New Construction #’s for Coconut Grove/Coral Gables

December 21, 2011

In the last month, I have observed a great deal of new construction activity in the areas that I serve (Coconut Grove, Coral Gables, East Dade)

Contributing factors: 

1)  Over the last 4 years, land prices plummeted in Dade County by more than 50%.  Therefore,  the construction #’s have again begun to make sense in Dade County for builders to turn a profit.

2) Dade County housing inventory (supply) has been reduced by 42% over the past 14 months (market is stabilizing).

3)  Coconut Grove Realtors have been remarking over the past year and a half how little quality inventory there actually is compared to 3 years ago.  Thus, there is a market for new construction inventory with high ceilings, large closets, modern updates, etc..

4)  Interest rates continue to hover around 4% making this a critical time for buyers to lock in a historically low 30-year fixed rate mortgage.

Actual new construction #’s for East Dade County:

For your review, I searched the MLS for all available new construction homes in East Dade County.  Below, you will see the graph.

Note:  Newer construction homes under $600,000 in East Dade County (Coral Gables, Coconut Grove, Shenandoah, South Miami)  are generally not listed on the MLS since there is a large pool of buyers for new construction in that price range and builders typically try to save the 6% commission (although I believe they’d net more if they were to list and truly see what the market bears with a professional realtor).  Therefore, they are under represented in the chart below.

 

Property Type: Single Family (RE1)

Price Analysis Report

Active-Available

 

 

 

 

 

 

 

 

 

 

 

Number of Properties: 40
Price Range Quantity Summary List Price Sale Price
$149,999 or under 0 High $60,000,000 $0
$150,000 – $199,999 0 Low $510,000 $0
$200,000 – $249,999 0 Average $4,536,222 $0
$250,000 – $299,999 0 Median $2,450,000 $0
$300,000 – $349,999 0
$350,000 – $399,999 0
$400,000 – $449,999 0
$450,000 – $499,999 0
$500,000 – $549,999 1
$550,000 – $599,999 0
$600,000 – $699,999 2
$700,000 – $799,999 0
$800,000 – $899,999 1
$900,000 – $999,999 2
$1,000,000 or over 34
Total 40

 

*To view the new construction homes under $700,000 that are not listed on MLS, call me and I’d be happy to introduce you to our ShowcaseMiami Team’s Buyer Specialist.

 

ShowcaseMiami Realty specializes in assisting homeowners to Sell their Miami home.

(Highest price in the Shortest period of time)

To discuss a strategy for your home, call…

Jason Smith

Broker (Seller Specialist)

ShowcaseMiami Realty

www.ShowcaseMiami.com

786-326-8115

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