EWM Realtors » Katherine Clase

Coral Gables Vs. South Florida Residential Real Estate Market

Katherine Clase — Tue, 29 Sep 2009 02:49:43 +0000

In his September 2009 South Florida Market Update, Ron Shuffield, President of EWM Realtors, gives us a quick overview of residential real estate trends and inventory level changes over the past year. How are sales, values and inventory levels? What are the implications for buyers and sellers? Read below.

How does Coral Gables compare? In Coral Gables we see a trend of lower inventory, steady sales and higher pending sales during the month of August. According to MLS data, total inventory in Coral Gables dropped from 988 homes and condos for sale in August 2008 to 811 in August 2009, a 17,9% decrease. During the same period, sales remained steady, while pending sales (homes and condos that have gone under contract) were up 31.9%.

Coral Gables (August 2008-August 2009)

For Sale -17.9%

Sold 0%

Pending Sales +31.9%

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Looking to buy or sell a property in Coral Gables? Please contact me at 786-301-1054 or send me a note here.

Coral Gables Real Estate: Year To Year Comparison

Katherine Clase — Sat, 19 Sep 2009 09:49:46 +0000

Have prices hit bottom?

There has been a dramatic drop in prices in Coral Gables. An analysis of closed sales so far this year reveals that the average sale price per square foot is $273 while the median is $255. For the same period last year (January to September) those numbers were $312 and $294 respectively.

What is the average price of a home?

The average sale price of a Coral Gables home this year is $888,250 (median sale price is $547,500). The average sale price in 2008 was $951,314 and $1,235,236 in 2007!

What is selling?

Of the 208 homes sold so far in 2009 (221 for the same period last year), only 40 sold for over $1 Million, making this the slowest segment. The up to $500K and the $500K-$1 Million price ranges have seen equal activity with 84 closed sales each.

Is there room to negotiate?

On average, buyers are paying 90.8% of the listing price; but keep in mind this number factors in all overpriced, underpriced and well priced homes. Well priced homes are getting something closer to 95% of the asking price on average.

What should we expect in the months to come?

Even though the level of activity is virtually the same as last year’s, I have seen the months of inventory figure as well as the number of new listings hitting the market go down. I do not know if this downward pressure of supply will be enough to affect prices. The average sales price per square foot, which I calculate by averaging out three months to account for outliers, is still going down. It was $287 in July, $276 in August and $268 in September.

Conlusion: It is ALREADY a great time to buy in Coral Gables.

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Looking to buy or sell a property in Coral Gables? Please contact me at 786-301-1054 or send me a note here.

Coral Gables Real Estate: 14 Price Reductions In The Past Week

Katherine Clase — Thu, 17 Sep 2009 10:57:52 +0000

Not all price reductions are created equal. Even though not every price reduction will turn a house into a deal; each will at least bring it closer to where it needs to be to sell. Here are some of the most significant reductions this week.

4800 University Drive # A | 4 Bedrooms | 3 Baths | 3,251 sq/ft | Reduced by $96,000 to $729,000

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Looking to buy or sell a property in Coral Gables? Please contact me at 786-301-1054 or send me a note here.

Coral Gables Real Estate Update: Recent Pending Sales

Katherine Clase — Wed, 16 Sep 2009 19:11:57 +0000

Since the begining of September, there hare been 8 pending sales in Coral Gables. Like all of the closed sales so far this month, all pending sales have been under $1,000,000. View September’s Coral Gables Pending Sales in a map.

Caballero

Consolata

Pinta

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Recent Closed Sales In Coral Gables

Katherine Clase — Mon, 14 Sep 2009 13:03:18 +0000

There have been 7 closed sales in Coral Gables during the first two weeks of September. Six of these sales consisted of 3 bedroom homes with sale prices under $615,000. This may be a result of first time home buyers eager to take advantage of market conditions and the soon to expire tax credit incentive.

Single Family Homes Sold In September

Riviera

Madeira

Siena

Condos Sold In September

Biltmore Way

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Looking to buy or sell a property in Coral Gables? Please contact me at 786-301-1054 or send me a note here.

An Evening With Tchaikovsky In Coral Gables

Katherine Clase — Sun, 13 Sep 2009 15:33:12 +0000

Last Friday and as part of its Chamber Music Concert Series, the Walenstein Symphony Orchestra presented “A Romantic Evening With Tchaikovsky Part II” at the University of Miami’s Gusman Concert Hall.

This was a delightful concert filled with outstanding performances. I liked the intimate setting that a smaller concert hall provided as well as the accessibility of the event. I was able to get great tickets earlier in the day for $15.00.

I am a true believer of supporting events like this one in the community. Thanks to the commitment of individuals and institutions alike, the Frost School of Music is able to bring together established artists, scholars and leaders in the music industry for the benefit of students and the community.

Click here to see the Calendar of Events at the University of Miami Frost School of Music.

For more of my posts on Coral Gables real estate, news and events click here.

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900 Wallace Street: A Place For Everything And Everything In Its Place

Katherine Clase — Fri, 11 Sep 2009 12:38:39 +0000

Whether you are just getting started, downsizing, or simply love a small house; living with less space is all about potential and compromises. Small spaces usually look smallest when empty, but furnished optimally a small home can go from simply charming to just perfect.

900 Wallace Street in Coral Gables is an attractive little house with an equally attractive price tag of $355,000. Click here for more details and images.

In an era of “less is more”, many are learning to thrive in small spaces. Here are a few tips for making the most out of your small home:

Don’t be afraid to incorporate an out-of-scale piece to make a bold statement
Midrange colors always work. Stay away from white
Dressing the windows is key
You are going to have to edit, decide what you want to keep and get rid of the rest
Make use of creative storage solutions and dual purpose furniture

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For more of my posts on Coral Gables real estate, news and events click here.

What Can You Buy For Under $500,000 In Coral Gables?

Katherine Clase — Fri, 11 Sep 2009 11:17:45 +0000

Curious to know what you can buy for your money in Coral Gables? Here is a sample of available homes with an asking price under $500,000.

Single Family Homes Priced Under $500,000

100 Cadima Avenue | 3 Bedrooms | 2 Baths | $469,900 | More Pictures

909 Medina Avenue | 3 Bedrooms | 2 Baths | $450,000 | More Pictures

442 Alminar Avenue | 2 Bedrooms | 2 Baths | $399,999 | More Pictures

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Looking to buy or sell a property in Coral Gables? Please contact me at 786-301-1054 or send me a note here.

322 Velarde Avenue: Impeccable New Listing In The Gables

Katherine Clase — Thu, 10 Sep 2009 12:48:57 +0000

Update: The List Price of this listing has been reduced to $595,000 since this post was written.

Are you in the market for a 3 bedroom 2 bath home in Coral Gables but are unwilling to take on a renovation project? This clean, recently completed and ready to move in 50’s charmer may just be what you are looking for.

With new wood floors and impact resistant windows, remodeled kitchen and bathrooms and new air conditioning and water heating systems, this centrally located 1,569 square foot house comes with an asking price of $599,000.

From landscaping and curb appeal to the interior details, this house is ready to go. With so much to choose from, buyers are attracted to these unique listings. I expect this one to get a lot of attention and go fast. Listing courtesy of iviera Realty Associates Inc. Click here for more photos.

Looking to buy or sell a property in Coral Gables? Please contact me at 786-301-1054 or send me a note here.

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Green Gables Cafe: My Favorite Place For A Healthy Meal

Katherine Clase — Tue, 08 Sep 2009 13:14:44 +0000

One of my favorite spots for a delicious meal in the Gables is definitely Green Gables Cafe. I have been a fan since its early days and congratulate them on their move to a greener and bigger locale at 327 Alhambra Circle, off the corner of Salzedo and next to the Merrill Lynch building.

Committed to providing good food with a conscience, Green Gables Cafe offers an extensive menu of organic selections that will leave you wanting more every time. With the new location comes a new After 5 Menu with a great offering of early dinner options available from 5-7:30 p.m.

I highly recommend the sweet potato puree and green lentil with vegetable soups, the pulled turkey breast sandwich and the baked crab cakes salad. Don’t leave without trying either the Classic Carrot Cake if you like chunky or the Jazzy Carrot Cake if you like smooth. You will be back for more!

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For more of my posts on Coral Gables real estate, news and events click here.