Luxury Miami Real Estate

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550 South Dixie Highway

Coral Gables, FL 33146

Cell: 305-798-8685

Office: 305-960-5330

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The Pinecrest Real Estate Drought

drought

I am currently working with four qualified, active and ready buyers looking to purchase homes in north Pinecrest – they are all looking north of 112th Street and east of Ludlam. And while each is looking in a slightly different price range, they are all basically looking between $800,000 and $2 million. I have been out with each of them several times, and not one can find what they are looking for! I’ve been left puzzled by this, and decided to run numbers to see what’s going on in this market.

Pinecrest chart - Oct 2010

The chart above helps to tell this story.  Given the parameters of the search criteria, I cannot break this down to show only North Pinecrest, so this chart covers all of Pinecrest, between $800,000 to $2 million.  It spans from September 2006 through September 2010. You will note that inventory has been on a steady decline, and right now, there are only 69 houses on the market in this price range. Last year at this time there were 84, and in 2008 there were 132! We are down 18% from last year, and 48% since 2008. So this helps me to understand why my clients are having trouble finding what they want.  There’s only about half as much to choose from as there was a couple years ago, and I remind you that this is ALL of Pinecrest.  Currently in the specific area that we are searching, there are only 13 houses on the market!

If you are considering selling your house and you live in this neighborhood, now is a good time to sell considering the drought in inventory that we are seeing. I welcome you to contact me if you are thinking about listing, because perhaps you have the gem that my clients are looking for!

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