A Coral Gables Real Estate and Neighborhood Weblog

THE LISTING PRICE OF THIS HOME WAS REDUCED TO $263,900 ON JULY 30, 2008.

THE LISTING PRICE OF THIS HOME WAS REDUCED TO $271,900 ON JULY 11, 2008.

This corporate-owned single-family home in North Gables was actively listed for sale last month.

Property Characteristics

* 3 Bedrooms
* 2 Bath
* 1,037 SF (Living Area)
* 5,350 SF (Lot Size - 50 x 107)
* Year Built = 1946

This home was originally a 2 bed/1 bath home with a 1-car garage. The 1-car garage was converted into a 3rd bedroom with a full bath. The roll-up garage door is still in place (see photograph above). The living area reflected on tax roll (1,037 SF) does not reflect the additional living space from the garage conversion.

The original structure of the home features original Dade County pine wood floors. The interior is graced by a kitchen equipped with Thermofoil cabinets and granite counter tops, as well as 2 bedrooms complimented by a living area and a remodeled hallway bathroom. The 3rd bedroom features laminate wood flooring. Windows and exterior doors look like they were replaced not long ago.

The home is located on Wallace Street, a semi-private road not accessible from Tamiami Trail (SW 8 ST). It is only accessible from the south via Venetia Terrace.

You may recall that I featured another corporate-owned foreclosure on Wallace Street about 2 weeks ago. That property, located across the street from this one, went under contract on July 2, 2008. It was on the market for 13 days before it went under contract.

Inquiries regarding this home can be made at 305-491-7179 or 786-586-5844.

After a 3-month delay due to something called asbestos, the implosion of the almost entirely-gutted 12-story office tower located at 2801 Ponce de Leon Blvd finally “took place” on Saturday morning:

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The smoke:

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The smoke clears:

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Raul, the lone representative from the Gables Condo Blog to attend the event (the other failed to hear the Urban Theme ring tone of his Motorola Razr at 6:02 am while counting sheep - the Cabernet Sauvignon from the night before may have had something to do with it), described it as:

“Anticlimactic. The first implosion in the history of the City of Coral Gables was a dud. Tripods, 35 mm cameras, digital sophistication, screaming children, frightened adults, champagne sippers, political big wigs, air test samples, loud blasts, blinding smoke…and when it was all said and done, the concrete elevator shaft in the middle of the mostly steel structure was left standing. The puzzling look of disappointment could be seen in the faces of most in attendance. Can you say ‘refund’?”

According to an article in today’s Miami Herald, the good folks at Dykon Explosive Demolition finished off the job this morning.

The lot will now be cleared to make way for a 15-story office tower that will serve as the office portion of Old Spanish Village, a 7-acre mixed-use community planned for the eastern curve of Ponce Circle Park that will feature luxury condominiums, townhouses, offices and a retail component.

The office tower, to be modeled after a 15th century Gothic Cathedral complete with arches, stain glass windows and steeple towers, is to be developed, owned and managed by Allen Morris Company - the same Allen Morris Company that developed the beautiful Alhambra Towers at 121 Alhambra Plaza. It is destined to become the first-ever “Silver LEED certified” office building in Coral Gables.

LEED is the Leadership in Energy and Environmental Design Green Building Rating System (TM), the nationally accepted benchmark for the design, construction, and operation of high performance green buildings.

For information regarding Old Spanish Village call Raul Estrada at 786-586-5844 or Adrian Salgado at 305-491-7179. If you’d like to know what it feels like to wake up pre-6:00 am on a Saturday morning after a stressful and hectic work week, call an eager and energetic Raul Estrada.

THIS PROPERTY WENT UNDER CONTRACT ON JULY 2, 2008.

This corporate-owned single-family home in North Gables was actively listed for sale last week.

Property Characteristics

* 2 Bedrooms
* 1 Bath
* 1,072 SF (Living Area)
* 6,955 SF (Lot Size - 65 x 107)
* Year Built = 1946

This home is located on Wallace Street, a semi-private road not accessible from Tamiami Trail (SW 8 ST). It is only accessible from the south via Venetia Terrace, giving the entire block that child-friendly neighborhood feel you thought was only achievable 30 miles away from Downtown Miami.

The home features a brick-paved driveway leading one to the entrance of the home. The interior is graced by an ample living area, a kitchen equipped with Thermofoil cabinets and black granite counter tops (missing appliances), 2 bedrooms with decent closet space (at least for Coral Gables standards), and one hallway bathroom. Windows and doors look like they were replaced not long ago.

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The home appears to be in move-in condition. Of course, some interior alterations, a little bit of paint, and a little TLC won’t hurt. The good news is that no bootleg additions have been made to the original structure. Previous owners have maintained the structure’s architectural integrity throughout the years - a good thing.

It’s current design, coupled with a large lot with plenty of room in the back and the south side of the property, allows future owners to add living space to the existing structure (i.e. a master bedroom with a walk-in closet and a master bath) and still have room for outdoor amenities.

This home last sold for $590,000 in January 2006.

Can somebody call the “task force”?

Inquiries regarding this lovely home can be made at 305-491-7179 (that’s me) or 786-586-5844 (that’s Raul). Operators are standing by.

Sunday, February 17, 2008
11:30 am (ish)

Chili’s Outlines Plans for New Venue in Gables

Remove restless torso from Stearns & Foster. Wash face. Wipe cold out of eyes. Back to Stearns & Foster.

Chili’s Outlines Plans for New Venue in Gables

Miami Herald headline remains unchanged. I guess Coral Gables wants their “baby back, baby back…”.

The development of the U.S. Interstate Highway System (Dwight D. Eisenhower’s baby) in the 1950’s facilitated many things. It allowed businesses to ship goods and services across the country, families to utilize the vehicle to vacation in far-away destinations, and facilitated the birth of the franchise chain. Motels, diners, gas stations, and fast food chain restaurants soon sprouted next to every highway, in every town, every city, and (later) every suburb throughout America.

While Coral Gables has never been strongly adverse to big brands (remember the Burger King on the NW corner of Miracle & Galiano where Nexxt Cafe operated for what seems like 3 months?), the area’s restaurant scene, once dominated by independent “mom-n-pop” establishments, has changed considerably in the past few years.

Monounsaturated trans fats, monosodium glutamate (MSG), soy protein, high-fructose corn syrup, and yellow #5 are not what worry me most. The lack of fresh ingredients isn’t either. I mean, what you eat doesn’t make me _ _ _ _ (rhymes with sit).

My concern is the changing atmosphere in Miracle Mile. While the bar and restaurant landscape has become glitzier and shinier (think Tarpon Bend & Houston’s), the Mile’s texture, character, personality, and neighborhood feel have become endangered species.

When I walk the Mile and the surrounding area these days, I feel like I’m at an outdoor version of a suburban mall. The distinctive charm is gone. There’s a lack of energy. A lack of creativity. The entrepreneurial spirit of yesteryear is nonexistent. Miracle Mile could be anywhere. What happened to its identity? What makes me want to say: “This is where I want to live!”?

I have always felt (and still do) that the neighborhood north of the Central Business District - North Ponce (loosely defined as the area north of Minorca Ave, west of Douglas Rd, and east of Le Jeune Rd) - has the potential to become a quasi-urban neighborhood that attracts the creative 20 & 30-somethings in search of a place to establish the knowledge-based and creative-content industries that drive so much of today’s economic growth.

I hope local leaders and market forces find a way to create a community that fosters diversity, tolerance, and openness to new ideas. I hope they create a community that attracts the very people who will demand and establish authentic eateries along Ponce de Leon Blvd. I hope they create a community where mediocrity is not tolerated. I hope they create a community where mothers can walk their children to Coral Gables Elementary and stop at the bakery for a freshly baked baguette on the way back home, while fathers walk to the storefront office to make that dough.

I just hope they don’t recreate present-day Miracle Mile.

Adrian Salgado is a Realtor Associate with RED I Realty and can be reached at 305-491-7179 or SalgadoA@gmail.com.

This post does not intend to defame any of the restaurants mentioned or pictured above. As a matter of fact, you can catch me in a certain corner having lunch sometimes (even though they destroyed their menu when they removed the Hawaiian Ribeye, the pork chops, and the baked beans from their culinary repertoire). You may even see me in there on a Friday afternoon amongst the chickenhead convention taking place inside. Guilty pleasure. It entertains me.

By the way, although you’ll never see me eating inside the new Chili’s (when it opens), you may see me having 2-for-1 Killian’s Red amongst the 2-for-1 Cuervo (sorry, no Patron) margarita-sipping secretary/administrative assistant happy hour set that Chili’s is sure to attract. I’ll take that over the Grey Goose-sipping, Prada sunglass-wearing secretary/administrative assistant happy hour set at that certain corner 10 out of 10 times. I’m just saying.

THIS PROPERTY SOLD FOR $250,000 ON JUNE 25, 2008.

This bank-owned 1950’s Coral Gables Ranch-style home in search of reliving her glory days was recently reduced to $275,500.

Property Characteristics

• 2 Bedrooms + Den (last used as a bedroom)
• 2 Baths
• 1,378 SF (Living Area)
• 5,000 SF (Lot Size - 50′ x 100′)
• Year Built = 1956
• One (1) Car Garage

This property lies within the area once proposed to be established as the Single Family Conservation District of the North Ponce de Leon Neighborhood Plan. It is just west of Douglas Road and north of Tamiami Trail.

The floor plan features an open living area typical of the modernist ideas infused into “Ranchers” by mid-century architects looking to create an informal and casual lifestyle. Originally a 2-bedroom dwelling, this property remains true to its architectural roots by allowing rooms to be rearranged and serve different purposes. In this case, the use of what looks to be an original den or an extension to the living area was changed to a bedroom. It’s use can easily be changed into a home office, library, home gallery, children’s playroom, etc.

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The exterior of the property features an open terrace. Shade is provided by the limbs and leaves of a Mango tree and an Oak tree.

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I’ve seen six (6) single-family REO properties (bank or corporate-owned) priced under $350,000 in Coral Gables these past few days and this is the only property remotely close to being habitable. It’s also the lowest priced. Its location plays a major role in its pricing. Had it been located further west on the same block I don’t think I would be writing about this property’s availability right now.

This property last sold in March 2006 for $535,000.

If you’re bored at home/work right now and feel like talking to someone about this property, about Ranch-style architecture or about how Paul Pierce stuck it to his hometown team last night, you can call Adrian at 305-491-7179 or Raul at 786-586-5844.

This bank-owned foreclosure in The Minorca was just reduced from $397,500 to $340,000 ($305/sf) earlier this week. The MLS listing and tax records indicate that the split plan-unit possesses 1,114 square feet of living area. It has approximately 170 square feet of open balcony space.

Note: This property was reduced to $280,000 on 5/9/08.

Why did this particular unit catch my attention?

For starters, the 16 line in The Minorca is 1 of only 4 lines (15, 18 & 19 are the others) in the entire building with a direct eastern exposure. Bordered by an established single-family subdivision (Coral Gate) to the east, the unit offers unobstructed views of the City of Miami and Brickell Financial District skylines.

I also like the fact that it is a mixed-use building with ground floor retail and professional office spaces conveniently located on Douglas Road just 4 blocks north of Miracle Mile.

The previous owner purchased the unit for $415,000 in November 2005. The original owners purchased the unit from the developer for $303,200 in May 2005.

The asset holder (current owner/bank) took title to the unit on October 30, 2007. I’d venture to say that they are willing to listen to offers from prequalified buyers ready to close in 30-45 days.

I wouldn’t be surprised to see this unit sell at a price very close to the original purchase price considering that the bank has held this asset for close to 6 months now.

Anyone interested in seeing this unit should contact me at 305-491-7179 or SalgadoA@gmail.com.

It’s spring again.

The last of the snowbirds head back home, April showers dampen our hot and humid afternoons, flowers bloom, the grass gets greener, and if history serves as a precursor, the South Florida real estate market heats up.

The spring and summer months are traditionally the busiest months of the year for residential real estate. Buyers come out of winter hibernation and eat away at the housing supply.

We hope they bring a healthy appetite in 2008.

Let’s take a look at what The Big Three – Ten Aragon, The Minorca, Andalusia (the three condominium projects that spearheaded Coral Gables’s urban renaissance in 2005) – are serving this season.

TEN ARAGON

Active listings = 31

• One (1) Bedroom Units: $269,900 - $369,999
• Two (2) Bedroom Units: $403,900 - $750,000
• Three (3) Bedroom Units: $795,000 - $1,150,00

Short Sales: 7
Foreclosures: 2

Pending Sale (under contract): 1

Recent Closed Sales: 0

The last unit in the building closed nearly 9 months ago on July 11, 2007. There were a total of 5 closings in Ten Aragon in all of 2007.

Expired Listings (since last closing): 23

THE MINORCA

Active listings = 21

• One (1) Bedroom Units: NO LISTINGS
• Two (2) Bedroom Units: $340,000 - $459,000
• Three (3) Bedroom Units: $499,000 - $1,200,000

Short Sales: 2
Foreclosures: 1

Pending Sale (under contract): 0

Recent Closed Sales: 0

The last unit in the building closed over 9 months ago on July 6, 2007. There were a total of 6 closings in The Minorca in all of 2007.

Expired Listings (since last closing): 22

ANDALUSIA

Active listings = 7

• One (1) Bedroom Units: $320,000 - $399,000
• Two (2) Bedroom Units: $405,000 - $899,000
• Three (3) Bedroom Units: NO LISTINGS

Short Sales: 0
Foreclosures: 0

Pending Sale (under contract): 0

Recent Closed Sales: 0

The last unit in the building closed nearly 9 months ago on July 12, 2007. There were a total of 6 closings in Andalusia in all of 2007.

Expired Listings (since last closing): 10

CONCLUSION

Calling all sellers.

Besides a thorough and customized marketing plan, the single most important factor in getting your home from “For Sale” to “Sold” is pricing.

In today’s market, getting a “motivated seller” to drop the asking price below his/her purchase price is an especially difficult thing to do. As human beings, we have difficulty admitting defeat. It evokes a tremendous sense of frustration.

However, accepting a loss sooner rather than later saves sellers a lot of time and pain. Delaying the inevitable only prolongs the pain and sense of frustration. Staying in a home where one no longer wants to live (for XYZ reason) or moving, but enduring the hassles and monetary losses associated with renting your home, only ties your money up to a losing investment whose remaining real value is eaten away by inflation.

Sellers, there has never been a better time to get your priorities and housing affairs in order. The real estate spring cleaning season has arrived. Don’t let it pass you by.

Statistics were compiled on April 4, 2008 using the Southeast Florida Multiple Listing Service and Miami-Dade County Tax Records.

Adrian Salgado and Raul Estrada are licensed real estate professionals with RED I Realty in Miami, FL. You can reach us at 305-491-7179 or 786-586-5844.

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A 2 bedroom/2 bath bank-owned unit with southern exposure on the 14th floor of Ten Aragon is listed for sale at $481,900 ($408.73/SF). The MLS property history shows that it was originally listed at $496,000 on January 3, 2008, reduced to $488,900 23 days later on January 25, 2008 and reduced again to its current list price on February 22, 2008. It has been on the market for 71 days.

Update: The unit was reduced, yet again, earlier this afternoon (3/14/08) to $460,900.

Update #2: The unit was reduced earlier this afternoon (4/5/08) to $403,900.

The MLS listing states that the unit is sold with 2 parking spaces (most 2-bedroom units in Ten Aragon include just one parking space). It also reflects that the monthly condo association dues for the unit are $479.00.

At $0.41/SF, I can assure you that that figure is off the mark. I did not verify with the listing agent, but I expect the association dues to be closer to the $0.60/SF range in this building (about $700/month for this unit).

The original owner purchased the unit for $490,500 from the developer in August 2005 and sold it a little over a year later in September 2006 for $550,000 to the individual who was foreclosed on.

I showed the unit earlier in the week and found it in the following condition:

No counter tops or kitchen cabinet door handles. It looks like the previous owner got caught in the “in-between” stage of remodeling.

This unit features one (1) full balcony and two (2) Juliet balconies with operational sliding glass doors in the living area that allow for plentiful natural light and a circulation of fresh air.

The unit’s location on the south side of the building offers a view of Central Business District (CBD) streets and hints at partial bay views from afar (although I would never market the unit as having a “bay view”).

According to the property manager on site, the building will undergo common area renovations in the very near future. The tile in the elevator lobby of each floor, carpets in the hallways, and trims/baseboards will be replaced. A one-time special assessment will fund the renovations. All elevator lobbies will look like this:

Building amenities include a swimming pool, spa, fitness center, resident lounge, business center, 24 hr concierge and on-site property manager.

Overall, I am a pretty big fan of Ten Aragon. It’s location fronting Miracle Mile and Aragon Avenue in Coral Gables is unrivaled in my opinion. I also think that Dorsky Hodgson & Partners did a magnificent job with the architecture of the mixed-use building and Charles Allem created a great environment with the design of the interior common areas.

However, I am also of the opinion that a lot of the original unit owners and those who purchased resales in the building overpaid for their units. Ten Aragon was originally a luxury rental community that practically never operated as such. It was converted to condominium in 2005 during the peak of the condo boom. As a result, a vast majority of the units were sold and turned over with sub par interior finishes - white mica kitchen and bath cabinets, white appliances, standard white carpet and plain white bath tile.

The addition of 167 residential units at 55 Merrick right next door will bring additional competition to the area. It will be interesting to see how prices are affected in 2008 and 2009.

Tax records and MLS data show that the last unit to sell in Ten Aragon sold on July 11, 2007. There are currently 35 units (19% of the building) listed for sale on the MLS. Twenty (20) listings have expired since the last unit sold. One (1) unit’s status was just changed to pending sale (under contract) last night.

I’m gonna go out on a limb here and say that this foreclosure unit will eventually sell for less than the original median sales price for all 2/2 units on the south side of the building ($374/SF). As a matter of fact, I’m willing to bet a lunch at Houston’s that the unit will not sell for more than $365/SF.

Any takers?

I recovered from pink eye(s) just in time to make it out to Sunday Carnaval on the Mile this year. I’ll skip over what I didn’t like (distance between stages, lack of signage and information in general, Kiwanis groupies) in favor of what I did like.

Three words - Locos Por Juana.

I had read the reviews, the stories about the Latin Grammy, the Best of New Times awards, the BBC love (named them the “Best Latin Rock Band in the U.S.), etc, etc. I had also read about the band’s musical influences.

And that’s exactly why I had never really gone out of my way to check them out.

I’m usually very skeptical of bands who cite salsa, timba, ska, reggae, merengue, cumbia, hip hop, punk, funk and dub as the influence to their sound. I mean, isn’t that the same “sound” shared by all other 482 local bands?

I stumbled upon Locos Por Juana at the Le Jeune stage as the sun was setting and the breeze felt cooler. The crowd gathered around the stage seemed younger, hipper and more artistically-inclined than the rest of the folks wandering aimlessly on the mile (no offense). So I hung out.

Good thing I did.

Locos Por Juana’s (Crazy For Jane - as in Mary?) sound might seem trite at first - “a poor man’s Ozomatli minus Chali 2na” was my initial thought.

However, well into their first song it was easy to recognize that these guys are serious musicians eager to spread their message, have some fun, and shake some a*ses in the meantime. This is Miami after all. For every person in attendance actually listening to the lyrics coming out of energetic crowd mover and lead singer Itagui Correa’s mouth, there were a hundred others shaking their a*ses shamelessly.

It’s clear to see why my love/hate relationship continues (by the way, this is the most PG these two ever got).

Although I enjoyed Locos Por Juana’s vibe and energy tremendously, the moment I enjoyed the most was sitting next to the window inside the Barnes & Noble Cafe and watching the multitude of pedestrian traffic outside while reading the front page of Sunday’s Miami Herald and sharing a conversation with one of the regulars.

One day, Mr. Merrick. One day.

I noticed some activity at the Pontevedra site recently. Pontevedra is a proposed boutique 5-story, 14-unit residential building to be erected on an irregular lot at 40 Calabria Avenue on the southeast corner of Calabria Avenue and East Ponce de Leon Blvd.

Residences are to feature:

• 10 ft high ceilings
• European style kitchen cabinetry
• Stainless steel appliances
• Imported granite counter tops in kitchen and bathroom vanities
• Impact-resistant windows
• Pre-wired for high speed internet, cable TV and data/voice access

Building amenities are to include:

• Heated swimming pool
• Rooftop sundeck
• Private gym
• Electric gated entry