As we approach the end of February, market activity in the Village of Pinecrest is on pace when compared to prior years. Seasonal events, coupled with more mild temperatures, are attracting even more homebuyers to South Florida.
Throughout the entire Village of Pinecrest, as of February 20, 2018, we have had 25 single-family homes that have sold, and 21 single-family homes that are currently under contract.
The highest sale year-to-date on record has been a 7-bedroom, 7.5-bathroom new construction home with over 8,340 SF of living area. The residence boasts modern design and is situated on an impressive 42,253 SF lot. The sale closed for $3,600,000, which comes out to $432 per square foot, and no financing was reported. To put things into perspective, the property was initially listed on the market for $4,595,000 as a pre-construction opportunity.
Six out of the 25 sales thus far between $2 million to $3 million achieved prices per square foot ranging from $293 to $469. There have been 8 sales between $1 million to $2 million that have garnered $311 to $529 per square foot. These include two land deals. One 59,677 SF lot sold for $1,360,000 ($23/SF) and the other, a 38,768 SF lot, sold for $1,250,000 ($32/SF). The property that sold for $529 per square foot was on the market for only 17 days, and it was an all-cash transaction. The home achieved the high price of $529 per square foot due to the uniqueness of its design, interior layout, and acre-plus lot. Lastly, there were 10 sales under $1 million ranging from $205 per square foot to $375 per square foot, including a land deal of $700,000 for 19,540 SF waterfront lot ($36 per square foot).
Inventory of homes priced over $3 million is still at 51 properties (comprising 27 percent of total available inventory). As sellers begin to adjust their prices to be in line with current market demand, inventory levels will decrease.
There are 44 homes priced between $2 million to $3 million, and this market segment has been particularly active in recent months. Comparing the current quarter to the same quarter a year prior, despite a 28 percent increase of inventory in that price range, we have had a 75 percent increase in sales and a 125 percent increase in properties under contract. This shows positive movement in the market.
57 homes are currently available between $1 million to $2 million. Inventory is up 14 percent compared to the same quarter last year. We have had a 29 percent decrease in the volume of sales in this price range, but there has been an increase of 27 percent in properties under contract, which shows a strong amount of buyer interest in this market segment as well.
There are 31 homes offered under $1 million. This last segment continues to thrive, with a 14 percent increase in sales and a 17 percent increase in properties under contract compared to the same quarter last year.
Nicolas Boucher brings more than 20 years of experience as well as a global and local approach to real estate. Nicolas is aligned with EWM Realty International, a Berkshire Hathaway Affiliate and South Florida’s premier brokerage. EWM is a member of Leading Real Estate Companies of the World and Luxury Portfolio International, the world’s largest broker-to-broker network, and is the exclusive affiliate of Christie’s International Real Estate in Miami. His achievements in sales rank him among the Chairman’s Club at EWM, one of the company’s most distinguished honors. Nicolas has unparalleled knowledge of the real estate market and offers buyers and sellers meaningful and simple explanations of complex market trends. He specializes in Pinecrest real estate and is well-respected for his on-point pricing strategies; helping his customers approach the market as effectively as possible to minimize market time and maximize the experience.
Contact Nicolas at 305-788-8035 or boucher.n@ewm.com.
