Coral Gables Market Update

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Coral Gables Market Brief: Gables inventory falls below $1 Billion

Inventory is reducing in size as sales continue to hold!

Prices have decreased enough to begin to bring the real estate market back to a state of equilibrium. This will still take some time but we are certainly on our way! The current total inventory has finally fallen below $1 billion. The inventory in Coral Gables stands at 464 homes listed at approximately $999,225,074.

 This year alone, Coral Gables has closed 134 sales totaling $159,267,182. This time last year there were only 87 closed sales totaling $91,693,197 . The County of Miami-Dade has closed 3,020 sales this year totaling $963,430,884

2010 home sales in Miami Dade county  are outperforming 2009 sale by 17.8% so far!

If you would like to schedule a listing appointment or are interested in purchasing real estate in Miami please contact us via the “contact” tab at the top of the page. 305.329.7728

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Coral Gables Market Brief

As of today, there are 478 active listings in Coral Gables totaling $1,002,575,374 with an average list price per square foot of $431. Year to date there have been 124 closings totaling $146,297,182

Inventory Break-down:

- 51% of active listings are priced over $1 M

-49% of active listings are priced below $1M

6.5% of active listings are new construction (2008 or newer)

For more information on purchasing a home in Miami or if you would like to schedule a listing presentation, please contact us at 305.329.7728

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Coral Gables Market Brief

Over the last 7 days there have been 6 closed sales ranging from $3,490,000 to $535,000. This brings the total closed inventory in Coral Gables to $128,332,182! So you have something to compare that number to; this time last year the total sales were at $82,024,897. As we have progressed into the 2nd quarter of the year, the closed sales continue to remain steady. There is some concern over the government’s tax credit exit however, home prices are now reaching a stage where we can start to hopefully see a nice inventory reduction!

If you would like to schedule a listing appointment or are interested in purchasing a home in Miami, please contact us at 305.329.7728 or by clicking the “contact” tab at the top of the page.

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The DiCarlo Group: Top Producers, Featured in the Miami Herald and Sun Sentinel

On April 14th, The DiCarlo Group was honored to receive the EWM Chairman’s Club award as one of the Top Producers in South Florida! Thank you to all of our wonderful clients that made this possible!

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Luxury Short Sale: Tahiti Beach (Cocoplum)

After 4 years of having been taken on and off the market, 23 Tahiti Beach is now an unapproved short sale! With a new list price of $5,995,000 ($767 per square foot) this home offers 4 bedrooms, 3 baths, 3 car garage, 7831 square feet, 108 feet on the water, and 1.04 acre lot.

In 2006 this home was listed at $8.5 million and now through a series of price reductions has now reached the current list price of $5.995 M.  For more information on Tahiti Beach or Cocoplum, please contact us at 305.329.7728 or email us by clicking the “contact” tab at the top of the page.

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Is the Recession Over??

Too early to call it! According to an article published in The New York Times, a committee of economists formed in 1978 are erring on the side of caution when it comes to declaring an end to this recession. This committee has designated start and end dates of economic contractions for every business cycle since 1854. The article is quoted as saying: “this time,the committee members say, the evidence is not so easy to decipher.” One committee member, Mr. Frankel an economist at the Harvard Kennedy School, posted a blog last week saying “The recession is over.” Robert E. Hall of Standford made the statement “The odds favor the view that a true expansion has begun and that the recession beginning in 2007 is over.” He also said, “one cannot totally rule out the unlikely possibility that the economy might resume contraction again soon.” This idea was supported by Martin S. Feldstein of Harvard. In January he warned of a double-dip recession and said “there is a significant risk the economy could run out of steam sometime in 2010.” To see the full article CLICK HERE – The New York Times

From the real estate perspective here in Miami-Dade County, there have been 2,259 closed sales this year which equates to $762,949,762 in sales. There are another 4,402 pending sales equal to $1,161,317,469. These are the numbers for one county in all of the United States. On a personal level, I am seeing prices drop to a level where consumers are finally comfortable to buy and more buyers that are “on the fence” are making their move. I think the real estate sector for the first quarter of the year has made an aggressive start, and so far the second quarter is looking  just as forceful!

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Market Brief: Miami Beach & Miami Dade County

$729,177,443 in closed sales this year for Miami Dade County! The most expensive home to sell this year so far sold for $13,900,000 ($1,362 per square foot) and the lowest for $7,000 ($9 per square foot.) 38.8% of these sales were  on the market less than 30 days and 54.5% were on the market less than 60 days! Compelling price is the determining factor in this market. Competitive pricing was OK last year; now you must compel the buyers to act!

Miami Beach update: 1700 Bay Drive closed for $1,390,000 ($443.52 per square foot.) This is a waterfront home with 5 bedrooms, 3 baths and one half bath. There are currently 64 pending sales on Miami Beach totaling $84,000,300 and 50 closed sales totaling $96,063,488. If you have any questions or would like to buy or sell a home in Miami, please contact us at 305.329.7728 or by clicking the contact tab at the to of the page. We look forward to hearing from you! 

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Coral Gables Real Estate Market Brief: Total sales this year pass $100 million

What  a great week it has been for the Coral Gables real estate market! Over the last 7 days there were 9 closings totaling $10,401,900. This brings the total closed sales in the Gables to $106,517,238. This time last year there were $83,930,645 in closed sales.

In 2009 this time last year, the average list price per square foot was $315 with an average sale price of $282 per square foot. Currently, there is an average list price of $355 per square foot with an average sale price of $302 per square foot!!! That is an increase of $20 per square foot on homes purchased last year!

If you have any questions or would like to buy or sell a home in Miami, please contact us at 305.329.7728 or email us by clicking the “contact” tab at the top of the page.

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Coral Gables Market Brief: Sales Continue to Charge Forward

Good morning Coral Gables!

I am pleased to report that the market is continuing to move in the right direction! In the last 7 days there have been 6 closed sales totaling $5,815,900. This brings the grand total for sales this year in the Gables to $96,015,238. As a reminder, there are 31 days left before the deadline for tax credit programs(deadline is April 30th.)

Currently there are 475 homes on the market in the Gables. Even if you will not be taking advantage of a tax credit program on your purchase, there are still great deals to be made. I have been monitoring the market carefully and I am seeing an aggressive amount of activity in regards to home purchases compared to this time last year. You can also follow us on facebook, twitter, and youtube!(search: Gregory DiCarlo) 

 If you would like more information on Miami real estate, or would like to buy or sell a home, please contact us at 305.329.7728

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