Coral Gables

Great news! 7000 Old Cutler Road Fire Station voted down and off the agenda for Wednesday 11/14

Today, the Coral Gables City Commission met and discussed the proposed purchase for $4M of land on 7000 Old Cutler Road to build a fire station. The measure needed a 4/5 supermajority to pass.

Fortunately, Commissioners Mena and Lago voted against the measure and the measure failed. As a result, the topic has been removed from the agenda of tomorrow’s (Wednesday 11/14) Zoning Board meeting.

Both Commissioner Mena and Commmissioner Lago were a voice of reason during the discussion. They recognized the desire to improve emergency response times. They simply questioned whether the city and fire department had done a thorough evaluation as to the most cost effective way to achieve that goal. Clearly building a fire station with fire truck is not necessary to have an ambulance in a better location.

Instead, they recommended that we consider alternatives and even had a couple of very interesting suggestions: 1) Positioning an ambulance on Cocoplum Circle during rush hour (where the Uber drivers park) or 2) Renting a space for an ambulance at the Riviera Health Resort or a local church.

We thank Commissioners Mena and Lago for being good stewards of our city’s resources.

Breaking news: rumor of fire station scuttles home sale

Last week, an offer was made on a property for sale on Sunset Drive. When the buyer was informed of rumors that a fire station might be built on Cocoplum Circle, the buyer withdrew their offer.

Note: they did not reduce their price by 20% or more, they simply were no longer interested in the property at any price. This is the worst possible outcome.

The fire station has already hurt prices.

What's the value of a home in Coral Gables?

One of the most common questions we are asked is, “What is the value of a home in Coral Gables?” The short answer is $444/sq.ft. The better answer starts with a question – What is your home’s market segment?

The price per square foot ranges from $359/sq.ft. for homes worth under $1M to $743/sq.ft. for homes worth over $3.5M – a factor of more than 2X. Homes worth between $1M and $1.5M are worth $399/sq.ft. while homes worth between $1.5M and $3.5M are worth $469/sq.ft.

Coral Gables is a Beautiful community and there is much to offer to a very wide spectrum of buyers. We have a full range of homes, from smaller homes in North Gables to the most exclusive large estates on the water in Gables Estates and many options in between. We have identified a dozen different market segments and each segment has its own pricing dynamics. When buying or selling a home, it is important to understand the market position of the home and of its market segment.

We can help you better understand the market dynamics in your target market segment. We will update pricing information in this Coral Gables blog on a regular basis. You may also call 305.815.9425 to discuss the pricing of your particular home.

The Story of Coral Gables: Part 2

(Note: To read the beginning of the story, go to the first episode at the bottom of the blog.)

The pioneer life of the Merrick Family in what is now Coral Gables was especially difficult for George. Despite his great intellect, he was not allowed to have any formal schooling from age thirteen until age twenty because he had to work to help support his family.

He worked side by side during this time with men from the Bahamas who were hired to help as laborers on the Merrick plantation. These men became his friends, and for the rest of his life, George became an advocate for the disadvantaged.

The harshness of his adolescence did not prevent him from furthering his education by reading everything he could get his hands on. These enormous challenges did not dampen his spirit. He continued to dream. George had to sell the produce of the plantation in Coconut Grove and Miami. He said once in an interview that it was during this time that he imagined that his cart, filled with produce, was moving in the mist of Beautiful homes. The seed of the City of Coral Gables had been planted in the heart and mind of a young poet.

It's a buyer's market in Coral Gables

We are in a buyer’s market in Coral Gables. More houses dropped prices than were sold this past month of September 2018, which means we have turned a point and we are now in a buyer’s market. Expect prices to continue to drop. This is great news for buyers, since the lower prices are making up for the fact that interest rates have been rising.

If you wish to sell your home in Coral Gables, it is now more important than ever to price your home for sale correctly to have any chance of selling anytime soon. Do not get saddled with carrying costs, which can be very substantial in our community. MMG at EWM Realty International has the most competent pricing experts in the real estate industry to help you price your home correctly so that it can sell.

Read about pricing in our blog titled “What is the value of a home in Coral Gables?”