Buying a home in Coral Gables

The Coral Gables market

Single-family homes are the core of the market, from homes on interior lots to estates on the bay. Condos are concentrated around Miracle Mile and along South Dixie Highway. Miracle Mile and Giralda Plaza give the city a walkable downtown, which is unusual in Miami.

Well-priced homes attract attention quickly. Buyers who arrive pre-approved and clear on what they want are the ones who get to make an offer.

Submarkets

North Gables is the city's most urban edge, close to the Douglas Road Metrorail station.

Central Coral Gables, roughly between Coral Way, Bird Road, Red Road and LeJeune Road, is where Merrick's original plan is most intact, with canopied streets and generous lots.

South Gables and Gables by the Sea border Biscayne Bay, with waterfront and water-access homes. Gables Estates is a gated deep-water enclave within the city.

What to check before you buy

Coral Gables has its own building department and a design review process separate from Miami-Dade County. If you plan a significant renovation, understand the city's requirements and timelines before you buy.

Much of South Florida sits in FEMA flood zones. Ask for a flood zone determination and get insurance quotes before you set your price, because flood and wind coverage can change the true monthly cost of a home more than a few thousand dollars on the price.

Florida's Homestead Exemption lowers the taxable value of a primary residence by up to $50,000, and the Save Our Homes cap then limits yearly increases in its assessed value to 3% or the change in the Consumer Price Index, whichever is lower. File with the county property appraiser by March 1 of the year after you buy.