MIAMI—There's much ado about Coral Gables these days. Indeed, with 360 Alhambra office space filling up at a rapid clip and now Merrick Manor selling 70% of its condo inventory in less than two months, it's clear that the recovery is making its way to Miami submarkets.
But it's not just established projects. Developers are eyeing land there for new projects. Astor Companies set out to build the first condo in Coral Gables since the downturn in January. And a financial institution advised by The Roseview Group just sold a 1.43-acre lot in Coral Gables to a South Florida-based private investment and development company for $8.5 million, or $136 per square foot. Investors are also dipping their tow into the Coral Gables waters. Ocean Bank just sold Villa Ponce Condos for $24 million.
What's driving the accelerated interest in the Coral Gables market? And specifically the condo market? Christian Kawas of SoBeLuxuryHomes.com tells GlobeSt.com there's more than one force at work.
“A few trends that explain the rapid sales of condos in Coral Gables,” Kawas says. “The Coral Gables area has primarily been viewed as a single family homes market. Over the last 24 months, office space vacancies have dropped tremendously, a sign that jobs are being created in the area. These new job opportunities are attracting young professional into the area, making Coral Gables an attractive 'condo lifestyle' area.”
Another driving force, Kawas notes, is the large number of empty nesters living in Coral Gables with large homes. This demographic is who now looking to switch to a more efficient condo lifestyle in an area they are familiar with.
“Coral Gables also has many new attractions, including Merrick Park, restaurants, and community events like Carnaval on the Mile that were not present in the first market cycle back in 2003-2006,” Kawas says. “These new attractions and the great price points for condos—approximately $400 per square foot—also make it an attractive address for foreign buyers.”
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