Gables By The Sea is a unique gated community that straddles Coral Gables and Pinecrest giving residents access to Pinecrest schools and to the bay. Pretty terrific, I think as do many buyers. (I’ve posted about this exceptional community before here.)
I’ve visited this enclave often lately showing my delightful listing located at 12510 Ramiro Street which was just reduced by $50,000 to $949,000. Boasting 3,860 square feet of living space,this is an outstanding price per square foot of $246 for a non-waterfront home.
Prior to suggesting the price reduction to my client, I researched this niche market inside and out to get an upto-the-minute snapshot. Here’s the data that informed my recommendation based on the last 90 days of sold properties in Gables By The Sea, excluding foreclosures and shortsales:
There’s a vast difference between GABLES BY THE SEA waterfront and non-waterfront home sales, of course.
- During the last 3 months 11 properties have been sold in Gables By The Sea.
- 5 non-waterfront
- 6 waterfront
- Waterfront properties demand a premium; an incremental $150 per square foot.
- Non-waterfront homes, however, sell much quicker. On average they sell within 52 days.
- Waterfront homes sold within an average of 139 days (I normalized the data by removing one property which was on the market over 2 years)