The last sale in the French Village was located at 508 Hardee Road and sold for $1,682,500 or $556.00/square foot.
  • There are currently no homes for sale in the French Village.

If you are considering selling your Coral Gables home and would like to know how we sell our listings fast and for the highest price possible, please contact us today. We can be reached anytime at 305-342-1623 or by sending us a message here.

Homes In Snapper Creek Lakes Continue To Increase In Value

June 21st, 2016 Written By


Categorized under Coral Gables Gated Communities, Coral Gables Real Estate

Snapper Creek Lakes Chart 1

Snapper Creek Lakes Chart 2

Although values in certain segments of the Coral Gables real estate market have flattened, we continue to see an increase in prices for homes sold in the gated community of Snapper Creek Lakes. Snapper Creek Lakes is a highly sought after gated community located west of Old Cutler Road. Homes here are very large and situated on over-size lots. Values have increased by 72% since 2012 which is great news for residents of Snapper Creek Lakes!

List prices in Snapper Creek Lakes typically range from $2,000,000 – $5,000,000 and generally have 5-10 sales every year.

Check out the 2016 sales in Snapper Creek Lakes:

  • 10101 Sabal Palm Avenue | 7 Bedrooms, 8 Baths | 11,758 Sq. Ft. LA | 74,980 Sq. Ft. Lot | Sale Price: $8,400,000 | SP/Sq. Ft.: $588.00
  • 5250 Snapper Creek Road | 7 Bedrooms, 7 Baths | 9,997 Sq. Ft. LA | 49,658 Sq. Ft. Lot | Sale Price: $5,762,500 | SP/Sq. Ft.: $576.00
  • 10400 Coral Creek Road | 5 Bedrooms, 4 Baths | 4,074 Sq. Ft. LA | 52,708 Sq. Ft. Lot | Sale Price: $2,725,000 | SP/Sq. Ft.: $668.00
  • 10500 Snapper Creek Road | 4 Bedrooms, 3 Baths | 4,362 Sq. Ft. LA | 53,579 Sq. Ft. Lot | Sale Price: $2,637,500 | SP/Sq. Ft.: $604.00

If you are considering selling your Coral Gables home and would like to know how we sell our listings fast and for the highest price possible, please contact us today. We can be reached anytime at 305-342-1623 or by sending us a message here.

Two New Developments Coming To Coral Gables | Biltmore Parc & Beatrice Row

May 24th, 2016 Written By


Categorized under Coral Gables Condos, Coral Gables Townhouses

After years without any large scale development in Coral Gables, there are now multiple residential projects in the pipeline. Two that I am very excited about are Biltmore Parc and Beatrice Row. Below are the details and information on each of these unique projects.

Biltmore Parc, Coral Gables

Biltmore Parc rendering 1
Biltmore Park rendering 2

Biltmore Parc has a great location just steps from downtown Coral Gables. The boutique building consists of 32 residences (2/2; 2/2.5 +den; 3/3.5 +den), with large expansive terraces featuring Nanawall folding glass, European style kitchens with German appliances, walk in laundry room in every unit, over-sized spa inspired bathrooms with separate shower and tub and walk in closets. The building will be 5 stories high, and reflect the historic architecture of Coral Gables with a modern twist. Residents will benefit from 24/7 concierge service and a one year membership to The Club at the Biltmore.

Beatrice Row, Coral Gables

Beatrice Row

Beatrice Row is located on an entire block in the Biltmore area of Coral Gables. It will be 9 townhouses that are 3 levels each. The townhouses were inspired by the elegant and fashionable townhomes of London, New York and Boston. MG Developer Miami is working with the internationally recognized architectural firm de la Guardia Victoria Architects and Urbanists (DLGV Architects) based in Coral Gables. DLGV Architects’ design of luxury residential projects in Florida and The Bahamas have been featured in Architectural Digest, Home & Design, Period Home, Metropolitan Home, Coastal Living, Veranda and Southern Living.

For more information on either of these new construction projects, please contact me at 305-342-1623 or send me a message here. 

Coral Gables Real Estate Market Remains Steady

May 12th, 2016 Written By


Categorized under Coral Gables Real Estate

Although we are experiencing a slowdown in certain segments of the Coral Gables real estate market, the overall figures remain fairly steady compared to the same time period last year. Check out the charts below which show a comparison between 2015 and 2016.

Coral Gables Real Estate Market

Average Sale Price In Coral Gables

Coral Gables Chart 3

There is one segment that has certainly seen a slowdown in the number of sales this year. That is the $2,000,000 – $3,000,000 price point. You can see from the chart below that sales have slowed by nearly 50% in that price range compared to the same time period in 2015.

Coral Gables Chart 4

Coral Gables Chart 5

Coral Gables Chart 6

Gables Chart z

If you are considering selling your Coral Gables home and would like to know how we sell our listings fast and for the highest price possible, please contact us today. We can be reached anytime at 305-342-1623 or by sending us a message here.

Copyright ©     Log in     Design by Real Estate Tomato     Powered by Tomato Real Estate Blogs