Now that we are in the second week of 2015, almost all of the Pinecrest real estate sales for 2014 have been recorded in the MLS. There were 246 closed sales reported with a high sales price of $5.5 million for a stunning 12,000 square foot home on 60 Avenue, listed and sold by One Sotheby’s Saddy Delgado. Though slightly down from 2013’s level of 253 closed sales, 2014 was a great year to be a seller in Pinecrest! Almost 39 percent of the homes sold this year were cash sales compared to 30.4 percent of 2013’s sales.
Looking for a new happy hour? Last Thursday, thanks to an overcrowded bar at Tarpon Bend, some friends and I discovered the charming Uvaggio restaurant and wine bar. Although they don’t have a full bar, they have a wonderful selection of wine and beer at very reasonable prices. We had a cheese plate, which featured some great American artisanal cheese, my favorite was Humboldt Fog, and stone crab with our bottle of wine. The place is tiny, but the bar is comfortable and friendly. I am looking forward to going back and having dinner.
I love Anacapri and go there for dinner and their Wednesday wine tastings, but have never been there for happy hour. Last night I went out with friends and suggested we go there and try it out. I am so glad we did and I will definitely be back. They have a wide selection of wine and appetizers to choose from. We had meatballs, eggplant rolatini, and a bottle of Carnivore, all three of which where delicious!
Although today’s Miami Herald article “Housing market shows signs of cooling” may send some buyers back to the sidelines, it should be emphasized that they are referring to the condo market. Here is a snapshot of what EWM’s Coral Gables office saw in activity this week:
New Sales Listings: 15, 6 condos and 9 single family homes, 6 listings above $1 million.
New Rental Listings: 12, 7 condos and 5 single family homes
Residential Sales: 34, 7 condos and 27 single family homes, 3 were above $1 million.
To break what is going on with our sales into percentages, we saw 44% more sales than new listings. Of the 7 condos that sold, one was sold above asking price and another was sold at asking price. The numbers were even more impressive for the single family homes with over 38% of them selling at or above list price (26.47% selling at and almost 12% over).
So what does this mean if you are a seller? If your house or condo is priced right and is in a location with tight inventory, such as the house pictured above listed by EWM’s Carole Smith, it will sell. Now is a great time to list, before inventory in your neighborhood rises.
What does it mean if you are a buyer? If you are looking for a home in a neighborhood with a tight inventory, make sure you are aware of the most recent sales so you know what to offer. If you are interested in a home with a lot of inventory, or with a significant increase in inventory projected, do the numbers to get a good price.
This tastefully updated 4 bedroom/4 bath home is an entertainer’s dream. It has an extra office/den, a huge family room with a wetbar, a basketball court, an oversized swimming pool surrounded by a covered patio with remote-controlled screens, and sliding doors that open from all of the living areas directly onto the patio. The extra large kitchen features two seating areas, a large breakfast/snack bar and an island, double ovens, a warmer, and granite counter tops. This home is move-in ready.
Situated in the front portion of a deep, corner lot in Pinecrest, Florida, 5995 SW 91 Street is a 4 bedroom 3 and a half bath home with plenty of space both inside and out. The rooms are spacious and the pool and back yard are absolutely gorgeous for spending afternoons and weekends. Take a look at this virtual tour and imagine yourself home!
We had a delicious meal at this tiny little jewel, in a strip center in the Village of Pinecrest. They have an extensive menu that includes many vegetarian options, which is a must when eating out with my daughter. We started with two different lentil dishes Daal Waada and Daal Maakni, both delicious. My daughter had the Baingan Bharta, an eggplant dish and my son, husband and I shared the lamb special and the mango chicken curry. I can’t wait to go back and try the lobster!
I usually save my market updates until the end of the quarter, but with so much activity going on I figured I should write a quick snapshot in case you are thinking of buying or selling a home in the next couple of months.
Since January first of this year, there have been 58 new listings of single family homes for sale in Pinecrest. Out of those new listings, 13 are already under contract, two are short sales and one is a foreclosure. A total of 17 homes have gone under contract since January first and there has been one closing, which is pictured above. The majority of the pending sales were for homes under $1,000,000. Six of them are short sales and one is a foreclosure.
If you are thinking of selling, now is the time. There are buyers out there looking and if your property is priced right, it will go under contract quickly. If you are a buyer who has been looking for a while, don’t hesitate in making a solid offer when you see the house you like.
Vintage bathroom
In early January, I posted Interior Design Color Trends For 2014. This adorable bathroom in a 1928 Old Spanish in Coral Gables is purple with white accents. Other accents, such as a chandelier and Cuban tile, also contained the trendy purple color.
Today during our open house tour, I was pleasantly surprised with a series of new single family homes for sale in North Coral Gables. With the exception of 1220 Capri, which is beautifully updated, these are all Old Spanish homes that have been modernized without losing the character that buyers of Old Spanish homes look for.
