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. 8 beds, 7 full, 1 half baths
    Home size: 9,100 sq ft
    Lot size: 1.34 ac
    Year built: 2006
    Parking spots: 3
    Days on market: 5
  2. 5 beds, 5 full, 2 half baths
    Home size: 6,666 sq ft
    Lot size: 1.23 ac
    Year built: 2005
    Parking spots: 4
    Days on market: 8
  3. 5 beds, 5 full, 3 half baths
    Home size: 5,790 sq ft
    Lot size: 1.07 ac
    Year built: 1961
    Parking spots: 2
    Days on market: 56

See all Snapper Creek Lakes, Coral Gables Gated Community.
(all data current as of 2/22/2017)

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.

Number Of Homes For Sale Trending Up In Coral Gables

April 10th, 2014 Written By


Categorized under Coral Gables Real Estate

Coral Gables real estate sign

For the first time in several years, we have seen 3 consecutive months of increasing inventory in Coral Gables. This trend is likely the result of two contributing factors:

  1. More people are putting their home for sale because they want to cash in on increasing home prices.  The average “sale price/square foot” has increased from $306.00/sq. ft. in 2012 to $352.00/sq. ft. in 2014.
  2. Home sales are down.  We are seeing a slight decrease in the number of closed sales from the same time period last year which results in more homes sitting on the market.  Some buyers are slightly wary of the quickly rising home values and are waiting to see where the market will go in the next few months.

One interesting thing to make note of is that the increase in inventory has been mostly in the $1,000,000 and over market (this segment has also seen an increase in the average “sale price per square foot” from $439.00 in 2012 to $470.00 in 2014).

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.

Featured Coral Gables Community: Sunrise Harbour

April 8th, 2014 Written By


Categorized under Coral Gables Real Estate

Park at Sunrise Harbour Park

The area known as Sunrise Harbour is one of my favorite spots in Coral Gables.  You have a wide range of properties available from $800,000 ranch style homes, up to luxury, waterfront homes.  The neighborhood is centered around the Sunrise Harbour Park which is a great place to exercise, take the kids or go for a walk.   It is also very central to the downtown shopping and dining areas of Coconut Grove and Coral Gables.

In the past 90 days there have been 3 homes sold in the Sunrise Harbour area.

105 Morningside Drive, Coral Gables: This was a 4 bedroom, 3 bathroom, one-story ranch style home with 2,613 square feet of living space on a 10,700 square foot lot.  Some of the special features included impact glass, two car garage, walk in closet and  high ceilings with crown moldings.  The home was listed for $925,000 and sold for $885,000.   Listed byXCellence Realty.

50 East Sunrise Drive, Coral Gables: This home offered 4 bedrooms, 5 bathrooms with 5,518 square feet of living space on a waterfront 14,000 square foot home.  It provided 43 feet of protected dockage with no bridges to the bay.  Some of the special features of the home included 40 feet heated pool, brazilian walnut floors, fireplace, butler’s pantry, steam shower, jacuzzi and chef’s kitchen.  The home was listed last year for $3,100,000 and went under contract in 4 days.  It closed for $2,895,000.  Listed by Avatar.

6975 Sunrise Terrace, Coral Gables: This spectacular listing offered 4 bedrooms, 4 full bathrooms, 2 half bathrooms with 4,484 square feet of living space on an incredible 26,700 square foot waterfront lot with bay views.  Water frontage was 266 feet.  The home was listed for $5,999,000 and closed for $5,000,000.  Listed by EWM Realty International.

There are currently several homes available for sale in Sunrise Harbour, see below:

  1. 5 beds, 6 full, 1 half baths
    Home size: 6,384 sq ft
    Lot size: 16,500 sqft
    Year built: 1996
    Parking spots: 2
    Days on market: 19
  2. 4 beds, 4 full, 1 half baths
    Home size: 3,421 sq ft
    Lot size: 9,100 sqft
    Year built: 1999
    Parking spots: 2
    Days on market: 23
  3. 2 beds, 2 full baths
    Home size: 1,548 sq ft
    Lot size: 9,200 sqft
    Year built: 1955
    Parking spots: 2
    Days on market: 97

See all Sunrise Harbour Area, Coral Gables.
(all data current as of 2/21/2017)

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

If you would like to work with a Coral Gables Realtor who specializes in Coral Gables real estate, please feel free to contact me at 305-342-1623 or send me a message here.

Partially Completed Home Sells In Gables Estates For $8,000,000

April 1st, 2014 Written By


Categorized under Coral Gables Gated Communities, Coral Gables Real Estate, Coral Gables Waterfront Homes

Picture of Waterfront Homes in Gables Estates

The property located at 325 Leucadendra Drive in Gables Estates was under construction when it was listed for sale at $10,900,000.  The sellers were looking for a buyer who was interested in completing the home to their own taste and style.  The property offered 16,311 square feet of living space on a 57,017 square foot waterfront lot with 9 bedrooms, 9 full baths and 2 half baths and was designed by renowned architect Ralph Portuondo.  Listed by One Sothebys.

Another home also recently sold on Leucadendra Drive in Gables Estates.  145 Leucadendra Drive was listed for $7,500,000 and sold for $7,000,000.   This was a 3,221 square foot house on a 36,098 square foot waterfront lot with 4 bedrooms, 2.5 baths.   Listed by EWM Realty.

Gables Estates is the most exclusive gated community in Coral Gables.  The average sale over the past 24 months is $8,400,000 with an average “sale price/square foot” of $1,000.  Membership in the Gables Estates Club is a prerequisite to purchasing a home in Gables Estates ($75,000).

Click here to read more about Coral Gables gated communities.

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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