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