The 2017 Real Estate Update for the Upper East Side of Miami
What Happened with Miami’s Upper East Side Homes in 2017 and What Can We Expect from the Upper East Side in 2018?
This blog provides an overview of Miami’s Upper East Side real estate market in 2017 and compares the first two quarters with the last two quarters (Excl Dec 2017). We also provide you with the months of inventory, which is one of the best indicators for future behavior.
Upper East Side Miami Real Estate in Numbers
As multi-million Dollar homes behave completely different than $400,000 homes, we divided the market in 4 price ranges. Below we indicated the price ranges used together with an explanation of what a typical (average) home in that price range looks like
- Homes in the $300K – $499,999 range, offer on average 1,500 SF on a 6,500-7,200 SF Lot
- Homes in the $500K – $749,999 range, offer on average between 1,650 and 1,850 SF of interior on a 7,000 SF Lot
- Homes in the $750K – $999,999 range, offer on average between 2,100 and 2,500 SF of interior on a 8,000 SF Lot
- Homes in the $1M+ range, offer on average between 3,000 and 3,200 SF of interior on a 13,000 SF + Lot
Please note that these are average home sizes and not all homes look like the “average” home
Looking at the table above, it can be seen that all price ranges saw an increase in the sales price per SF in the second half of 2017, except for the $750K to $1M range. The small price decrease in this price range is caused by the sales of 4 pre-construction homes in the brand new and gated community Casa Bianca. As these homes are being constructed their sales price per SF is lower than finished, resale homes. Without considering these 4 pre-construction homes, the average sales price per SF would have increased compared to the first half of 2017.
The table below displays the months of inventory. As mentioned before the months of inventory are a great indicator of future real estate behavior. A market that shows between 6 and 9 months of inventory is a stable market where demand and supply are in perfect equilibrium. A market with less than 6 months of inventory is a sellers market in which there is more demand than supply and prices are likely to rise. A buyers market of 9+ months is a market with more supply than demand. For the luxury market of $1M+ homes a stable or neutral market is a market with between 12 and 18 months of inventory. With 12 or less months being a sellers market and 18 or more months being a buyers market
- We see that the $300K – $500K market is a true sellers market
- The $500K – $750K market is a soft buyers market
- The $750K market is a soft buyers market
- The market of $1M+ is experiencing a buyers market as well
What can we expect from Miami’s Upper East Side Homes in 2018?
We are very bullish on the Upper East Side real estate market in Miami. The demand for Miami homes is very strong and homes in other desired areas such as Coral Gables, the Grove and Pinecrest are asking a higher price per SF.
The Upper East Side offers many historic homes with great architecture, which is hard to find elsewhere in Miami. This neighborhood is ideally located just 20 minutes from Miami Beach, 10 minutes from Brickell, 5 minutes from Wynwood and the Design District and close to the I-95, many parks (Morningside Park) and Golf Courses (Miami Shores Country Club). The area is very safe and home to many gated communities. For this reason the area is desired by families with children who enjoy the safe surroundings and who like to be close to private schools such as Miami Country Day and Cushman.
Editor’s Pick: Some of the best current listings in the Upper East Side of Miami
We choose three of the best homes for sale in the Upper East Side of Miami . We picked one home from Belle Meade, one home from Bay Pointe and one home from Morningside.
By clicking on the below links you will see all homes in these areas:
651 NE 69 St, Miami , FL 33138
4 Bedrooms | 2 Bathrooms | 2,738 SF | 7,500 SF Lot
Additional 1Be / 1 Ba Guest Cottage
Listed for $750,000
544 NE 58th St, Miami , FL 33137
5 Bedrooms | 5 Bathrooms | 3,306 SF | 11,340 SF Lot
Listed for $1,849,000
741 Buttonwood Ln, Miami , FL 33133
7 Bedrooms | 8 Bathrooms | 7,200 SF | 18,847 SF Lot
Listed for $9,595,000