The 7 Reasons to Buy A Palmetto Bay Home

Why you should consider buying a Palmetto Bay Home

Palmetto Bay offers large lots and homes for more affordable prices

Palmetto Bay is known for its large homes and lot sizes. In the table below you see that the average homes in Palmetto Bay measure 2,822 SF. The median SF however shows 2,667 SF which makes Palmetto Bay homes the second largest home in our study. In this particular study the median might be a better measurement as it takes the extreme large multi-million Dollar homes, which we often find in the other areas, out of the equation. Lot sizes also rank (Both median lot size as well as average lot size ) as the second largest.

When we check the prices per SF in Palmetto Bay we see a sharp contrast with other desired neighborhoods. The smallest difference is a $100 per SF gap with neighboring Pinecrest.

Palmetto Bay DSG

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Palmetto Bay Homes

Low Property Taxes

Property taxes might be a huge burden on your yearly real estate costs. The property taxes in Palmetto Bay are 1.83% (As per 2017). To put this into perspective Miami charges 2.18%, Coral Gables 1.91% and Miami Beach 1.94%.Besides the property tax percentage being relatively low, owners of Palmetto Bay properties pay less taxes as the homes values or lower and thus the taxes lower.

More information on property taxes in Miami Dade

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Many (relatively) New Homes from the 90s and after

In 1992 Miami was hit by hurricane Andrew and Palmetto Bay was unfortunately on its destructive path. The damages done by Andrew resulted in many homeowners rebuilding their home from the ground up. For this reason Palmetto Bay Homes are quite new which is often desired by buyers.

Great Schools

There is an increased interest in Palmetto Bay homes for sale as this family-oriented town is home to some great schools. Some of the best private schools are Palmer TrinityWestminster and Alexander Montessori. It is also has good public schools including : Coral Reef Elementary (rated 10) and Southwood Middle School.

Great Parks

Palmetto Bay is home to some beautiful parks. One of the most beautiful parks in the area is the Coral Reef Park with more than 50 acres of open green spaces, pine land, preserved areas and a tranquil streaming canal the park is centrally located for walking, playing, reading, relaxing and picnicking. Coral Reef hosts free outdoor movies for residents throughout the year, tennis programs and exercise classes. Residents also come out for beach volleyball in the white sand court, baseball, exercise trail or just for a meal and refreshments at the Parkiside Cafe.

Palmetto Bay is extremely Family Oriented

Of course we have the large homes, the large lots and the presence of excellent schools and parks, but Palmetto Bay is also very safe. The area is home to many family with kids. Our Palmetto Bay specialist Cristiane Buzolin lives here with her two young sons, please feel free to ask her personally how she experiences her life with children in Palmetto Bay (Cristiane +1.305.775.1198)

A Booming new area – The new Pinecrest?

Remember when Pinecrest was seen as “out of direction” and “the lesser sibling of Coral Gables”? Well in case you would have bought in Pinecrest 5 years ago, you would now be sitting on a gold mine. As Miami’s traditionally desired locations such as Coral Gables and the Grove are getting increasingly exclusive and expensive, many buyers are looking further south. Pinecrest saw an enormous change in the last 5 years, during which many families established themselves in the area. Many older homes were rebuilt into beautiful and contemporary mansions and prices almost doubled. With Pinecrest now being less and less affordable, what area will be next to boom?

In the graphs below we see that the sales prices per SF are continuously increasing and the months of inventory are showing a very well balanced market. A market with 6 to 9 months of inventory is a balanced market, while below 6 months of inventory we speak of a sellers market in which there is more demand than supply. An inventory of 9+ months is a buyers market with more supply than demand.  A buyer’s market might lead to price reductions while a sellers market is most likely to result in rising prices. The Palmetto Bay real estate market mostly shows signs of a sellers/neutral market.

Palmetto Bay Home
Palmetto Bay Home

The David Siddons Group is a top producing Miami real estate group known for their market analysis, real estate blogs and Miami real estate guides. Cristiane Buzolin is the group’s Palmetto Bay specialist. She lives and works in her area and knows the neighborhood like nobody else

For more information about buying a Palmetto Bay property or selling your Palmetto Bay property please contact Cristiane or David

Cristiane Buzolin | cris@siddonsgroup.com | +1.305.775.1198
David Siddons | david@siddonsgroup.com | +1.305.508.0899

FAQ

These are the most commonly asked Google Real Estate Related questions

1. What are the Current Best New Condos in Miami?

If you want to hear in more details our opinions on the best new Miami new construction condos. Please read this article:Best New Construction Condos 2022-2023

2. What is the best New Construction Condo in Fort Lauderdale?

In our opinion, the Residences at Pier Sixty-six are certainly the most interesting and unique. Already well underway this 32 Acre project will be home to the first of its kind Marina where owners will be able to anchor up vessels up to a staggering 400 ft! For specifics of this project see our independent review of this project.

3. How can I compare the new luxury construction Condos to the best existing Luxury Condos in Miami? 

Our Best Luxury Condos in Miami article will prove to be very useful to those looking to compare the existing to the new. You may also want to watch this video which shows the performance of the best Condos in Miami over the last 15 years!

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