The continuing vitality of the Coral Gables residential market was reemphasized with two August property sales by veteran Realtor Sonia M. Blair that total over $1 million.
Both of her most recent residential property sales involve older buildings with zoning that would allow for more than doubling current property structural configurations, she noted.
Four residential units in the Gables’ traditional Mediterranean style owned by Mario G. Bini at 1010 Douglas Rd. were sold on Aug. 2 through Blair for $427,500 to Milke Kavachuk, owner of Alton Beach LLC.
A six-unit apartment building at 33, 35 and 37 Phoenetia Ave., also owned by Bini, was sold on Aug. 22 for $597,500, a transaction Blair arranged between seller Bini, managing director of Mabigo Properties, and Salvadore Bonilla, managing member of TITI Grove LLC.
“Whether older residential or commercial structures, demand for Coral Gables value continues to lead the current upward trend of Miami-Dade’s real estate markets,” said Blair who has sold more than $165 million in properties, many involving assemblages of multiple units or abutting site locations.
The Douglas Road building consists of four-bedroom, one-bath units on a 13,310- square-foot lot size, adjusted to 2,982 square feet. When originally built in 1932, a different configuration provided a twobedroom, two-bath unit.
Special zoning for the property that includes a large area for entertainment can provide expansion of up to 15 units, noted Blair who said current tenants have resided in the building for more than 25 years.
The second property on a 100- by 110- foot lot size has an adjusted 3,413-squarefoot site size, with a potential build out of up to 13 units with current multifamily medium density zoning.
Built in 1947 with an original R. K. Cooper architectural design, the building consists of four large one-bedroom, onebath units and two smaller apartments of the same configuration. Recent renovations have included a new flat tile roofing (completed in July) and extensive interior unit remodeling with marble-like tiling and updated baths, Blair said.
The Phoenetia building is located one block from Ponce de Leon Boulevard and Douglas Road, near the Guardian Shepherd Lutheran Christian Day School in the north residential area adjoining the downtown Coral Gables business district.
For more information, contact Sonia M. Blair, Realtor, at 305-446-8695 or visit www.soniamblair.com