MARKET UPDATE Washington Ave
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Cervera Real Estate Miami Beach Market Update 17th St
Issue 2 | Second Quarter 2012
Lincoln Rd
15th St
Swim week has come and gone, don’t miss out next year! July 19-23, 2013
11th St
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
5th St
Dr Ocean
Ave Collins
Rd on Alt
Washin gton Av e
2nd St
Cervera Real Estate 864 Commerce Street Miami Beach, FL 33139
1st St
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
1500
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