With 2016 in our rear view mirror, many look at 2017 with hope and big plans. For some, that means they have moving on their minds.
And, as a Realtor, I often meet people who start discussing their home sale by comparing it to various things… some of them smart and some silly. For example, the market does not care what the home sold for five years ago. It doesn’t care about how much your kitchen renovation cost five years ago either. No one else will look (emotionally) at your home quite the way you do. Instead, it is what’s happening now and in the recent past that counts. Nothing more. I call this realistic vs. retrospective real estate.
In 2016, Pinecrest had some interesting real estate statistics. 281 homes were sold at an average of $1.47M. Sounds pretty good, right?
Yet, the Pinecrest market is soft when you start looking at the fact that it took an average of 100 days to sell a home in 2016. There are also 264 houses on the market right now, meaning there is way too much inventory. The highest priced home sold for $5.5M, but that has no bearing on homes that aren’t of similar size and completely new finishes.
When you remove the emotion, numbers can paint a pretty accurate picture. All you need to do is add a little realistic perspective as to where the market is headed. So, let’s dive into that.
If the average home sales price in Pinecrest is $317 per square foot then you better have something pretty special to command a price above that. If you sit on an acre east of 67th Avenue and north of 120th Avenue, you’ll see better prices for your lot than elsewhere.
New construction still rules the day. If you have a very old home that would take more than around $150,000 to renovate, it will more likely be of interest to an investor for land-value, assuming you are on a desirable street.
Although Pinecrest real estate is somewhat soft, it is still a hot area where you can sell. The question is whether or not you can play the market right by knowing conditions, sentiment and who is in the market to buy. 2017 is ripe for profit if you look at the market with realistic perspective.
Southwood Middle School’s Festival of the Arts
After school on Friday, December 9, many of the students and faculty of Southwood Middle School proudly stay late to participate in the second annual Festival of the Arts. Southwood southwoodmiddleschool.org, a nationally recognized magnet school for the arts, is one of the best in Florida.
“This event showcases the magnet programs to the community and helps raise money to beautify our school, for the Media Center and Library in particular,” said Fatimah Chaiken, PTSA VP of Programs. “I moved from Chicago where there are few magnet programs and when I saw the jewel we had in our community I knew I had to let the world know, so I created and championed this event.”
Last year the event raised $3000. The goal to fully fund the beautification project is $10,000.
PTSA President Coreyann Espinosa explained, “This is only the second time we’ve had a festival like this where we showcase our art, photography, dance, chorus, band, orchestra and drama. We wanted to bring something like this to the community to promote the great school we have here. We are thrilled to have gotten such cooperation and sponsorship from the Council, Ed Silva and the Parks Department. They put us in touch with all the resources we needed to make this happen.”
8th-grade artist Maria Balderas attributed her success and fun to the teachers and their curriculum, “This is a great opportunity to share my art with everyone, including the students, parents, and neighbors.” Cameron Palmer, also in 8th grade, said, “It’s a great place to learn and be with peers. I was almost born with art in my heart and this school is a focal point I can use to expand on my ideas and passion.”
The three-hour event buzzed with activities. There were cheerleader performances, a rock band, student photographers capturing the moments, bounce houses, exhibitions and stage and musical performances.
Mayor Eugene Flinn remarked, “I’m proud of these kids and this school. It’s a pleasure to see so many of our community members coming together.” 7th-grader Dayna Veazey said, “I’m proud to be in this school and I look forward to being a vet and painting pictures of the animals I’ve helped.”
Real Estate Update
New year, new president, new price for your home. Let me assist you with local expertise, realistic expectations and guidance to get to wherever is ‘next’ for you. Now is the time to know the value of your home and get SOLD. I’ll provide you a private and accurate evaluation. It’s easy to get started at miamihal.com/myvalue.