A comparison of sales volume in Coral Gables and Coconut Grove from 2014 to 2015 shows that residential properties from $700,000 to $2,000,000 are moving with significantly more frequency. The number of transactions are consistently higher each month and continue to rise steadily, just last month we were up 34.1%. I expect that this momentum will continue into the fourth quarter. If you have any questions as you seek clarity on these strong trends, reach out to the Jill Penman Group to benefit from a comprehensive & private market analysis.
Miami is leading the nation in single family home sales pricing. The median price increased 10.6% in Q2 to $271,000, compared to the nationwide growth of 8.2% to $229,400. In fact, prices in Miami-Dade County have gone up for 14 consecutive quarters demonstrating continued home buyer and seller confidence in Miami real estate. Data shows that these figures have also been positively impacted by the improving local job market and historically low mortgage rates. Reach out to learn more about the strong market in my South Florida area of expertise.
The signature ONE Sotheby’s International Realty Trends Report has been given a mid-year update. A deeper dive into the first half of 2015 in Coral Gables shows a solid trajectory which establishes the area as one of Miami’s most prestigious and valuable suburbs in Miami-Dade. When comvpared to the same period in 2014, price per square foot figures reflect strength. In fact, the total market showed an increase of 9-13% and the luxury market showed an increase of 26-27%. Find the full report on Miami’s South End below and reach out to me for a completely customized market assessment.
Early data was released from the Miami Dade County appraiser in June which showed positive growth for our local real estate market. However, those preliminary estimates were adjusted further in July to correctly reflect an even stronger state of our community from a home value perspective. Revisions show that our countywide average is up from the 8.6% increase released last month.
According to the Miami-Dade Property Appraiser, property values have grown by 8.6% across the county in the last year. The construction industry is booming as you might tell from my listings in The Setting and Casa Roble. But no community saw more volume of high quality new construction than Key Biscayne. Key Biscayne recorded an additional half-billion dollars’ worth of real estate at the start of 2015.
If you compare any single family home in Key Biscayne toCoconut Grove you will notice you will pay a premium for the land on the island, sometimes amounting to more than double compared to what you can get in Coconut Grove. Take for instance, a small 4/3 on the Key. A classic 50’s property with about 2,300 SF will sell close to $2,000,000.
The just released 2015 ONE Trends Report anticipates that the Pinecrest submarket will outperform in 2015 as a huge wave of tear-downs from the 60’s/70s renew the age of the housing stock. Data shows that Pinecrest is experiencing a major transformation as a luxury market with large dimension and range in pricing. Find a full report on the most sought after communities here and reach out to me for your custom market assessment.
Recently, my firm released its annual report of the South Florida real estate market, Trends. After consistent year-over-year growth since 2010, when Trends was first published, it’s no surprise that after further growth in 2014 South has become one of the most sought-after residential destinations in the world. Miami is now considered one of the top 10 cities worldwide that matter to ultra-high-net-worth investors, and Fort Lauderdale’s popularity continues to rise with its many canals and waterfront living options.
Recently I conducted a review of all non waterfront homes sold between $1.5 and $3 million within Coconut Grove and am sharing the numbers reflecting a stable yet increasing market. Review my up-to-date data assessing these sales and leverage the Jill Penman Group as your definitive guide on all matters related to the luxury real estate markets of Coconut Grove, Coral Gables and South Florida.
I conducted a review of the luxury Coral Gables real estate community and can share numbers depicting a stable market at it’s strongest point. Review my up-to-date data assessing sales of homes over $1.5M and leverage the Jill Penman Group as your definitive guide on all matters related to the luxury real estate markets of Coconut Grove, Coral Gables and South Florida.