If you have kept up with the real estate market in Miami and
the surrounding areas, you know that prices are climbing and inventory is in
demand. For those still wanting solid
real estate investments, there are several affordable Coral Gables condominiums that offer
the opportunity to buy property in buildings where residents seek rentals. Here are a handful of condominiums:
Valencia Condo, South
Miami, 6001 SW 70th Street, Miami.
While not technically in Coral Gables, Valencia is located in the
perfect location for investors. It is
close to the main travel arteries that provide a quick drive to Coral Gables,
Downtown and the surrounding areas as well as the South Miami Rail Station and
University of Miami. On top of that, it
units feature great amenities including gourmet kitchens, entertaining bars, a
private terrace/balcony, track lighting, built-in alarm systems and much
more. As for community amenities, there
are 24-hr camera security, covered parking, pool, and other conveniences. List prices start in the $120s for a
one-bedroom unit and climb into the mid-$300s for a unit with four bedrooms and
three baths. Rental rates typically range
between $1,300 and $3,500 per month.
Douglas Grand, 50
Menores Avenue, Coral Gables. Built
in 2002, Douglas Grand is situated in the heart of Coral Gables just blocks off
the Miracle Mile and adjacent to Phillips Park.
Residents enjoy amenities like a fitness center, resort-style pool,
concierge, security, and covered parking.
Inside each unit, there are balconies, roomy kitchens, bedrooms and
living areas, and more. Probably the
most popular feature of Douglas Grand is that it sits atop Publix. As for list prices, the range is usually from
the low-$200s to the low-$300s with rental rates falling between about $1,400
per month for a studio and about $2,300 for two-bedroom units. Over the last 12 months, nine units have sold
with sale prices between $165K for a one-bedroom/one-bath and $309K for a
two-bedroom/two-bath. The average number
of days on the market for these 12 is 155 days however three of them took an
exceptionally longer time to sell than the other.
Metropolis at Dadeland,
9055/9066 SW 73rd Court, Dadeland. Metropolis at Dadeland condo is a two-tower
property located in the center of what we call Downtown Dadeland. Dadeland is just south of Coral Gables and
has streets with tree-lined medians that give way to a lovely part of South
Florida. Metropolis is in an ideal
location as it is close to the University of Miami and offers direct access to
downtown Miami via Metro-Rail. Residents
enjoy amenities like a resort-style pool, fitness center, and other
conveniences. Each unit is spacious with
roomy updated kitchens, bedrooms and baths, private terraces, washers/dryers,
and so much more. Investors can expect
to pay between the upper-$180s and the mid-$400s. There have been 12 sales in the past six
months with sales in the above range. As
for leasing, rental rates are anywhere from about $1,500 to just under $3,000
per month. Rental units at Metropolis at Dadeland are offered on
long-term leases only and typically rent within about two months.
Ten Aragon, 10 Aragon
Avenue, Coral Gables. Situated on
the Miracle Mile, Ten Aragon is the quintessential Coral Gables condominium
that is close to everything in Coral Gables.
In addition, Ten Aragon is close to top rated golf courses and just a
short drive from Downtown Miami and South Beach. The property is large with over 500,000
square feet of mixed use space including a 10-story residential condominium and
over 65,000 square feet of commercial space.
Residences are spacious and offer nine to 10-foot ceilings, impact-resistant
sliding glass doors that open to balconies with beautiful unobstructed views, spacious
walk-in closets, and much more. Upgrades
are available in some units with high-end features. Community amenities include a fitness center,
large outdoor pool, concierge, security, covered and assigned parking and much
more. Ten Aragon is very appealing to
renters because of its prime location along with the affordable luxury that
comes with living here. Investors can
expect units to list between the upper-$200s and low-$600s as the four units
sold thus far this year have landed in this range. There is a broad range of monthly rates at
Ten Aragon typically between about $1,800 and over $5,000.
Investment Opportunities
In addition to these condominiums, there are lots of real estate investment opportunities throughout Coral Gables and its surrounding
areas. Many people place a larger
emphasis on living in a certain neighborhood or area in Miami-Dade County. It just takes a little research to find the
best investments that the most potential of yielding the biggest return.
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