About Pinecrest's Pinecrest

Absorption Rate in Pinecrest, Fl East of Ludlam Road

As a mentioned in Part 1 of my post concerning the Absorption rate of homes in Pinecrest, Fl, the term absorption rate considers dividing the current number of homes for sale by the rate at which they have been selling. This will in turn help you understand how the inventory of homes on the market affects the sale prices in the Pinecrest Real Estate market. The longer the absorption rate, the longer it takes for a home to sell.

This post will show us the absorption rate of homes East of SW 67 Avenue, commonly known as Ludlam, and mostly consisting of homes located on acre properties. There are currently 69 homes on the market listed between $890,000 and $6,499,000 with 31 homes sold in 2008 between $800,000 and $4,150,000.

The calculation again for the rate of absorption is:
Number of Homes Currently on the market ÷ The Average Number of Homes Sold each month in the past 12 Months.

31 home sales ÷ 12 months = 2.5 sales per month
69 homes on market ÷ 2.5 sales per month = 27.6 months supply of inventory

Keep checking back daily as I will be breaking down the Pinecrest absorption rate further and will also be discussing absorption rates in Coral Gables & Palmetto Bay.
For more information on real estate data, please email me at Lynn at LynnCromer.com or call me at 305-962-4068.

Absorption Rate of Homes in Pinecrest, Part 1.

Part 2: What You Get for the Money: $600,000-$700,000

This proved to be an interesting proposition as you can now buy either a nice single family home in Pinecrest in this price range or a 2 acre parcel with a home to tear down on it. I will show both of these options.

The home below is on over 2 acres or 93,218 square foot lot. It has 3 bedrooms and 2 baths and is now currently for rent. According to the Miami-Dade County tax recoreds, the 2 acres sold for $640,200. A builder has sub-divided the property into two separate acres and has plans to build new homes on each property. Below are the renderings of the new home.

Pinecrest Acre Lot at 7450 SW 100 Street, Pinecrest, Florida

Following are photos of a "Real Home" purchase in the price range of $600,000-$700,000 in Pinecrest.

For complete data of all the homes sold in Pinecrest, Florida, with photos, in this price range, since October 2008, just click this link for further data.

Feel free to comment on your opinions of this article here.

For more information about Pinecrest Real Estate and surrounding neighborhoods such as Coral Gables, Florida, visit my South Florida real estate website at www.LynnCromer.com or email me at Lynn@LynnCromer.com.

Part 2 - Pinecrest-What you Get for the Money

Monday, January 19, 2009

Part I: What You Get for the Money: $500,000-$550,000

I am always browsing real estate blogs. Yesterday I was browsing and stumbled across Anne Rain’s blog series "What You Get for the Money". I loved the idea and thought that I too would try this type of series, which she based off the HGTV's show, "What You Get for the Money". Maybe you’re familiar with it. If not, it compares three different cities across the nation and shows what type of home you can get in various price points. It's a great way to show different property values.

I will not be comparing different cities, rather this series will compare property values in Pinecrest.

I'll start with one of the least expensive price ranges in Pinecrest. Here's what you can get for the price range of $500,000 - $550,000.

This house was in foreclosure. It had 4 bedrooms, 2 baths, updated kitchen with granite counters, new flooring, paint and more. The home sits on a 15, 480 square foot yard.
It sold in November of 2008 for $529,000. The last sale was in April 2006 for $720,000 which signifies a 27% price drop. It was on the market for 63 days.

I'll be back in the next day or two with the $600,000 to $650,000 price range.

If you are wondering what your Pinecrest home would sell for in today's market, either email me at Lynn@LynnCromer.com or click here for to find out What Your Home is Worth.

Information is based on information provided to and compiled by NADR, RAGFL, RAMB, RAMDC, SBBOR. Information is believed to be accurate but is not warranted.