Coral Gables Market Report: Ten Aragon, The Minorca, Andalusia

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.