There are 71 homes in Coral Gables priced at $500,000 and less at this time. At the height of the buying frenzy in 2006 I don’t recall a single home listed below half a million dollars!
Among those homes 16 are short sales and 6 are foreclosures. So far this year there have been 82 sales, and another 35 homes are under contract and working through the process to closing.
The averaged statistics for active listings, pending sales and sold properties are below.
- List Price: $391,000
- Sold Price: $359,000
- List Price Per Square Foot: $230.00
- Sale Price Per Square Foot: $207.00
- Sale Price to Listed Price Ratio: 93%
- Days on the Market: 133
One example of what you’ll find in this group of homes is 311 Navarre Avenue, a 3/2 main house and 1/1 cottage built in 1924 and needing some work. It has 2,140 square feet on a lot of 6,150. Coldwell-Banker has it priced at $299,900 now after a year on the market at $649,000. 
Click here to see all the Coral Gables homes listed for $500,000 and less.
One of the foreclosed homes in the list is a perfect example of what helped cause the meltdown in our housing market. 4810 Riviera Avenue was purchased in 2002 for $360,000. After the original mortgage of $337,000 to purchase the home, 2 more mortgages were added in March of 2004. The total mortgages outstanding were $742,000! Although the owners tried to sell it beginning in 2007, it was taken by the bank. The 2/2 home with a one-car garage is now listed by Keller-Williams for $304,000.
Buying a home is more complicated than ever before. I can guide you through the paperwork, negotiations, and inspections, help you land the best mortgage, and anticipate and handle unexpected hurdles all the way to the moment you are given the keys to your new home.
Call me at 305 794.6570 anytime. You can also leave me a message and I’ll respond immediately. If you enjoyed reading this article, why not Subscribe to receive the next one. Once you register, you must activate the subscription in a follow-up email.