So How Accurate Is Zillow?

February 23rd, 2015 Written By


Categorized under Coral Gables Real Estate

Ask any Realtor and they will tell you that Zillow is the bane of their existence.  1 out of every 2 listing appointments that I go on, I am asked about a property’s Zestimate on Zillow.  I think that Zillow works great in some markets where homes don’t vary much by price, style, condition and age.  But for areas like Coral Gables where every home is so unique, I believe that Zillow gets it wrong most of the time.  For example, imagine two Coral Gables homes that on paper were identical in size, location and condition.  However, one is an Old Spanish and one is a ranch.  Zillow doesn’t know how much value a buyer is going to place on the charming Old Spanish home compared to the ranch style home which could be $100,000 more!  In today’s market, you need an experienced Realtor who knows the comparables and can give you a proper assessment of value.

Many people aren’t aware that Zillow publishes their accuracy figures.  You can see on the chart above that Miami only gets two stars (out of 4).  They come within 5% of the actual price 31.3% of the time, within 10% of the actual price 55.5% of the time and within 20% of the actual price 78.8% of the time.  Here in Coral Gables where average values are $1,000,000, that can be a big difference!!

The moral of the story is, you can use Zestimates as a starting point for your home value.  But why rely on Zillow when you can have a customized valuation performed by a top producer – with no obligation to list your home? The answer seems obvious to me….

We are the #1 Top Producing Realtors at EWM’s Coral Gables office. 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.

Makeover Coming To Miracle Mile

February 19th, 2015 Written By


Categorized under Coral Gables Real Estate

Miracle Mile

Miracle Mile, one of Coral Gables most recognizable shopping areas, will be getting a complete makeover in the coming months.  The City of Coral Gables has hired Cooper, Robertson and Partners of New York to design a more pedestrian friendly street with wider sidewalks, garden areas, more trees, and to install better lighting and new public artworks.  The project will cost $20 million with half of the money coming from the city and the other half from business owners along the street.  The makeover will last approximately 18 months and will occur between the blocks of Galiano and Ponce.

We are the #1 Top Producing Realtors at EWM’s Coral Gables office. 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 Bring Your Boots!

February 17th, 2015 Written By


Categorized under Coral Gables Real Estate

If you were in town over President’s Day weekend, then you know how fantastic the weather here was…crystal clear skies with temperatures in the low to mid 70’s.  But when you live here full time, it is easy to take our sunny weather for granted.  Not only would blizzard conditions and zero degree temperatures put a damper on your weekend plans, but it also slows down the process of getting your home sold!

A Realtor friend of mine, Sue Adler, who lives in New Jersey (the top Realtor in New Jersey for Keller Williams) just posted this message on her Facebook page….”Due to weather, [new listing] won’t be on the MLS until March but qualified buyers are welcome to call me for an appointment prior to MLS – just bring your boots.”  I never thought about how difficult it must be to try to schedule photo shoots, showings and property inspections during snowstorms and frigid temperatures.  To all of my fellow Miami realtors, we don’t know how good we have it!

Sue Adler, Top New Jersey Realtor

It is a beautiful home Sue, congrats on the new listing, and the next time you are in Miami just bring your flip flops.

We are the #1 Top Producing Realtors at EWM’s Coral Gables office. If you 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.  We would love the opportunity to work with you.

Iconic Alfred Browning Parker Home In Gables Estates Finally Sells!

February 11th, 2015 Written By


Categorized under Coral Gables Real Estate, Coral Gables Waterfront Homes

Causarina Collage

The home at 2 Casuarina Concourse in the exclusive gated community of Gables Estates has finally closed for $8,642,700. The home was designed by mid-century architect Alfred Browning Parker known for his unique, modern style.  The property offered 85,431 square feet of land with 580 square feet of water frontage and was selling for land value.  The home was not oriented to take advantage of the water views because it was designed to showcase high-end artwork which would be ruined by direct sunlight.  A few months after coming on the market, the City of Coral Gables designated the house historic.  This designation immediately lowered the property value because any new owner could not tear down the house or significantly alter it and would have to adhere to strict regulations and codes.  After several years on the market, the home sold for $8,642,700.  Congratulations to the listing agent Helen Nicastri of Coldwell Banker.

The last Alfred Browning Parker home to sell in Coral Gables was located at 915 Bayamo Avenue, it closed for over asking price at $1,013,650.  This mid-century modern style home was built in 1954 and offered 3 bedrooms, 2 baths with 2,266 square feet of living space on a 16,071 square foot lot.

We are the #1 Top Producers at EWM’s Coral Gables office. If you 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.  We would love the opportunity to work with you.

Just Listed By The Riley Smith Group! | 5030 Orduna Drive

February 6th, 2015 Written By


Categorized under Coral Gables Real Estate

If you have been looking for a home to completely renovate or land to build a new home, then you will want to check our latest Coral Gables home for sale.  The Riley Smith Group has just listed the property at 5030 Orduna Drive in South Coral Gables.  This home is located on a rare 12,700 square foot corner double lot.  This home is located on a quiet street close to the Riviera Country Club, Biltmore Hotel, Shops of Merrick Park, and the prestigious Coral Gables city center’s many boutiques, galleries and restaurants.  It is also convenient to Miami International Airpot, Miami Beach and Brickell.

This property is listed by one of our Coral Gables real estate specialists, Bea Citron.  If you would like more information or would like to schedule a showing, please call her at 305-606-7993.

Visit Our Other Miami Real Estate Blogs:
Coconut Grove Real Estate  | Brickell Condo Blog  | Key Biscayne Real Estate

The Riley Smith Group Ranks #1 At EWM’s Coral Gables Office

February 3rd, 2015 Written By


Categorized under Coral Gables Real Estate

Coral Gables Top Realtor

In case you missed The Miami Herald this weekend, EWM announced its 2014 Top Producers. I am proud and honored that The Riley Smith Group ranked #4 out of 800 agents. We were also the #1 Top Realtors in the Coral Gables office with over $69,000,000 sold and 120 transactions.

I would like to thank our fantastic team for helping us reach our goals every year! Our hard-working agents include Dominique Duque, Jessica Adams, Carleen Smith, Liz Perdigon, Bea Citron and Roque Castro. Learn more about our team on our website: TheRileySmithGroup.com. 

We look forward to assisting many buyers and sellers in 2015!

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.

Visit Our Other Miami Real Estate Blogs:
Coconut Grove Real Estate  | Brickell Condo Blog  | Key Biscayne Real Estate

Coral Gables Foreclosure Flip | 6815 Brighton Place

January 26th, 2015 Written By


Categorized under Coral Gables Real Estate

Foreclosure Flip in Coral Gables

Now that the economy has turned around, we are seeing fewer and fewer foreclosures come on the market in Coral Gables.  Typically when they do hit the MLS, they are under contract in a matter of days and the buyers are usually investors who offer very favorable terms (i.e. cash and a quick closing!).  The property at 6815 Brighton Place came on the market in 2014 as a foreclosure and sold right away for $1,300,299.  The home offered 5 bedrooms, 5.5 baths with 4,048 square feet of living area on a 10,001 square foot lot.

Now renovated, the home is back on the market listed for $2,149,000.  The MLS description states that everything is brand new including a high-end kitchen, Travertine pool deck and Travertine driveway.

In 2014 there were 20 foreclosures sold in Coral Gables.  They closed for an average of $482,000 or $226.00/square foot.

View a list of Coral Gables Foreclosures below:

See all Coral Gables Foreclosures.
(all data current as of 2/28/2015)

  1. 4 beds, 2 full baths
    Home size: 2,115 sq ft
    Lot size: 5,000 sqft
    Year built: 1927
    Days on market: 2
  2. 1 bed, 1 full bath
    Home size: 206 sq ft
    Year built: 1926
    Days on market: 5
  3. 1 bed, 1 full bath
    Home size: 740 sq ft
    Year built: 2002
    Parking spots: 1
    Days on market: 11

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

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.

Visit Our Other Miami Real Estate Blogs:
Coconut Grove Real Estate  | Brickell Condo Blog  | Key Biscayne Real Estate

Coral Gables Homes For Sale On Large Lots

January 20th, 2015 Written By


Categorized under Coral Gables Real Estate

Calibria Coral Gables Land

An average home in Coral Gables is situated on a lot size between 5,000 and 15,000 square feet.  You will find homes in all price ranges located on lots of this size.  If you are looking for a home with a larger piece of land (15,000+ square feet), you will find that these homes are listed for over $1,000,000.  Insider’s Tip! If you do happen upon a home listed under $1,000,000 that comes with a 15,000+ square foot lot, it is most likely selling for land value.

There are several homes available for sale which have hit the market recently with large lot sizes, check out a few of them below!

  • 1217 Granada Boulevard, Coral Gables | 5 bedrooms, 4 baths | 4,844 sq. ft. LA | 20,000 sq. ft. lot | List Price: $1,499,000 |Listed by Rose Realty |  See more photos and information here.
  • 1025 Sorolla Avenue, Coral Gables | 5 bedrooms, 5.5 baths | 4,061 sq. ft. LA | 25,800 sq. ft. lot | List Price: $1,650,000 | Listed by Sea Grove Realty | See more photos and information here.
  • 8251 Old Cutler Road, Coral Gables | 6 bedrooms, 6.5 baths | 6,599 sq. ft. LA | 41,132 sq. ft. lot | List Price: $2,999,900 | Listed by Ocean Max Realty | See more photos and information here.

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.

Visit Our Other Miami Real Estate Blogs:
Coconut Grove Real Estate  | Brickell Condo Blog  | Key Biscayne Real Estate

Land In The Platinum Triangle Sells For $95.00/Sq. Ft.

January 15th, 2015 Written By


Categorized under Coral Gables Real Estate, The Platinum Triangle

A piece of land located at 510 Tivoli Avenue closed this week for full price of $1,050,000 (Broker was Avatar).  This was an 11,000 square foot lot on a rarely available street in The Platinum Triangle.  It closed for $95.00 per square foot which is very high for land in Coral Gables.  Typically we see non-waterfront lots in Coral Gables sell for an average of $50.00 per square foot.  Take a look at the below spreadsheet of all non-waterfront land sales in Coral Gables during 2014:

Coral Gables Land Sales

Interested in buying land in Coral Gables? Check out a few of the current properties available below.

See all Coral Gables Land For Sale.
(all data current as of 2/28/2015)

  1. 0 beds, 0 baths
    Lot size: 1,000 sqft
    Year built: 1988
    Days on market: 5
  2. 0 beds, 0 baths
    Lot size: 1.06 ac
    Year built: 1968
    Days on market: 8
  3. 0 beds, 0 baths
    Lot size: 11,000 sqft
    Year built: 1953
    Days on market: 9
  4. 0 beds, 0 baths
    Lot size: 10.00 ac
    Days on market: 23
  5. 0 beds, 0 baths
    Lot size: 10.00 ac
    Days on market: 23

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

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.

Visit Our Other Miami Real Estate Blogs:
Coconut Grove Real Estate  | Brickell Condo Blog  | Key Biscayne Real Estate

Comprehensive Review Of Coral Gables Real Estate In 2014

January 7th, 2015 Written By


Categorized under Coral Gables Real Estate, Coral Gables Waterfront Homes

As a whole, the Coral Gables real estate market fared extremely well in 2014.  In my opinion, there are three things that defined the year; these would be: #1: Low Inventory, #2: Bidding Wars, #3: High Prices.  I have created the below charts which show how the Coral Gables real estate market has changed between 2011 and 2014.  The numbers depicted show the market as a whole and are also broken down into waterfront vs. non-waterfront sales.

The first group of charts show the number of homes sold in Coral Gables.  Overall, the number of sales were down in 2014.  This is due to the fact that we suffered from low inventory levels.  There just weren’t enough homes on the market to sell.  Because demand was high, this factor resulted in bidding wars on many properties that hit the market.  And many buyers became frustrated with having to compete against several offers on every property they were interested in.

When you break the numbers down even further, you can see that it was really the number of non-waterfront sales that slowed down.  In contrast, the number of waterfront homes sold were virtually identical to 2013.

Coral Gables Real Estate Chart

Coral Gables Real Estate Chart

Coral Gables Real Estate Chart

The second batch of charts below show the average sale price of homes in Coral Gables.  2014 was a great year for residents of Coral Gables who saw their home prices rise to an average of $1,279,000, the highest average price on record.  We experienced a price increase in both waterfront and non-waterfront homes.  Waterfront homes increased in price by 17% whereas non-waterfront homes increased by 11% from 2013.  Note: 2012 was a record year for waterfront homes sold in Coral Gables, and as you can see 2014 did not reach those figures.

Coral Gables Real Estate Chart

Coral Gables Real Estate Chart

 

Coral Gables Real Estate Chart

Last we have the charts which show the “Average Sale Price/Square Foot” of homes sold in Coral Gables.  This is perhaps the most exciting number.  Overall, we had an increase of 13% between 2013 and 2014.  That is a very large increase to occur in just 12 months.  More good news is that we saw increases in both the waterfront and non-waterfront segments. Waterfront homes increased by 23% and non-waterfront homes increased by 8%.

Coral Gables Real Estate Chart

Coral Gables Real Estate Chart

Coral Gables Real Estate Chart

As you can see the Coral Gables real estate market is changing rapidly.  If you are a resident of Coral Gables and haven’t had a price valuation completed in a few years, feel free to call us for a no pressure assessment.  We would be happy to sit down with you and discuss the value of your home.

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.

Visit Our Other Miami Real Estate Blogs:
Coconut Grove Real Estate  | Brickell Condo Blog  | Key Biscayne Real Estate

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