What You Get for $900,000 in Sunset Neighborhood of Coral Gables

posted on November 2nd, 2011 filed under: Properties in Focus

Perhaps the strongest pricing in Coral Gables is in the vicinity of the highly regarded Sunset Elementary School.  As REF has explained here and to customers, buying a house in the Sunset neighborhood does not mean you get to go to the school.  Really, the alarm cannot be sounded too often on this point.

With that in mind, what are people getting for their money in the Sunset Elementary area of south Gables?  Two recent sales show just how divergent the current real estate market can be.  For $849,000, a Bahamian corporation took 743 Tibidabo Avenue off the hands of the people who bought it for $820,000 in January 2008.  Who knew the market went up since then?

743 Tibidabo Ave.

743 Tibidabo Ave

The price of $849k works out to $430/sf for this 1,972-sf pillbox.  The house was already updated in 2008 (I know — I was in it), so that’s not the explanation.

On a brighter note for buyers in the Sunset Elementary neighborhood of Coral Gables, the classic French Village home at 1013 Hardee Road sold for $880,000, or $256/sf for the 3,431-sf beauty.

1013 Hardee Rd.

1013 Hardee Rd

Yes, it needs updating and maybe some repairs.  But you could put $100,000 into it and still be at just $285/sf.  Heck, you’d have to put $600,000 into it before you’d hit the $430/sf that the other people paid for 743 Tibidabo.

Plain ranch-style homes are a fact of life in South Florida.  And maybe I’m a bit of an aesthetic or architectural snob.  But there’s something to be learned here.  It’s actually a guiding principle here at REF.  The real estate market is inefficient, and there is value to be had . . . or not.

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posted by // This entry was posted on Wednesday, November 2nd, 2011 at 11:13 am and is filed under Properties in Focus. You can follow any responses to this entry through the RSS 2.0 feed.

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