2011 Coral Gables Real Estate Recap: Condominiums

Greetings Famous Reader!

Well the numbers are in now for the 2011 Condominium Recap in Coral Gables.  Yes I know in the last post I said they would be in tomorrow and that was last Wednesday, well the good news (to offset this post) is that the market is really taking off since the beginning of the year.  My phone has been ringing off the hook (which is even more impressive because it does not have a hook) which has left me little time to dabble in the numbers.  But fret not I have dug deep like Dig Dug and now it’s on like Donkey Kong!  I tried to think of one more video game from the 80’s but then I realized I might be annoying you.

So back to the action, the condo market is…well…let’s just say it is not showing the same signs of leveling out as the single-family market.  Whereas the average price of a single family home actually increased slightly in 2011 the average price of a condominium continued to fall.  Despite an anomalous jump in Average Sales Price from ’09 to ’10 the Average Price/Sf. from the same period dropped and continued to do so in 2011.

The distressed portion of the condominium market mirrored the single-family market in that Short Sales overtook Foreclosures in 2011 and both continued to rise dramatically.

I predict a continued downward pressure on condominium prices in 2012 brought on by the continual stress of distressed properties.  This is compounded by the fact that because condominium associations cannot collect adequate fees from delinquent owners they are often forced to raise maintenance fees for those that do pay which is a scary proposition for potential buyers.

What does this mean for you?  Well if you are looking to by a condo in Coral Gables in 2011 you might want to hold off a bit as prices will continue to fall, and if you are looking to sell a condo in Coral Gables you may want to sell now before the price drops more in 2012.

Of course the major caveat to this is that with condominiums each building is different, some are highly sought after and will have either stabilizing prices or even in some elite condos there will already be price increases.  The important thing is to do your research, or to have someone that really knows the market do it for you… I’m just saying.  So here are some graphs that show you what I have been blabbering about.  Since most of you have stopped reading by now for anyone that is still reading I will give you a prize like Oprah does… send me some random data and I will turn it into a sweet graph, nothing vulgar please!  And we will share it on The Coral Gables Blog in the future!

Ok enough words, now for graphs!

Thanks for reading and have a great 2012!

Best regards,

Joshua

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2011 Coral Gables Real Estate Recap: Single-Family Homes

Greetings Relentless Reader and Happy New Year!

I hope everyone enjoyed a fantastic holiday season with friends, family… and even family who you wouldn’t even want as friends!

Well let’s get right to it with our…
“First Annual Coral Gables Real Estate Market Yearly Annual Update of the Year for 2011 Anno Domini”…  got to work on that title.  But here goes…

In 2011 Coral Gables continued to feel the effects of the overall slump in the real estate market on a local and national level.  However, there were many encouraging signs to 2012 being a much better year than the past few.  The average sales price and sales price / sq. ft. saw increases for the first time in 5 years.  And while the number of short sales rose, reflecting a national trend, the number of foreclosures declined for the second year in a row.

Overall this points to a solid stabilization in the single-family market after the last few years of declines.  If you are looking to purchase a home in Coral Gables this data means that now is the time; prices will not get much lower and within the next 2-3 years will begin to climb again as distressed properties are sold off and the current harsh lending guidelines are relaxed.  Add to that the historically low interest rates (reported by BankRate.com as 4.21% at the time of this post) and it looks like now is the perfect opportunity to buy a Single-Family home in Coral Gables.  The chances of your home’s value dropping in 2012 are very low and there is a slim chance that if you make a smart purchase you will actually see an increase in your home’s value.  Call me to find out how to make a smart purchase.

Take a look at some of the numbers to get an idea of how 2011 was a year of stabilization in the Coral Gables Single Family Home market…

You can tell I know the Coral Gables Market because I make sweet graphs!  Tomorrow… the Coral Gables Condo Market (collective sigh)

Best regards,

Joshua

November 2011 Coral Gables Real Estate Market Update: Quality over Quantity

Hello Valued (and intelligent) Reader,

It’s that time of the month again…normally that statement can be cause for trepidation and fear but in this instance it just means that it’s time for the Coral Gables Market Update.

This month we have some mixed results, on the bad side we had 10 fewer closings in November 2011 than in October 2011 (Oct.’11=35 and Nov’11=25).  This doesn’t seem to bad because of course November is turkey time and people are generally much more interested in family time that closing time.  But wait there’s more bad news, in comparison with the 32 Closed Sales in November of 2010 we are at a big drop in 2011 with only the 25 closed sales. Maybe the turkey was better this year?

But wait there is a twist!  This year, November 2011 the average sale price was $1,305,220 which is an increase of approximately $200,000 from last years’ November 2010 average of $1,051,528.  So prices are going higher and there are less sales as a result.  This is a good trend for the market, it shows that many of the lower priced distressed sales are starting to slip into the past.

Just to check my hunch on the numbers a little further I decided to check the number of distressed sales for the two periods.  Sure enough there was a large drop in the number of distressed sales this year as opposed to last, which would explain the drop in number of sales but the increase of average sales price.

Here is a graph because graphs are sweet, especially 3D graphs, please put your 3D glasses on now…

Comparison of Distressed Sales

Thank you for reading,

Joshua T. Reich

 

 

Published in: on December 5, 2011 at 8:16 pm  Leave a Comment  
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Coral Gables Historical Home of The Week

Hello Readers,

Today we are going to take a look at a great 1926 Coral Gables Home that has some beautiful interior updates.

The home has 2,417 square feet which is a ton of space for an Old Spanish, the property sits walking distance from the Granada Golf Course so all you have to do is buy a golf cart and charge it every few days!  It is listed for $799,000 by Manuel Ponce of The Keyes Company Inc.

The backyard has also been tastefully updated to make this home the complete package for under $1 Million!

Without further ablah blah here are the pictures…let me know if you would like to pay cash or credit…

Love the greenage < my own word

Nicely Updated Bathroom

The Perfect Place for Afternoon Cafe Cubano

Love this Fireplace!

Christmas Dinner Anyone?…I’ll have the Turdunkin!

The Great Outdoors!

My readers are the best and most attractive!  Thank you for your continued support but please stop camping outside my home!

Joshua T. Reich

Published in: on November 30, 2011 at 8:30 pm  Leave a Comment  
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Historic Coral Gables Home of the Week

This week we have decided to go to the top of the food chain.  This $4.75 Million Mansion sits on the famous Biltmore Golf Course and features numerous modern updates to combine the old with the new for a gorgeous home built in 1925.  Just imagine George Merrick duffing a shot off the pool deck when this property was first built!

The master bedroom has a private balcony that overlooks the expansive views of the Biltmore Golf Course.  The property sits on a half acre, which is a nice piece of land for Coral Gables, and is a must see.  Take a look at the pictures and let me know maybe I can arrange for you to hit your Callaway Big Birtha off the balcony!  Well probably not but this beautiful Coral Gables home was recently listed by Maria Gonzalez of Engel & Volkers and basically has everything you could want in a prime Coral Gables location.

I have a couple of my clients interested already but if you buy me a round of golf at the Biltmore you might be able to get the inside track!

Welcome home...

 

Love the Biltmore Hotel in the distance...

 

Plenty of space to the top and sides...

 

A gorgeous and relaxing pool

 

Fore!

Click Here for even more pictures, if you have any questions give me a call my wedge game is finally on track so lets play a round!

Thanks for Reading!

Joshua T. Reich, P.A.
Broker-Associate
“Knowledge, Professionalism, Diligence”
RE
/Max Advance Realty
305-283-4470
Josh@GreatCoralGablesHomes.com
www.GreatCoralGablesHomes.com < Search
www.TheCoralGablesBlog.com < Read

Published in: on November 10, 2011 at 7:00 pm  Comments (1)  
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Coral Gables Real Estate Moving on Up

Hello Valued Reader,

We are starting a new “beginning-of-the-month feature” where we will analyze real estate statistics for our favorite city in the world… Coral Gables, in case you didn’t get that from the blog title.

This is a good news post today because  October 2011 resulted in more closings than October 2010.  Moreover, as of October 31, 2010 only 343 sales had closed for the entire year whereas this year at the same time there is a total of 408 closed sales.  Of course many of the cynics out there might say “Well there may be more closings but that is because prices are cheaper”.  Au contraire mon fraire! The average sales price has actually increased slightly from $968,230 to $970,668 and it all points to a move in the right direction for Coral Gables Real Estate.  Now is the time to buy as prices and interest rates remain low but demand is increasing.

I live and breathe Coral Gables Real Estate, so if you would like to delve into the numbers further call me any time otherwise please enjoy these sweet graphs…

Thanks for reading,

Joshua T. Reich

Published in: on November 1, 2011 at 8:15 pm  Comments (2)  

Coral Gables Television Searching for Historic Homes

Coral Gables Television recently announced that they are searching for Historic Coral Gables Homes to include in the next edition of Historic Homes of Coral Gables, a very nice video look at some of the most important homes in Coral Gables.  Coral Gables Television does some really cool episodes covering a wide variety of topics involving The City Beautiful, but my (very biased) favorite is the Historic Homes series.  One of my favorite episodes is a look at one of the homes in the Chinese Village.  If you are not familiar with the Chinese Village, check the video out here, you might be surprised with what you see.  As the owner of the house explains, “This is probably the only fully authentic Chinese Village in the entire country”.

Another one of my favorites is the third house to have a building permit ever in the history of the City of Coral Gables, and also believed to have been built or designed by George Merrick himself.  A few of the owners of the historic homes actually had their homes on the market for sale at the time of the filming, which makes great sense as a way to educate the buyer on what a unique property they can own.  If you have  a historic home that you are thinking of selling, contact me and I can help you get it posted on the show, or at the very least we can make a professional video highlighting the historic aspects of the home.

But even if you don’t have a historic home to sell, I strongly recommend checking out the Historic Homes of Coral Gables series, you can find all the episodes and many other great topics, by searching at the Coral Gables Television You Tube Channel…. http://www.youtube.com/user/coralgablestv

Here is an image of the Chinese Village just to wet your appetite…

I took this pic while riding a flying dragon!

Think and Grow Rich!

Joshua T. Reich, P.A.
Broker-Associate
“Knowledge, Professionalism, Diligence”
RE
/Max Advance Realty
305-283-4470
Josh@GreatCoralGablesHomes.com
www.GreatCoralGablesHomes.com
www.TheCoralGablesBlog.com

Published in: on July 27, 2011 at 9:02 pm  Leave a Comment  

Historic Homes Page Updated

The beautiful historic homes in Coral Gables date from the 1920’s when the city was founded.  There are so many beautiful homes that it would be impossible to show you all of them, but here is a sampling of what is currently available to own in Coral Gables.  These are all active as of 6/14/2011 and they are the two highest priced and the two lowest priced homes from the 1920’s in Coral Gables…I will be updating the Historic Homes page every month, please check back soon!  If you would like more information on any of these historic Coral Gables homes please contact me…


Published in: on June 14, 2011 at 2:11 pm  Leave a Comment  

Coral Gables Luxury Rental Project gets $50 Million Construction Loan

In what is hopefully a sign of good things to come, a major 250 Unit Luxury Rental project has received approval for $50 Million in funding from PNC.  As reported by Brian Bandell with The South Florida Business Journal, the developer is LG Coral who is an affiliate of Gables Residential.  And although you might think Gables Residential would be based in Coral Gables, it is in fact a national company out of Atlanta, GA.  Here is the website for Gables Residential: www.Gables.com …boy I would love to have that domain, as I’m sure would many others.

Bandell also reports that the project will have 26,000 sf. of ground level retail space and should be breaking ground this summer.  If all goes well, Gables Residential hopes to have the project available by Fall of 2012.  The apartments would rent at around $2-2.50 /sf.  The building will be located at 4585 Ponce DeLeon Blvd, Coral Gables…click here for current Google street level view.

Here is a rendering of the proposed project from the developer’s website…

Artist's Rendering

 

Published in: on June 13, 2011 at 5:41 pm  Leave a Comment  

Coral Gables Foreclosure is back on the market

This is one of only 6 active foreclosures in Coral Gables right now, it was just relisted by Red Realty after another broker canceled the previous listing which had been on the market for 1 year with a couple of price reductions.  It is a very nice property, if you are interested in more information please contact me…

Published in: on March 8, 2011 at 8:02 pm  Leave a Comment