Coconut Grove, Coral Gables & South Miami Real Estate
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Like We’ve Been Saying, the Tides they are A-Turnin!!
Today the Wall Street Journal published and article stating that buyers are “stunned because bidding wars are back.” This is something that we, the Realtors here in Miami, have been trying to explain to our buyers for months now. Unfortunately, it has been our experience that instead of heeding our advice, they’ve had to experience it themselves, possibly losing a home they love, before realizing the changes that have occurred.
It is the law of supply and demand! The supply has been dwindling and the the demand increasing month my month. The below graph represents the last 15 months of single family homes under $600K for sale, under contract and sold in the Coconut Grove, Coral Gables and South Miami areas.
This is the most popular and desirable segment of the market right now and as you can see, we are down to less than 4 months of inventory. Since 6 months is needed for a balanced market, the inventory for nice homes is significantly low and the Sellers have the advantage. Thus the multiple offers.
You can read the entire article here.
If you or someone you know are looking for a real estate professional who specializes in Coconut Grove, Coral Gables and South Miami areas, give me a call at 305-987-2644 or send me a note here.
What does $18 Million buy in Coral Gables?
Lots and lots of views of blue……
From the blue tile roof to the breathtaking water views, you are surrounded by the colors and hues of the sea. Here are just a few features that make this property so special.
a spectacular two story library with it’s own elevator……
your own personal observatory……
900 linear feet of waterfront with two docks……
poolside entertainment area, heated pool and spa……
This one-of-a kind estate located at 9151 Arvida Lane in Gables Estates was designed by Chris Fergis and built with classic lines and contemporary flair. It has 8 bedrooms, 10 full baths and 2 half baths with 15,080 sq ft of living area on a 84,490 sq ft lot. This very special home is offered by Audrey Ross of EWM International.
If you or someone you know are looking for a real estate professional who specializes in Coconut Grove, Coral Gables and South Miami realty, give me a call at 305-987-2644 or send me a note here.
Under Contract in 17 Days!!
Nice homes, priced right, are going FAST!!
This home that I listed in the Miami neighborhood of “Little Gables” went under contract in just 17 days. I held an open house the first week and had two offers within 24 hours.
It is a 4 bedroom, 3 bath home and is listed at $469,000. This is a very desirable size of home, location and price point. I knew that and priced it to be compelling and get attention quickly. This is where a Realtors expertise and experience can give their clients a competitive advantage.
If your thinking of selling and looking for a real estate professional with the experience and expertise to sell your home, give me a call at 305-987-2644 or send me a note here.
Art Deco Beauty in Little Gables – Open House this Sunday 2:00 – 5:00
I just listed this fabulous Art Deco inspired home in “Little Gables”.
Little Gables is a lovely neighborhood surrounded by Coral Gables on three sides but is actually City of Miami. It is know for the location as it has the conveniences of the Gables without the Gables prices.
This lovely home offers 4 beds, 3 baths plus loft area. It features vaulted ceilings, new bamboo flooring, updated kitchen and baths, split floor plan, upstairs master bedroom & second bedroom, large family room leading to covered deck and spacious outdoor entertainment area. Literally blocks from downtown Coral Gables & Miracle Mile and minutes from the Airport, Downtown Miami and Miami Beach, it is truly centrally located.
If you or someone you know is interested in seeing this home, please stop by Sunday, March 4th from 2:00 – 5:00 or contact me to schedule a showing at 305-987-2644 or send me a note here.
Boaters Dream Come True -100 Feet on Coral Gables Waterway
How would you like to walk out your back door, step into your boat, throw off the lines and be in the sparkling clear waters of Biscayne Bay within minutes of leaving your morning cup of coffee. That is what makes this home truly a “boaters dream”.
Stunning details and striking ambiance is what describes this 5 bedroom, 5.5 bath waterfront home. It was completely updated in 2011, soup to nuts. Built for entertaining, the home features vaulted ceilings, open floor plan with views to the water, epicurean kitchen, marble floors and a spectacular patio/pool area.
The asking price for this home is $2,995,000. If you are interested in seeing this magnificent home, give me a call at 305-987-2644 or send me a note here.
Open House – Sunday, Feb 12th 2:00-5:00 Coral Gables Historic Old Spanish Home
Come visit me on Sunday, February 12th from 2:00 to 5:00 at 814 Santiago Street. This beautiful George Fink historically designated Old Spanish sits on a 12,500 sq ft lot in a quiet Coral Gables neighborhood.
814 Santiago Street, Coral Gables, FL
What stands out about this home is the great care that was taken to make sure that all the original integrity of the home remained intact. It has 3 bedrooms, 2 baths and features hardwood floors, “tiger stripe” Cuban tile in the living room, vaulted ceilings, archways throughout and a fireplace. Asking price – $549,000.
Come out and see this classic beauty for yourself. If you can’t make it tomorrow, you can call me at 305-987-2644 to schedule a private showing.
Miami named as “Most Outrageous and Most Positive” City on the Road to Real Estate Recovery
In a recent interview on CNBC, Ron Peltier, CEO of Homeservices of America, stated that he believes that we are on the road to real estate recovery and expects price stabilization in the second half of the year. He specifically mentioned Miami as having the “most outrageous and most positive” turnaround regarding market stabilization.
Mr. Peltier said that we have reached a “tipping point”. Much of this is due to the increase in rental prices. Many rentals are higher than the cost of owning a home. Additionally, he feels that there are many people that have been sitting on the sidelines for years that are now ready to purchase a home.
All of this is great news for us here in South Florida and frankly, as Realtors, we have been seeing the signs for months now. If you would like to see the entire interview just click on the link below.
Buffet CEO Ron Peltier interview with CNBC
If you or someone you know are looking for a real estate professional who specializes in Coconut Grove, Coral Gables and South Miami realty, give me a call at 305-987-2644 or send me a note here.
2011 A Year in Review – Tri-City areas of Coconut Grove, Coral Gables and South Miami
2011 was a great year for the areas of Coconut Grove, Coral Gables and South Miami. Total gross sales were up significantly over the 2010 numbers with condos sales increasing 13.5% and single family home sales up 29.5% overall.
In most segments of the market, the inventory has been dropping steadily leading us towards a more stable market. The surprise though would be the over $1MM condos. Check it out below. There seems to be a few more for sale each month.
In the below graphs you will find the data regarding home sales, pended homes (under contract) and homes for sale on a month by month basis for all of 2011. I have segmented them by single family homes, condominiums and price range.
Single Family Homes up to $500,000.
Single Family Homes for over $1,000,000.
Condos from $500,000. to $1MM
Condos over $1,000,000.
If you or someone you know are looking for a real estate professional who specializes in Coconut Grove, Coral Gables and South Miami realty, give me a call at 305-987-2644 or send me a note here.
Coral Gables Art Deco Beauty in Need of TLC
Well, today was my lucky day. I must have driven by this home hundreds of times and something about it always drew my attention. So, you can imagine how excited I was when I found out that it just came to the market and I was able to see it today.
2806 Granada Blvd
I have to say that it did not disappoint. This art deco home built in 1937 features a Spanish tile lined spiral staircase, arched windows, high ceilings, plastered moldings, wood floors and decorative wrought iron. It was truly stepping back in time. Unfortunately, the home has been vacant for 10 years and really needs a buyer that would enjoy the opportunity to bring it back to it’s original glory.
This home has 5 bedrooms, 4.5 baths with 3,689 sq ft of living area on a 11,500 sq ft lot and is listed for $850,000. Since the average sale price in Coral Gables is $270 per sq ft, this home, priced at $230 per sq ft, was priced to get buyers attention and takes into consideration the current condition of the home. This home is offered for sale by Slesnick & Jochem, LLP.
If you are interested in seeing this home or any others in the Coconut Grove, Coral Gables, or South Miami areas. please give me a call at 305-987-2644 or send me a note here.
Summer 2011 Market Update for Tri-City Areas – Coconut Grove, Coral Gables and South Miami Real Estate
Well, the summer numbers are in and for the most part, sales in the tri-city areas of Coconut Grove, Coral Gables and South Miami are up over last year this time.
The inventory of homes is consistently dropping, which in turn, has created quite the demand. The recent conversations among realtors is that they have the buyers but they are having difficulty finding homes. The nice, well priced homes are few and far between. And when one comes on the market, it goes rather quickly.
The most significant change so far this year are the condos from $300,000. to $500,000. The sales are up 158.3% over last year this time. The contracts pending are up 68.2% and the inventory of condos for sale is down 65.4%. This is great news for all those condos that have been sitting on the market for literally years.
The below graphs provide 15 months of data regarding home sales, pended (under contract) and inventory of homes currently for sale. I have segmented them by single family homes, condominiums and price range.
Single Family Homes up to $500,000.
Sales – ↑ 22%
Pending contracts - ↓ 25.7%
Inventory – ↓ 39.3%
Single Family Homes from $500,000. to $1MM
Sales – ↑ 50% change
Pending contracts ↑ 33.3%
Inventory – ↓ 50.3%
Single Family Homes for over $1,000,000.
Condos for under $300,000. 
Sales – ↑158.3%
Pending contracts – ↑68.2%
Inventory – ↓65.4%
Condos from $500,000. to $1MM
Sales – ↑22.2%
Pending contracts – ↑90.9%
Inventory – ↓35%
Condos over $1,000,000.
Sales – ↓14.3%
Pending contracts – ↓28.6%
Inventory – ↓23.3%
If you or someone you know are looking for a real estate professional who specializes in Coconut Grove, Coral Gables and South Miami realty, give me a call at 305-987-2644 or send me a note here.
