Pinecrest: The State of the Market
Photo Credit: Realtor.com
Year in and year out, Pinecrest is one of Miami’s most in-demand markets. And for good reason: it offers large houses on oversized lots with access to excellent public and private schools, a state-of-the-art library, and fantastic recreational facilities. With a population of about 20,000, and a total area of 7.6 square miles, it borders South Miami to the north, Kendall to the west, Cutler Bay to the south, and Matheson Hammock to the east.
In the last 10 years, Pinecrest has devoted extensive resources to improving the quality of life for its residents, including the creation of new parks (Pinecrest Gardens is the crown jewel of the village’s park system), enhanced development of free Wi-Fi hubs in key locations, wayfinding systems using unique street signage, and beautification projects such as planting over 10,000 new trees.
Pinecrest offers a variety of home styles with an average value above $1 million. Currently with more than 530 homes on the market and an average price per square foot of $299, there are a range of housing options, from one bedroom condos for $145,000 to 15,000-square-foot estates for $9.2 million. The average number of days on the market for a single-family home during the first and second quarters of 2016 is 148 days.
While the numbers look good, anecdotally there are some other factors to consider. Drive around Pinecrest on any weekend and you’ll see (almost) countless For Sale signs and multiple Open Houses. This doesn’t mean it’s a buyer’s market, but it does mean that buyers are being aggressive when putting an offer on a home. Now more than ever, it’s essential that sellers list with an agent that not only knows the neighborhood but also one that can effectively market the home and ensure once it’s under contract that the deal goes through.
If you’re thinking of putting your home on the market, or are not sure if you should or not, feel free to contact me. I’m more than happy to give you a more personalized assessment and make sure that you have every possible advantage.
