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MIAMI’ BEST KEPT SECRET | PALMETTO BAY | NEIGHBORHOOD MARKET UPDATE

Posted on October 4, 2016

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In a great location, Palmetto Bay is just south of Pinecrest, east of Kendall, and north of Cutler Bay. It also hugs the waters of Biscayne Bay and has other natural waterways that provide nice areas for boaters to enjoy. Also, greenery abounds throughout the community, especially in Palmetto Bay’s 7 parks that include: tennis courts, golf courses, baseball/softball fields, soccer fields, and much more! Lets not forget about The Falls shopping mall too!

It is no wonder that a community that has so much to offer is highly demanded by those who are considering purchasing a home in South Florida. The attraction for Palmetto Bay’s real estate largely stems from the fact that the area provides a Pinecrest feel at a more affordable price. The homes typically sit on large plots of land and are Ranch-style or Mediterranean-style homes. At LUXE, we see tremendous value in this neighborhood because of its affordability and proximity to major points of interest.

When comparing the Palmetto Bay real estate market year-over-year, we have seen a slight increase in prices. Thus far, 216 homes have closed with an average price per square foot of $206.91 this year. In comparison, during 2015 there were 341 homes sold in Palmetto Bay. These homes closed for an average of $192.75 per square foot. Pinecrest, on the other hand, sometimes fetches double these numbers!

Overall, we expect the prices of homes to slightly rise in the Palmetto Bay market. Homes in this area typically range between $300,00 and $1,500,000. Below we have highlighted a few of our favorite properties for sale in the Palmetto Bay area.

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Palmetto Bay’s Priciest Listing: 17625 SW 74 Place

Homes for sale in Palmetto Bay:

  • 7216 SW 146 Street Circle | 3,685 Sq. Ft. | 5 Beds 3 Baths | $1,255,000
  • 17255 SW 92 Court | 6,432 Sq. Ft. | 4 Beds 5 Baths | $875,000
  • 7240 SW 165 Street | 2,241 Sq. Ft. | 2 Beds, 2 Baths | $500,000
  • 7975 SW 1622 Street | 2,533 Sq. Ft. | 3 Beds 2 Baths | $484,000
  • 9364 SW 172 Terrace | 2,113 Sq. Ft. | 4 Beds 2 Baths | $374,900

We have the experience and knowledge to help you with all of your real estate needs in Palmetto Bay. If you are interested in buying, selling, renting or investing, call us today at (305) 809-7650 or fill out our contact form to schedule a consultation.