Friday, February 1, 2013

Epicure and Gables Ponce

Over the past year, the Coral Gables real estate market has made substantial moves in a positive direction.  List prices have increased while the overall average number of days on the market has gone down markedly – over 40 percent.  This has given real estate developers and business investors the strength and courage to venture back into the market with major projects.  One of these projects is the Epicure Gourmet Market that is under construction in the lower level of the new Gable Ponce development that is also under construction at 4585 Ponce de Leon Boulevard.  

Gable Ponce is set to be a 10-story mixed use development, multi-family rental community with over 26,000 square feet of retail space on the ground floor.  Jason Starkman, who owns the Epicure Gourmet Markets in Miami Beach and Sunny Isles Beach, has planned to open a third location that will occupy 24,000 square feet of the retail space in Gables Ponce.   Just like the other markets, this location will feature mixed groceries, fine wine, produce and more.  In addition, there will be a European style café and restaurant just like the one in Sunny Isles.  In a recent article in the Miami Herald, Starkman stated how pleased he was with the location in Coral Gables.   “Gables Ponce was the ideal fit with its stunning architecture and prime visibility. The increasing demand for gourmet and specialty foods in the area was also a deciding factor.”

Real Estate around Epicure/Gables Ponce

The area around Gables Ponce features a combination of real estate properties.  From high-end retail and mixed use real estate like the condominiums and apartments around the Village of Merrick Park situated next to the Gable Ponce site to single-family homes in established neighborhoods that surround the development, there are real estate communities in ever price range.  Much of the real estate around Epicure is owned by residents who have the ability to support this new high end market and café.  

In the areas surrounding Gable Ponce, there are several communities that feature apartment and condominium rentals as well as condominium properties for sale.  Gable Ponce is set to open rentals this Spring with monthly rental rates starting at about $2,100 for a one-bedroom unit and climbing to almost $3,800 for a three-bedroom residence.  This apartment community will offer luxury amenities as well like a beautiful pool, state of the art fitness center and spa, grill area and tropical landscaping.

The properties in these developments are perfect for real investors and buyers looking for part-time residences.  The Residences at Merrick Park is adjacent to the Village at Merrick Park and features one, two and three-bedroom rentals that are priced between $1,975 and about $4,200 per month for luxury residences with amenities that are expected in communities of this caliber.  

Another close community is One Village Place.  This condominium consists of one and two-bedroom units that have typically sold between the mid-$300s to over $600K and are individually owned.  While some are full-time residents, others live at One Village Place part-time or own a unit as a rental investment.  For those that are rentals, the monthly rates fall between $2,600 and $3,300 depending on the size, location in the building and the views.  

DaVinci Condominiums are also close in proximity to Gable Ponce and Epicure Market.  These residences are like One Village Place where they are individually owned as residences or rental properties.  Priced much more affordably, list prices range between the mid-$100s to around $300K while rentals fall between about $1,500 and $2,200 per month for one, two and three-bedroom homes.

Single-Family Homes
In terms of single-family homes around Epicure Gourmet Market and Gables Ponce, they are situated in Coral Gables neighborhoods that are more established and not necessarily community developments like in many of the other single–family homes neighborhoods.  There is a broad spectrum of list prices ranging from small, classic Florida bungalows priced in the $100s to larger estate-style homes priced at over $2 million located within a short distance of the new development.  

Up and Coming Area

This is a great time to consider looking at real estate in the area surrounding Gable Ponce and Epicure Market.  It is an area that is changing and for the better and will continue to grow with the demand for real estate just as the rest of Coral Gables continues to grow.  

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