Everyone knows that Realtors use SOLD properties in calculating the value of a home, but many people don’t realize that it is also extremely important to look at ACTIVE comparables as well.  By “active comparables” I mean homes of similar size and condition that are currently on the market for sale.  This is an essential part of the pricing process because you must know what your competition is.   Sold comparables may give you an accurate value of your home, but the home may never sell if there are 5 similar size/condition homes currently on the market that are priced below yours.   In any market good or bad, you must always keep an eye on your comeptition.

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.

This new construction home (built in 2008) sold this week at a price of $1,330,000.  Located near the University of Miami and The Biltmore, the home featured 6 bedrooms, 6 baths with 3,627 sq. ft. of living space on a 10,000 sq. ft. lot.   $360/square foot is a relatively high price for new construction right now.   Recent new construction homes in similar locations in the Gables have sold between $300 to $350 per square foot.   The address is 440 Vilabella Avenue and the broker was Coldwell Banker.

If you are interested in buying or selling real estate in Coral Gables and are looking for an experienced Realtor, please contact me at 305.342.1623 or send me a note here.  To receive a custom market snapshot of your current property just enter your home address here.

As you can see from the chart above (click to view larger) there is a large discrepancy between the price of homes for sale and the price of homes selling in Coral Gables.  The average price of homes on the market right now is $2,345,000 and the average price of homes sold in the beginning of 2010 was $740,000.   This shows that there is a large gap between what sellers are asking and buyers are willing to pay in Coral Gables.  (Keep in mind that there are some exceptionally high priced waterfront homes that are pulling up the average list price.)

If you are interested in buying or selling real estate in Coral Gables and are looking for an experienced Realtor, please contact me at 305.342.1623 or send me a note here.  To receive a custom market snapshot of your current property just enter your home address here.

I first noticed this Coral Gables home for sale because it is a particularly large home (3,956 square feet with 6 bedrooms and 4.5 baths) priced under $1,000,000.   Then I began to notice on my daily hot sheet that it was being reduced every few weeks by a thousand dollars.  Below is a sample of the recent price reductions, but keep in mind that the price reductions have been going on like this since 2006 when it was originally priced at $949,999.

I find this quite funny, and it is the ultimate example of chasing the market (albeit slowly). 

• 10/26/2009: $799,999
• 11/07/2009: $799,998
• 11/17/2009: $799,997
• 12/20/2009 $799,996

The price is currently at $799,996 but check back tomorrow for another price reduction!!  Why would anybody buy this house now, the price is sure to continue to go down!

If you are interested in buying or selling real estate in Coral Gables, feel free to contact me at 305.342.1623 or via email at smith.r@ewm.com.

Highest Sale in Gables Estates 2009

The highest sale in Gables Estates (and all of Coral Gables) occurred for $12,900,000 for a canal front 8,405 square foot home on a 4+ acre property.   There have been only 7 sales in Gables Estates so far in 2009.  The average sale price per square foot of these homes is $775.00, with an average sale price of $6,178,000.  Gables Estates is the premiere gated community of Coral Gables which helps to explain the price points.

Highest Sale in Cocoplum 2009

The highest sale in Cocoplum during 2009 was for an 11,440 square foot house on a 31,900 sq. ft. canal front property.  There have been 13 properties to sell in Cocoplum so far this year and the average sale price per square foot of these homes was $467.00 with an average sale price of $3,000,000. 

If you are interested in buying or selling property in Coral Gables please send me an email at smith.r@ewm.com or call on my cell at 305.342.1623.

As predicted, the busy time of the year has arrived for Coral Gables real estate.  In the month of November there were 35 home sales.  Sales occurred in all price ranges from $5,750,000 to $71,000.  The average selling price for the homes sold in November was $1,000,000, and the average sales price per square foot was $276.00.  

Compared to Last Year?  When you take a look at November of last year, there were only 15 sales in November and the average sales price per square foot was $261.00.

So the numbers are looking good on all fronts.  Not only has volume drastically increased, but prices for the month also increased.

To see a list of all closed sales in Coral Gables during the month of November, click here.

There have been 6 homes sold this week in Coral Gables.  Most notably was this one on the Gables waterway which closed at $1,475,000 at a sales price per square foot of $287.00.   Even though the house needed quite a bit of work on the interior, it still had 10 feet of water frontage.  These buyers got a great deal. 

If you are interested in buying or selling real estate in Coral Gables, please give me a call at 305.342.1623 or send me an email here.