Wednesday, January 28, 2015

Top Five Coral Gables Real Estate Sales in 2014

In the years immediately following the recession, the most expensive properties listed for sale simply sat there.  Finally, 2014 saw a big upswing in the real estate market and that meant the mammoth residential properties were part of the mix.  Here are the top five CoralGables real estate sales in 2014:

41 Arvida Parkway, Gables Estates, Sale Price:  $25,000,000
Yes – this property seems to set the record for the largest residential real estate sale in Coral Gables at $25 million.  Set on a corner lot facing Biscayne Bay and Key Biscayne, this property is luxury at its very finest.  It has a large dock that accommodates large vessels and offers a wide deep canal on one side with the Bay on the other side.  Sold in June 2014, there is absolutely no stone left unturned with this home.  In terms of the details, the home has nine bedrooms and eight and a half baths under 13,000+ square feet.  The sale price per square foot was $1,843 – which is pretty typical in Gables Estates.  So if you wonder what $25 million buys you in Miami-Dade County, here you go. By the way, the property was sold furnished. 

4 Tahiti Beach Island, Tahiti Beach Island, Sale Price: $18,000,000
As the second most expensive Coral Gables property sold in 2014, we mentioned this property in a blog in September 2013.  This 21,000+ square foot home sold in July for $18 million ($848/square foot).  And we can tell you, it has everything any home of this caliber should have.  It sits on the most beautiful Bayfront lot with the most amazing views of water.  And inside this palatial estate is as beautiful with a huge chef’s kitchen, high ceilings, media room with theatre seating, and so much more.  On top of all this, it features a large deep water dock that accommodates large vessels and a private Tahiti Beach is probably Coral Gables most exclusive neighborhood with a guard gated private entrance and even more privacy with individual secure gated entrances.  Homes may take slightly longer to sell as they attract a specific buyer.  In 2014, there were two home sales in Tahiti Beach.  This property took a little over a year to sell.  Currently, there is one property for sale in Tahiti Beach listed at less than half of this one although the price per square foot is comparable. 

5 Tahiti Beach Island Road, Tahiti Beach, Sale Price: $11,500,000
July was a big month for home sales in Tahiti Beach!  Next door to the previous listing is another top sale of 2014.  This home is a gorgeous Mediterranean style home has the most luxurious features throughout the home from the marble and hardwood floors to the enormous gourmet kitchen to the elegant pool area that rivals any five-star resort.  There is no detail that is omitted at this estate.  It also sits on a private lagoon that opens up to Biscayne Bay giving its residents all the privacy they want.  As for the details, the property features nine bedrooms and 11 baths under 11,500+ square feet and sold for $954/square foot.  When comparing this one and the other property that sold this year, the only current Tahiti Beach property for sale has a list price per square foot that falls in the middle of the two sold properties.

444 Arvida Parkway, Gables Estates, Sale Price:  $9,000,000
Gables Estates is a much higher priced neighborhood when comparing neighborhoods on a sale price per square foot basis.  This home is no exception at $1,045 per square foot.  Taking about a year to sell, the 8,613-square foot has five bedrooms and six and a half baths. It is open and airy, and sits on the widest lagoon in Gables Estates with direct access into the Bay.  High-end appliances and luxury details make it obvious why it made the top five list.  Currently there are 10 properties for sale in Gables Estates with list prices from about $8 million to almost $20 million – the price per square foot ranging from about $675 to over $1,800 per square foot.  It is worth noting that the most affordable on a price per square foot basis is a new home still under construction although it is not a waterfront property. 

200 Leucadendra Drive, Gables Estates, Sale Price:  $8,500,000
Driving through the gates of this gorgeous 9,180 square-foot Mediterranean estate is breathtaking.  Located in Gables Estates, the eight-bedroom, seven-bath home was fifth most expensive Gables residential sale in 2014.  Like the others, it has the most beautiful finishes including marble and wood flooring, great built-ins, and tons of green space.  Best of all, the lot is large (47,000 square feet) and includes 240 feet of water with no bridges to the Bay.  The sale reflected a slightly lower price per square foot compared to other sales in Gables Estates at $954 per square foot and took just over eight months to sell. 

The past year was finally the shot in the arm we all needed as the real estate market really showed its muscle.  Now we see that 2015 is already showing it may continue on its upward course as six $1 million-dollar plus Coral Gables real estate sales have already taken place since the start of the year.  

Sunday, January 4, 2015

Design District Miami

Over the past couple of years, the Design District in Miami has become a true hot spot of the tropical metro area.  High end restaurants like Hermes, Armani and Cartier have opened retail locations here.  Restaurants are abundant.  Rundown warehouses have been converted into galleries, retail, restaurants and more.  It is such a cool area to visit and live.  Bordered by 36th and 42nd Streets on the north and south and Federal Highway and Miami Avenue on the east and west, the Design District is one of the newer neighborhoods in Miami that people are gravitating to live. 

Business in the Design District
In addition to high-end retail, the Design District is a hub for – you guessed it – design.  Here you can completely outfit a new residence from some of the most unique furniture at retailers like Baltus, Boffi and others as well as designer showrooms with room ideas, furniture, fixtures, lighting and so much more.  It is amazing and so easy to spend a day, or two, or even three going from showroom to showroom and store to store meandering about in total amazement at some of the most beautiful interior design ideas and offerings on the market.

There are tons of restaurants throughout the Design District.  Dining in the Design District is kind of like traveling the world to eat different foods in various countries from Italian cafĂ© delacies and pastries at Mercato to perfectly prepared seafood with an Aegean twist at Mandolin Aegean Bistro to good old American fares at Michael’s Genuine Food and Drink. 

Design District Real Estate
Design District real estate is mainly commercial; however, there is plenty in surrounding Miami neighborhoods Wynwood, Midtown Miami and Edgewater as well as those north of the Design District (and just south of Little Haiti) are the neighborhoods like Buena Vista and Brentwood with homes built in the early to mid-1900s.  These home feature lots of character in their design and finishes and offer lots of opportunity for investing in real estate that shows lots of promise and opportunity for quick equity.  Some need tons of work and others simply need some TLC but one thing is for sure – these properties are oh so close to the Design District and have the potential of welcoming its look and style.  There are tons of opportunities to invest in residential real estate in neighborhoods surrounding the Design District that are priced up to about $800K depending on their proximity to this neighborhood and other popular Miami neighborhoods.  Most of these properties are mid-sized homes with square footage ranging between 1,000 and 2,500 square feet. 

As for condominiums, Baltus House is a new condominium in the Design District that should be completed early this year. Baltus House is a boutique 
condominium with only 167 units on 15 floors of which over half water views. 
Each residence features high-end fixtures and finishes highlight the living areas.  The large kitchens feature European cabinetry, stainless steel appliances and tons of counter space – exactly what you expect in the Design District.  Additionally, there are tons of community amenities including a large reflective pool on the seventh floor overlooking Biscayne Bay, fully-equipped fitness center, spa, and more.  Currently, two-bedroom residences are listed for sale with prices ranging within the $500s.

More Appealing

The Design District is definitely a neighborhood on the upswing.  There is a definite vibe that gives it an appeal that is different from any other neighborhood.  The surrounding real estate opportunities that allow home owners to walk into their purchase with equity make the Design District and the neighborhoods within walking distance more appealing.    
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