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The 90-Day Pinecrest Luxury Real Estate Report Q3 2021 | Pinecrest Homes for Sale
Our First 90-Day Pinecrest Luxury Real Estate Report Q3 2021 | $1M+ Homes
Welcome to our first Pinecrest Luxury Real Estate Report Q3 2021. The David Siddons Group has produced many Pinecrest real estate market reports, but due to the dynamic of the Miami real estate market we have decided to introduce 90-Day real estate updates for Pinecrest and other desired Miami neighborhoods. The David Siddons Group wants to provide you with a complete overview of the market in less than 10 minutes. We provide you with the most important market data (months of inventory, number of active listings, sales and pending deals, key sales in the area and average sales prices per SF) in combination with our signature social narrative.
This report compares the last 90 days (essentially quarter 3 of 2021 to the same periods of time in 2019 and 2020)
The David Siddons Group represented the buyer in one of Pinecrest top deals
8975 SW 63rd Ct sold in August for $7,110,000 ($933 per SF). The property that was on the market for just 3 days sold for $110K above asking! The David Siddons Group represented the buyer in this transaction. This property traded for top dollar as it is a custom-built (rare), superbly finished home in prestigious Stritter Estates. The superb floor plan, abundance of light, double ceiling heights as well as the ultimate backyard retreat with summer kitchen, covered terraces, resort-style pool & spa are among the features that made this home trade for top dollar.
The 90-Day Pinecrest Luxury Real Estate Report for the $1M+ Single Family Home Market
The Prices per SF
Sales Data and Months of Inventory
Some of the Most Significant Pinecrest Home Sales
5851 SW 94th St traded for $4,315,000 (asking $4.3M) or $958 per SF just one week after listing it. The highest sales price per SF paid for a Pinecrest home in this price range in Q3 2021. This home is gated, private and beautifully finished with a very desired and open floor plan on a 52,000 SF lot.
7362 SW 104th St sold for its asking price at $3,750,000 0r $885 per SF just 8 days after listing it for sale. This was the second highest trade in Q3 of 2021 for the $3M-$5M range. This brand new construction home offers an abundance of light and is finished to perfection with special features like a walk-in glass wine cellar and built-in bar.
11905 SW 66th Ave was bought by one of our buyers in May of 2021 for $2,275,000. They decided to sell again in September of 2021 as they were being relocated back to their country of origin. They sold the property 4 months later for $2,650,000, which represents a 16.5% profit
Why is Inventory in Pinecrest so Low?
Pinecrest homes are located in a superb school district. It offers access to both A-Rated public schools and is close to Miami’s best private schools. While it was always a preferred location for locals, with the arrival or relocating families the market dried up quickly. Most relocating families are looking for homes in a good school district so Pinecrest is a favorite. Besides the schools, Pinecrest is known for its large homes on very expansive (almost an acre) lots, which is again something many families prefer when looking for a Miami home.
With inventory this low, many properties trade off-market. These days you have to beat the market and work with a well-connected realtor. The David Siddons Group reaches out directly to owners to see if they are willing to sell off-market. We also work closely with other top producing realtors to see if they have any property that will trade off-market or if any good listing will be coming to market soon. These days it is even more important to work with an experienced real estate advisor as the city’s top producers share pre-market information with one another and provide their clients with an advantage.
How much longer will the Pinecrest market be sustainable?
This market has always been a strong, stable market. This is a market driven by a necessity and a market where people live all year round. Pinecrest is home to (and surrounded by) excellent private schools, which keeps the demand for Pinecrest homes high. Demand has always been high, but since 2020 the supply/demand curve is experiencing extremes, which benefits the sellers. Do we expect this market to drop? No, you might expect it to level, but we doubt it will drop. Demand is up, supply is extremely limited. This is to say that the market won’t go down in many cases, but outlier properties that suddenly sell at 50% more than they sold 2 years ago (so called “Make-me-move” offers) will become less likely. With other words, we will see less anomalies in property prices as exceptions to the rule will cease to exist. These anomalies are caused by hysteria and this will stabilize soon. If you want to know more about how sustainable this market is we invite you to read the below two articles, which dive further into this topic and discuss what could potentially change supply or demand in this market.
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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