Coral Gables Active Listings - 465 (very similar to last month)
193 are "luxury listings" (ie over $1,500,000) (very similar to last month)
36 are short sales (very similar to last month)
4 are foreclosures (more than last month)
Median List Price - $1,199,000 (same as last month)
Coral Gables Pending Sales - 94 (very similar to last month)
17 are "luxury listings" (up from last month)
26 are short sales (a few less than last month)
18 are foreclosures (very similar to last month)
Coral Gables Closed Sales - 31 (up slightly from last month)
4 were "luxury listings" (fewer than last month)
4 were short sales (very similar to last month)
3 were foreclsoures (same as last month)
Average List Price - $694,742 (less than last month)
Average Sold Price - $618,981 (less than last month)
List price to Sold Price Ratio - 92%
Higest Closed Listing - $1,850,000 (lower than last month)
Lowest Closed Listing - $205,000 (a short sale)
What does this mean to you?
If you have a listing in the luxury market, there is stiff competition with over 1/3 (almost 1/2!) of all listings in Coral Gables in the top 10% of Miami-Dades' pricing ("luxury listings"). Listings in the upper price point are selling at a much slower rate than the lower price points and there is 1.5 years of inventory on the market (a sellers market is closer to 6 months, but still a good sign, we were up to three years several months ago). In order to be a viable listing, the price must be correct and the marketing top notch. Without both, listings are having a slow time moving. The GOOD sign is that properties are really moving, the inventory is down and the sales are up, so seller, things are looking up!
If you are on the hunt for a "bargain", they are out there, but they go quickly. Most foreclosures sell quickly and close to, or above list price. In order to have the best chance of snatching one of these deals up, work with an experienced Coral Gables Broker who is comfortable with foreclosures (like me, hint hint ;-). They will advise you as soon as a new property comes on the market or drops in price to be within your price range. They will also knows the special ins and outs of purchasing foreclosures. Properties are going faster than before, especially the well priced ones, now is the time to look before the market completely turns. Look at the market reports from earlier this year and you will see the trend in sales....
Check back next month for the Coral Gables October month in review!
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If you drive along Old Cutler in Coral Gables, starting around the Cocoplum circle heading South, you see quite a few communities tucked away on either side of Old Cutler. Did you ever wonder what each one was? Here is a map which will help you make sense of those hidden enclaves. You will also see just how far south Coral Gables winds it's way down the Bay, many do not know quite how far South the southern border of Coral Gables is!
Here is the Map to help you visualize where they are:
Miami has many more historic homes and districts than many people are aware of. Although first claimed by Spain in 1566, Miami first started to develop into a settled area in the 1800s by Henry Flagler and friends Julia Tuttle and William Brickell. Most historic areas hug the coast for obvious reasons (prior to Flagler's railroad, the only way to reach Miami was by boat).
Miami really saw prosperity and growth in the early 1900s as developers Merrick, Collins and Curtis built such communities as Coral Gables, Miami Beach and Miami Springs. Dual disasters of a bursting real estate bubble followed by the great Hurricane of 1926 all but halted new development for many years until nearly the end of the Second World War. By then, such great architects such as Walter De Garmo had long stopped designing homes, but many designs have stayed with us throughout the years.
Many historic homes in Miami have recognizable features; Mediterranean, Moorish or Adobe designs; use of such unique building materials as coral rock, decorative (whole and broken) tile work and mosaics and Pecky Cypress Dade County Pine; arches, porticoes and arcades and more. Since most of these homes were built before air conditioning, many have been retrofitted to accommodate central AC. One thing you won't find are the hall closets most Northerners are used to (no need!)
The oldest existing house in Miami still situated in it's original position is located in Barnacle State Park, it was built in 1891.
Very few homes built before 1900 still exist, but one is currently for sale at 6801 Maynda St in Coral Gables. Dating back to 1899, it is Coral Gables's oldest private home.
If you love Historic Homes as much as we do, we are sure you will find something to tickle your fancy in Miami!
PS: Our sister company (Papillon ReDevelopment) is a Florida State Licensed and Insured General Contractor which specializes in historic renovations and additions, ask us for details and photos of our work!
Top Miami Neighborhoods where you can find historic homes for sale are:
Below is a Map of the Areas where you are most likely to find historic homes in Miami
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Papillon is a boutique real estate brokerage and development firm based in Coral Gables. From equestrian properties in the country to waterfront properties by the sea, we love all properties in SoFl.
Papillon is well versed at short sales. We can help you negotiate these uncertain times and help find a soluiton with your lender to get you out of a loan and or property that you can no longer maintain. Call us today to find out more!
Diversity is my middle name! I thrive on knowing and experiencing new things and am constantly in flux of what I am working on, researching and discovering. A passion for real estate and design has led me on a winding path to today. College in Richmond VA (go Spiders) provided me a B.S. in Business Administration and a springboard to my first job as Asst. Project Manager at The Oliver Carr Company, which later became the Mammoth REIT, CarrAmerica, now a national Commercial Property owner, manager and developer (back then it was still private and we still worked with Mr. Carr). After a few years there working my way to project manager and nearly completing a degree in interior design, I headed off to Germany where I lived with my then-husband and still-daughter, for 5 years.
Returning to the US and moving to Miami started my next life, this time on the general contractor side building the interiors of the commercial spaces I used to manage while with Carr. Five years and many beautiful spaces later, my husband Cliff and I decided to go out on our own, and we started Papillon Redevelopment, a general contracting and development firm in Miami. A year later Papillon Real Estate followed with my partner, Shelly Montalvo.
My passions are many, and I have miraculously managed to tie many into my work: real estate, horses, Florida history and off-the path locations, reading, technology and the web, mentoring, farm life, yoga, ancestry, historic preservation and architecture, writing and more.
I truly believe that if you dream it, you can do it. Two years ago I completed the Goofy Challenge, Disney Marathon's Great Challenge of a 1/2 marathon on Saturday and a full marathon on Sunday. I won't tell you it was easy, but I dreamed it and I did it. Real estate, as is everything in your life, is the same, only YOU create your barriers which means you have the power to break through them.
My favorite quote -- "The universe tends to unfold as it should" from Harold and Kumar go to White Castle and, and in the famous words of NPR..."This, I believe".
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