MARKET UPDATE Cervera Real Estate Market Update in collaboration with the Miami DDA
Issue 4 | November 2012
Downtown is feeling the Heat!
What’s inside…
Downtown Miami has become an epicenter of entertainment from athletics to the arts; our area is one of the hottest in the nation! Our 2012 NBA Champions, The Miami Heat, will not disappoint this season with the team’s latest two additions, former Boston Celtic, Ray Allen and Rashard Lewis from the Washington Wizards. Many Miamians are also taking advantage of great performances at the Adrienne Arsht Center, coming soon The Nutcracker and Stomp. New restaurants and lounges have opened throughout downtown and Brickell, including PM Buenos Aires Fish & Steak House located right across from Cervera’s Corporate Office. All of this positive activity certainly facilitates rises in real estate prices as a large number of residents desire the bustling city lifestyle. From this time last year to now, the average sales price per square foot increased 7% and rental rates are up more than 10%. If you’re interested in buying, selling or leasing, stop by or call one of our nine sales offices located within the Miami DDA District (downtown and Brickell.) Cervera Real Estate 1492 S. Miami Avenue Miami, FL 33130
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Over 53,000 Followers @CerveraRE www.cervera.com 305.374.3434
Realtors: Join the new era of Cervera! We offer exceptional sales and marketing training, dynamic locations, innovative marketing and so much more. For a confidential meeting please contact Marketing@Cervera.com. See what everyone’s talking about!
• Sales & Leasing Activity Report • Foreclosure Activity • New Office in Biscayne Corridor • Getting Around Downtown • New Residential Developments • Downtown Map
About the Market Trend Update The information below is taken from 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 designed to inform residents and business owners. Information 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.
380 391
316
478
8/11
275 294
337 322 335 317
235
352
4/12
353 359
5/12
423
0 40
0 30
0 20
0 10
12/11
52
28 24
32 37 37
6/12
56
42 45
22 35
5/12 473
338
0
42
30
4/12
375
6/12
11/11
3/12
430
16
Units
Downtown Study Area Residen al Sales
43 45
June 2011 - June 2012
$2,097
7/11
$2,103
8/11
$2,211
9/11
$2,199 $2,146
11/11
$2,300
12/11
$2,314 $2,157
1/12
Month
Average $/Sq. Ft.
Average Unit Price
Units Sold
Total Sales Volume ($)
Total Sq. Ft.
Jun-11
$321
$384,571
260
$99,998,500
311,948
The Miami Downtown Development Authority DDA Fast Facts:
Jul-11
$316
$361,554
298
$132,598,072
341,026
Aug-11
$304
$348,942
380
$103,262,481
436,679
Sep-11
$299
$326,780
316
$126,035,831
345,110
Oct-11
$342
$409,207
308
$101,290,733
368,028
Miami DDA Area: 1.7 Square Miles
Nov-11
$323
$368,330
275
$132,052,800
313,532
Dec-11
$343
$391,848
337
$132,052,800
384,934
Jan-12
$310
$340,373
335
$114,148,817
367,956
$2,263
3/12
$2,233
4/12 $2,075
5/12
$2,103
60 0 $1 ,7 00 $1 ,8 00 $1 ,9 00 $2 ,0 00 $2 ,1 00 $2 ,2 00 $2 ,3 00 $2 ,4 00
$1 ,
50
0
6/12
2010 Population: 71,000 2010 Daytime Population: 194,000
$2,247
2/12
$1 ,
Months
10/11
Monthly Sales Profile
Units
Average Residen al Rental Rate Trends 6/11
“Downtown Miami stands out as one of the few success stories as we emerge from the recessionÂŹ,â€? said Alyce Robertson, Executive Director of the Miami Downtown Development Authority. “Miami’s urban core will only continue to benefit as the trend towards urbanization and urban living takes hold across the country.â€?
58
20
2/12
3/12
Downtown Miami’s residential market continues to grow with sustained velocity for sales and leasing amid rising prices, according to the 2012 Q2 Residential Market Trend Update just released by the Miami Downtown Development Authority (DDA). The report reaffirms Miami’s emergence as an international destination for residents and investors and underscores its strength as one of the country’s fastest growing urban cores.
39
30
2/12
A Message from the Miami DDA: Downtown Miami Sales and Rental Velocity Continues to Outpace National Trends
35
18
1/12
0
1/12
50
12/11
29
10/11
14
40
19
9/11
377
308 327
11/11
7/11
Months
10/11
477
20
9/11
45
60
298
8/11
Auc on
6/11
398
0
7/11
Preclosure Filings
40
260
6/11
Months
Foreclosure Ac vity by Stage of Process
Leases
10
Sales
50
Sales and Leasing Ac vity
“Downtown Miami residential sales volume in the first half of 2012 was up 24% over the same period in 2011 with an overall average sales price of $340 per square foot in the second quarter. Rental demand also remained strong with average unit rent climbing to $2,130 per month for rental agreements closed during the second quarter.� (Goodkin)
2014 Projected Population: 81,100
Feb-12
$348
$422,993
235
$99,403,342
285,410
Mar-12
$332
$383,018
430
$164,697,936
495,921
22,079 Residential Units Built Since 2003
Apr-12
$343
$412,573
359
$148,113,684
431,780
18.6 Million Sq. Ft. of Office Space
May-12
$326
$376,395
375
$141,148,287
432,504
Jun-12
$346
$428,462
338
$144,820,259
418,594
6,096 Hotel Rooms
Breakdown by Area - 2nd Quarter 2012
Average Monthly Rental
About Cervera’s Numbers 40,000 250 82 21  4  1
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.
Average $/Sq. Ft.
Average Unit Price
Units Sold
Total Sales Volume ($)
Total Sq. Ft.
Brickell
$336
$390,513
536
$209,315,151
622,517
CBD
$341
$372,936
257
$95,844,659
280,712
Arts & Ent.
Area
$279
$394,238
65
$22,770,250
81,567
Wynwd./Edgwtr. $356
$476,213
214
$106,152,170
298,082
Total Q2
$390,630
1,072
$434,082,230
1,282,878
$338
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.
Car2Go | $13.99/hour - $72.99/day
Jump in a car whenever you need one! Car2Go has partnered with the Miami Parking Authority to allow parking in residential restricted zones! Rates vary, and include taxes, fuel, insurance, mileage and maintenance, visit: car2go.com/miami
Orange Line | Metrorail to MIA - $2.00
Passengers can now ride from Downtown Miami right to Miami International Airport in just 15-20 minutes. Schedules and times vary by day, for more information visit: http://www.miamidade.gov/transit/miami-international-airport-station.asp
Tropical Pedicabs | $1/min per person
Miami’s only pedal powered transportation service operating from 11:00 AM to 2:00 AM seven days a week. Visit www.tropicalpedicabs.com
Water Taxi Miami | $12 - $30
Take the water-taxi from Downtown Miami to Miami Beach. Rates vary with discounts for children, daily, monthly and annual passes. For more information, visit: www.watertaximiami.com
B Cervera Brickell Key II Office | 540 Brickell Key Dr. | 305.374.3334 C Cervera 50 Biscayne Office | 20 South Biscayne Blvd. | 305.373.3510
Vene an Causeway NE 14th St
D Cervera One Miami Office | 325 South Biscayne Blvd. | 305.373.3737
y MacArthur Causewa
F Cervera Epic Office | 270 Biscyane Blvd. Way | 305.400.7399
NW 8th St
G Cervera BrickellHouse Sales Gallery | 1451 Brickell Ave. | 305.938.5711
M
I Miami Downtown Development Authority (DDA) | 200 S Biscayne Blvd.
K
W Flagler St SW 1st St SW 2nd St SW 3rd St
968
K FIU Business School | 22 E. Flagler St. L Miami Federal Courthouse | 400 N Miami Ave.
SW 7th St
90
F
G
P Adrienne Arsht Center for the Performing Arts | 1300 Biscayne Blvd., Miami, FL Q Museum Park
SW
972
ve dA 3r
SW 13th St
SW
A
16 th Rd
1 ve iA
iam
SM
Br
ell ick
C NO I D B
SW 8th St
N Bayfront Park | 301 N Biscayne Blvd., Miami, FL O Bayside Marketplace | 401 Biscayne Blvd., Miami, FL
Bicentennial Park
P 41 E Q Port B lvd J
L
NW 6th St NW 5th St
H Cervera Biscayne Corridor Sales Office | 275 NE 18th Street, #CU2A | 786.527.2858
M Miami-Dade Public Library & Miami Art Museum | (same address) 101 W Flagler St.
N Miami Ave
NW 2nd Ave
E Cervera Marquis Sales Office | 1100 Biscayne Blvd. Way | 305.571.4000
J Miami-Dade College Wolfson Campus | 300 NE 2nd Ave.
Cervera Opens New Office in Biscayne Corridor
H
NE 20th St
Biscayne Blvd.
NW 20th St
NE 2nd Ave
A Cervera Corporate Office | 1492 S. Miami Ave. | 305.374.3434
Door to door service - just give them a call or preschedule a pick-up and jump on board throughout Downtown and Brickell. The shuttle is a six person, battery powered, 100% eco friendly cart. Schedule today at: www.themonkeyshuttle.com
Blvd. Biscayne
Downtown Miami
Monkey Shuttle | FREE
NE 1st Ave
BrickellHouse, one of the first developments under construction in the Brickell area, is now 95% sold! Earlier in July, the project held a groundbreaking ceremony with Miami Mayor Tomas Regalado, Commissioner Marc Sarnoff, and other community leaders alongside the entire BrickellHouse team. With innovative features including an automated parking garage and environmentally conscious finishes, this building stands to be one of the premier residences in the area. Stop by the Sales Gallery located on the corner of 15th Street and Brickell Avenue, and experience the BrickellHouse lifestyle yourself! For more information, contact the Sales Team at 305.938.5711.
Twenty stations and two loops, riders can get around downtown and Brickell from 5:00AM-Midnight seven days a week. For stations and times, visit: www.miamidade.gov/transit/metromover.asp
NE 2nd Ave
Represented exclusively by Cervera
Metro Mover | FREE
Bricke ll Ave
BrickellHouse Nearly Sold Out!
The trolley offers three routes with stops on nearly every block. The Health District/ Stadium & Brickell/Biscayne routes operate from Monday thru Saturday 6:30 AM to 11:00 PM while the Overtown/Health District operates Monday thru Friday 6:30 AM to 6:30 PM. For routes, stations and times, visit: www.miamigov.com/trolley
N Miami Ave
SOLD | Only 6 Units Left
Metro Trolly | FREE
S Miami Ave
Grove at Grand Bay is the new luxury condo project designed in collaboration with the award-winning design firm Bjarke Ingles Group, also known as BIG, and the landscape architecture firm Raymond Jungles. Rising 20 stories on prestigious South Bayshore Drive, Grove at Grand Bay encompasses two towers that will showcase 99 high-end and expansive residences. Residents will be privy to a captivating natural environment of verdant gardens with open-air ambiance, juxtaposed to the building’s breathtaking façade, and panoramic views of Biscayne Bay, Key Biscayne, Coral Gables and downtown Miami. Superior amenities and services private butlers, private elevators and two-car garages, rooftop swimming pools, wellness spa, state-of-the-art fitness center, clubroom, pet spa, and much more. Stop by our Sales Gallery today and view our brand new model unit! Schedule your appointment today by calling 305.929.8646.
Getting Around Downtown
NW 2nd Ave
Represented exclusively by Cervera
NW 7th Ave
Grove at Grand Bay
e Av
Brickell Key Dr Brickell Key Park
Cervera Real Estate is excited to announce the opening of our newest branch located on the corner of 18th and Biscayne. The new office will be the home base for our Commercial Division and will also include residential associates to service the increasingly popular Biscayne Corridor. With complimentary parking in the rear of the building its easy to stop by and meet our team! For more information, call 786.527.2858.
Now is the time to sell!
THE BRICKELL KEY EXPERTS
Work with a top producer that delivers results. Call me today and find out your property’s market value!
Buying, Selling or Leasing? We are the Brickell Key Experts! The real estate market is booming. Work with a team that lives, works and understands Brickell Key’s one-of-a-kind lifestyle and market. Call us today and let our expertise work for you.
E
E
AL RS
AL RS
FO
FO
Yolanda Canal ycanal@cervera.com 305.962.8282 Marquis #6106
4 Bed/4.5 Bath | 3,800 sf Offered at $2.7MM
Corina Otero corinarealtor@hotmail.com 305.793.2663
Glika Weinreb glikaw@aol.com 305.773.7768
Ocean House #302
5 Bed/6.5 Bath | 3,713 sf Price Upon Request
Ask me today about these exclusive development projects represented by Cervera:
Juliana Dominguez isellrealestate@bellsouth.net 786.271.3966
Evelyn Perez-Larin evelynperezlarin@gmail.com 786.486.7650
Cervera Real Estate, Inc. - Stop by our office in Brickell Key 2!
540 Brickell Key Drive, Miami, FL 33131 (Lobby level in Brickell Key II Building)
Brenda Bichili
Broker Associate Cervera Real Estate, Inc. 305.206.5048
Brickell Key Market Update | Average Price Per Square Foot BrickellHouse Brickell
Marquis
Downtown
Ocean House South Beach
Grove at Grand Bay
Coconut Grove
Brickell Key Two Active: $416 Sold: $300
Carbonell Active: $590 Sold: $500
Tequesta III Active: $557 Sold: $434
The Courts Active: $460 Sold: $355
Ask me about Peloro, our new, exclusive Miami Beach pre-construction project! FOR SALE Axis Investment $6.3MM / 8 CAP 13,874 SF
FOR LEASE Hampton on Brickell
BUSINESS SALE Vice Lounge
Restaurant/Retail up to 10,000 SF
Miami Beach-Lincoln Road Nightclub - 7,800 SF
OFFICE LEASE Coral Gables
2020 Ponce de Leon
Brickell
Latitude One
CALL US FOR OUR LISTINGS
Visit our new Sales and Leasing Office at 1800 Biscayne
Specializing in New Development Sales
1800@cervera.com 786.527.2855
Evelyn Perez-Larin, P.A.
NW 2nd Ave
NE 2nd Ct
NE 14th St
Airport
NW 8th St NW 6th St NW 5th St
NE 17th Ter
Vene an Causeway
Miami Beach MacArthur Causeway
Bicentennial Park
AA 41 Arena
Ricardo Dupond Nancy Cabral Maggie H Sanchez Ludovic Roche Kristine Flook Janet Crucet wherz@cervera.com
305.970.7260
Port Blvd
Brickell e Blvd. Biscayn
Realtor Associate Cervera Real Estate 786.486.7650 evelynperezlarin@gmail.com
NE 2nd Ave
Peloro
NE 18th St
Biscayne Blvd.
BrickellHouse
NE 2nd Ave
Grove at Grand Bay
NE 19th St
NE 1st Ave
St. Regis Bal Harbour
Wolfgang Herz
New Publix
N Miami Ave
Platinum
COMMERCIAL President Commerical Division
NE 20th St
N Miami Ave
Marquis Residences
Gisele Vergara NW 20th St Gabriela Soto Susanne Rohatynsky Amelia Gonzales Fernando Escudero Beatriz Carmona Evon Gordon Lisa Hayes
New Sales Center
Midtown
NW 2nd Ave
NW 7th Ave
RESIDENTIAL
Thinking of buying, selling or leasing? Call today or visit whmiami.com! We serve all of Florida! 968
W Flagler St SW 1st St SW 2nd St