Market Update Pinecrest Edition november
year-to- Date OVERVIEW
153 single family homes have been sold • 8 were REO (foreclosure) properties • 27 were short sales
Fall is here and it is a good time to reflect on what has happened year-to-date in the real estate market in Pinecrest. We’re sure you have read about the halt in the foreclosure market and the continuing decline of price-per-square-foot averages overall in Miami – but this is not necessarily what is happening near you.
31 townhomes/condos have been sold • 11 were REO (foreclosure) properties • 8 were short sales
A Market Update
No, life is not a bed of roses in the housing market in Pinecrest, but it is far more stable than the overall South Florida marketplace. We have very few foreclosures and the market activity is strong. It is still very much a buyer’s market, but with our fantastic public schools, location and amenities there are buyers looking to move into the area and village residents looking to stay in Pinecrest, but upgrade to a nicer home.
PRICING & INVENTORY IN PINECREST Inventory and prices have remained stable for the past few months. Prices have certainly declined from the peak of the summer of 2007, but have we reached the bottom? We believe there will continue to be peaks and valleys, but that we are in the beginning phase of what will be a slow recovery in the housing market in Pinecrest and beyond. AVG LIST
38 sales are currently pending 192 properties are currently for sale
• 2 are REO (foreclosure) properties • 17 are short sales
Average sold price per sq. ft. AVG SOLD PRICE/SQ FT
$0 to $500,000 - $750,000 - $1 million - $2,000,000 $499,999 $749,999 $999,999 $1,999,999 & over
PRICE/SQ FT $ 190 $ 239 $ 264 $ 320 $ 376
How Buyers search for homes • 90% Internet
$750,000 and under About half of the homes that sold so far this year in Pinecrest closed for under $750,000. However, only about a quarter of the current inventory fits within that price bracket.
$1 – $2 million We also see another spike in activity in the $1 – $2 million price band where buyers are now able to afford amazing luxury homes that a few years ago would have been priced out of their reach.
• 87% Realtor • 59% Yard Sign
What is selling vs. What is for sale
• 46% Open House
35% 30% 25% 20% 15% 10% 5% 0%
• 40% Newspaper
$0 to $499,999
$500,000 ‐ $749,999
$750,000 ‐ $999,999
% OF TOTAL SALES YTD
$1 million ‐ $2,000,000 & $1,999,999 over
% OF TOTAL LISTINGS
Make sure your Realtor knows how to reach today’s tech-savvy buyers. More than ever your home needs maximum exposure on the web. Call us to learn more. Source: The National Association of Realtor 2009 Profile of Home Buyers & Sellers
We’ ve sold thousands of homes throughout south florida
Let us sell yours.
P R S RT S TD U.S. POSTAGE P A I D MIAMI, FL PERMIT #3203
80 SW 8TH STREET, SUITE 1870 | MIAMI, FL 33130
Lowell International Realty is a unique full-service luxury real estate brokerage firm. We appreciate that buying and selling a home is more than just an exchange of property. It is a significant investment in the future and a complex transaction for buyers and sellers alike. Our business is dedicated to taking care of all of our clients’ needs to ensure confidence, comfort and total satisfaction. With nearly fifty years of South Florida real estate and development experience between them, company founders Lani Kahn Drody and Larry Kahn have developed all levels of residential real estate. From moderately priced townhomes to multi-million dollar luxury estates, the Kahns bave built and sold more than a half billion dollars of residential real estate in South Florida.
a Message FROM
how does Your Home Compare? A sampling of homes that have closed in the past 90 days in Pinecrest.
s . LA N I K A H N D R O DY Broker | president
• Over 15 years experience marketing, negotiating, and selling real estate in South Florida • Over a half billion of residential real estate sold in South Florida • Member of the Master Brokers Forum of Miami-Dade • Past-President of the Builders Association of South Florida Lowell International Realty is a boutique family-owned brokerage offering customized service with the focus always staying where it belongs – on you, the client, and your home. Having worked in real estate sales and development for over 15 years, I bring to my clients a wealth of experience in contract negotiations, sales and marketing.We pride ourselves on going the extra mile to create polished and informative marketing materials for your home that make your property stand out from the crowd. Our state-of-the-art marketing platform then takes those materials and syndicates them far and wide so that your home gets local and international exposure. Please call me any time if you have questions about selling or purchasing a home in South Florida.
C 305.216.155O T 305.577.8550 x 11
6680 SW 96 Street
6090 SW 104 Street
Sale Price $1,900,000
Sale Price $950,000 [Original Listing Price $995,000] 4,054 sq ft living area
[Original Listing Price $2,950,000] 6,931 sq ft living area
6500 SW 131 Street
12900 SW 68 Avenue
Sale Price $810,000
Sale Price $525,000 [Original Listing Price $525,000] 2,156 sq ft living area
[Original Listing Price $850,000] 3,975 sq ft living area
www.lowellinternationalrealty.com The information contained herein, while not guarenteed, has been secured from sources we believe to be reliable. However, this offering is subject to verification by the purchaser, and the broker assumes no responsibility for corrections thereof. If your property is currently listed with a real estate broker, this is not to be meant as a solicitation.
A look back at the real estate market year-to-date in Pinecrest, FL by Lowell International Realty