Statistics Show That Pools Add Value to South Florida Homes
In terms of resale value, area homes without pools may be swimming upstream, according to the Miami Herald.
Real estate broker and Master Brokers Forum board member Ivory Cooks says that pools are no longer “expensive indulgences,” citing anecdotally that “pools have become a greater concern for home buyers in [South Florida] markets with each passing year.” Recent data from the Multiple Listing Service (MLS) backs up Cook’s claims.
The data, comprised of closed sales of single-family homes, showed that 55 percent of all homes sold in Miami Beach within the past 12 months had pools. For luxury homes priced between $2 and $3 million, 87 percent of homes sold had pools.
The statistics show an even more convincing argument for pools in Coconut Grove and Coral Gables. In these areas, an average 71 percent of all homes sold in the past year had pools. Of the luxury homes sold, a full 100 percent had pools, according to the statistics.
Although pools are a selling point, homes with pools comprise a smaller amount of market share. The statistics show that only 13 percent of homes in the $500,000-750,000 price range across Miami Beach, Coconut Grove, and Coral Gables had pools. That number climbs along with house prices: 41 percent of homes in the $750,000-$1 million price range had pools, according to the data.
A cost-value analysis from Investopedia shows that homes in Florida could yield an 11 percent return on investment for pools. For homes in the $500,000 range, adding a pool might show a return of $55,000, based on a conservative estimate of $25,000 to build a pool.
According to the Herald, pools can have a long-term impact on Miami-area homes while serving as attractive lifestyle and entertainment assets for homes on the market.