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What You Need To Know About Luxury Homes In Coral Gables

March 10th, 2014 Written By

Luxury homes are a completely different animal when it comes to real estate in Coral Gables.  They sell at a different pace, are valued in a different way and are marketed in a unique manner.

Homes which have closed for over $3,000,000 in Coral Gables sold in an average of 218 days on the market.  This number is significantly higher than the average home in Coral Gables which sells in approximately 89 days.  Sellers should be warned that even though the market is hot all over Miami, there is less demand for these types of homes and it can take longer to find the right buyer.

A second interesting fact about luxury homes in Coral Gables is that they tend to sell at a larger discount than typical homes.  Over the past 12 months, homes priced over $3,000,000 had a “sale price/list price” ratio of 90% whereas the rest of the homes in Coral Gables have a “sale price/list price” ratio of 95%.  This needs to be taken into consideration when calculating the asking price of a luxury home.  Sellers need to be aware that these types of buyers are looking for a hefty discount off of the list price and adjust their number accordingly.

Lastly, many luxury homes in Coral Gables tend to sell by word of mouth.  By this I mean that top brokers market the listing to other top brokers.  They typically hold private open houses to a small group of Realtors who they believe will have a client for their property.  This often results in sales that don’t even appear on the MLS.

We know the Coral Gables real estate market and track the sales to help our clients make informed, confident decisions.  If you are interested in working with realtors who specialize in Coral Gables, please feel to contact us here .

Learn more about our team! Visit our website! www.TheRileySmithGroup.com

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