Luxury homes in Pinecrest Florida are starting to sell again! Typically the luxury market is the last to drop in price and the first to recover. I feel a sense of optimism and confidence in the economic recovery is stirring this market.
In writing this update I first had to define what a luxury home in Pinecrest Florida is. I first thought it would be a home built after 1995. After doing some research I found some very luxurious estates built well before that; so I couldn't use age to define the luxury market in Pinecrest Florida. So I figured, let's use price. With that parameter I found small, old homes on acre lots selling for well over one million dollars; that criteria was out. So I decided to define a luxury home in Pinecrest Florida as a home with over five thousand square feet of living space; that seems to be a good parameter.
Using a minimum five thousand square feet of living space as a criteria for defining a luxury home in Pinecrest Florida, these are how many have sold in the past five years: 2005 - 7 sold, 2006 - 41 sold, 2007 - 51 sold, 2008 - 30 sold, and in the first half of 2009 - 17 have sold and 7 are under contract to close. At this rate 2009 will surpass 2008.
The luxury home Buyer, as most all other home Buyers, wants to see "value" in their purchase. As an example let's look at, La Maison de Provence in Pinecrest Florida. It went on the market in June of 2007 for $4,700,000. It was reduced to $4,500,000 then to $4,200,000 then to $3,998,000 and sold in June of 2009 for $3,650,000.
It features six bedrooms, seven and a half baths, beautiful formal areas, a library/office, a huge game room with wet bar and a gorgeous back yard; 9,175 square feet of living space on a 45,302 square foot lot on Ludlam Road.
It is currently on the market for $3,390,000; originally listed for $4,250,000.