Coral Gables Thrives in Troublesome Miami Real Estate Market

Originally posted on my Miami Condo Blog on 9 September 2007.

With the news abuzz with tales of nightmarish situations for both real estate owners and real estate developers in the metropolitan Miami area, it's worth nothing that highly desirable areas can be relatively immune to deteriorating market conditions.

In the greater Miami area, one example of a resilient area is Coral Gables. Sales data indicates that the average selling price in Coral Gables rose from $1.2 million to $1.4 million, posting a $200,000 increase. During the same period, the greater Miami market posted declining numbers. What makes Coral Gables different?

First off, Coral Gables isn't alone, and, the factors that make certain communities immune to a shaky market aren't hard to trace. Consider Coral Gables:

• Coral Gables is in an excellent geographic location
• Coral Gables is a highly established, prestigious locality
  
• Housing in Coral Gables is largely comprised of high-quality construction (whether newer or established)
• Coral Gables boasts higher than average median household income and excellent schooling options
• Coral Gables is close to employment and economic centers of Miami-Dade County

Consider newer, outlying areas which have been hit the hardest by the recent market challenges. You'll likely find these areas:

• Were built at an explosive rate, with new construction
• Mainly targeted the middle class, often with pricing that challenged their budget
• Weren't necessarily located near established employment and economic centers
• Lack the patina of a community like Coral Gables; often in an area socio-economically earmarked as low-to-middle class
• Lack high quality schooling and cultural venues within a short distance

Coral Gables is an anomaly in the current conversation surrounding the South Miami property market. It's not the only one, however, and, regardless of situation, there are opportunities in Miami's real estate market worth considering.