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Belle Meade Real Estate Market Report - February 2019

Ines Hegedus-Garcia
ines@miamism.com

How is The Belle Meade Real Estate Market Doing?

There are currently 30 single-family homes for sale (compared to 24 last month)

  • Highest priced listing is $8,450,000 $7,950,000 for the modern, open bay, new construction at 7311 Belle Meade Island Drive with 75' of open bay frontage
  • Lowest priced listing is $519,000 $509,000 - 3/2 at 736 NE 74 St
  • Pending Sales (Properties under contract): 5
  • Median Sales Price in February: $599,475
  • Closed sales in February: 4 (compared to 1 in January)

The 4 Belle Meade homes sold in February were the following:

  • 981 NE 73 St - 2 bedrooms / 2 bathrooms, 1,879 SF of living space on 7,080 SF lot. Listed for $579,000 in January and selling for $580,000 ($381/SF) **cash transaction
  • 7291 NE 8 Ave - 3 bedrooms / 3 bathrooms, 1,780 SF of living space on 7,080 SF lot. Originally listed for $675,000 in April of 2018, with several price reductions and selling for $584,000 ($331/SF)
  • 708 NE 75 St - 3 bedrooms / 2 bathrooms, 1,499 SF of living space on 5,900 SF lot. Listed for $624,900 in December of 2018 and selling for $614,950 ($410/SF) **cash transaction
  • 1025 Belle Meade Island Dr - waterfront home with 4 bedrooms / 3.5 bathrooms, 4,106 SF of living space on 12,300 SF lot with 75' of water frontage. Originally listed in 2015 for $3.255 Million and canceled, listed again in 2016 for $2.599 Million, several price reductions, contract that fell through and selling at a steal for $1.7 Million ($414/SF)

Average price per square foot for homes not on the water in February was $374, compared to previous months:

Price per square foot for Homes on the water in February was $414 with only one sale (and a give-away, at that), compared to previous months:

We are finally seeing more movement in Belle Meade in both waterfront homes and dry-lot homes.  The desirability of the area is obvious and properties that are priced correctly will move quickly as evidenced with the sales last month. Fire sales like the waterfront home at 1025 Belle Meade Island Dr will happen in every market.  The lesson to learn from that is not to overprice to "test the market", today's buyer is smart and educated and will not overpay for real estate.

The general real estate market was affected by a rise in mortgage rates but we should be seeing a change in the next few months.  Belle Meade remains a conservative market where movement is limited not only because it remains a hidden enclave, but the clear pride of ownership keeps prices high compared to neighboring communities.

 

Real-time market stats for 33138 suggest a slight Buyer's Advantage,

The market has shown some evidence of slowing recently. Both prices and inventory levels are relatively unchanged in recent weeks. Watch the Market Action Index for changes as it can be a leading indicator for price changes.

We also offer home value reports at MiamismValue.com or contact us for a no-obligation consultation.

Belle Meade House of The Month

The Miamism Sales Team recommends the fantastic, waterfront, split-level, mid-century home at 825 NE 76 St. This is my favorite type of architecture because layouts are practical, spaces are well designed and homes are flooded with amazing natural light.  This home has been completely updated, has 4 bedrooms / 5.5 bathrooms, 3,940 SF of living space, 11,591 SF lot with 2-car garage and 75' of water frontage. 

It's offered for $2,250,000 ($647/SF) <<priced really well compared to 2018's average of $683

For additional information and photos, please CLICK HERE - and contact us to schedule a private showing appointment.


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