More Big Homes Sell for $200/SF in Coral Gables

posted on June 15th, 2011 filed under: Properties in Focus, Real Estate Market Data

Continuing to validate the proposition that price declines are migrating up the food chain to bigger, costlier homes in Miami and Coral Gables, several Gables homes in the 5,000-sf range have recently sold for about $200/sf.

The 5,530-sf historically designated home at 2027 Alhambra Circle sold for $1,025,000, or $185/sf.

2027 Alhambra Cir.

2027 Alhambra Cir.

Around the bend and toward town, the 4,960-sf 1930s manse at 756 Alhambra Circle sold for $1,138,000, or $229/sf.

756 Alhambra Cir.

756 Alhambra Cir.

Another classic old home, the expanded 6,528-sf spread at 2200 Segovia Circle, sold for $1,350,000, or $206/sf.

2200 Segovia Cir.

2200 Segovia Cir.

If you’ve been planning to buy a big house in Coral Gables, your patience has been rewarded.  Now you can shop and negotiate with much less fear of loss.  Properties like these were selling for more like $400/sf at the peak.  That was maniacal, of course.  But at $200/sf, these classic Coral Gables homes are back to roughly 2001 prices, completely unwinding the excess appreciation of the bubble years.

Of course, any collapse in asset values can overshoot to the downside, and there is risk of further price declines.  But the risk of loss is a lot less than it was before.

Stay tuned for another post with charts showing the trajectory of prices for big homes in the 33134 zip code of Coral Gables.

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posted by // This entry was posted on Wednesday, June 15th, 2011 at 5:26 pm 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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