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Debra Wellins

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What are the Odds of Selling Your Home in Pinecrest?

If you're thinking of selling your home in Pinecrest, you're probably wondering what the likelihood of success will be.  There are some interesting trends. I looked at the data from the past six months to see what the odds of selling your home in Pinecrest are.  Clearly, if you are priced under $1 million, and have not overvalued your home, it will sell. The average home is taking about four months to sell in this price range and is selling at 95% sale price to list... Continue Reading >

Plenty of Pinecrest Homes for Sale but Slow to Sell

Debra Wellins There are plenty of single family Pinecrest homes currently on the market, 205 to be exact. The average list price is $2,354,283 or $411/SF.  But, there is a big discrepancy between the offered price and sale price. Since January this year, a total of 77 homes have sold with an average sale price of $1,245,886 or $305/SF. These homes were on the market an average of 141 days. Let's break it down by price range. Lux Market $2 Million and Up There were 12 sales between $2,058,000 -... Continue Reading >

Bill Passed that Caps Estoppel Certificate Fees

Debra Wellins HB 483/SB 398, which caps estoppel certificate fees, was just passed by the Florida Legislature! As many of you know, this is a long-standing issue that those in the real estate industry have been working on for several years, and its passage represents a big win for homeowners and Realtors across the state. This bill caps the fees that community association management companies can charge for estoppel certificates at $250 for unit owners who are current in their assessments. An additional $100 can... Continue Reading >

Pinecrest Real Estate – Market Recap of Land Sales in 2016

The Village of Pinecrest land sales were relatively stable in 2016. Although it took longer to move Pinecrest real estate last year, prices were up. Market Recap of Land Sales A total of 14 properties sold last year in Pinecrest, most between 3/4 of an acre and 1.25 acres, averaging $1,031, 921 per sale or $26 a square foot (SF). Compared to last year, the total number of parcels sold was down by 13% but the average sale price was up 7% and price per SF by 12%. In Northeast Pinecrest,... Continue Reading >

Village of Pinecrest 2016 Annual Market Report

Debra Wellins                                           Jump in and enjoy my Village of Pinecrest 2016 Annual Market Report - the most comprehensive analysis of single-family home sales in Pinecrest. Sales data is divided into quadrants, with SW 112th Street representing the division between north and south and SW 67th Avenue representing the division between east and west. (See map below). Pinecrest 2016 Annual Market Report Pinecrest home sales in 2016 were quite interesting in comparison to 2015. Total number of sales of single family homes was down 9% (17 fewer homes sold in 2016). ... Continue Reading >

Just Sold – North Coral Gables Home

I just sold a North Coral Gables home, completely remodeled in 1995.  Situated on a gorgeous corner lot in a beautiful section of the Gables, this 1939 Spanish home has three bedrooms and two and a half baths with 2,240 SF of living space and 2,608 total SF. North Gables Home the Perfect Choice This two story home had all the features my buyers wished for, including warmth, great natural light, an updated island kitchen with plenty of storage, a family room overlooking the Chicago brick patio and private backyard, lush mature landscaping, a garage and the perfect space... Continue Reading >

One Sale Leads to Another – Relationships in Real Estate Deals

As real estate deals go, this one was a triple double.  I was tremendously fortunate to represent the buyers and sellers in a transaction that closed today. I'll tell you about the home in a minute as I'm more interested in relating why relationships, not to mention open houses, are so important in the real estate business. I met the sellers about a year ago when they purchased one of my listings in Biltmore Heights. They dropped in during an open house, instantly fell in love with the home and hired me on the spot to represent them with... Continue Reading >

How to Calculate Your Real Estate Tax Portability when Downsizing Homes

So often, I'm asked how to calculate the real estate tax savings or tax portability when downsizing homes.  Here's a clear and simple example that I provided to one of my sellers in Pinecrest.  Use it as a template for your own numbers. Take a look at the chart.  If you own a home that has a current market value of $2,300,000 with an assessed value of $1,165,000, the cap difference is $1,134,273. You are allowed to "port" or transfer up to a maximum of $500,000 of this. Let's say... Continue Reading >

A Zen Real Estate Deal

I've worked with great clients before, helping them buy and sell property, but this transaction was straight out of the Zen book of real estate deals. I was holding my first open house when a family of three stepped past the red front door, glanced around the room and proclaimed , "we are buying this house."  I immediately liked them!  Fifteen or more families with young children had the same look of enthusiasm as they walked into the living room. The house simply oozed warmth and charm... Continue Reading >

Q3 Hot Markets in the Village of Pinecrest

The luxury market in the Village of Pinecrest continues to thrive in the $1M to $1.4M price range.  Out of 30 single family home sales, almost half the sales were in this pocket.  The balance of sales fell between $1.5M and $2.9M. When comparing high-end sales for the third quarter of 2015 to 2014, the numbers are stable. However, sales under $1M have dropped by 24%.  The biggest change in comparing Q3 sales this year to last is in the $500K to $799K price range - off by 56%. The hot market, at 46% of... Continue Reading >