31 homes and condos sold in September with sales prices that were 89% of asking price. The average sales price was $976,000 and stayed on the market for 93 days. Call 1-800-639-3520 Ext. 9069 for Free Reports on Coral Gables (our 24-hour recorded info line).
There are currently 976 homes and condos for sale in Coral Gables. So far this year, 379 have sold. For customized, detailed reports and research from one of the leading real estate experts in the area, please do not hesitate to contact me at the toll free number above or call me directly at 786.553.0697 or email me at Michael@HomesForVIPs.com. These reports show recent sales, available stats and facts and trends reports by zip code, area, city and/or building, and provide clients with an overall snapshot of inventory, closed sales, avg. sales price, sale price compared to list price, days on market and months of inventory.
The next several months are going to continue to be very favorable for buyers as interest rates are still relatively low. Sellers are now starting to realize that if they want to sell, they must be more flexible and realistic with their pricing. Homes are the better investment overall with many condos selling a lot slower as there is more inventory in the condo market. Prices are still more stable in the single-family home market.
Coral Gables continues to be a very attractive area for investing although it would not be a good idea to look for short-term gains right now. As long as you can hold your property for at least 2-3 years, you should be fine. Waterfront property, especially, will continue to be the best investment.
Resort areas like Coral Gables are always in high demand and will continue to attract baby boomers, snowbirds, investors, celebrities, buyers and foreign buyers. The dollar is very weak in Europe, so look for increased investment from there as well as other foreign countries where there is political unrest and unstable economies (i.e. South America). There are few major cities in the U.S. that have the appeal, and its location is easily accessible from South America and Europe. Property prices are low (in some cases less than half) when compared to other major cities in the U.S. like New York, Washington D.C., Chicago, San Francisco, Los Angeles and San Diego.
Currently, the supply of condos for sale is still steadily increasing. Look for lower prices in some of the luxury buildings and the vanilla condo conversions where there currently is a lot of inventory and the supply far exceeds the demand right now. In some of the luxury buildings, the sellers were anticipating 25%-50% annual appreciation to continue and had factored that into their selling price. Now reality is forcing these sellers to adjust their prices more drastically than others. Also, look for a number of investors to bail out of the market as they realize they will not be able to flip their properties for the profits they were hoping for. Sellers holding variable rate mortgages are getting even more nervous. They will want to sell sooner rather than later as their carrying costs are becoming increasingly burdensome.
In South Florida in general, the condo market is definitely softer than the single-family market. For those that are interested, I have assembled a list of what I consider to be the best values in each of the major neighborhoods in and around Coral Gables. These are condos and homes where the prices are very reasonable and the potential for appreciation is greatest in my opinion.
For more information, please feel free to email me your requests for more information at Michael@HomesForVIPs.com, or call me directly at 786.553.0697. For detailed Reports and Free Recorded information 24-hours a day about the Coral Gables market, call 1-800-639-3520 Ext. 9069.
ZIP Codes: 33134, 33145, 33146 Location Characteristics: Historical city; very residential where many estates abound. Much character and natural beauty is found everywhere here. Great place to live near Coconut Grove and Brickell. Famous Biltmore Hotel is here along with other notable places to visit.
About Michael Sahlman:
Michael Sahlman moved to Miami Beach from Manhattan 5 years ago for a change in lifestyle. With over 40 years of combined experience in working with VIPs, Michael and his wife, Cristina, provide an exceptional level of service to their clients and have a proven track record as top producers. They have an intimate knowledge of the South Florida real estate market and are well informed of all the latest projects and developments. Their clients include Fortune 500 executives, international celebrities, as well as clients relocating to the Greater Miami area from other cities and countries. They speak Spanish, Portuguese and French and are International Real Estate Specialists with a network of associates throughout the U.S., Canada, Europe, South America and the Caribbean enabling them to buy and sell luxury property throughout the World.
Michael and Cristina oversee every aspect of the buying and selling process from the initial consultation to contract to closing. Their team includes a transaction coordinator, a marketing professional, a buyer’s specialist, a mortgage consultant, and a closing agent. For more information on finding that ideal property or selling your home, call Michael directly anytime at 786.553.0697 or email me at Michael@HomesForVIPs.com, or call my FREE 24-hour recorded hotline. If you are thinking of selling, call 1-800-639-3520 Ext. 8009 for a free Sellers Report; if you are thinking of buying, call 1-800-639-3520 Ext. 8889 for a Free Buyers Report.
Affiliations and Designations:
e-PRO International Real Estate Specialist International Marketing Society of Castles & Estates Founding Member of the International Luxury Society National Association of Realtors® Member Florida Association of Realtors® Member Association of Greater Miami and the Beaches Member
These reports reflect the views and opinions of their authors and are not necessarily the views and opinions of Realty Times.
