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
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 | firstname.lastname@example.org
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 email@example.com
WHY WORK WITH DAVID? THINGS YOU SHOULD KNOW...
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We have only superlatives to describe how wonderful Cris Buzolin was throughout the process of selling our townhouse in Coral Gables. We were away in the UK while the transaction was taking place and Cris handled everything-from clearing out our house, selling contents when she could, arranging the moving and storage and dealing with some very difficult problems which arose. Always patient and very willing to help in every way, Cris is a consummate professional who really cares about her clients and worked extremely hard to get the price we had asked for and make things for us as easy as she could. Nothing was too much for her to handle.Cris and Marianela (who provided additional very helpful assistance to us during the transaction) are part of the team that David Siddons has assembled.When we decided to sell our property, we contacted David and he established the framework for the transaction and ensured that everything proceeded smoothly and in accordance with our wishes. In sum, David Siddons and his team are extremely competent and professional and we are totally satisfied with the service they provided. To repeat, Cris Buzolin in particular, went way beyond what one would expect from a real estate agent. The David Siddons Group has our highest recommendation!
Fantastic group of people to work with!! David and Adriana were responsive and professional throughout the entire process. We weren't familiar with South Florida so David took us under his wing and did a fabulous job giving us a tour of select neighborhoods in South Florida and shared a great deal of information about each. We fell in love with the Botaniko community in Weston and closed the deal with Adriana. If you are buying/selling this is the team you want to work with!! Thank you guys for helping us find our dream home.