The Pinecrest Real Estate Market Report 2019

• 56 Active properties
• 54 Sales
• 6 months of inventory

What is happening in this market?

The entry point for Pinecrest has a very fast absorption rate and it is a total seller’s market. One very good example of a home that was absorbed very fast is 12120 SW 70th Ct which was under contract in only 11 days (Please refer to the working example below)

The majority of the products that sells up to a million dollar are under $330 per SF and the difference in Pinecrest is that you can get a considerably big lot under $1M. We saw properties with almost 1 acre of lot being traded for around $700,000 in South Pinecrest.
On average, 50% of the properties will get sold in 60 days, which definitely indicates a strong market.
Usually the houses that are getting a higher price per SF are very small houses on bigger lots where there is a demand from buyers to renovate; so basically a land deal, or small renovated homes that sell really fast.

Why is this market so desired?

One important reason here is that you get double the lot size of what you can get in Coconut Grove and Coral Gables for a lot less money and a considerably lower price per SF. Also important to notice is that the public schools in the area are highly rated so families with 3 or more kids that need more space will find their perfect home here.

Advice for Buyers: Be conscious that you are dealing with a hot market and don’t wait too long to put in offers as product sells really fast. Do not expect heavy reductions as the average reduction is merely 10% of the asking price. As a buyer be prepared and have your pre-approval letter ready to go when you need it.

Advice for Sellers: Take advantage of the hot market, but don’t overprice your property as nowadays buyers are a lot more educated and they will not overpay.

Fast Data

• 93 Active properties
• 65 Sales
• 8.6 month of inventory
• 40% Of the current inventory is on the market for more than 6 months (Well finished homes)

We observed that old Spanish homes need to be priced aggressively or they will take longer to sell. This is exactly what happened to our own listing on 6061 Sw 102nd that was sold with 17% discount of the original asking price. Also, 10040 Sw 60th Ct sold for almost 44% less than its original list price and sold in 136 days. Generally, the average percentage of sales price to list price is 86%.

The highest dollar per SF achieved in the neighborhood was $510 per SF for the property on 10025 Sw 58th Av; this is a nicely done – completely renovated custom home in North Pinecrest.

Why is this happening?