Why Is The Housing Market In Coral Gables So Pricey?
Jan 4, 2024
Coral Gables is an excellent resort town in South Florida with a unique appeal to all visitors. Have you seen a postcard or footage from the Roaring Twenties or the idyllic 50s showing an utterly charming town with people smiling at every corner? If you have, you’ll be one step closer to imagining what Coral Gables looks like. One thing is sure: once you visit it, you can’t shake off the desire to move to Coral Gables. However, here comes the boom! Coral Gables features one of the most expensive real estate markets in the Sunshine State. Many have asked, “Why is the housing market in Coral Gables so pricey?” We’re here to shed light on this mystery!
Still, let us highlight that established local real estate agents in Coral Gables Florida can supply the most competent answers! Despite all odds, they can provide professional assistance in finding the most affordable housing options in Coral Gables FL, so that you can enjoy the feel-good vibes only “The City Beautiful” can deliver as soon as possible!
Investigate the current state of the local real estate market in Coral Gables, Florida!
As of August 2023, the median property sales price in Coral Gables increased to about $1,150,000. This meant that the average home sale price has risen by approximately twenty percent since 2022. Coral Gables real estate is almost three times more expensive than the average Florida properties and more than double the national average of about $430,000 (according to August 2023 statistics.)
How did the market change, and what does it mean for the future?
Let’s take a closer look at how the real estate market in Coral Gables changed in the last couple of years! Property prices have fluctuated wildly. February 2021 marked the lowest median home sale price point, reaching $800,000. Then, the market went through its ups and downs, with the highest median real estate sale price surging above $1,500,000 in November 2021 and April 2023. Surprisingly, July 2023 marked another significant drop with an average of $950,000. Analysts pointed out that inflationary tendencies and investors’ growing fear of recession stand behind the mild price decline.
Since July, however, home prices in Coral Gables have been steadily increasing. Suppose you want to invest in Coral Gables, Florida, residential and/or commercial real estate. In that case, we recommend you act before another price surges again!
How high can property prices climb in Coral Gables, Florida?
According to the Miami Herald, we have the all-time priciest Coral Gables real estate sold in mid-September 2023! Hang on tight: bumpy road ahead! A condo of 2,950 square feet was bought for $2.9 million! Then, the report informs us that twenty residential properties were sold that week, and their median home sale price was approximately $920,000, with an average of $612 per square foot. The most sought-after properties in Coral Gables are condominiums and single-family units.
What makes Coral Gables so unique?
Real estate transactions are a game of give and take. You get a home based on your requirements in exchange for your capital. Considering the larger picture, the real estate market functions based on the same rule, yet the “ingredients” are more complex. The Coral Gables market must feature irresistible perks so buyers and investors will pay extra. However, does the city indeed deliver the bonus features that make it worth investing in?
The town looks gorgeous.
George Merrick dreamed and designed the planned community in the 1920s from top to bottom. In his vision, he meticulously planned the residential and commercial parts of the city based on Mediterranean-Revival architecture. This trendy architectural style seamlessly blended lavish natural elements into human habitats. In addition, it featured impressive and symmetrical primary façades, red-tiled roofs, circle- or arches-shaped windows, and wrought iron or wood balconies.
The local community in Coral Gables is client-oriented
Coral Gables is the best example of a tourism-oriented community (and being formidable at its job.) Once you arrive in town, a genuine wonderland opens right before your eyes. Visitors are greeted with courtesy, first-class customer service, clean streets, well-maintained parks, and public spaces. In addition, you’ll find countless attractions in Coral Gables that will take your breath away and satisfy your appetite for art, culture, and history.
You can spoil yourself with a wide variety of open-air activities (Venetial Pool and Fairchild Tropical Botanic Garden) and fascinating historical tours (Coral Gables Villages). Did we mention the city doesn’t lack gorgeous beaches, either (for instance, Matheson Hammock Park & Beach?)
Still, first and foremost, nostalgia takes center stage in Coral Gables. The town will take you on the most authentic journey to a bygone era of gallantry, luxury, taste, and sophistication. The place has turned nostalgia into a genuine commodity.
Financial reasons behind the thriving real estate market in Coral Gables
Off the bat, Coral Gables is a highly sought-after area due to its proximity to Miami. People tired of the big city commotion can spend a fantastic weekend or holiday here. Then, the commute is smooth because the infrastructure allows accessible transit from Miami to Coral Gables.
Don’t believe the local economy revolves solely around tourism! The Gables has another ace up its sleeve, namely the University of Miami, the renowned private research facility and the most significant employer in the city. Being part of the Miami Metro Area of South Florida has brought financial advantages. Many major national and international companies have established a business center in town, for instance, Capital Bank Financial, Bacardi, FIFA, MoneyGram, and Exxonmobil, among the most notable ones.
The prospering local economy enables high property prices.
The local unemployment rate in Coral Gables is substantially lower than the American average (5.2% to 6 %.) Secondly, the job market is also booming. Market analysts foresee an approximately 36 percent job growth in the upcoming ten years (instead of the 33.5 percent US average.) Thirdly, a Coral Gables citizen’s median household income was around $113,600 the last year (instead of the US median of $70,000.) As a result, job-hunting in Coral Gables has become widespread. Everybody wants to be hired by one of these economic giants!
Based on statistics, Coral Gables has some of the Florida’s most prosperous neighborhoods and ZIP codes. People moving here have a meticulously laid-out plan career-wise and also a fitting financial background to afford to buy a home in Coral Gables. High property prices reflect the local economy’s well-oiled machinery, making The City Beautiful the ideal relocation destination for young and more established professionals, families, and senior citizens. Still, the economic reasons wouldn’t work without a special pizzazz. The Gables discovered this ultimate convincing power in the nostalgia factor.
The place oozes comfort and nostalgia to such an extent that “The Gables” became the incarnation of small-town Americana living in everybody’s dreams! Why don’t you come and discover it yourself?