By Judy Zeder | Founding Partner, The Jills Zeder Group
There is a pervasive myth in Miami real estate that “New is Better.” In the speculation-driven markets, perhaps. But in Coral Gables, the data tells a different story. We are witnessing a distinct “Flight to Pedigree,” where renovated 1920s George Merrick “Old Spanish” estates are commanding higher price-per-square-foot valuations than the generic “white box” speculative homes built in 2024.
Why is the market pivoting back to history? It comes down to three factors: Soul, Scarcity, and Strictness.
1. The Protection of Value via the Board of Architects
Clients often complain initially about the strictness of the Coral Gables Board of Architects. They dictate everything from the curvature of the arches to the shade of the barrel tile roof.
I tell my clients: This bureaucracy is your best friend.
It is precisely this strict adherence to George Merrick’s 1920s “City Beautiful” vision that prevents your neighbor from building a monstrosity that degrades your property value. In a world of chaotic development, Coral Gables offers aesthetic certainty. You are buying into a curated art gallery, not a construction site.
2. Materials You Cannot Buy Today
I recently listed a home on the historic Santa Maria Street. The floors were Dade County Pine—a wood so dense and termite-resistant it is literally extinct and cannot be harvested today. The exterior was native coral rock, hand-quarried a century ago.
To replicate these materials today is impossible. You can buy Italian marble; you cannot buy history.
Sophisticated European and Northeastern buyers recognize this. They see a 2025 “Spec Home” as a depreciating asset (like a new car), whereas a restored 1925 Merrick home is viewed as fine art—an asset that appreciates with age.
3. The “Anti-White Box” Movement
We are seeing “White Box Fatigue.” The ultra-high-net-worth buyer is tired of the seamless glass, the cold porcelain floors, and the lack of character.
They want the thick walls, the courtyards, the fountains, and the lush, overgrown canopies that only exist in properties that have settled into the earth for 100 years.
- The Trend: Modernizing the infrastructure (Lutron lighting, impact windows, Wolf/SubZero kitchens) while fiercely protecting the envelope (the facade, the arches, the courtyard).
4. Advice to Sellers of Historic Homes
Do not tear it down.
Ten years ago, the land might have been worth more than the house. Today, the “shell” of a historic home adds millions in value if positioned correctly. We frame these homes not as “fixer-uppers,” but as “Restoration Opportunities” for the connoisseur class.
If you own a piece of Coral Gables history, you are the custodian of a limited edition asset. Treat it as such.
Judy Zeder is a recognized authority on historic properties in Coral Gables, Coconut Grove, and Ponce-Davis. Her sales record includes landmark estates that define the architectural heritage of South Florida.