Over the past 10 years I have seen the number of homes that were For Sale By Owner (FSBO) drastically decrease.  This chart, courtesy of the National Association of Realtors shows the percentage of FSBO’s in the marketplace nationally since 1991.   It is not a coincidence that the number of For Sale By Owners declined even during the recession.  With supply so high during that time, a seller needed a Realtor more than ever to help make their home stand out.

There is a reason that more than 90% of home sellers today use a professional Realtor to sell their home.  In Coral Gables where the homes are neighborhoods are each unique, it is essential to hire an expereinced local agent who can value and market the home properly. 

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.

Coral Gables is already off to a good start this year and it appears the trend will continue going forward.  There were a total of 26 closed sales in January of 2012 which is slightly higher than we experienced in January of 2011.  There are an astonishing 96 pending sales right now in Coral Gables consisting of $110,000,000 in volume.   During 2011 there were 476 properties sold consisting of $470,000,000 in volume.

As I sit here writing this post I have 5 offers on my desk that are in negotiations.   Because inventory is so low buyers certainly have a sense of urgency that I haven’t seen since the boom.  It is an exciting time right now in the Coral Gables real estate 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.

I am pleased to announce that we have recently placed our listing at 74 North Prospect Drive in Coral Gables under contract.  Once we dropped the price to $799,000 the number of showings drastically increased and we quickly had several offers.  The home offered 3,126 square feet of living space with 3 bedrooms, 2.5 baths on an 11,270 square foot lot.  The home featured an updated kitchen, impact windows and doors as well as a pool. 

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.

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.

The home I wrote about last year on Hammock Lake which was listed for $3,500,000 closed yesterday for full asking price.  It was initially a short sale priced in the $4,000,000’s but in November the home turned into a foreclosure and the price was reduced to $3,500,000.  After the price reduction they had a contract on the home in a matter of weeks.  

Details: 9001 Banyan Drive was a brand new construction home that offered 9,556 square feet of living space with 7 bedrooms, 7 baths on a 43,000 square foot lot and offered beautiful lake views.  Broker was Coldwell Banker.

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 toured the  home located at 6704 Le Jeune Road this week and was taken aback by the unique design and careful restoration.  This Dutch South African Village home was built in the 1920’s by Marion Syms Wyeth and perfectly restored by Cure and Penabad.  The home is dramatic yet simple.  The property offers 3 bedrooms, 2 baths with 2,092 square feet of living space on a 5,000 square foot lot.  Listed by $1,250,000 by Coldwell Banker.  For more photos, click here.

When listing or buying a home it is essential to have a local Realtor who knows the numbers, tracks the market and can value a home correctly.  If you are interested in buying or selling I would be happy to meet with you for a no pressure consultation.  Please feel free to contact me directly at 305-342-1623 or send me a note here.

At a recent Inman real estate conference in NY a common theme among the speakers was that “Global Is The New Local”.  I thought about this statement over the past few days and have to say that I respectfully disagree.  Yes, a Realtor’s global reach is an essential part of his/her business particularly here in Miami where a major percentage of buyers are international.  It is one reason why my team focuses so much on the internet and technology.  However we must never forget that having a local presence, knowing your local colleagues and the local real estate market is a fundamental factor in every agent’s success.  Just in the past two weeks I have written contracts for two different buyers who would have never gotten the properties had I not had a very good relationship with the agents on the other side.  

In my opinion, being a local agent is and always will be at the heart of any real estate transaction.

If you like modern homes you should check out 5655 Kerwood Oaks Drive designed by world renowned architect Donald Singer. The home is listed for $3,850,000 in Coral Gables by One Sotheby’s.  The home sits on a large 68,000 square foot lot with tennis court, magnificent gardens and pool. 

If you read my blog you may remember that another Donald Singer home sold on the same street last year for $2,150,000.  Click here to see a photo.

When listing or buying a home it is essential to have a local Realtor who knows the numbers, tracks the market and can value a home correctly.  If you are interested in buying or selling I would be happy to meet with you for a no pressure consultation.  Please feel free to contact me directly at 305-342-1623 or send me a note here.

As predicted, the new year has brought many new listings to the market.  Since January 1, 2012 there have been a total of 19 new homes to hit the MLS in Coral Gables.  80% of these homes are priced under $1,000,000 which is great news because that is the most active segment of the market these days.   

A new one that has come on the market that is worth checking out is the home located at 3907 Toledo Street, see photo above.  The home is listed at $620,000 ($240.00 per square foot) and is updated with a pool, 4 bedrooms, 5 baths.  The home is listed by Slesnick and Jochem.  View more photos 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.

The area of Coral Gables that is located south of Hardee Road and north of 72nd Street experienced quite a bit of turnover in 2011.  There were 30 homes sold (see red pins on map below) with the average sale coming in at $1,000,000.   It is a prime location due to its proximity to South Miami as well as downtown Coral Gables and Coconut Grove.  I also know buyers who really like this neighborhood because it is just steps away from the highly desirable Sunset Elementary School.   

There are approximately 22 homes for sale in this neighborhood with prices ranging from $589,000 all the way up to $9,975,000.   It is possible to get a canalfront home with Bay access here for under $2,000,000.   Click to scroll through  homes for sale south of Hardee Road and north of 72nd.

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.