Miami Real Estate | 5 Neighborhoods that Offer More Bang for your Buck!
The 5 Miami Neighborhoods To Start Looking into!
Pinecrest is without a doubt one of the best places to raise a family if you want to be close to Miami’s best private and public schools. Because of the great schools and the enormous influx of relocating families, inventory is now at an all time low and prices per SqFt are increasing. As a result it is harder and harder for buyers with a budget of $1.5M or below to find good options in the area.
What was a good budget 10 years ago, does not have the same purchasing power today. With a budget of $1.5M you can approximately get a 1,800-2,500 SF Pinecrest house with 3 or 4 bedrooms and most of the time these properties will require some kind of renovation or updating. As a result, more and more families end up looking into other neighborhoods that are still near the city’s best schools, but offer more attractive prices per SF. Some of these areas are Palmetto Bay (Just south of Pinecrest), Glenvar Heights (South Miami) and Coral Terrace. Sometimes 2 or 3 blocks change the whole scenario in terms of budget and you get a better bang for your buck without compromising too much in terms of location.
Our Example in Palmetto Bay: 14622 Sw 82nd Ct, Palmetto Bay
One great example is my client’s home in Palmetto Ba. I sold them this house in the beginning of 2016 . This 60’s house offers a great floor plan, 4 bedrooms, 3 bathrooms and just over 3,000 SF of living area on a 15,000 Sf lot. The property however was ready to be remodeled. My clients paid $186 per SF which was below the average for the area at that time when similar houses were selling for more than $200 per SF. This gave my buyers some leverage and confidence to invest money in the house. They invested 200K in the house updating the floors, kitchen, bathrooms and backyard. The newly renovated home could trade for around $350 per SF, which is a 37.5% appreciation in value after spending $200K on renovations. Please bare in mind that a sales price of $350 per SF is a conservative price in this market, as houses like this usually end up going to a bidding war and selling for more than the asking price.
It is always important to monitor the market and being able to recognize rising areas that will become the next up and comer to be able to capitalize on your investment and to be able to do this is always important to have a good real estate agent knowledgeable about the specific neighborhoods that you are taking into consideration.