Where to Find the Best Land for Sale in Miami in 2020
Lots for Sale in Miami: Where to Find them & What to Pay for Them?
This 18,225 SF lot (135′ X 135′) was just listed and offers an incredible opportunity to buy a rare double north Grove lot. Please see attached architectural plans & renderings of an incredible 10,000 Sq.Ft home w/entrance on ‘Coacoochee’. Click here for more information on 3210 Coacoochee Street or call me at 305.508.0899 for more information on land for sale in Miami
Just Listed: 159 Buttonwood Dr on Key Biscayne. This 8,038 SF residential lot in Key Biscayne is located on a quiet and desired street. This presents the rare opportunity to buy an empty lot in one of Miami’s most desired residential area. Close to the Village, Boat Club, parks, the beach and Golf Club. This lot is listed for $1,599,000 by the David Siddons Group. Call me at 305.508.0899 for more information on land for sale in Miami
There is a clear desire for brand new homes and many of these new homes are sold quite fast after they hit the market. Therefore builders and investors are looking aggressively for Miami land for sale to profit from this high demand. Empty lots are scarce in Miami and dated “Tear-down” properties do not always become available in the desired areas.
In the blog below we discuss the most desired areas for Miami land for sale. These are Coconut Grove, Coral Gables, Pinecrest and Miami Beach. We added some statistics* and a direct search button to look for land for sale in Miami. For those who decide they rather not build a home from scratch and prefer to buy a new construction home, please scroll down for some very useful tips on buying Miami spec homes.
* Data are based on land sales that were indicated as such on the MLS. Dated homes were only taken into this research when they were listed for their land value
Land in the small village of Coconut Grove has always been rather scarce and remains to be so. Empty lots have been extremely scarce for a while and dated “Tear-down” properties do not always become available in the desired areas. In 2020, till August, we saw 2 significant land deals compared to 4 in 2019, 6 in 2018, 9 in 2017 and 6 in 2016.
Size and location wise we have only seen 2 significant sales in 2020. 3401 Halissee Str, which sold for $859,000 and 3540 Palmetto Ave, which sold for $1,300,000. Both are non waterfront lots. 2019 Recorded 4 significant sales of which one was a waterfront land deal in the gated community of the Moorings for $10,185,000. One Dry lot property on 2467 S Bayshore Dr sold for $3.1M.
Most good sized lots in mores desired areas start selling around $800K and we see most sales happen in the $1M – 1.5M range with (rarely available) waterfront lots starting at $4M+ in the last 3/4 years. As the Grove remains one of Miami’s most desired residential areas specially for relocating families, land or older properties will remain very desired. This demand in combination with what has always been a short supply means prices are about to rise! When you see a good land for sale, do not wait too long in this market. A good option in the Grove is our listing on 3210 Coacoochee St, a 18225 SF dry corner lot in the North Grove.
3540 Palmetto Ave sold in 2020 for $1,3M after being listed for $1,450,000.This 14,000 SF Dry lot is located on a quiet street in lush South Coconut Grove.
One of the largest sales in recent history was this exclusive waterfront lot in The Moorings (3300 S Moorings Way)! The 72,784 SF lot with 162 ft. of water frontage was originally listed for $13M and sold for $10,185,000
Land for Sale in Coral Gables
Coral Gables is equally, if not more, desired than Coconut Grove, but has the advantage of being a much larger neighborhood. This means that there are more opportunities for available land (or homes that sell for land value).
Size and location wise we have only seen 3 significant sales in 2020. 4120 University Dr, which sold for $1,175,000, 8820 Arvida Dr which sold for $4,375,000 and 1238 Malaga, which was a 13,026 SF Lot in front of the Biltmore hotel that sold for $940K. None of these are waterfront. Compared to previous years we saw respectively 7,6, 5 and 8 land sales from 2019 till 2016.
Most good size lots in the desired areas start selling just below the $1M mark and we see many sales happen in the $1M-$2M range. As Coral Gables is home to many exclusive gated communities, we often see larger lots being traded here between $2M and $4M. With some exceptions most waterfront homes start trading for $3M especially those located in gated communities. Being Miami’s number 1 relocation spot for families (due to safety, schools etc) this area has always seen a healthy demand, but lately we are seeing a surge of buyers from the Northeast. Since most buyers are looking for “new homes” the demand for land for sale in Miami will remain high both from developers as well as from end-users.
This Miami Golf Course Home on 4120 University Dr is located on the Riviera Golf Course sold for $1,175,000 (listed at $1,265,000). This 11,870 SF prime lot located on the 4th Fairway overlooks the Lake and the “Bridge” and sold in 2020!
8820 Arvida Dr is a 87,464 SF lot in Gables Estates, the Gables most exclusive gated community. It was listed for $5.5M and sold for $4,375,000
Land for Sale in Pinecrest
Pinecrest is known for its many very large lots and several years (around 2015) ago this was a mecca for builders. A large amount of older homes were bought up and brand new homes were constructed. With the large demand many builders started to cut corners however, which resulted in luxury homes that were listed for top dollar while offering less than luxury finishes. Please see the tips below to not make the same mistake when buying pre-construction.
So far 5 significant sales have been recorded this year compared to 11 in 2019, 7 in 2018, 12 in 2017 and 10 in 2016. While in 2020 the most expensive lot sale was 8965 SW 63rd Ct, which was a 37,984 SF lot that sold for $1,275,000 most Pinecrest lots sell between $800k and $1,5M. Compare that to Coconut Grove and the Gables and you see that you pay the same price, but for a lot that is almost an acre large. Pinecrest offers much more land for your dollar and is ideal for those that want massive homes and very large gardens. The northern part of Pinecrest commands the highest prices, mostly starting at $1M while in the south you get more attractive prices. If you are looking to build on the water, then this area is not for you.
8965 SW 63rd Ct in north Pinecrest is a 37,984 SF Lot amongst all-new multi-million dollar homes. This property was listed for $1,290,000 and sold for $1,2750,000
9840 SW 60th Ct sits on a 40,265 SF Lot north Pinecrest lot with plans from esteemed architect David Johnson. The buyer could use the existing plans or modify it to their liking. Listed for $1.3M and sold for $1,250,000
Land for Sale in Miami Beach
Miami Beach is home to many ultra-luxurious brand new homes. With many New Yorkers and other tax migrants flocking down into Miami we are noticing an increased demand in the ultra luxury market. Where there is a need for brand new homes, there will be a need for land. In Miami Beach we have seen 8 land sales so far this year (till August) compared to only 5 in 2019, 6 in 2018, 12 in 2017 and 9 in 2016.
There is a clear concentration of land sales on the Venetian Islands, Palm Island, Hibiscus Island, the Sunset Islands and North Bay Road. The lots on the Venetian Islands are relatively small around 10,000-15,000 SF, while those on N Bay Road are mostly 15,000 SF+ lots going up to full acres and more. A desired new comer is Biscayne Point where more affordable lot can be bought with superb water views.
In 2020 we saw the lowest sale happening at 5352 Pine Tree Dr for a 7,500 SF dry lot. The 2 most affordable waterfront lots sold both for $4.2M, both were located on San Marco Island and offered 10,500 SF. Expect an entrance level of around $1M for a good quality dry lot of decent size and a $3M to $4M entrance level for a waterfront home. The most expensive sale this year happened at 2142 Bay Ave, where a 25,671 SF lot traded for $14M.
If this is out of your budget, but you are really set on building on Miami Beach you might want to try Biscayne Point where dry lots can be found for less than $1M and waterfront lots can be bought around $1.5M.
1266 S Venetian Wy (Picture 1) and 1370 S Venetian Way (Picture 2) both sold for $4.2M. Both are 10,500 SF lots that are located on San Marco Island (Venetian Islands). 1266 Venetian was originally listed for $4,900,000 and then reduced to $4,390,000. 1370 Venetian was listed at $6,500,000 and then several times reduced to its last listing price of $4.6M
4424 N Bay Rd (Pic 1) is a 15,800 SF lot that sold for $7M (listed for $7,495,000) while picture 2 shows 2142 Bay Ave, which sits on an almost 26,000 SF lot that sold for $14M. This property was listed for $15,750,000
Miami’s single-family homes market is bullish and so is the market for new construction homes. Like all good quality homes spec homes are being sold very fast and prices are about to increase. Because building a brand new home from scratch or buying a spec home is fairly different than buying a resale home we have listed the 5 things you as a buyer should know about buying a brand new home in 2020. (Source used: Inman News)
1. Working with an experienced agent
This one I have mentioned in numerous other blogs, but this is worth repeating as much as I can. Please use an experienced agent when you buy any type of pre-construction whether it is a home or a condo. Builders represent themselves and will not point out the property’s flaws, will not compare it to other properties and will not help you to get the best possible deal. They want to sell their property and do no have your best interest at heart.
I have worked with many contractors and builders (for clients as well as for myself) and I know their end-products. I also know which builders / contractors have a good name and which ones do not. I know how they work, communicate and how involved/flexible they are. I am familiar with the entire process of building a new home, what the pitfalls are, what the timelines are and last but not least I can distinguish a truly high-end finish from a standard finish. There is a difference between spec homes and custom homes and spec homes are often built as affordable as possible while they are being sold as a luxury product.
2. This is a sellers market with low inventory and rising prices
The Miami market is seeing a very low inventory and newly built homes are those that sell fastest. The favorable Florida Tax climate and the pandemic is leading to a large influx of buyers from high tax states. The pandemic has also led to a new reality in which people realize they need a home with an office, a larger home or a completely different lifestyle in general. Finally Low tax rates resulted in local buyers pulling the trigger.
Most of my buyers are looking for “newer homes” so if the general market is selling fast you can imagine how fast these new homes are selling. As a result of this tight inventory builders are increasing their asking prices or various buyers are bidding against each other. Those buyers who lock in on a deal today might get a significant appreciation before the home has even closed or has been built.
3. There is not a lot of room for negotiation
We know everyone is currently looking for a great deal. But please be aware that the Miami market is divided into condos and homes. Condos for sure are great for good deals at this moment, but homes are more and more becoming a sellers market with rising prices. Therefore there tends to be little room to negotiate. This doesn’t mean there are no discounts, but buyers need to be realistic. Sellers know they can sell to someone else so even though discounts can be given, there is a clear bottom line. Builders often use other incentives such as different options and upgrades as well as lower closing costs with use of one of their preferred lenders. Outside of those incentives, don’t expect there to be much wiggle room. Be aware that some homes might be built on less desirable lots or were custom built for end-users that did not come through. These kind of homes might have specific features that are not for everyone and this might lead to a better negotiation position although when reselling the next buyer will use the same reasons to lower the price.
4. Contingencies and timelines
Delays always happen and even more so with Covid-19. This is particularly true if you build from the ground up or if you purchase early in the process. Building materials and interior finishes like cabinets or flooring might take longer to arrive. Crews could potentially be challenged if someone gets sick. The process might not go exactly according to the initial projected plan. Allow yourself some float in case that happens, and plan accordingly with interim accommodations.
If you are planning to build from scratch, a builder might be a bit more flexible in doing a contingent contract for a limited amount of time, such as 60 days to find a buyer for the buyers’ property. The bottom line is, if you have to sell to buy, you really should have your home actively listed with a real estate agent before going under contract on new construction.
Please contact the David Siddons Group today for more information about land for sale, building your own Miami home and the pitfalls of constructing your own home.
David Siddons | 305.508.0899 | David@siddonsgroup.com
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We have only superlatives to describe how wonderful Cris Buzolin was throughout the process of selling our townhouse in Coral Gables. We were away in the UK while the transaction was taking place and Cris handled everything-from clearing out our house, selling contents when she could, arranging the moving and storage and dealing with some very difficult problems which arose. Always patient and very willing to help in every way, Cris is a consummate professional who really cares about her clients and worked extremely hard to get the price we had asked for and make things for us as easy as she could. Nothing was too much for her to handle.Cris and Marianela (who provided additional very helpful assistance to us during the transaction) are part of the team that David Siddons has assembled.When we decided to sell our property, we contacted David and he established the framework for the transaction and ensured that everything proceeded smoothly and in accordance with our wishes. In sum, David Siddons and his team are extremely competent and professional and we are totally satisfied with the service they provided. To repeat, Cris Buzolin in particular, went way beyond what one would expect from a real estate agent. The David Siddons Group has our highest recommendation!
Fantastic group of people to work with!! David and Adriana were responsive and professional throughout the entire process. We weren't familiar with South Florida so David took us under his wing and did a fabulous job giving us a tour of select neighborhoods in South Florida and shared a great deal of information about each. We fell in love with the Botaniko community in Weston and closed the deal with Adriana. If you are buying/selling this is the team you want to work with!! Thank you guys for helping us find our dream home.