REIMAGINE Thought of the Week South Florida Land Use Policy and Single Family Homes

    Today I want to share my thoughts on local land-use policy and the impacts on South Florida's single-family home pricing. What's the longterm outlook? What does it mean for personal or project opportunities? Enjoy my REIMAGINE Thought of the Week on this subject! And please checkout my newsletter, blog and podcast channels for additional insights about luxury real estate in South Florida and The Bahamas. Have a great weekend ahead!

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Values, Key Takeaways Coral Gables $1M+ Condo and Townhouse Market August and September 2024

Values: Market Report Series KEY TAKEAWAYS   Coral Gables $1M+ Condos & Townhouses August and September 2024   Watch the Video or Read the blog below     Hi, this is Jennie Frank Kapoor with Tropical Phoenix Homes. Welcome to, Key Takeaways, a quick monthly highlight as a part of my Values market report series. As we transition from late Summer into Fall, we take a macro level view of the $1M+ and up Coral Gables luxury condo and townhouse market. What are the trends? What does the data say? And is the market hot or not?   1 CLOSED SALES There was 1 luxury condo and townhouse sold in August (-66.7% YoY) and 4 in September, which is the median amount over the last year.   2 CLOSED DOLLAR VOLUME $1.1M was the August Dollar Volume (-80.8% YoY) with $5.85M in September, rebounding into a typical range.    3 MEDIAN SALES PRICE August saw a Median Sale Price of $1.085M (-30% YoY) and $1.45M in September, in-line with much of the last year.   4 MEDIAN TIME TO SALE   The Median Time to Sale was 41 days in August (-70.7% YoY) and a brisk 11 days in September, continuing a downward trend.   5 PENDINGS There were 3 New Pending Sales in August (+200% YoY) and 4 in September, falling within a steady range over the last year.   6 ACTIVES August saw 52 Actives (+85.75% YoY) and 47 in September, continuing a climb higher over the last year.   7 NEW LISTINGS There were 11 New Luxury Listings in August (+57.1% YoY) and 8 in September, which is relatively consistent activity over the last year.   8 MONTHS SUPPLY 9 BUYERS VS SELLERS OR NEUTRAL   With all of this in mind, I would consider us to be in a strong Buyer’s Market for luxury Coral Gables condos and townhouses.   10 NOTABLE SALES   The two City Beautiful highest priced September condo & townhouse sales were:   Waterfront: 13637 Deering Bay Dr #222 for $1.725M ($541 / SF) within the resort like world that is Deering Bay, enjoying incredible accessibility and views of one of my favorite places in the world, Biscayne Bay – the perfect boater’s playground. Inland: 626 Coral Way #701 for $1.8M ($857 / SF) within Gables on the Green. I love the incredible placement of this condo along the Granada Golf Course, as well as the central location to all of what living in this part of the Gables has to offer.   11 NOTABLE LISTINGS   Two notable September listings that are opportunities that I’d love to discuss further with you include:   Waterfront: 10 Edgewater Dr #16K asking $9.9M ($1,892 / SF) located within The Gables Club, an iconic set of towers overlooking the Coral Gables Waterway with sweeping views of Biscayne Bay and the lush Gables canopy. Listing by Allison Blumenthal, Brown Harris Stevens. Inland:  2401 Anderson Rd #11 asking $1.6M ($800 / SF) is a spacious condo in charming Avignon, a boutique building overlooking the Granada Golf Course and is within walking distance to all of the amenities of Miracle Mile and downtown Coral Gables. Listing by Carole Smith, Compass.   12 HOT OR NOT   So where is the Coral Gables luxury condo and townhouse market heading leaving September? And is the market Hot or Not?   Jennie says it’s – Not.   Inventory is growing consistently in the Gables for this property type and sales activity has been light, also with limited recently reported pendings. It’s a great time to be a patient and selective buyer looking for the right opportunity here. Sellers will need to sharpen their pricing expectations if they want to sell quickly in a competitive market.   *** And those are my Key Takeaways for the Coral Gables $1M+ Luxury Condo & Townhouse market – August and September 2024. Are you interested in more analysis around South Florida? Visit my full Values market report and other series on my blog and podcast channels.   DISCLAIMERS AND NOTICES   1) Data relied on within this blog and market report are from i) BeachesMLS and ii) MIAMI Association of REALTORS as of the date of this blog. This data is not verified for authenticity or accuracy and may not reflect all real estate activity in the market. Based on information © 2024 BeachesMLS, Inc. Click on any individual listing page link in the market report tables to visit the property on the IDX feed to my website for the latest information.   2) This blog and market report are not to be considered investment advice nor a solicitation for investment.   3) Purchasing or selling real estate is an important financial decision. Make your own buying, selling, or investment decision based on your own analysis and due diligence, along with the consultation of your own professional advisors.   4) The content of this blog and market report are for information and educational purposes only. Any commentary is solely the professional opinion of Jennie Frank Kapoor and/or Tropical Phoenix Homes and does not reflect the opinion of Engel & Völkers, any MLS, nor any other group. Errors and typos are possible, and you should verify all information before taking any actions.   5) This blog and market report are not an advertisement for any other broker’s particular listing (property) nor a solicitation of the seller they may be representing. Listings reviewed in this blog and market report may be those of other brokerages and listing agents. Every listing links directly to their respective auto-synced IDX page and displays the appropriate credits in accordance with local MLS rules and guidelines. In no way is this an attempt to advertise these listings as those of Engel & Völkers and/or Jennie Frank Kapoor. Any such listings will be clearly marked and credited to Engel & Völkers.   6) Copyright © 2024 of all original photos and content within this blog and market report, which are the property of Engel & Völkers, Jennie Frank Kapoor, and/or Tropical Phoenix Homes (“IP Holders”). No photos nor content may be utilized or reproduced without the prior written consent of the IP Holders.  

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Values, Key Takeaways Coral Gables $1M+ Single Family Homes August and September 2024

Values: Market Report Series KEY TAKEAWAYS   Coral Gables $1M+ Single Family Homes August and September 2024   Watch the Video or Read the blog below   Hi, this is Jennie Frank Kapoor with Tropical Phoenix Homes. Welcome to, Key Takeaways, a quick monthly highlight as a part of my Values market report series. As we transition from late Summer into Fall, we take a macro level view of the $1M+ and up Coral Gables single family home market. What are the trends? What does the data say? And is the market hot or not? 1 CLOSED SALES There were 30 luxury Closed Sales in August (+36.4% YoY) and another 14 in September continuing a two-month trend lower. 2 CLOSED DOLLAR VOLUME $77.3M in luxury Dollar Volume closed in August ( -2.2% YoY) with $55.2M in September, mirroring a recent decline in closings. 3 MEDIAN SALES PRICE The Median Sale Price was an impressive $2.026M in August (+31.3%), among the highest in South Florida, and was $1.929M in September. 4 MEDIAN TIME TO SALE The August Median Time to a Sale was 89 days (-2.2% YoY). September’s closing group saw this metric fall to a brisk 31 days. 5 PENDINGS There were 18 New Pending luxury contracts in August (-35.7% YoY) and 7 reported so far in September, continuing a downward trend. 6 ACTIVES Luxury Active Inventory hit 166 in August (+45.6% YoY) and 162 in September, which is significantly higher than a year ago. 7 NEW LISTINGS August saw 30 New Luxury Listings (-14.3% YoY) with 41 in September, representing steady new to market activity. 8 MONTHS SUPPLY Months Supply of luxury inventory hit 6.4 in August (+45.5% YoY) and 6.2 in September, continuing a downward trend. 9 BUYERS VS SELLERS OR NEUTRAL With all of this in mind, I would consider us to be in a Neutral Market for luxury Coral Gables single family homes. 10 NOTABLE SALES The two City Beautiful highest priced September luxury single family home sales were: Waterfront: 1220 Lugo Ave in Gables by The Sea sold for $6.2M ($2,951 / SF) but truly represents land value ($340 / Lot SF) and is perfect for a boater looking to build their dream home. Inland: 9550 Journeys End Rd within its namesake private neighborhood, Journey’s End Estates, sold for $18.5M ($2,225 / SF). This award-winning estate was also the city’s highest September sale. 11 NOTABLE LISTINGS Two notable September listings that are opportunities that I’d love to discuss further with you include: Waterfront:  690 Solano Prado in Old Cutler Bay asking $14.5M and sits on a 31,304 SF waterfront lot that is nicely tucked in from the open bay. This is priced as a redevelopment opportunity and could be a great home for you and your yacht with plenty of frontage and a turning basin with direct ocean access. Listing by Ana Rodriguez, Coldwell Banker.  Inland: 10001 Fairchild Way in Snapper Creek Lakes asking $10.5M ($1,406 / SF), which I find very well priced for this very exclusive neighborhood on a desirable 1 acre+ lot. This estate filled neighborhood has the lush jungle feel of being somewhere else and is near some of the city’s best parks. Listing by Joei Brooks, Lang Realty. 12 HOT OR NOT So where is the Coral Gables luxury single family home market heading leaving September? And is the market Hot or Not? Jennie says it’s – Warm. Deals are happening, inventory is stable, and it’s a neutral market rewarding patience along with realistic pricing for one of South Florida’s most in demand cities and property types (or really anywhere in the country). *** And those are my Key Takeaways for the Coral Gables $1M+ Single Family Home market – August and September 2024. Are you interested in more analysis around South Florida? Visit my full Values market report and other series on my blog and podcast channels.   DISCLAIMERS AND NOTICES 1) Data relied on within this blog and market report are from i) BeachesMLS and ii) MIAMI Association of REALTORS as of the date of this blog. This data is not verified for authenticity or accuracy and may not reflect all real estate activity in the market. Based on information © 2024 BeachesMLS, Inc. Click on any individual listing page link in the market report tables to visit the property on the IDX feed to my website for the latest information. 2) This blog and market report are not to be considered investment advice nor a solicitation for investment. 3) Purchasing or selling real estate is an important financial decision. Make your own buying, selling, or investment decision based on your own analysis and due diligence, along with the consultation of your own professional advisors. 4) The content of this blog and market report are for information and educational purposes only. Any commentary is solely the professional opinion of Jennie Frank Kapoor and/or Tropical Phoenix Homes and does not reflect the opinion of Engel & Völkers, any MLS, nor any other group. Errors and typos are possible, and you should verify all information before taking any actions. 5) This blog and market report are not an advertisement for any other broker’s particular listing (property) nor a solicitation of the seller they may be representing. Listings reviewed in this blog and market report may be those of other brokerages and listing agents. Every listing links directly to their respective auto-synced IDX page and displays the appropriate credits in accordance with local MLS rules and guidelines. In no way is this an attempt to advertise these listings as those of Engel & Völkers and/or Jennie Frank Kapoor. Any such listings will be clearly marked and credited to Engel & Völkers. 6) Copyright © 2024 of all original photos and content within this blog and market report, which are the property of Engel & Völkers, Jennie Frank Kapoor, and/or Tropical Phoenix Homes (“IP Holders”). No photos nor content may be utilized or reproduced without the prior written consent of the IP Holders.

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