The 2019 / 2020 Pinecrest Real Estate Forecast

The 2019 Forecast for Pinecrest Homes

• With interest rates and mortgage costs going up we predict the lower-end of the market to grow continuously. We also saw an increased demand for homes below $1M by the end of 2018 as prices in Pinecrest are low compared to other desired areas like the Grove and the Gables, yet quality of life is high.
• The Pinecrest luxury market of $3M+ will see a correction as this market is oversupplied with 45 months of inventory. In combination with rising interest rates and mortgage costs, corrections are even more likely. Next year might be a great moment for buyers to get some great deals from distressed sellers.
• We predict that the new construction in Pinecrest, specially the high-end properties will experience a price correction. Supply of new homes is high with the majority of them priced above current market prices.
• We anticipate a rise in rental prices in 2019. 4 Bedroom homes with a pool are very desired and the demand is higher than the supply.
• If you want to be successful at selling your Pinecrest Home you list in the months between March and June. As many families choose to live in Pinecrest for its proximity to excellent schools, the house hunting season starts in March. This is the month when school admissions are communicated and decisions are made. Do not wait until after summer to list your Pinecrest home.
• We recognize the unique nature of gated communities in Pinecrest like Gables by the Sea, Cutler Bay Estates, Devon Wood as well as quiet Cul De Sac Streets which have a small community style feel.

Advice for Pinecrest Buyers

Pinecrest is home to some of the most prestigious private schools in Miami Dade; Gulliver and Palmer Trinity to name just two. The values in this neighborhood and negotiating power make this a great time to get (if that’s what you need) a considerable sized property (5,500 sqft+), on a considerable sized lots (30,000 sqft+) much bigger than you will find in Coral Gables or South Miami. The sales prices per sqft in the early part of 2019 came in well under $400 per sqft. Forget the asking price and recognize the over-supply of product and the over- ambitious prices per sqft of many homes in the $2-3M range.

The high-end of the market is especially soft and with high inventory there is an abundance of choice. This is a great moment for buyers to come in and make lower offers and see big discounts. This goes for older as well as brand new construction homes. Recognize however that this is still a primary and strong market so offering much below market will not be recommended.

When you are looking for a brand new home, please recognize the level of finishes. Developers all too often cut corners with spec homes making it easy to overpay for a new construction home.

For buyers of homes around the $1M dollar, this remains a challenging market. If you see a good quality home here, you need to act fast. This is the entry level in a desired market with limited inventory.