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Debra Wellins

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The Only Way to Buy a Condo in Pinecrest

Debra Wellins WITH CASH.  Condos under $250,000 are being bought by local and foreign investors for cash.   No cash - no deal.  If you add a finance contingency, you can just about forget it.  Sellers are receiving multiple offers and can pick and choose from the highest and best offer - for cash. In fact, sellers are receiving above asking price in many offers. In The Village of Pinecrest, Dadeland Grove and Villas of Pinecrest are the only two condos with closed sales this... Continue Reading >

Gables Estates Update – On the Waterfront

Debra Wellins Gables Estates, the privately gated waterfront community east of Old Cutler Road, between 80th St and 92nd St. currently has 12 homes for sale.  Most of these residential estates have been on the market for only two to three months, suggesting that luxury waterfront property is selling in Miami.  Properties for sale in this exclusive community range between a ten bedroom, 10 bathroom home with 16,311 square feet (sf) listed at $18,000,000 to a four bedroom, two bathroom house with 3,221 sf of living space listed for $2,999,000.  The... Continue Reading >

Gables by the Sea Update

Debra Wellins Gables by the Sea, a lovely Coral Gables community on the water, has fifteen homes for sale as of March, 2013.  The most expensive listing is a 6 bedroom, 5 bathroom contemporary beauty that has 7,765 SF with fabulous views of Biscayne Bay, offered at a list price of $8,999,000.00 (a whopping $1,159/SF).  The lowest priced listing is a 3bedroom, 2 bathroom house with 2,929 SF of living space offered at $1,080,000.00 ($286/SF).  The median property of this neighborhood is... Continue Reading >

Reduced Price Listings in Pinecrest

Debra Wellins There are currently 117 homes  for sale in Pinecrest.  Half of these home have been on the market for over three months.  Fifteen houses have been listed for over six months and ten have been for sale for over a year.  Most of the houses that have been on the market for over three months have been reduced in price at least once.  Of the 52 reduced price homes, most saw their first priced reduction at the three month mark. Last... Continue Reading >

********* Palmetto Bay 2012 Year in Review *********

Debra Wellins   Residential home sales in Palmetto Bay in 2012 were strong with 290 closed  sales  for a total volume of $118,073,513. The most expensive house sold for $1,00,000.00 at $285 per square foot while the least expensive home sold for $70,000.00 at $94 per square foot.  The average house in Palmetto Bay was a 4 bedroom, 2.5 bath, 2,828 square foot house that sold for $407,150.00 at $141 per square foot.   On the average, houses sold for 95% of the asking price.  Of... Continue Reading >

Update on Pinecrest Homes for Sale

Debra Wellins Market reports say there is little inventory to sell these days. Well, its true.  Pinecrest  has 128 homes currently on the market. They range in price from a 3 bedroom, 2 bath, short sale in SW Pinecrest for $395,000.00 on a 3/4 acre lot to an 8 bedroom 9 bath new Italianate estate on over an acre in NE Pinecrest for $5,500,000.00. Currently, the average listing is a 5 bedroom 4 bath home, 5,146 square feet, with an asking price... Continue Reading >

Pinecrest Market Analysis 2012 – The Year in Review

Debra Wellins The Village of Pinecrest had a very good year with 223 homes sold for  just under $217,000,000.00 in total sales.  Sales ranged from $220,000.00 to $4,500,000.00 with an average sale price of $972,821.00 and an average square foot (SF) price of $232.00. In the chart below, Pinecrest is divided into approximate quadrants to evaluate the statistical differences within the community. NE Pinecrest (NE: 88th St. to 112th St. / 57th Ave. to 67th Ave.) had the highest sale of $4,500,000.00 ($458/SF).  Average and median prices and prices... Continue Reading >

Opportunity Knocks – Home Prices May Jump in 2013

Debra Wellins Home Prices On The Rise For 2013 In Miami Home prices are expected to rise between 3.4 and 5 % in 2013. This is due, in part, to the net demand of homes in a market where the inventory of homes for sale remains low. Without the fear of further pricing declines, homeowners able to sell, should be motivated to list their homes in this strong sellers market. If you would like to meet with me to discuss buying or selling a... Continue Reading >