The Investment Value of Building a Home in Pinecrest – A new trend in Pinecrest Real Estate
Investing in Pinecrest Real Estate – Building your own Pinecrest Home
We are seeing a trend towards buying land or older properties in Pinecrest
The Pinecrest Real Estate Market, which is dominated by Single Family homes, is one of Miami’s most desired neighborhoods and the area is gaining fast in popularity. As discussed in our blog “The Investment Value of Pinecrest Homes“, the popularity of Pinecrest is mainly due to the highly rated public schools in the area, the availability of large lots and the (still) attractive prices. Despite Pinecrest’s increasing real estate values, the area is (still) more affordable than areas such as Coral Gables or Coconut Grove.
Map of Pinecrest
Read the neighborhood economics for Pinecrest Real Estate – Q1 2015
What did the market do in the last 6 months | Inventory levels and price changes for different budgets
The newest trend – Building a home in Pinecrest
There is a recent trend happening where investors buy lots or older (and more affordable) homes in Pinecrest for the purpose of constructing a brand new home or remodeling an older home.
Half of these investors purchase land or invest in these properties for their own families, as they don’t want to wait for that one perfect home to come along in a sellers market, while the other half of these buyers are chasing real estate investment opportunities in Pinecrest. This latter group buy lots or older properties to construct or to remodel them into luxurious and modern homes, creating great return on investment.
Since Pinecrest lots that are for sale are scarce, the search for homes to remodel is more desired by investors these days. As Pinecrest is known for its larger lots, most of these newer homes being built are luxurious mansions, which are often substantial in size.
Looking at Pinecrest homes for sale we can clearly see a split in two categories*
- First, we have the more dated homes (built in 1960’s-1970’s) which often need some level of upgrading or remodeling. These are often priced below the $1,000,000 mark (approximately $240 per Sq.Ft)
- Second, we have the brand new, recently finished homes that are priced largely over the $1M range
* Pinecrest homes come in all shapes, prices and types but in general we see a big tendency towards the above groups
Remodelling or Building a Home in Pinecrest
Since remodeling can vary from a new kitchen to a brand new wing to your house the costs of remodeling can vary substantially. Investors looking to construct a home are looking at an average cost of $250 – $350 per Sq.Ft. This of course depends on the level of luxury or finishes that one requires.
Please contact us for more details. We have guided several clients through this process and will be able to give you a better estimate based on personal wishes.
Examples of Pinecrest Homes for Sales that were recently constructed or remodeled
Looking to invest in an older Pinecrest home or a Pinecrest lot?
Contact me in case you would like to discuss investment opportunities in Pinecrest. I have guided several investors through this process and have the best contacts at hand.
Every deal differs from the other so please contact me for any of your questions or to discuss your personal real estate situation or desires
Can you see the investment potential of the Pinecrest real estate market as well?
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No generalized opinions but an analytic approach