The dwindling supply of single-family homes in Coral Gables makes it a seller’s market. So much so that the two homes we’re showing here in Central Gables will most likely have been sold by the time you read this. “What’s going on now is unprecedented,” says Patrick O’Connell, Senior VP at BHHS/ EWM Realty. “Right now, we have an inventory supply of less than two months.” That contrasts with last year’s supply at this time of three months – and is a far cry from the 12 months of home inventory three years ago. And while the median price of a sold Gables home is now $1.2million, the median asking price is $2.1 million. “You can see what’s coming down the pike,” says O’Connell. “That median price is going to jump.”
Rooms to Spare
2925 Columbus Blvd.
Listing Price: $3.5m
7 bed/7 bath/pool/6,330 sq. ft.
Located in the stunningly lovely neighborhood just north of the Biltmore Hotel, this contemporary home (1983) is across the street from the lovely historic Congregational Church, with arched banyan trees up and down the boulevard. Three blocks from tennis courts at Salvadore Park or at the Biltmore. New impact windows, but the exterior needs renovations. Listing Agent: Mike DeVito (RE/MAX), 305.588.6119
1248 Coral Way
Listing Price: $6.65m
6 bed/7 bath/pool 5,698 sq. ft.
This 1929 historic estate has been totally renovated, including a generator for the entire house, smart home technology, and a newly installed refrigerated wine room that holds 1,200 bottles. Six spacious bedrooms with walk-in closets, Chicago brick driveway, onyx kitchen countertops, Wolfe appliances, two laundry rooms, maid’s quarters, heated pool, and spa. Listing Agent: Liz Hogan (Compass), 305.804.9700