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Belle Meade Real Estate Market Report - August 2020

Ines Hegedus-Garcia
ines@miamism.com

How is The Belle Meade Real Estate Market Doing?

There are currently 20 single-family homes for sale: (compared to 22 in July)

  • Highest priced listing is $7,850,000 $7,495,000 for the bay front, new construction home at 7311 Belle Meade Island Dr.
  • Lowest priced listing is $595,000 for the 3 bedroom / 3.5 bathroom home at 930 NE 74th St (demolished / unfinished project)
  • Pending Sales (Properties under contract): 13
  • Median Sales Price in August $797,000 
  • Closed sales in August : 3 (compared to 1 in July)

DOWNLOAD BELLE MEADE MARKET REPORT HERE

Belle Meade Homes Sold in August

There were 3 single-family homes sold in Belle Meade in August:

  • 781 NE 75th St - 3 bedrooms / 3 bathrooms, 1,584 SF on 6,250 SF lot. Beautifully remodeled home In the center of Belle Meade, listed for $750,000 on May 29th and selling for $735,000 ($367/SF)
  • 7600 NE 8th Ave - 3 bedrooms / 3 bathrooms, 1,807 SF on 7,140 SF lot. Remodeled home, Originally listed for $850,000 in September 2019, had a few price reductions and sold for $800,000 ($410/SF)
  • 840 NE 76 St - 3 bedrooms / 2.5 bathrooms, 3,067 SF on 8,662 SF lot. Remodeled mid-century modern, originally listed for $1,295,000 in October of 2018, then again for $1,175,000 in December 2019, again for $1,049,999 in July of 2020 and sold for $980,000 ($339/SF)

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 August was $372, with past averages are as follows:

There were no waterfront homes sold in Belle Meade in August. Past average are as follows:

  • 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

Belle Meade's real estate market remains unchanged, although we did see 3 sales in August.  The absorption rate roped to 12 months from 14 and the average price per square foot also dropped a bit from $401 to $398.  When the rest of Miami is seeing multiple-offer scenarios and bidding wars, Belle Meade remains stable.

You can see from this chart that although inventory has increased, so have sales, we'll keep a close eye on the months of inventory and rates of sales to give you an idea of pricing in future months.

Buyers for Belle Meade continue to come from the U.S. as well as Argentina and Colombia. 31% of closings are cash deals and 25% of deals are non-primary residents that will use property as an investment, as a second home or as a vacation home.

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

Although this home has been listed since 2017, before construction was finished, you have to understand that it is a one-of-a-kind masterpiece.  7311 Belle Meade Island Dr. features 7 bedrooms, 6 bathrooms, 2 half-baths, almost 7,000 FT of living space and sits on the open bay with a 12,375 SF lot with 75' of unobstructed water frontage.  

We visited the home while it was under construction and can only tell you that the finish product is everything! Here are the construction photos from 2016.  This home has top of the line everything with the most discerning finishes. Price is the highest in the island at $7,495,000 but every penny is worth it.

For additional information, please contact us.


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