Here’s a very interesting comparison of single-family home sale prices in seven of the finest residential communities in South Florida: Miami Beach, Key Biscayne, Coconut Grove, Coral Gables, Pinecrest, Palmetto Bay and South Miami.
I looked at sale price and sale price per square foot in seven communities from Miami Beach to Palmetto Bay to compare average home sales prices over the past three months. The numbers tell it all. Palmetto Bay is the best deal at $905,000. Miami Beach and Key Biscayne are the most expensive at $4,649,00 and $4,206,000, respectivley. Coconut Grove, Coral Gables and Pinecrest are close, averaging sales between $2.2 and $2.5 million. Pinecrest, with its acre lots, space to spread out and excellent schools, surpassed Coconut Grove by 12%.
Values for the average sales price per square foot of these seven communities mostly supports the average sale price. Palmetto Bay is the best buy at $339/SF. Key Biscayne takes the top spot at $1,192,000/SF followed by Miami Beach at $1,075/SF. Coconut Grove surpassed Coral Gables and Village of Pinecrest at $734/SF.
The numbers are so interesting to analyze. If you’d like to compare your community to others that are not included in these stats, give me a call. I love running numbers and would be happy to crunch them for you. 305.898.1852 Wellins.D@ewm.com