For another year in a row Coral Gables has seen an overall increase in value of single family homes. However, when you break the numbers down into waterfront and non-waterfront, you will see that the non-waterfront segment has increased in price by 8% while waterfront homes have actually decreased in value by 2%. I think these figure are consistent with the state of the South Florida market as a whole. Thanks to fewer foreign buyers, we are seeing a slowdown in the number of ultra-luxury home sales and that lack of activity is impacting values.
That being said, the waterfront market is still very stable and is selling nearly 35% higher than waterfront homes sold 5 years ago. I would say that the market is in a much needed correction phase right now and is simply trying to catch its breath.
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