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
The lighter blue, straight line is a trend line. This makes the overall trend of increasing prices clearer for the eye.
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.
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
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 | firstname.lastname@example.org
David Siddons | 305.508.0899 | email@example.com