“South Florida by the Numbers” is a web feature that catalogs the most notable, quirky and surprising real estate statistics.
While Coral Gables has been a premier South Florida city for many decades, recent developments and phenomena have propelled “The City Beautiful” to new levels of prestige. Modern and upscale shopping, dining, recreation, and lodging options have complimented historic landmarks such as Miracle Mile and The Biltmore Hotel of late, making Coral Gables a top choice for high-income families relocating to (and remaining in) Florida through the pandemic. We explore the city’s rise to the top in this edition of “South Florida by the numbers.”
99
Age of Coral Gables as of April 29, according to the city’s website. The city was founded by Reverend Solomon Greasley Merrick and his wife, who moved their family from Massachusetts in 1899. Merrick’s son George would later develop the 160-acre tract of land west of Coconut Grove (first purchased for $1,100) into several subdivisions by the early 1920s. [Local10]
1
Coral Gables’ recent ranking among expensive U.S. neighborhoods, according to data compiled by Bloomberg News and reported by the New York Post. The city beat out perennial top markets such as New York and Beverly Hills, further highlighting the impact of the pandemic-era real estate boom in Florida, which had seven of the nation’s most expensive neighborhoods on the list. [NewYorkPost]
$720,000
At the time the below article was published, the listed price of the cheapest single-family home available in Coral Gables: a 668-square-foot “tiny house” with one bedroom and a bathroom in Coral Rock Village. (By comparison, the article mentions that $700,000 would secure a four-bedroom, two-bath home with nearly 1,500 square feet of living space in Homestead, and a four-bedroom, three-bathroom, 2,000 square foot home in northwest Miami-Dade’s Westview community is available for $675,000.) [Axios]
14 percent
Appreciation of Coral Gables home values from March 2023 to March of this year, tying the city with Homestead for the biggest percentage increase in home values during that timeframe in the Miami metro area. The typical Coral Gables home value is now $1.76 million, while the typical Homestead home is valued at $492,000. [Axios]
$3.6 million
Estimated increase in Coral Gables’ median listing price from the pandemic to April, vaulting it to the second priciest (as ranked by that metric) in Florida. During the pandemic-era’s economic boom, Coral Gables became a neighborhood of choice for relocated families for its schools, office proximity, and walkable downtown. [WSJ}
This column is produced by the Master Brokers Forum, a network of South Florida’s elite real estate professionals where membership is by invitation only and based on outstanding production, as well as ethical and professional behavior.
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