Recent Sales of Project Homes in Ponce-Davis and Coral Gables

posted on June 27th, 2012 filed under: Properties in Focus, Real Estate Market Data

Two recent sales of homes — one in Miami’s desirable Ponce-Davis neighborhood and the other in Coral Gables — give an indication of what buyers are apparently willing to pay in those areas for potential luxury homes in need of substantial work.

In Ponce-Davis, the house under construction at 4975 SW 78 St. sold for $2.5 million.  It was mostly finished but still needed at least a few hundred thousand dollars of work.  At 8,450 sf, the sale price works out to about $296/sf.  With the additional work, figure the property will eventually cost about $350/sf.

4975 SW 78 St.

4975 SW 78 St.

The house at 3510 Granada Boulevard was effectively a private sale, having been entered on the MLS after it was, for practical purposes, already sold.  The price was $1.2 million, which works out to about $282/sf for the 4,251-sf home.  The property is located on the Biltmore Hotel golf course.  No doubt the project is a total gut job, which should easily put the total cost at $350/sf to $400/sf, and perhaps more depending on materials and finishes.

3510 Granada Blvd.

3510 Granada Blvd.

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