What is the impact of Covid-19 on the Pinecrest real estate market?

The Pinecrest Real Estate Market and Covid-19 | What is happening now?

What is the impact of Covid-19 on the Pinecrest real estate market? A question we hear a lot these days! Pinecrest is a primary market with families residing there throughout the year. These families need housing and they need a place to live. The Pinecrest market reacts very differently to economic changes than a more investment driven market like Miami Beach for example.

Pinecrest is desired (among other reasons) for its great school district. Therefore many families try to move into the area before the new school year starts. As a Pinecrest realtor and a resident of the area for more than 10 years, I usually see an increase in demand for Pinecrest homes in the period between mid-April to May. This is the period deals are made, so families can move in during the summer months.

10150 SW 70th Ave sold two weeks ago within 5 days after being listed.
The list price was $1,390,000 while the property sold for $1,350,000

What is the impact of Covid-19 on the Pinecrest real estate market? Pinecrest Deals are Either Expedited or Postponed

 

In the past weeks we noticed that many buyers are expediting deals. They need a home and they want to move in as soon as possible. Many of them just sold their own property and have no place to live. There is a sense of urgency with people who sold a home or want to lock themselves in before we are in full quarantine. These are not the opportunistic buyers but rather families or people with a real need.

On the other hand we also see many delays, as properties cannot be shown and open houses are prohibited. I am sure these deals are still happening, but just with a delay. Pinecrest is a primary market in a superb school district. The demand is present it is just the current challenging situation we are living in that makes the buying process stand still for the moment.

The Pinecrest Real Estate Market in Q1 2020

What is the impact of Covid-19 on the Pinecrest real estate market?

In the first quarter of 2020, the Pinecrest single-family market had 47 closed sales (CS), which is 20% more sales than in Q1 of 2019, when we had 38 CS.

The biggest reductions in prices occurred in the lower end of the market (below $1M) where we saw an average of 13% price reduction on the original listing price. At the higher end ($3M+), we had an average of 20% price reduction from original listing price.

The Pinecrest Real Estate Market Information you need

 

Our team is currently working to provide the most accurate and helpful information to our clients and we keep analyzing the market to follow the trends.

The 2020 Miami Real Estate Market Report and Forecast

Advice for Pinecrest Sellers

Pinecrest homes for sale are still in demand. Families need to move into the area before the new school year starts and there is a real need for homes. We see a challenge in the actual listing process right now as many sellers do not want videographers, photographers or potential buyers in the house. We are seeing however an increased amount of realtors offering virtual tours of homes and during these moments people are getting increasingly creative to serve their clients. As mentioned before, we are preparing ourselves for a busy post Covid-19 period when many families are in a rush to find a new home. Our website is seeing increased traffic these days with a record amount of subscribers. If you are planning to put your house on the market, be conscious as to where you are in the price spectrum. Contact your real estate advisor to help you with this process. He / she will be able to help you define the best strategy for that specific property.

Advice for Pinecrest buyers

Start with searching online and ask your Pinecrest realtor for more details of the house. Maybe the home has a virtual tour already or your realtor can request one. Make sure you have all your paperwork in order cause after this period we will see an increased amount of demand and good quality, well-priced properties will probably move very fast.

We have the best tools for your search at www.LuxLifeMiamiBlog.com.With our tools, you can search by neighborhood, price range and also get the most updated analysis of your area. Our team is also ready to communicate online or in person and we are still doing private showings depending on client’s urgency and needs.

Please contact the David Siddons Group for more information about the Pinecrest Real Estate market

Cris Buzolin | 305.775.1198 | Cris@siddonsgroup.com
David Siddons | 305.508.0899 | David@siddonsgroup.com

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!

WHY WORK WITH DAVID? THINGS YOU SHOULD KNOW...

For all our analytics we are agents driving some very unique and advanced tech. We Provide a granular and custom experience that empower our clients with the insight and tools to understand the most complex behaviors of any local markets.

  • Analytical

    Over 100 reports produced to date

  • Knowledgeable

    Over 1800 published articles and counting

  • Experienced

    Over $2 billion in real estate sales

    Reviews
David Siddons
blog

Related Articles

View more