Property Values: What you get for $800,000

In the ever-shrinking real estate market South Florida currently experiences, modern architecture is not exempt from the dreaded TIS, also known as the Tight-Inventory-Syndrom. Especially hard-hit are the price brackets under $1.0 million.

Here is a sampling of what is available now if you are looking for modernist homes between $750,000 and $850,000:

2 bedrooms, 2.5 bathrooms, 1,531 sf under air (141 m2), built in 1960. Asking $799,500 ($522/sf, $5,676/m2). A fine remodel of a flat roof mid-century-modern home, probably one of the nicest current examples in this price bracket.

2 bedrooms, 2 bathrooms, 2200 sf under air (202 m2) on a 9,000 sf lot (828 m2), waterfront with bay access, built in 1952. Asking $849,000 ($386/sf, $4,195/m2). Typical MiMo-style house on the water with fixed bridges, in a nice area to boot.

5 bedrooms, 3 bathrooms, 3953 sf under air (364 m2) on a 8,359 sf lot (769 m2) with pool. Asking $849,000 (215/sf, $2,334/m2). Appealing modernist two-story house in a neighbourhood with quite a few hidden modernist gems.

3 bedrooms, 2 bathrooms, 1,742 sf under air (160 m2) on a 7,500 sf lot (690 m2), with pool,, built in 1968. Asking $749,000 (430/sf, $4,674/m2). A fine example of the architecture of beloved local Donald Singer.

5 bedrooms, 3 bathrooms, 2,935 sf under air (270 m2) on a 15,290 sf lot (1,407 m2), with pool, built in 1963. Asking $860,000 (293/sf, $3,185/m2). Not quite consequent in all details (e.g. crown molding), but a nice open remodel.

4 bedrooms, 2 bathrooms, 2554 sf under air (235 m2) on a 2554 sf lot (235 m2), with pool, built in 1958. Asking $849,000 (332/sf, $3,613/m2). Not yet verified, this house shows a lot of details typical for a true Florida luminary: APB, or Alfred Browning Parker.

3 bedrooms, 3 bathrooms, 2530 sf under air (233 m2) on a 41817 sf lot (3,847 m2), with pool, built in 1953. Asking $750,000 (296/sf, $3,222/m2). The opposite to above, so to speak: this kitchen photo exemplifies the train wreck that happens when uninformed (or uninterested?) owners remodel a modernist house. Be prepared to de-renovate.

3 bedrooms, 2 bathrooms, 2,986 sf under air (275 m2) on a 17,244 sf lot (1,586 m2), with pool, built in 1973. Asking $749,000 (251/sf, $2,726/m2). Owners with considerably more taste left this house mostly untouched, with good period details worth keeping.

3 bedrooms, 2 bathrooms, 2,844 sf under air (262 m2) on a 10,075 sf lot (927 m2), with pool, built in 1971. Just sold for $775,000 (273/sf, $2,962/m2). This classic by architect Wahl Snyder was so briefly on the market that I didn't have a chance to view it – but if the new owners read this and ask me over I will make time right away, naturally.

3 bedrooms, 4.5 bathrooms, 3,925 sf under air (361 m2), pool, waterfront, built in 1988. Asking $795,000 (203/sf, $2,202/m2). On the border between modernist and contemporary, but a light-filled space in an area sparse with modern architecture could make this house an appealing option.

3 bedrooms, 2 bathrooms, 1810 sf under air (167 m2) on a 6,255 sf lot (575 m2), built in 1976. Asking $799,500 (442/sf, $4,801/m2). An earlier design of Miami architect Michael Simonhoff, who seems to be still practicing.

What are you comments on these houses, and what do you think of the value equation they offer?

Looking forward to your thoughts: good, bad or indifferent – and have a great weekend!

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.

Property Values: What to expect around $500,000

Much in demand are currently modern homes in the price bracket $500,000 to $599,000. Here is a look at some of the available modernist homes and townhomes in that range:

Alfred Browning Parker built this classic mid-century residence (above) in Coconut Grove in 1953. It has two bedrooms, one bathroom and an office on 1072 sf under air – not large by today's standards, but an open floor plan and wrap-around balconies integrate tropical outdoors and indoors nicely. $599,000.

Within walking distance to the beach are these new townhomes in Pompano Beach. Three bedrooms, three bathrooms and a guest bath are spread out over approx. 3,031 sf under air, with several models available, including some on the water with private dockage. Starting at $578,788; waterfront units are in the $800,000s.

A five-bedroom/four bathroom home directly on a golf course in Tamarac, with ca. 3,940 sf under air, built in 1969. The property offers volume cedar ceilings, a wood/gas fire place, an oversized garage and pool with spa. $549,000.

Short sale in Miami Shores: a waterfront home with 122 feet on a deep canal, with no bridges to the Bay. Renovated kitchen and baths; big master suite, kitchen open to the family room. 4 bedrooms, 2 baths, ca. 2,880 sf, two-car garage, corner lot, built in 1949. Reduced twice to $525,000.

Another townhome, this time in Highland Beach, located just north of Boca Raton. Waterfront with dockage included (!), and pet friendly to boot. Completely updated, with 3 bedrooms, 2 bathrooms and a guest bath, ca. 1,456 sf under air, built in 1977. $540,000.

1950s mid-century home with Bay views in Miami, offering four bedrooms and three baths on ca. 2,220 sf under air. Bay across the street affords water views, vaulted ceilings and a open split floor plan emphasize space. $485,000 (admittedly, that's not in the $500,000 range, but only because it was just reduced. That's not my fault, really.)

International Style and Brutalism made love and gave birth in Lighthouse Point, to a 4/3 with ca. 2,800 sf (the listing Realtor calls it "hip and contemporary Frank Lloyd Wright style”. A visit to the history page could clear that up quickly). Built in 1971, with impact doors and windows throughout, and a pool. Reduced this week from $549,000 to $499,000.
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If you're not completely thrilled with what you see here, email me for alternative suggestions please.

In the meantime, thanks for reading this post!

Property Values: What to expect for $250,000 to $350,000

In this new series of posts, I will explore how much modern home per Dollar you currently can expect in SE Florida. With asking prices as of yesterday ranging from $179,000 to $42,000,000, expectations from a modern home at $75 per square foot surely differ greatly from one for $2,100 per sf.

In the first installment today, I will look at modern homes listed between $250,000 and $350,000.

In this price bracket, over half of the listings offer three or more bedrooms, but the houses are certainly not huge. Square feet under air – assuming that you want to live in air-conditioned space or don’t count your car port as living space – range from 1,020 to 2,274, with one lonely outlier of (unverified) 3,542 sf. The average lies somewhere around 1,800 sf.

Half of the homes in this price range have a pool, 55% have a garage. What you do not find in this group is new construction: the majority was built between 1950 and 1970, the youngest house in this group is still 21 years old.

But the homes are often in good to very good upkeep. Updates are quite common, but not always in the spirit of modern architecture: Mexican or some funky tile on top of terrazzo, lead-glass front-doors, country cherry kitchens with stainless-steel appliances and granite counter-tops or bow/bay windows are quite typical.

So either a remodeling budget or willingness to live with a stylistic mismatch for a while are helpful. Occasionally I see homes in original condition, often even well-kept: those are much easier and more fun to update in period style than a house that needs to be de-renovated.

From the houses on my for-sale list (remember that there is no “modern”-specific search in the SE Florida MLS) between $250,000 and $350,000, I chose six examples typical for this range:

Fort Lauderdale: 2/1 with room to expand, ca. 1020 sf, pool, carport, short-sale listed at $249,000. Notice the original corral wall and clerestory windows.

Boca Raton: 3/2, 1896 sf, remodeled, keystone entry, fireplace, marble floors, cabana bath, pool. $298,000.

North Bay Village: 4/3, 2577 sf, remodeled, pool, $349,000. Note the kitchen renovation: corner window meets cherry cabinets.

Lake Worth: 2/2, 1162 sf, garage, completely renovated, $249,000. Noticeable: crown- and door-moldings in a modernist home.

Delray Beach: 2/2, 1740 sf, PGT windows, sunken living room, diamond-brite pool, large lot, carport, $349,000.

Fort Lauderdale: 2/2, 1102 sf, waterfront with ocean access, move-in condition, new kitchen (with Mexican tile), fireplace, room for pool, short sale listed at $269,000.

In summary: between $250,000 and $350,000, you certainly can find interesting mid-century modernist properties. It helps tremendously if you are not in a hurry or if you are geographically flexible, as the houses shown here are over 40 miles apart.

Interested in more examples, questions regarding any of these properties, or would you like a specialist for modern architecture – that would be me – help you find the right home? Then do let me know. I look forward to hearing from you.