Cervera Real Estate's Miami Beach Market Update - Issue Two

MARKET UPDATE Washington Ave

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Cervera Real Estate Miami Beach Market Update 17th St

Issue 2 | Second Quarter 2012

Lincoln Rd

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Swim week has come and gone, don’t miss out next year! July 19-23, 2013

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Miami real estate has recovered!

What’s inside…

For months now we’ve been feeling it, but it was anecdotal.

More people were looking for a place in Miami. More people were buying. And many of them were paying cash. Now it’s official: Miami has recovered from the real estate slump.

Robert Shiller, co-creator of the S&O Case-Shiller index of property values, told Bloomberg: “The cities that have done the best have been glamour cities,” and he cited Miami, Las Vegas, and Phoenix. William Rogers, Chief Executive Officer of

• Get to know Flo! • Around Town • Market Trends for Hot Properties • We’ve got the Heat!

Continued on next page

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Cervera Real Estate 864 Commerce Street Miami Beach, FL 33139

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COMMERCE ST South Pointe Dr

Cervera Miami Beach Office 864 COMMERCE STREET

Perhaps this is the time to mention that Cervera Real Estate’s Miami Beach office has agents who are fluent in Italian, Spanish, English, German, Russian, French, Polish, Portuguese, Greek and Mandarin.

And, if you speak Bulgarian, we’ll find someone who speaks that too.

Cervera Real Estate makes no claims, promises or guarantees about the accuracy, completeness or adequacy of the contents of this advertisement and expressly disclaims liability for errors and omissions of third-party content.

The numbers reflected in the market update represent data provided by the MLXchange during the second quarter of 2012.

Average list price Highest list price Lowest list price Average LP/SQFT

$475,000 $550,000 $415,000 $629

Average sold price Highest sold price Lowest sold price Average SP/SQFT

$471,667 $510,000 $430,000 $590

TWO BED

Average list price Highest list price Lowest list price Average LP/SQFT

$767,000 $885,000 $650,000 $690

Average sold price Highest sold price Lowest sold price Average SP/SQFT

$607,500 $670,000 $545,000 $549

Sold

ONE BED

Average list price Highest list price Lowest list price Average LP/SQFT

TWO

List price $2,750,000 Only 1 two bed LP/SQFT $1,590

1 2

$1,807,000 $2,895,000 $949,000 $1,680

Active ONE BED

Average list price Highest list price Lowest list price Average LP/SQFT

1

$634,633 $699,900 $579,000 $652

TWO

THREE

ONE

$363,441 $447,000 $299,400 $487

TWO BED

Average list price Highest list price Lowest list price Average LP/SQFT

$613,000 $699,000 $515,000 $557

2

Active ONE

$595,000 $725,000 $465,000 $619

Average sold price Highest sold price Lowest sold price Average LP/SQFT

$771,667 $1,000,000 $565,000 $622

Sold

Average list price Highest list price Lowest list price Average LP/SQFT

1BED

Average sold price Highest sold price Lowest sold price Average LP/SQFT

Average sold price Highest sold price Lowest sold price Average SP/SQFT

TWO BED

Average list price Highest list price Lowest list price Average LP/SQFT

$1,514,800 $1,700,000 $1,275,000 $1,045

Sold price Only 1 two bed SP/SQFT

$1,275,000

THREE

Average list price Highest list price Lowest list price Average LP/SQFT

$1,960,000 $2,695,000 $1,590,000 $997

Average list price Highest list price Lowest list price Average LP/SQFT

$9,797,600 $15,000,000 $6,399,000 $2,702

FOUR

Average list price Highest list price Lowest list price Average LP/SQFT

$8,050,000 $9,500,000 $6,150,000 $2,024

3

4BED

Active ONE

3BED

$833

Sold

THREE BED

Average sold price Highest sold price Lowest sold price Average SP/SQFT

$7,412,500 $8,825,000 $6,000,000 $2,151

$5,997,500 $10,750,000 $1,995,000 $966

Sold price Only 1 five bed SP/SQFT

$4,016,200

Average list price Highest list price Lowest list price Average LP/SQFT

THREE BED

Average list price Highest list price Lowest list price Average LP/SQFT

$6,768,750 $8,975,000 $5,900,000 $1,037 Average sold price Highest sold price Lowest sold price Average SP/SQFT

8

List price $6,500,000 Only 1 eight bed LP/SQFT $894

$965

$10,350,000 $12,300,000 $8,400,000 $1,193

$2,700,000 $2,800,000 $2,600,000 $758

Sold

TWO BED

2

Average list price Highest list price Lowest list price Average LP/SQFT

$1,533,500 $1,669,000 $1,190,000 $904

Average sold price Highest sold price Lowest sold price Average SP/SQFT

$1,800,000 $2,000,000 $1,600,000 $945

3THREE BED

Average list price Highest list price Lowest list price Average LP/SQFT

$5,841,875 $8,000,000 $2,850,000 $1,882

Sold price Only 1 three bed Average SP/SQFT

$2,625,000

Active

1ONE BED

ONE

1BED

TWO

2BED

THREE

3BED

ONE

$1,500,400 $1,637,000 $1,150,000 $1,874

Average sold price Highest sold price Lowest sold price Average SP/SQFT

$1,078,750 $1,200,000 $957,500 $1,406

Average list price Highest list price Lowest list price Average LP/SQFT

$2,387,500 $3,599,000 $1,725,000 $1,830

Average sold price Highest sold price Lowest sold price Average SP/SQFT

$2,064,000 $2,626,000 $1,480,000 $1,536

Average list price Highest list price Lowest list price Average LP/SQFT

$7,283,333 $7,950,000 $6,700,000 $2,935

List price $9,950,000 Only 1 five bed LP/SQFT $2,801

Sold

Average list price Highest list price Lowest list price Average LP/SQFT

$648,333 $875,000 $520,000 $712

Sold price Only 1 one bed SP/SQFT $764

$650,000

Average list price Highest list price Lowest list price Average LP/SQFT

$1,377,261 $2,150,000 $849,000 $835

Average sold price Highest sold price Lowest sold price Average SP/SQFT

$1,082,500 $1,550,000 $850,000 $678

Average list price Highest list price Lowest list price Average LP/SQFT

$2,825,000 $3,900,000 $1,750,000 $1,315

Average sold price Highest sold price Lowest sold price Average SP/SQFT

$1,812,500 $1,825,000 $1,800,000 $842

List price $5,500,000 Only 1 five bed LP/SQFT $1,489

Sold

List price $349,000 Only 1 one bed LP/SQFT $436

Average list price Highest list price Lowest list price Average LP/SQFT

THREE BED

List price $850,000 Only 1 three bed LP/SQFT $572

3

$581,333 $625,000 $549,000 $540

Active ONE

1BED

TWO

2BED

THREE

3BED

$1,003

Average list price Highest list price Lowest list price Average LP/SQFT

Active

1BED

$460

Sold

Active

TWO

THREE

Average sold price Highest sold price Lowest sold price Average SP/SQFT

$555,000

$619

$1,052,140 $1,850,000 $597,000 $590

Sold price Only 1 one bed SP/SQFT

2BED

$2,399,000

Average sold price Highest sold price Lowest sold price Average SP/SQFT

List price $725,000 Only 1 one bed LP/SQFT $719

2TWO BED

List price $1,475,000 Only 1 three bed LP/SQFT $624 Sold price Only 1 four bed SP/SQFT

FIVE BED

1ONE BED

Sold

7

Active

FIVE

$5,295,000 $7,500,000 $2,990,000 $1,244

6

$1,847,000 $1,895,000 $1,799,000 $878

THREE

3BED

5BED

Average list price Highest list price Lowest list price Average LP/SQFT

5BED

Average list price Highest list price Lowest list price Average LP/SQFT

TWO BED

4

$1,154,327 $2,499,999 $749,000 $710

5FIVE BED $615,000 $650,000 $580,000 $654

Active

Average list price Highest list price Lowest list price Average LP/SQFT

Sold Average sold price Highest sold price Lowest sold price Average SP/SQFT

TWO

2BED

$629,250 $690,000 $599,000 $669

3BED

List price $625,000 Only 1 one bed LP/SQFT $518

3THREE BED

Average list price Highest list price Lowest list price Average LP/SQFT

2

ONE

1BED

FOUR

$346,000 $400,000 $293,000 $447

1BED

Sold

4BED

$1,268

List price $995,000 Only 1 three bed LP/SQFT $638

Active

Active

$1,460,000

Sold

2BED

3BED

Sold price Only 1 one bed SP/SQFT

MURANO AT PORTOFINO

Active

SETAI

2

MURANO GRANDE

1BED

ICON SOUTH BEACH

YACHT CLUB W SOUTH BEACH

ONE

Sold

COURTS

With 30 year fixed interest rates at 3.66 percent, it’s not just the cash buyers who are shopping. Some customers are buying two condos, one to live and one to rent out with rates like this. (Miami rents are going up as well.) And, because prices have come back up, some of the most desirable condos, which were being held off the market, are now available.

Active

IL VILLAGGIO

Because of the weak dollar, a lot of cash buyers are coming in from outside the US, including Mexico, Brazil, Canada, Italy, France, Russia, of course, and even Spain and Greece. (If it looks like your country’s economy is collapsing, people with money will send their money out of the country.) That’s an amazing vote of confidence in Miami’s future.

SOUTH POINTE TOWER

SunTrust Banks, told Bloomberg that Miami “was having a remarkably fast recovery.”

Numbers prove it. National asking prices were up .3 percent overall in the US, but asking prices in Miami, as of June 2012, were up 16 percent year over year. No other city except Phoenix was close to that.

And Phoenix is, let me point out, Phoenix. Enough said.

COSMOPOLITAN

Continued from front cover

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Miami real estate has recovered!

APOGEE

The Miami Beach market continues to lead as South Florida’s highest price per square foot. Most recently, a threestory penthouse unit at the Continuum (located in the exclusive South of Fifth neighborhood) sold for a record $25 million. According to the press, the buyer plans to invest an additional $2 million in upgrades and remodeling. Officials say the price breaks the previous record set in January with the sale of a $21.5MM Miami Beach penthouse.

SUNSET ISLAND PROPERTIES

About the Market Update

Sold price Only 1 two bed SP/SQFT

$799,000 $521

Sold

Average list price Highest list price Lowest list price Average LP/SQFT

$1,075,000 $1,150,000 $1,000,000 $785

Average sold price Highest sold price Lowest sold price Average SP/SQFT

$1,070,700 $1,346,000 $795,000 $850

Average list price Highest list price Lowest list price Average LP/SQFT

$2,020,000 $2,999,999 $1,000,000 $1,281

Sold price Only 1 two bed SP/SQFT $1,044

$1,346,000

Average list price Highest list price Lowest list price Average LP/SQFT

$3,519,800 $4,400,000 $2,500,000 $1,594

Sold price Only 1 two bed SP/SQFT $2,165

$5,000,000

About Cervera Real Estate Since 1969, Miami Based Cervera Real Estate has been South Florida’s industry leader in condominium sales. Cervera doesn’t just sell real estate, Cervera helps create new markets. Our firm has transformed traditionally non-residential markets into urban and resort neighborhoods, such as Brickell and SoFi. Miami Beach was once an abandoned dog track and full of neglected housing that fast became the priciest and most photographed urban resort in the world. Indeed, the area now draws the highest Price/Square Foot ratio in Miami. Our involvement since the mid 90’s has resulted in representing 7 out of the 10 waterfront condominium projects in the area, including Portofino Tower, Yacht Club at Portofino, Apogee, Icon, Murano Grande, Murano at Portofino, The Waverly, W South Beach and most recently, Ocean House

Get to Know Flo! Anyone who is looking for our offices in South of Fifth in Miami Beach should keep an eye out for Flo, our pink flamingo, who migrated down to South Bach from one of those swanky Northern cities. We’ve adopted Flo, and welcome her to 864 Commerce Street.

Barely a block long, Commerce Street is tucked between the bottom of Alton Road and Joe’s Stone Crab. Our offices are in a sweet little cottage nicknamed, “La Casita,” with plenty of parking out front in addition to complimentary parking in the back. Stay on the look-out, and “Go with Flo as she makes her way around Miami Beach each issue!”

Around Town The reason Miami is so hot again is due in part to all of the exciting things going on here. Two of Miami’s most visionary developers, Craig Robins and Robert Wennett, are each planning new pedestrian areas. They really should be called malls, in the original meaning of the name, a sheltered walk or promenade, not like the malls of Dadeland and Sunset Place (local malls).

Wennet, the man behind the “parking garage” 1111 Lincoln Road, plans to add more shopping, parking, dining and walking to Lincoln Road, along with 36 apartments.

How, you might ask? By extending Lincoln Road north to a place dubbed Lincoln Lane, between Alton Road and Michigan. The Norwegian architects Snohetta have come up with a plan that involves canopies to provide shade, and lots of nonlinear paths for wandering.

And then there is Craig Robin’s plan to turn eight square block of the Design District into a pedestrian mall in collaboration with a French investment fund backed by Louis Vuitton Moet Hennessy. LVMH, the luxury behemoth, has elected to build a new Louis Vuitton building in the Design District, Cartier is building a shop on 40th Street, and LVMH’s Dior brand has a gleaming new two-story luxury shop (with rooftop garden) designed by Terry Riley next to the Moore Building, opening this fall.

Now there will be a 30-foot wide pedestrian passageway from 38th to 40th Streets, with plazas at each end and anchor stores like Bloomingdales. The Design District is a quick shot across the causeway from South Beach.

The Grand Dame of Real Estate For some it’s hard to believe that Alicia Cervera Sr. first opened the doors to her real estate firm over four decades ago. Now, the Cervera name has become one of the most widely known real estate brands in South Florida. In the past four years alone, the company has sold billions of dollars in real estate and exclusively represents highly coveted projects, including the St. Regis Bal Harbour, The Grove at Grand Bay and Ocean House in Miami Beach. She was a pioneer, establishing a business formula to exclusively represent development projects, which were historically sold through the developer’s in-house sales team. Ms. Cervera continues to leave an undeniable footprint on South Florida’s colorful real estate landscape, one that places undying resolve, honesty and integrity, and the constant quest for knowledge at the forefront of success.

We’ve got the Heat!

The World Champions Miami Heat Basketball team adds to the allure of our tropical paradise. Miami Beach is home to a number of star players, including Dwayne Wade and Chris Bosch. While there is no shortage of recreational activities in the Magic City, professional sports are definitely major league in South Florida. Home to internationally recognized franchises such as the Marlins, Heat and Dolphins, in addition to impressive college teams and other pro-sporting events, Miami is a hotbed of athletic entertainment. The Marlins Stadium, one of the premier ballparks in the nation, lets spectators enjoy America’s favorite pastime while sipping sexy cocktails at the Clevelander Bar —a South Beach landmark now in a stadium!

Downtown Miami is hot!

• Total sales including new and resale activity during the last 12 months were up approximately 5% • Average monthly volume of residential sales were up 8.7% from year prior • Sales in the first quarter of 2012 were up 26.7% from year prior • Inventory of new, unsold condos declined 11% in the First Quarter 2012 from Fourth Quarter 2011 • Average rent psf in the First Quarter 2012 is up 3% from the Fourth Quarter of 2011 • Average monthly rental rates are up 13% from 2011

If you sleep on it...make it up.

If you wear it...hang it up.

If you drop it...pick it up.

If you eat out of it...wash it.

If you spill it...wipe it up.

If you turn it on...turn it off.

If you open it...close it.

If you move it...put it back.

If you break it...repair it.

If you empty it...fill it up.

If it rings...answer it.

If it howls...feed it.

If it cries...love it.

Miami Beach full service construction and renovation (Apogee, Continuum, Murano Grande, Portofino, Icon, Setai, Hibiscus, Dilido, San Marco, San Marino Islands, etc.)

270 NE 61st Street, Miami, FL 33137, 305-695-9090, www.latourdesign.com

Cervera’s Services

Thinking of buying, selling or leasing?

Call our team of Miami Beach specialists today!

• Pre-construction/Project Sales • Residential Sales • Residential Leasing • Corporate Relocation • Short Term & Vacation Rentals • Commercial Sales • Commercial Leasing • Property Management

Debi Quade 305.401.2169

Elaine Dos Santos 305.748.1105

Adriana Pinto-Torres 786.493.1388

Claudia Dunin-Borkowsky 305.790.0511

Despina Ikonomidou 305.785.5565

Debi@DebraQuade.com

elainerealtor@ymail.com www.elainerealtor.com

pintorres@gmail.com luxurysouthbeachrealty.com

claudiadunin@aol.com

despinagre@gmail.com southbeachdespina.com

Languages Spoken Portuguese, Spanish, French, Italian, Russian, Polish, German, Greek, Mandarin

About Cervera’s Numbers

Kinga Konsorska 954.554.8391 gkmiamiteam@gmail.com

Sildy Cervera Miami Beach Sales Director

305.490.7559 sildycervera.com

Carlo Dipasquale 785.512.5094

Jessica Segatto 305.785.0896

Sandra Stendel 305.502.1754

carlo@carlodipasquale.com carlomiami.com

jessicasegatto@me.com

sstendel@cervera.com

Facebook.com/CerveraRE

40,000 Condominium Units Sold 250 Licensed Professionals 82 Condominium Projects Represented Exclusively 20 Real Estate Offices

4 Counties with Offices

1 Reputable Brand Known

Throughout Key Markets in South Florida, Latin America and Europe