MARKET UPDATE
Lincoln Rd
Cervera Real Estate Miami Beach Market Update
Issue 1 | Second Quarter 2012
15th St
11th St
South Beach commands highest price per square foot
What’s inside…
If you’ve been reading the news lately you can’t help but notice the fair amount of attention directed towards downtown Miami and Brickell’s recent phenomenal growth. Although the downtown area has seen record occupancy rates with steady price increases, South Beach is king when it comes to price per square foot. Recently sold residences in the Setai indicate average prices psf are high as $2,921, and Apogee in SoFi commanded $2,177 psf at a recent sale this past October. Pristine beaches, resort-style residences and unparalleled luxury living are just a few reasons why South Beach is one of the most attractive places in the world to own real estate.
• SoFi’s New Oceanfront Address: Ocean House South Beach • The Grand Dame of Real Estate • Market Trends for Hot Properties
South Pointe Dr
Ave
Dr Ocean
Rd on Alt
1st St
• Miami Beach News
Cervera Real Estate 864 Commerce Street Miami Beach, FL 33139
Collins
2nd St
Washin gton Av e
5th St
Cervera Miami Beach Office 864 Commerce Street
ONE BED
Average list price Highest list price Lowest list price Average LP/SQFT
$649,780 $695,000 $599,000 $691
Sold price Only 1 one bed SP/SQFT
$550,000
TWO BED
Average list price Highest list price Lowest list price Average LP/SQFT
$1,347,400 $1,560,000 $750,000 $930
Average sold price Highest sold price Lowest sold price Average LP/SQFT
$1,300,000 $1,625,000 $975,000 $786
THREE BED
Average list price Highest list price Lowest list price Average LP/SQFT
$2,423,000 $2,695,000 $1,595,000 $1,120
Sold price Only 1 one bed SP/SQFT
$1,450,000
Active
Sold
Average list price Highest list price Lowest list price Average LP/SQFT
$7,062,667 $7,490,000 $6,499,000 $2,276
List price Only 1 four bed Average LP/SQFT
$9,750,000
TWO BED
TWO BED
$405,000 $465,000 $349,000 $524
Average sold price Highest sold price Lowest sold price Average LP/SQFT
$340,000 $350,000 $315,000 $460
Average list price Highest list price Lowest list price Average LP/SQFT
$591,725 $699,000 $449,000 $512
Average sold price Highest sold price Lowest sold price Average LP/SQFT
$526,250 $580,000 $472,500 $440
Sold $737,000 $850,000 $625,000 $500
Cervera Real Estate makes 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. The numbers reflected in the market update represent data provided by the MLXchange during the first quarter of 2012.
IL VILLAGGIO
Yacht Club at Portofino
ICON SOUTH BEACH
THREE BED
Murano at Portofino
$1,775
Average list price Highest list price Lowest list price Average LP/SQFT
Average list price Highest list price Lowest list price Average LP/SQFT
Active
Average sold price Highest sold price Lowest sold price Average LP/SQFT
$512,250 $850,000 $475,000 $418
Sold price Only 1 three bed SP/SQFT
$749,000 $329
Sold
ONE BED
Average list price Highest list price Lowest list price Average LP/SQFT
$630,000 $715,000 $520,000 $740
Sold price Only 1 one bed Average SP/SQFT
$645,000
TWO BED
Average list price Highest list price Lowest list price Average LP/SQFT
$1,324,000 $1,795,000 $849,000 $802
Average sold price Highest sold price Lowest sold price Average LP/SQFT
$983,333 $1,400,000 $600,000 $634
Average list price Highest list price Lowest list price Average LP/SQFT
$2,274,000 $2,549,000 $1,999,000 $1,057
Average sold price Highest sold price Lowest sold price Average SP/SQFT
$1,430,000 $1,610,000 $1,250,000 $730
FOUR BED
List price Only 1 four bed LP/SQFT
$19,000,000
FIVE BED
List price Only 1 five bed LP/SQFT
$14,900,000
THREE BED
$758
$2,377
$626,633 $735,000 $565,000 $474
Sold price Only 1 one bed SP/SQFT
$551,000
TWO BED
Average list price Highest list price Lowest list price Average LP/SQFT
$1,669,667 $2,300,000 $1,190,000 $932
Sold price Only 1 two bed Average SP/SQFT
$1,850,000
THREE BED
Average list price Highest list price Lowest list price Average LP/SQFT
$6,021,250 $7,890,000 $4,950,000 $2,029
Sold price Only 1 three bed Average SP/SQFT
$2,287,500
$457
$921
$874
Active
Sold
ONE BED
Average list price Highest list price Lowest list price Average LP/SQFT
$1,230,000 $1,350,000 $675,000 $1,565
Average sold price Highest sold price Lowest sold price Average LP/SQFT
$1,030,000 $1,310,000 $700,000 $1,247
TWO BED
Average list price Highest list price Lowest list price Average LP/SQFT
$1,973,286 $2,800,000 $1,510,000 $1,582
Average sold price Highest sold price Lowest sold price Average LP/SQFT
$2,027,500 $2,480,000 $1,105,000 $1,555
THREE BED
Average list price Highest list price Lowest list price Average LP/SQFT
$7,062,250 $7,950,000 $6,599,000 $2,867
Average sold price Highest sold price Lowest sold price Average SP/SQFT
$13,750,000 $21,500,000 $6,000,000 $2,921
FOUR BED
List price Only 1 four bed LP/SQFT
$5,199,000
FIVE BED
List price Only 1 five bed LP/SQFT
$8,490,000
$1,805
$2,390
Active
Sold
ONE BED
Average list price Highest list price Lowest list price Average LP/SQFT
$613,800 $675,000 $589,000 $686
Sold price Only 1 one bedroom SP/SQFT
$540,000
TWO BED
Average list price Highest list price Lowest list price Average LP/SQFT
$826,333 $1,095,000 $629,000 $673
Average sold price Highest sold price Lowest sold price Average LP/SQFT
$653,333 $765,000 $580,000 $605
THREE BED
List price Only 1 three bed LP/SQFT
$3,899,000
$629
$1,403
Active
Sold
ONE BED
Average list price Highest list price Lowest list price Average LP/SQFT
$1,383,769 $1,950,000 $949,000 $1,521
Average sold price Highest sold price Lowest sold price Average LP/SQFT
$1,840,000 $1,930,000 $1,750,000 $1,599
TWO BED
Average list price Highest list price Lowest list price Average LP/SQFT
$3,230,818 $7,500,000 $1,650,000 $1,968
Sold price Only 1 two bed SP/SQFT
$2,750,000
THREE BED
List price Only 1 three bed LP/SQFT
$9,000,000
$2,037
$3,040
Active
Sold
ONE BED
Average list price Highest list price Lowest list price Average LP/SQFT
$466,000 $610,000 $409,000 $524
Sold price Only 1 one bedroom SP/SQFT
$480,000
TWO BED
Average list price Highest list price Lowest list price Average LP/SQFT
$721,019 $899,900 $565,000 $512
Average sold price Highest sold price Lowest sold price Average LP/SQFT
$678,333 $700,000 $660,000 $614
BEDROOMS / BATHS
SQFT
LIST PRICE
$ / SQFT
THREE BED / THREE BATH FOUR BED / FOUR BATH FOUR BED / FOUR BATH
2,407 3,876 4,505
$2,500,000 $2,499,000 $3,795,000
$1,038,00 $644,00 $842,00
Average LP/SQFT
$743
$6,900,000 $8,250,000
$966,00 $1,240,00
Average LP/SQFT
$1,103
$5,900,000 $6,500,000
$822,00 $1,286,00
Average LP/SQFT
$1,000
$8,950,000 $14,500,000
$923,00 $1,499,00
Average LP/SQFT
$1,096
$583
$1,795
Active ONE BED
Average list price Highest list price Lowest list price Average LP/SQFT
Sold
Active
Sold
ONE BED
$5,508,200
$2,276
Active ONE BED
Sold price Only 1 three bed SP/SQFT
SOUTH POINTE TOWER
COURTS
COSMOPOLITAN
FOUR BED
$833
W SOUTH BEACH
THREE BED
Active
$585
YACHT CLUB
APOGEE
Apogee
Murano Grande
Sold
SETAI
Active
Sold
Average list price Highest list price Lowest list price Average LP/SQFT
$1,058,333 $1,380,000 $1,000,000 $524
Sold price Only 1 one bed SP/SQFT
$1,025,000
TWO BED
Average list price Highest list price Lowest list price Average LP/SQFT
$2,647,000 $2,995,000 $2,299,000 $1,644
Average sold price Highest sold price Lowest sold price Average LP/SQFT
$1,915,000 $1,980,000 $1,850,000 $1,158
THREE BED
Average list price Highest list price Lowest list price Average LP/SQFT
$3,523,500 $4,699,000 $2,500,000 $1,485
Average sold price Highest sold price Lowest sold price Average SP/SQFT
$3,281,249 $3,999,995 $2,200,000 $1,355
$748
SUNSET ISLAND PROPERTIES
1500
Upon review of the data provided within this market update, there are two notable factors. Miami Beach commands the highest price per square foot in all of Miami-Dade County with the Setai leading sales at $2,921 per square foot.
MURANO AT PORTOFINO
About the Market Update
FIVE BED / SEVEN BATH FIVE BED / FIVE BATH
7,140 6,350
SIX BED / SIX BATH SIX BED / FIVE BATH
7,173 5,054
SEVEN BED / SEVEN BATH SEVEN BED / EIGHT BATH
9,696 10,001
Represented exclusively by Cervera Located in the exclusive South of Fifth neighborhood, Ocean House is the newest and only oceanfront residence on the market today. With a collection of only 18 residences, these spectacular spaces offer tranquil, unparalleled luxury in an intimate setting. Ocean House’s private residences combine the most extraordinary interior spaces and finishes with recreational features and amenities to rival the world’s finest homes.
Miami Beach News Miami Beach is flourishing with activity, from restaurant and hotel openings to internationally renowned events; the area is nothing short of a vibrant, cultural mecca. We are seeing more and more star power with celebrities opening up restaurants, including 23rd Street’s Villa Azur, owned by Halle Berry’s boyfriend, Oliver Martinez. Just a few blocks south, in the stunning Lincoln Road parking garage, you’ll find the newly opened Juvia - a St. Barth import offering a mixed cuisine of Asian, French and South American influences. And, if you’re seeking a more relaxed environment, South of Fifth’s Monty’s will be unveiling a new look and menu in March. In hotel news, the SLS Hotel South Beach, formerly the Ritz Plaza Hotel is scheduled to open this spring. The completely renovated hotel will include 10 luxury poolside bungalow suites, 142 rooms and Hyde Beach - an 8,000 sf indoor/outdoor lounge just steps from the ocean. Further north in mid-beach, the word on the street is that King & Grove is Movie Schedule behind the restoration of the Versailles Hotel (shows start at 8:00PM) which would position the area as a new hot spot.
April
18th - Vertigo 25th - Ghost
M K
d Blv de Da
O
17th St
Vene an Causeway
Q
Lincoln Rd
C
15th St
H
11th St
ur Arth Mac eway s Cau
5th St
G J 2nd St
Rd
May
2nd - Tootsie 9th - West Side Story 16th - American Graffiti 23rd - Ferris Bueller’s Day Off 30th - E.T.
P
on Alt
Every Wednesday evening visitors and residences can enjoy a movie at the Miami Beach SoundScape located at the southwest corner of 17th Street and Washington Avenue. Grab a blanket, a bottle of wine, some popcorn and enjoy the upcoming schedule of cinematic features:
A Cervera Miami Beach Office 864 Commerce St B Ocean House Sales Office 125 Ocean Dr C 1500 1500 Ocean Dr D Apogee 800 South Pointe Dr E Cosmopolitan 110 Washington Ave F Courts 100 Meridian Ave G Icon South Beach 450 Alton Rd H Il Villaggio 1455 Ocean Dr I Murano at Portofino 1000 South Pointe Dr J Murano Grande 400 Alton Rd K Setai 2001 Collins Ave L South Pointe Tower 400 South Pointe Dr M W South Beach 2201 Collins Ave N Yacht Club at Portofino 90 Alton Rd O Miami Beach SoundScape 400 17th St P Villa Azur 309 23th St Q Juvia 1111 Lincoln Rd
Ave
Ocean House South Beach
Park
New to Market
F
N
1st St
I
E
B
A South Pointe Dr
D
Collins Av e
• Corporate Relocation
Washington Ave
• Residential Leasing
Dr
• Property Management
• Commercial Leasing
Ocean
• Residential Sales
n Ave
• Commercial Sales
Ave
• Pre-construction/ Project Sales
For some it’s hard to believe that Alicia Cervera Sr. first opened the doors to her real estate firm over four decades ago. Now, the Cervera name has become one of the most widely known real estate brands in South Florida. In the past four years alone, the company has sold billions of dollars in real estate and exclusively represents highly coveted projects, including the St. Regis Bal Harbour, The Grove at Grand Bay and Ocean House in Miami Beach. Without a doubt, Ms. Cervera’s acute foresight, her comprehensive understanding of the local market combined with her skill to attract clients from all over the globe and an intrepid approach to selling have made Cervera a household name in the South Florida marketplace. Throughout her career, Ms. Cervera has been responsible for breathing life into new communities and revitalizing existing ones such as the once dormant Brickell area and the cosmopolitan South of Fifth neighborhood. She was a pioneer, establishing a business formula to exclusively represent development projects, which were historically sold through the developer’s in-house sales team. In addition, she holds the record of selling out every project profitably hence none of her developer clients have forfeited on their loan payments. As dynamic and active as ever, she thrives on sharing her secrets to closing and the art of negotiation with her team that extends three generations. Ms. Cervera continues to leave an undeniable footprint on South Florida’s colorful real estate landscape, one that places undying resolve, honesty and integrity, and the constant quest for knowledge at the forefront of success.
Collins
• Short Term & Vacation Rentals
Washin gto
• Luxury & Waterfront Properties
Al to nR d
Since 1969, Miami-based Cervera Real Estate as been South Florida’s industry leader in condominium sales. As the first real estate broker to represent developers in the sales and marketing of their projects, Cervera has created a specialized field within the brokerage industry. The company, which was also the first to market extensively in several international markets, continues to broaden those relationships while expanding its global reach. Be the first to know about the next opportunity to buy pre-construction deals - call Cervera today!
The Grand Dame of Real Estate
Cervera’s Services
Alton Rd
About Cervera Real Estate
L
L
Alton Rd
18 G R A ND R E SIDE NC E S
Live the Ocean House lifestyle. The friendly staff will ensure you enjoy quiet, beachfront luxury living in the heart of SoFi - one of the most exclusive and vibrant neighborhoods in the world. Upscale and spacious beachfront location with a Soho style. Who could ask for more? Only a few can live the Ocean House lifestyle - wouldn’t you like to be one of them?
125 OCEAN DRIVE
MIAMI BEACH, FL 33139
305.763.8171
OCEANHOUSESOUTHBEACH.COM
Thinking of buying, selling or leasing? Call our team of Miami Beach specialists today!
ur h t r A Mac eway s Cau Sildy Cervera 305.490.7559
Despina Ikonomidou 305.785.5565
Adriana Pinto-Torres 786.493.1388
Carlo Dipasquale 785.512.5094
sildy@sildycervera.com www.sildycervera.com
despinagre@gmail.com www.southbeachdespina.com
pintorres@gmail.com www.luxurysouthbeachrealty.com
carlo@carlodipasquale.com www.carlomiami.com
About Cervera’s Numbers 40,000 Condominium units sold 250 Licensed Professionals
Debi Quade 305.401.2169
Claudia Dunin-Borkowsky 305.790.0511
Andre Teixeira, PA 305.978.1545
Debi@DebraQuade.com
claudiadunin@aol.com
andretmiami@aol.com
Facebook.com/CerveraRE
82
Condominium Projects Represented Exclusively
20
Real Estate Offices
4
Counties with Offices
1
Reputable Brand Known Throughout Key Markets in South Florida, Latin America and Europe