Coral Gables Real Estate - Coral Gables Real Estate Blog

Status Of Flips In Coral Gables…

Riley Smith — Thu, 17 May 2012 17:16:45 +0000

I think people are always intrigued by homes that have been purchased below market value, renovated and re-listed in an attempt to make a profit. I thought today I would post the status of a few flips that I’ve mentioned here on the Coral Gables Real Estate Vault over the past few months.

First is 1227 Pizarro Street (photo above) which was purchased for $240,000 back in 2011. I wrote about the house when it came on the market here: New Flip Hits The Market In Coral Gables. The house was sold after just 2 months on the market for a sales price of $550,000.

Second, the home located at 419 Catalonia (photo above) came on the market a few months ago. It was purchased for $250,000, renovated and re-listed for $750,000. I wrote about the house when it hit the market here: 419 Catalonia: Another Flip In Coral Gables. According to the MLS, the home is still available. Listing courtesy of Judy Zeder of EWM.

Finally, we have 4005 Alhambra Circle which I wrote about here. That home was purchased for $325,000 and re-listed for $480,000. The home is currently under contract and awaitng closing. Listing is courtesy of Coldwell Banker.

Unfortunately for investors we aren’t seeing a large amount of foreclosures or short sales come across the wire these days in Coral Gables. With prices rising it will be interesting to see the effect on those who are not end-users.

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.

Gables Estates, New Listing Hits The Market

Riley Smith — Wed, 16 May 2012 14:52:23 +0000

In keeping with my previous posts regarding the high activity in Gables Estates, this week another home came on the market in the prestigious gated community. Located at 9175 Arvida Parkway, the home sits on a very private section of the canal with 44,000 square feet of land and no bridges to the Bay. Listed for $5,890,000 by Ashley Cusack and Suzanne Feanny of EWM, the home offers 6,129 square feet of living space with 6 bedrooms, 4.5 baths.

There have been a total of 7 sales in Gables Estates so far this year totalling $68,845,000 worth of volume.

Land Sales In Coral Gables Vary Drastically

Riley Smith — Mon, 14 May 2012 15:35:13 +0000

The below chart (click to view larger) shows all closed land sales in Coral Gables so far this year. As you can see, prices range from $24.00 per square foot and go all the way up to $177.00 per foot. There are many factors that influence the price of land which include location, size, dimensions and whether or not the land is vacant. Sellers and buyers should be aware that it takes an experienced, local realtor who knows the market to give a proper valuation on residential land.

Home On Riviera Golf Course Sells In 2 Days!

Riley Smith — Fri, 11 May 2012 14:59:11 +0000

The home located at 1231 Campo Sano Drive overlooking the 7th Fairway of the Riviera Golf Course went under contract just 2 days after coming on the market. It closed yesterday for a sales price of $870,000 (96% of list price). The home offered 4 bedrooms, 3 baths with 3,162 square feet of living space on a 6,233 square foot lot and was listed by Keller Williams.

I can’t stress enough that well priced homes sell fast in this market. 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.

Market Update: Old Cutler Bay, Coral Gables

Riley Smith — Thu, 10 May 2012 15:18:05 +0000

The exclusive gated community of Old Cutler Bay is located just north of Matheson State Park and is one of the smaller gated communities in Coral Gables. Due to its size (just 136 single family homes), we don’t typically see a lot of activity here. This year, there has been 1 closed sale and 3 new listings to hit the market. The closed sale occurred at 601 Reinante Avenue for $4,710,000 or $657.00 per square foot.

Below is more information and photos of the new inventory in Old Cutler Bay.

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.

Gotta Love A Description Like That!

Riley Smith — Tue, 08 May 2012 17:41:56 +0000

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.

Foreclosures In Coral Gables – Market Update

Riley Smith — Mon, 07 May 2012 17:15:56 +0000

With all of this talk about how hot the real estate market is in Coral Gables, I would like to point out that the foreclosure market has been extremely slow in 2012. Over the last year there has been so much talk about shadow inventory and all of us were wondering when the onslaught of foreclosures was going to hit the market. However we still have not experienced a surge in distressed properties here in the Gables. There are currently 2 active single family foreclosures for sale and 10 foreclosures have sold in 2012 (out of more than 160 sales).

To scroll through information and photos on the two foreclosures currently for sale in Coral Gables, click here.

The Rich Niche | Riley Smith Interviewed By The Miami Herald

Riley Smith — Mon, 07 May 2012 15:28:31 +0000

In case you missed this Sunday’s article in the Miami Herald, I was interviewed for the cover story regarding the ultra-luxury real estate market in South Florida. If you read my blog, you know that this year we have experienced a surge in $5,000,000+ sales in Coral Gables, most of which are selling for cash.

Click on newspaper below to read article:

Looking For A Colonial Home In Coral Gables?

Riley Smith — Fri, 04 May 2012 20:49:50 +0000

Recently re-listed on Alhambra Circle just steps from the Granada Golf Course, this Colonial style home offers a stunning commercial kitchen, impact windows and doors, wood floors, 1 car garage, pool, 3 bedrooms plus a den. Details: 3,628 square feet of living space on a 9,773 square foot lot. The home is listed for $975,000 by ReMax. Hats off to the photographer of this property, these are great shots! The home is located at 546 Alhambra Circle.

Pocket Listing Sells In Gables Estates

Riley Smith — Thu, 03 May 2012 16:42:00 +0000

The home located at 360 Casuarina Concourse sold last week in Gables Estates for $12,000,000 adding to the incredible amount of volume that has traded in that community this year. The property went “active” and “closed” the same day on the MLS indicating that it was a pocket listing (Broker on both sides was One Sotheby’s). I am seeing these types of transactions occur with much more frequency these days. Inventory is so low that agents (including myself) are making deals happen without the help of the MLS.