It would be no surprise that the highest "sale price/square foot" in Coral Gables went for a waterfront residence in a gated community. However, I thought it would be more interesting today to show you just how high buyers would go for a dry property. So far this year, the highest "sale price/square foot" for a non-waterfront home is 541 Hardee Road located in the historic French Village. This home sold for $620.00/square foot. Surprisingly, this property also received a...Continue Reading!
Cocoplum has seen another year of increasing values with the average "Sale Price/Square Foot" coming in at $542.00 this year. The number of total sales has remained relatively stable (22 in 2014, 26 in 2013 and 21 in 2012) showing that buyers are not turned away by the higher prices in Cocoplum. Sometimes when you see such a drastic increase in price over a short period of time buyers become hesitant to jump into the market. However, that has not...Continue Reading!
Congratulations to our clients who just sold their home located at 806 Messina Avenue in Coral Gables. They purchased this lovely North Gables home in October of 2013 for $530,000, and closed yesterday for a sale price of $575,000. That is a nice profit in just 1 year! This property offered 3 bedrooms, 2 baths with 1,623 square feet of living space on a 5,000 square foot lot. It had light filled living spaces with new hardwood floors, an updated...Continue Reading!
Inventory is limited if you are looking for a home in Coral Gables with golf course views. In fact, there are currently only 13 homes in Coral Gables with views of a golf course on the market (out of 213 total for sale). Prices for these homes range from $1,149,000 for a 3 bedroom, 3 bath home on the Riviera Golf Course and go up to $12,500,000 for an 8 bedroom, 6 bathroom home on the Biltmore Golf Course. This...Continue Reading!
Now that the real estate market has come back in full force, many sellers are unsure about the current value of their home. There are certain segments of the market which have increased more than others and only after an in depth analysis will you know the true value of your home. I met with some potential sellers on Sunday morning to discuss their home's market value and delivered the good news that their house was worth nearly $100,000 more...Continue Reading!
The home located at 6801 Pullen Avenue in Coral Gables just sold for $6,025,000. This property originally hit the market back in 2010 for a list price of $6,500,000. The home offered 5,157 square feet of living area with 4 bedrooms, 4 baths on a 31,304 square foot lot. It was marketed as a renovation project and/or land value. Over the years they raised the price to $7,500,000 then lowered it back down to $7,100,000, $6,999,000 and finally $6,495,000. This was...Continue Reading!
Activity is so slow in Gables Estates this year that you could hear a pin drop. With just 3 homes sold since January 1st, the market is pretty much at a standstill in this prestigious gated community. The reason? A lack of inventory is the main contributor but we have also seen a slowdown in the number of ultra-luxury sales. In fact, there has not been a home sold over $5,000,000 in Coral Gables during the last 90 days. This...Continue Reading!
Reports surfaced this week stating that Miami was now among the nation's Top 10 Luxury Home Markets. The cities with the most $1,000,000+ home sales earned a spot on the list. Coral Gables certainly contributed to these figures with over 177 $1,000,000+ properties sold in 2014. And we are on track to sell more $1,000,000+ homes in 2014 than any year in history (with 79 under contract). Rising values, low inventory and high demand are among the contributing factors to...Continue Reading!
This unique property located on a peninsula in the gated community of Gables By The Sea (780 Lugo Avenue) just closed for $2,650,000. It was being sold as a renovation project and offered 4,045 square feet of living area on a 11,500 square foot lot. It had 100' of direct bay views with a private dock and boat lift. Although the home needed significant updating, it still sold for $655/sq. ft. of living area which is one of the highest price...Continue Reading!
Despite the unbelievable turnaround in the Coral Gables real estate market over the past few years, we are still seeing some distressed properties come across the MLS. There have been a total of 17 short sales and 12 foreclosures sold in 2014 in Coral Gables. The average sale price of these homes has been $600,000 ($250.00/sq. ft.). There are 21 short sales and 4 foreclosures pending/under contract in Coral Gables and approximately 5 short sales and 5 foreclosures currently for sale. While...Continue Reading!