Trends 2014 Mid-Year Real Estate Market Update By Jorge Fernandez

distinctivehomes

& trends 2014 mid-year update Miami-Dade | Coral Gables | Coconut Grove | Pinecrest

Presented By Jorge A. Fernandez 305.216.0237 jorge.fernandez@sothebysrealty.com

Coconut Grove Coconut Grove residences are selling quicker, remaining on the market for 131 days on average (a 13% decrease from last year’s 151). The area’s condo market has taken off, with 164 transactions this year compared to 34 transactions in the same period 3 years ago. Single-family homes are also on the rise (PPSF 2013: $314 / PPSF 2014: $390).

2265 Tequesta Lane, Coconut Grove

Pinecrest The average days on market in Pinecrest has dropped by 22%, from 187 days in the first half of 2013 to 145 days in 2014. Predominantly a single-family home market, these residences are closing at an average price per square foot of $285 (a 9% increase from the same period last year), their highest in four years.

9601 SW 60 Court, Pinecrest

Distinctive Homes Presented by Jorge Fernandez

Coral Gables As one of the best markets for single-family homes. Coral Gables is one of Miami’s most sought-after neighborhoods. With 433 closed transactions so far this year, Coral Gables is at its highest prices overall and its lowest days on market (137) in over six years. Its luxury waterfront homes, a distinctive Coral Gables market, remain stable.

COVER PROPERTY 515 Caligula Avenue, Coral Gables Sold 7/2014 - $2,225,000

www.DistinctiveHomesOfCoralGables.com

Miami-Dade After a few years of strong growth, the Miami-Dade real estate market is now on a slower, more steady rise, characterized greatly by a high number of all-cash transactions. As an isolated case, waterfront properties overall dropped 25% in price per square foot, from $405 to $305. However, Miami-Dade’s biggest highlight is its median home price, increasing by 34% over two years.

JORGE A. FERNANDEZ REALTOR ASSOCIATE ONE SOTHEBY’S INTERNATIONAL REALTY 1430 SOUTH DIXIE HIGHWAY #110 CORAL GABLES, FL 33146 305-216-0237 Jorge.Fernandez@SothebysRealty.com www.DistinctiveHomesOfCoralGables.com NAMED TO ELITE 2012, 2013 BY UNIQUE HOMES MAGAZINE MEMBER, INSTITUTE FOR LUXURY HOME MARKETING CERTIFIED LUXURY HOME SPECIALIST MEMBER, MILLION DOLLAR GUILD STATE DIRECTOR, FLORIDA ASSOC. OF REALTORS

1225 Tangier Street, Coral Gables

© MMXIV Sotheby’s International Realty, licensed real estate broker. All percentage changes are calculated comparing data from January through June 2014 to January through June 2013 unless stated otherwise. All statistics based on MLS data. All information provided is deemed reliable but not guaranteed. All Rights Reserved. Sotheby’s International Realty is a licensed trademark to Sotheby’s International Realty Affiliates LLC. An Equal Opportunity Company. Equal Housing opportunity. Each office is Independently Owned and Operated. If your property is listed with a real estate broker, please disregard. It is not our intention to solicit the offerings of other real estate brokers. We are happy to work with them and cooperate fully.