Coral Gables Single-Family Real Estate Market Update

The continued trend in the single-family real estate market in Coral Gables has remained consistent for some time. The amount of active and new listings continues to decrease while demand and sales remain steady. July 2017 did see a decrease in sales but this is more than likely attributed to the typical South Florida real estate summer slowdown. These trends show that the Coral Gables real estate market is experiencing a healthy cycle and home values have continued to appreciate, though definitely not as much as 2011-2015.

Looking at the recent Coral Gables single-family sales in the month of July, the under $1 million market segment has remained very active. In this price range inventory tends to sell quicker and closer to asking price, if homes are priced correctly. Note, 919 Capri was a short sale that sold for significantly less than asking price.

If you are interested in knowing what your home is worth, reach out to one of our experienced agents at Rua Realty for a complimentary Comparative Market Analysis.

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Miami Spice 2017

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NEW: Get to Know your City Series

Rua Realty will begin highlighting events throughout our community and neighborhoods.  

Kicking things off..Miami Spice! 

Miami Spice is an annual event that commences this week. It offers a great opportunity to taste some of the finer dining establishments located throughout South Florida. Some of the areas included are Coral Gables, Coconut Grove, Brickell, & Miami Beach. Restaurants provide a tasting menu for lunch & dinner (limited days, check link below). If you enjoy Brunch, Miami Spice now features brunch on weekends at some participating restaurants. 

See the list of participating restaurants below as well as articles/links highlighting some of the best deals and menus. 

Miami Spice Participating Restaurants (Greater Miami and the Beaches)

Miami Spice 2017: The Best Menus in Every Neighborhood (Miami New Times)

 Top 10 Best Bets for Miami Spice (Eater Miami)

The Best Deals at Miami Spice This Year (Thrillist)

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2017 South Florida Real Estate Trends

 Hot Topics and Trends that will affect the 2017 South Florida Real Estate Market
A new year always brings changes to the South Florida real estate landscape.  This year is sure to be no exception.
Contributing to this is:
–       An incoming president with differing political/fiscal views from the former administration
–       The Dodd Frank repeal
–       A stronger US Dollar (less foreign investment)
–       Short supply of single-family homes
–       Saturation of the condominium market.
NO MATTER HOW YOU SLICE IT, THIS IS SHAPING UP TO BE A YEAR OF CHANGES.  WHAT SPEAKS TO YOU?
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Increase in Interest Rates. The Federal Reserve has stated they will continue to raise interest rates. With some analysts predicting roughly 3 separate rate increases in 2017. Potentially increasing all time low-level rates from roughly mid 3% on 30-year home loans to rates closer to 5%.
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Loosening of Lending Terms. Changes to Dodd-Frank could lead to ease in lending making it easier for buyer’s to obtain home financing.
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Strengthening Dollar. Equating to less value for foreigners interested in investing in the S. Florida real estate market. The condominium market has already experienced this effect.
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Short Supply of Single-Family Homes. Coupled with steady demand, especially in the first time buyer sector.
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Decreasing Rental Rates. Condo rental prices are starting to slightly decrease after 4 years of continual appreciation.
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Rising Sea Levels. Living in paradise comes with a cost. With The Earth’s average surface temperature increasing so have ocean water levels. This has a deep effect on South Florida’s real estate market.
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Rua Realty In The News

Charlie Rua providing real estate guidance & knowledge on Univision

Rua Realty’s Managing Broker Appears on TV to share expertise on the South Florida Real Estate Market

Founder and managing broker, Charlie Rua, was recently interviewed on Univision to assist them in answering South Florida real estate related questions. The question was posed as to why Miami and Hialeah were cities a rental research study determined were some of the most difficult to rent for prospective tenants. The study took into account low average salaries vs the high rental asking prices.

Click here to read the El Nuevo Herald (In Spanish) article that was referenced in the news interview.

 

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