Trends 2012 mid year update

TRENDS

2012 MID-YEAR

UPDATE

2012

M I D -Y E A R U P DAT E July 2012 marked the opening of the Metrorail extension to the Miami International Airport. It may seem long overdue, but it is truly a sign of the type of infrastructure that is being done throughout South Florida to make the area a “super city.”

Even a cursory glance around town yields construction of tunnels, water pipes, road widening, port dredging, etc. Signs of future growth are everywhere. There are now over 30 new construction projects slated to be built. Commercial infrastructure is also on the upswing including the new retail destinations in the Design District and the expansion of Aventura and Dadeland malls.

Already attractive to the tourist trade, South Florida now becomes a must own destination.

This year’s Wealth Report ranked Miami sixth worldwide to High Net Worth Individuals as a “Most Important Global City.” With prices up 19.1%, Miami was the third strongest recovering luxury market worldwide, yet we still offer one of the better values, with 52 Luxury Markets worldwide costing more per square foot. Along with Los Angeles and Manhattan, Miami is considered one of the three “Super Prime” real estate markets in the United States with properties valued at $20,000,000 and above.

Not to only look at our area through rose colored glasses, we still have challenges to overcome. The worldwide economy still weighs down some of the speed of the acceleration. The lower priced markets still face some shadow inventory issues. Financing programs are limited and at market appraisals are fewer by the day. All that being said, inventory is down, prices are up and the world not only wants to come here, they want to buy here.

Viva South Florida! I think we win the gold medal for real estate.

Beth Beth ButlerButler President President & COO & COO ONEONE Sotheby’ Sotheby’ s International s International RealtyRealty +1 305+1666 3059322 666 9322 onesothebysrealty.com onesothebysrealty.com

Mayi de la Vega Owner/Founder & CEO ONE Sotheby’s International Realty +1 305 666 9322 onesothebysrealty.com

M I D -Y E A R U P D A T E

CORAL GABLES Santona Corner 1430 S Dixie Highway, Suite 110 Coral Gables, Florida 33146

BRICKELL Helm Bank Building 999 Brickell Avenue, Suite 900 Miami, Florida 33131

FORT LAUDERDALE Las Olas 888 E Las Olas Boulevard, Suite 110 Fort Lauderdale, Florida 33301

MIAMI BEACH South of Fifth 119 Washington Avenue, Suite 102 Miami Beach, Florida 33139

KEY BISCAYNE The Galleria Mall 328 Crandon Boulevard, Suite 222 Key Biscayne, Florida 33149

2012

MIAMI BEACH Ocean Drive 1451 Ocean Drive, Suite 104 Miami Beach, Florida 33139

AVENTURA Northern Trust Building 18901 NE 29 Avenue, Suite 101 Aventura, Florida 33180

Key Observations Bolstered by favorable exchange rates and value for the money, the Miami area is emerging as a true Global City. According to the Wealth Report, Miami Ranked sixth in the Most Important Global Cities. South American respondents voted it the second most important city in the world after New York, while North Americans put it at number five.

04

I TRENDS

O N E S O T H E B Y S R E A L T Y. C O M

M I D -Y E A R U P D A T E

31%

SUPER LUXURY

Miami is one of 3 US cities considered “Super Prime Real Estate Markets” (those having residential properties over $20,000,000) - There have been 12 sales thus far in 2012 over $10,000,000 of single family homes, more than the entire year of 2011.

9

Source: Southeast Florida Regional MLS

PENDING RECOVERY

2012

SPEAKING GLOBALLY

Pending sales of waterfront properties over $1 Million in Broward county are up 31% over the same quarter last year.

That’s the rank of South Florida as a global hot spot for quality of life. The area is also one of only seven markets in the world to experience double digit growth this year.

Source: Trendgraphix

Source: Wealth Report

“South Florida’s metro area has one of the shortest break even times of purchasing over renting of any national market. A homebuyer would only have to stay in their home for about 1.6 years for the purchase to pay off.”

CNN Money, August 2012

155

BY THE NUMBERS

The average absorption of new, unsold condominium units in downtown Miami during the month of June 2012.

Source: DDA Market Trends - June 2012

PINNING WITH POSSIBILITY Pinterest users worldwide have grown to over 17 Million with over 28% of pinners having an income of above $100,000.

Source: Mashable

INDIAN CREEK

This year, ONE Sotheby’s International Realty sold the top 2 sales on Indian Creek at $39.4 and $47 million respectively, the most significant sales to date in South Florida history.

Source: Southeast Florida Regional MLS

O N E S O T H E B Y S R E A L T Y. C O M

TRENDS I

05

At a Glance: 2012 Year to Date The sale of $1 Million homes in Miami-Dade and Broward counties represented 3.6% of the total single family homes in the first half of 2012, up from 3.2% in 2011 and 2.8% in 2010. Homes over $5 Million were purchased with cash (as opposed to financed) 50% of the time in 2010, 2011 and the first half of 2012. For all sold single family homes, cash sales have made up a slowly increasing percentage of total sales (37% in 2010, 41% in 2011 and 43% in 2012 to date). While interest rates remain low, loans continue to be a challenge with appraisals, underwriting and other restrictions.

Under $1 Million Over $1 Million

Sold 2012 to Date On The Market

$500K - $1M

PRICE RANGE

$1M - $3M

$3M - $5M

$5M - $10M

$10M+ ÷

0

500

øùü÷

1000

ùü÷÷

1500

úþü÷

2000

ü÷÷÷

NUMBER OF HOMES Source: Southeast Florida Regional MLS.

06

I TRENDS

Source: Southeast Florida Regional MLS.

O N E S O T H E B Y S R E A L T Y. C O M

Traditional Sales Short Sales Bank-Owned Properties

M I D -Y E A R U P D A T E

2012

Month by Month May 2012 beat out March as the highest sale month in both county by the number of transactions. Together, both counties closed 5,219 units, down slightly from the high in March 2011 of 5,680.

Miami-Dade County

Broward County

SHADOW INVENTORY

Short sales and REO properties (Foreclosures) make up less than 2% of the total inventory of $1 Million and over condos and single family homes in MiamiDade and Broward. The downward trend continues from 2.9% this time last year.

Currently, there are 8 REO properties over $1 Million on the market in Broward and Miami-Dade combined (similar to 7 in 2011 and 6 in 2010).

Source: Southeast Florida Regional MLS.

3.7

NUMBER OF HOMES SOLD

4500

3000

1500

0 Jan

Feb

Mar

Apr

May

Jun

MONTH

Source: Trendgraphix

Average Sales Price South Florida leads the national real estate recovery, with the average sales price up 20% in Miami-Dade and 21% in Broward County compared to this time last year. South Florida is second in the nation for enjoying the most robust recovery, following only Phoenix, AZ. Miami-Dade County

Broward County

MARKET SHIFT

Source: Trendgraphix

O N E S O T H E B Y S R E A L T Y. C O M

$300K

PRICE

The number of months of inventory continues to drop, from a high in 2008.

Months of inventory is used to measure the months it would take to sell out, at the current absorption rate, homes actively on the market. If months of inventory exceeds 9 months, it is a “buyers’ market”, if the inventory is between 6-9 months, it is a “stable market”, below 6 months is a “sellers’ market”. Right now, Broward is seeing an inventory of 3.9 months’ and Miami-Dade an inventory of 5.2. Both counties saw a record low of several years in May 2012 with 3.7 months in Broward and 4.2 months in Miami-Dade.

$200K

$100K

$0

Jan

Source: Southeast Florida Regional MLS

Feb

Mar

Apr

May

Jun

MONTH

TRENDS I

07

South of Miami CORAL GABLES COCOPLUM SNAPPER CREEK LAKES GABLES ESTATES OLD CUTLER WATERFRONT PONCE DAVIS, HIGH PINES COCONUT GROVE PINECREST PALMETTO BAY

140 Solano Prado, Coral Gables Offered at $8,895,000

IN DEPTH COMMUNITY PROFILES

OVERVIEW

Coral Gables

Waterfront Properties

Single Family Homes

Condos ($1M+)

# of Transactions

Average Sales Price

Median Sales Price

% of REO Sales

21

$1,852,333

$1,244,500

-

Mid-year 2011 Mid-year 2012

49

$3,698,796

$2,150,000

133%

100%

73%

# of Transactions

Average Sales Price

Median Sales Price

% of REO Sales

Mid-year 2011

5

$1,209,060

$1,190,000

-

Mid-year 2012

9

$1,708,667

$1,300,000

-

80%

41%

9%

Change

Change

Coral Gables waterfront homes made an astounding recovery in the first half of 2012.

While slow and steady was the word for 2011, the average sales price and number of homes sold doubled from the first half of 2011 to the first half of 2012 and price per square foot rose by 33%. Waterfront condos over $1,000,000 experienced the nice strong recovery that the rest of Coral Gables waterfront single family homes did, with average sales prices up over 40%. Median sales price and price per square foot were more modest in their increases, while the number of homes sold increased 80%.

130 Casuarina Concourse, Coral Gables Offered at $7,995,000

OVERVIEW

Coral Gables Coral Gables non-waterfront homes saw a flat market between the first halves of 2011 and 2012. While total number sold and average sales price both decreased slightly, median sales price and price per square foot both increased slightly. Neither the increases nor the decreases were significant to say that the market changed in any meaningful way year to year.

Non-Waterfront Properties

1002 Alfonso Avenue, Coral Gables Offered at $2,395,000 O N E S O T H E B Y S R E A L T Y. C O M

Single Family Homes

# of Transactions

Average Sales Price

Median Sales Price

% of REO Sales

Mid-year 2011

237

$793,060

$575,000

11%

Mid-year 2012

230

$749,302

$599,500

7%

Change

-3%

-6%

4% TRENDS I

09

IN DEPTH COMMUNITY PROFILES

CORAL GABLES

Cocoplum

Waterfront Properties

Single Family Homes

# of Transactions

Average Sales Price

Median Sales Price

% of REO Sales

Mid-year 2011

2

$4,862,500

$4,862,500

-

Mid-year 2012

6

$3,556,667

$3,250,000

-

200%

-27%

-33%

Change

Non-Waterfront Properties

Single Family Homes

# of Transactions

Average Sales Price

Median Sales Price

% of REO Sales

Mid-year 2011

11

$1,735,909

$1,500,000

9

Mid-year 2012

6

$1,762,500

$1,450,000

-

-45%

2%

-3%

Change

Cocoplum saw a decrease in average and median sales price from the first half of 2011 to 2012, but this in large part can be understood by the fact that one of the two homes sold in 2011 was in Tahiti Beach, a much higher priced area than Cocoplum as a whole. With the Tahiti Beach sale taken out of the equation, Cocoplum sales are up, including the number of homes sold. The Cocoplum non-waterfromt home market was flat in regard to average sales price, median sales price and price per square foot, similar to the greater Coral Gables non-waterfront home market, which was also flat. The number of homes sold decreased substantially. While the waterfront markets increased significantly year to year, the nonwaterfront market remained stable.

282 Rada Court, Cocoplum Offered at $3,400,000

CORAL GABLES

Snapper Creek Lakes Although non-waterfront home sales in Snapper Creek Lakes dropped during the first 6 months of 2012 compared to the same period in 2011, average and median sales prices experienced double digit growth.

Waterfront home sales prices decreased, although it is important to note that the single waterfront sale was sold for land value.

Waterfront Properties

Single Family Homes

Mid-year 2011 Mid-year 2012 Change

# of Transactions

Average Sales Price

Median Sales Price

% of REO Sales

1

$2,350,000

$2,350,000

-

1

$2,100,000

$2,100,000

-

0%

-11%

Non-Waterfront Properties

10801 Snapper Creek Road, Snapper Creek Lakes Offered at $6,877,000 10

I TRENDS

Single Family Homes

# of Transactions

Average Sales Price

Median Sales Price

% of REO Sales

Mid-year 2011

4

$2,011,000

$1,683,000

-

Mid-year 2012

2

$2,225,000

$2,225,000

-

-50%

11%

32%

Change

O N E S O T H E B Y S R E A L T Y. C O M

IN DEPTH COMMUNITY PROFILES

CORAL GABLES

Gables Estates

All Properties

Single Family Homes

# of Transactions

Average Sales Price

Median Sales Price

% of REO Sales

Mid-year 2011

0

-

-

-

Mid-year 2012

9

$10,038,000

$10,500,000

-

Change

-

-

-

There were only 3 sales in Gables Estates in 2011, all of which happened in the second half of the year. Activity in Gables Estates continued to grow through 2012. Sales have already more than doubled 2011 figures in only the first 6 months of 2012. ONESotheby’s International Realty was involved in 6 of the 9 transactions.

660 Arvida Parkway, Gables Estates Offered at $10,750,000

CORAL GABLES

Old Cutler Waterfront Communities

Old Cutler Bay, Hammock Oaks, Journey’s End This segment of the market continues to rebound with no REO activity and significant growth in both average and median sales prices, despite no change in the number of transactions between the first half of 2012 and the same time period last year.

Waterfront Properties

Single Family Homes

9501 Kerwood Court, Hammock Oaks Offered at $3,625,000

# of Transactions

Average Sales Price

Median Sales Price

% of REO Sales

Mid-year 2011

5

$2,516,000

$2,625,000

-

Mid-year 2012

5

$4,250,000

$4,250,000

-

0%

69%

62%

Change

Ponce Davis, High Pines This segment of the market has experienced growth in the amount of sales, however, both average and median sales price have declined.

There was no REO sales activity.

Non-Waterfront Properties

Single Family Homes

# of Transactions

Average Sales Price

Median Sales Price

% of REO Sales

Mid-year 2011

20

$1,519,450

$1,225,000

5%

Mid-year 2012

24

$1,390,083

$947,500

-

20%

-9%

-23%

Change

O N E S O T H E B Y S R E A L T Y. C O M

7421 Southwest 53 Court, Ponce Davis Offered at $10,500/month TRENDS I

11

IN DEPTH COMMUNITY PROFILES

Coconut Grove

Waterfront Properties

Single Family Homes

Condos

# of Transactions

Average Sales Price

Median Sales Price

% of REO Sales

Mid-year 2011

4

$5,354,000

$3,175,000

-

Mid-year 2012

3

$3,458,000

$2,550,000

-

-25%

-35%

-20%

# of Transactions

Average Sales Price

Median Sales Price

% of REO Sales

Mid-year 2011

20

$1,159,370

$887,500

-

Mid-year 2012

30

$911,267

$907,500

3%

50%

-21%

2%

Change

Change

The amount of Coconut Grove waterfront home sales decreased slightly during the first six months of 2012 compared to the same period in 2011. Average sales price declined for both waterfront homes and condos during this period, however, waterfront condo sales increased. Coconut Grove continues to be a sought after location and the waterfront properties represent a value purchase when compared to other waterfront communities.

2627 S Bayshore Drive #3102, Coconut Grove Offered at $9,975,000

Coconut Grove Coconut Grove non-waterfront home sales decreased during the first six months of 2012 mostly due to a lack of available inventory. Inventory is the lowest in years, which has led to an increase in average sales price. Non-waterfront condo sales have also increased and experienced double digit growth in sales price.

2037 Secoffee Street, Coconut Grove Offered at $1,949,000 12

I TRENDS

Non-Waterfront Properties

Single Family Homes

Condos ($500K+)

# of Transactions

Average Sales Price

Median Sales Price

% of REO Sales

Mid-year 2011

105

$606,530

$510,000

25%

Mid-year 2012

83

$643,600

$460,000

10%

-21%

6%

-10%

# of Transactions

Average Sales Price

Median Sales Price

% of REO Sales

Mid-year 2011

11

$755,727

$535,000

9%

Mid-year 2012

12

$872,479

$670,000

-

Change

9%

15%

25%

Change

O N E S O T H E B Y S R E A L T Y. C O M

IN DEPTH COMMUNITY PROFILES

Pinecrest

North Pinecrest

Single Family Homes

# of Transactions

Average Sales Price

Median Sales Price

% of REO Sales

Mid-year 2011

38

$1,319,092

$915,000

5%

Mid-year 2012

48

$1,015,000

$819,500

2%

26%

-23%

-10%

Change

Although North Pinecrest experienced larger growth in amount of sales the first six months of 2012 compared to the same period in 2011, South Pinecrest outperformed North Pinecrest in the total amount of sales.

Average and median sales price in South Pinecrest increased, as did the amount of REO activity. Both average and median sales prices decreased in North Pinecrest for the first six months of 2012 compared to the same period last year

South Pinecrest

Single Family Homes

# of Transactions

Average Sales Price

Median Sales Price

% of REO Sales

Mid-year 2011

57

$701,854

$582,000

9%

Mid-year 2012

54

$750,348

$642,500

11%

Change

-5%

7%

10%

10850 Southwest 68 Avenue, Pinecrest Offered at $3,679,000

Palmetto Bay The number of sales in Palmetto Bay declined the first six months of 2012 compared to the same period last year, the percentage of REO transactions also declined and prices are holding stable.

Non-Waterfront Properties

7445 Southwest 157 Terrace, Palmetto Bay Offered at $779,000 O N E S O T H E B Y S R E A L T Y. C O M

Single Family Homes

# of Transactions

Average Sales Price

Median Sales Price

% of REO Sales

Mid-year 2011

132

$391,908

$385,000

18%

Mid-year 2012

119

$392,558

$380,000

13%

-10%

0.2%

-1%

Change

TRENDS I

13

Miami, Downtown BRICKELL

14

I TRENDS

DOWNTOWN

KEY BISCAYNE

IN DEPTH COMMUNITY PROFILES

Brickell

Waterfront Properties

Condos

# of Transactions

Average Sales Price

Median Sales Price

% of REO Sales

Mid-year 2011

356

$420,216

$271,000

21%

Mid-year 2012

314

$485,256

$326,250

11%

Change

-12%

15%

20%

Non-Waterfront Properties

Condos

# of Transactions

Average Sales Price

Median Sales Price

% of REO Sales

Mid-year 2011

164

$225,355

$200,500

38%

Mid-year 2012

173

$267,753

$252,500

14%

Change

5%

19%

26%

2012 has been the turnaround year for Brickell as available inventory decreased, driving average prices up 17%. Distressed inventory decreased by 57% on foreclosures and short sales are down 41% compared to the same time in 2011. Brickell has been a great investment for international clientele as average rental price increased 11%. Developers are breaking ground again - some are at 90% sold, others at 92% reservation. Mixed use complex Brickell Citi Centre is set to have its first phase completion by 2015 and MyBrickell was the first to break ground for residential. Brickell House and Millecento are scheduled to break ground later this year. The garage at 1000 Brickell Avenue was recently purchased with plans to build a luxury condominium.

As more restaurants move off the beach like China Grill and Taverna Opa and others move in like Brother Jimmy’s BBQ from New York and foreign-themed restaurants such as Du Cap, Brickell is proving to be the Manhattan of the South. As many as 15 cranes are expected to be working between Brickell and Downtown by the end of 2013.

2127 Brickell Avenue #2305, Miami Offered at $1,500,000

Downtown Downtown is seeing improvements as well with an increase in number of transactions and median sales price. While it has been slower to recover than Brickell, closed sales are up 52% over the same half in 2010. As investors absorbed more inventory, foreclosures dropped 54% over the same time in 2011 and short sales are down 29%. Since developers and investors are leasing out more units, we do see a spike in rental transactions by 13% and rental prices fell by a median of 2%. Downtown positions itself as a true international and tech city with the addition of the Miami Science Museum that broke ground in February, the World Trade Center, the port and now discussions of a train station similar to Grand Central Station in NY from Miami to Orlando. The Genting Group (World Resorts) has scaled back their project from a casino and resort to include a luxury hotel and 2 condo towers.

888 Biscayne Boulevard #4903, Miami $339,000 O N E S O T H E B Y S R E A L T Y. C O M

Waterfront Properties

Condos

# of Transactions

Average Sales Price

Median Sales Price

% of REO Sales

Mid-year 2011

116

$430,636

$325,000

13%

Mid-year 2012

126

$408,583

$337,000

7%

Change

9%

-5%

4%

Non-Waterfront Properties

Condos

# of Transactions

Average Sales Price

Median Sales Price

% of REO Sales

Mid-year 2011

51

$233,107

$158,000

22%

Mid-year 2012

51

$245,550

$195,000

6%

Change

0%

5%

23% TRENDS I

15

IN DEPTH COMMUNITY PROFILES

Key Biscayne No distressed inventory and a solid steadiness characterize the waterfront single family homes of Key Biscayne. Because of the high price point and the limited number of transactions, statistics at the end of June 2012 showing negative results are misleading. The first half of 2012 had 4 sales under $5,000,000 while first half of 2011 had only one which closed at $4,650,000, as shown in the drastic change in median price.

Since price range for properties offered for sale at the beginning of the second half of 2012 is between $5,200,000 and $22,300,000, the Key Biscayne waterfront market for single family homes and their extraordinary living is predicted to go up.

Waterfront Properties

Single Family Homes

# of Transactions

Average Sales Price

Median Sales Price

% of REO Sales

Mid-year 2011

7

$6,972,857

$6,200,000

-

Mid-year 2012

7

$5,775,429

$4,116,000

-

0%

-17%

-34%

Change

330 Harbor Drive, Key Biscayne Sold in May 2012

Key Biscayne Prices for the Key Biscayne waterfront condo market continue to steadily increase. To put things back in the proper perspective, one should know the range of prices is very wide in the waterfront category because it encompasses all waterfront buildings. While it is true that there was one sale at $181/square foot within a complex with direct beach access, but no views, the highest selling price per square foot has been $1,396 (a 32% increase) in newer full service buildings offering resort type living with first class amenities. It is worth noting that the number of closed transactions has increased by a robust 58% versus the first half of 2011, reducing inventories drastically (less than 7 months at the end of June 2012).

At time of publication, upward trend in property price increases is already reflected in the median price for condos for sale, which is at $1,067,500 - a healthy 19% increase versus the first semester of 2011. Remarkably, it is also 43% more than the median price for closed transactions for the first semester of 2012.

650 Ocean Drive #8C, Key Biscayne Offered at $2,195,000 16

I TRENDS

Waterfront Properties

Condos

# of Transactions

Average Sales Price

Median Sales Price

% of REO Sales

Mid-year 2011

74

$982,357

$705,000

5%

Mid-year 2012

117

$994,109

$750,000

4%

Change

58%

1%

6% O N E S O T H E B Y S R E A L T Y. C O M

IN DEPTH COMMUNITY PROFILES

Key Biscayne

Non-Waterfront Properties

Single Family Homes

# of Transactions

Average Sales Price

Median Sales Price

% of REO Sales

Mid-year 2011

29

$1,258,159

$1,095,000

3%

Mid-year 2012

26

$1,659,481

$1,375,000

4%

-10%

32%

26%

Change

The market for non-waterfront single family homes is faring very well in Key Biscayne. Over the 6 month comparison, decrease in number of transactions is offset by an impressive increase in dollar amount, putting minimum prices per square foot at $413 (a 15% increase) and highest price per square foot at $853 (a 10% increase). At time of publication, the number of properties under contract to be closed is at 14, representing more than half the sales for the first 6 months: the median number of days they stayed on the market is 48 days!

Current offerings reach up to $1,390/square foot, and the entry price point into the non-waterfront market is $1,095,000.

Interestingly enough, it is the same figure of the median sales price for mid-year 2011.

6 Coconut Lane, Key Biscayne Offered at $2,270,000

Key Biscayne Key Biscayne non-waterfront condos saw a surge of foreclosures during the first half of last year, representing 48% of the total sales. It is down to 14% of sales for the first half of 2012, resulting in a spectacular increase in median average sale price. Selling prices are expected to continue to increase drastically due to the reduction in inventory. Buyers who bought properties in the first 6 months of 2012 paid the lowest price of $118/square foot. At the end of June 2012, the lowest price for properties offered in the market was at $258/square foot (a 119% increase). This is reinforced by the fact that the percentage of foreclosures and short sales has diminished to 9% of total available inventory.

Non-Waterfront Properties

711 Crandon Boulevard #202, Key Biscayne Offered at $8,500/month O N E S O T H E B Y S R E A L T Y. C O M

Condos

# of Transactions

Average Sales Price

Median Sales Price

% of REO Sales

Mid-year 2011

34

$230,994

$207,500

48%

Mid-year 2012

29

$354,121

$300,000

14%

-15%

53%

45%

Change

TRENDS I

17

Miami Beach SOUTH BEACH MID BEACH NORTH BEACH SOUTH OF FIFTH FISHER ISLAND PALM, STAR, & HIBISCUS ISLANDS SUNSET ISLANDS VENETIAN & LA GORCE ISLANDS NORTH BAY ROAD & PINETREE DRIVE

100 S Pointe Drive #2703, Miami Beach 1Offered 8 I T R at E N$2,599,000 DS

IN DEPTH COMMUNITY PROFILES OVERVIEW

Miami Beach

Waterfront Properties

Single Family Homes

Condos

# of Transactions

Average Sales Price

Median Sales Price

% of REO Sales

Mid-year 2011

57

$2,917,751

$1,595,000

14%

Mid-year 2012

51

$4,016,041

$2,401,000

8%

-11%

38%

51%

# of Transactions

Average Sales Price

Median Sales Price

% of REO Sales

Mid-year 2011

981

$596,792

$293,000

23%

Mid-year 2012

1,036

$616,405

$307,100

5%

6%

3%

5%

Change

Change

The Miami Beach waterfront home market took a 50% increase in median sales price in 2012 with 16 sales in the $5 - $10 million price bracket versus only 5 sales in 2011 in that pricing category. 2011 saw most sales falling into $1 - $3 million category as buyers anticipated the market rebound and were snapping up lower priced waterfront homes.

The percentage of distressed and REO sales dropped by 43% in 2012. In our last mid-year report, we discussed the stabilization of the waterfront condo market based on the 30% increase in number of sales, the flushing out of distressed inventory, and a 1% increase in average price per square foot. In the first six months of 2012, we see a modest increase in condo transactions but a whopping 15% increase in average price per square foot, and a 79% decrease in REO sales. The American Riviera continues to make waves and headlines as one of the leaders in the national real estate market stabilization.

1500 Ocean Drive T-1, Miami Beach Offered at $25,000,000

OVERVIEW

Miami Beach 2012 saw a 38% increase in non-waterfront home sales in Miami Beach, with a modest increase in median and average sales price.

REO and distressed sales also decreased.

There was a 66% increase in sales over $2 million but no sales breaking the $3 million mark. The non-waterfront condo sector remains a steady player in the market – though the numbers come across quite differently than, as should be expected, the waterfront properties. The number of transactions is considerably up (note that there was a 47% increase in this box in mid-2011), though the price per square foot has fallen slightly for the second year in a row (5% in 2011) – which points to anticipated pricing stabilization in this sector.

48 E Rivo Alto Drive, Miami Beach Offered at $1,950,000 O N E S O T H E B Y S R E A L T Y. C O M

Non-Waterfront Properties

Single Family Homes

Condos

# of Transactions

Average Sales Price

Median Sales Price

% of REO Sales

Mid-year 2011

64

$773,478

$690,000

9%

Mid-year 2012

88

$819,031

$725,000

8%

38%

6%

5%

# of Transactions

Average Sales Price

Median Sales Price

% of REO Sales

Mid-year 2011

489

$596,792

$123,000

37%

Mid-year 2012

551

$616,405

$121,900

19%

Change

13%

0.1%

-1%

Change

TRENDS I

19

IN DEPTH COMMUNITY PROFILES

MIAMI BEACH

South Beach The condos in this sector are customarily the bread and butter of the Miami Beach market.

The decrease in the number of transactions likely is attributable to the decreasing inventories – and the 27% increase in average price per square foot points to the decreased number of distressed sales and strong demand of luxury home buyers in the world class playground we know as Miami Beach.

Waterfront Properties

Condos

1455 Ocean Drive #1603/4 Offered at $6,950,000

# of Transactions

Average Sales Price

Median Sales Price

% of REO Sales

Mid-year 2011

472

$749,501

$345,000

14%

Mid-year 2012

455

$887,437

$430,000

2%

Change

-4%

18%

25%

MIAMI BEACH

Mid Beach Pricing in this sector has shown the strongest increase at the micro level as compared to the other sectors – the average price per square foot in this condo sector is up 24%, as compared to 14% in South of Fifth, which happens to be the most desirable of all the Miami Beach neighborhoods. Way to go Mid-Beach!

Waterfront Properties

Condos

# of Transactions

Average Sales Price

Median Sales Price

% of REO Sales

Mid-year 2011

279

$439,760

$300,000

19%

Mid-year 2012

277

$495,829

$300,000

2%

Change

-1%

13%

0%

3801 Collins Avenue PH-1, Miami Beach Offered at $5,900,000

MIAMI BEACH

North Beach 2011 saw a 62% increase in the number of condo sales from 2010. One year later – we see another increase of 51% . These are mind blowing numbers, no matter how you slice them. Average price per square foot has increased 5% from the same period in 2011.

REO and short sale transactions once plagued this sector – today they are few and far between. At time of publication, there are only 8 Short Sales and not one oceanfront REO available in the local MLS for North Beach.

5959 Collins Avenue #1203, Miami Beach Offered at $3,695,000 20

I TRENDS

Waterfront Properties

Condos

# of Transactions

Average Sales Price

Median Sales Price

% of REO Sales

Mid-year 2011

201

$318,112

$222,500

25%

Mid-year 2012

304

$320,618

$177,250

13%

Change

51%

1%

-20% O N E S O T H E B Y S R E A L T Y. C O M

IN DEPTH COMMUNITY PROFILES

MIAMI BEACH

South of Fifth Diminishing inventories and consistent demand resulted in a solid six months for SoFi condos. Average price per square foot is up 14%. Short sale and REO sales in any of the five-star buildings which make up most of this neighborhood have just about disappeared.

Ocean House at 125 Ocean Drive is a newcomer to the neighborhood, offering large, oceanfront residences with just short of total privacy and is trading at about $1,500 per square foot.

Waterfront Properties

Condos

# of Transactions

Average Sales Price

Median Sales Price

% of REO Sales

Mid-year 2011

204

$1,179,740

$660,000

9%

Mid-year 2012

179

$1,342,060

$670,000

4%

Change

-12%

14%

2%

300 S Pointe Drive #2206, Miami Beach Offered at $2,195,000

MIAMI BEACH

Fisher Island The private enclave that is Fisher Island continues to demonstrate consistent numbers.

As any statistician would tell you, the small number of transactions makes it difficult to isolate any specific trends. Pricing remains constant. There was a large increase in the number of REOs, though at time of publication there were only 2 REOs out of 86 available properties – hardly a cause of concern for this elite sector.

Waterfront Properties

2235 Fisher Island Drive #3305, Fisher Island Offered at $975,000 O N E S O T H E B Y S R E A L T Y. C O M

Condos

# of Transactions

Average Sales Price

Median Sales Price

% of REO Sales

Mid-year 2011

26

$2,503,460

$2,000,000

4%

Mid-year 2012

21

$2,263,833

$2,000,000

14%

-19%

-10%

0%

Change

TRENDS I

21

IN DEPTH COMMUNITY PROFILES MIAMI BEACH

Palm, Star & Hibiscus Islands The highest sale on Star, Palm and Hibiscus Island was $14,325,000 versus $ 25,500,000 in the first half of 2011, with the remaining 3 sales in the $5-7.5 million range and the rest under $5 million. This pushed the median sales price up by 43%. There was a significant change to Days on Market, dropping to 138 from 309 last year. It is important to note 2011 saw only 4 lot sales - 3 on Hibiscus and 1 on Star Island; 2012 has already had 3 lot sales, all on Star island and 1 home sold at land value. This clearly indicates a trend that buyers feel it is the right time to construct significant estates again on the islands.

211 N Coconut Lane, Miami Beach Offered at $2,899,000 or Rent: $19,000/month

Waterfront Properties

Single Family Condos Homes

# of Transactions

Average Sales Price

Median Sales Price

% of REO Sales

Mid-year 2011

9

$6,831,248

$3,137,500

-

Mid-year 2012

9

$5,099,222

$4,500,000

-

0%

-25%

43%

Change

MIAMI BEACH

Sunset Islands

Waterfront Properties

Single Family Homes

# of Transactions

Average Sales Price

Median Sales Price

% of REO Sales

Mid-year 2011

3

$4,650,000

$4,700,000

-

Mid-year 2012

11

$6,777,927

$7,425,000

-

267%

46%

58%

Change

It is significant to note that 6 Sunset Island sales in mid-year 2012 were between $7,000,000 and $10,000,000 with the highest sale being $12,300,000 and only 3 sales around the $5,000,000 and under mark. In 2011, the median and average sales prices were relatively the same around $4,700,000 while the median price in 2012 increased 57% to $7,425,000. Homes that sold were of significant size, Mediterranean architecture with most situated on estate size lots. ONE Sotheby’s International Realty sold a Sunset Island waterfront home for $8,900,000 in February.

1821 West 24 Street, Miami Beach Offered at $6,200,000

MIAMI BEACH

Venetians, La Gorce Island The sales volume on the Venetians and La Gorce Island dropped by 19% versus 2011 mid-year sales. Average and median sales prices also went down, but these numbers were skewed by a large increase in sales of non-waterfront, smaller homes on the Venetian Islands. This is significant as these properties were not selling in 2011 - most sales were in the $1-3 million range with the highest sale on La Gorce Island at $5,750,000. There were no foreclosures in the first six months of 2012.

82 La Gorce Circle, Miami Beach Offered at $14,750,000 22

I TRENDS

Waterfront Properties

Single Family Condos Homes

# of Transactions

Average Sales Price

Median Sales Price

% of REO Sales

Mid-year 2011

22

$2,199,960

$2,300,000

13

Mid-year 2012

18

$2,041,472

$1,875,000

-

-18%

-7%

-18%

Change

O N E S O T H E B Y S R E A L T Y. C O M

IN DEPTH COMMUNITY PROFILES

MIAMI BEACH

North Bay Road, Pine Tree Drive

Waterfront Properties # of Transactions Single Family Condos Homes

Average Sales Price

Median Sales Price

% of REO Sales

Mid-year 2011

17

$2,806,577

$3,862,000

-

Mid-year 2012

20

$2,610,700

$1,182,500

-

Change

18%

-7%

-69%

The Pine Tree Drive and North Bay Road market changed drastically in price points of properties that sold in the first half of 2012. In 2011 , the majority of sales (8) were between $3-6.5 million, with only 5 sales under $1 million, whereas in first half of 2012 half of ALL sales (10) were under $ 1 million. The upside is there is NO inventory in this market under $1 million as buyers were snapping up the cheaper homes earlier this year with the resurgence of the market. North Bay Road has seen a flurry of construction and renovation as the market has rebounded.

Miami Beach Waterfront Estate Offered at $38,000,000

MIAMI BEACH

Indian Creek 2012 broke records on private, guarded Indian Creek Island with the trophy sale of a $38,400,000 masterpiece by Joe Brennan, a Toronto-based architect with interior designs by world renowned Axel Vervoordt and Belgium’s star landscape architect, Peter Wirtz.

ONE Sotheby’s International Realty was proud to represent both sides of this significant sale, the highest in Miami-Dade County history to date.The only other sale was sold for $14,800,000, in sync with the only sale in 2011 on the Indian Creek of $14,500,000.

38 Indian Creek Drive, Miami Beach Offered at $15,900,000 O N E S O T H E B Y S R E A L T Y. C O M

Waterfront Properties

Single Family Condos Homes

# of Transactions

Average Sales Price

Median Sales Price

% of REO Sales

Mid-year 2011

1

$14,500,000

$14,500,000

-

Mid-year 2012

2

$26,600,000

$26,600,000

-

100%

83%

83%

Change

TRENDS I

23

North of Miami BAL HARBOUR GOLDEN BEACH AVENTURA SUNNY ISLES

24

I TRENDS

BAY HARBOR ISLANDS

IN DEPTH COMMUNITY PROFILES

Bal Harbour

Waterfront Properties

Single Family Homes

Condos

# of Transactions

Average Sales Price

Median Sales Price

% of REO Sales

Mid-year 2011

0

-

-

-

Mid-year 2012

1

$830,000

$830,000

-

Change

-

-

-

# of Transactions

Average Sales Price

Median Sales Price

% of REO Sales

Mid-year 2011

86

$847,873

$452,500

5%

Mid-year 2012

64

$825,266

$772,509

13%

-26%

-3%

71%

Change

Bal Harbor waterfront homes saw only one sale during the first half of 2012, up from no sales in all of 2011. The home had been on the market since 2010, listed without a price reduction at $10,500,000. Bal Harbor waterfront condos had a very mixed first half of 2012. The median price soared, yet the average sales price and price per square foot were fairly steady and the number of units sold decreased by over 25%. Foreclosures increased by more than double, one of only markets to see such a change. Bal Harbor waterfront condos will be one market to keep a close eye on going forward in 2012.

9601 Collins Avenue PH-T1, Bal Harbour Offered at $7,499,000

Bal Harbour Non-waterfront homes in Bal Harbor saw a significant increase in average sale price, rising by over 50% from the same time last year. The number of transactions decreased, however, from 7 to 4, affecting the median sales price (which rose by over 100%).

Non-Waterfront Properties

Single Family Homes O N E S O T H E B Y S R E A L T Y. C O M

# of Transactions

Average Sales Price

Median Sales Price

% of REO Sales

Mid-year 2011

7

$1,776,786

$1,250,000

-

Mid-year 2012

4

$2,679,005

$2,895,509

-

-43%

51%

132%

Change

TRENDS I

25

IN DEPTH COMMUNITY PROFILES

Golden Beach

Waterfront Properties

Single Family Homes

# of Transactions

Average Sales Price

Median Sales Price

% of REO Sales

Mid-year 2011

7

$3,614,286

$2,500,000

-

Mid-year 2012

3

$2,991,667

$2,775,000

-

-57%

-17%

11%

Change

Non-Waterfront Properties

Single Family Homes

# of Transactions

Average Sales Price

Median Sales Price

% of REO Sales

4

$776,250

$822,500

-

4

$1,253,750

$1,175,000

25%

0%

62%

43%

Mid-year 2011 Mid-year 2012 Change

Golden Beach waterfront home prices sent mixed messages during the first half of 2012.

The average sales price and price per square foot were both down, as well as number of homes sold, while the median price rose.

With such a low sampling of properties, the market needs to be looked at on a home by home basis. Golden Beach, like Bal Harbor non-waterfront homes, saw a hefty increase in average sales price, median sales price and price per square foot. Average sales price and price per square foot both rose by more than 50% compared to this time last year. The number of homes sold remained the same.

310 South Parkway, Golden Beach Offered at $6,900,000

Bay Harbor Islands There have not been any single family waterfront homes sold in Bay Harbor Island year to date. There are four currently on the market, all of them listed higher than the average sale for this time last year (offered from $2,975,000 to $4,900,000).

Waterfront Properties

9341 E Bay Harbor Dr PH-B, Bay Harbor Islands Offered at $299,000 26

I TRENDS

Single Family Homes

# of Transactions

Average Sales Price

Median Sales Price

% of REO Sales

Mid-year 2011

2

$2,946,000

$2,946,000

-

Mid-year 2012

0

-

-

-

Change

-100% O N E S O T H E B Y S R E A L T Y. C O M

IN DEPTH COMMUNITY PROFILES

Aventura Aventura waterfront condos saw a relatively flat market with a small upswing in all metrics, including average sales price, median sales price, $/sf and number of units sold. The one clearly positive indicator was that foreclosure properties were down nearly 50%, perhaps paving the way for a healthier recovery in the not too distant future as REO sales are cleared out of the inventory.

Waterfront Properties

Single Family Condos Condos Homes

# of Transactions

Average Sales Price

Median Sales Price

% of REO Sales

460

$362,725

$265,000

15%

Mid-year 2012

511

$369,596

$270,000

8%

Change

11%

2%

2%

Mid-year 2011

3703 Northeast 214 St #12, Aventura Offered at $1,250,000

Sunny Isles Sunny Isles continued to be a strong segment of the overall Miami market with the number of sales increasing 33%. As the developer inventory dwindles, prices at year end remained essentially unchanged.

Sunny Isles represents the bulk of the new pre-construction projects currently being launched in the South Florida market. The Sunny Isles area represents a 40 block stretch from Haulover Park to the town of Golden Beach. Since January 2012, developments such as Mansions at Aqualina, Regalia, Chateau Beach Resort, Porsche Designed Tower, 400 Sunny Isles, Apogee Beach, and St. Tropez IV & V have launched sales at prices averaging north of $800 a foot.

Approximately 1,500 new units are planned for this area.

17201 Collins Avenue #1202, Sunny Isles Offered at $699,000 O N E S O T H E B Y S R E A L T Y. C O M

Waterfront Properties

Single Family Condos Condos Homes

# of Transactions

Average Sales Price

Median Sales Price

% of REO Sales

Mid-year 2011

440

$496,421

$234,000

19%

Mid-year 2012

455

$588,040

$390,000

6%

Change

3%

18%

67% TRENDS I

27

Fort Lauderdale LAS OLAS ISLES HARBOR BEACH LAUDERDALE BY THE SEA LIGHTHOUSE POINT RIO VISTA HILLSBORO BEACH FORT LAUDERDALE BEACH VICTORIA PARK HOLLYWOOD & HALLANDALE BEACH CORAL RIDGE BAY COLONY

28

I TRENDS

IN DEPTH COMMUNITY PROFILES

OVERVIEW

Fort Lauderdale Year over year the number of transactions decrease as the price points increase. REO activity in 2012 is half of what it was in the same time period last year. Waterfront condos sales over $500,000 saw a slow and steady improvement in all indicators of a stabilizing market. Sales were slightly up, as was average and median sales prices and average price per square foot. There were very few foreclosures in this market, both in the first half of 2011 and 2012.

Waterfront Properties

Single Family Homes

Condos ($500K+)

# of Transactions

Average Sales Price

Median Sales Price

% of REO Sales

Mid-year 2011

205

$1,022,234

$675,000

16%

Mid-year 2012

196

$1,075,662

$825,000

9%

Change

-4%

5%

22%

# of Transactions

Average Sales Price

Median Sales Price

% of REO Sales

Mid-year 2011

105

$829,859

$690,000

4%

Mid-year 2012

121

$887,183

$749,000

3%

Change

15%

7%

9%

715 Bayshore Drive PH-2, Fort Lauderdale Offered at $1,599,000

OVERVIEW

Fort Lauderdale Despite a decrease of 6% compared to the same period in 2011 and the same average of days on the market (99 days), average and median sale prices significantly increased and produced a whopping $147,349,144 in sales, comparing to only $133,428,864 in the first six months of 2011. Non-waterfront condos over $500,000 were one of the few market sectors that saw mixed results in the first half of 2012 compared to the first half of 2011. Sales were up in number of units but down in both median sales price and average price per square foot (average sales price was near flat, year to year). Foreclosures, however, doubled, likely having an impact on the sales prices. The most expensive property sold for $2,800,000 cash at The Palms. ONE Sotheby’s International Realty was proud to represent the seller.

1738 Southwest 24 Avenue, Fort Lauderdale Offered at $319,000 O N E S O T H E B Y S R E A L T Y. C O M

Non-Waterfront Properties

Single Family Homes

Condos ($500K+)

# of Transactions

Average Sales Price

Median Sales Price

% of REO Sales

Mid-year 2011

685

$194,787

$105,000

6%

Mid-year 2012

641

$229,386

$138,000

3%

Change

-6%

18%

31%

# of Transactions

Average Sales Price

Median Sales Price

% of REO Sales

Mid-year 2011

13

$626,000

$620,000

8%

Mid-year 2012

18

$637,636

$565,000

22%

38%

2%

-9%

Change

TRENDS I

29

IN DEPTH COMMUNITY PROFILES

FORT LAUDERDALE

Las Olas Isles Waterfront Properties

Single Family Homes

# of Transactions

Average Sales Price

Median Sales Price

% of REO Sales

Mid-year 2011

44

$1,847,725

$1,500,000

11%

Mid-year 2012

47

$1,831,153

$1,262,500

9%

Change

7%

-1%

-16%

The real estate market feedback for Las Olas Isles is mixed at best. While the number of sales increased (up to 200% for nonwaterfront homes), average sales prices remained stable, yet median sales price of both waterfront and non-waterfront homes dropped significantly. One bright side was that the number of REOs did decrease, especially in the non-waterfront market.

Non-Waterfront Properties

Single Family Homes

# of Transactions

Average Sales Price

Median Sales Price

% of REO Sales

Mid-year 2011

3

$641,666

$735,000

33%

Mid-year 2012

9

$654,500

$637,000

11%

200%

2%

-13%

Change

2500 Delmar Place, Fort Lauderdale Offered at $3,290,000

FORT LAUDERDALE

Harbor Beach This exclusive enclave has seen the average listed price jump to over $3 million in 2012. The average sales price is still well below that mark, signaling that much of the activity dropped off in the waterfront home market as the lower priced inventory was absorbed. The second half of the year should see an increase in sales prices both in waterfront and non waterfront categories.

Waterfront WaterfrontProperties Properties

Single SingleFamily Family Homes Homes

# of Transactions

Average Sales Price

Median Sales Price

% of REO Sales

Mid-year 2011

7

$1,750,714

$1,230,000

-

Mid-year 2012

1

$1,100,000

$1,100,000

100%

-86%

-37%

-11%

Change

Non-Waterfront Properties

2536 Lucille Drive, Fort Lauderdale Offered at $5,500,000 30

I TRENDS

Single SingleFamily Family Homes Homes

# of Transactions

Average Sales Price

Median Sales Price

% of REO Sales

Mid-year 2011

5

$1,092,600

$710,000

-

Mid-year 2012

5

$864,600

$948,000

-

0%

-21%

34%

Change

O N E S O T H E B Y S R E A L T Y. C O M

IN DEPTH COMMUNITY PROFILES

FORT LAUDERDALE

Lauderdale by the Sea Waterfront Properties

Single Family Homes

# of Transactions

Average Sales Price

Median Sales Price

% of REO Sales

Mid-year 2011

5

$918,100

$860,000

20%

Mid-year 2012

10

$643,900

$583,500

10%

100%

-30%

-32%

Change

Sales of waterfront homes doubled in the first half of 2012, driven by lower prices an absorption of some of the affordably priced REO Inventory. There are currently 28 homes on the market, 19 of which are waterfront.

Non-Waterfront Properties

Single Family Homes

# of Transactions

Average Sales Price

Median Sales Price

% of REO Sales

Mid-year 2011

7

$418,629

$350,000

1%

Mid-year 2012

6

$388,417

$365,000

-

-14%

-7%

4%

Change

1460 S Ocean Blvd #1601, Fort Lauderdale Offered at $2,395,000

FORT LAUDERDALE

Lighthouse Point A great illustration of sales can only happen when there is inventory. The number of homes on the market is down 40% from the same time last year. Consequently, sales of waterfront homes dropped 44% in the number of transactions as compared to last year. Sales volume decreased from $131 million with an average days on market of 168 days to $46 million in 2012 with 138 days on the market.

Waterfront Properties

Single Family Homes

# of Transactions

Average Sales Price

Median Sales Price

% of REO Sales

Mid-year 2011

85

$1,029,381

$835,000

5%

Mid-year 2012

48

$956,688

$696,250

8%

-44%

-7%

-17%

Change

Non-Waterfront Properties

Single Family Homes O N E S O T H E B Y S R E A L T Y. C O M

# of Transactions

Average Sales Price

Median Sales Price

% of REO Sales

Mid-year 2011

30

$316,610

$331,500

10%

Mid-year 2012

38

$330,350

$271,250

5

27%

4%

-18%

Change

TRENDS I

31

IN DEPTH COMMUNITY PROFILES

FORT LAUDERDALE

Rio Vista

Waterfront Properties

Single Family Homes

# of Transactions

Average Sales Price

Median Sales Price

% of REO Sales

Mid-year 2011

7

$1,000,414

$940,000

-

Mid-year 2012

5

$2,076,700

$1,875,000

-

-29%

108%

-11%

Change

An exclusive community close to downtown Fort Lauderdale, Rio Vista boasts no bridge access to the ocean - a boater’s dream come true. Rio Vista continues to attract buyers. Inventory is low and the absence of REO sales in this community has driven average sales prices up a staggering 108% for waterfront homes and 31% for non-waterfront homes from the same time period last year.

Non-Waterfront Properties

Single Family Homes

# of Transactions

Average Sales Price

Median Sales Price

% of REO Sales

Mid-year 2011

15

$549,458

$535,000

-

Mid-year 2012

8

$718,352

$610,000

-

-47%

31%

14%

Change

1501 Southeast 9 Street, Fort Lauderdale Offered at $2,750,000

FORT LAUDERDALE

Hillsboro Beach This enclave of waterfront homes has seen no change in the total number of sales from the first six months of 2011 to the first six months of 2012 - however, this year’s single sale sold for a significant 56% higher price than last year’s, the highest in Broward county so far this year.

Single SingleFamily Family Homes Homes Waterfront Properties

SingleFamily Family Single Homes Homes 32

I TRENDS

# of Transactions

Average Sales Price

Median Sales Price

% of REO Sales

Mid-year 2011

1

$7,700,000

$7,700,000

-

Mid-year 2012

1

$12,000,000

$12,000,000

-

0%

56%

56%

Change

O N E S O T H E B Y S R E A L T Y. C O M

IN DEPTH COMMUNITY PROFILES

FORT LAUDERDALE

Fort Lauderdale Beach The median sales price of waterfront homes jumped a whopping 107%, signaling the low amount of lesser priced inventory remaining on Fort Lauderdale Beach. Similarly, there are no REO sales left to be talked about, as it seems that many of the foreclosure deals were snapped up in 2011. Non-waterfront homes followed the trend.

Waterfront WaterfrontProperties Properties

Single SingleFamily Family Homes Homes

# of Transactions

Average Sales Price

Median Sales Price

% of REO Sales

Mid-year 2011

5

$2,228,800

$1,200,000

20%

Mid-year 2012

3

$2,076,676

$2,480,000

-

-40%

-7%

107%

Change

Non-Waterfront Properties

1200 Holiday Drive #603, Fort Lauderdale Offered at $1,750,000

SingleFamily Family Single Homes Homes

# of Transactions

Average Sales Price

Median Sales Price

% of REO Sales

Mid-year 2011

5

$424,260

$385,000

20%

Mid-year 2012

5

$574,500

$600,000

20%

0%

35%

56%

Change

FORT LAUDERDALE

Victoria Park, Sunrise Key Waterfront Properties

Single Family Homes

# of Transactions

Average Sales Price

Median Sales Price

% of REO Sales

Mid-year 2011

1

$850,000

$850,000

-

Mid-year 2012

6

$1,414,000

$1,500,000

-

500%

66%

76%

Change

Non-Waterfront Properties

Single Family Homes

# of Transactions

Average Sales Price

Median Sales Price

% of REO Sales

Mid-year 2011

15

$405,696

$450,000

-

Mid-year 2012

16

$528,937

$522,500

-

Change

7%

30%

16%

O N E S O T H E B Y S R E A L T Y. C O M

A cozy residential neighborhood nestled in the heart of downtown Fort Lauderdale, Victoria Park is a vibrant community that retains its Old Florida charm. The area saw a staggering 500% increase in number of sales compared to the same time period of last year. This luxury sector of waterfront single houses of Fort Lauderdale seems to be appreciated by buyers, who were ready to pay up to 66% and 76% more in average and median sales prices the first six months of 2012.

625 5 Key Drive, Fort Lauderdale Offered at $2,995,000 TRENDS I

33

IN DEPTH COMMUNITY PROFILES

FORT LAUDERDALE

Hollywood Beach, Hallandale Beach

Waterfront Properties

Single Family Homes

Condos

# of Transactions

Average Sales Price

Median Sales Price

% of REO Sales

Mid-year 2011

13

$1,206,250

$1,235,000

-

Mid-year 2012

13

$1,390,483

$877,000

-

Change

0%

15%

-29%

# of Transactions

Average Sales Price

Median Sales Price

% of REO Sales

Mid-year 2011

940

$224,741

$160,000

25%

Mid-year 2012

797

$255,996

$183,000

12%

Change

-15%

14%

14%

A gated community of waterfront homes with oversize docks on deepwater canals and no fixed bridges, Golden Isles in Hallandale is considered a hidden gem among avid boaters.

Waterfront homes saw no change in number of transactions, but a fluctuation of both average and median sales prices. Bank owned properies continue to be a strong influence in the Hollywood and Hallandale waterfront condo market.

1140 N Southlake Drive, Hollywood Offered at $2,295,000

FORT LAUDERDALE

Hollywood Beach, Hallandale Beach The Hollywood-Hallandale beach market is benefiting from the influx of investors chasing deeply-discounted condo resales. With the increasing number of transactions in this very active condo market, we see a slight decrease in the number of transactions involving bank owned properties, which might be evidence of market improvement. A decrease in available inventory contributed to an overall decrease in sales of non waterfront homes with a marginal increase in pricing.

Forest View Estates, Hollywood From $565,000 - $840,000 34

I TRENDS

Non-Waterfront Properties

Single Family Homes

Condos

# of Transactions

Average Sales Price

Median Sales Price

% of REO Sales

Mid-year 2011

21

$451,479

$445,000

5%

Mid-year 2012

26

$437,194

$422,500

4%

24%

-3%

-5%

# of Transactions

Average Sales Price

Median Sales Price

% of REO Sales

Mid-year 2011

51

$171,953

$140,000

27%

Mid-year 2012

52

$178,300

$143,990

23%

Change

2%

4%

3%

Change

O N E S O T H E B Y S R E A L T Y. C O M

IN DEPTH COMMUNITY PROFILES

FORT LAUDERDALE

Coral Ridge, The Landings Waterfront Properties

Coral Ridge and The Landings continue to deliver value this year. Numbers of sales dropped slightly, but average and median sale prices are on the rise.

Single Family Homes

# of Transactions

Average Sales Price

Median Sales Price

% of REO Sales

Mid-year 2011

47

$894,501

$775,000

11%

Mid-year 2012

38

$953,270

$758,750

5%

-19%

7%

-2%

Change

Non-Waterfront Properties

5431 Northeast 31 Avenue, Fort Lauderdale Offered at $1,595,000

Single Family Homes

# of Transactions

Average Sales Price

Median Sales Price

% of REO Sales

Mid-year 2011

73

$474,669

$370,000

15%

Mid-year 2012

69

$476,569

$450,000

11.5%

Change

-5%

0.4%

22%

FORT LAUDERDALE

Bay Colony One of the most exclusive addresses in the area, Bay Colony is one of only two guard gated waterfront communities in Fort Lauderdale. This luxury enclave features wide, deep protected interior canals with no fixed bridges, lush landscaping along its streets, and estate style homes boasting deepwater dockage for avid boaters. Decrease of the total number of homes available for sale affected both average sales and median prices. A mere seven residences in Bay Colony were on the market at time of publication.

Waterfront Properties

Single Family Homes

# of Transactions

Average Sales Price

Median Sales Price

% of REO Sales

Mid-year 2011

0

$0

$0

-

Mid-year 2012

3

$2,000,000

$1,900,000

-

Change

-

-

-

O N E S O T H E B Y S R E A L T Y. C O M

230 N Compass Drive, Fort Lauderdale Offered at $2,599,000 TRENDS I

35

Cielo on the Bay 16 Stories Đ 36 Flow through residences Two & three bedrooms Đ 1,840 - 1,954 square feet From low $500,000s www.CieloontheBay.com

TRENDS IS PROVIDED BY:

onesothebysrealty.com

COVER PROPERTY: Miami Beach Waterfront Estate I offered at $38,000,000 This material is based upon information that we consider reliable, but because it has been supplied by third parties, we cannot represent that it is accurate or complete, and it should not be relied upon as such. This offering is subject to errors, omissions, changes, including price, or withdrawal without notice. ©MMXII Sotheby’s International Realty Affiliates LLC. All Rights Reserved. An Equal Opportunity Company. Equal Housing Opportunity.