Sunday, May 4, 2014

Affordable Coral Gables Condominium Investment Properties

If you have kept up with the real estate market in Miami and the surrounding areas, you know that prices are climbing and inventory is in demand.  For those still wanting solid real estate investments, there are several affordable Coral Gables condominiums that offer the opportunity to buy property in buildings where residents seek rentals.  Here are a handful of condominiums:

Valencia Condo, South Miami, 6001 SW 70th Street, Miami.  While not technically in Coral Gables, Valencia is located in the perfect location for investors.  It is close to the main travel arteries that provide a quick drive to Coral Gables, Downtown and the surrounding areas as well as the South Miami Rail Station and University of Miami.  On top of that, it units feature great amenities including gourmet kitchens, entertaining bars, a private terrace/balcony, track lighting, built-in alarm systems and much more.  As for community amenities, there are 24-hr camera security, covered parking, pool, and other conveniences.  List prices start in the $120s for a one-bedroom unit and climb into the mid-$300s for a unit with four bedrooms and three baths.  Rental rates typically range between $1,300 and $3,500 per month.   

Douglas Grand, 50 Menores Avenue, Coral Gables.  Built in 2002, Douglas Grand is situated in the heart of Coral Gables just blocks off the Miracle Mile and adjacent to Phillips Park.  Residents enjoy amenities like a fitness center, resort-style pool, concierge, security, and covered parking.  Inside each unit, there are balconies, roomy kitchens, bedrooms and living areas, and more.  Probably the most popular feature of Douglas Grand is that it sits atop Publix.  As for list prices, the range is usually from the low-$200s to the low-$300s with rental rates falling between about $1,400 per month for a studio and about $2,300 for two-bedroom units.  Over the last 12 months, nine units have sold with sale prices between $165K for a one-bedroom/one-bath and $309K for a two-bedroom/two-bath.  The average number of days on the market for these 12 is 155 days however three of them took an exceptionally longer time to sell than the other. 

Metropolis at Dadeland, 9055/9066 SW 73rd Court, Dadeland.  Metropolis at Dadeland condo is a two-tower property located in the center of what we call Downtown Dadeland.  Dadeland is just south of Coral Gables and has streets with tree-lined medians that give way to a lovely part of South Florida.  Metropolis is in an ideal location as it is close to the University of Miami and offers direct access to downtown Miami via Metro-Rail.  Residents enjoy amenities like a resort-style pool, fitness center, and other conveniences.  Each unit is spacious with roomy updated kitchens, bedrooms and baths, private terraces, washers/dryers, and so much more.  Investors can expect to pay between the upper-$180s and the mid-$400s.  There have been 12 sales in the past six months with sales in the above range.  As for leasing, rental rates are anywhere from about $1,500 to just under $3,000 per month.  Rental units at Metropolis at Dadeland are offered on long-term leases only and typically rent within about two months.   

Ten Aragon, 10 Aragon Avenue, Coral Gables.  Situated on the Miracle Mile, Ten Aragon is the quintessential Coral Gables condominium that is close to everything in Coral Gables.  In addition, Ten Aragon is close to top rated golf courses and just a short drive from Downtown Miami and South Beach.  The property is large with over 500,000 square feet of mixed use space including a 10-story residential condominium and over 65,000 square feet of commercial space.  Residences are spacious and offer nine to 10-foot ceilings, impact-resistant sliding glass doors that open to balconies with beautiful unobstructed views, spacious walk-in closets, and much more.  Upgrades are available in some units with high-end features.  Community amenities include a fitness center, large outdoor pool, concierge, security, covered and assigned parking and much more.  Ten Aragon is very appealing to renters because of its prime location along with the affordable luxury that comes with living here.  Investors can expect units to list between the upper-$200s and low-$600s as the four units sold thus far this year have landed in this range.  There is a broad range of monthly rates at Ten Aragon typically between about $1,800 and over $5,000. 

Investment Opportunities
In addition to these condominiums, there are lots of real estate investment opportunities throughout Coral Gables and its surrounding areas.  Many people place a larger emphasis on living in a certain neighborhood or area in Miami-Dade County.  It just takes a little research to find the best investments that the most potential of yielding the biggest return.  

No comments:

Post a Comment

Copyright 2012 Gables Riches. All rights reserved. 1800 SW 1st Avenue. Suite 504. Miami, FL. 33129. Tel (786) 344-4669. Fax (786) 533-3921