A Coral Gables Real Estate and Neighborhood Weblog

Renovations are underway at the original Gables Park Tower located at 911 East Ponce de Leon Blvd (not to be confused with the other Gables Park Tower in the CBD at 357 Almeria Ave) in the North Ponce neighborhood of Coral Gables. A fresh coat of paint is currently being applied to the building’s exterior. Unit owners chose to go with an off-white/cream finish rather than the plain white that graced the walls before.

According to the building permit posted on the window of the ground floor lobby, the lobby will be undergoing renovations as well.

Before Puerta de Palmas was built directly to the northeast, Gables Park Tower was the only high-rise residential tower in the area.

I haven’t been inside the building since Puerta de Palmas was completed, but I imagine that the unobstructed northeast views once enjoyed by residents on the higher floors are no longer unobstructed.

This one caught my eye today.

A 2/2 in Puerta de Palmas just hit the market with a list price of $349,000. It is a Darien model corner unit with 1,072 SF located on the 17 line of the building.

Why did it catch my eye? For one, because of the unit’s location within the building. If you look at the keyplan above, you will see that the unit sits on the northwest corner of the building. Everybody loves a corner unit, right? That’s not the best part. The best part about being in the 17 line is the fact that the main elevator shaft is located directly west of the 13 line (see keyplan above), meaning that the only residents going right upon exiting the elevator are those living in the 16 and 17 lines.

The other thing that caught my eye was the listing price. At $349,000 ($325.56/sf), this unit is being marketed for sale at a lower price than what the original owner paid for the unit - and the owner of this unit got the best deal in the entire line. The broker remarks on the MLS listing explicitly state that it is NOT a short sale.

Take a look at the closed sales for all units on the 17 line. Keep in mind that the following are all developer sales:

• 917 - $355,000
• 1017 - $367,000
• 1117 - $390,800
• 1217 - $409,000
• 1417 - $477,000
• 1517 - $452,000
• 1617 - $457,000
• PH17 - $492,000

For more information regarding Puerta de Palmas, click here.

I, unfortunately, was not able to get access to the unit when I was in the building this afternoon showing a customer around. However, I plan to come back to it soon. As soon as I have interior pictures I will be sure to post.

For the time being, take a look at the following slide show (FYI, the floor plan shown in the slide show is a Formosa, not a Darien):

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Not since Biltmore II was built on the southwest corner of Biltmore Way and Segovia Street in 1973 has the north side of Coral Gables seen a larger residential condominium project than Puerta de Palmas. Situated adjacent to the Puerta del Sol archway that marks the northeast entrance (Douglas Entrance) to Coral Gables, the 16-story Mediterranean-style structure is home to a whopping 198 units.

One hundred ninety eight units?

Yes, one hundred ninety eight units. Ciento noventa y ocho unidades.

I know, I know. When you’re used to suffering from arthritis of the neck from looking up in disbelief at the behemoths under construction directly to the east, comparing a 198-unit building to something like a 50 Biscayne (which I happen to like a lot) is like comparing the Stardust to the MGM Grand. It’s a Quizno’s unfair match-up. You just don’t do it.

But this is no Magic City. And it sure as hell ain’t Sin City either. This is The City Beautiful, baby. A place where words like “population”, “density” and “control” are serious business and 198-unit buildings are a legitimate concern.

Puerta de Palmas was completed (granted a TCO - Temporary Certificate of Occupancy - I should say) in the 3rd quarter of 2007. According to Miami-Dade County public records, unit closings commenced the first week of August. Since then, approximately 151 out of the 198 units (76%) in the building have closed.

The following is the monthly breakdown of closings along with each month’s percentage of the total units closed:

Keep in mind that it can take anywhere from 2 - 4 weeks for a deed to be recorded with the Miami-Dade County Recorder. However, judging from the numbers above (no apparent closings in over 60 days), it’s almost safe to assume that “that’s all she wrote”.

As you can see, the developer got off to a quick start and closed approximately 44% of the project’s units within the first month of deliveries. A little bit over 58% of all the closings that have taken place occurred in that first month. The amount of closings were nearly cut in half a month later, only to diminish considerably thereafter.

Of the 151 units that have closed, MLS data shows the following:

Actively Listed For Sale: 22

Actively Listed For Rent: 23

Actively Listed For Sale/For Rent: 8

Actively Listed For Sale (while occupied by a tenant): 13

Rented & Occupied (not actively listed for sale or rent): 38

It should be interesting to see what the fate of the remaining developer-owned units will be. Equally of interest will be the effect that the class of 2008 (55 Merrick, The Ponce de Leon, Ponce Tower, Villa Alhambra, Verona Park, Valencia Grande) has on not only Puerta de Palmas, but newer communities like Villa Zamora, Villa Florini, Andalusia, The Minorca, Villa Calabria, Biltmore Village, Mendoza Village and Ten Aragon, if any.

Some believe that when it comes to real estate certain areas in South Florida play by their own rules.

Any thoughts?

Pictures slide show of Puerta de Palmas:

| View | Upload your own

Welcome to Gables Condo Blog, a Coral Gables real estate and neighborhood weblog with a special focus on the condominium market in the Central Business District, North Ponce and Biltmore Way neighborhood of The City Beautiful.

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