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Belle Meade Real Estate Market Report - May 2019

Ines Hegedus-Garcia
ines@miamism.com

How is The Belle Meade Real Estate Market Doing?

There are currently 19 single-family homes for sale (compared to 24 in April)

  • 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 $499,000 - 3/2 at 736 NE 74 St
  • Pending Sales (Properties under contract): 5
  • Median Sales Price in May: $606,000
  • Closed sales in May: 6 (compared to 3 in April)

The Belle Meade homes sold in May were the following:

  • 764 NE 73 St - 2 bedrooms / 2 bathrooms with 1,855 SF on 8,850 SF lot. Originally listed for $620,000 in July of 2018, with several price reductions and selling for $563,000 ($323/SF)
  • 716 NE 76 St - 2 bedrooms / 1 bathroom with 1,462 SF on 8,125 SF lot. Listed for $595,500 in February and selling for $575,000 ($405/SF) **cash transaction
  • 900 NE 74 St - 2 bedrooms / 1 bathroom with 1,443 SF on 9,281 SF lot. Listed for $618,000 in April and selling for $605,000 ($419/SF)
  • 764 NE 74 St - 3 bedrooms / 2 bathrooms with 2,100 SF on 5,900 SF lot. Originally listed for $679,000 in August of 2018, with 2 price reductions and selling for $607,000 ($289/SF)
  • 763 NE 94 St - 3 bedrooms / 2 bathrooms with 1,719 SF on 7,080 SF lot. Listed for $679,000 in December of 2018 and selling for $665,000 ($387/SF) **cash transaction
  • 7425 Belle Meade Blvd - waterfront home with 3 bedrooms / 2 bathrooms with 2,015 SF on 16,800 SF lot with 112' of water frontage. Listed for $1,695,000 in October of 2018, decreased to $1,550,000 in January and sold for $1,460,000 ($796/SF) **cash transaction

Average price per square foot for homes not on the water in May was $365, compared to previous months:

There was one waterfront home sold in Belle Meade in May and sold for $796 per square foot. The price per square foot for Homes on the water in previous months was:

Belle Meade's sale inventory has remained low for several months in a row.  It's interesting to point out that a lot of home sales now appear as rentals in the MLS which means investors are buying in the area. This is a good and bad thing - positive because it means investors believe in the Belle Meade's appreciation potential. It's negative because rentals attract transient traffic that is not always positive for the community.  It will be interesting to see when these investment properties will be placed back on the market but expect that to be in 3-5 years.

The Market Action Index is still at 29, which implies 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.

Properties that are priced well are selling quickly and close to asking price.  This is key in creating a strong marketing plan if you are planning to sell your home.  Home condition is an obvious factor for pricing but the most important factor in Belle Meade is amount of bedrooms and size of lot.  Since the average sized lot is 5,900, anything bigger makes the property a lot more marketable.

For a no obligation home value report, visit MiamismValue.com or contact us for a consultation.

Belle Meade House of The Month

The featured house of the Month is located in Belle Meade Island at 7311 Belle Meade Island Dr.  It's a one-of-a-kind new construction home with every luxury you ever wanted.  This home has 75' of open bay water frontage, its sleek, modern design is impeccable and has been reduced to $7,950,000.

We have several homes available both waterfront as well as dry lots by same developer throughout South Florida including Miami's Upper East Side, Miami Beach and South Miami.  If you are looking for new, luxury construction, without the hassle of permiting and going through construction process, please contact us for additional information.


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