Vacant Land in the Village of Pinecrest

The Village of Pinecrest has always been a prestigious and highly sought after location. For some, purchasing the right house in this ideal location is what they have in mind. For a select few, finding the ideal location to build their custom dream home is the dream they're hoping to turn into reality. This post is for those with a custom built home in their future.

Market history:
In Miami-Dade County, our market shifted in April of 2005. Here's how land in Pinecrest has performed since then...

Using data pulled from our local MLS service which includes land sold via Brokers and Realtors, and tracking only lots from a half acre to an acre and a half, (21,780 sf - 65,340 sf) the quantity of sales each year has remained constant; 4 sales in 2006, 4 in 2007, 4 in 2008, and 4 again so far in 2009.

The average length of time it took to sell hasn't changed much either. The average days on the market in 2006 was 97, 110 days in 2007, 145 days in 2008, and an average of 103 so far in 2009.

What has changed is the price per square foot. In 2006 the average price per square foot was $30.78 per sf. In 2007 it was $23.94. 2008 had an average of $18.76 per sf. Here we are in 2009 with the 4 lots sold this year averaging at $12.79 per sf.

Granted, there are other things to consider when you're using statistics to make a point with a small amount of data to pull from. Location is one... the northern end of Pinecrest would have more value than the southern part. A street lined with mature Oak trees or land containing these beautiful trees would have more appeal and value as well. Generally speaking though, these numbers tell the story.

In some respects, when it comes to value, the effect of the market cycle in Pinecrest is fairly similar to other areas. On the other hand, the consistent sales since the shift clearly shows just how desirable this area is. Comparatively speaking, owners of land in Pinecrest have done well when the decision is made to sell, whether there was an existing structure to tear down or not.

Today
There are a total of 46 lots available for purchase in the Village of Pinecrest. 29 of those are between a 1/2 acre and 1 1/2 acres. 8 are on an acre or more.

Here's one you've had to have noticed if you drive through Pinecrest.

It's on the corner of 82 Ave and SW 124th Street. A full acre (43,560 sf) for sale priced at $570,000.00. This is the lowest priced one acre or more property for sale in Pinecrest. Bargain.

It's located directly across the street from Evelyn Greer Park. In 2005, this park was highlighted as one of the best playgrounds in South Florida by Parenting Magazine. Gardner's market is one block away. The entrance to the US 1 corridor is also a block away. Location.

The lot was foreclosed on and offered for sale by the lender at the end of September 09. It was offered for sale in May of 2005 for $799,000.00.

The 2008 market value posted on the tax roll is $666,468.00.

This prime location priced at $13.08 per sf is one of the great deals available in Pinecrest right now. Opportunity.

For questions regarding the sale you can contact me.
You can reach me on my cell at 786-205-4207 or by email at mills.v@ewm.com.

For questions or approval of your building plans, the Village of Pinecrest Building and Planning Department can be contacted as follows:

12645 Pinecrest Parkway
Pinecrest, Florida 33156
(305) 234-2121
(305) 234-2133 Fax
(305) 234-2111 Inspection Line

Email Building Dept. building@pinecrest-fl.gov
Email Planning Dept. planning@pinecrest-fl.gov