MARKET UPDATE Cervera Real Estate Market Update in collaboration with the Miami DDA
Issue 2 | April 2012
BrickellHouse
Marquis Residences
Epic Residences
Ocean House
CityPlace South Tower
Grove at Grand Bay
St. Regis Bal Harbour
Downtown Miami & Brickell Hit 93% Occupancy Rate Key Highlights 2011 Year-End Update • More than 99% of new units completed before 2006 have been sold • 77% of new units built between 2007-2011 have been sold • Unsold inventory declined to 3,728 from 5,000 in the year prior • 45% of total sales were first-time new unit sales in new buildings • Average sales price of new units increased 11.7% • Average price of new units per square foot increased 12.6% • Foreclosure activity remains low due to all-cash purchases • Average monthly residential leasing velocity is up 6.5% • Renters account for approximately 56% of occupied units
Occupancy for New Condominium Units
86%
2010
93%
2011
Cervera Real Estate and the Miami Downtown Development Authority are pleased to bring you this residential market update. As indicated throughout this report, Downtown Miami continues to see consistent, positive growth. By the end of 2011, occupancy in new
condominium buildings (including owners and renters) climbed 7 percentage points to 93% from 86% at year-end 2010. As a downtown resident/business owner it is valuable for you to know what’s happening in your area. We hope you find the information useful.
Cervera Real Estate 1492 S. Miami Avenue Miami, FL 33130
Join the new era of Cervera! We offer exceptional training, dynamic locations, innovative marketing and so much more. For a confidential meeting please contact Marketing@Cervera.com.
Check out our Facebook page for for ongoing market updates Facebook.com/CerveraRE | www.Cervera.com 305.374.3434
Ponce de Leon
Platinum
What’s inside… • Sales & Leasing Activity Report • Number of Residential Sales • Sales & Rental Price Trends • Top Downtown Buildings • Foreclosure Activity • Downtown Updates • Downtown Map
About the Market Trend Update “Our recent survey and primary research showing overall multifamily residential occupancy of 93% in the downtown area is a dramatic change from forecasts just 36 months ago. The result of the expanded population reflected by the occupancy level is the emergence of the downtown area as a diverse and expanding economic base and the transition to a bona-fide live/work urban core environment.� (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 Sales
360
268 253
1/11 2/11
268
3/11
268
357 349 433 335
388
287
5/11
463
260
6/11
398 298
7/11
477 380
8/11 316
9/11
308
10/11 275
11/11
327 337
12/11
478
391 377
12/10 1/11 2/11 3/11 4/11 5/11 6/11 7/11 8/11 9/11 10/11 11/11 12/11
$1,976 $2,012
294
$2,015 $2,023 $2,005 $2,097 $2,103 $2,211 $2,199 $2,146 $2,300 $2,314
0 50
0 40
0 30
0 20
10
0
0
Average Monthly Rental Units
Average Sales Price Trend Foreclosure Ac vity by Stage of Process PreForeclosure Filings 48
12/10 16 1/11
Months
$384,571 $348,942
Monthly Sales Profile
$409,207 $368,330 $391,848
Month
K
50 K $3 00 K $3 50 K $4 00 K $4 50 K $5 00 K
00
$2
$2
00 K 50 K $1
0K $5
Average Unit Sales Price
$315 $336 $310 $317 $321 $316 $304 $299 $342 $323
Total Sales Volume ($)
Total Sq. Ft.
Average Unit Price
Average $/Sq. Ft.
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
$106,234,770
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
October 11
308
$126,035,831
368,028
$409,207
$342
November 11
275
$101,290,733
313,532
$368,330
$323
December 11
337
$132,052,800
384,934
$391,848
$343
Total Sq. Ft.
Average Unit Price
Average $/Sq. Ft.
Units Sold
Total Sales Volume ($)
Brickell
463
$200,489,433
552,071
$433,023
$363
CBD
261
$84,522,061
266,423
$323,839
$317
00
50
$4
00
Price per square foot
About Cervera’s Numbers 40,000 250 72 20 4 1
December 10
Units Sold
Breakdown by Area - 4th Quarter 2011
$3
50
$3
$2
00
$343
$2
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
$312 $297
50
The Miami Downtown Development Authority DDA Fast Facts:
Months
Foreclosure Recordings
12/10 1/11 2/11 3/11 4/11 5/11 6/11 7/11 8/11 9/11 10/11 11/11 12/11
00
52
$1
28
$1
12/11
Average Sales Price Per Square Foot
42
50
30
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 84% sold. For more information on Marquis, call the Sales Office at 305.571.4000.
Dec. 2010 - Dec. 2011
$326,780
58
20
Represented exclusively by Cervera
Downtown Study Area Residen al Sales
$361,554
35
11/11
0
39
Marquis Residences
$365,865
0
10/11
18
$396,398
Sales continue to grow at a fast pace! BrickellHouse is 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.
$365,406
$5
9/11
$375,678
40 29
8/11
69
45
6/11 14 7/11 19
$364,333 $352,405
$1
5/11
12/10 1/11 2/11 3/11 4/11 5/11 6/11 7/11 8/11 9/11 10/11 11/11 12/11
$0
Months
4/11
15 0
3/11
42 37 26 23 33 46 37 28 25
10 0
2/11
Auc on
BrickellHouse Success Represented exclusively by Cervera
$1,981
$6 00 $8 00 $1 ,0 00 $1 ,2 00 $1 ,4 00 $1 ,6 00 $1 ,8 00 $2 ,0 00 $2 ,2 00 $2 ,4 00
Months
4/11
Months
12/10
Average Residen al Rental Rate Trends
Leases
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.
Area
85
$37,111,020
116,118
$436,600
$320
Wynwd./Edgwtr.
Arts & Ent.
111
$37,256,850
131,882
$335,647
$283
Total Q4
920
$359,379,364
1,066,494
$390,630
$337
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.
GROVE AT GRAND BAY Represented exclusively by Cervera Here the dense canopy of Coconut Grove meets open water and the views from the site are breathtaking. This private world of GROVE AT GRAND BAY is developed by TERRA Group, designed by Bjarke Ingels of BIG, a world-renowned architecture firm based in Denmark - in collaboration with John Nichols, a renowned Miami based architect; and the lush gardens are designed by Raymond Jungles. This LEED Certified development offers two towers; the north with 59 residences and the south with 37 - all within 3 acres. The two to five bedroom Residences range from 2000 to over 5000 Sq. Ft. For more information contact the Sales Office at 305.929.8646.
Cervera Management, Inc. Manage logistics of owning a second home or rental property • Receive and deposit rent • Inventory property when lease expires • Estimates for property upkeep • Interface with the tenant on your behalf • Send rental invoices to tenant • Credit card rent payment service option • 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 Five Services for One Price - Management Fees Start at $80 per Month 305.374.3434 | cervera@cervera.com
International Investment in Downtown Miami A Message from the Miami DDA: Developers are now launching new projects in downtown, starting the next wave of development much sooner than anyone had predicted.
Patricia and Phillip Frost Museum of Science
Downtown Miami is one of the most active real estate markets in the country, thanks to strong rental demand from young professionals who want to live in our urban core and interest from international buyers who see the value in buying real estate here,” said Alyce Robertson, executive director of the Miami Downtown Development Authority. “Seeing that existing condo
American Airlines Arena
inventory continues to dwindle while demand persists, developers are now launching new projects in downtown, starting the next wave of development much sooner than anyone had predicted.
Miami Art Museum
Downtown Miami
E
Cervera One Miami Office | 325 S Biscayne Blvd | 305.373.3737
F
Cervera Marquis Sales Office | 1100 Biscayne Blvd Way | 305.571.4000
G
Cervera Epic Office | 270 Biscayne Blvd Way | 305.400.7399
H
Cervera BrickellHouse Sales Office | 1200 Brickell Ave, Suite 1500 | 305.938.5707
I
Miami Downtown Development Authority (DDA) | 200 S Biscayne Blvd
J
Miami-Dade College Wolfson Campus | 300 NE 2nd Ave
K
FIU Business School | 1101 Brickell Ave
L
Miami Federal Courthouse | 400 N Miami Ave
M
Miami-Dade Public Library & Miami Art Museum | (same address) 101 W Flagler St
N
Bayfront Park | 301 N Biscayne Blvd
O
Bayside Marketplace | 401 Biscayne Blvd
P
Adrienne Arsht Center for the Performing Arts | 1300 Biscayne Blvd
Q
Museum Park
R
Garcia’s Seafood Grille & Seafood Market | 398 NW River Dr
NW 8th St
R
968
W Flagler St SW 1st St SW 2nd St SW 3rd St
G
H SW 13th St SW
972
SW
A
15 th Rd
e Av e Av S M kell c i Br i iam
1
C NO I E B
SW 8th St
ve dA 3r
Bicentennial Park
M
SW 7th St
90
D
P 41 F Q Port B lvd J
L
NW 6th St NW 5th St
ay MacArthur Causew
e Blvd. Biscayn
Cervera 900 Biscayne Bay Office | 900 Biscayne Blvd | 305.733.0445
NE 2nd Ave
D
ll Ave
Cervera 50 Biscayne Office | 20 S Biscayne Blvd | 305.373.3510
NE 1st Ave
C
Bricke
Cervera Brickell Key II Office | 540 Brickell Key Dr | 305.374.3334
N Miami Ave
B
S Miami Ave
Cervera Corporate Office | 1492 S Miami Ave | 305.374.3434 NW 2nd Ave
A
Vene an Causeway NW 14th St
K
Brickell Key Dr Brickell Key Park
Your Downtown Miami and Brickell Specialist Thinking of buying or selling? Work with a top producer that delivers results! LD
O TS S U
J
LD
LD
O TS S U
O TS S U
J
J
One Miami #2400 2BD/2BA | 1,105 sf
50 Biscayne #1908
ICON Brickell #2308
2BD/2BA | 1,357 sf
1BD/1BA | 732 sf
Brenda Bichilli Sales Director, Cervera Real Estate, Inc. | Mobile: 305.206.5048 Ask me today about these exclusive development projects represented by Cervera:
BrickellHouse Brickell
Marquis Downtown
Epic Downtown
Ocean House South Beach
Commercial Leasing Specialists | Restaurant & Retail
Wolfgang Herz and Ricardo Du Pond ED
ED
AS LE
ED
AS LE
AS LE
ED
AS LE
Zuma
Kukaramakara
Lucky Clover & Mare Nostrum
Piola
EPIC Retail
Hampton Inn Retail
Vice Lounge
1800 Biscayne Retail
Downtown 2,500 sf
Brickell 10,000 sf
Miami Beach 10,000 sf
Uptown 7,029 sf
FOR SALE
FOR LEASE
TEQUESTA 3 PH4604
TEQUESTA 3 PH4604
$4,5 M
$25,000
RITZ 1025 $569,000
EPIC 707 $1,5 M
EPIC 3607 $1,2 M
EPIC 4804 $1,15 M
EPIC 902 Languages Spoken: Spanish, German, Portuguese, French, Hebrew, Dutch, Russian, Italian
Luxury Residential Team Gabriella Bailom Petra Bensoussan Carolina Pupo
$6,500
EPIC 707 $5,900
EPIC 3607 $5,200
AXIS 2524 $2,000
305.970.7260 | www.whmiami.com | wherz@cervera.com Servicing all of South Florida