Cervera Real Estate's Downtown & Brickell Market Update - Issue Two

Page 1

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

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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


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