S & J Journal

  As of the end of August 2022, in Coral Gables, the inventory of single-family homes has risen by 11% over the same time last year ( Aug 2021). However, the number of homes sold and the number of homes pended, have decreased by 26% and 24%, respectively. Why is this happening? For a long time now, we have been forecasting that the price/sqft has been on the rise, but prices have now overshadowed the norm and there is too much inventory that is simply overpriced.. In conclusion, prices need to come down in order to move that inventory. Since the Spring of 2022, when our Coral Gables inventory was at 48 homes, we have now more than tripled that number. However, our sales have been on the decline, month over month. More than about 63% of our present active inventory has been on the market for over four months. That is a very strong indication that these properties are overpriced and should be reduced at a faster rate. There are still many buyers out in the market looki...

Four times a year, Jeannett publishes " Jeannett's Journal"  which is distributed directly to well over 18,000 residences in Coral Gables. The magazine encompasses Coral Gables news, Culture, and Business. We devote several pages to Real Estate and below you can find the most recent update  on what is going on in the Gables, when it comes to selling single-family homes.. Click here   to Jeannett's Journal.  

The Market in Coral Gables on the move...  +As of August 2019 there were 383 single family homes on the market for sale.  The average LIST price was $3,173,000  The average SOLD price was $1,208,000  The MEDIAN sold price was $901,000  +There are 122 homes out of 383 homes that are priced under $1,000,000, or 32% of the total +There are 261 homes priced over $1,000,000 in the Gables which is 68% of the Total. + Over the past year there were 446 homes sold in the Gables ( 241 were under $1.0M or 54%) and ( 205 were priced over $1,000,000 or 46%) +The average time a listing is on the market is 63 days. + The average price per square foot is up this year about 3.6%, May-July 2018 to May-July 2019. I think this is due to the sale of many homes that are updated and ready to go. They have been setting records.

Over  the past several months, the number of homes on the market for sale, in the Gables, has been decreasing, ever so slightly.   Since May of 2019, the number of homes for sale has decreased by 8%. Even though, for that same period, the number of homes sold is down by 13%, the number of homes going under contract is beginning to rise by 2%. This could be a positive thing. For all those homes in the Gables, priced under $1M, there is a slight bit of positive information, as well. The total number of homes on the market has been decreasing by about 10% over the past three months. Comparing the July 2019 numbers with July 2018, the number of homes sold is up by 15% and the number of homes going under contract is up by 38%. The same thing holds true for all those homes priced over $1.0M. Inventory has been coming down slightly, over the past three months. The number of homes sold is down by 12%, but the number of homes going under contract is up by 14% In conclu...

513 Navarre Ave. 2/1.5 $550,000   Some weekends you  have no room left in your sign-in sheet, and that was the case on both of these homes. These new listings had a total of nearly 100 people come through to see them. Our opinion is that this is what happens when you price houses to sell. These two houses are both in great locations in Coral Gables, they have a lot of potential and in the case of Navarre it is move-in ready! 1418 Mantua Ave. 3/3 $750,000  Mantua has a big lot with over 10,000 sq ft and is in a great location near the University of Miami and downtown South Miami. A real oasis of a home! The open houses were so busy that we've also had a good number of calls for both homes for second showings, so wish us luck! To learn more about the properties visit, www.slesnick.net and follow us on instagram for more pictures, @slesnickjochemrealty

840 Coral Way has to be one of the most unique homes in all of Coral Gables. Built in 1926 and designed by noted architects John and Coulton Skinner for R.D. Maxwell. This house is a testament of the artistry and craftsmanship of the designers who worked in Coral Gables during its boom. The structure is an excellent example of the larger homes that were constructed along this prominent street. Designed in the "Italianate" style the house has an elaborate central portal, which comes to a pediment at the roof line to focus the entrance. The Skinner brothers also used round oculus windows at the mezzanine floor level to articulate the walls that allow for such high ceilings. The ground floor was originally composed of a formal living room, library and dinning room and designed around an open loggia. Above on the second floor there are five bedrooms for the family that were connected two by two with a central bathroom. Covered porches were also integrated into the design of...

 Average U.S. mortgage rates started the year by dipping to new lows, with the benchmark 30-year rate marking its lowest level since May 2013. The ongoing decline in mortgage rates would appear to be a boon for prospective home buyers. But it hasn't yet significantly enticed more buyers into the market. At the same time, there are fewer distressed properties and bargains coming onto the market that attract real estate investors. This week the nationwide average rate on the 30-year loan fell to 3.73 percent from 3.87 percent last week, mortgage giant Freddie Mac reported. The average for a 15-year mortgage, a popular choice for people who are refinancing, slid to 3.05 percent from 3.15 percent last week. A year ago, the 30-year mortgage stood at 4.51 percent and the 15-year mortgage at 3.56 percent. Mortgage rates have remained low even though the Federal Reserve in October ended its monthly bond purchases, which were meant to hold down long-term rates. The housing market has st...

Miami is still experiencing an unprecedented real estate boom fueled by a robust pool of wealthy out-of-town buyers and projects built by experienced, well-financed developers, according to prominent real estate insiders. Yet, big drops in November condo sales and the weakening buying power of foreign investors could mean the boom is in for a slowdown in the coming year, some economists and real estate analysts say. Developer Richard LeFrak told The Real Deal last month that he doesn’t see Miami’s current cycle slowing down soon. “I’d be worried if interest rates go up and consumer confidence drops,” LeFrak said, speaking at a sales party for his 1 Hotels & Homes South Beach. “But the U.S. economy is doing well and the stock market is high.”  LeFrak cited the dramatic increase in the number of buyers from the northeastern U.S. over the past two years as evidence of a continually bullish Miami market. “These are the people paying the big prices in Miami Beach…They all like Mia...

Retirement surge. Those words are real estate consultant John Burns' "big idea" for 2015. More Americans were born in the 1950s — 41 million — than any other decade, he blogs. And they will be "dropping out of the workforce in droves" this year as they begin turning 65. His advice: take advantage of the sizable surge, no matter what your business. Lennar has, among designs seen as ideal for boomers, a NextGen "multigenerational" home with an extra suite. For homebuilders, the seismic shift is an opportunity to throw down the welcome mat to a demographic that has better credit and more cash than younger buyers, especially those still largely missing first-timers. "It's a pretty affluent group compared to prior generations of retirees," Burns told IBD. Formidable Demographic Those born in the 1950s are just part of the wave, though a big one, of the 78 million or so baby boomers born between 1946 and 1964. Americans 55 an...

Homeowners are showing a bigger appetite for smart home technology. Nearly half of consumers – 46% – say it's important their current home or the next home they purchase have smart home technology, according to a survey of nearly 2,500 consumers, conducted by ERA Real Estate and HGTV . Survey respondents had recently participated in an HGTV national focus group on smart home technology. Homeowners and buyers say they see the value in smart home technology for comfort, safety, and cost savings, and 51% surveyed say they would consider installing smart home technology in their home to make their home more marketable to future home buyers. The younger segment of the millennial generation is the most likely age group to spend money on smart home technology – 10 times more likely than the percentage of generation X members who say they'd consider adding smart home technology to their homes, the survey reported. "While still a growing trend, smart home enhancements have...

Through September of 2014, Miami had the No. 8 new construction market in the country. According to fresh numbers from Dodge Data & Analytics , Miami’s construction starts for the first nine months of 2014 totaled $6 billion, an strong 19 percent increase over the same period in 2013. Indeed, such numbers are consistent with what we constantly hear from real estate professionals. As Claudio Stivelman , the CEO of S2 Development, explained to us, “Unlike 2007, this development cycle is being carefully guarded by the development industry. Builders and lenders alike have learned to avoid speculation by vetting projects and making sure they are financially sound and secure prior to breaking ground … the demand and strength of the domestic and foreign economies continue to allow Miami to become one of the most sought after markets in the country.” Read more at Miami Agent magazine .

 Join Us for a Discussion of Education Feform in Florida's Public Schools What is Common Core?  How about the Sunshine State Standards?  Join the Good Government Initiative as we discuss the pros and cons of the latest attempt at education reform in Florida's public schools - the benefits, the politics, and what the future holds. Featuring: Miami-Dade County Public Schools Superintendent Alberto Carvalho, Miami-Dade County Public Schools teacher and Florida State Senator Dwight Bullard, Miami-Dade Public Schools Board Member Raquel Regalado, and University of Miami's School of Education and Human Development Senior Associate Dean Walter Secada. Moderated by President and CEO of the Good Government Initiative Katy Sorenson. 11:30 am registration, 12 noon lunch and 12:30 pm conversation Register Now! $35 Individual Ticket $50 GGI Contributor $20 ECOB (Engaged Citizen on a Budget) $10 Student (with valid I.D.) Monday November 24, 2014 from 11:30 AM to 1:30 ...

Florida had more cash sales in the third quarter of 2014 than any other U.S. state, and a closer look at metro areas finds five Florida cities in the top five – and eight in the top 10. The data includes both single-family homes and condos. According to RealtyTrac'sQ3 2014 U.S. Institutional Investor & Cash Sales Report, the state also has four of the top 10 cities for cash sales by institutional investors – buyers who purchase 10 or more homes per year. In the third quarter (July-September), over half of all Florida sales (53.5 percent) were all-cash. Only Maine came close with 50.0 percent, followed by Alabama with 42.2 percent. Still, the percentage of all-cash Florida sales has declined over time. In the second quarter it was 57.6 percent; a year earlier, it was 56.2 percent. Drilling down by metro area, Florida is also home to the U.S. leader: In Miami-Fort Lauderdale-Pompano Beach, two out of three sales are all-cash (59.1 percent), though in both the quarter and a ...

People from other countries and other states are pouring into Florida again, a sign of the state's recovery from a long period of economic doldrums and slow growth. Recently released U.S. Census numbers show that Florida's foreign-born population increased by 140,000 from 2010 through last year. And movement within the United States left Florida with a net gain of 105,000 residents last year and 109,000 in 2012 — 84% more than in the previous two years. The population surge has accelerated this year, according to state estimates, growing at a rate of about 700 new residents a day. That's a healthy increase, though still less than the big migrations during the Sunbelt boom of past decades. For many job seekers, South Florida has become a hip beachside destination with a nexus of entrepreneurs, investors, a big consumer market and a gateway to Latin America. Read more at Sun-Sentinel.com

With 8,000 baby boomers expected to retire daily for the next several years in the U.S., Southwest Florida stands to benefit from a massive influx of home buyers, the chief economist of the National Association of Realtors believes. Lawrence Yun said the baby boom influx will not be just from the U.S. states, because the phenomenon was not limited to America. "After the war, servicemen came home and started having babies," Yun told an audience of 200 Wednesday at the annual Sarasota International Real Estate Conference. "The same thing happened all over the world." Already, half of all foreigners who buy real estate in Florida are retired. In all, foreign buyers make up about 10% of the state's buyers, Yun noted, though locally that figure may be higher. While German buyers tend to acquire property in Naples—partly because there's a direct flight from Dusseldorf to Southwest Florida International Airport outside Fort Myers—Sarasota attracts ...

Starting October 5th, the Coral Gables branch of Miami-Dade County Public Libraries will be open: Monday-Friday , and  Sunday 10 a.m. - 6 p.m. Tuesday  and Wednesday 12:00 noon - 8 p.m. Closed on Thursdays 3443 Segovia Street Coral Gables, FL 305 442 8706

Although sales and inventory are up in the state of Florida, nationally home sales are down, 1.8%, and investors have retreated because inventory of distressed properties has gone down. From The Washington Post article:  "Cash buyers retreat from housing market, cooling home sales": Sales of previously built homes dropped last month in part because investors paying all cash to buy foreclosures retreated once the supply of distressed properties shrank, a real estate industry group reported Monday. The National Association of Realtors said that existing-home sales fell 1.8% in August from the previous month to a seasonally adjusted annual rate of 5.05 million. The performance — which captures sales completed last month — is also down 5.3% from a year earlier. The results signal yet another stumble in the housing market’s stilted housing recovery, though Realtors tried to put a positive spin on the development. The group said that having investors retreat from the market...

Florida's housing market saw higher median prices and a rising inventory in August, according to the latest housing data released by Florida Realtors®. Closed Sales of single-family homes statewide totaled 21,742 last month, up 4.9% over the August 2013 figure. "For several months now, stability and consistency are key trends we're seeing in Florida's housing market, as the state's jobs outlook remains steady and the economy continues to grow," says 2014 Florida Realtors President Sherri Meadows, CEO (and team leader, Keller Williams, with market centers in Gainesville, Ocala and The Villages). "The statewide inventory (active listings) for single-family homes last month rose 13% year-over-year, while the townhouse-condo inventory of active listings rose 8.9%." Read more at FloridaRealtors.org

Fewer Americans bought homes in August, as investors retreated from real estate and first-time buyers remained scarce. Sales of existing homes (as opposed to new construction) fell 1.8% to a seasonally adjusted annual rate of 5.05 million, the National Association of Realtors said Monday. That snapped a four-month streak of gains. August sales were down from a July rate of 5.14 million, a figure that was also revised slightly downward.   Much of the decline came from the exodus of investors , who had been buying properties in the aftermath of the housing bust and recession. Investors accounted for just 12% of August purchases, compared to 17% a year earlier.   Overall, the pace of home sales has dropped 5.3% year-over-year.   The August figures show that real estate recovery has depended largely on investors and all-cash sales, instead of families looking to purchasing a house.  "It is apparent that much of the juice in the existing-home sales market re...

Southern Wine and Spirits of America’s Chopin for All  FREE Concert Series presents a Piano Recital by Young American Pianist, Ivan Moshchuk The Chopin Foundation of the U.S. opens the new season of Chopin for All FREE Concerts  on October 11 & 12, 2014, with young outstanding American pianist, Ivan Moshchuk, in an all-Chopin program.   Each concert in the Chopin for All series is presented twice: On Saturday at Broward County Main Library in Fort Lauderdale, and on the following Sunday at Granada Presbyterian Church in Coral Gables. FREE ADMISSION No Tickets Required Saturday, October 11, 2014 at 3:00 PM, Broward County Main Library, 100 S. Andrews Ave, Ft. Lauderdale Sunday, October 12, 2014 at 3:00 PM, Granada Presbyterian Church, 950 University Drive, Coral Gables Twenty-three-year-old Ivan Moshchuk is among the most promising young artists of his generation, aiming to redefine the limits of classical music in the context of the 21st centur...