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

Visit Santa Claus in Coral Gables!

Ho Ho Ho,

For the second year, in what will hopefully become a long lasting tradition, Santa Claus has decided to visit the city of Coral Gables prior to his Christmas duties.  Many speculate that Santa is visiting to play a few rounds at our world class golf courses, but actually he is looking to invest in distressed properties, apparently since the world is in a recession his concept of giving away things for free has really caught on.

All kidding aside this is a very cool thing that the city of Coral Gables is doing again this year, you can get full details at the City of Coral Gables website here…well maybe not they have not uploaded the most Recent Coral Gables E-Newsletter to the website yet, but fear not fearless reader!  I’ve got your back!  Waaaaaayyy back!  Sorry I couldn’t resist, here is a summary of the information on Santa Claus 2011 Visit to Coral Gables, I plan to intercept him at numerous venues and take pictures for the TCGB faithfull, then I will be selling them for $50 each 😉 JK here goes the copy…

SPECIAL OFFER: If you do not have time to meet up Santa this year you can send me your kid’s wish list and I will make sure to present it to Santa for his signature in true Realtor fashion, once he signs it he is legally obligated to deliver the gifts, if he does not I have a clause that will allow you to use his sleigh for 1 week.  But seriously if you want your child’s Christmas list signed by Santa send it over and I will make it happen and even take a picture of him signing it!

From the Coral Gables E-Newsletter….
Santa Claus will be riding on a fire truck through the streets of Coral Gables between December 19 and December 22…

Santa and his special helper, Mayor Jim Cason, will ride on a Coral Gables fire truck around the City, on his schedule as listed below, giving out candy canes to all the boys and girls along the route who have been extra good this year.  Listen carefully for the holiday sound of the fire truck. Please remember Santa has many streets to cover and all times are estimated.  Santa will not be able to safely make his way down dead-end streets.  However, if you live on a dead-end street and would like to see Santa, please wait for him on the open-ended corner of your street.

Santa’s schedule is as follows:

Monday, December 19, 2011

9 a.m — 10:30 a.m.: The Deering Bay and Kings Bay communities

10:30 a.m. — 12 p.m.: The area bordered by Bella Vista Avenue north to Snapper Creek, from SW 60 Ave east to the bay

1 p.m. — 2 p.m.: The area bordered by Snapper Creek north to Kendall Drive/ Arvida Parkway, from Red Road east to the bay

2 p.m. — 3 p.m.: The area bordered by Casuarina Concourse north to Sunset Drive, from Erwin Road east to the bay

3 p.m. — 4 p.m.: The Cocoplum community

Tuesday: December 20, 2011

9 a.m. — 10 a.m.: The area bordered by Sunset Drive north to South Alhambra Circle, from Red Road east to Granada Blvd.

10 a.m. — 11 a.m.: The area bordered by Edgewater Drive north to Prospect Drive, from LeJeune Road east to the bay

11 a.m. — 12 p.m.: The area bordered by Ingraham Highway north to US 1, from LeJeune Road west to Rivera Drive

12 p.m. — 12:30 p.m.: The area bordered by Broker Street, US 1 and Grant Avenue

1:30 p.m. — 2:30 p.m.: The area bordered by Alfonso Avenue north to US 1, from Granada Blvd west to Caballero Blvd.

2:30 p.m. — 4 p.m.: The area bordered by Ponce de Leon Blvd, north to Bird Road, from LeJeune Road west to Granada Blvd.

Wednesday, December 21, 2011

9 a.m. — 11 p.m.: The area bordered by Ponce de Leon, north to Bird Road, from Red Road east to Granada Blvd.

11 a.m. — 12 p.m.: The area bordered by Bird Road north to Miracle Mile, from Douglas Road west to LeJeune Road

1 p.m. — 3 p.m.: The area bordered by Bird Road north to Coral Way, from LeJeune Road west to Granada Blvd.

3 p.m. — 4 p.m: The area bordered by Bird Road, north to Coral Way, from Granada west to Red Road

Thursday, December 22, 2011

9 a.m. — 10 a.m.: The area bordered by Miracle Mile north to Flagler Street, from Douglas west to LeJeune Road

10 a.m. — 12 p.m.: The area bordered by Coral Way north to SW 8 Street, from LeJeune Road west to Granada Blvd.

1 p.m. — 3 p.m.: The area bordered by Coral Way north to SW 8 Street, from Granada Blvd west to Red Road

A pic of the last time Santa invaded these parts oh those were festive times…

Santa Claus is Coming to Town!

To all a great holiday and to all a great night!

Best regards,

Joshua T. Reich

 

Published in: on December 8, 2011 at 7:59 pm  Comments (1)  
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2011 Coral Gables Holiday Spectacular and Tree Lighting

Hello Stuffed Friends,

I hope you all had a wonderful Thanksgiving, I know that I ate to much and that I can’t wait until it happens again next year.  Ohhhhh stuffing you are so good to me!

So now that we have awoken from our turkey induced slumber it is time to look ahead to the final month of the year!  In Coral Gables that means the Coral Gables Holiday Spectacular is approaching which includes the popular tree lighting ceremony.  This year it will take place this coming Friday December 2 at City Hall in Coral Gables right at the beginning of Miracle Mile.  For those of you who are not savvy on the streets it will be at the intersection of SW 24th St and LeJeune Rd (SW 42 Ave).  The event will begin at 5pm and run through 10pm.  The actual tree lighting ceremony will begin at 7pm.

According the The City of Coral Gables E-Newsletter, the event “features food, carnival rides and games, face painting, arts and craft, bounce houses and live musical entertainment by Miami Children’s Theater, Actors’ Playhouse Children Theater, and Maria Verdeja School of the Arts.”

It should be a fantastic night hope to see you there!

The E-Newsletter also had a great pic of a tree from a previous year…

Happy Holidays!

Thanks for Reading!

Joshua T. Reich

 

 

Published in: on November 28, 2011 at 5:42 pm  Leave a Comment  
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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)  

City Property Taxes lowered in Coral Gables!

In a bit of good news for Coral Gables residents the Coral Gables city commission has voted to lower property taxes for the fiscal year that began October 1, 2011.  That means that next years millage rate will be 5.869 mills which is lower than last fiscal year by approximately .203 mills.  Now what the heck does that mean?

Think of the millage rate as a dollar amount of $5.869 per $1000 of the assessed property value, then for example a property that has an assessed value of $2000 would have a pre-deduction city tax bill of $11.74… boy that would be a nice tax bill but there is no such thing as a $2000 property in Coral Gables, unless you are talking about a bird bath.   And so in more reasonable prices, if you property’s assessed value is $200,000 then your pre-deduction city tax bill will be $1,173.80.  Of course you also are going to be taxed by the county at their millage rates so you will have to add that to your bill and then deduct a Homestead Exemption or other exemptions in order to arrive at your final bill amount…but at least for this year the city’s portion is going to be a bit lower.  Also remember that the assessed value is not the same as the market value of a property, and the assessed value is usually a good amount lower than the market value.  If you would like to know the market value of your home call me for a Comparative Market Analysis.

The E-Newsletter of the City of Coral Gables also reports that this reduction will not result in the loss of any city jobs as the workforce is slated to remain the same at 791 full-time employees.  In addition there are funds set aside for repairs and improvements.  So it seems that city services will not suffer much from the projected loss of about $2 Million in revenue as a result of this decrease.  Sounds like good news to me!

Coral Gables City Hall

Coral Gables City Hall

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
www.TheCoralGablesBlog.com

Published in: on October 17, 2011 at 5:35 pm  Leave a Comment  

Code Red…if you can handle the truth!

Greetings fellow citizens cowering before the awesome power of Mother Nature!  Fear Not!  Our advanced intellects have finally produced something more useful than remakes of every movie you ever saw as a kid… Code Red for The City of Coral Gables.  No this does not mean that two Marines are going to burst into the City Beautiful in the middle of the night and stuff a sock down its mouth.  Jack Nicholson will not defend your house or property against Tom Cruise unless you know him, in which case I heard he is a beast with a 7 Iron… but you can defend your property against disaster with Code Red!

Code Red is basically a notification system for any important news that the City of Coral Gables needs to deliver to citizens instantly.  Think evacuation orders and boil water orders, not tee times and dinner reservations.  If you go to this link you can register to receive the notifications.  All kidding aside this is a very important and useful service and everyone should register ASAP.

Here is a visual representation of how you will be notified of a Code Red…okay so not ALL kidding aside…

Read The Coral Gables Blog!!!

Think…work with Joshua… 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

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  

From the Future: New Office Building

In a sign of continuing good things to come, a brand new state-of-the-art office building has just broken ground in Coral Gables.  According to CityBizList.com the 58,000 sf. development will be situated at 2990 Ponce de Leon Blvd, which is just south of the Ponce Circle Park.  The building will house the headquarters of the joint venture partners that are building it (Mas Group of Companies and TAZ Partners LLC) as well as several other tenants.

The fact that the project received financing is a clear sign that the City of Coral Gables is seen as a great place to invest even in a difficult economy.

A new development is always good news for the city, but this one in particular looks to be a great project that will add not only square footage but aesthetic value as well.  We at  The Coral Gables Blog will check on the project from time to time and post updates.  The project is scheduled for completion next year.

Check out this picture from the future, I took it at dusk on October 5th, 2012 and photoshopped the other buildings out…
If you subscribe to The Coral Gables Blog we will send you instructions on how to travel to the future to take pictures…worth a shot!

The Future is Awesome

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
www.TheCoralGablesBlog.com

Published in: on July 12, 2011 at 7:04 pm  Leave a Comment  

Upcoming Events in Coral Gables

There are so many fun things to do in Coral Gables this month, here are some of the best events…

July 7-The End of Time
Join the famous and enigmatic founder  of TheCoralGablesBlog.com, Joshua T. Reich, at anytime day or night for an in-depth discussion of what your property is worth.  Tickets are only $0.00 and all you need is a special code to access Joshua’s worldwide network.  Simply hold up your phone and push the following secret code…3052834470.  Now place the phone to your ear, soon you will be in touch with one of the premier real estate brokers in all of the country.  Josh will amaze you with tales of a giant boom in real estate followed by a huge fall, but don’t fret (unless you’re playing guitar) the story has a happy ending, the market is recovering and your home is soon going to be worth more.

July 7
Enjoy an evening of classic music with classical guitarist David Leisner. The co-chair of the guitar department at the Manhattan School of Music is regarded as one of the world’s leading classical guitarists. Leisner’s concert is part of the Summer Concert Series being held at Coral Gables Congregational Church, 3010 De Soto Boulevard. The performance begins at 8 p.m. Tickets cost $30 – $45. For more information, click here or call 305-448-7421, ext. 153.

Through July 8
Do you have a little one with aspirations of being an actor or actress one day? The Actors’ Playhouse is now enrolling for their Children’s Summer Theatre Camp. Kids ages 7 to 12 can experience taking a show from concept to the stage. This four-week program conducted by the professional staff at the Actors’ Playhouse will include acting, singing, dance, improvisation, costuming, scenic design, audition techniques and more. Students will work together to create a brand new show to perform for family and friends at Miracle Theatre. The camp takes place Mondays through Fridays from 9 a.m. to 4 p.m. For more information, call Allene Mahogany at 305-444-9293, ext. 606.

July 9 – August 7
GableStage presents the southeastern premiere of Masked, an explosive Israeli play about three Palestinian brothers locked in a life-and-death struggle over issues of deception and betrayal. The play by Ilan Hatsor is set in a village on the West Bank in 1990 and depicts the tragedy of one family torn between duty, kinship, principles and survival. Performances take place Thursdays, Fridays and Saturdays at 8 p.m. and Sundays at 2 p.m. and 7 p.m. Tickets cost $37.50 for Thursday and Sunday evening, $42.50 for Friday evening and Sunday matinees and $47.50 for Saturday evenings. GableStage is located at 1200 Anastasia Avenue, on the northeast corner of the Biltmore Hotel. For more information, call 305-445-1119 or click here.

July 9 – 10
Fairchild Tropical Botanic Garden hosts its 19th Annual International Mango Festival. The festival will celebrate the mangos of Hawaii. Enjoy mango lectures, view the world’s largest display of mangos, participate in the world’s only mango auction and, of course, sample a wide variety of mangos. The festival is held at Fairchild Garden, 10901 Old Cutler Road, from 9:30a.m. to 4:30 p.m. Admission is free for Fairchild Members and children ages 5 and younger. Non-Fairchild members pay $25 for adults, $18 for seniors 65 and older and $12 for children ages 6 – 17. For more information, click here.

July 10
Fairchild Tropical Botanic Garden
presents a Mango Brunch, a tasty tribute to the most delicious of tropical fruits. Held in conjunction with The International Mango Festival at Fairchild, this year’s Mango Brunch will bring together some of Miami’s best chefs to create original and amazing mango dishes. Guests can look forward to mouthwatering dishes prepared by great chefs including Chef Sean Bernal of The Delano, Chefs Frank and Andrea Randazzo of Creative Tastes Catering, Chef Ralph Pagano of STK Miami, Chef Tom Parlo of the Biltmore Hotel, Chef Allen Susser and Chef Gail Goetch of Essensia at The Palms Hotel. The event takes place at 11 a.m. at Fairchild Garden, 10901 Old Cutler Road. Tickets are $100 for Fairchild members and $125 for non-members. For more information, call 305-663-3358 or click here.

July 13 – August 14
Actors’ Playhouse presents the world premiere of “See Jane Run!” an edgy musical by actress-singer-writer Maribeth Graham and composer Dana P. Rowe. The musical takes a bold and often surprising look at the 21st Century woman. From secret desires to manic disorders, nothing is sacred in this truly funny and moving glimpse of the female sex. Three women take the audience through a series of revealing songs and scenes, where we meet the contemporary every-woman “Jane” as she tries to decide what makes her run, who she’s running from and where she’s running to. Actors’ Playhouse at Miracle Theatre is located at 280 Miracle Mile. For show times and ticket prices call the box office at 305-444-9293 or click here.

Through July 27
The Florida Film Institute in partnership with the Coral Gables Cinemateque is presenting a Film Education Summer Camp to be held at the Coral Gables Art Cinema, 260 Aragon Avenue. Middle and high school students can attend the workshops which meet on Mondays, Tuesdays and Wednesday, from 10 a.m. until 1 p.m.  Registration is $495 for six weeks and is available at www.flfilminstitute.org.

Through July 29
The University of Miami’s College of Arts and Sciences Gallery will host the Ceramic League of Miami’s annual “Two in One” exhibition. The League and its members will have the opportunity to showcase a combination of juried works and quality ceramic art produced by talented South Floridians. The exhibition is free and open to the public. UM’s College of Arts and Science Gallery is located at 1210 Stanford Drive. For more information, call 305-284-2543.

Through July 29

The Children’s Trust Miami Heart Gallery, a travelling museum-quality exhibit featuring children in Miami-Dade’s foster care system who are available for adoption, will celebrate its fourth annual exhibit re-launch at the Coral Gables Museum, 285 Aragon Avenue. The exhibit will be open to the public from 8 a.m. to 5 p.m. A donation will be requested at the entrance. For more information, click here.

Through August 5
The Actors’ Playhouse is offering a special summer camp program for teens who are interested in theater. The Teen One-Act Showcase offers actors the opportunity to study audition techniques and then audition for, rehearse and perform in a published one-act play. The campers will perform a play in front of a live audience on the final day of class. This camp is for teens ages 13 to 18 and takes place Mondays, Wednesdays and Fridays from 4:30 p.m. to 6:30 p.m. The Actors’ Playhouse is located at 280 Miracle Mile. For more information, call Allene Mahogany at 305-444-9293, ext. 606.

Through August 6
The Actors’ Playhouse Musical Theatre for Young Audiences presents the story of Madeline and the Gypsies. Madeline and her friend, Pepito, go on quite an adventure when they get lost and carried away by gypsies to a traveling circus. This musical based on the popular Madeline book series by Ludwig Bemelmans will please audiences of all ages. Performances take place Saturdays at 2 p.m. For more information, call the box office at 305-444-9293.

Published in: on July 7, 2011 at 7:28 pm  Leave a Comment  

The Beautification of Segovia Street in Coral Gables

The City of Coral Gables reports in their E-Newsletter that the Beautification of Segovia Street in Coral Gables in now underway.  According to the article, the street will be transformed into a “beautiful, lush, pedestrian friendly road”.  Check out the city’s website for the full article but basically the street will be going from 4 lanes to 2, there will be a bicycle lane added as well as a median.  The construction is expected to take about 4 months.

I think this is a very nice update to a street that was already in good shape.  It will definitely add to the property values of those houses that are on and around the street.  I’m guessing they are trying to duplicate the feel of the canopy over Coral Way as you enter Coral Gables from Red Rd.  I love driving under that canopy and I will often take that route as opposed to a faster one just to experience the drive.  In my mind it is one of the most iconic images of Coral Gables and it is good to see that the city is planning to add more.

Here are the pics of the before and after…

Before

After

 

Published in: on July 6, 2011 at 4:57 pm  Comments (1)