In the first quarter of 2022, the Coral Gables residential real estate market has experienced inventory at an all-time low. MG Developer, Coral Gables’ most active real estate developer, can attest to the current demands. Its recently completed Althea Row, located in the historical Biltmore area of Coral Gables, sold 80% of its homes in less than 60 days of completion.
New buyers in South Florida are looking for newly built, high-quality residences. Proximity to restaurants, nightlife, and shopping largely influence buying decisions as well as ‘walkability’. For those who seek a low-density, semi-urban lifestyle, Coral Gables is the perfect fit.
Downtown Coral Gables has expanded in the last two years to keep up with the increasing demand. Retailers are opening more boutiques and shops along Miracle Mile, as well as new restaurants for more dining options. The city government is focused on attracting new, higher-end residential developments to provide more housing options.
As the pandemic is coming to an end, the near-term and long-term outlook for Coral Gables is seemingly brighter now than ever in the city’s 100-year history.
“The pandemic accelerated the demand for homes in South Florida. This was a trend that was building up for over a decade and now that big tech and finance companies are moving here, they are bringing people with higher-paying jobs that are driving the demand for high-end luxury homes, particularly in Coral Gables” said Ron Shuffield, President and CEO of Berkshire Hathaway HomeServices EWM Realty. “Our supply is at a historic low level of two months when we need to have six to nine months of healthy supply. Since the supply is decreasing, and the demand is increasing, we are seeing a significant appreciation of home prices”
MG Developer will soon be delivering 10 more luxurious residences called Biltmore Row. At approximately 6000 square feet, the three-story townhomes will have four to five bedrooms. They are one of a kind beautiful Spanish revival-inspired, contemporary-styled residences in the heart of Coral Gables.
For more information, please visit www.MGDeveloperMiami.com.
