Coral Gables Homes Experience 4.8% Increase In Value During 2015

December 2nd, 2015 Written By


Categorized under Coral Gables Real Estate

Coral Gables Chart

Coral Gables has experienced another year of rising values in 2015. The average home sold for $392.00/square foot compared to $374.00/square foot in 2014 which is a 4.8% increase in value. Although this is good news, the increase is slightly less than what we experienced in the previous 2 years. Between 2013 and 2014 there was a 12% increase in value in Coral Gables.

The slow down is a result of lower inventory levels and buyers simply catching their breath on rising prices.  In my opinion, it is indicative of a healthy market. If you see a drastic increase in prices every year then you are likely headed for disaster.

Sellers need to be educated about the market and make sure they are realistic in their pricing. Although values are on the rise, they are not increasing at such a dramatic rate as before.  I always tell my sellers where I see the market heading in the coming months so that they are not chasing prices up or down.

The Riley Smith Group is the #1 Top Producing Team at EWM’s Coral Gables office. If you are interested in buying or selling real estate in Coral Gables and would like to work with Realtors who specialize in the area, please contact us at 305-342-1623 or by filling out a contact form here. 

 

Historic Coral Gables Home Just Sold By The Riley Smith Group

November 6th, 2015 Written By


Categorized under Coral Gables Real Estate

1302 Alhambra Circle, Coconut Grove

Congratulations to The Riley Smith Group buyers who have just closed on their Coral Gables home located at 1302 Alhambra Circle. This 1930’s Old Spanish style property is a registered historic home.  As a meeting place for those who gathered to promote equal rights, Resident Roxcy O’Neal Bolton organized numerous rallies and marches here to bring public attention to the special needs of women.  In 1999 The Coral Gables Historic Preservation Board put up this marker in front of the home.

Women Take Action Sign

The home has been carefully restored and updated, and many of the original architectural details remain. Offering 4 bedrooms, 3.5 baths with 2,684 square feet of living area on a 14,505 square foot lot, it sold for $1,408,000.

1302 Alhambra Circle, Coral Gables
1302 Alhambra Circle, Coral Gables

The Riley Smith Group is the #1 Top Producing Team at EWM’s Coral Gables office. If you are interested in buying or selling real estate in Coral Gables and would like to work with Realtors who specialize in the area, please contact us at 305-342-1623 or by filling out a contact form here.

Historic “Java Head” Sells On Edgewater Drive For $8,675,000

November 3rd, 2015 Written By


Categorized under Coral Gables Real Estate

Java Head Coral Gables

Built in 1936, “Java Head” is a historically significant home designed by well known architect Robert F. Smith and has been the residence of Charles Baker (culinary writer) as well as Dr. James Jude (one of the inventors of CPR).  The home came on the market back in 2009 at a list price of $13,900,000 and was reduced over the years to a $9,750,000.  The best thing about this property was that it was situated on 3 acres of lush, tropical gardens along the Gables Waterway with a coral rock protected boat slip.

Java Head Coral Gables

The home offered 10 bedrooms, 7 baths with soaring cathedral ceilings, 3 fireplaces, grand staircase, 2 cottages, 4 car garage, tennis court, pool and staff quarters.  The sale price on the home was $8,675,000 or $731/square foot.  Listing agent was Jorge Uribe of One Sothebys.

This is the highest sale price garnered in 2015 for a non-gated community home.

Java Head, Coral Gables

The Riley Smith Group is the #1 Top Producing Team at EWM’s Coral Gables office. If you are interested in buying or selling real estate in Coral Gables and would like to work with Realtors who specialize in the area, please contact us at 305-342-1623 or by filling out a contact form here.

The Million Dollar List

October 23rd, 2015 Written By


Categorized under Coral Gables Real Estate

With the average home in Coral Gables selling for $1,000,000, I thought it would be interesting to show you what you can get in Coral Gables for that price. Below you will find a list of homes that closed between $900,000 and $1,100,000 this year, these are representative of the typical properties that are trading in Coral Gables in today’s market. As you can see, the number of bedrooms range from 3-5, living area ranges from 2,000 – 3,000 sq. ft., and lot sizes range from 8,000 – 12,000 sq. ft..

Cecilia

1534 Cecilia Avenue | Sale Price: $900,000 | 3 Bedrooms, 2 Baths | 2,528 Square Feet Of Living Area | 10,500 Square Foot Lot | Listed by Coldwell Banker

Almeria

1046 Almeria Avenue | Sale Price: $950,000 | 3 Bedrooms, 3 Baths | 2,592 Square Feet Of Living Area | 10,280 Square Foot Lot | Listed by Coldwell Banker

Madeira

740 Madeira Avenue | Sale Price: $1,050,000 | 5 Bedrooms, 4 Baths | 3,137 Square Feet Of Living Area | 8,640 Square Foot Lot | Listed by Sierra Realty

Alhambra circle

525 Alhambra Circle | Sale Price: $1,050,000 | 4 Bedrooms, 3 Baths | 2,554 Square Feet Of Living Area | 10,000 Square Foot Lot | Listed by Real Estate Sales Force

Gables 5 Sunrise

21 East Sunrise Avenue | Sale Price: $1,089.500 | 3 Bedrooms, 3 Baths | 2,219 Square Feet Of Living Area | 11,700 Square Foot Lot | Listed by EWM Realty International

The Riley Smith Group is the #1 Top Producing Team at EWM’s Coral Gables office. If you are interested in buying or selling real estate in Coral Gables and would like to work with Realtors who specialize in the area, please contact us at 305-342-1623 or by filling out a contact form here. 

Coral Gables Waterfront Home Values Are Stagnant In 2015

October 16th, 2015 Written By


Categorized under Coral Gables Waterfront Homes

Coral Gables Homes 2015

 

For another year in a row Coral Gables has seen an overall increase in value of single family homes.  However, when you break the numbers down into waterfront and non-waterfront, you will see that the non-waterfront segment has increased in price by 8% while waterfront homes have actually decreased in value by 2%. I think these figure are consistent with the state of the South Florida market as a whole. Thanks to fewer foreign buyers, we are seeing a slowdown in the number of ultra-luxury home sales and that lack of activity is impacting values.

That being said, the waterfront market is still very stable and is selling nearly 35% higher than waterfront homes sold 5 years ago. I would say that the market is in a much needed correction phase right now and is simply trying to catch its breath.

The Riley Smith Group is the #1 Top Producing Team at EWM’s Coral Gables office. If you are interested in buying or selling real estate in Coral Gables and would like to work with Realtors who specialize in the area, please contact us at 305-342-1623 or by filling out a contact form here.

 

33% Of Homes In Coral Gables Have Price Reductions Before Selling

September 22nd, 2015 Written By


Categorized under Coral Gables Real Estate

33 percent

Although values are on the rise in Coral Gables, many sellers start off with a list price that is too high and end up reducing the property before it sells. Out of the 405 homes sold in Coral Gables this year, 33% had to have price reductions before selling. When you break the numbers down even more, it seems that the $1,000,000 and below sellers are the most optimistic as there were 84 price reductions in that segment, while there were only 51 price reductions for homes sold over $1,000,000.

I can’t stress enough to my sellers how imperative it is that they price their home correctly from the beginning.  After a home comes on the market, the ‘perceived value” begins to diminish after 30 days.  You want to come on the market with a number that will get your home sold fast and for the highest price.

If you are interested in selling your home and would like to work with a team who knows how to properly value a Coral Gables home, please contact us today at 305-342-1623.

The Riley Smith Group is the #1 Top Producing Team at EWM’s Coral Gables office. If you are interested in buying or selling real estate in Coral Gables and would like to work with Realtors who specialize in the area, please contact us at 305-342-1623 or by filling out a contact form here. 

Supply & Demand In Coral Gables | Out Of Balance

September 16th, 2015 Written By


Categorized under Coral Gables Real Estate

iStock_000008115655_Small

When I take a look at what is currently for sale and what has closed in 2015, I notice a large imbalance between the supply and demand of homes in Coral Gables.  Right now there are 331 active listings which are made up of 119 priced under $1,000,000 and 212 priced over $1,000,000. You can see that the majority of homes on the market are listed over $1,000,000.  When you compare those figures to what has sold this year you will see that the distribution shifts and the majority of homes that sell are priced under $1,000,000.  Out of the 396 homes that have closed in 2015, 233 sold under $1,000,000 and 163 sold over $1,000,000.

This data is the perfect example of why homes listed under $1,000,000 have increased in value and are selling so quickly when they hit the market. The demand for homes in this segment of the market is high (58% of the total homes sold), while the supply is low (representing just 35% of the total homes for sale).

The Riley Smith Group is the #1 Top Producing Team at EWM’s Coral Gables office. If you are interested in buying or selling real estate in Coral Gables and would like to work with Realtors who specialize in the area, please contact us at 305-342-1623 or by filling out a contact form here. 

2 Recent Coral Gables Sales By The Riley Smith Group!

July 31st, 2015 Written By


Categorized under Coral Gables Real Estate

604 Alcazar Avenue, Coral Gables

Although we are in the summer doldrums, our office has been staying busy! We recently closed on 2 of our listings in Coral Gables. Immediately upon listing 604 Alcazar Avenue we had a flurry of activity.  The showing requests poured in and we had multiple offers within a matter of days.  The home sold above asking price for $669,000.  This property offered 3 bedrooms, 1 full bath, 1 half bath with 1,866 square feet of living space on a 5,000 square foot lot.  Originally from 1924, the home had a renovated kitchen, 10′ ceilings, wood floors, fireplace and a formal living and dining room. Jessica Adams of The Riley Smith Group represented the sellers.

3271 Riviera Drive, Coral Gables

Our second recent sale was located at 3271 Riviera Drive in The Golden Triangle area of Coral Gables. This was an off-market sale, we sold the property before it came on the MLS. The home offered 3 bedrooms, 2 baths with 2,053 square feet of living space on a 10,100 square foot (double) lot. It sold for $850,000.  Some of the special features included a renovated kitchen, wood floors, pool surrounded by lush gardens and Chicago brick driveway. Liz Perdigon of The Riley Smith Group represented the sellers.

Homes priced under $1,000,000 are flying off the market right now in Coral Gables. In fact, during 2015 homes priced under $1,000,000 in Coral Gables took just 75 days to close (on average), as opposed to homes priced over $1,000,000 which took 145 days to close (on average).

The Riley Smith Group is the #1 Top Producing Team at EWM’s Coral Gables office. If you are interested in buying or selling real estate in Coral Gables and would like to work with Realtors who specialize in the area, please contact us at 305-342-1623 or by filling out a contact form here.

Sellers Who Bought Just 1 Year Ago See A Nice Return On Investment

July 17th, 2015 Written By


Categorized under Coral Gables Real Estate

We all know that the market has gone up in the past year. On average, homes in Coral Gables have increased from $374.00/square foot in 2014 to $398.00/square foot in 2015 (an increase of 6%).  Sometimes it is easier to see an actual example of specific properties increasing in value.  Today I am showing you two different properties that sold twice within 12 months. They both garnered a significantly better price the second time around, with no major improvements or renovations to the properties being made.

Aduana

924 Aduana Avenue, Coral Gables

  • Sold in 2014 for $1,570,000 | Sold in 2015 for $1,750,000
  • Increase in value of 11%
  • 4 Bedrooms, 3 Baths
  • 4,188 Square Feet Of Living Area
  • 15,378 Square Foot Lot
  • Agent: Francisco Paz of Paz Realty

land in coral gables

3226 Riviera Drive, Coral Gables (Land Value)

  • Lot sold in 2014 for $750,000 | Lot sold in 2015 for $1,000,000
  • Increase in value of 33%
  • 15,000 square foot lot
  • Agent: Issam Shalhoub of Avanti Way

Of course I can’t guarantee that every home has increased in value over the past year.  We are seeing values increase by varying amounts depending on the type of home you have and its location. If you are interested in learning more about the value of your home in today’s changing market, please feel free to contact us. We would be happy to provide you with a no pressure home valuation and share with you the most recent comparables.

The Riley Smith Group is the #1 Top Producing Team at EWM’s Coral Gables office. If you are interested in buying or selling real estate in Coral Gables and would like to work with Realtors who specialize in the area, please contact us at 305-342-1623 or by filling out a contact form here.

Under Contract In 3 Days! 604 Alcazar Avenue Receives Multiple Offers

July 2nd, 2015 Written By


Categorized under Coral Gables Real Estate

Alcazar-28

The Coral Gables real estate market may be slower right now than years past, but when you have a great listing that is perfectly priced it will still sell fast! Jessica Adams from The Riley Smith Group recently listed the home at 604 Alcazar Avenue. This property was built in 1924 and was nicely updated and restored with attention to detail. Located on a tree-line street within walking distance to the Coral Gables city center, it featured 10′ ceilings, wood floors, custom mill-work, light filled rooms and a rooftop terrace.  604 Alcazar Avenue offered 3 bedrooms, 1.5 baths with 1,866 square feet of living space on a 5,000 square foot lot and was listed for $669,000.

Alcazar-3

Alcazar-25

We received several offers on the property and placed it under contract within just 3 days! Congratulations to Jessica and the sellers on their quick sale!

The Riley Smith Group is the #1 Top Producing Team at EWM’s Coral Gables office. If you are interested in buying or selling real estate in Coral Gables and would like to work with Realtors who specialize in the area, please contact us at 305-342-1623 or by filling out a contact form here.

Copyright ©     Log in     Design by Real Estate Tomato     Powered by Tomato Real Estate Blogs