Villa Valencia in The City Beautiful’s Annual Guide
September 7, 2021.
From the article:
Coral Gables is known for single-family houses with leafy canopies and ample lawns. But a new residential option is gaining traction: luxury townhomes and house-size condos, especially for empty-nesters and new arrivals from cities in New York and California.
The trend is clear in the success of Coral Gables-based developer: Rishi Kapoor, who has deluxe projects selling now and plans for even bigger ones.
Kapoor is developing Villa Valencia, a 13-story condo building downtown with 39 units selling for an average $2.5 million each. He expects to start delivering units in December 2021, provided supplies are not too delayed by Covid bottlenecks. As of summer, about 60 percent of the units were sold at an average price of $1,000 per square foot, “a new record for condos in Coral Gables,” says Kapoor.
“And we’re exploring a sequel larger than Villa Valencia,” says Kapoor. He’s considering a 17-floor building with similar luxury.
Kapoor estimates locals – mainly from the Gables, Coconut Grove, South Miami, Miami Beach and Key Biscayne – make up 65 percent of buyers at his Villa Valencia, most of them empty-nesters. “There’s a peace of mind of not having to take care of a large house and a large yard,” says Kapoor.
So far, Kapoor estimates U.S transplants make up about 25 percent of buyers at Villa Valencia.
The boost from out-of-town buyers has real estate executives especially buoyant. “The long-term trend for Coral Gables is up,” says BHHS/EWM’s O’Connol. “I fully expect demand for luxury real estate in the Gables to grow.” – Doreen Hemlock
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