Recently we had an opportunity to take an in-depth look at the sales activity for Single Family Homes above the $3 Million price range located here in Pinecrest.
We were surprised by the results gathered and what it currently means for the upper end of the luxury market here in Pinecrest. More on that to follow below.
For the purpose of our research, we focused exclusively in the area of Pinecrest located between SW 57 Ave (Red Road) and SW 67 Ave (Ludlam Rd) and between SW 88 Str (Kendall Dr) and SW 136 St (Howard Dr). The illustration below shows the boundaries of our search.
As the figure below illustrates, there have been a total of 10 sales within the past 365 days above the $3 Million range in this sector of Pinecrest. All sales data utilized in this publication was gathered from the Miami Association of Realtors – Multiple Listings Service effective Friday, 5/12/2017.
Of these 10 sales, only 2 have been within the current 2017 calendar year. This is the figure which most surprised us. Most recently, 5960 SW 96 Street sold for $3.8 Million on 4/17/17 followed by 12351 Rock Garden Lane which sold for $3.599 Million on 3/13/2017. Both properties had been on the market for above 200 days.
The remaining 8 sales all occurred between May and September of 2016. Among these, Prestige Realty Group had the privilege of representing the seller’s side for the transaction of 9701 SW 63 Ct which has the highest sales price per MLS records at $5.5 Million. The property was on the market for only 66 days prior to selling for 97.35% of the original asking price and traded hands for $500.00 per square foot. See below for complete details on each of the 10 sales.
Currently there is only 1 property with a status of Pending Sale (PS) in the Multiple Listings Service (MLS) in the $3 Million and up fold. 11250 SW 60 Ct originally came on the market back in 6/09/2016 (337 days back) and had an initial sales price of $4.15 Million. After several price reductions, the property went under contract recently on 5/11/2017 while at the currently reduced price of $3.79 Million. We will have to await the closing of this transaction to determine if that was the final sales price or if further negotiations were reached.
In sharp contrast to the 2 recorded sales and only pending sale for 2017 above the $3 Million fold, there is an overwhelming amount of inventory in this sector of Pinecrest. In total, there are currently 39 actively listed homes above $3 Million. In addition to these move-in ready homes, there are at least 10+ properties available for purchase in the neighborhood which are under construction. Lastly, there are still several investors who are purchasing vacant lots in the $1+ Million range with the intention of building new homes.
So what do all of these factors mean?
The data leads us to only one conclusion. If you are in the market to buy in Pinecrest and are looking at the upper end of the luxury market ($3 Million and up) then you are definitely at an advantage. With an abundance of inventory to select from and stagnated sales, buyers in this specific market can aggressively negotiate to achieve the best sale terms possible. A reluctant seller who is unwavering in their asking prices or sale terms will most realistically miss out on the sale as the buyer can simply go on to the next home or the one after that.
Below are the currently listed homes above the $3 Million range in this area of Pinecrest.
If you are considering to purchase, sell, or rent in Pinecrest contact us today! Our team of highly experienced and qualified agents have an acute understanding of the Miami real estate market and are equipped with all of the tools necessary to help you meet your personal residential housing needs. Don’t delay, contact us today and let us help you make your dream a reality!
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