The 90-Day Miami Luxury Real Estate Report | Luxury Homes in Coral Gables, Coconut Grove, Pinecrest and Ponce Davis

Our First 90-Day Miami Luxury Real Estate Report | $3M+ Homes
Coral Gables | Coconut Grove | Pinecrest | Ponce Davis

Welcome to our first Miami Luxury Real Estate Report. The David Siddons Group has produced many Miami market reports, but due to the dynamic of the Miami real estate market we have decided to introduce 90-Day real estate updates for the different Miami neighborhoods.  The David Siddons Group wants to provide you with a complete overview of the market in less than 10 minutes. We provide you with the most important market data (months of inventory, number of active listings, sales and pending deals, key sales in the area and average sales prices per SF)  in combination with our signature social narrative.

This report compares the last 90 days (essentially quarter 3 of 2021 to the same periods of time in 2019 and 2020)

The David Siddons Group represented the buyer in one of Coral Gables’ top Pending deals

10900 Lakeside Dr in the Snapper Creek community of Coral Gables is now pending under contract. The last asking price of this magnificent lakefront home was $18.9M

The 90-Day Miami Luxury Real Estate Report for the $3M-$5M Single Family Home Market

Q3 2021 | Coral Gables | Coconut Grove | Pinecrest | Ponce Davis

The Prices per SF

This 90-day report exclusively reflects data from Q3. Certain periods tend to lack the sufficient amount of sales in order to create a comprehensive report. In this case, we have chosen to extend the time frame to provide a better overview of the market

Data for Coconut Grove only included Dry Lot homes.
Did the Grove’s values go down? No, in reality they didn’t. 2020 Saw a few very high-end sales of spectacularly finishes homes. 2021 Saw some high-end sales as well including a new record breaking sale, but there were also several homes that were dated or not finished as well as the ones in 2020. These sales tempered the values in 2021!

Sales Data and Months of Inventory

The 90-Day Miami Luxury Real Estate Report for luxury Homes in Coral Gables, Coconut Grove and Ponce Davis.

Some of the Most Significant Sales

The 90-Day Miami Luxury Real Estate Report for the $5M+ Single Family Home Market

Q3 2021 | Coral Gables | Coconut Grove | Pinecrest | Ponce Davis

The Prices per SF

Due to this report being a 90-day reflection of the market (Q3 of each year) not all periods reflected enough sales to make this study significant. In case there were no or just 1 sale in a certain period, we extended the time frame. 

Sales Data and Months of Inventory

The 90-Day Miami Luxury Real Estate Report for luxury Homes in Coral Gables, Coconut Grove and Ponce Davis.

Some of the Most Significant Sales

Market Observations

Inventory in these markets is extremely low especially in the $3M-$5M range. High calibre homes go under contract within days and many of these type of properties are traded off-market. These days it is even more important to work with an experienced real estate advisor as the city’s top producers share pre-market information with one another and provide their clients with an advantage.

The majority of buyers are still the relocation buyers from NYC, California (San Francisco, San Diego and Sillicon Valley), Chicago and Washington. We still see good quality homes being sold in a heart beat after receiving multiple offers. Buyers are making fast decisions and do not mind paying above asking to get the home they want. With such extremely low inventory and an even tighter rental market they want to make sure they secure their dream home around the city’s best schools.

Sellers are still hesitant to sell as they often do not know where to go to. Some owners that wanted to wait till next year to see what the market does, might now consider selling sooner as Biden’s new Capital Gain tax reform is likely to become a reality.

How much longer will this market be sustainable? The single-family home markets in these areas (The Grove, Gables, Pinecrest and Ponce Davis) have always been stable. They offer good quality homes and are surrounded by top quality schools. Demand has always been high while since 2020 the supply/demand curve is seeing extremes, which benefits the sellers.  Do we expect this market to drop? No, you might expect it to level, but we doubt it will drop. Demand is up, supply is extremely limited.  This is to say that the market won’t go down in many cases, but outlier properties that suddenly sell at 50% more than they sold 2 years ago (so called “Make-me-move” offers) will become less likely. With other words, we will see less anomalies in property prices as exceptions to the rule will cease to exist. These anomalies are caused by hysteria and this will stabilize soon.  If you want to know more about how sustainable this market is we invite you to read the below two articles, which dive further into this topic and discuss what could potentially change supply or demand in this market.

For more information about the Miami real estate market please contact the David Siddons Group today

David Siddons | 305.508.0899 | David@siddonsgroup.com

David Siddons is a top producing realtor ($400M in yearly sales) and Director of Luxury Sales with Douglas Elliman. He is the author of some of Miami’s most influential real estate reports, blogs and forecasts.

WHY WORK WITH DAVID? THINGS YOU SHOULD KNOW...

For all our analytics we are agents driving some very unique and advanced tech. We Provide a granular and custom experience that empower our clients with the insight and tools to understand the most complex behaviors of any local markets.

  • Analytical

    Over 100 reports produced to date

  • Knowledgeable

    Over 1800 published articles and counting

  • Experienced

    Over $2 billion in real estate sales

    Reviews
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Akbota YerseitAkbota Yerseit
13:29 03 Jun 22
Excellent leaders!
Cathryne HaladnerCathryne Haladner
12:12 18 Sep 21
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!
Jose Eduardo FilhoJose Eduardo Filho
17:17 13 Jul 21
I thank the whole team and especially Cris Buzolin who, in a very professional and competent way, helped me to sell my property safely and in the best market condition.
Idan Singh (Idan)Idan Singh (Idan)
19:53 07 Jun 21
Great Service for British Expats looking to move to the States.
Simone GarrettSimone Garrett
17:20 26 Feb 21
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.
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