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.  

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