24 February 2012

Property Values: What you get for $2m - $3m

The price range between $2,000,000 and $3,000,000 hardly appeals to the first-time-homebuyer, fresh out of college. Unless you're a college drop-out and own a social media site.

But the 37 modernist homes in this bracket which are on the market in South-East Florida make up 14% of the total modern inventory for sale, and contribute 11% of the total Dollar volume, so it's rather significant.

While the price tendency for these homes seems stable, exceptional locations and waterfront homes are becoming increasingly rare. That is especially true for Key Biscayne, the small island connected to Miami by causeway, which is slowly developing into a little hotbed of contemporary modern design. A recent street-by-street survey there showed nearly all new single family home construction to be modernist.

A $2m-to-$3m South Florida market overview:

Miami: 5 bedrooms, 6.5 baths pool home, built 1973. Ca. 5,700 sf under air. #0594, $2,375,000
Key Biscayne: pool home with 5 bedrooms, 5 baths, ca. 4,050 sf, built 1973. #5141, $1,975,000
Lighthouse Point: Pool home w/ocean access, 5 BR, 5 baths, ca. 6,090 sf. #6150, $2,999,000
Key Biscayne: 5 bedrooms, 5.5 baths, pool, ca. 3,525 sf, new construction. #1490, $2,700,000
Fort Lauderdale: Intracoastal pool home, 4 BR, 4.5 baths, ca. 5,000 sf, built 1973. #1062, $2,795,000
Fort Lauderdale: 6 BR, 7.5 baths, pool, riverfront w/ocean access, ca. 4,545 sf. #5407, $2,250,000

Miami Beach: 4 bedrooms, 4.5 baths, ca. 5,900 sf, lap pool, built 2004. #2521, $2,950,000
South Miami: 5 bedrooms, 5.5 baths, pool, ca. 6,080 sf, built in 1980. #2556, $2,999,900
Fort Lauderdale: 4 BR, 3.5 baths, ca. 4,080 sf, pool, across A1A from beach, #7971, $2,295,000
South Miami: 4 bedrooms, 4 baths, ca. 5,000 sf on over one acre, built 1972. #3971, $2,379,000

If you are interested in one of these properties (or any other modern home) or have a question, please feel free to post here or to email me - thank you!

More modern homes for sale can be seen on ModernSouthFlorida.com.

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