Is it time to sell your Coral Gables House?

How do you know it is time to sell your Coral Gables House?

With so many reports on Miami reaching its peak and Coral Gables prices showing high numbers: “How do you know if its time to sell your Coral Gables house”?

If you are conscious that real estate is an investment and have made considerable gains in the value of your home in the last 5 years or less, you will know that much like stock real estate has its own peaks and troughs too. Know how to apply the golden rule of: ‘buy low and sell high!’

Here is how you can tell if its time to sell your Coral Gables house

There are a few indicators that will tell you whether the market and your Coral Gables house have reached it maximum. If this is the case you might consider selling

  • Inventory is rising or and likely to continue to rise above 12 months
  • If the number of sales within your sector has dropped in the last 2 quarters.
  • If the price per SF you want or think you can achieve is at the highest point in your sector

 

As always we provide the above for different price ranges to better differentiate the different market segments

The Inventory

Inv-gables

Inventory of Coral Gables houses below $2M is showing low numbers of 12 months or less. The $500K – $1M market is experiencing a neutral to a seller’s market (a sellers market is a market in which inventory is below 6 months and thus shows a higher demand than supply) while the $1M- $2M market is experiencing a neutral to a buyer’s market (a buyers market is a market in which inventory is above 9 months and thus shows a higher supply than demand).

The $2M+ market is showing higher numbers for months of inventory which is quite common is the luxury segment. The levels of inventory decreased significantly since 2015, although quarter 2 of 2016 showed a slight increase again.

The number of sales 

Coral Gables homes sold

In the last three quarters we saw a significant rise in the number of sales for the $1M+ properties. The range of $500K – $1M properties saw a slight decrease in sales in the second quarter of 2016.

Highest achievable price per SF 

This is an estimation of our market experience and data analysis. There are always properties that might get more than the indicated maximum price. Please contact the David Siddons Group for more information +1.305.508.0899

Badly finished or dated property: a property that would sell for land value or a property that hasn’t been updated for at least 10 years or more. The property might not be in good state or does not comply with what modern day buyers are looking for. Think also of dated kitchens and bathrooms or old roofs.The new owner would have to remodel the house or do severe work to make it compete with other properties in the area.

Well finished property: A property that is move-in ready with up to date floors, roof, bathrooms and kitchen. Unless the new owner likes another style there wouldn’t be a reason to update right away. The property is well maintained.

A very well finished property: A just remodeled or rebuilt property that offers the latest in luxury finishes. A property that has been finished with great detail.

David Siddons’ Conclusions
Has your Coral Gables home reached its maximum price?

 

2

$500K – $1M market is showing low months of inventory that almost show a sellers market and an increase in the amount of sales. These market conditions seem to be more favorable for sellers than for buyers. There is no urgent need to sell your property now unless you would like to benefit from increasingly profitable market conditions.

$1M – $2M market is showing low months of inventory with an increase in sales but beware those owners who are expecting top dollar for their home but don’t have a superbly renovated house. There is no urgent need to sell your property if your home is still valued under $400 per sqft – unless you want to profit from increasing market possibilities and move up to a bigger home. The feeling on the street is that many homes priced between $1m – $2m are still overpriced and will reduce in listing price. At the time of this report there were 84 homes for sale between $1m and $2m and the number of those homes that have been active on the market for 120 days or more is 58% (49 out of 84).

$2m+ market. The Coral Gables luxury market although showing signs of fluctuation, still shows high months of inventory. The number of homes sold although far in excess of neighboring Coconut Grove has still dropped since last year. The Coral Gables upper-end of the market seems to be experiencing the same softening of the market like elsewhere although $2M+ properties still manage to receive high prices per SF. The feeling on the street from home buyers is that they are not going to be impulsive about buying luxury real estate and prefer to shop around for more of a deal. We have already hit the peak of the market for this sector and those that do move are very well finished, big homes that need work are really being avoided – unless they can be bought for the right value of renovating.

Do you think your house might be at its peak and you think you can still get top dollar for it? Are you not sure what these market data mean for you and what your house might be worth? 

Contact me today for a personalized chat. 

I live and work in Coral Gables and I love talking Miami Real Estate. Ill be giving you an honest and transparent opinion on why you should hold your Coral Gables house or sell it

David Siddons | david@siddonsgroup.com | +1.305.508.0899

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FAQ

These are the most commonly asked Google Real Estate Related questions

1. What are the Current Best New Condos in Miami?

If you want to hear in more details our opinions on the best new Miami new construction condos. Please read this article:Best New Construction Condos 2022-2023. 

2. What is the best New Construction Condo in Fort Lauderdale?

In our opinion, the Residences at Pier Sixty-six are certainly the most interesting and unique. Already well underway this 32 Acre project will be home to the first of its kind Marina where owners will be able to anchor up vessels up to a staggering 400 ft! For specifics of this project see our independent review of this project.

3. How can I compare the new luxury construction Condos to the best existing Luxury Condos in Miami? 

Our Best Luxury Condos in Miami article will prove to be very useful to those looking to compare the existing to the new. You may also want to watch this video which shows the performance of the best Condos in Miami over the last 15 years!

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