Archive for the 'Coral Gables Real Estate' Category
Plenty Of Good Inventory Under $500,000 In Coral Gables
June 8th, 2010 Categories:Coral Gables Real Estate
We are working with many clients who want to buy in Coral Gables for under $500,000. They have been pleasantly surprised by the amount of updated homes to choose from. Check out this one that has been very nicely remodeled. It is located at 1308 Milan Avenue with 2 bedrooms, 1 bath on a 5,250 square foot lot priced at $403,000. There is a 1 car garage and plenty of room for a pool in the backyard. Listed by Coldwell Banker.
To view a complete list directly from the MLS of all homes available in Coral Gables under $500,000 please click here.
If you are interested in buying or selling real estate in Coral Gables please don’t hesitate to contact me at 305.342.1623 or send me a message here.
Vacant Land In Gables Estates Goes Under Contract – $15,700,000
June 3rd, 2010 Categories:Coral Gables Real Estate
A 2.5 acre lot in Gables Estates went under contract yesterday, it was priced at $15,700,000 ($141.00 per foot). As you can see it is a spectacular piece of land located on a canal that has direct access to Biscayne Bay. The land features 500 feet of seawall.
If you are interested in buying or selling real estate in Coral Gables and are looking for an experienced local realtor, please do not hesitate to contact me at 305.342.1623 or send me a note here.
Coral Gables Foreclosure Market
May 25th, 2010 Categories:Coral Gables Real Estate
We have fewer and fewer clients who are interested in buying foreclousres these days. In my opinion, the negatives outweigh the positives for a typical buyer. First, you usually have to pay with cash. Second, foreclosures are poorly maintained and are missing appliances which can be discouraging. Finally, if the house is priced below market value you must be willing to put in an offer on the spot which makes buyers nervous.
Lets take a look at the Coral Gables foreclosure market in 2010:
- There have been 17 foreclosures sold.
- Only 4 have sold above list price.
- Average selling price: $442,000
- Average Sale/List Price Ratio: 93%
- Average Sale Price Per Square Foot: $177.00 (The rest of Coral Gables is at $280.00)
- Sales Prices range from $615,000 to $63,500
There are currently only 7 foreclosures for sale in Coral Gables and they have all come on the market within the past few months. To view a list of these Coral Gables foreclosures, please click here. The average list price per square foot of these properties is $307.00. It has been my experience that if a foreclosure doesn’t sell within the first few weeks of coming on the market then it was not priced correctly. Buyers should be aware that not all foreclosures are priced below market value.
If you are interested in buying or selling in Coral Gables and are looking for a local realtor, don’t hesitate to contact me at 305.342.1623.
Has The Coral Gables Real Estate Market Stabilized?
May 17th, 2010 Categories:Coral Gables Real Estate
Taking a look at the most recent statistics for Coral Gables real estate it seems that the market has stabilized. Currently inventory levels are down, the number of home sales is up and prices remain flat.
The attached chart shows inventory and sale levels for the past 3 years.
Inventory Levels
Coral Gables has 11% less homes for sale than it did back in 2007. The absorption rate (the amount of time it takes to sell all of our inventory) is down to 13 months (we saw figures as high as 45 months back in 2007). Experts say that a neutral market has an absorption rate of 4 to 6 months while anything less than 4 months is a seller’s market and anything more than 6 months is a buyer’s market.
Lower inventory is likely a result of 2 contributing factors. First, many people are under water on their homes and not in a position to sell. Second is the simple fact that home sales are up. Coral Gables had 150% more sales in April of 2010 compared to April of 2009.
What about price?
The average selling price per square foot in Coral Gables is currently $280.00, while the average sale price per foot in 2009 was $285.00. With almost 2 years of steady numbers, it is safe to say that prices have stabilized.
Coral Gables Remains A Buyer’s Market
Coral Gables, along with the rest of Miami-Dade County continues to be a ”buyer’s market”. Prices have stabilized but they remain at all-time low levels. Now is certainly the time to buy. In my opinion, the best deals are in the luxury home market. It is here that sellers are taking heavy discounts off of the list price. In fact, the sale to list price ratio of $1,000,000+ homes in Coral Gables ranges from 75% to 85% whereas the $1,000,000 and below homes have a 96% sale to list price ratio.
If you are interested in buying or selling houses in Coral Gables and are looking for an experienced realtor don’t hesitate to contact me at 305.342.1623 or send me a message here.
Snapper Creek Lakes – 4 Sales This Year!
May 6th, 2010 Categories:Coral Gables Real Estate
Snapper Creek Lakes is an exclusive gated community in Coral Gables located just across the street from Matheson Hammock State Park. Prices in Snapper Creek currently range from $1,699,000 all the way up to $12,500,000. The average “List Price Per Square Foot” in the community is $577. To view photos and information of homes that are for sale in Snapper Creek, click here.
There have been 4 closed sales in Snapper Creek Lakes just this year. The average “Selling Price Per Square Foot” is $428 with a low of $374 and a high of $593. To view photos and information of the homes that have sold this year in Snapper Creek, click here.
If you are interested in buying or selling real estate in Coral Gables and are looking for a realtor, please don’t hesitate to contact me at 305.342.1623 or send me a message here.
The Gables Club – Only 3 Sales All Year
May 3rd, 2010 Categories:Coral Gables Real Estate
There have only been 3 sales in The Gables Club so far in 2010. Coral Gables has had 50 condos to sell all year and these are the 3 highest sales. When you take into consideration that the average selling price for condos in Coral Gables is $367,000 it helps explain why the the higher end buildings are not as active right now.
Here are the Gables Club 2010 Sales:
Unit 8A (3 Bed/4.5 BA) sold for $2,500,000, the owners were asking $3,495,000
Unit 10C (3 Bed/3.5 BA) sold for $1,100,000, the owners were asking $1,495,000
Unit 9C (3 Bed/3.5 BA) sold for $1,050,000, the owners were asking $1,250,000
To view condos currently for sale in The Gables Club, please click here.
If you are interested in buying or selling real estate in Coral Gables and are looking for an experienced realtor, please don’t hesitate to contact me on my cell at 305.342.1623 or send me a note here.
Great Home On West Sunrise Avenue, Coral Gables – $895,000
April 16th, 2010 Categories:Coral Gables Real Estate
With so many homes on the market for sale in Coral Gables I like to point out properties that stand out to me. I was in this home yesterday and was very impressed with the quality of renovations. Listed by my colleague at EWM Realtors for $895,000, the home features 3 bedrooms, 2.5 baths 2,398 square feet of living space on a 8,900 square foot lot.
If you are interested in seeing this home or any others in Coral Gables I would be happy to help you. Contact me on my cell at 305.342.1623 or send me a message here.
Foreclosure On Santa Maria, Bring Cash!
April 12th, 2010 Categories:Coral Gables Real Estate
A foreclosure on exclusive Santa Maria Street (see map below) in Coral Gables has just come on the market. The house features 4 bedrooms, 3 baths, 3,178 square feet of living space on a 11,743 square foot lot just across from the Riviera Golf Course. List price is $625,000. Bank is accepting financing but it is likely that this deal will go to a cash buyer. Broker is Remax. Any takers? Call me at 305.342.1623 or email at smith.r@ewm.com and I would be happy to set up a showing.
If you are interested in buying or selling real estate in Coral Gables and are looking for a local realtor please don’t hesitate to contact me at 305.342.1623 or send me a note here.
View other foreclosures in Coral Gables by clicking here.
Coral Gables Real Estate Is On Track To Outsell 2009
April 7th, 2010 Categories:Coral Gables Real Estate
Just taking a quick look at my Coral Gables numbers this morning I noticed that the Gables has already had 96 single family homes to sell so far in 2010. This is 24 more sales than we had during the same time period of 2009, and 21 more sales than we had in 2008.
The reason for the increase in sales does not seem to be a result of lower prices, at least not in Coral Gables. The “price per square foot” figure only fell $4.00 from the first quarter of 2009 to the first quarter of 2010. The reason is likely due to lower mortgage rates and general consumer confidence.
Other interesting figures: The average sale price for a home in Coral Gables during the first quarter of 2010 was $1,002,672 and the median was $645,000.
If you looking for an experienced Realtor who works in the Coral Gables area to help you in your home search, I would be happy to assist you. Please contact me at 305.342.1623 or send me a note here.
You May Also Be Interested In Reading:
The Ultimate Guide To Gated Communities In Coral Gables
Coral Gables Waterfront Homes Average $3,000,000 In 2009
Showings Are By Appointment Only!
April 6th, 2010 Categories:Coral Gables Real Estate
Some realtors never cease to amaze me. One of my sellers was outside her home when another agent drove up and asked if she could bring her clients inside to take a look. No warning, no appointment and no phone call to me (the listing agent). My very kind and gracious seller was not exactly sure what to do so she allowed the agent and the clients to come inside. The agent knew nothing about the house, the size, the price or ANY of the details of the home. This meant that the impromptu intrusion was a complete waste of my seller’s time and an invasion of privacy. The agent then called me from INSIDE my client’s house to ask for the details of the home. My response was “You are WHERE?” She assured me that she has been doing business as a realtor for more than 20 years and that arriving unannounced at my client’s house was totally acceptable behavior. I beg to differ. All I have to say is….shame on you.
