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18 Troubled Coral Gables Condos Sold In 2016

DOWNTOWN MIAMI (Feb. 23, 2017) - Less than five distressed condo units - a combination of shortsales and real-estate owned (REO) units controlled by lenders - are formally listed for sale in the city of Coral Gables in the South Florida county of Miami-Dade, according to a new report from Condo Vultures® Realty LLC.

Based on distressed condo sales of nearly two units monthly in 2016, the Coral Gables market now has about a three-month supply of REO and shortsale units available for purchase at a time when the tricounty region of Miami-Dade, Broward and Palm Beach is at the peak of this year’s South Florida Winter Buying Season, according to the report based on data from the Southeast Florida MLXchange.

A balanced market is generally considered to have about six months of supply. More months of condo supply listed for sale suggests a buyer’s advantage and less months typically indicates a seller’s advantage in the market.

On the REO front, the asking price of the one Coral Gables condo currently listed for sale is less than $120,000. This works out to an asking price of $436 per square foot, according to the data compiled by CondoVulturesRealty.com.

In 2016, the average transaction price of a Coral Gables REO condo was more than $275,250 or about $274 per square foot.

This means the current asking price of the Coral Gables REO condo listed for sale is 56 percent lower than the average transaction price achieved on a per-unit basis and about 59 percent higher than the average transaction price on a per-square-foot basis in 2016.

Last year, the lenders that were able to unload their REO units needed 87 days to transact a Coral Gables condo listed for sale. The current Days-On-The-Market total for the Coral Gables REO condo listed for sale is about 26 days, according to the stats.

On the shortsale front, the asking price of the three Coral Gables condos currently listed for sale is more than $361,665. This works out to an average asking price of about $244 per square foot, according to the data compiled by CondoVulturesRealty.com.

In 2016, the average transaction price of the Coral Gables shortsale condos was about $417,500 or about $310 per square foot.

This means the current asking price of the Coral Gables shortsale condos listed for sale is about 13 percent lower than the average transaction price achieved on a per-unit basis and about 21 percent lower than the average transaction price on a per-square-foot basis in 2016.

Last year, the sellers who were able to unload their shortsale units needed nearly 152 days to transact the Coral Gables condos listed for sale. The current Days-On-The-Market average for the Coral Gables shortsale condos listed for sale is less than 33 days, according to the stats.

CondoVulturesRealty.com is a licensed Florida brokerage that specializes in assisting buyers and tenants in value-oriented condo acquisitions and leases in the tricounty region of Miami-Dade, Broward and Palm Beach.

Plans For Nearly 200 New Coral Gables Condo Units Shelved Since 2011 

DOWNTOWN MIAMI (Feb. 22, 2017) - Developers have announced - and continue to proceed with plans for - more than 1,400 new condo units in the Coral Gables market of Miami-Dade County in South Florida, according to a Condo Vultures® Realty report based on the latest data from consultancy CraneSpotters.com.

Coral Gables ranks as the ninth most active coastal condo development market in the tricounty region of Miami-Dade, Broward and Palm Beach, representing about three percent of the more than 47,500 new South Florida units announced since this current real estate cycle began in 2011, according to the CraneSpotters.com data as of Feb. 20, 2017

It is worth noting, nearly 200 additional units that had originally been planned as new condos in Coral Gables have since been removed from the CraneSpotters.com statistics based on the respective developers revising their announced strategies. 

The three revised buildings are now being tracked outside of the CraneSpotters.com Preconstruction Condo Projects Database under one of three categories: rental, on hold or canceled.

The decision to revise - or shelve - the original new condo development plans come at a time when Coral Gables has an eight-month supply of units available for purchase near the peak of this year’s South Florida Winter Buying Season, according to a recent CondoVulturesRealty.com report

A balanced market is generally considered to have about six months of supply. More months of condo supply listed for sale suggests a buyer’s advantage and less months typically indicates a seller’s advantage in the market.

As South Florida enters the sixth year of this current real estate cycle, it is unclear if all of the new condo units announced - and still active - in Coral Gables will ultimately be built. 

Currently, the new development pipeline in Coral Gables breaks down as follows: 

- 319 units proposed or seeking governmental approval;

- 781 units planned or secured governmental approval;

- 306 units under construction;

- And zero units completed since 2011.   

Based on the statistics, the Coral Gables condo market will increase by at least 300 units during this cycle.  

It is unclear if the new condo units - many of which are expected to be available for rent - will impact lease prices in the Coral Gables market given that an unknown number of new apartment units are also being built in the area.  

CondoVulturesRealty.com is a licensed Florida brokerage that specializes in assisting buyers and tenants in value-oriented condo acquisitions and leases in the tricounty region of Miami-Dade, Broward and Palm Beach.

Sellers Ask Average Of $645 PSF For Luxury Condos In Coral Gables

DOWNTOWN MIAMI (Feb. 21, 2017) -  Three dozen luxury condo units are formally listed for sale at a minimum price of at least $1 million each in the city of Coral Gables in the South Florida County of Miami-Dade, according to a new report from Condo Vultures® Realty LLC.

Based on luxury condo sales of two units monthly in 2016, the Coral Gables high-end market now has an 18-month supply of units available for purchase at a time when the tricounty region of Miami-Dade, Broward and Palm Beach is at the peak of this year’s South Florida Winter Buying Season, according to the report based on data from the Southeast Florida MLXchange.

A balanced market is generally considered to have about six months of supply. More months of condo supply listed for sale suggests a buyer’s advantage and less months typically indicates a seller’s advantage in the market.

It is worth noting this report only tracks those Coral Gables luxury condos formally listed for sale. The report does not factor in the thousands of new condo units currently in the development pipeline in the tricounty South Florida region.

(For the latest South Florida preconstruction condo project pipeline, please visit: CraneSpotters.com.)

The average asking price of a Coral Gables luxury condo currently listed for sale is more than $2.1 million per unit. This works out to an average asking price of about $645 per square foot, according to the data compiled by CondoVulturesRealty.com.

In 2016, the average transaction price of a Coral Gables luxury condo was about $1.8 million or $560 per square foot.

This means the current asking price of a Coral Gables luxury condo listed for sale is about 17 percent higher than the average transaction price achieved on a per-unit basis and about 15 percent higher than the average transaction price on a per-square-foot basis in 2016.

Last year, the sellers who were able to unload their luxury units needed nearly 187 days to transact a Coral Gables condo listed for sale. The current Days-On-The-Market average for a Coral Gables luxury condo listed for sale is 163 days, according to the stats.

CondoVulturesRealty.com is a licensed Florida brokerage that specializes in assisting buyers and tenants in value-oriented condo acquisitions and leases in the tricounty region of Miami-Dade, Broward and Palm Beach.

8 Months Of Condo Supply For Sale In Coral Gables

DOWNTOWN MIAMI (Feb. 20, 2017) - Nearly 200 condo units are formally listed for sale in the city of Coral Gables in the South Florida County of Miami-Dade, according to a new report from Condo Vultures® Realty LLC.

Based on condo sales of 23 units monthly in 2016, the Coral Gables market now has more than an eight-month supply of units available for purchase at a time when the tricounty region of Miami-Dade, Broward and Palm Beach is at the peak of this year’s South Florida Winter Buying Season, according to the report based on data from the Southeast Florida MLXchange.

A balanced market is generally considered to have about six months of supply. More months of condo supply listed for sale suggests a buyer’s advantage and less months typically indicates a seller’s advantage in the market.

It is worth noting this report only tracks those Coral Gables condos formally listed for sale. The report does not factor in the thousands of new condo units currently in the development pipeline in the tricounty South Florida region.

(For the latest South Florida preconstruction condo project pipeline, please visit: CraneSpotters.com.)

The average asking price of a Coral Gables condo currently listed for sale is more than $740,800 per unit. This works out to an average asking price of $415 per square foot, according to the data compiled by CondoVulturesRealty.com.

In 2016, the average transaction price of a Coral Gables condo was nearly $466,000 or $333 per square foot.

This means the current asking price of a Coral Gables condo listed for sale is about 59 percent higher than the average transaction price achieved on a per-unit basis and nearly 25 percent higher than the average transaction price on a per-square-foot basis in 2016.

Last year, the sellers who were able to unload their units needed about 118 days to transact a Coral Gables condo listed for sale. The current Days-On-The-Market average for a Coral Gables condo listed for sale is about 102 days, according to the stats.

CondoVulturesRealty.com is a licensed Florida brokerage that specializes in assisting buyers and tenants in value-oriented condo acquisitions and leases in the tricounty region of Miami-Dade, Broward and Palm Beach.

Landlords Seek 80% Premium On Residential Rental Properties

DOWNTOWN MIAMI (Feb. 17, 2017) - More than 575 residential rental properties are formally listed for lease in the barrier island city of Sunny Isles Beach in the South Florida county of Miami-Dade, according to a new report from Condo Vultures® Realty LLC.

Based on completed leases of 61 residential properties monthly in 2016, Sunny Isles Beach now has nearly a 10-month supply of rentals available at a time when the tricounty South Florida region is at the peak of this year’s South Florida Winter Buying Season, according to the report based on data from the Southeast Florida MLXchange.

A balanced market is generally considered to have about six months of supply. More months of supply listed for lease suggests a tenant’s advantage and less months typically indicates a landlord’s advantage in the market.

The median asking price of a Sunny Isles Beach residential rental property currently listed for lease is $4,500 per property monthly. This works out to a median asking price of $2.99 per square foot monthly, according to the data compiled by CondoVulturesRealty.com.

In 2016, the median transaction price of a Sunny Isles Beach residential rental property was about $2,500 or $1.49 per square foot monthly, according to the data.

This means the current asking price of a Sunny Isles Beach residential rental property listed for lease is about 80 percent higher than the median transaction price achieved on a monthly per-property basis and more than 100 percent higher than the median transaction price achieved on a monthly per-square-foot basis in 2016.

Last year, a landlord needed 85 days - on a median basis - to lease a Sunny Isles Beach residence. The current median Days-On-The-Market rate for a Sunny Isles Beach residential rental property listed for lease is about 90 days, according to the stats.

CondoVulturesRealty.com is a licensed Florida brokerage that specializes in assisting buyers and tenants in value-oriented acquisitions of condos in the tricounty region of Miami-Dade, Broward and Palm Beach.

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