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

Weekly Report for Pinecrest, Palmetto Bay and Cutler Bay

Busy schedule Monday. Tuesday night works a lot better for me.

Here's the sales activity from our local MLS from last Wednesday, Oct. 28, 09 through tonight, Tuesday, Nov. 3, 09.

Village of Pinecrest
As of tonight Pinecrest has a total of 189 single family homes for sale. Only one is a foreclosure, 22 are short sales. 10 of the total available were added since last Wednesday; none of the 10 added to the market are bank owned or short sales.

There are currently 35 total under contract. 1 is bank owned, 14 are short sales.

104 closed in the last 6 months. 14 were bank owned, 5 were short sales.

1 home went under contract since last Wednesday. It wasn't a foreclosure or short sale.

2 properties closed since last Wednesday, neither were bank owned or a short sale.

Village of Palmetto Bay
Palmetto Bay has a total of 137 single family homes for sale tonight. 5 are bank owned; 31 are short sales. 7 of the total were added since last Wednesday; 1 bank owned and no short sales.

There are currently 46 properties under contract. 5 are bank owned, 23 are short sales. 4 homes went under contract since last Wednesday. 1 bank owned, no short sales.

108 propeties closed in the last 6 months. 18 were bank owned, 9 were short sales. One bank owned property closed since last Wednesday.

Cutler Bay
Cutler Bay has a total of 92 single family homes for sale. 5 are bank owned, 46 are short sales. 9 of the total were added last week; 1 is bank owned and 7 are short sales.

Tonight there are a total of 97 homes under contract. 13 are bank owned, 69 are short sales. 9 went under contract since last Wednesday. 2 are bank owned, 3 are short sales.

There have been 115 single family home closings in Cutler Bay in the last 6 months. 43 were bank owned, 25 were short sales. 4 sales closed since last Wednesday. 2 were bank owned, no short sales closed.

Notice the pattern? In each area, short sales out number the foreclosures when the properties are under contract. The numbers reverse when it comes to actual closings. A much larger percentage of bank owned sales close than those that are short sales.

Bank owned; sale prices are approved prior to it going on the market. Short sales prices have to be approved by the lender after it's under contract. Unfortunately for the seller and the buyer, a large percentage will not be approved and sold.

If you're a buyer thinking of making an offer on a short sale, unless you don't mind waiting two or three months only to find out the lender didn't approved your offer, take a hard look at the numbers before making your offer. Forget the asking price. You don't know how the asking price was determined. There are homes for sale at prices there's no way a lender will ever approve of. All that does is create a flurry of wasted activity.

You can greatly increase the odds of getting a short sale purchase approved by being realistic with your initial offer after a review of what it's really worth. Then at least you've got a logical basis to negotiate a good deal with the lender. Before approving an offer, the lender's going to take a long, hard look at the property's current market value. They'll pay one or two brokers and an appraiser to offer their opinions on what that current value is to add into their data analysis mix. Then they'll tally up the expenses they'd have to foreclose, maintain and sell it themselves. If your offer isn't close to what that projected number is, they're not going to approve your offer. Whether you're buying or selling, market value is the majic number to base your strategy on. Need help figuring out what market value is?

Gables by the Sea

Today's tasks included checking up on a property we currently have under contract in Gables by the Sea.

Gorgeous day... just had to take a short detour once I finshed.

The end of Lugo Ave., the main road through the Coral Bay subdivision, offers a spectacular view.

Downtown Miami off in the distance, a world away accross the water.

A warm day, a light breeze, just enough to carry salt in the air.

A moment on the one fixed bridge to take it all in before heading back to the office.

These homes are on the north side of the bridge.

While they did take a good picture with the sun behind me, the homes on the south side of the bridge have direct ocean access.

Direct ocean access, when you want it.

There are 14 homes available. 11 have direct ocean access with no bridges between you and gorgeous open water anytime you want.

Exclusive gated community with a voluntary association.

Priced between $1,595,000 and $3,900,000.

Weekly Report for Pinecrest, Palmetto Bay and Cutler Bay

Sales activity data from our local MLS for the week of 10/18/09 - 10/26/09.

Village of Pinecrest

As of this morning Pinecrest has a total of 188 single family homes for sale. Only one is a foreclosure, 25 are short sales. 5 of the total available were added last week; none of the 5 are bank owned. 1 is a short sale.

4 homes went under contract last week. None of those were bank owned properties; 2 are short sales. There were no closings reported last week.

Village of Palmetto Bay

Palmetto Bay has a total of 143 single family homes for sale this morning. 4 are bank owned; 32 are short sales. 6 of the total were added last week; 1 bank owned and 1 short sale.

2 homes went under contract last week. 0 bank owned, 1 short sale. No closings reported last week.

Cutler Bay

Cutler Bay has a total of 91 single family homes for sale. 7 are bank owned, 41 are short sales. 5 of the total were added last week; 1 is bank owned and 3 are short sales.

9 went under contract last week. 2 are bank owned, 7 are short sales. 2 sales closed last week; neither were bank owned or a short sale.

Now is a good time to sell if you've been waiting and live in any of these areas. There's a small window of opportunity while there's little competition from bank owned properties and before things slow for the holiday season.

It's also still a good time to buy, but the "good deals" are dissappearing fast at this point. Better make you're move... Call us.

September data for Pinecrest, Palmetto Bay and Cutler Bay

September numbers are in. Here’s a quick comparison of how September 2009 compared to September 2008.

In Miami-Dade County, there were 46.2% fewer single family homes for sale at the end of September 2009 than there were at the end of September 2008, and there were 33.7% more sales recorded in September 2009 than there were in September 2008. The condo and townhouse market was similar with inventory levels down 29.4% and sales up 39%.

The Village of Pinecrest: 18.1% fewer homes on the market and sales up 171.4% from the same month a year ago. Available condos and TH’s went down 49.5% while sales remained steady with no increase or decrease.

The Village of Palmetto Bay: Inventory levels went down 47.9% while sales went up 47.1%. Condo and TH’s , quantities for sale decreased 41.7, sales went up 100%.
Cutler Bay: 61% fewer homes for sale in Sept. 09 than there was in Sept. 08. Sales shot up 52.2% Condos and townhouses numbers went down 43.2% while sales increased 400% from the same month last year.

Still not convinced the market is shifting? Take a look at the 5 year graph for Miami-Dade County real estate activity.

So what does this mean?

If you’re a buyer, your options to choose from are a great deal fewer today than they were last year. Fewer homes to choose from means competition with other buyers. Multiple offers are already occurring. As competition grows, so will the odds of you paying a higher price. Higher prices turn into higher appraised values for similar homes. Property values stop decreasing, level off, and start to rise again.

Bottom line… if you plan to buy, it really is time to get serious.

Victor Mills - 786-205-4207