The Village of Pinecrest has been active in land sales this year with nine lots between .65 acres to 1.5 acres selling for an average of $18 a square foot. The most expensive land, a 6,438 square foot lot lot on 78th Ave and 111th St., sold for $1,100,000 or $23 per square foot. The smallest parcel on 78th Ave and 110th St sold for $370,000 or $14 per square foot.
These lots were on the market an average of 250 days, a reflection that builders were slow to buy up land in the early part of the year or that prices were set too high for the market conditions.
There are three pending sales of land in Pinecrest with an average asking price of $27 per square foot. Although they have not closed, these lots were only on the market an average of 15 days before a contract was accepted.
Pinecrest currently has nine active listings of land with an average asking price of $24 a square foot.
Check out my other blog on Valuing Land – Buy a Tear Down or Vacant Lot?
I am a luxury residential specialist. If you would like to schedule a buyer or seller meeting, feel free to call me at 305-898-1852 or email me at Wellins.D@ewm.com.