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Debra Wellins

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New Modern Estate Fetched Top Dollar in Pinecrest

June single family home sales in The Village of Pinecrest ranged from $5,100,000 for a new modern home with 9 bedroom, 9.5 bath and 10,000 square feet of living space to $433,650 for a 3 bedroom, 2 bath home built in 1957. The top sale price per square foot was $505 and the lowest $212.  The average June sale in Pinecrest was $1,441,825 or $311 per square foot. Click this link to see What's for Sale in Pinecrest. I am an estate specialist in the Village of Pinecrest and your best source for... Continue Reading >

Pinecrest Home Sales – Second Quarter Hot Markets

Luxury Market: Sales Over $1 Million In the luxury market, with 13 sales over $1 million, the hot market continued to be between $1 – 1.4 million.  Eleven of the 13 homes that sold in the second quarter were between $1.1 and $1.3 million. This year only two homes sold at the top end between $ 3 – 5 million.   Sales Under $ 1 Million There were 37 single family home sales under $1 million in the second quarter of 2015.  The hot market,... Continue Reading >

Pinecrest Single Family Home Sales – Q2 Market Update

Single-family luxury home sales in the Village of Pinecrest show stability when comparing 21015 and 2014 second quarter sales.  In the under $1 million market, prices have increased.  Take a look at the chart for comparisons. Luxury Market:  Sales Over $1 Million The luxury market had three fewer sales this quarter over the same period last year.  The average sale price was $200,000 less this quarter because the homes that sold were smaller by 400 square feet.  The average sale price per square foot is consistent -... Continue Reading >

Upward Trend for Miami Real Estate

The momentum is palpable.  The Miami real estate market is steaming up with international and domestic buyers looking to live in a global city with world-class amentities. Here's a brief market update on single-family homes and condominiums year over year in March, 2015. Miami sales are up 10%. Miami single family homes and condos continue to sell for close to the asking price Miami cash buyers represent more than twice the national average. Short sales continue to decline. Active listings have increased 8.2%. Data provided by the Miami Association... Continue Reading >

Village of Pinecrest – Sales Down in 1st Quarter 2015

First quarter sales in the Village of Pinecrest has seen a bit of a decline when compared to single family home sales from the same period in 2014. Forty five homes sold through March 31, 2015, only four less than last year. Luxury Market In the luxury market, with 22 sales over $1 million, the hot market continued to be between $1 - 1.4 million.  The biggest drop off was seen at the top end with only one sale between $3 -5 million. The luxury market realized a 24% decrease in... Continue Reading >

Village of Pinecrest Land Sales – 2014 Market Report

The Village of Pinecrest has very few undeveloped parcels of land remaining.  Last year, 17 lots were purchased, 6 of which were undeveloped and 11 with tear-down houses that sold for land value only. Developers are chomping at the bit for beautiful parcels of land in prime locations in The Village. The chart below has all the data for 2014 Pinecrest land sales generated from the MLS.  This is a most time-consuming analysis as most of the acres sold are not necessarily listed under land sales but under... Continue Reading >

Pinecrest Home Sales 2014 – The Annual Report

The numbers are in for 2014 single family home sales in the Village of Pinecrest. These numbers reflect all sales listed in the MLS but not homes sold by owner. Each year, I brake down Pinecrest sales by quadrants, with SW 112th Street representing the division between north and south and SW 67th Avenue representing the division between east and west. The chart below is self explanatory, but I'd like to point out the relevant changes between 2013 and 2014 that are the most interesting. The 2014 total volume in sales was up 18% over 2013.... Continue Reading >

Is There a Housing Bubble About to Burst?

I've been reviewing economic outlooks for the national housing industry to see what the experts are saying about bubble trouble for 2015. The “bubble” is an unsustainable rise in prices, often fueled by speculation and lending and characterized by easy credit, irrational exuberance and a rapid rise in prices. Real estate bubbles are measured by a few fundamentals and a crystal ball.   (1) Are prices rising faster in markets that are already inflated? (2) How many markets are overvalued by 10% or more? It seems that national home prices... Continue Reading >

Pinecrest 2014 Single Family Homes Sales

I've just taken an early look at the 2014 average and median sales of single family homes in the Village of Pinecrest and compared the numbers to last year. To date, 217 homes have sold this year, while at the same time last year,  230 homes closed. In the chart you will see that the number of bedrooms and bathrooms are stable.  However, the average price of homes has increased over last year by $207,000 or 15% and the median price by $125,000 or 13%. The average and median sales... Continue Reading >

The Best Real Estate Market Indicator – Number of Months Supply

Debra Wellins The number of months supply of housing inventory is the most important metric in the real estate business and the key to understanding housing market value trends. The optimum number of months supply ranges between six and nine months.  Once the number of months supply falls below six months, the value of homes and condos increase. Once the number of months supply rises above nine months, values begin to level out, and eventually begin to fall as the number of months supply... Continue Reading >