People always ask us if there are any foreclosures in Coral Gables. Sellers want to know if their property values are protected and buyers want to know if there are deals to be had in one of Miami-Dade's most prestigious addresses. Yes, but they come on the market infrequently and the competition is fierce. The stability of the Coral Gables has mostly protected it from foreclosures. There have been short sales, but due to the desirable address, they normally do not make it all the way to foreclosure and are sold at the short sale stage. Even those are not nearly as common as they are in the rest of Miami-Dade County.
Let's compare the numbers: Coral Gables Foreclosures vs Miami-Dade Foreclosure and see how they compare
Total Listed Single Family Homes
- Miami-Dade 10,218
- Coral Gables 483
Total Listed REO Single Family Homes (Foreclosures)
- Miami-Dade 578 (5% of total listings)
- Coral Gables 7 (1% of total listings)
Total Closed Single Family Homes 2009
- Miami-Dade 5,114
- Coral Gables 166
Total Closed REO Single Family Homes 2009 (Foreclosures)
- Miami-Dade 3,029 (59% of total closed sales)
- Coral Gables 29 (17% of total closed sales)
As you can see by the numbers above, foreclosures make up only a fraction of the market in Coral Gables (only 1.4% of active listings, 4 times lower than for the Miami-Dade market). They also make up a significantly smaller portion of actual closed sales (only 17% vs 59% in Miami-Dade as a whole).
Finding a foreclosure in Coral Gables is golden. You are assured of it's value due to the stability of the community and if you are one of the lucky ones to buy one, you make money the minute you walk out the door of the closing. The average foreclosure in Coral Gables is listed for $652,000 (there are only 7 currently) and the average actively listed home is priced at $2,227,000. This is not to say that REO's in Coral Gables are priced at 25% market value, but you can find them at significantly reduced numbers.
Case Study: We recently sold a client an REO for $410,000. He has updated it using our sister company, Papillon ReDevelopment and will be putting it back on the market in the mid $800s next week. He DID not put $400,000 into it, so he has managed to buy, renovate and still come out on top. Most of the foreclosures in Coral Gables are in need of renovations as they were going to be fix and flips which were purchased right before the market turned. We have sold several of these at great discounts. The one caveat is (as with many foreclosures), if they need repair, you might need to be a cash buyer as they will not meet loan criteria.
If you would like to be added to our Coral Gables Foreclosure List, please email me at janie@janiecoffey.com
Here is a list of the current Foreclosures in Coral Gables. Remember, our sister company is a licensed and insured General Contractor specializing in Coral Gables Historic homes, so we can work with you from start to finish.
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photo courtesy of TheTruthAbout
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Janie, Those stats are incredible! Are agebts checking the right boxes in the MLS? In my market over 90% of the closings and about 80% of the listings are either REO or Short Sale. Finding a regular non distressed property is like looking for a needle in a hay stack. And when you do find it it will be grossly over priced.