Village of Pinecrest Acre Sales

In the Village of Pinecrest, 13 acre parcels of land this year have transferred ownership.  Five lots were exclusively land sales and eight were homes on acres that sold for land value. Here’s the break down.

Land Sales: Total 5

When looking at land values, the actual sale price is less significant than the sale price per square foot ($/SF) because parcels very in total square footage. In this study, the land varied from 38,000 to 56,000 square feet or 3/4 to 1.5 acres.  (1 acre = 43,560 SF).  The land that sold for the top sales price was not the top sale price per square foot.

Top $/SF           $1,115,000     $29/SF    5945 SW 112 St.     (37,897 SF)

Top Sale:           $1,385,000    $25/SF    9236 SW 57 Ave.   (56,323 SF)

Bottom $/SF       $750,000    $19/SF    7750 SW 117 St.      (39,465 SF)

Bottom Sale:       $750,000    $19/SF    7750 SW 117 St.      (39,465 SF)

Average Sale     $1,119,000    $23/SF

Homes Sold for Land Value:  Total 8

These homes were either listed as needing complete renovation or as tear-downs.  They were sold for land value.  Properties in this study ranged from to 32,000 to 87,000 SF or 3/4 to 2 acres.  In this case, the top and bottom sales were also the top and bottom sales price per square foot.  You will also notice that two homes sold for $29/SF.

Top $/SF:         $2,500,000    $29/SF    6200 Montgomery Dr.  (86,684 SF)

Top $/SF           $1,100,000    $29/SF     11500 SW 60 Ave.          (38,245 SF)

Top Sale:          $2,500,000    $29/SF     6200 Montgomery Dr.  (86,684 SF)

Bottom $/SF     $660,000      $16/SF     13100 SW 77 Ave.           (40,239 SF)

Bottom Sale:      $660,000     $16/SF     13100 SW 77 Ave.           (40,239 SF)

Average Sale:    $1,119,000    $25/SF

Why the Difference in Price per Square Foot?

• Location – Quiet, low traffic streets in high value neighborhoods are preferable.
• Landscape  – Mature tree lined streets are desired.
• Inventory – Supply and demand
• Shape of lot – Regular vs irregular or deep vs wide
• Site Development Issues – The fewer the better.
  1. These can include removal or re-location of existing structures, trees, fire hydrants, FPL, cable and phone lines.
  2. Evaluation of soil and well-water quality
  3. City water availability
  4. Problems with clear title
  5. Survey discrepancies

Are you thinking of selling your Pinecrest home?  It’s a sellers market?  Inventory is low and buyers are paying top dollar for homes priced correctly. Feel free to call, text or email me for a complementary market analysis of your home.  305-898-1852   Wellins.D@ewm.com