Hammock Lakes Category
Luxury homes are a completely different animal when it comes to real estate in Coral Gables. They sell at a different pace, are valued in a different way and are marketed in a unique manner.
Homes which have closed for over $3,000,000 in Coral Gables sold in an average of 218 days on the market. This number is significantly higher than the average home in Coral Gables which sells in approximately 89 days. Sellers should be warned that even though the market is hot all over Miami, there is less demand for these types of homes and it can take longer to find the right buyer.
A second interesting fact about luxury homes in Coral Gables is that they tend to sell at a larger discount than typical homes. Over the past 12 months, homes priced over $3,000,000 had a “sale price/list price” ratio of 90% whereas the rest of the homes in Coral Gables have a “sale price/list price” ratio of 95%. This needs to be taken into consideration when calculating the asking price of a luxury home. Sellers need to be aware that these types of buyers are looking for a hefty discount off of the list price and adjust their number accordingly.
Lastly, many luxury homes in Coral Gables tend to sell by word of mouth. By this I mean that top brokers market the listing to other top brokers. They typically hold private open houses to a small group of Realtors who they believe will have a client for their property. This often results in sales that don’t even appear on the MLS.
We know the Coral Gables real estate market and track the sales to help our clients make informed, confident decisions. If you are interested in working with realtors who specialize in Coral Gables, please feel to contact us here .
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The lakefront home located at 5001 Hammock Lake Drive closed this week for $5,500,000. This is the highest sale price we have seen for a lakefront home in Coral Gables since the sale of 4900 Lake Lane back in 2007 which was located on a private island and closed for $8,150,000. Broker of 5001 Hammock Lake Drive was A and D Group Realty.
Details of 5001 Hammock Lake Drive:
- 8,376 Square Feet Of Living Area
- 35,284 Square Foot Lot
- 7 Bedrooms, 8 Baths
The real estate market in Coral Gables is changing rapidly, call us today for a no pressure home valuation. We would be happy to sit down with you and go over all of the recent comparables. Please contact me at 305-342-1623 or send me a message here.
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Don’t Miss Today’s News From Our Other Real Estate Blogs:
When you list a property for sale on the MLS you are given 500 characters to describe the home and really sell it to potential buyers. We use this space to highlight special features such as impact windows, wood floors, water frontage etc. My friend and colleague Javier Gonzalez of ReMax deserves an award for his hilarious (and informative) descriptions…check out his latest piece of work.
Buy now and you can thank me later. Please do not miss this opportunity to enter into the highly desired and exclusive Hammock Park neighborhood prior to gate being completed; after that kiddies all bets are off pricewise, (you have been warned). 5 Bed/ 3 Bath on acre lot awaits some TLC but has the bones in place to add immediately value. Lighted tennis court, pool, vaulted ceiling plus a huge family room are some of the features. Property’s location in community is amazing (very private), easy to show.
If you are persuaded by this description (and who wouldn’t be?), it is a new listing that just came on the MLS and is located in the soon to be gated community of Hammock Lakes. The home offers 3,852 square feet of living space on a 40,946 square foot lot with 5 bedrooms, 3 baths and is listed for $1,599,000.
If you are interested in buying or selling real estate in Coral Gables and would like to work with a local real estate agent who knows the market and tracks the numbers, please feel free to give me a call directly at 305-342-1623 or send me a message here.