2014 LUXURY REAL ESTATE MARKET REVIEW
CORAL GABLES CREATED BY
BEN MOSS
Dear Neighbor, I would like to share with you my first annual Coral Gables luxury residential real estate market report. Despite the proliferation of data that is accessible to all of us, I find there to be a lack of information for those interested in what is happening in our specific neighborhood. As such, I’ve created neighborhood maps and have paired real estate data that corresponds to each neighborhood. While there is only so much information I can provide in this written report, regular updates can be found at the end of each quarter for each neighborhood within the blog section of my website. Online, I will also provide data about each sale that occurred in your neighborhood. I hope that you find this report to be useful to you. I have lived in the 33146 and 33143 zip codes for the last thirtyone years, and am proud to serve our community. If I can ever be of service to you, please do not hesitate to let me know. I wish you and your family a healthy, peaceful and prosperous 2015!
Best regards,
www.BenMossGroup.com
MARKET OVERVIEW * CORAL GABLES – WATERFRONT
AVERAGE ON MARKET AVERAGEDAYS SALE PRICE / SQUARE FOOT
SELLING - AVERAGE SELLINGPRICES PRICES – AVERAGE
$800
$5M
$600 $400
$471
$572
$701 $534
$4.02
$3M $2M
$200
$3.17
$2.81
$4.00
$1M
The average days on market has remained very steady over the 0 last three years,2011 with the typical 2012house selling 2013in 197 days. 2014 There were 9 houses that sold in less than 10 days, and there were 9 houses that sold after more than one year on the market. Two of the top 15 highest-priced sales sold in less than 100 days, but 7 of them took over 300 days to sell.
SALES TOLIST LIST PRICE SALESPRICE PRICE TO PRICE 100% 80% 60% 40% 20% 0
$4M
86
88
91
91
0
2012
2013
2014
In the ultra-luxury market, prices tend to be more negotiable than the rest of the market. Unique properties either appeal greatly or don’t at all in some cases, to the buyer pool. 2013 and 2014 witnessed a 9% negotiation off of the list price. Of the top 10 sales by price, five had at least a 15% negotiation off of the list price. In the lower price points, only one of the 10 lowest sales saw a negotiation of more than 10% off of the list price.
2012
2013
2014
2014 witnessed 15 sales at or above $5,000,000, with two sales in excess of $10,000,000. By comparison, 11 houses sold at or above this level in 2013, with one sale in excess of $10,000,000. Thus, the average price point in 2014 was pushed higher to $4,002,072, a 26% increase over the 2013 average sale price of $3,171,636.
AVERAGE SALEONPRICE AVERAGE DAYS MARKET/ SQUARE FOOT 300 200
2011
2011
287
100 0
2011
197
191
197
2012
2013
2014
Sale prices per square foot currently range from a low of about $300 (land value or major rehab) to $2,600 (Gables Estates, large lot, updated condition). The average sale price has risen by 48% since 2011 and a whopping 31% in the last year alone. This was driven by some very premium sales at record prices.
HOME SALES HOME SALES
HOME SALES BY PRICE RANGE IN 2014
80
PRICE RANGE SMALLEST LARGEST AVERAGE AVERAGE NUMBER AVERAGE IN $$ SQ FT SQ FT SQ FT DAYS ON OF SALES SALES TO MARKET LIST PRICE
88
60 40 20 0
48
68
63
2013
2014
Under 1.5M 1.5M - 3M 3M - 4.5M
3,730 3,016 3,831
4,018 6,455 9,446
3,843 4,476 5,910
120 187 185
Over 4.5M 3,221 21,235 8,135 269
2011
2012
The number of sales in 2014 was lower than in 2012 and 2013. However, the average and median prices were much higher so naturally there may be slightly less buyers willing to step into a market that has appreciated so much so quickly. However, we are well above the 38 sales in 2008, 41 sales in 2009, 46 sales in 2010 and 48 sales in 2011. This is even more impressive when one considers the much higher price points in 2014 than in previous years.
3 23 19
95% 92% 90%
17
89%
Roughly 58% of all waterfront sales in 2014 were above $3,000,000 with 2 sales topping $10,000,000. Only 3 properties sold at less than $1.500,000. There were 7 houses that sold above $1,000/sq. ft., with all of those houses also selling above $5,000,000. The negotiation factor off the list price and the number of days to sell was also greatest for the most expensive properties.
* Minimum house size of 3,000 square feet for consideration within Market Overview. Data sourced from Multiple Listing Service.
3
MARKET OVERVIEW * CORAL GABLES – NON-WATERFRONT
AVERAGE DAYSONON MARKET AVERAGE DAYS MARKET
SELLING PRICES - AVERAGE SELLING PRICES – AVERAGE
200
$2.0M
150 100
162
148
50 0
2011
2012
$1.5M
111
103
$1.0M
2013
2014
$.5M
$1.23
2011
2012
$1.58
The average number of days a non-waterfront house was on the market in Coral Gables has steadily declined since the Great Recession peak of 181 days in 2009. There were 15 properties that went under contract in 10 days or less in 2014, while 6 houses languished on the market for over one year. The house that took longest to sell (833 days) sold very close to its list price with only a 4% negotiation off the list price.
The average sale price in 2014 was $1,578,469, up from $1,475,294 in 2013 and $1,229,651 in 2012. 2011 had a higher average than 2012, but that’s due primarily to some larger than normal houses that sold in 2011.
SALES PRICE LIST PRICE SALES PRICE TO TO LIST PRICE
AVERAGE PRICE / SQUARE AVERAGESALE SALE PRICE / SQUARE FOOT FOOT
100% 80% 60% 40% 20% 0
91
92
94
93
2011
2012
2013
2014
HOME HOMESALES SALES 150 120 90 60 30 0
0
149
2011
2013
2014
$400 $300 $200
The average negotiation off of the list price in 2014 was 7%, one point lower than in 2013. The last two years have seen slightly less negotiation than we saw in the previous two-year period. Total number of sales and days on market have remained constant over the last two years, but we are seeing slightly increasing inventory of houses on the market, which should temper price appreciation and potentially increase the negotiation factor in 2015 should that continue.
$360
$330 $288
$291
2011
2012
$100 0
2013
2014
Average sale prices/square foot range generally between $200/ sq. ft. (needs major improvement/rehab) to $550/sq. ft. (updated house in gated community, generally with larger than average land size). Since 2011, the average sale price per square foot has risen by approximately 25%. There were 11 houses that sold above $500/square foot in 2014.
HOME SALES BY PRICE RANGE IN 2014 136
2012
133
2013
132
2014
The number of homes sales has remained relatively even over the last three years. There were 72 sales in 2008, 76 sales in 2009 and 90 sales in 2010. The 149 sales in 2011 still represents the highest total in the last 7 years. However, the last three-year total is still significantly higher than what we witnessed in 2008 – 2010.
4
$1.35
$1.48
PRICE RANGE SMALLEST LARGEST AVERAGE AVERAGE NUMBER AVERAGE IN $$ SQ FT SQ FT SQ FT DAYS ON OF SALES SALES TO MARKET LIST PRICE
1M or less 1M - 1.5M 1.5M - 2M 2M or more
3,000 3,011 3,332 4,148
4,501 6,976 6,876 10,176
3,451 3,794 4,643 6,004
74 79 122 158
19 57 34 22
95% 93% 93% 94%
The bulk of sales in 2014 fall within the $1,000,000 - $1,500,000 price point with an average size of 3,011 sq. ft. However, there were 34 sales between $1,500,001 - $2,000,000 at an average size of 3,332 sq. ft. The larger and more expensive houses do take slightly longer to sell.
* Minimum house size of 3,000 square feet for consideration within Market Overview. Data sourced from Multiple Listing Service.
NEIGHBORHOOD OVERVIEW *All neighborhood data is derived from closed sales of houses that were listed at or above $1 MM
5
NORTH GABLES
NORTH GABLES YEAR SALES AVG PRICE
MEDIAN PRICE
PRICE PER SQ FT
AVG DOM
2013 8 $1,179,844 $1,222,500 $310 111 2014 7 $ 1,203,571 $1,125,000 $370 57
SALES/ LIST PRICE
91% 93%
8
SALES BY NEIGHBORHOODS
7
6 4 2
8
7
4
0
There were 7 sales above $1,000,000 in this neighborhood in 2014. 1422 Messina Ave. 2011 2012 2013 2014 (double lot, newer construction) led the way in absolute price at $1,620,000 while 1212 Sorolla Ave. led the way at $441/sq. ft. GRANADA COUNTRY CLUB
GRANADA COUNTRY CLUB YEAR SALES AVG PRICE
MEDIAN PRICE
PRICE PER SQ FT
2013 13 $1,243,923 $1,200,000 $349 2014 17 $1,341,235 $1,250,000 $371
AVG DOM
64 81
SALES/ LIST PRICE
20
93% 94%
10
SALES BY NEIGHBORHOODS
15 5
11
8
13
17
0
There were 17 sales above $1,000,000 in 2014, with 3 of the 5 highest sales confined 2011 2012 2013 2014 to North/South Greenway Dr. 1031 N Greenway sold for the highest value at $1,950,000, while 1116 Obispo Ave. sold for $505/sq. ft. Prices/sq. ft. ranged from $242/sq. ft. to $505/sq. ft. THE BILTMORE
THE BILTMORE YEAR SALES AVG PRICE
MEDIAN PRICE
PRICE PER SQ FT
AVG DOM
2013 21 $1,395,796 $1,250,000 $350 140 2014 29 $1,457,172 $1,320,000 $357 112
SALES/ LIST PRICE
93% 93%
There were 29 sales above $1,000,000 in 2014 with prices ranging between $255 $493/sq. ft. 3613 and 2623 Alhambra Circle sold for the highest prices/sq. ft. at $493/sq. ft. and $447/sq. ft., respectively.
MEDIAN PRICE
PRICE PER SQ FT
AVG DOM
2013 20 $1,577,356 $1,275,500 $361 144 2014 26 $1,532,433 $1,350,000 $379 128
6
SALES BY NEIGHBORHOODS
20 10 0
17
22 21
29
2011 2012 2013 2014
UNIVERSITY / RIVIERA
UNIVERSITY / RIVIERA YEAR SALES AVG PRICE
30
SALES/ LIST PRICE
94% 91%
There were 6 more sales in 2014 than in 2013 with fairly similar metrics in both years. There were 25 sales above $1,000,000 in 2014, the highest of which being 4510 Granada Blvd, which sold for $3,500,000.
30 20 10 0
SALES BY NEIGHBORHOODS
19 17 20 2011 2012
26
2013 2014
SOUTH GABLES
SOUTH GABLES YEAR SALES AVG PRICE
MEDIAN PRICE
PRICE PER SQ FT
AVG DOM
2013 29 $1,722,372 $1,350,000 $ 442 159 2014 39 $1,749,295 $1,450,000 $455 77
SALES/ LIST PRICE
93% 94%
40
SALES BY NEIGHBORHOODS
30
29
20 10 0
39
14 14
Two houses sold above $4,000,000 in 2014 (1300 Alfonso for $4,862,500 and 6945 2011 2012 2013 2014 Granada for $4,500,000). There were 10 more sales in 2014 than the previous year. Sale prices ranged between $278/sq. ft. and $745/sq. ft. PLATINUM TRIANGLE
PLATINUM TRIANGLE YEAR SALES AVG PRICE
MEDIAN PRICE
PRICE PER SQ FT
AVG DOM
2013 15 $1,859,965 $1,600,000 $409 90 2014 13 $1,891,154 $1,650,000 $577 140
SALES/ LIST PRICE
94% 94%
Smaller than other neighborhoods and with no water frontage, it generates among the highest dry lot sales in Coral Gables. 7030 Almansa St. was the highest sale at $1,950,000 after 252 days on the market.
MEDIAN PRICE
PRICE PER SQ FT
AVG DOM
2013 4 $3,297,500 $2,650,000 $482 99 2014 2 $1,950,000 $1,950,000 $338 261
SALES/ LIST PRICE
4
92% 86%
2
Neither of the two sales in 2014 was in updated or new condition. The neighborhood was recently gated and that should be a catalyst for continued price growth and desirability of the neighborhood.
MEDIAN PRICE
15 10
13
5 2011 2012 2013 2014
PRICE PER SQ FT
3
SALES BY NEIGHBORHOODS
3
1 0
4 2
2
2011 2012 2013 2014
GATED CORAL GABLES COMMUNITIES
GATED CORAL GABLES YEAR SALES AVG PRICE
SALES BY NEIGHBORHOODS
HAMMOCK LAKES
HAMMOCK LAKES YEAR SALES AVG PRICE
15 12 9 6 3 0
AVG DOM
2013 42 $3,892,048 $3,325,000 $579 217 2014 47 $3,598,234 $2,800,000 $671 167
SALES/ LIST PRICE
91% 92%
Gables Estates landed the top 4 sales in 2014, with 540 Casuarina leading the way at $11,500,000 and $2,643/sq. ft. There were 5 sales above $1,000/sq. ft. in 2014, compared to only 1 in 2013.
50 40 30 20 10 0
SALES BY NEIGHBORHOODS
41
47 42 47
2011 2012 2013 2014
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7650 SW 59th Court, Miami, FL 33143
BEN MOSS ESTATE AGENT & MANAGING DIRECTOR, SPORTS & ENTERTAINMENT DIVISION
About Ben Moss – Coral Gables/South Miami resident for 31 years – Launched ONE Sotheby’s Sports & Entertainment division in 2014 – Over $50,000,000 in sales in 2014 – Member of Master Brokers Forum and the Institute for Luxury Home Marketing’s Million Dollar Guild – Real estate educator for the Miami Dolphins rookie class – 5 consecutive years – Fluent in English and Spanish
Relationships Ben’s goal in life is to build long-lasting relationships in every facet of his life that are built on a foundation of trust, service, and friendship.
Call Ben today at 305-793-4783 or email him at Ben@BenMossGroup.com Connect with Ben on Social Media @BenMossGroup
www.BenMossGroup.com