Should I Buy or Sell My Coral Gables Home in 2017?

Selling or Buying a Coral Gables Home in 2017, What Would Be the Best Move for You?

Many Coral Gables homeowners are interested in knowing the value of their property and to see whether they can step up to a larger home or maybe scale down and purchase a Miami condo. Some owners tell me they read so much different Miami real estate news, they really don’t know anymore what to believe.

As a top-producing Coral Gables Realtor who is active in this market on a daily basis I would like to share the below data and personal opinion with you.

For more about Market Trends and Market Forecasts please download our 2017 Miami Real Estate Report

Should I Buy or Sell My Coral Gables Home in 2017?
Should I Buy or Sell My Coral Gables Home in 2017?
Should I Buy or Sell My Coral Gables Home in 2017?

Months of inventory are the months it would take to sell all current listings if no listings are entering the market. As a general rule we say that:

  • 6 Months or less (12 Months in luxury market*): Sellers market, more demand than supply with sellers having an advantage over buyers and prices are likely to increase.
  • Between 6 and 9 months (12 – 18 in luxury market*): A Neutral or balanced market.
  • 9 Months or more (18 in luxury market*): A buyers market with more supply than demand. Buyers are experiencing an advantage and prices need to be corrected in order to stabilize the market. This type of market leads to price decreases.
  • Luxury Market is the $1M+ market

The numbers show that the Coral Gables single-family home market remained stable or recorded a growth in value. Coral Gables, being a primary market, has always been more resilient when it comes to market movements. We see a value increase in the lower ends of the market and the months of inventory show that there is still room for growth. Savvy buyers know that when you buy on the lower end of the market (mostly dated properties), renovating or remodeling these properties is where you can add value! If you are a buyer and you can keep it below the average Price per SF as mentioned in the report you are going to be ok. As a seller in the lower end of the market you might be able to get a good price for your property.

Be cautious with the higher priced properties in the high-end markets. We see within the higher price ranges that the highest sales prices per SF are experiencing a price correction (respectively -7%, -6% and -7%). With other words, buyers of luxury properties are paying less for ultra-luxury homes or attach less value to high-end finishes. In the $3M+ market we are seeing a price correction as well. Buyers are more hesitant in the high-end of the market and there is a large amount of brand new ultra-luxury homes that entered the market providing for more competition in this market segment.

EVERY CORAL GABLES HOME IS DIFFERENT AND THE INFORMATION PROVIDED ON THIS PAGE WONT APPLY TO EVERY SINGLE HOME.

CONTACT THE DAVID SIDDONS GROUP TODAY FOR A PROPERTY SPECIFIC ANALYSIS WHETHER YOU ARE BUYING OR SELLING

+1.305.508.0899 | david@siddonsgroup.com

Advice to buyers

You will be safest on the lowest end of the market. When you buy high-end, stay within the boundaries of the prices mentioned in our report and make sure the property is really turn-key

For the properties up till $1,5 Million you will be ok as long as you stay under the $530 per SF. For the $1,5M to $3M market try to stay under the $600 per SF, or $475 if the property isn’t very well finished. Buyers of ultra-luxury properties should focus on the really well priced units of $500 per SF and below.

Advice to Sellers

The lower-end of the market is seeing a balanced to a sellers market, so good prices can be obtained. In the higher end of the market, if you have a very nicely finished home with a high price per SF it might be more challenging to sell it for the price you had in mind. Next year you won’t necessarily get a higher price for your home as the inventory is still high and price corrections will remain. With other words if you are over $550- $600 per SF, it might be hard to get a gain now or the year to come. Sellers of these properties should not try to fish for high-end numbers

David Siddons is a top producing Coral Gables Real Estate Agent who lives and works in the city. He is known for his many market reports and investors guides and has been quoted by Curbed Miami, The Miami Herald, CNBC and Bloomberg.

Contact David for more information regarding Miami real estate at

+1.305.508.0899 or david@siddonsgroup.com

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. 

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.

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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