Developed in the 1920s by George Merrick, Coral Gables is considered one of the first planned communities and a precursor to gated communities and HOAs.
Today the city of roughly 50,000 is known mostly for its four-block by two-mile long downtown, the University of Miami and luxury homes.
The city’s largest employer, the University of Miami boasts an enrollment of nearly 17,000 students.
The university is also responsible for a noticeable portion of development activity in the city. Two upcoming construction projects include a 845-space parking garage and a new health center. Both projects have received permits, according to the city’s website.
Other notable, permitted projects upcoming within Coral Gables include a hotel and a mixed-use building located on LeJeune Road and Ponce de León Boulevard, respectively. The later mentioned boulvevard intersects the city’s downtown.
Housing market in Coral Gables
According to Realtor.com, the median list price for a home in Coral Gables, as of early April, was $898,000. This total takes into account 831 listed homes. The site also notes that the median closing price in the city recently stood at $520,000.
Another source, Zillow, puts the city’s median home value at nearly $753,000, with a prediction that values will drop by roughly 1 percent during the next 12 months.
The city’s Coral Way historic district is home to a number of properties that sit on land once owned by George Merrick. One of these homes, 1929-built residence, recently sold for $3.75 million.
Aside from single-family homes, the city also boasts a luxury condo market. Several weeks ago a unit at the Gables Club was purchased for $4.6 million; however, the unit was on the market for nearly 320 days.
Typically a driver of home values, quality schools are located in the city. GreatSchools gives a “10” rating to George Washington Carver Middle School, Somerset Gables Academy and International Studies Prep Academy.
Getting around Coral Gables
Roughly six miles southwest of downtown Miami, Coral Gables is served by two Miami-Dade Metrorail stations and also features a trolly system that runs down Ponce de León throughout downtown.
In spite of this, WalkScore reports the city as having an average score of 56, pointing to the Crafts and Douglas neighborhoods as the most walkable – with scores of 91 and 86.
