belle-meade-real-estate-market-report-september-2020

Belle Meade Real Estate Market Report – September 2020

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How is The Belle Meade Real Estate Market Doing?

There are currently 17 single-family homes for sale: (compared to 20 in August)

  • Highest priced listing is $3,595,000 for the 4/4.5 new, waterfront construction at 885 NE 76 St (840/SF)
  • Lowest priced listing is $649,000 for the 2/2.5 located at 920 NE 73 St.
  • Pending Sales (Properties under contract): 12
  • Median Sales Price in September: $839,000
  • Closed sales in September : 7 (compared to 3 in August)

DOWNLOAD BELLE MEADE MARKET REPORT HERE

Belle Meade Homes Sold in September

There were 7 single-family homes sold in Belle Meade in September:

  • 727 NE 76 St – 3 bedrooms / 2 bathrooms, 1,462 SF on 6,250 SF lot.  Listed for $649,000 in July and selling for $630,000 ($535/SF)
  • 840 NE 75 St – 2 bedrooms / 2 bathrooms, 1,488 SF on 7,080 SF lot. Listed for $650,000 in October of 2019 and selling for $612,000 ($411/SF)
  • 750 NE 77 Ter – 3 bedrooms / 3 bathrooms, 2,148 SF on 7,800 SF lot. Listed for $830,000 in June and selling for $795,000 ($378/SF)
  • 7630 NE 8 Ave – 3 bedrooms / 2 bathrooms, 2,247 SF on 7,140 SF lot. This home was sold for $730,000 in July of 2019, was relisted a year later for $839,000 and sold for $830,000 ($396/SF)
  • 736 NE 77 St – 3 bedrooms / 2 bathrooms, 1,764 SF on 12,500 SF lot. Listed for $898,000 in August and sold for $775,000 ($440/SF)
  • 825 NE 76 St – waterfront home with 4 bedrooms / 5.5 bathrooms, 3,940 SF on 11,591 SF lot with 75′ of water frontage. Originally listed for $2.8 Million in July of 2018, lowered several times to final price of $2,299,000 and sold for $2,087,500 ($558/SF) **cash transaction
  • 7311 Belle Meade Island Dr – brand new construction on open bay with 7 bedrooms / 6 bathrooms / 2 half-baths, 6,471 SF on 12,375 SF lot with 75′ of open bay water frontage.  This home was originally listed for $8.95 Million in March of 2017 when it was still under construction, it was lowered several times with several changes of real estate agents and finally sold for $7 Million ($1,128/SF) **we featured this home last month

DOWNLOAD BELLE MEADE MARKET REPORT HERE

Belle Meade Average Price per Square Foot

The average price per square foot for  dry lot homes (non-waterfront) homes sold in Belle Meade in September was $432, with past averages are as follows:

There were 2 waterfront homes sold in Belle Meade in September, one was a canal front home and the other was bay front, the average price was $843. Past average are as follows:

  • August’s average – no waterfront sales
  • July’s average – no waterfront sales
  • June’s average – no waterfront sales
  • May’s average $631 (one sale)
  • April’s average – no waterfront sales
  • March’s average – no waterfront sales
  • February’s average – no waterfront sales
  • January’s average – no waterfront sales
  • 2019’s average (waterfront) $588
  • 2018’s average (waterfront) $683

DOWNLOAD BELLE MEADE MARKET REPORT HERE

Belle Meade’s Real Estate Stats and Opinion

Good news for Belle Meade this past month.  In addition to experiencing an increase in sales (demand), it also had 2 waterfront sales which we haven’t had in months. It’s still a buyer’s market but absorption rate has decreased to 11 months from 12.  Price per square foot increased a bit but keep in mind that waterfront homes will push averages up. (If you are ever interested in more micro data, like only dry-lots or only waterfront, let us know and we’ll be happy to prepare the report for you).

Almost 22% of all sales are cash, which is a really low number for Miami and it goes hand in hand with 28.6% of sales are not for primary residents (investors, second and vacation home buyers).

What’s interesting to note is that the average sold price per square foot is $426 and average listed price is $564 – the disparity is really large, even with an average discount price of 6%.

If demand continues to increase, we should see an increase in pricing, similar to what neighboring city of Miami Shores is experiencing.

We provide micro-data for markets around South Florida.  Real Estate is hyper-local and it’s crucial to analyze data at a micro level to identify not only the right time to buy or sell, but who is buying and what factors will maximize your goals.  We also look into demographic information to help identify audiences buying in the area.

For a free copy of this report, click HERE.

We are happy to meet for a no-obligation home valuation consultation, which includes home preparation recommendations as well as marketing strategies.  Call me at 306-206-9366 (direct cell) or email me at ines@miamism.com

Featured Belle Meade Home For Sale

The home featured in the header of this post is a beautiful mid-century modern home on Belle Meade Island, close to Biscayne Bay.  This home is located at 1055 Belle Meade Island Dr, it has 4 bedrooms / 3 bathrooms, 2,559 SF on 12,375 SF lot with 85′ of water frontage.  It was built in 1958 and has been remodeled with clean, modern lines.  It was originally listed for $2,347,000 in May of 2018, went through a few price reductions and is currently being offered for $2.3 Million ($899/SF).

For additional information, please contact us.

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