Check out how your neighborhood compares in average price per square foot for single family homes for sale. I analyzed homes currently on the market in six cities: Coconut Grove, Coral Gables, Key Biscayne, Pinecrest, Palmetto Bay and South Miami. The numbers are quite interesting, especially if you are thinking of buying or selling a home.
Key Biscayne is king of the mountain with the average home offered at $1,079 a square foot. Coconut Grove and Coral Gables are comparable to each other with homes averaging $578 and $574 a square foot, respectively. Pinecrest homes average $356, South Miami $263 and Palmetto Bay$238 per square foot.
I also broke out waterfront properties to see what price they averaged per square foot and, not surprisingly, all waterfront homes for sale averaged $953 per square foot. These include residential homes fronting canals, lakes, bays, creeks, lagoons, ponds and oceanfront. I also analyzed strictly bayfront or oceanfront homes that typically command the most money and the average price per square foot, for 19 homes meeting this criteria, was $1,254.
Coral Gables, Coconut Grove and Key Biscayne, the three communities with high numbers of luxury waterfront properties with bay or ocean access, realize tremendous added value.
To read my other blogs with more stats and trends, click on the following links: Coconut Grove, Coral Gables, Key Biscayne, Pinecrest, Palmetto Bay, South Miami
I am a luxury real estate specialist. If you would like to schedule a buyer or seller meeting, feel free to call me directly at 305-898-1852 or drop me a note at Wellins.D@ewm.com