2805 Columbus Boulevard Sells for $527 Per Square Foot

posted on January 18th, 2012 filed under: Financial Responsibility, Properties in Focus, Real Estate Market Data, Real Estate News

The home at 2805 Columbus Boulevard recently sold for $3.3 million.  Just a couple of shady blocks up the tree-canopied street from the elegant Biltmore Hotel, it’s easy to see the attraction.

2805 Columbus Blvd

2805 Columbus Blvd.

But the sale will pose a challenge for anyone trying to understand the value of luxury real estate in north Coral Gables.  At 6,255 square feet and built in 2004, the home sold for $527 per square foot.  The lot is 16,500 square feet, and not on water or a golf course.

Compare the recent sale of nearby 1260 Anastasia Avenue, an 8,701-sf Mediterranean built in 2001 on a 24,400-sf lot.  Located directly on the Biltmore golf course, the home sold in August for $3.05 million.

1260 Anastasia Ave.

1260 Anastasia Ave.

Granted, the clean lines of the architecture and interior at 2805 Columbus might have resonated especially well with today’s luxury home buyer.  But are Mediterraneans really going out of style, to the point that you can get 25% more house on 50% more lot, throw in the Biltmore golf course location, and still pay 13% less?

No, there is no objective explanation for the disparity in these two sales.  In real estate, subjective factors sometimes dominate.  That’s troubling if you want to believe that the market is rational.  But it’s also promising, because it means the market will occasionally present you with opportunities.

In the case of 2805 Columbus, the buyer was a Puerto Rico limited liability company, and the same agent both listed the property and found the buyer.  The transaction is essentially opaque.

The buyers of 1260 Anastasia, meanwhile, were James and Pamula Schlesinger.  Mr. Schlesinger appears to be the president and CEO of AWE Talisman, a real estate development firm.  Obviously, Mr. Schlesinger would not be likely to overpay for real estate.

If you, too, would like to avoid overpaying for a home in Miami, Miami Beach or Coral Gables, REF Real Estate will be glad to assist — and give you a hefty commission rebate.

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posted by // This entry was posted on Wednesday, January 18th, 2012 at 12:16 pm and is filed under Financial Responsibility, Properties in Focus, Real Estate Market Data, Real Estate News. You can follow any responses to this entry through the RSS 2.0 feed.

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