More Signs of Ice Breaking in Upper-Middle Real Estate Market in Coral Gables

posted on March 21st, 2011 filed under: Properties in Focus, Real Estate Market Data

Despite the greatest real estate bust of all time, it’s been tough for buyers in the upper-middle bracket to find better homes at reasonable prices in Coral Gables.  Some recent sales suggest sellers’ intransigence may be thawing.

The classic Old Spanish on a 12,500-sf double lot at 1240 Castile Avenue sold for $605,000, or $255.38/sf.  Previously sold for $650,000 in 2002 and $750,000 in 2003, so it’s back to roughly a 2000 price.

1240 Castile Ave.

1240 Castile Ave.

The big old colonial on over half an acre at 758 University Drive sold for $950,000, or $201.48/sf.  Needed lots of work by most buyers’ standards, but at a compounded appreciation rate of about 3.53% since its last sale in 1990, there’s money for a few improvements while still getting a good deal.

758 University Dr.

758 University Dr.

The bank-owned (REO) foreclosure at 1010 Asturia Avenue, which the Real Estate Fountain brought to your attention when it was listed at a rock-bottom price, sold fast for $530,000, or $198.80/sf.  It’s located a block away from the Granada Golf Course.  Prior sales: $315k in 1998, $830k in 2005, $1.189 million in 2007.  Of course, don’t make the mistake of thinking that it’s a million-dollar house.  That was mania and manipulation.

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posted by // This entry was posted on Monday, March 21st, 2011 at 8:35 am and is filed under Properties in Focus, Real Estate Market Data. You can follow any responses to this entry through the RSS 2.0 feed.

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