Recent Posts
- Miami Case-Shiller Rising, National Case-Shiller Fading
- Beware Local Papers Hyping Homeownership
- Venetian Pool Opens for 2014 Season in Coral Gables
- Key Biscayne Had Highest Price Per Square Foot in 2013
- 2013’s Mortgage Milestone
Recent Comments
- Miami Has Seasons Too on
- Miami Has Seasons Too on
- Giant Pink Snails Invade Coral Gables on
- Giant Pink Snails Invade Coral Gables on
- Giant Pink Snails Invade Coral Gables on
Archives
- March 2014
- February 2014
- January 2014
- December 2013
- November 2013
- October 2013
- September 2013
- July 2013
- June 2013
- April 2013
- February 2013
- January 2013
- December 2012
- November 2012
- September 2012
- August 2012
- July 2012
- June 2012
- May 2012
- April 2012
- March 2012
- February 2012
- January 2012
- December 2011
- November 2011
- October 2011
- September 2011
- August 2011
- July 2011
- June 2011
- May 2011
- April 2011
- March 2011
- February 2011
- January 2011
- December 2010
- November 2010
- October 2010
- September 2010
- August 2010
- July 2010
- June 2010
- May 2010
- April 2010
- March 2010
- February 2010
- January 2010
- December 2009
- November 2009
- March 2009
- February 2009
- October 2008
- September 2008
- August 2008
- July 2008
- June 2008
Categories
- Financial Responsibility
- Fountains
- Miami and Coral Gables Living
- Properties in Focus
- Real Estate Market Data
- Real Estate News
Meta
Archive for July, 2011
Large Homes in Coral Gables 33134: Historical Price Per Square Foot
The price per square foot of large homes in Coral Gables exhibits a rise and fall like the rest of the Miami market.
The charts below depict sales of houses between 3,500 and 6,000 square feet, in zip code 33134 (the northern part of Coral Gables, in the vicinity of Miracle Mile and the Biltmore Hotel), from January 1995 to June 2011.
During the bubble, prices went ballistic, but sales dried up — one of the classic signs of a top in the real estate market. Now that prices have receded to a range in line with the 2002-2004 period, sales have come back.
When the bubble began in about 2000, the norm of annual mid-single-digit price increases gave way to the mania of annual price increases ranging from 15% to 25%. The 2002-2004 price range was excessive at the time, but with nearly a decade to work off that excess, the same prices may be defensible here in 2011. In other words, trendline single-digit appreciation has more or less caught up with the boom-and-bust trajectory of Coral Gables home prices. Of course, mean-reverting asset prices sometimes overshoot to the downside, so there’s no guarantee against further declines.
Displaying the sales in a one-by-one series rather than by date makes it easier to see the trajectory of prices in times of increased sales activity, like the recent post-bubble period.
The Premium for New Construction in Coral Gables Real Estate
As noted previously, big old houses in Coral Gables have been selling for about $200 per square foot. What about big new houses?
One of those will cost you quite a bit more, if recent sales are any indication. The luxury home at 3716 Durango Street sold for about $375/sf, and the luxury home at 2000 North Greenway Drive (which has a golf-course view) sold for about $425/sf.
A premium for new construction may be worth paying to avoid the delay and disruption of renovations. But are new homes really worth $200 per square foot more than existing homes? That’s almost the cost of building from the ground up.
Thomas K. Landry Call Tom: 305-448-8728 tklandry@landryrealty.com
Categories
- Lorem ipsum dolor sit amet
- Aenean sit amet diam
- Etiam mattis bibendum purus
- Etiam eget mi mollis risus
- Integer vehicula lectus