Beth Kipnis
HomeMarket Trends Category
Coral Gables Homes Under $500,000 Abound
Looking at the corridor of Coral Gables north of US 1, I find an abundance of homes listed for less than $500,000. With interest rates dipping to under 4% for the most desirable borrowers, it’s a very opportune moment for first-time buyers and downsizing homeowners to buy a property.
Cervera Realty has a great example of what can be found at 1501 Lisbon Street. This 3 bedroom, 2 bathroom was built in 1967 and has a one-car garage. At just under 1500 square feet on a lot of 5250 square feet, this home was originally priced at $399,000 and has been adjusted to $369,000.
Eleven homes listed for less than $300,000
Thirty Homes listed between $300,000 and $400,000
Thirty-three Coral Gables Homes listed between $400,000 and $500,000
Within the last 3 months, there have been 30 sales in this northern area of Coral Gables for less than $500,000. There are some really good opportunities out there, too.
This home at 445 Zamora Avenue has 3 bedrooms, 2 bathrooms and a den on a corner lot with room for a pool. It was listed by Coldwell-Banker for $549,000 originally, then reduced to $499,000. It closed this month for $441,500.
I’ve noticed that some of the closed sales went for more than list, which indicates that a compelling asking price can actually bring a seller more than anticipated!
Breaking down what has sold within the last three months we have 6 sales for less than $300,000, ten between $300,000 and $400,000, and another 14 closed sales between $400,000 and $500,000.
I study the market so you can make informed decisions when you buy or sell in Coral Gables. Call me to arrange a meeting at 305 794.6570.
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You may be a buyer hearing the buzz that housing prices could go even lower. While this may be true, mortgage interest rates are at almost historic low rates. You might wait to buy that place for $10,000 less, but end up paying more because you missed this incredible opportunity. Look at this graph, provided by Todd Wheeler of Home Services Lending, covering the last 40 years of interest rates: A mere 1% rise in rates will cost you well over that small savings in a very short time. It really is the right time to make that move. Call me at 305 794.6570 or leave me a note here, and let’s get started saving your money! Share
One of my buyers who is looking at newer condos around downtown Coral Gables asked about the possible deals he could find by looking at only short sales and foreclosures. Looking at the recent activity of condos priced no higher than $500,000 there are alot more regular sales on the market, but the bulk of closed and pending sales are distressed properties. The average list price of a regular sale is just over $357,000 and the average sale price for the same is$238,000. The distressed properties average list price of $229,000 is so much closer to what they eventually sell for, $222,000, that it stands to reason more buyers are willing to wait out the oftentimes glacial process of purchasing a short sale or foreclosure. The regular sales average about 7% more in sale price and sell a month sooner, which could be attributed to their being in better condition and easier to negotiate and close. See all non distressed condos on the market near downtown Coral Gables here Check available short sales and foreclosed condos under $500,000 here Here are 2010 sales in the area of regular sales Click here to see the closed short sales and foreclosures this year If you are buying, selling or renting in Coral Gables you need a local specialist. Call me at 305 794.6570 or leave me a note here. If you enjoyed reading this article, why not Subscribe to receive the next one? Once you register, you must activate the subscription in a follow-up email. Share
Could Mortgage Interest Rates Go Lower?
Comparing Distressed and Regular Sales in Downtown Coral Gables
Status
Regular Sales
Short Sales & Foreclosures
On market now
39
18
Closed sales
7
14
Under contract
0
9
List price per sq ft average
$324
$209
Sale price per sq ft average
$222
$191
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