Notable $1 Million Market Trends

Stable in the Gables: In the past year, homes priced at $1 million+ in Coral Gables represent 50% of the total inventory. Sales have remained constant since August 2009. Specifically, the sector between the $1 million to $1.25 million range is very stable representing 6% of the inventory and 6% of the sales. In any case, sellers must continue to show the value of homes by using compelling pricing. Across Florida: A survey conducted by the National Association of Realtors in July-August 2010 in Florida showed that international buyers purchased $1 million+ homes at at a rate of almost one out of 20 (or 3%). Nationwide: CNBC.com surveyed 19 major markets in the U.S. to show what $1 million can buy. In the $1 million inventory, median home sizes are: 2,297 sq.ft. in San Francisco. 2,459 sq.ft. in New York City. 5,361 sq.ft. in Dallas. 5,692 sq.ft. in Charlotte. 5,947 sq.ft. in Las Vegas. 7,064 sq.ft. in St. Louis. (In our hometown of the Gables, the four most recent closed sales in the $1 million range averaged 3,418 adj.sq.ft.) Homes in this price range provide indicators for spending and the health of local economies.

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SOUTHCOM Change of Command Presided over by Defense Secretary Panetta and Veteran's Day Ceremony at Jungle Island

General Douglas Fraser, U.S. Southern Command, giving the keynote address at the Jungle Island Veteran's Day event. U.S. Secretary of Defense Leon Panetta, Chairman of the Joint Chiefs of Staff Army General Martin Dempsey, incoming SOUTHCOM Commander Gen. John Kelly and outgoing SOUTHCOM Commander Gen. Douglas Fraser at Change of Command Ceremony on November 19, 2012 . General Douglas Fraser of the Southern Command is retiring after nearly 40 years of service to the United States Air Force. At a Veteran's Day celebration held at Jungle Island in Miami, the General was recognized along with other veterans for their outstanding dedication to protecting our country. Last week, Gen. Fraser was also honored by United States Secretary of Defense Leon E. Panetta, who commended his accomplishments in leading SOUTHCOM. Secretary Panetta described the General's notable efforts to provide humanitarian assistance and disaster reli

Peter Dolara of American Airlines Honored at the Biltmore

Business and civic leaders from around Miami and South Florida joined last week at the Biltmore Hotel to honor Peter Dolara for his service to the South Florida community as Vice President of American Airlines. M r. Dolara, who joined the airline in 1963, will retire handing over the Vice President post to Art Torno. American Airlines has about 9,000 employees in South Florida and more than 300 flights a day, up from just 18 flights in 1989 when Mr. Dolara took the helm. Pictured: Art Torno, Miami International Airport Director Jose Abreu (receiving Eagle Award) and Peter Dolara.

Single Family Home Prices Up

Thought you would find this interesting. Single family home prices in Coral Gables have been rising since inventory started dropping in 2009 when we had 650 homes for sale on the MLX. It is a case of supply and demand and the supply is definitely dropping in all price ranges but especially in the $2M and under range. What bodes well for South Florida real estate bodes well for the rest of our economy and should help all businesses soon as well as our non-profits. There are also going to be a large amount of closings coming up in December as we have seen tremendous traffic the last three months.

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