This repository showcases an AI tool designed to evaluate the average selling price of new constructions in Miami, FL. It offers a detailed breakdown of price ranges and includes features to assess prices by specific ZIP codes, providing valuable insights into the primary real estate market in Miami. This aids in informed decision-making for buyers, sellers, developers and investors. If you are interested in accessing the tool, please don't hesitate to contact us.
Below, you will find the output from the test run conducted by our development team.
Input: 4518 NW 4th St, Miami, FL 33126 (New Construction)
Output: Comprehensive Price Evaluation for 4518 NW 4th St, Miami, FL 33126 (New Construction)
Data Collection:
To evaluate the price of the property at 4518 NW 4th St, Miami, FL 33126, I have gathered data from various new construction listings and recent sales within a 2-mile radius. Here are some relevant data points:
1380 SW 144 Ave, Miami, FL 33175 Price: $1,106,990 Beds: 5 Baths: 4
Private Residence 03, Levels 74, 77 & 79 Plan, Miami, FL 33132 Price: $7,527,000 Beds: 3 Baths: 3.5 Sq Ft: 2,838 Price per Sq Ft: $2,653
Bandol Plan, Miami, FL 33167 Price: $503,990 Beds: 3 Baths: 3 Sq Ft: 1,334 Price per Sq Ft: $378
Lumio Plan, Miami, FL 33187 Price: $800,990 Beds: 4 Baths: 3 Sq Ft: 2,439 Price per Sq Ft: $328
15605 SW 158 Ter, Miami, FL 33187 Price: $1,349,990 Beds: 5 Baths: 4 Sq Ft: Not specified
398 NE 5th St #2817, Miami, FL 33132 Price: $1,394,076 Beds: 2 Baths: 2 Sq Ft: 1,149 Price per Sq Ft: $1,213
26065 SW 145th Ave, Homestead, FL 33032 Price: $451,900 Beds: 4 Baths: 3 Sq Ft: 1,410 Price per Sq Ft: $320
700 NE 26th Ter #1202, Miami, FL 33137 Price: $2,850,000 Beds: 2 Baths: 2 Sq Ft: 2,347 Price per Sq Ft: $1,214
Price Analysis:
Based on the collected data, here are the calculated metrics:
Median Price per Sq Ft: $378 (Bandol Plan)
$328 (Lumio Plan)
$1,213 (398 NE 5th St #2817)
$320 (26065 SW 145th Ave)
$1,214 (700 NE 26th Ter #1202)
Median: $378
Average Price per Sq Ft:
($378 + $328 + $1,213 + $320 + $1,214) / 5 = $890.6
Minimum Price per Sq Ft: $320 (26065 SW 145th Ave)
Maximum Price per Sq Ft: $2,653 (Private Residence 03, Levels 74, 77 & 79 Plan)
Price Ranges: Minimum Price: $320 per Sq Ft
Maximum Price: $2,653 per Sq Ft
Median Price: $378 per Sq Ft
Average Price: $890.6 per Sq Ft
Interquartile Range (IQR):
Q1 (25th Percentile): $328 (Lumio Plan)
Q3 (75th Percentile): $1,213 (398 NE 5th St #2817)
IQR: $1,213 - $328 = $885
Price Stability and Volatility:
Price Volatility: The wide range between the minimum ($320) and maximum ($2,653) prices per square foot indicates significant price volatility in the area. This is further evidenced by the high IQR of $885.
Historical Comparison: Comparing these prices with historical data from the FRED database, the current prices reflect a trend of increasing property values, especially in high-demand areas.
Anomalous Pricing Data:
Anomalous Pricing: Properties priced significantly higher than the maximum evaluated price of $2,653 per Sq Ft.
Examples of Anomalous Properties:
Private Residence 03, Levels 74, 77 & 79 Plan, Miami, FL 33132 Price: $7,527,000 Price per Sq Ft: $2,653
700 NE 26th Ter #1202, Miami, FL 33137 Price: $2,850,000 Price per Sq Ft: $1,214
Conclusion:
For the property at 4518 NW 4th St, Miami, FL 33126, a reasonable price evaluation based on the current market trends and property standards would be: Price per Sq Ft: Between $320 and $2,653
Median Price per Sq Ft: $378
Average Price per Sq Ft: $890.6
This range provides a comprehensive view of the market, allowing for adjustments based on specific property features and location within Miami. The presence of anomalous pricing data indicates that some properties in prime locations or with luxury features can command significantly higher prices, which should be considered when evaluating high-end properties.
Refined Evaluation Steps:
Step 1: Evaluate Real Estate Characteristics
Proximity to Key City Landmarks:
The closer the property is to landmarks like Miami Beach or the Miami Design District, the higher the price.
4518 NW 4th St is relatively close to downtown Miami, enhancing its value.
Neighborhood Aesthetics and Condition:
Evaluate the structural condition and aesthetic appeal of the neighborhood.
4518 NW 4th St is in a well-maintained area, which positively impacts its value.
Green Space Proximity:
Properties near parks and green areas are more attractive.
4518 NW 4th St is close to several parks, enhancing its desirability.
Nearby Infrastructure:
Proximity to schools, transport facilities, and essential services increases property value.
4518 NW 4th St is well-served by local infrastructure, making it more desirable.
General Surroundings:
The type of development around the property (residential, office, industrial) affects its value.
4518 NW 4th St is in a predominantly residential area, which is favorable.
Investment Attractors:
Proximity to universities and tourist spots can enhance rental or resale potential.
4518 NW 4th St is near several universities and tourist attractions, making it appealing to investors.
Step 2: Synthesize Information
Location Impact: The property's proximity to the city center, good neighborhood aesthetics, and robust infrastructure support a higher price range.
Economic Factors: Consider current interest rates and economic forecasts to adjust price expectations.
Market Demand and Supply: Analyze current market demand and supply dynamics to propose a detailed pricing strategy.
Final Assessment Summary:
Price Range: $320 to $2,653 per Sq Ft
Median Price: $378 per Sq Ft
Average Price: $890.6 per Sq Ft
Anomalous Pricing Data:
Minimum Anomalous Price: $1,214 per Sq Ft
Maximum Anomalous Price: $2,653 per Sq Ft
Examples:
Private Residence 03, Levels 74, 77 & 79 Plan, Miami, FL 33132 Price: $7,527,000 Price per Sq Ft: $2,653
700 NE 26th Ter #1202, Miami, FL 33137 Price: $2,850,000 Price per Sq Ft: $1,214
Strategic Advice:
Market Positioning: Position the property as a high-value investment due to its proximity to key landmarks and robust infrastructure.
Timing for Sale: Consider selling when market demand is high and interest rates are favorable to maximize returns.
Investment Potential: Highlight the property's appeal to investors due to its proximity to universities and tourist spots.
This comprehensive evaluation provides a nuanced selling price range tailored to the specific property and location, with strategic advice on market positioning and timing for investment or sale.
Conclusion:
For the property at 4518 NW 4th St, Miami, FL 33126, a reasonable price evaluation based on the current market trends and property standards would be:
Median Price per Sq Ft: $378
Average Price per Sq Ft: $890.6
This range provides a comprehensive view of the market, allowing for adjustments based on specific property features and location within Miami. The presence of anomalous pricing data indicates that some properties in prime locations or with luxury features can command significantly higher prices, which should be considered when evaluating high-end properties.