MARKET UPDATE Cervera Real Estate Market Update in collaboration with the Miami DDA
Issue 1 | January 2012
Miami: The #1 Turn-around Market in the Nation!
• Sales & Leasing Activity Report • Number of Residential Sales • Sales & Rental Price Trends • Top Downtown Buildings • Foreclosure Activity • Downtown Updates • Downtown Map
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1,046
2, 00 0
561
Condominium Units
Cervera Real Estate 1492 S. Miami Avenue Miami, FL 33130
What’s inside…
1,298 1,238
1, 50 0
Unsold 4,014 = 17%
Brickell CBD Wynwood/Edgewater Arts & Entertainment
1, 00 0
Units by District = 4,014 Total = 22,785 As ofInventory September 30, 2011 New SOLD Condominium = 18,771 (83%) Units SOLD = 83% Unsold==18,771 4,014 (17%)
0
Sold 18,771 83%
Total Inventory New Condominium Units Increased to 22,785
50
17%
Completed/Unsold New Condominium Units by District ~ September 2011
0
Cervera Real Estate and the Miami Downtown Development Authority are pleased to bring you this residential market update. According to the National Association of Realtors, Miami is the #1 turn-around market in the nation. Condo sales have increased 79 percent in the first five months of this year, largely due to an influx of foreign investors. As a downtown resident/business-owner it is important for you to know what’s happening in your area. We hope you find this information valuable.
About the Market Trend Update “Upon review of monthly data from the Goodkin research, there are two notable key factors influencing the price trend. First, resale activity is increasing as a percent of total sales due to diminishing inventory of new units. Secondly, remaining unsold, new units tend to be the less desirable units (i.e. views, floor height, floor plans) as the majority of the most desirable units (price premiums) have been sold.� (Goodkin)
The information below is an excerpt of a report compiled by Goodkin Consulting, commissioned by the Miami DDA. It is a statistical update of key residential market trends in the Downtown Miami area and designed to inform residents and business owners. The information presented is based on direct research of public records, MLS and other independent sources. A copy of the full report is available for download at www.miamidda.com.
Sales and Leasing Ac vity
00
00
,4 $2
50 0
40 0
30 0
20 0
10 0
0
Average Monthly Rental Units
Average Sales Price Trend PreForeclosure Filings
201
36 103
10/10 20
44
22
48
69
$339,700
$294
October 10
324
$98,078,434
383,588
$302,711
$256
November 10
342
$119,069,741
395,256
$348,157
$301
December 10
360
$131,160,023
420,372
$364,333
$312
January 11
253
$89,158,400
299,812
$352,405
$297
February 11
268
$100,681,650
319,604
$375,678
$315
March 11
268
$100,681,650
316,095
$396,398
$336
April 11
335
$122,410,845
394,753
$365,406
$310
May 11
287
$105,003,300
331,270
$365,865
$317
June 11
260
$99,988,500
311,948
$384,571
$321
July 11
298
$107,743,200
341,026
$361,554
$316
August 11
380
$132,598,072
436,679
$348,942
$304
September 11
316
$103,262,481
345,110
$326,780
$299
Units Sold
Total Sales Volume ($)
Total Sq. Ft.
Average Unit Price
Average $/Sq. Ft.
Brickell
520
$200,084,049
596,836
$384,777
$335
CBD
253
$73,036,520
248,032
$288,682
$294
Arts & Ent.
113
$47,673,030
160,495
$421,885
$297
Wynwd./Edgwtr.
108
$22,810,154
117,452
$211,205
$194
Total Q2
994
$343,603,753
1,122,815
$345,678
$306
$375,678 $396,398 $365,406 $365,865 $384,571 $361,554 $348,942 $326,780
Average Unit Sales Price
Average Sales Price Per Square Foot
About Cervera’s Numbers
$301 $312 $297 $315 $336 $310 $317 $321
BrickellHouse
$316 $304
00
$4
50
00
Represented exclusively by Cervera $3
$3
50
$2
$2
00
$299
50
Miami DDA Area: 1.7 Square Miles 2010 Popula on: 71,000 2010 Day me Popula on: 194,000 2014 Projected Popula on: 81,100 22,079 Residen al Units Built Since 2003 18.6 Million Sq. Ft. of Office Space 6,096 Hotel Rooms
Months
The Miami Downtown Development Authority DDA Fast Facts:
$294 $256
$1
20 0
15 0
10 0
50
Foreclosure Recordings
9/10 10/10 11/10 12/10 1/11 2/11 3/11 4/11 5/11 6/11 7/11 8/11 9/11
00
29 39 9/11 18 35
8/11
0
$352,405
45
7/11 19 40
40,000 250 69 17 4 1
$364,333
0
6/11 14
356,390
Source: MLxchange. Cervera and the Miami DDA make 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.
$348,157
$5
5/11
$339,700
$1
4/11
$104,627,500
$1
3/11
$5
Months
2/11
42 37 26 23 33 46 37 28 25
308
$302,711
0K
12/10 16 1/11
Months
11/10
9/10 10/10 11/10 12/10 1/11 2/11 3/11 4/11 5/11 6/11 7/11 8/11 9/11
$0
9/10
Auc on
September 10
00 K $1 50 K $2 00 K $2 50 K $3 00 K $3 50 K $4 00 K $4 50 K $5 00 K
Foreclosure Ac vity by Stage of Process
Average $/Sq. Ft.
00
,2
478
391
,0
9/11
$6
316
Average Unit Price
Area
$2
380
8/11
Total Sq. Ft.
$2,199
$2
477
Total Sales Volume ($)
$2,211
00
298
7/11
Units Sold
Month
Breakdown by Area - 2nd Quarter 2011
$2,103
00
398
$2,097
,8
260
6/11
463
$1
388
287
5/11
00
335
4/11
Monthly Sales Profile
$2,005
,6
433
$2,023
$1
268
$2,015
00
3/11
349
,4
268
$1
357
2/11
00
1/11
$2,012 $1,981
00
268 253
Months
12/10
$2,061 $1,976
,2
11/10
$1,914
$1
359 342 359 360
$1,959
00
324
10/10
9/10 10/10 11/10 12/10 1/11 2/11 3/11 4/11 5/11 6/11 7/11 8/11 9/11
,0
396
$1
308
9/10
Months
Average Residen al Rental Rate Trends
Leases
$8
Sales
Downtown Study Area Residen al Sales
Price per square foot
Condominium units sold Licensed Professionals Condominium Projects Represented Exclusively Real Estate Offices Counties with Offices Reputable Brand Known Throughout Key Markets in South Florida, Latin America and Europe.
Miami’s newest and most sophisticated residential address designed by Sieger Suarez with interiors by Yabu Pushelberg. This 374 unit residential “green� building project by Newgard Development Group boasts the first residential robotic parking garage in SE United States. Other features include innovative design, beautiful views and a 46th floor pool sky deck. For more information, contact the Sales Office at 305.938.5711.
Marquis Over 75% Sold! Represented exclusively by Cervera Rising over Biscayne Bay and Downtown Miami, Marquis Residences offers a truly ideal address and exclusive lifestyle in South Florida. Breathtaking views, amazing amenities and five-star services are just a few reasons why the project is over 75% sold. For more information on Marquis, call the Sales Office at 305.571.4000.
EPIC
International Investment in Downtown Miami A Message from the Miami DDA:
Uniquely situated where Biscayne Bay meets the Miami River and home to world renowned Zuma, EPIC has become one of the Magic City’s most recognized waterfront landmarks. Penthouse, two-story town houses and spacious luxury units are available for sale with less than 25 remaining. For more information, contact the Sales Office at 305.400.7399.
Downtown Miami’s population is expected to grow to 85,000 by 2014 as the remainder of the new housing inventory is absorbed. Assuming continuation of sales pace, the remaining unsold inventory could be sold-out in 32 months. On the heels of this residential uptick, foreign developers are realizing Downtown Miami’s
Represented exclusively by Cervera
Cervera Management, Inc. We provide peace of mind
Manage logistics of owning a second home or rental property • Inventory property when lease expires • Receive and deposit rent • Interface with the tenant on your behalf • Estimates for property upkeep • Credit card rent payment service option • Send rental invoices to tenant • Post 3-day notice on premise when rental payment is late Coordination of services • Repairs • Cleaning • Upgrades • Maintenance Administrative payments • Utilities • Mortgage • Real Estate Taxes • Insurance • Credit cards • Maintenance fees Submit property reports • Monthly or quarterly statements • Annual summary of income and expenses Facilitate insurance estimates
retail, and residential component. These include Genting Malaysia Berhad’s Resorts World Miami; Brickell CitiCentre, being developed by Hong Kong-based subsidiary Swire Properties; and 1400 Biscayne Center, to be developed by Madrid-based subsidiary Espacio USA. “Downtown Miami continues to be seen as a ‘safe bet’ for investors thanks to the quality and affordability of assets in our market,” said Commissioner Marc Sarnoff, Chairman of the Miami DDA. “As a result of the investments made and growing appeal for the area among new residents, a community has formed and a world-class city is emerging.”
“Downtown Miami continues to be seen as a ‘safe bet’ for investors thanks to the quality and affordability of assets in our market...” potential as an international destination and are investing billions in new, large-scale, mixed-use development projects that will bring worldclass amenities including entertainment, hotel,
Five Services for One Price - Management Fees Start at $80 per Month 305.374.3434 | cervera@cervera.com
Downtown Miami
Cervera One Miami Office | 325 South Biscayne Blvd.
E
Cervera Marquis Sales Office | 1100 Biscayne Blvd. Way
F
Cervera Epic Office | 270 Biscyane Blvd. Way
G
Cervera BrickellHouse Sales Office | 1200 Brickell Ave., Suite 1500
H
Miami Downtown Development Authority (DDA) | 200 S Biscayne Blvd.
I
Miami-Dade College Wolfson Campus | 300 NE 2nd Ave.
J
FIU Business School | 22 E. Flagler St.
K
Miami Federal Courthouse | 400 N Miami Ave.
L
Miami-Dade Public Library & Miami Art Museum | (same address) 101 W Flagler St.
NW 8th St
Q
NW 6th St NW 5th St
L W Flagler St SW 1st St SW 2nd St SW 3rd St
968
N
Bayside Marketplace | 401 Biscayne Blvd., Miami, FL
O
Adrienne Arsht Center for the Performing Arts | 1300 Biscayne Blvd., Miami, FL
P
Museum Park
Q
Garcia’s Seafood Grille & Seafood Market | 398 NW River Dr., Miami, FL
O 41 E P I
F
SW 8th St
G SW 13th St SW
972
ve dA 3r
SW
A
16 th Rd
e Av e Av S M kell c i Br i iam
1
Port Blvd
C HM N D B
ll Ave
Bayfront Park | 301 N Biscayne Blvd., Miami, FL
90
Bicentennial Park
J
SW 7th St
M
K
NE 2nd Ave
D
NE 1st Ave
C
Cervera 50 Biscayne Office | 20 South Biscayne Blvd.
ay MacArthur Causew
Bricke
Cervera Brickell Key II Office | 540 Brickell Key Dr.
N Miami Ave
B
S Miami Ave
Cervera Corporate Office | 1492 S. Miami Ave.
NW 2nd Ave
A
Vene an Causeway NW 14th St
Brickell Key Dr Brickell Key Park
50 Biscayne Cervera is Downtown Real Estate Top Producing Team Specializing in Downtown and Brickell
Beatriz Carmona 305.775.3736
Anthony Flexas 305.338.7089
Paulina Muro 786.356.4000
bhco@bellsouth.net
anthonyflexas@gmail.com
paulinamuro3@gmail.com
Brenda Bichilli 305.206.5048
Marina Orjuela 786.302.5523
Andrew Levine 239.872.7480
bbfranzen@aol.com
marinaorjuelamiami@gmail.com
alevine@cervera.com
Residential | Commercial | Buy | Sell | Lease Short Term Rentals | Property Management 50 Biscayne Boulevard, Miami, FL | Open 7 Days A Week Find us on: Facebook, LinkedIn & Twitter
Commercial Leasing Specialists | Restaurant & Retail
Wolfgang Herz and Ricardo Dupond
LEASED! Zuma
Top Restaurant in Epic Hotel
LEASED! Kukaramakara
Restaurant & Lounge in Brickell
LEASED! Baru Urbano
Restaurant & Lounge in Brickell
FOR SALE
Offered at $4.5MM
Restaurant & Lounge in Brickell
FOR LEASE/SALE
Tequesta Three PH #4604
Luxurious 4,427 two-story 3BD/3.5BA penthouse featuring Philippe Starck chandeliers, white glass porcelain floors, mosaics, private balcony, 30’ ceilings, high-end appliances & fixtures.
LEASED! Piola
Epic
Languages Spoken: Spanish, German, Portugese, French, Hebrew, Dutch, Russian, Italian
Luxury Residential Team Gabriella Bailom Petra Bensoussan Carolina Pupo
Several units available in one of the most coveted buildings downtown. Amazing amenities, finishes, views in each unit.
Starting at $2,000 per month for lease and $350,000 for sale
305.970.7260 | www.whmiami.com | wherz@cervera.com Servicing all of South Florida