We have just listed a great property in Coral Gables! 1019 Venetia Avenue offers 4 bedrooms, 3 baths, 2,563 square feet of living area and is listed for $899,000. This immaculate and charming home has been updated with new kitchen and baths, new porcelain flooring and a new roof in 2013. Details include a formal living and dining room, 1 bedroom/1 bathroom downstairs (master bedroom and 2 bedrooms upstairs), plenty of closet space, garage and tropical landscaping surrounding the home....Continue Reading!
2015 was another solid year for the Coral Gables real estate market. The average "sale price/square foot" rose from $374 in 2014 to $392 in 2015. And the average sale price increased from $1,271,000 to $1,374,000. The number of sales were virtually the same as last year (533 single family homes sold), but not as high as the record number of sales we experienced during 2013 (634 single family homes sold). In the chart below I have broken down the sales...Continue Reading!
Waterfront homes in Coral Gables sell on average for $3,900,000 or $639.00/square foot (this includes homes in both gated and non-gated communities). These high prices are not within the budget for many buyers who are interested in waterfront properties. A lot of them end up buying a home on a dry lot and looking for dock space elsewhere in Miami. However, there is a place in Coral Gables where waterfront homes sell $1,000,000's below the average price. Where can you...Continue Reading!
Coral Gables has experienced another year of rising values in 2015. The average home sold for $392.00/square foot compared to $374.00/square foot in 2014 which is a 4.8% increase in value. Although this is good news, the increase is slightly less than what we experienced in the previous 2 years. Between 2013 and 2014 there was a 12% increase in value in Coral Gables. The slow down is a result of lower inventory levels and buyers simply catching their breath on...Continue Reading!
Congratulations to The Riley Smith Group buyers who have just closed on their Coral Gables home located at 1302 Alhambra Circle. This 1930's Old Spanish style property is a registered historic home. As a meeting place for those who gathered to promote equal rights, Resident Roxcy O'Neal Bolton organized numerous rallies and marches here to bring public attention to the special needs of women. In 1999 The Coral Gables Historic Preservation Board put up this marker in front of the...Continue Reading!
Built in 1936, "Java Head" is a historically significant home designed by well known architect Robert F. Smith and has been the residence of Charles Baker (culinary writer) as well as Dr. James Jude (one of the inventors of CPR). The home came on the market back in 2009 at a list price of $13,900,000 and was reduced over the years to a $9,750,000. The best thing about this property was that it was situated on 3 acres of lush,...Continue Reading!
With the average home in Coral Gables selling for $1,000,000, I thought it would be interesting to show you what you can get in Coral Gables for that price. Below you will find a list of homes that closed between $900,000 and $1,100,000 this year, these are representative of the typical properties that are trading in Coral Gables in today's market. As you can see, the number of bedrooms range from 3-5, living area ranges from 2,000 - 3,000 sq....Continue Reading!
For another year in a row Coral Gables has seen an overall increase in value of single family homes. However, when you break the numbers down into waterfront and non-waterfront, you will see that the non-waterfront segment has increased in price by 8% while waterfront homes have actually decreased in value by 2%. I think these figure are consistent with the state of the South Florida market as a whole. Thanks to fewer foreign buyers, we are seeing a slowdown...Continue Reading!
Although values are on the rise in Coral Gables, many sellers start off with a list price that is too high and end up reducing the property before it sells. Out of the 405 homes sold in Coral Gables this year, 33% had to have price reductions before selling. When you break the numbers down even more, it seems that the $1,000,000 and below sellers are the most optimistic as there were 84 price reductions in that segment, while there...Continue Reading!
When I take a look at what is currently for sale and what has closed in 2015, I notice a large imbalance between the supply and demand of homes in Coral Gables. Right now there are 331 active listings which are made up of 119 priced under $1,000,000 and 212 priced over $1,000,000. You can see that the majority of homes on the market are listed over $1,000,000. When you compare those figures to what has sold this year you will...Continue Reading!