Business Monday

Pinecrest celebrates record year for home prices

Jo-Ann and Brian Forster of ONE Sotheby’s International Realty.
Jo-Ann and Brian Forster of ONE Sotheby’s International Realty.

While Brickell and Miami Beach receive all the buzz when it comes to multi-million dollar closings and record sales, the Village of Pinecrest has quietly become one of the top communities in Miami.

Driven by extremely strong demand, home prices in Pinecrest increased 20 percent in 2014 and 35 percent since 2012. And with a record 16 sales over $3 million in 2014, Pinecrest is sure to attract more and more luxury buyers and new construction over the next several years, pushing prices higher.

Across all of Miami-Dade County, Pinecrest recorded two of only five non-waterfront sales over $5 million in 2014, including the second and third highest sales, the most of any other community in the county, and a record for Pinecrest. With six homes currently for sale over $5 million, including two over $9 million, Pinecrest is likely to set even higher records in 2015.

While not everyone can afford the most exclusive estate homes in Pinecrest, average prices remain extremely competitive relative to similar homes in other communities like Ponce/Davis, Coral Gables, Coconut Grove, Key Biscayne and Miami Beach. In 2014, the average sale was just over $1.3 million for a 4,000-square-foot home on over half an acre with four bedrooms. There are currently 84 homes for sale in Pinecrest under $1.5 million, including 47 under $1 million, and already there have been 80 closed and pending sales in Pinecrest this year under $1.5 million as savvy buyers, investors and builders race to lock in the best deals.

Because of its proximity to Downtown Miami and newer construction in the area, the north-east section of Pinecrest boasts many of the most expensive homes in the area with an average sale price around $2.5 million in 2014, up 35 percent since 2013. As a result, the average price of homes currently for sale in north-east Pinecrest has already increased to nearly $3.5 million this year, including eight homes for sale over $4 million and five for sale over $5 million.

Throughout Pinecrest, new construction homes also set records in 2014 with an average sale price of $3.4 million, and current prices of new construction homes have already increased to nearly $4 million this year, including seven priced over $4 million and four priced over $5 million. With 19 new construction homes currently for sale, Pinecrest has more new construction over $1.5 million than any other community in Miami-Dade County besides Miami Beach and by far more non-waterfront new construction over $1.5 million than any other community countywide.

As more and more builders and investors set their sights on Pinecrest, prices for vacant lots, tear-downs and older homes have also increased dramatically. The most desirable acre parcels have been selling for up to $1.5 million and it is extremely difficult to find a buildable parcel of any size in Pinecrest under $700,000. With builders and investors purchasing more and more tear downs and renovation projects at ever increasing prices, values of older ranch homes in Pinecrest have also reached record highs, with 18 homes built prior to 1960 with less than 3,000 square foot selling for an average of nearly $875,000 in 2014, mostly for land value.

With homes under $3 million harder and harder to find in the north-east section of Pinecrest, values of homes further to the south and west are also increasing at record rates, including 19 of the 20 highest closed and pending sales in Pinecrest in 2015 at an average of nearly $2.4 million. And with 35 of the top-50 and 78 of the top-100 most expensive homes currently for sale in Pinecrest, sales of homes outside of the traditionally highest priced north-east section are likely to set new records in 2015, further pushing up prices across all neighborhoods and price-ranges in Pinecrest.

What makes Pinecrest special is the large acre lots, top-rated public and private schools, community center and library, numerous parks including Pinecrest Gardens (formerly home to the Parrot Jungle), weekend farmers market, private local police department and overall quality of living. Incorporated in 1996, Pinecrest is governed by a Village Council of local residents, led by founding Mayor Evelyn Greer and current Mayor Cindy Lerner, which provides residents the highest level of services, amenities and security at one of the lowest property tax millage rates in the county, without the bureaucracy and bloated budgets of other larger municipalities.

Pinecrest residents also enjoy some of the best and most convenient shopping in Miami. Within minutes is a Trader Joe’s (first in South Florida), Whole Foods, Fresh Market, three Publix Supermarkets, the Falls and Dadeland, and over 100 other shops, restaurants and bars right around the corner. Few other communities offer more shopping and entertainment options within a short drive.

With all that it has to offer, especially for families with children, and its proximity to Biscayne Bay as well as South Miami, Coconut Grove, Coral Gables and Downtown Miami, it is easy to see why the Pinecrest has become one of the top communities and hottest real estate markets in Miami. While urban neighbors like Brickell and Miami Beach may attract the most headlines, Pinecrest will surely continue to grow as one of the most desirable communities for quality of living, affordability and increasing real estate values.

The Jo-Ann Forster Group at ONE Sotheby’s International Realty has been agents in Pinecrest, Coconut Grove, Ponce/Davis, Coral Gables and throughout Miami-Dade for over 30 years. Contact them at 305-778-5555 or info@uniquehomesofmiami.com.

2014 single-family home non-waterfront sales

Community

No. Sales

Avg. Sale

vs. 2013

vs. 2012

Coconut Grove

217

$970,114

+8.4%

+25.2%

Coral Gables

475

$903,031

+9.7%

+18.1%

Key Biscayne

63

$2,397,501

+7.5%

+26.6%

Miami Beach

197

$1,266,913

+3.5%

+34.2%

Pinecrest

211

$1,323,531

+20%

+35.1%

Ponce/Davis

31

$2,238,244

-.4%

+16,4%

Source: MLS, Miami-Dade Country Property Appraiser

Non-waterfront sales over $5 million in 2014

1. 6650 Roxbury Lane, Miami Beach. $6,500,000 on July 15, at $691/sq. ft. (six beds, 8.1 baths, 9,405 sq. ft., .6-acre lot, built 2002.)

2. 9030 SW 60th Ave., Pinecrest, $5,500,000 on June 1, at $444/sq. ft. (seven beds, 8.3 baths, 12,400 sq. ft., 1.25-acre lot, built 2013.)

3. 5790 SW 97th St., Pinecrest, $5,495,000 on Aug. 15, at $545/sq. ft. (six beds, 7.1 baths, 10,092 sq. ft., 1.9-acre lot, built 1999.)

4. 360 Pacific Road, Key Biscayne. $5,400,000 on Sept. 4, at $916/sq. ft. (four beds, four baths, 5,896 sq. ft., .5-acre lot, built 1955.)

5. 10700 Snapper Creek Road, Coral Gables. $5,180,000 on June 13, at $569/sq. ft. (eight beds, 7.1 baths, 9,100 sq. ft., 1.3-acre lot, built 2006.)

Source: MLS, Miami-Dade Country Property Appraiser

  Comments