Coral Gables has existed for a century. It is defined by its presence on Biscayne Bay and its proximity to Miami. Both of these matters have led to the city being expensive, but real estate prices can swing wildly. What factors impact real estate’s future in Coral Gables?
Natural Beauty and Amenities in Coral Gables
You’re always going to pay more for real estate next to the classic, walkable sandy beach than one with rock strewn beaches. And few people will pay a fortune to live near a nasty, dirty beach or one covered by shanties. This is why one factor affecting Coral Gables real estate is the quality of the beaches. That’s why people pay an average price of a million dollars for a home in Coral Gables, more than twice what the average home in Miami costs. More importantly, the beaches aren’t as crowded with tourists. As long as Coral Gables maintains its beaches, this will keep real estate prices high.
Safety and Security
Coral Gables has an upscale vibe, but it is quality of life that attracts many here. Compared to Miami, it is incredibly safe. It isn’t just a near nil murder and rape rate. It is a far lower rate of property crime. Then you don’t have to worry about having your car broken into or being robbed walking down the street. In fact, this is one reason why many tourists land in Miami but stay in Coral Gables.
Supply and Demand
Coral Gables is thoroughly built-up. There is almost no way to build new housing in the Coral Gables area without tearing down existing properties. That drives up the cost of new real estate. The city also has its own limits on potential supply such as prohibiting the construction of towering apartment and condo buildings. The city is also seeing hotels popping up in downtown. That cuts into the residential market, since these units aren’t available to locals. All of this results in limited supply relative to local demand, propping up Coral Gables real estate prices.
The Coral Gables Quality of Life
People don’t uproot their lives and pay hundreds of thousands of dollars more for a house or condo because the area has lovely historic buildings or a slightly higher walk score. However, essential quality of life issues may make them make the move. We’ve already addressed crime. Another factor is the good school district. Your kids get a real education in Coral Gables. There’s ample green space in parks they can safely walk to, too, making it attractive for families that can afford to live here.
The city is almost the antithesis of party city, also known as Miami. That makes it a better choice for retirees who don’t want to fight traffic crossing the street or begging neighbors to quiet down at night. For families, it means less risk of kids being exposed to drugs or addicts, fewer wild parties turning into riots or parades making it impossible to get to work. You don’t have as many bars, but you don’t have to give up great restaurants or brand name shopping venues.