Market Updates Category
Snapper Creek Lakes Inventory Update
Did you know that inventory in the prestigious Snapper Creek Lakes community in Coral Gables is at a 5 year low? Of the homes in inventory the lowest listed home on the market is offered at $2.49 million while the lowest listed property (vacant land) is offered at $1.89 million. The current average price in Snapper Creek Lakes is $4.32 million.
Buying a home in Snapper Creek Lakes can be challenging due to the inventory constraints. An expert realtor with experience in the community is a valuable asset. We are highly networked in the neighborhood and are experts at matching buyers and sellers – sometimes in situations where homes aren’t even on the market for sale. We are in the know! For more information about Snapper Creek or surrounding communities or for a detailed consultation on buying or selling property in Snapper Creek Lakes contact me!
1st Quarter Pinecrest Real Estate Market Update
First Quarter Single Family Home Sales for Miami-Dade
The most expensive home to sell in Q1 in Miami. Located on Mashta Drive, Key Biscayne
Q1 Single Family Home Sales in Miami-Dade:
Almost all of the closed sales that occurred in Miami-Dade are in for the first quarter of 2011. The number of single family homes sold is up 13% over Q1 of 2010 and up 129% from the first quarter of 2008. The lowest price homes are still far outpacing the rest of the market with 90% of sales going for less than $500,000 and only 3.7% over $1 million.
Below are more detailed Q1 stats for much of the county. Pricing varies a great deal by area, but two of the overall hot spots in the first quarter were Miami Beach and Key Biscayne.
If we didn’t include the area where you live, just give us a call – we’d love to hear from you and give you the scoop in person.
Year-over-year comparisons of Miami real estate Q1 2011 to Q1 2010
Coconut Grove:
- # of homes sold: Up 40%
- Avg sale price/sq ft: Down 13%
Coral Gables:
- # homes sold: Down 8.6%
- Avg sale price/sq ft: Down 9.5%
Key Biscayne: (One of the brightest spots in the market!)
- # homes sold: Up 100%
- Avg sale price/sq ft: Up 16%
Miami Beach:
- # homes sold: Up 19%
- Avg sale price/sq ft: Down .5%
Palmetto Bay:
- # homes sold: Up 47%
- Avg sale price/sq ft: Down 8%
Pinecrest:
- # Homes sold: Down 8.6%
- Avg sale price/sq ft: Down 5.4%
10 Most Expensive Properties Sold in Miami in 2010
According to the MLS these are the top 10 most expensive homes sold in Miami-Dade county in 2010. Click on the ‘View as Pic Lens’ below for more detailed images.
| Address: | City: | Sold Price | Square Footage | Beds/Baths/Half baths | |
| #10 | 92 La Gorce Circle | Miami Beach | $9,500,000 | 9719 | 7/8/1 |
| #9 | 3301 S. Moorings | Coconut Grove | $10,125,000 | 11,257 | 6/6/2 |
| #8 | 510 Mashta | Key Biscayne | $10,413,000 | 7,386 | 6/8/0 |
| #7 | 500 Arvida | Coral Gables | $10,500,000 | 17,000 | 7/9/2 |
| #6 | Santa Maria PH 1643 Brickell Av | Miami | $11,000,000 | 10,000 | 3/5/0 |
| #5 | 55 Palm Ave | Miami Beach | $11,950,000 | 12,184 | 8/9/2 |
| #4 | 6396 N Bay Rd | Miami Beach | $12,333,000 | 12,000 | 7/8/2 |
| #3 | 158 S Prospect | Coconut Grove | $14,100,000 | 30,000 | 13/13/0 |
| #2 | Setai PH (101 20th St) | Miami Beach | $15,000,000 | 6,208 | 4/4/0 |
| #1 | 88 La Gorce Cr | Miami Beach | $16,000,000 | $17,183 | 10/12/3 |
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Snapper Creek Lakes Market Update
Active Listings in Snapper Creek Lakes
Active Listings in Snapper Creek Lakes
Snapper Creek Lakes
One of the most beautiful gated neighborhoods anywhere, Snapper Creek Lakes is situated in the southern part of Coral Gables just off of Old Cutler Road.
Homes for sale in Snapper Creek Lakes
10900 Snapper Creek Lakes in Coral Gables, Florida
Currently there are 13 homes for sale ranging in price from $1.625 million to $10,999,000.I recently toured one of the most beautiful homes in the neighborhood, 10900 Lakeside Drive. It’s a six bedroom, six bath, 2 half-bath estate with a guest cottage located on Elbow Lake. This ‘British Bermuda’ home is situated on 1.5 beautiful acres acres filled with mature oaks, staghorn ferns, palms and orchids – it’s an incredibly lush setting. The home features a master suite with it’s own sitting room, ample closets and bathroom with outstanding lake views. There is a separate children’s wing with three bedrooms and a separate sitting area or playrooom. The main part of the home features breathtaking views of the lake and property from the beautiful large windows situated throughout. There is a formal living room, family room, den/library, formal dining area, butler’s pantry, and a breakfast room. If you can afford it, this is a home not to be missed. The asking price is $4,850,000.
Recent Sales in Snapper Creek Lakes
After an entire year with no sales in 2009 and a fairly drastic increase in inventory, 6 homes have sold in 2010 and 2 homes are currently under contract. The average price-per-square foot for the homes that sold so far this year is $400/sq ft for non-waterfront homes. The only waterfront home to sell went for $423/sq ft. Although square footage is usually the way that most of us in real estate tend to price homes, we are seeing a huge variety of what customers are willing to pay to get into this highly desirable neighborhood. One home, for example, recently sold for $1,500,000 – the lowest price on record in the past 5 years in the MLS for Snapper Creek Lakes. This was by far the smallest home of those that sold, however, and the sold price-per-square foot was $454.
Pinecrest Real Estate Update
Some Good News for the Miami-Dade Real Estate Market
This July Miami-Dade bucked the state-wide trend of declining home sales. While the number of homes, condos & townhomes sold in Florida decreased 14% in a month-to-month previous year comparison, Miami experienced an increase in sales of 4%. There was a whopping 77% increase when comparing the number of homes sold this summer with those sold in the summer of 2008.
In continuing good news – the average price of homes sold increased slightly this summer from $162 per-square-foot to $165 per-square-foot and the average number of days properties remained on the market before selling decreased.
Why the good news for us in Miami-Dade? Two of the main factors were probably the large number of international buyers looking to invest in our market and the fact that our higher-than-average property prices mean that the expiration of the first time homeowner’s tax credit probably had less of an impact here than in other parts of the state. Whatever the reasons, it’s a great reminder that real estate trends really are local in nature.
What’s selling? A quick overview of the past 6 months in Miami-Dade real estate
In the past 6 months (March 1 – August 31) in Miami-Dade county 12,196 residential properties sold
- 48% were single family homes
- 52% were townhomes or condos
- 35% were foreclosures
- 24% were short sales
- 89% of the properties sold for less than $499,999
- 7% of the properties sold between $500,000 & $999,999
- 2.2% of the properties sold between $1 million & 1.99 million
- 1.4% of the properties sold for over $2 million
The Gables Club – An Update
My husband and I are not ideal single-family homeowners. Although we love our yard and privacy, we both work a lot and love to be outdoors spending time with our kids on the water. That doesn’t leave a whole lot of time for house chores. On Sunday night we found ourselves daydreaming about where we would want to live if we were to purchase a townhome or a condo south of Miami. That lead me to do a bit of research on the state of the market at the Gables Club – two gorgeous towers of condominiums near the Cocoplum Circle in the south Gables.
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