One of my clients purchased a 3/2 in this slice of Coral Gables earlier this year and she wanted to know what the market has been doing. When she and her husband purchased, the competition was INCREDIBLE. There were many offers on the house and the seller had listed with a flat fee broker who only put the property on MLS but had nothing to do with the handling of the transaction. As a result, this seller would receive an offer, then tell every other buyer what he had received in order to pit the buyers against each other to get the highest offer possible.
Of course, this is completely unethical and no agent would have been allowed to behave in such a way. In the end, after a grueling Sunday afternoon of negotiations, my client prevailed over the other competitive buyers, who, it was rumored, had waited years for a house to come on the market on that street. Of course, we analyzed every house on the market and even wondered, was the offer too high?
Since May of this year, there have been 53 closed sales in this subsection of Coral Gables and there are 9 houses currently under contract.
The least expensive of the pending (under contract homes) is 5626 Granada at $450,000. To be clear, this was the asking price. The actual sales price will not be known until the sale closes. This house was marketed as “land value ” with the following description: “As is, sold at land value. Construction has been vandalized and in bad shape. Can not be shown inside due to hazard. No certificate of occupancy.”
The priciest of the currently pending (under contract) homes is 6250 Granada at $1,350,000. It was only on the market 12 days and went under contract in the MLS today.
Of the actual closed sales, the priciest was 5724 Riviera Drive for $4,000,000.
The least expensive was 6355 Maynada for $454,350 – this was a distress sale that needed MAJOR rehabbing.
THREE BEDROOM HOMES:
If we look only at 3 bedroom single family homes selling in the area, there were 28 sales from May 2013 to November 2013.
13 of the homes sold for less than $735,000. These homes were on a single lot (5,000 in Coral Gables is considered a single lot) and/or needed major renovations such as roof, kitchen or bathrooms.
Of the 15 homes that sold for over $735,000, 7 were in my client’s neighborhood, between the Riviera waterway and Le Jeune.
Click here to see the 3 bedroom homes that sold between the Riviera waterway and Le Jeune from May 2013 to the present (November 8, 2013).
540 Gerona sold for $735,000 – while it is remodeled, it makes sense that it sold for this price as it is on a 6,250 Sq Ft lot
444 Miller Rd (definitely a comparable to my client’s home, except it is NOT on a corner lot and lot is smaller) sold for $725,000 unanswered questions would be the condition on inspections and whether there is anything that needs repairing/replacing
444 Marmore (larger than my client’s by 600 Sq Ft according to MLS… it is however on a smaller lot and not a corner lot) sold in July for $799,000.
5725 San Vicente (just four blocks away from my clients) has lovely curb appeal, is remodeled, has a one car garage and is also on a corner lot. It has no pool but does have room for a pool. It sold in June for $775,000.
411 Como Avenue (too large to be a comparable) sold for $920,000 in June.
417 Amalfi Ave (on a 5,500 sq ft lot) is newer construction has a one car garage and a pool and sold in July for $905,000.
5801 Riviera (not on the waterfront and too large to be comparable) sold in September for $1,050,000.
In conclusion, my clients did whatever it took to get the house that they wanted. Time and closed sales have shown that the price they paid was right in line with the market. There is a very high demand for this area, much more so for a corner lot and a pool. When we were preparing the offer we carefully analyzed all the recent sales and everything on the market and concluded that buying was less expensive than renting even at a price that (at the time) seemed higher than market value. Turns out, in retrospect, that it was not.
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