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...Continue Reading!
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...Continue Reading!
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...Continue Reading!
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...Continue Reading!
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...Continue Reading!
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...Continue Reading!
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...Continue Reading!
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...Continue Reading!
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 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...Continue Reading!
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. 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...Continue Reading!