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8240 SW 95th St
Miami, FL

8240 SW 95th St

$1,790,000
4 bd • 4 ba • 3,022 sf

This analysis was generated by artificial intelligence on 1/27/2025. It is for entertainment purposes only and should not be considered as real estate or investment advice.

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AI Property Analysis

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List Price

$1,790,000

Price/Sq.Ft

$592

Year Built

1958

AI Property Analysis

A comprehensive evaluation of this property's features, market position, and investment potential.

The Good

• The property offers a spacious 4-bedroom, 4-full-bathroom layout, ideal for families, with 3,022 sqft of living space. The size is above average for older homes in Miami, which tend to be around 1,500 to 2,500 sqft. • The inclusion of a fully equipped in-law quarters adds significant value, providing flexibility for multi-generational living or rental income potential. This is a highly desirable feature for many Miami buyers. • The property is situated on a large, gated 16,400 sqft lot, offering privacy and ample outdoor space. This is particularly valuable in Miami, where land is at a premium. The inclusion of a pool, pergola, and lush tropical gardens with fruit trees enhances the property's appeal and outdoor living potential. • The property includes a two-car garage, a desirable feature in Miami where parking is often limited. • The listing highlights modern finishes, spacious rooms, and high-end appliances, suggesting the property has been recently updated. This reduces the need for immediate renovations and appeals to buyers looking for move-in ready homes. • The property's flood risk (1/10) and fire risk (1/10) are both minimal, reducing the likelihood of insurance claims and potential damage. The FEMA Zone of X_UNSHADED also indicates a low risk of flooding. • The property is located near reputable schools, including Kenwood K-8 Center (rated 7/10), Miami Killian Senior High School (rated 6/10), and Glades Middle School (rated 7/10), making it attractive for families with children.

The Bad

• The property was built in 1958, which may present issues related to older infrastructure and potential maintenance needs. While the listing mentions modern finishes, the underlying structure may still require attention. • The listed square footage (3,022 sqft) is different from the property description (3,322 sqft), creating inconsistency. The 3,022 sqft number appears to be more accurate based on public records but should be verified. The price per square foot is $592.32, which is relatively high compared to average prices in the Miami-Dade area ($350-$500/sqft). • While the property has a large 16,400 sqft lot, the actual usable space may be less due to the home’s footprint and the landscaping, which includes a pool, pergola, and lush gardens. A buyer may have less space than expected for additions or play areas. • The listing history shows multiple price reductions, which suggests the property may be overpriced or may be facing challenges in the current market. The initial listing price of $1,950,000 was significantly higher, and price reductions of 2-3% at a time are common in this market to attract buyers. • There are no specific details about the quality or age of the in-law quarters or the type of improvements made to the home. More information about these aspects is needed to fully assess the property's value and condition. • The property has been on the market for 54 days, which is slightly above the average of 30-45 days for a property in this price range, suggesting a potential issue with the price or property appeal.

The Ugly

• The extreme wind risk (10/10) poses a significant threat and translates to high insurance costs. The estimated annual insurance of $6,444 is above average, and the likelihood of needing to file claims due to hurricane damage is considerable. Wind insurance is a critical and costly factor in Miami. • The extreme heat risk (10/10) will result in higher energy costs and potentially require upgrades to the HVAC system for optimal cooling. Miami's extreme temperatures mean air conditioning is essential, leading to high monthly utility bills. • The age of the property (built in 1958) implies potential issues with outdated plumbing, electrical systems, and structural components. While modern upgrades are mentioned, there is a risk of uncovering hidden problems that may require costly repairs. • The property's history of multiple price reductions suggests that the initial listing price was too high for the market. The current price of $1,790,000 might still be overpriced. The property was originally listed at $1,950,000 and reduced multiple times, indicating a potential disconnect between the seller's valuation and the market's perception. • Miami's real estate market is subject to significant volatility and is influenced by factors like foreign investment, interest rates, and economic conditions. This makes it difficult to predict future appreciation and poses a risk to long-term investment returns. • Although the property is described as a single family home, the size of the lot (16,400 sqft) and the inclusion of in-law quarters may be subject to specific zoning laws, which could limit potential future development or expansion.

Who is this property for?

These details are presented solely for entertainment purposes and are not meant to steer or limit any prospective buyer.

Best For

• Affluent families seeking a spacious home with in-law quarters and outdoor amenities. The property’s size (3,022 sqft on a 16,400 sqft lot), pool, and lush gardens cater to families desiring both indoor and outdoor living spaces. The in-law quarters provide additional flexibility for multi-generational living. • Buyers comfortable with a higher price point and willing to invest in a well-maintained property in a desirable Miami neighborhood. The median income in this area is $123,991, indicating this property is aimed at a higher income bracket. • Homeowners who value privacy and security. The gated property provides an added layer of security and a sense of exclusivity. • Homeowners who enjoy entertaining. The pool, pergola, and open floor plan are ideal for hosting gatherings and events. • Those seeking a property close to quality schools. The property is near Kenwood K-8 Center (rated 7/10), Miami Killian Senior High School (rated 6/10), and Glades Middle School (rated 7/10), making it suitable for families with school-aged children.

Not For

• Budget-conscious buyers. The property's high price point ($1,790,000) and premium insurance costs make it unsuitable for those with tighter budgets. The price per square foot ($592.32) is significantly higher than the average for similar homes in the Miami-Dade area, which tends to be around $350-$500 per sqft. • Buyers who prefer new construction. The home was built in 1958, and while it features modern upgrades, it may not appeal to buyers looking for newer, more modern construction. Older homes often require more maintenance and may have underlying issues not immediately apparent. • Buyers seeking a low-maintenance property. While the description mentions modern finishes, older homes can require ongoing maintenance, especially in a climate like Miami’s with high humidity and salt air exposure. The presence of fruit trees and lush gardens also implies a need for regular upkeep. • Buyers who prioritize walkability. The property is situated in a suburban area, where car dependence is common. Those seeking a pedestrian-friendly lifestyle with easy access to public transport may find this location less desirable. • Buyers who are highly risk-averse to climate-related issues. The property's extreme heat risk (10/10) and extreme wind risk (10/10) may deter those sensitive to climate-related concerns.
Demographics
Area Median Income

$123,991

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Risk Assessment

Climate Risks

heatEXTREME

7 extreme heat days per year

98th percentile: 105°F

windEXTREME

Insurance: Required

airMINOR

1 bad air quality days per year

floodMINIMAL

FEMA Zone: X_UNSHADED

Insurance: Optional

fireMINIMAL

Insurance: Optional

Risk Analysis

• High insurance costs due to extreme wind risk (10/10). The estimated annual insurance cost of $6,444 is significant and may increase, particularly with the frequent hurricane activity in Miami. This is a major factor to consider, as it will impact monthly housing costs. • Potential for higher energy costs due to the extreme heat risk (10/10) in Miami. The property's need for constant air conditioning to combat the extreme heat (98th percentile temp of 105°F) will result in higher monthly utility bills. • Maintenance costs associated with an older home. Built in 1958, the property may require ongoing repairs and upgrades, especially given Miami's climate and the potential for salt air corrosion. • Price reductions indicate overpricing. The property has undergone multiple price reductions since its initial listing, suggesting that the current price may still be above the market value. This may indicate a need for negotiation to achieve a fair market price. • Market volatility. Miami's real estate market is subject to fluctuations, and there's no guarantee that property values will continue to rise. Changes in the economy, interest rates, or local market conditions could impact the property's value.
Insurance
Annual Cost

$6,444

$537 per month

Financials

Monthly Costs
Market Rent (4 bed)

$3,800

Get a detailed rental estimate on Zillow®

Price History

Property Taxes

$7,103
2023 Tax Assessment
3.7%from previous year
Assessed Value$424,630
Tax Rate1.67%

Location & Comparables

Subject Property
Comparable Sales
View on Zillow

Stats in the Area

Average Price

$1,185,000

-33.8% below list price

Median Price

$975,000

Based on 3 recent sales

Price per Sq.Ft

$459

Comparable Properties

8390 SW 97th St, Miami, FL 33156
Price: $1,840,000
Sq.Ft: 2,598
Beds/Baths: 4/3
$/Sq.Ft:
$70819.6%
Sale Date: 9/18/2024
8240 SW 92nd Ave, Miami, FL 33173
Price: $975,000
Sq.Ft: 2,601
Beds/Baths: 5/5
$/Sq.Ft:
$37536.7%
Sale Date: 8/24/2024
7351 SW 90TH STREET #TH101S, Miami, FL 33156
Price: $740,000
Sq.Ft: 2,509
Beds/Baths: 4/3
$/Sq.Ft:
$29550.2%
Sale Date: 8/15/2024

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