The Roads Real Estate Report and Market Analysis | For July 2016

The Roads Real Estate Report | Homes for sale in the Roads.

The Roads is the dream location to many families, especially those outgrowing their condo units in Downtown or Brickell. Having the flexibility of enjoying a lifestyle that provides easy accessibility to good schools, vibrant bars and restaurants, easy access to the business cores of Brickell, Downtown and Coral Gables it has quickly become an up and coming neighborhood and is now evolving with a better caliber of home, closer in comparison to neighboring North Grove and Gables markets.

Market Activity and Dollar per Sqft in the Roads

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The lighter blue, straight line is a trend line. This makes the overall trend of increasing prices clearer for the eye.

From Jan-June 2015:

  • 16 properties were sold between $349,000 and $900,000.
    • Houses that sold below $500,000 averaged at  $243 per SF
    • Houses that sold between $500,000-$1m averaged at $299 SF

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From Jan-June 2016:

  • 29 properties were sold between $410,000 and $1.5m
    • Houses that sold for less than $500,000 averaged at $327 per SF
    • Houses that sold between $500,000-$1m averaged at  $312 per SF
    • Houses that sold between $1m-$1.5m averaged at $388 per SF

Comparing 2016 with 2015 we see that:

  • The homes below $500K sold for 34.5% more
  • Homes between $500K and $1M sold for 4,5% more
  • 2016 saw sales above the $1M, while in 2015 no homes sold above $1M–
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Understanding & Analyzing the Roads Real Estate

 

The highest price per sqft was paid for 87 SW 18th RD sold for $636 per sqft last June establishing a record on this neighborhood, this particular house was built in 1937 and is sitting on a 13,750 sqft lot, not common in the roads.

The second highest prices was paid for 45 SW 19th RD built in 1969, sold for $542 per sqft back in March, cash deal. Both houses are fully renovated, with pool and meticulous landscaping, making them extremely attractive.

This tells us that buyers are getting more and more attracted to fully renovated homes (without giving much importance to the age). Home buyers don’t always have the time or desire to renovate/re-fresh a house, whether they lack the time, money to afford construction/renovation costs or simply don’t have the correct contacts or advice on how to manage such project, their best “go to” choice seems to be newly built or renovated homes without discriminating partial renovations.

 87 SW 18th RD sold for $636 per SF

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 45 SW 19th RD sold for $542 per SF

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How is the market appreciating The Roads properties?

 

  • Highly renovated/newer homes sold for an average of $402 per sqft after being an average of 110 days on the market.
  • Partially renovated homes/well maintained sold for an average of $326 per sqft after being an average of 100 days on the market.
  • Non updated homes sold for an average of $270 per sqft after being an average of 127 days on the market.

 

Inventory in the Roads at Brickell

 

The roads is currently facing 8 months of inventory reflecting a balanced market.

Rules of thumb:

  • Below 6 months of inventory: More demand than supply, creating a seller’s market
  • Between 6 and 9 months of inventory: A neutral market with a balanced relation between supply and demand
  • More than 9 months of inventory: More supply than demand, creating a buyer’s market

Tips for SELLERS in the Roads

If you are planning to sell your property in the next months we recommend you to first identify your type of home. By doing that you will learn what is the maximum dollar amount you will achieve. The Roads is experiencing a well balanced market with growing prices. If you want to profit from the rising prices please give me a call and we can discuss what you might get for your house.

Tips for BUYERS in the Roads

The Roads is a booming market. With nearby markets developing and becoming more and more exclusive, the Roads offers a great alternative for homes that are still affordable while you can profit from rising prices. There are many dated properties in the Roads that can be remodeled for great return on investments in the near future.
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We analyze the market in a daily basis in order to best advice and provide the most updated information to our clients. We will be able to tell our clients whether to buy, hold or sell a property in the Roads.

[Author]: Marianela Figueredo | 786.328.7916 | figueredo.m@ewm.com
David Siddons | 305.508.0899 | david@siddonsgroup.com

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