Which Homes Get Top Dollar In Coral Gables?
In talking with sellers all over Coral Gables, many are curious about why some homes garner top dollar and others do not. We all know that homes in gated communities or waterfront properties are going to sell for much higher values. But what about the average non-waterfront, non-gated home in Coral Gables priced under $1,000,000? Below are a few of the highest “Sale Price/Square Foot” homes in Coral Gables under $1,000,000 along with their “Top Dollar Factors”.
1516 Trevino Avenue | Price/Sq.Ft.: $406.00 | Sale Price: $625,000
Top Dollar Factors?
- Excellent Location: Walking distance to The Biltmore Golf Course.
- Large Lot Size: 11,473 square feet.
- Great Condition: Move-in ready.
610 Tibidabo Avenue | Price/Sq. Ft.: $361.00 | Sale Price: $569,000
Top Dollar Factors?
- Excellent Location: Platinum Triangle
- Large Lot Size: 12,000 square feet.
4114 San Amaro Drive | Price/Sq. Ft.: $352.00 | Sale Price: $935,000
Top Dollar Factors?
- Excellent Street And Location: Near Riviera Country Club
- Large Lot Size: 11,880
- Great Condition: Move-in ready
With over 70 transactions and $30,000,000 in sales volume in 2011, The Riley Smith Group knows real estate. If you are interested in buying, selling, building or renting and are looking for Realtors who specialize in Coral Gables, please feel free to contact us at 305.960.5317 or send us a note here.
The Coral Gables Real Estate Vault is the most comprehensive source for real estate information in Coral Gables. Read the latest news, statistics and opinions on our market or browse the latest listings in our Coral Gables Gated Communities, Waterfront Homes, Land For Sale, Foreclosures, Short Sales and more.
Bermuda Village, Coral Gables | Market Update
I always get asked about the charming Bermuda style townhouses located just off of Ponce in Coral Gables. This walled community is known as Bermuda Village and consists of 22 courtyard residences. Built in 2006, the project was inspired by George Merrick’s villages and designed by Duany-Plater Zyberk and Company. The homes are grouped into clusters of 3 to 4 and are connected by a continuous wall allowing for closure and privacy of the internal gardens. There is a pool as well as a small park located inside the community.
Details of the unique villas include impact windows, 2 car garages, gated entry, 8 foot doors, 10 foot ceilings, bright spaces, outdoor gardens, and much more.
There have been two sales in Bermuda Village so far in 2012. Unit 26 sold for just $316,000, this property was a short sale that took over a year to close. Listed by EWM. The second sale was Unit 15 which closed for $715,000. Also listed by EWM.
Currently there is one villa for sale in Bermuda Village. This is a stunning property with a crisp white kitchen, 1st floor master bedroom, 2 en-suite bedrooms, separate office upstairs all overlooking the private interior courtyard. Listed at $875,000 by Lowell International. View photos and information of that unit here.
With over $30,000,000 in sales volume in 2011, The Riley Smith Group knows real estate. If you are interested in buying, selling, building or renting and are looking for realtors who specialize in Coral Gables, please feel free to contact us at 305.960.5317 or send us a note here.
Coral Gables Real Estate | South Of US1
Over the weekend we were out showing Coral Gables homes to some wonderful clients of ours. They are specifically looking in the area south of US1 due to the excellent public school options there. Despite the low inventory levels we were able to find several good options for them. To give you a quick market snapshot of this section of Coral Gables, a typical 3 – 4 bedroom home is selling for approximately $783,000 or $286.00 per square foot.
With over $30,000,000 in sales volume in 2011, The Riley Smith Group knows real estate. If you are interested in buying, selling, building or renting and are looking for realtors who specialize in Coral Gables, please feel free to contact us at 305.960.5317 or send us a note here.
Keep Your Eye On These Coral Gables Homes…
If you read my post yesterday, you know that the $1,000,000 and under market is where the action is in Coral Gables. The below homes just hit the MLS priced in the $500,000′s ($292 to $318 psf) and due to current demand I can pretty much guarantee that they will be under contract within the next few weeks. If you are unsure about the state of the Coral Gables real estate market, track these homes as they go from listed to pending, and finally closed. I will keep you posted on their status here on The Coral Gables Real Estate Vault.
To view photos and information of these properties, click here.
- 1314 Milan Avenue | List Price: $560,000 | 3 BR/2 BA | Listed by Slesnick and Jochem
- 1805 Ferdinand Street (photo above) | List Price: $595,000 | 3 BR/2 BA | Listed by Ashley Cusack of EWM
- 5520 San Vicente Street | List Price: $599,000 | 3 BR/2 BA | Listed by Shelton and Stewart
- 731 Anastasia Avenue | List Price: 574,000 | 2 BR/2 BA | Listed by Sime Realty
With over $30,000,000 in sales volume in 2011, The Riley Smith Group knows real estate. If you are interested in buying, selling, building or renting and are looking for realtors who specialize in Coral Gables, please feel free to contact us at 305.960.5317 or send us a note here.
Higher Demand And Lower Supply For $1,000,000 And Below Homes
By now everyone knows that inventory is low in Coral Gables, but when you break the numbers down by price point it is easy to see that the we are particularly lacking in homes for sale under $1,000,000. Unfortunately this is the most active segment of the Coral Gables market. So far this year, 66% of the homes sold in Coral Gables were listed under $1,000,000.
These supply and demand conditions are exactly why we are seeing more appreciation on homes priced under $1,000,000 in Coral Gables. In contrast, we have less demand and more supply for homes priced over $1,000,000 and therefore are not experiencing a similar rise in values.
With over $30,000,000 in sales volume in 2011, The Riley Smith Group knows real estate. If you are interested in buying, selling, building or renting and are looking for realtors who specialize in Coral Gables, please feel free to contact us at 305.960.5317 or send us a note here.
Single Family Home or Luxury Resort?
The home at 555 Arvida Parkway in the gated community of Gables Estates just came on the market at a list price of $7,995,000. The amenities that this home offers rival the most luxurious of resorts. Some of the special features include a wet bar, home theater, 5+ over-sized car garages, gym/sauna and pool/game room. The home also sits on 45,000 square feet of waterfront land with 5 bedrooms, 6 baths and 8,500 square feet of living space. Listing courtesy of Jorge Uribe.
With over $30,000,000 in sales volume in 2011, The Riley Smith Group knows real estate. If you are interested in buying, selling, building or renting and are looking for realtors who specialize in Coral Gables, please feel free to contact us at 305.960.5317 or send us a note here.
Are Price Increases The New Price Reductions?
When the market doesn’t respond to your list price it very likely means that you need to make a price reduction. However over the past few days I have seen several homes in Coral Gables make price increases. I suppose these sellers are raising their prices in hopes of generating new interest and appealing to buyers who are in a different price point. The problem is that buyers and agents will immediately notice the increase in price on the MLS and assume that the seller is unrealistic. Sellers need to price their home correctly from the beginning, making upward adjustments only paints the property in a negative light.
The only exception to this rule is when the property is a short sale and the bank has come back with an approved number that is higher than your previous list price.
With over $30,000,000 in sales volume in 2011, The Riley Smith Group knows real estate. If you are interested in buying, selling, building or renting and are looking for realtors who specialize in Coral Gables, please feel free to contact us at 305.960.5317 or send us a note here.
Stunning Home Hits The Market In Journey’s End, Coral Gables Gated Community
The home at 9475 Journey’s End Road is new to the market in Coral Gables. This unbelievable Spanish home sits on 2+ acres of waterfront land, and offers 8 bedrooms, 8 baths with a dramatic foyer and marble staircase, backyard piazza with pool, spa, cabana, maids quarters, lush landscaping as well as a private dock. Although situated on a canal, there are no fixed bridges to the bay. This home is listed by Judy Zeder of EWM for a list price of $10,500,000.
There has been 1 sale so far this year in Journey’s End. 9555 Old Cutler Road in Journey’s End closed for $8,050,000 back in February. Currently, there are 2 other homes for sale in this gated community.
Click here to view Homes For Sale In The Gated Community of Journey’s End.
With over $30,000,000 in sales volume in 2011, The Riley Smith Group knows real estate. If you are interested in buying, selling, building or renting and are looking for realtors who specialize in Coral Gables, please feel free to contact us at 305.960.5317 or send us a note here.
The Gables Club Market Update
The Gables Club located on Edgewater Drive is the premiere luxury condo building in Coral Gables. Thanks to a few solid sales earlier this year we have seen the average “price per square foot” figure jump up from last year’s low at $334.00. Currently, the average selling price per square foot in the building is $420.00.
Check out these transactions which have helped boost values at The Gables Club:
- 10 Edgewater Drive #15 A/C | Sale Price: $4,950,000 | Sale Price Per Square Foot: $660.00
- 60 Edgewater Drive #9C | Sale Price: $1,603,000 | Sale Price Per Square Foot: $517.00
- 60 Edgewater Drive #11D | Sale Price: $1,425,000 | Sale Price Per Square Foot: $450.00
Click here to view Condos For Sale in The Gables Club.
With over $30,000,000 in sales volume in 2011, The Riley Smith Group knows real estate. If you are interested in buying, selling, building or renting and are looking for realtors who specialize in Coral Gables, please feel free to contact us at 305.960.5317 or send us a note here.
Platinum Triangle Homes Sell Significantly Higher Than Other Gables Homes
The Platinum Triangle in Coral Gables is located just west of Old Cutler Road and south of Sunset Drive. Homes in this section of Coral Gables typically sell for a slight premium however I have never seen such a drastic difference in price as we are experiencing now. So far this year, homes in the Platinum Triangle have sold for an average of $348.00 psf which is significantly higher than the average home in Coral Gables right now. This is great news for homeowners who are considering selling in this area.
To view all homes for sale in The Platinum Triangle area of Coral Gables, click here.
With over $30,000,000 in sales volume in 2011, The Riley Smith Group knows real estate. If you are interested in buying, selling, building or renting and are looking for realtors who specialize in Coral Gables, please feel free to contact us at 305.960.5317 or send us a note here.