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South Florida Real Estate
Pinecrest FL Real Estate – Market Trends First Quarter 2009
During the first quarter of 2009 there has been very little change in the inventory of single family homes in Pinecrest listed on the MLS. Sales also seem to be moving to closing slowly, but the trending increase in pending sales gives me hope that Pinecrest’s real estate market will start moving the way of Miami-Dade County, decreasing inventory and increased sales. One of the reasons this market is going to turn more slowly than the County’s is due to the pricing. The median sales price of all single family homes in the County at the end of April was $165,000 whereas in Pinecrest it was $475,000. 78% of sales in the County were under $300,000.
What has been selling in Pinecrest in the first quarter are the single family homes listed for between $216 and $298 per square foot. Based on the inventory and number of closed sales in April, there is currently 53 months worth of inventory in Pinecrest. However, based on current inventory and the number of pending sales there is an 11.5 month inventory. This illustrates how rapidly the market can turn. Since summer is the most active time for single family home sales, I am feeling cautiously optimistic that the market is starting to change and is at least stopping its downward free-fall.
Related Posts:
Miami Real Estate – Quarterly Update for Miami-Dade County
8 Reasons Why Now is the Perfect Time to Buy Real Estate
Unbelievable Value In Pinecrest
Pinecrest, FL Real Estate Update January, 2009
Miami Real Estate, Its All in the Numbers
Unlike the television show, Numb3rs, I am not going to get into any fancy or complicated formulas. I am just going to state the real estate numbers for Miami-Dade County as of the end of the first quarter of 2009. You can use them to make your purchasing or selling decisions, to get a glimpse of what is going on in our market, or to fill in awkward silences at cocktail parties.
Overall Numbers
- 35% of all listings on the MLS are either short sales or REO
- 59% of all sales on the MLS are either short sales or REO
- 82% of all residential sales are under $300,000
Single Family Home Numbers
- 20% of single family home sales are under $100,000 (yes there are homes under $100k in Miami but hurry, they are only 6% of the inventory and going fast!)
- 3% of single family home sales and 14% of the inventory are over $1,000,000. Inventory in this price range is at 83 months, up from 55 months this time last year
- 17 month supply of single family homes down from a 42 months supply 1 year ago (Wow, that was fast!)
Condo Numbers
- 36% of all condo sales are under $100,000 and they make up 15% of the inventory
- 3% of condo sales and 9% of inventory are over $1,000,000. Inventory in this price range is at 88 months up from 41 months last year.
- 24,835 condos at peak of inventory July 2008. 21,134 condos as of April 2009 (many more available that aren’t on the MLS)
Stay tuned for future episodes!
Other articles by the numbers:
Miami Real Estate – Quarterly Update for Miami-Dade County
Pinecrest, FL Real Estate – Market Trends First Quarter 2009
Key Biscayne, Florida Real Estate Update January 2009
Miami Beach, Florida Real Estate Update January 2009
7645 SW 117 Street, Pinecrest, FL is in a Great Location
You know what they say about real estate: location, location, location. Well this house is walking distance to shops, restaurants, places of worship, parks and public transportation!
Located off of 77 Ave., a main North/South corridor in Pinecrest, 7645 SW 117 Street is a perfect place to call home.
- 4 bedroom/2 bath
- builder’s acre
- accordian hurricane shutters
- new hardwood floors
- chickee hut
The Village of Pinecrest, known for its parks, schools, large lots and quiet life-style has always been popular with families, couples and individuals who enjoy their space and privacy yet want to live close to activities.
Free High-Efficiency Shower Heads and Rebates to Conserve Water and Save $$
Water conservation is extremely important in Florida. Even though we are surrounded by water, we are in the middle 
of a several-year drought and we all need to do our part to save water. In addition to complying with current watering restrictions, there are steps you can take around your home to cut down water use.
Miami-Dade County has a program to exchange your old shower head and get a free, high-efficiency shower head. They also offer rebates to homeowners who replace an old toilet with a high-efficiency one.
3 Reasons To Rent At 100 Edgewater Dr., #333, Coral Gables, FL
- Location, Location, Location: I only counted this once even though this apartment is 5 minutes to downtown Coral Gables, Coconut Grove, University of Miami, and South Miami; 10 minutes to the University of Miami, Baptist and Mercy Hospitals, downtown Miami, 20 minutes to Key Biscayne and South Beach, Miami International Airport.
- Great layout. There is no wasted space in this condo. Good size living/dining area, large bedroom with walk-in closet and second closet.
- Relaxing. Whether sitting on the balcony overlooking the garden or lounging in the huge pool or deck overlooking the Coral Gables Waterway, you feel like you are miles away from the mainland (even though, as mentioned in #1 above, you are close to everything).
Unbelievable Land Value in Pinecrest, FL – 7935 SW 134 Street- Builder’s Acre Under $550,000
This beautiful builder’s acre is located on a quiet, low-traffic street in South Pinecrest. A house sits on the property, 
waiting for you to continue the updates or tear it down and build new. Take advantage of the current market; it has been a while since land value in Pinecrest was this low. The Village of Pinecrest is a highly desirable neighborhood with may parks, great schools, a community center and library.
Buying a Home? Know What You are Looking For
I know it sounds obvious, but knowing what you are looking for isn’t always as simple as it sounds. Once you are pre-approved for a mortgage, decide what your ideal neighborhood and home would be. Are schools important or is it more important that you be close to work? Determine what the “must haves” are. These are the specifics of the property or neighborhood that you are not willing to give up but would be willing to sacrifice a “nice, but not necessary” for. This could be an extra bedroom, pool, specific school district, waterfront criteria etc. Knowing what you are looking for both in a neighborhood and home is extremely important as it will help keep you focused. Once you narrow down your wants, you will realize you don’t have to look at everything on the market, only those specific properties that meet your criteria.
Buying a Home? Get Pre-Approved For a Mortgage
The first and most important step in buying a home is to get pre-approved by a lender for a mortgage. This can be directly from a bank or credit union you do business with or through a mortgage broker. Getting pre-approved will let you know how much house you can afford or, better yet, how much of a house you feel comfortable with. The lender or mortgage broker will give you an idea of what your monthly costs will be and will give you a Good Faith Estimate of closing costs to let you know how much money you will need to bring to the closing table to finalize your purchase.
St. Patrick’s Day Celebration in Coral Gables, FL
Head over to the John Martin’s Irish Pub and Restaurant for the St. Patrick’s Day Celebration, a huge block party with live bands and several food stations. The fun starts at 5 p.m. until midnight at Salzedo Street between Miracle Mile and Giralda Avenue. REMEMBER to wear green!
Pre-St. Patrick’s Day Festivities at Annual Irish Festival in Coral Gables, FL
Can’t wait for St. Patrick’s Day? Then plan on spending Saturday, March 14 enjoying Irish music, dance and food, at the Annual St. Patrick’s Day Irish Festival in Coral Gables.
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