Comprehensive Real Estate Report for Coral Gables
The most comprehensive and up-to-date report on the Coral Gables Real Estate Market
Useful for Buyers and Sellers
1260 Mariola Ct. is a great example of today’s Coral Gables real estate market. The property was listed for $1,545,000 and sold in 36 days for $1,600,000. That is $55,000 more than the asking price.
The Coral Gables Real Estate Report – What motivates this report?
We want our clients to better understand the Coral Gables market, to understand that there are great selling opportunities, but also great buying opportunities in a well-balanced market.
Summary of the Coral Gables Real Estate Report
The Coral Gables market has seen a steady increase in prices over the last 5 years. This trend can be seen across all the sub-markets, from the more affordable homes to the ultra-luxury segment.
Overall, the Coral Gables market is experiencing a neutral market. This means opportunities are equal for buyers and sellers. Coral Gables homes below $1 Million are in a strong sellers market, meaning that there is more demand than supply which is positive for sellers. Homes between $1 Million and $3 Million are in a very moderate buyer’s market, almost a balanced or neutral market.
- Coral Gables rental properties are very much in demand at the moment. With the increasing presence of international businesses in Miami, more and more expatriates are moving their families to Miami. There is so little quality rental inventory in this market and it is a market in demand. Well priced properties are absorbed by the market in record time.
The Coral Gables market offers great investment opportunities due to the high demand for Coral Gables homes and the steady price increases. Furthermore, given the still affordable prices in some areas, rebuilding or remodeling one of the older, more affordable properties might offer some excellent returns on investment.
- With condos in Miami under pressure due to over supply, this is where you need to look.
Price changes in the Coral Gables Real Estate market
Below is a table to show the rise of prices for homes in Coral Gables from 2010-2015
Many of our clients are looking to capitalize on the increase in value of their property (if you bought in 2010/2011 your property may have increased in value by over 48%). They are taking advantage of the sellers market to realize this gain. Some need larger homes for growing families, while others are looking to downsize as their children leave home. There are still buying opportunities in this marketplace, it is just a question of knowing what is being offered at fair value and how to understand this best.
The Coral Gables Real Estate Report – Conclusions
Coral Gables homes of $650,000 – $1,000,000
Since 2010, properties increased in value by 31% from $270 per Sq.Ft to $353 per Sq.Ft. In the last year we saw a 5% increase in property prices. This rise in property prices is unlikely to stop any time soon given the strong seller’s market we are experiencing in this sub-market.
Coral Gables homes of $1,000,000 – $1,500,000
Properties within this price range increased in value by 6% over the last year and an impressive 27% over the last 5 years. This sub-market is experiencing a well-balanced demand vs supply relationship.
Coral Gables homes of $1,500,000 – $3,000,000
This sub-market saw the smallest increase in property values over 2015 with 1%. Over the last years, properties increased by 10% in value.
Coral Gables homes of $3,000,000 or more
The ultra-luxury market is rather volatile. The average sales prices per Sq.Ft may vary significantly from year to year as can be seen in the graphs below. Sales prices vary from average and market conforming numbers to sky-high numbers for certain trophy properties. Looking at the overall picture, prices increased from $590 per Sq.Ft in 2010 to $743 per Sq.Ft today, which is a 26% increase in property value.
We are preparing reports on neighboring markets and will have all of these available for you. If you would like more information please contact us as we would be happy to analyze your specific neighborhood in order to get a more tailored and defined report for you.
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