Our team just finished up our weekly meeting where we get together and discuss the trends we are seeing in the local market.  One common frustration among all of my agents was a lack of inventory in Coral Gables.  I created the chart above which demonstrates how low the numbers are.  In early 2009, there were 571 single family homes for sale and as of today there are just 308 on the market.  We all agreed that entry level homes are selling the fastest in the Gables right now.  Homes that come on priced $600,000 and below tend to be under contract in 2 to 3 weeks, and if the house is charming or on a large lot you will see multiple offers.

Not only are we right in the middle of the busiest season for real estate in South Florida, but the inventory levels are drastically down.  Although Coral Gables had a record breaking year in sales in 2011 we may not see similar numbers in 2012 if some fresh listings don’t come on the market.

If you are interested in buying, selling, building or renting and are looking for a real estate agent who specializes in Coral Gables, please feel free to contact me at 305.342.1623 or send me a note here.

Locally here in Coral Gables we are seeing the same trend.  The red line in the second chart shows pending sale history in Coral Gables.   You will notice a bump during May and June of this year which were the highest pending sale figures we have experienced in more than 4 years.   As a whole the pending sales are stable which is a great sign for real estate in Coral Gables.

On a sidenote you can also see how low the inventory has fallen in the Gables which is indicated by the light green bars.  The combination of lower inventory and higher demand contributes to a healthy market.

NATIONAL PENDING HOME SALES

CORAL GABLES PENDING HOME SALES

I know the numbers, I analyze the market, my clients make better decisions.  If you are interested in buying, selling, building or renting and are looking for a real estate agent who specializes in Coral Gables, please feel free to contact me at 305.342.1623 or send me a note here.

The house located 4005 Alhambra Circle sold in February of this year for $159,000.  It has been renovated and placed back on the market for $480,000.  It is Old Spanish style but has now been updated on the interior with a new kitchen, new cherry wood and marble floors, new baths, new A/C, new electric and plumbing.   The house is two stories and a good size for the price with 2,269 square feet of living space with 4 bedrooms, 2.5 baths and a 2 car garage.  To view more photos of this home click here.  The home is listed by Susan Martens of Coldwell Banker.

I know the numbers, I analyze the market, my clients make better decisions.  If you are interested in buying, selling, building or renting and are looking for a real estate agent who specializes in Coral Gables, please feel free to contact me at 305.342.1623 or send me a note here.

This Old Spanish home located at 2512 North Greenway just came on the market as an unapproved short sale for $665,000.  The home has quite a history, it sold 4 years ago for $1,100,000.  It offers 2,312 square feet of living space with 3 bedrooms and 2.5 baths.  If you have the time and patience to wait for the short sale process to go through, this could be a very good deal. 

The property is located on a very deep 8,570 lot with pool and carport.  Elegant mosaic cracked tile adorn the floors in the living room and sunroom and Dade County pine in the rest of the house.  The bathrooms have been recently redone and the home has impact windows.   The property is listed by One Stop Realty.  For more photos and information click here.

I know the numbers, I analyze the market, my clients make better decisions.  If you are interested in buying, selling, building or renting and are looking for a real estate agent who specializes in Coral Gables, please feel free to contact me at 305.342.1623 or send me a note here.

Price Range $2,000,000+ | 5101 Hammock Lake Drive | 9,366 Square Feet Of Living Space | 4 Bedrooms/4.5 Baths | List Price: $2,800,000 ($298.00 per square foot)

Price Range $1,000,000 – $2,000,000 | 803 Alhambra Circle | 5,854 Square Feet Of Living Space | 5 Bedrooms/4.5 Baths | List Price: $1,399,000 ($238.00 per square foot)

Price Range $500,000 – $1,000,000 | 1015 Andalusia Avenue | 4,671 Square Feet Of Living Space | 5 Bedrooms/4.5 Baths | List Price: $997,000 ($213.00 per square foot)

Price Range 0 – $500,000 | 816 Madrid Street | 1,716 Square Feet Of Living Space | 3 Bedroom/3 Bath| List Price: $269,000 ($156.00 per square foot)

If you are interested in buying, selling, building or renting and are looking for a real estate agent who specializes in Coral Gables, please feel free to contact me at 305.342.1623 or send me a note here.

I recently received access to some great thermal imaging maps.  The above map shows the flood zones in Coral Gables.  The flood zones are determined by the Federal Emergency Management Agency (FEMA).  The areas in red indicate a high risk area, meaning that it has a 1 percent or greater chance of flooding and a 26 percent chance of flooding over the life of a 30 year mortgage.  A moderate (yellow) risk area is between risk limits of a 100 year and 500 year flood.  

Coral Gables is shaded in purple and you can see that a large portion of the Gables lies in a flood zone.  The area on the east side of Old Cutler is all in a high risk area.  These particular communities (Gables Estates, Cocoplum etc) contain some of Coral Gables priciest homes.

If you are interested in buying or selling a home in Coral Gables and are looking for an experienced realtor, please don’t hesitate to contact me on my direct line at 305-342-1623 or send me a message here.

1332 Asturia Avenue | 4,033 square feet of living space | 6 bedrooms, 3.5 baths | List Price: $1,350,000 | Listed by Laura Mullaney of Coldwell Banker

5309 Alhambra Circle | 4,226 square feet of living space | 5 bedrooms, 4 baths | List Price: $1,290,000 | Listed by Renee Schafer of ReMax

1131 Obispo Avenue | 2,292 square feet of living space | 4 bedrooms, 3 baths | List Price: $624,900 | Listed by Rex Wilkinson of EWM Realtors.

If you are interested in buying or selling an Old Spanish home in Coral Gables and are looking for an experienced realtor, please don’t hesitate to contact me on my direct line at 305-342-1623 or send me a message here.

Some buyers are very clear as to whether they want to live east of US1 or west of US1 when  looking for homes in Coral Gables.  Some think that one or the other is more/less prestigious, safer, quieter, less traffic etc, the answer just depends on who you talk you.  In my opinion, they both have great qualities.  There are some very historic and beautiful neighborhoods (and golf courses) located west of US1 while the gated and waterfront communities are on the east of US1. 

When you break up the sales numbers, the area west of US1 has sold 1/3 more homes this year than the area east of US1.  Both areas have approximately the same number of homes for sale.   The homes east of US1 garner a much higher value, selling on average $83.00 per square foot more.  The difference here of course is credited to all of the waterfront properties and gated communities on the east side of the highway. 

In the end, the decision on where to live in Coral Gables will come down to personal preferences.   I always encourage my buyers to drive around the neighborhoods at all times of the day to get a good feeling for what a particular community is like. 

I had a question from a client yesterday regarding the difference in value between a short sale and a typical sale.  I know this is a topic that many people are curious about so I thought it might be helpful to write a short post about it.  

When discussing short sales it is very hard to make a blanket statement concerning the amount of extra value you may receive.  Going back 18 months in Coral Gables the average “sale price per square foot” was $270.00.  For short sales during that same time-frame you are looking at an average “sale price per square foot” of $216.00.  This means that on average short sales are selling 20% off of market value.  These numbers are very deceiving however because most short sales tend to be priced below $1,000,000 so you don’t have those ultra-luxury Gables homes to bring up the average.   Also, many of the short sales out there have deferred maintenance which certainly has an impact on value.  

Just about everything in real estate needs to be evaluated on a case by case basis.   All short sales are not valued equally.  Just because it has been given that label does NOT mean that you are getting a deal.

I know the numbers, I analyze the market, my clients make better decisions.  If you are interested in buying, selling, building or renting and are looking for a real estate agent who specializes in Coral Gables, please feel free to contact me at 305.342.1623 or send me a note here.

I always think that it is interesting to take a look at homes that are listed on the market for sale as well as for rent.  Especially if you are debating owning vs. renting, it is helpful to know that you can buy the home for “x” amount or rent the same exact home for ”y” amount.   By finding a property offerring both of these options, you can have an exact ”rent ratio” that will help you make the right choice given your financial situation.

Keep in mind, a seller may continue to market the property for sale even though they have rented it out.  The terms of when and with what frequency the owner can show the property while the renter is living there should be detailed in the lease agreement.   In my experience, many tenants refuse to allow showings of the property until the last month of their lease.

Below is a sample of  homes in Coral Gables that are currently on the market for rent as well as purchase:

825 South Alhambra Circle | Listed For Sale $1,695,000 and For Rent $8,250 Per Month | Listed By Audrey Ross of EWM

4430 Ingraham Highway | Listed For Sale: $1,070,000 and For Rent $5,000 Per Month | Listed By Linda Bassitt of One Sotheby’s

526 Zamora Avenue | Listed For Sale: $565,000 and For Rent $3,950 Per Month | Listed By Line Landereethe of Beachfront Realty

I know the numbers, I analyze the market, my clients make better decisions.  If you are interested in buying, selling, building or renting and are looking for a real estate agent who specializes in Coral Gables, please feel free to contact me at 305.342.1623 or send me a note here.