"In the fourth quarter, traditionally there's a bit of a slowdown because we're not a resort market per se in Pinecrest, Kendall, Palmetto Bay, South Coral Gables," he said. "And there has been a slight slowdown, but it hasn't been as severe as it has been in past years." In fact, Hawkins said there are still more people wanting to buy houses in south Miami-Dade than there are available properties. "Yes, we still have a shortage of supply and a high demand in our marketplace," Hawkins said. "In The Falls, the Baptist [Hospital], the Palmetto and Pinecrest areas, it's definitely a seller's market. It has been in Pinecrest for quite some time now and it is continuing. But, it's not just South Florida, it's all over the state that we're seeing a slowdown in listings on the market and the supply is low, demand is high." Hawkins said homes that are placed on the market sell very quickly and he cited the experience of two of his agents who listed houses earlier in the week and sold them within 48 hours. "Pinecrest has become the place to live, and it's becoming even more well known," he explained. "Transferees will say before they get here that they want to live in Coral Gables. Then, when they arrive in South Florida and start looking at the various markets, they say that they like Pinecrest because it has the larger properties and more of a country feel to it." Regarding the recent sales of lots in Pinecrest under an acre selling for almost a half-million dollars each, Hawkins said he did not think sales of that level could continue much longer. "These are not waterfront lots," he said. "These are just lots in the heart of Pinecrest. But, you can see that over the last two years real estate in Pinecrest has just skyrocketed. It's hard to think, though, that prices will continue to go up like they have. There comes a point where who can afford it? I mean, where do you find all these multi-millionaires to buy these half-million dollar lots and then put a million-and-a-half-dollar home on top of it?" Hawkins also noted that last year some areas in Pinecrest recorded more than a 20 percent appreciation in property value in a single year. "When you're talking about the price range of the homes in the Pinecrest area appreciating at that rate, it's just phenomenal," he said. "But, the market will change at some time. I'm sure Pinecrest will be one of the last areas to feel any kind of slowdown, because it was the first one in our marketplace to go into a seller's market a couple of years ago, well ahead of some of these other areas." For more information or to contact Arvida Realty, call 305-235-3411 or you may access Arvida through the Internet at < www.arvidarealty.com > or Hawkins at < www.fritz@arvidarealtor.com >. |
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