Living in South Miami, High Pines and Coral Gables
Categories: Coral Gables, High Pines, Real Estate News, South Miami
hiAs of September 23, 2009 there were 20 single family residences for sale in High Pines with the list prices ranging from $2,650,000 to $399,000 and the per sq. ft. list prices ranging from $1,094 t0 $247. Ten of the 20 listed homes were built from 2007 through 2009, 8 were built prior to 1960, 1 was built in 1960 and 1 in 2005. There were 9 closings from July 1, 2009 to Sept. 23 which ranged in price from $890,000 to $415,000 and in per sq. ft. price from $283 to $234 (2). All of the closed homes were built before 1958 except for the house that sold for $890,000 which was built in 1991.Pending sales of which there were 6 follow the same trend as the active and closed listings: 3 were built in the 1940’s, 1 was built in 1954, 1 was built in 1970, and 1was built in 1990.
So what does this tell me. High Pines has been a transforming and popular neighborhood for the last 15 or so years due to its close-in location, proximity to downtown South Miami and Coral Gables as well as to 2 metrorail stations. During this period a large number of older homes were torn down by both owners to build new homes and by “spec” home builders to sell for a nice profit. Many of these homes had values and costs above $1,000,000. Well the recession occurred which almost has stopped the sale of anything in the 7 figure range. Now the High Pines sales are restricted to those who are taking the opportunity to buy into a popular neighborhood at a price they could not have imagined a few years ago. How long this trend will continue is anyone’s guess, but it it will be interesting to watch as we go forward and the number of lower (mostly old) priced homes diminish and the recession begins to end.
