Waterfront Homes In Coral Gables Experience Increase In Values During 2014

June 10th, 2014 Written By


Categorized under Coral Gables Real Estate, Coral Gables Waterfront Homes

View Out of Balcony in Coral Gables Waterfront Home

There have been 33 waterfront homes sold in Coral Gables this year.  This includes canal-front, bay-front and lake-front properties.  These homes have closed for an average of $636.00 per square foot which is an increase of almost $100.00/sq. ft. from 2013.  This segment of the market has experienced one of the highest rises in value in 2014.

Five of the waterfront properties that sold this year were partially completed homes or homes that required major renovation.  There have been two direct bay-front homes sold, these closed for over $1,000/square foot.

Real estate in Coral Gables is changing on a daily basis, if you own a home in Coral Gables and are considering selling please don’t hesitate to contact us at 305-342-1623 or send us a message here.  We are Coral Gables real estate specialists and would be happy to provide you with a no pressure home valuation. 

Visit Today’s News From Our Other Miami Real Estate Blogs:
Coconut Grove Real Estate | Brickell Condo Blog Key Biscayne Real Estate

Another Coral Gables Home SOLD By The Riley Smith Group!

May 30th, 2014 Written By


Categorized under Coral Gables Real Estate

Home Sold In Coral Gables

The market is very tight for properties in Coral Gables priced under $800,000.  Homes in this segment of the market fly off the shelves and tend to sell very close to list price.  In fact, the average “sale price to list price” ratio for homes listed under $800,000 in Coral Gables is 95%.  For homes listed over $800,000 the ratio falls to 90%.   It is essential to act quickly and put in a strong offer if you want to secure a home in this price point.

Here at The Riley Smith Group we stay on top of any new listings that hit the market to make sure that our clients are aware of every opportunity.   When Jessica Adams, one of our buyer’s specialists, saw the property at 330 Camilo Avenue come across the MLS at a list price of $610,000 she knew that it would be perfect for her clients.  She quickly got them in to see the home and advised them that if they liked it then they had to act fast.  They submitted an offer shortly after and thanks to Jessica’s strong negotiating skills the home was placed under contract for $580,000.

Congratulations to her clients who closed on property this week!  330 Camilo Avenue offered 1,606 square feet of living area with 3 bedrooms, 2 bathrooms on a 5,000 square foot lot.

For more information about The Riley Smith Group, visit our website here.

If you are interested in buying or selling a home in Coral Gables and would like to work with Realtors who specialize in the area, please contact us at 305-342-1623 or send us a message here.

Proposed 282 Unit Residential Building Above Publix In Coral Gables

May 27th, 2014 Written By


Categorized under Coral Gables Condos, Coral Gables Real Estate

Construction

Plans have been submitted to the City of Coral Gables for a major renovation and expansion of the Publix on Le Jeune Road.  The grocery store will increase from 43,000 square feet to 57,000 square feet as part of a full-block development which will also include 282 residential units and a 793 space parking garage.  The building will be 18 stories high.

This transformation from a single-use to a mixed-use project is part of a trend we are seeing all over Miami.  The cost of real estate is rising so dramatically that owners can really maximize their investment by going vertical and creating residential property/office space out of thin air, literally.  Similar nearby projects include the condo tower over the Publix at Nine at Mary Brickell Village and the office tower over Whole Foods in South Miami.

Other details of the proposed Publix expansion include bicycle storage on the garage’s third floor, more than 38,000 square feet of landscaped open space, and landscaping within the right-of-way.

The Development Review Committee will consider the project on May 30th.

Real estate in Coral Gables is changing on a daily basis, if you own a home in Coral Gables and are considering selling please don’t hesitate to contact us at 305-342-1623 or send us a message here.  We are Coral Gables real estate specialists and would be happy to provide you with a no pressure home valuation. 

Number Of Full Price Deals Falls In 2014

May 20th, 2014 Written By


Categorized under Coral Gables Real Estate

Number Of Full Price Offers In Coral Gables Drops

Last year it seemed like every other deal in Coral Gables was selling at or above list price.   If you were the type of buyer who liked to negotiate, then you were out of luck on many properties which came on the market.  In fact, during 2013 there were 144 single family homes in Coral Gables which sold for full price or higher.

This year the market has certainly slowed down.  As of today, there have been only 27 homes closed in Coral Gables which traded for full asking price.  Last year at this time there was almost double that number with 44 on the books.

One reason behind the drop in full price deals could be the fact that sellers are more optimistic with their asking prices and buyers aren’t willing to come up that high.   For the past 2 years, Coral Gables real estate has certainly favored the seller.  Is this the first indication that we are headed towards a more balanced market?  I can’t predict the future but will certainly keep you informed of any new trends or important sales which will impact the market.

Real estate in Coral Gables is changing on a daily basis, if you own a home in Coral Gables and are considering selling please don’t hesitate to contact us at 305-342-1623 or send us a message here.  We are Coral Gables real estate specialists and would be happy to provide you with a no pressure home valuation. 

Compared To Other Cities, Coral Gables Luxury Homes Are A Bargain!

May 16th, 2014 Written By


Categorized under Coral Gables Real Estate

There was a great article in Miami Today this week about the affordable prices of Miami’s luxury homes. Compared to other top cities, our luxury real estate sells at a much lower “price per square foot” .  While many markets see price per square foot values as high as $1,500 or even $2,000 per square foot, Miami is a bargain at just $559.00 per square foot.   Even more of a deal are homes in Coral Gables where the average $1,000,000 and higher home sells for just $495.00 per square foot.

Our values in Coral Gables may be skyrocketing, but this chart helps keep things in perspective!

Coral Gables Luxury Homes

 

The real estate market is changing on a daily basis, if you own a home in Coral Gables and are considering selling please don’t hesitate to contact us at 305-342-1623 or send us a message here.  We are Coral Gables real estate specialists and would be happy to provide you with a no pressure home valuation.

Coral Gables Real Estate Market Update

May 12th, 2014 Written By


Categorized under Coral Gables Real Estate

Coral Gables Real Estate Statistics

 

Take a look above at the statistics I calculated this morning on the Coral Gables real estate market to date in 2014.  It looks impressive right?  If you are a homeowner then you are very happy with where values have risen to over the past year.  $359.00 per square foot is one of the highest “average” figures Coral Gables has ever experienced.  During the same time period last year the average sale price per square foot was coming in at $319.00.

But not all of the news is good news.  This year we have seen the number of sales drop dramatically.  As you can see from the figures above, there have been 166 homes sold so far in 2014.  This  is a significant drop from the same time period last year where we saw well over 200 sold.  This is likely a result from buyers who may be suffering from sticker shock.  If a buyer has been looking at homes since 2013, then the type of property that was once within their budget may have fallen out of reach. Along with the drop in the number of home sales, has come an increase in the number of homes on the market.  You may remember my recent blog post about the rising inventory in Coral Gables – you can read that post here “Number Of Homes For Sale Trending Up In Coral Gables“.

The real estate market is changing on a daily basis, if you own a home in Coral Gables and are considering selling please don’t hesitate to contact us at 305-342-1623 or send us a message here.  We are Coral Gables real estate specialists and would be happy to provide you with a no pressure home valuation.

 

Just Sold By The Riley Smith Group! 140 West Sunrise Avenue, Coral Gables

May 7th, 2014 Written By


Categorized under Coral Gables Real Estate

Photo of home located at 140 West Sunrise Drive, Coral Gables

Congratulations to our  buyers who closed today on their home at 140 West Sunrise Avenue in the Sunrise Harbour neighborhood of Coral Gables.  These clients were relocating from out of town and looking for a 4 bedroom home under $1,000,000.   After many months of searching for the right property, our buyer specialist Dominique Duque found them the perfect home.  As soon as 140 West Sunrise Avenue came on the market she quickly got them in to see it and they wrote up an offer shortly after.

140 West Sunrise Avenue offered 4 bedrooms, 2 baths with 2,577 square feet of living space on a 9,300 square foot lot.  It had been fully updated with new appliances, new impact glass throughout, flooring and cabinets.  It also had a pool and 2 car garage.  The sale price was $900,000 or $349.00/sq. ft.

If you are interested in buying or selling real estate in Coral Gables, please contact us at 305-342-1623.  We have a long history of sales in Coral Gables and would love the opportunity to work with you.

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

Visit Today’s News From Our Other Miami Real Estate Blogs:
Coconut Grove Real Estate | Brickell Condo Blog Key Biscayne Real Estate

Property Alert! Great Opportunity For A Waterfront Home

April 29th, 2014 Written By


Categorized under Coral Gables Gated Communities, Coral Gables Real Estate

Home for sale in Gables by The Sea

1541 Bella Vista Avenue The home located at 1541 Bella Vista Avenue in Gables By The Sea hit the market last week.  Listed for $1,399,000, it is priced to sell and a great opportunity to purchase a waterfront home for under $1,500,000 in Coral Gables.   Built in 1994, this home is in pristine condition with top of the line amenities including a 2008 Poggenpohl kitchen, large master suite with his/her walk in closets, impact windows and doors throughout, emergency generator, air-conditioned 3 car garage and concrete sea wall. The covered patio with electronic retractable screens and SWAT mosquito misting system allows for year round outdoor entertainment.

Gables By The Sea is a wonderful community which is situated along several canals offering direct access to Biscayne Bay.  With homes starting at $1,000,000, it is one of the more reasonably priced gated communities in Coral Gables.

Click on the following link to view more information and photos of 1541 Bella Vista Avenue.

If you want to work with a Realtor who specializes in Coral Gables real estate, please feel free to contact me at 305-342-1623 or send me a note here.  The real estate market is changing rapidly and we follow the trends to make sure our clients make informed, confident decisions. 

Snapper Creek Lakes 2014 Market Update | Values Up!

April 25th, 2014 Written By


Categorized under Coral Gables Gated Communities, Coral Gables Real Estate

Snapper Creek Lakes Sign

Snapper Creek Lakes is one of the most sought after gated communities in Coral Gables.  Most homes are located on at least 1 acre of property with lush, tropical foliage. It is a secluded oasis amid the hustle and bustle of Miami.  Snapper Creek Lakes offers lake front homes s as well as canal front homes with just 1 bridge to the bay.

So far in 2014 there have been 3 closed sales in Snapper Creek Lakes.  These homes had an average sale price of $4,614,000 or $507.00 per square foot.  These figures are up significantly from last year where the average sale price was $3,000,000 and the average sale price/sq. ft. was $467.00.

Currently there are 7 homes for sale in Snapper Creek Lakes which range in price from $3,200,000 up to $9,900.000.  The best value on the market is located at 10900 Lakeside Drive.  It is listed for $4,200,000 and is asking just $444.00 per square foot.  This home offers 9,446 square feet of living area (5 bedrooms, 5 full baths, 2 half baths) on 1.5 acres of lakefront property.   There is also a separate guest house on the property.  Listed by Coldwell Banker.

View homes currently for sale in Snapper Creek Lakes below:

  1. 5 beds, 4 baths
    Home size: 4,074 sq ft
    Year built: 1968
    Days on market: 32
  2. 6 beds, 8 baths
    Home size: 10,115 sq ft
    Year built: 2008
    Days on market: 34
  3. 4 beds, 4 baths
    Home size: 4,773 sq ft
    Year built: 1962
    Days on market: 47

See all Snapper Creek Lakes, Coral Gables Gated Community.
(all data current as of 9/26/2017)

Listing information deemed reliable but not guaranteed. Read full disclaimer.

If you want to work with a Realtor who specializes in Coral Gables real estate, please feel free to contact me at 305-342-1623 or send me a note here.  The real estate market is changing rapidly and we follow the trends to make sure our clients make informed, confident decisions. 

Just 1 Year Later, These Sellers See $110,000 Increase In Value

April 16th, 2014 Written By


Categorized under Coral Gables Real Estate

Home at 801 Valencia in Coral Gables, FL

The home located at 801 Valencia Avenue in Coral Gables sold in 2013 for $830,000.  The owners placed the home back on the market just 7 months later for a list price of $950,000 and just closed on it for $940,000.  The home completed a major renovation in 2010, but had no significant improvements between 2013 and 2014.

I am sure that many people who saw the house balked at paying $100,000 more than what the current owners paid just a year ago.  But I always tell my clients that you can’t penalize someone for getting a good deal on a house in a surging market.  A house is worth what someone will pay for it, and in today’s environment if you don’t buy it someone else will.

Kitchen at 801 Valenica Avenue in Coral Gables, FL

Details of this home included:

  • 2,332 square feet of living area
  • 3 bedrooms, 3 baths
  • 11,600 and room for a pool
  • Listed by Blue One Realty

If you want to work with a realtor who specializes in Coral Gables real estate, please feel free to contact me at 305-342-1623 or send me a note here.  The real estate market is changing rapidly and we follow the trends to make sure our clients make informed, confident decisions.

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