Murano Grande 1201 Comparable Report

PRICE ANALYSIS

MURANO GRANDE 1201 COMPARABLE REPORT

Murano Grande 1201 is a renovated corner unit with 2-beds and 2.5-baths on 2,003 sf. Its views of the bay and downtown skyline make it the premier line in the building.

This unit has been fully renovated, including upgraded:

• Flooring throughout

• Kitchen cabinets, counters, and appliances

• Bathrooms throughout

• Remote blinds

Murano Grande is ideally situated in the South of Fifth neighborhood. South of Fifth is known as South Beach’s top neighborhood due to its walkability, exclusive luxury high-rise towers, and lush green low-rise interior with quick access to the beach, marina, parks, and fine dining restaurants. The high-rise buildings in South of Fifth can be broken down into tiers of quality:

• Level One – Continuum and Apogee. These buildings are at the top of Miami’s market, with units selling for $10M+ in the past year.

• Level Two – Murano Grande, Murano Portofino, and Icon SoBe. These are all full amenity luxury buildings on the bayside waterfront. Murano Grande and Icon SoBe share a driveway, but Murano Grande is more comparable to Murano Portofino as they have the same developer as well as tennis courts, which Icon lacks. Units at this level sell for up to $8M+ in the past year when renovated with great views.

• Level Three – Portofino Tower. This is a full amenity building, but older than any of the others listed above and not directly waterfront. Units at this level sell for up to $4M+ in the past year, with one recent sale of $7.4M for an oversized high floor unit.

• Level Four – South Pointe Tower and Yacht Club at Portofino. These buildings have amenities but are smaller and older without a luxury feel. They are not comparable to other South of Fifth highrises. Units at this level have generally not sold for more than $2M in the past year.

Murano Grande 1201 is a unique unit as one of the largest 2-beds available in the neighborhood. Because of this, we will look at the comparable properties through 3 different lenses:

1. Sales of 2-bed units in South of Fifth high-rises, regardless of size

2. Sales of all units in South of Fifth between 1800-2200 sf, similar in size to the subject property

3. Recent sales of bayfront units in Murano Grande

Below is the chart showing the history of 2-bed sales in comparable buildings in South of Fifth. Units that are renovated and have premier views in the Bayside waterfront buildings are highlighted, as these are the most similar to the subject property:

The most comparable units have an average sale price of $3,265,000 with an average price per square foot of $1,841/sf. The only units to trade below $3M are significantly smaller than the subject property, at just 1,425 sf. The comparable units below 1,500 sf in size have an average price per square foot of $1,873/sf, just above that of all comparable properties here.

Below is the chart showing all units between 1800-2200 sf in these SoFi buildings regardless of bed count, considering that 1201 is significantly larger than most 2-beds in the area. Units that are renovated and have premier views in Bayside waterfront buildings are highlighted, as these are most similar to the subject property:

2902 also only has the bay and skyline view from some rooms. Notably, the view from the master bedroom is of the city and less desirable:

This is in contrast to the subject property, where all rooms of the unit have direct bay views. All other comparable bayside units sold for above the contract price of 1201, and all comparable units sold for a higher $/sf than the contract price of 1201.

These units are smaller than 1201, with the two -04 lines being significantly smaller. These units sold for an average of $1,678/sf, above that of 1201’s contract price.

IN SUMMARY:

Murano Grande 1201 is one of the largest available 2-beds in the neighborhood and is well-renovated with bay and downtown skyline views from every room. Due to the unit’s quality and the comparable sales, it can be seen that the market supports the contract price of 1201.

Please see next pages for a detailed look at all comparable properties that were highlighted in these charts.

Below is the chart showing all recent sales of the bayfront units in Murano Grande and Icon:

2 BEDROOMS

2.5 BATHROOMS

Murano Grande 1004 Miami Beach, FL. 33139

$2,350,000

$1,649/SF

1,425 SF

2 BEDROOMS

2.5 BATHROOMS

Murano Grande 1704 Miami Beach, FL. 33139

$2,500,000

$1,754/SF

1,425 SF

3 BEDROOMS 3 BATHROOMS

Murano Grande 2506 Miami Beach, FL. 33139

$3,500,000

$1,729/SF

2,024 SF

3 BEDROOMS 3 BATHROOMS

Murano Portofino 2704 Miami Beach, FL. 33139

$5,700,000

$2,603/SF

2,190 SF

3 BEDROOMS 3 BATHROOMS

Portofino Tower 4306 Miami Beach, FL. 33139

$3,600,000

$1,765/SF

2,040 SF

2 BEDROOMS 2 BATHROOMS

Murano Portofino 3502 Miami Beach, FL. 33139

$5,125,000

$1,958/SF

2,618 SF