Location Ventures CEO Rishi Kapoor was recently featured in Coral Gables Magazine article titled “The Condo Alternative – Gables’ Condos Sales Soar As Prices of Single-Family Homes Hit New Highs”.
From the article:
The high-end for the condo market is also seeing brisk sales. At the new Villa Valencia, due for completion this year, units start at $1.6 million and go all the way to $14.9 million for the penthouse. Now 80 percent sold out, the units sell for an average of $1,100 per square foot.
“We had always marketed ourselves as an alternative [to single-family homes] and with 3,000 square feet inside and 1,000 square feet of balcony, this is condo living without compromise,” said Rishi Kapoor, CEO of developer Location Ventures.
“We are absolutely the sweet spot for people looking for value”
In March, Miller Samuel, Inc., a New York City-based real estate appraiser and consultant reported that signed contracts for condos in Miami-Dade County were triple the number from the same period before the pandemic, with significant annual gains for the past 14 months. With that kind of pressure, condos may soon become as scarce as single-family homes. Typically, condos represent more than half the total inventory in South Florida. In The Gables today, condos now represent only 45 percent of the inventory – 80 condominiums for sale versus 96 single homes as of press time.
Read More From The Coral Gables Magazine Artice HERE