VIEWS: 11 PAGES: 2 CATEGORY: Residential POSTED ON: 9/4/2012
While the prices seem to resonate with City Beautiful’s quaint personality, the sales momentum in the Coral Gables condos market seems to make up for all the excitement. Read on for analysis.
Title: 2012 Coral Gables Condos for Sale Market Analysis -- Still Waters Run Deep in “City Beautiful” Teaser: While the prices seem to resonate with City Beautiful’s quaint personality, the sales momentum in the Coral Gables condos market seems to make up for all the excitement. Read on for analysis. Main Text: Coral Gables has always been appreciated for its quaint personality that comes dressed in the most chic attire. A condo in this classy neighborhood has always been the preference of those who appreciate luxury and high-end living, but not at the cost of their privacy or distance from natural beauty. When it comes to the Coral Gables condos for sale market, which has always been much in demand, skimming the surface with price comparisons alone might paint a dull picture for 2012; however, as one digs deeper into the surface with a sales momentum analysis, a different version seems to emerge. Comparing the third quarter of 2012 with that of 2011, while it has nothing new to offer in terms of big changes in pricing, in terms of the number of sales, Coral Gables still maintains its status quo as a universally attractive locale in South Florida. The sales momentum for Coral Gables condos has increased by 23.5% in general. However, a closer look reveals an even more interesting picture with regard to its luxury condo segment. A comparison of high-end condos in Coral Gables, priced above $350,000, shows an increase in sales momentum by 42.9%. This increase points towards an active interest of buyers in the Coral Gables condos for sale market, which will likely end up leading to an increase in prices soon. Though the Coral Gables condos market might be quiet on the surface with a lot of hustle-bustle below, the same does not apply to its immediate neighbors. The announcement of a new luxury condo tower, the Grove at Grand Bay by the Terra Group, in the Coconut Grove neighborhood is already creating a stir in Miami-Dade. This 20-story, two-tower complex on the South Bayshore Drive will not only offer superior amenities in a captivating natural environment, but also offer a breathtaking view of Miami Beach, Downtown Miami, as well as Coral Gables. It would be interesting to note the impact of this new development that starts construction in the last quarter of 2012 on the Coral Gables condos for sale market in the months that follow.
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