2010 Miami Real Estate Trends Report

TRENDS ONE

Sotheby’s

INTERNATIONAL REALTY

2010

IN REVIEW

Looking back on 2010, the phrase “cautiously optimistic� comes to mind. Our entire company was hopeful that 2010 would be the first step towards a real estate recovery in South Florida. It seems that the downward pressure on pricing finally reached the point where people started to take notice.

We were right. The world stepped in and started looking at properties and making offers.

The luxury market in particular was attracting world-wide attention with buyers coming from all over the globe to take advantage of good values in South Florida real estate.

Sales of properties over $1 Million are up 22% from 2009 in Miami-Dade County. The inventory of properties over $1 Million in Broward County has dropped from a four-year supply in December of 2009 to a 27-month supply in December of 2010.

Perhaps one of the largest success stories is the condo market in Downtown Miami.

Once a poster image for the national real estate bubble, 2010 saw lights being added to the skyline and marked the first real sales activity in newer buildings in recent years.

Bulk unit buyers who had been standing on the sidelines waiting to swoop in and buy up units at a big discount were all but shut out. Value is building and prices are improving in Downtown Miami. It is a thriving residential neighborhood.

We are excited to share with you our annual market report that provides a comprehensive analysis of real estate market activity in Miami-Dade and Broward, as well as in depth community profiles for both counties. Our hope is that this report will help educate you, but it should not be relied upon to determine a fair market value for any single property.

If we can ever be of further assistance, please let us know.

Janie Coffey ONE Sotheby’s International Realty +1 786 252 4970 www.janiecoffey.com

YEAR IN REVIEW

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

MIAMI BEACH Atlantic Center Building 119 Washington Avenue Miami Beach, Florida 33139

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

2010

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

Key Observations What were buyers looking for? Besides good value, location was important. South Florida has an abundance of sun and coastal waterfront. In South Florida, a staggering 73% of sales over $1 million were on waterfront properties in 2010. Seems that sand and surf are still a draw.

04

I TRENDS

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

YEAR IN REVIEW

205

2010

HOT ZIPS 33160 was the hottest

zip code for high-end real estate. 100 properties traded hands in 2010 for prices above $1 Million in this North Miami Beach zip code, driven by direct ocean views and the lack of South Beach prices.

Source: Southeast Florida Regional MLS

WINDOW SHOPPING

HOT MONTHS That’s the number

of homes over $750,000 that went under contract in March in Miami-Dade and Broward Counties. March was the busiest month for buyer activity than any other month in the past two years.

New exclusive online partnerships with NYTimes.com and WSJ.com sent even more visitors to SothebysRealty.com, which now averages over 440,000 visits per month - more traffic than any other luxury real estate brand.

Source: Terradatum

Source: SothebysRealty.com Web Statistics

“After a near-disastrous 2009, the luxury market appears to be making a comeback, driven by growing buyer confidence, improved financing conditions and more realistic seller pricing. Despite the housing downturn, attractively priced homes in some of the nation’s most coveted neighborhoods are selling, sometimes fast and sometimes with multiple offers. Nationwide, sales of homes selling for $2 Million to $5 Million in the first quarter totaled 2,461, up 32% from a year before, says CoreLogic.

SIGNIFICANT SALES

ONE Sotheby’s International Realty sold this luxury property in Coral Gables for $14.1 Million. This transaction was one of the highest sales in South Florida in 2010.

Source: Terradatum

THE WALL STREET JOURNAL, 28 MAY 2010

10

NOT SO DISTRESSED

While headlines about short sales and bank-owned properties dominated the media, they didn’t dominate our local luxury market. Only 9% of homes over $1 Million in Miami-Dade and Broward Counties were “distressed” transactions.

Source: Southeast Florida Regional MLS

Traditional

Short Sale

Bank-Owned

ULTRA LUXURY The number

of residential properties sold over $10 Million in 2010 in Miami-Dade and Broward Counties. ONE Sotheby’s International Realty led the way by participating in 22% of these sales.

Source: Terradatum

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

TRENDS I

05

High-End Inventory Of the 54,000+ homes that sold in Miami-Dade and Broward Counties in 2010, just 2.4% of these properties sold for $1 million or more. Below, we have compared how high-end homes in each price category sold during 2010 with how many homes were on the market. Despite living in one of the largest real estate markets in the country, the high-end segment remains small and requires a laser focus to successfully market real estate offerings to an exclusive and private audience.

Under $1 Million Over $1 Million

Sold 2010 On The Market

$500K - $1M

PRICE RANGE

$1M - $3M

$3M - $5M

$5M - $10M

$10M+ 0

1250

2500

3750

5000

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

YEAR IN REVIEW

2010

Month by Month A month by month comparison illustrates the increasing stability of the South Florida market. Home sales did trend higher in the seasonal months of March through June. The year came to a close with a large increase in December closed sales as well, perhaps signaling a strong 2011 to come.

Broward County

Miami-Dade County

NOT MUCH NEW Only 7% of

the 5,000+ homes on the market above $750,000 were built in 2009 or later.

New construction nearly came to a halt in the economic crisis, but many buyers not only prefer, but demand, new construction.

NUMBER OF HOMES SOLD

5000

3750

2500

1250

0

Source: Southeast Florida Regional MLS. Active inventory count current as of September 29,2010

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

MONTH

Source: Southeast Florida Regional MLS

Average Sales Price Sales prices in both Miami Dade and Broward fluctuated little overall during 2010. The spikes in March and June show the “mix factor” where more high priced properties closed in those months. Interesting to note - in September, both counties had almost identical numbers, with an average sales price of around $265,000.

Broward County

Miami-Dade County

$300K

ONE Sotheby’s International Realty celebrated its second birthday in 2010.

The company, with 200 full-time estate agents and 4 offices throughout South Florida, achieved the highest average sales price for its clients of any major real estate company in Miami-Dade and Broward Counties.

Source: Terradatum

PRICE

TWO YEARS OLD

$200K

$100K

$0

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

MONTH 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

07

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

IN DEPTH COMMUNITY PROFILES

OVERVIEW

Coral Gables George Merrick’s early promotions termed Coral Gables as the Venice of Florida, featuring pictures of gondolas on the Gables Waterway.

Today, there are no gondolas, but lovely homes that dot the waterways on the way to Biscayne Bay. Sales of waterfront homes in the Gables jumped slightly over 2009, with the sale of 7 bank-owned properties.

Waterfront Properties

Single Family Homes

# of Transactions

Average Sales Price

Median Sales Price

2009

50

$3,018,200

$2,475,000

2010

57

$2,826,013

$2,550,000

Change

14%

-6%

3%

% of REO 11%

6950 Sunrise Drive, Coral Gables Offered at $4,999,000

OVERVIEW

Coral Gables Coral Gables luxury condos characterized by closed sales over $1 million experienced most growth in Coral Gables condo market. Sales of these condos nearly doubled and Average Sold Price increased by nearly 55%. This segment of the market remains healthy, with no REO sales in 2009 or 2010. The sale of Coral Gables non-waterfront homes increased by over 12% in 2010 compared to 2009, however, the amount of REO sales decreased by over 26%.

Although the amount of homes sold in 2010 increased, Average Sold Price remained the same in 2010 compared to 2009.

1300 Ponce de Leon Blvd. #807, Coral Gables Offered at $549,000 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 ($1M+)

# of Transactions

Average Sales Price

Median Sales Price

% of REO

2009

313

$683,050

$530,000

16%

2010

352

$683,611

$518,000

10%

Change

12%

0%

-2%

# of Transactions

Average Sales Price

Median Sales Price

% of REO

2009

7

$1,357,500

$1,262,500

-

2010

12

$2,101,455

$1,245,000

-

Change

71%

55%

-1% TRENDS I

09

IN DEPTH COMMUNITY PROFILES

CORAL GABLES

Cocoplum The guard-gated community of Cocoplum is known for its high-end properties and safe streets. Cocoplum waterfront sales remained about the same in 2010 compared to 2009.

Average Sales Price dropped by 36%.

Cocoplum non-waterfront Sales performed better in 2010 than 2009. The amount of homes sold increased by 75% and Average Sales Price increased by over 15%.

Waterfront Properties

Single Family Homes

# of Transactions

Average Sales Price

Median Sales Price

% of REO

7

$4,935,714

$3,500,000

-

2010

8

$3,146,250

$3,022,500

-

Change

14%

-36%

-14%

2009

Non-Waterfront Properties # of Transactions Single Family Homes

Average Sales Price

Median Sales Price

% of REO

2009

8

$1,796,233

$1,525,000

-

2010

14

$2,080,804

$1,758,750

-

Change

75%

16%

15%

5 Tahiti Beach Road, Coral Gables Offered at $14,500,000

CORAL GABLES

Snapper Creek Lakes The exclusive, gated, and prestigious enclave of Snapper Creek Lakes consists of a mere 124 residences on oversized lots of at least one acre.

The full-service marina has a five-minute access to the bay, with full-time dock master and security. After almost 3 years of no waterfront sales in this community, 3 waterfront homes sold in 2010. Two of these sales were lakefront, the third canal front with bay access. There was also a pending sale in 2010 for another canal front home with bay access, which is expected to close in the 1st quarter of 2011. The amount of sold non-waterfront homes tripled in 2010, with average price increasing by over 27%.

Waterfront WaterfrontProperties Properties # of Transactions SingleFamily Family Single Homes Homes

I TRENDS

Median Sales Price

% of REO

2009

0

-

-

-

2010

3

$2,730,000

$2,610,000

-

Change

N/A

N/A

N/A

Non-Waterfront Properties

Single Family Homes 10

Average Sales Price

# of Transactions

Average Sales Price

Median Sales Price

% of REO

2009

2

$1,725,000

$1,725,000

-

2010

6

$2,194,750

$1,667,500

-

Change

200%

27%

-3% 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

2009

10

$5,929,000

$5,437,500

-

2010

4

$5,713,000

$4,575,000

1

Change

-60%

-4%

-16%

One of the most desirable neighborhoods in the area, Gables Estates sits on over 200 acres of the Coral Gables shore. Sea-walled canals weave through the community, connecting these magnificent homes to the ocean. The number of homes sold in 2010 decreased by more than half. Of the 3 sales made in 2010, one was an REO, which caused a drop in both average and median sales price for the year.

400 Arvida Parkway, Coral Gables Offered at $16,975,000

CORAL GABLES

Old Cutler Waterfront Communities

Old Cutler Bay, Hammock Oaks, Journey’s End Just to the east of the famed, canopy-covered Old Cutler Road are some of Miami’s most prestigious waterfront homes. Sales at Old Cutler Bay remained almost the same in 2010 compared to 2009 and Average Sales Price increased by 50% in 2010. Sales at Hammock Lakes spiked in 2010 and Average Sales Price more than doubled.

461 Rovino Avenue, Coral Gables Offered at $1,299,000

Waterfront Properties

Single Family Homes

# of Transactions

Average Sales Price

Median Sales Price

% of REO

5

$3,112,444

$3,376,333

-

2010

8

$3,869,306

$3,929,167

-

Change

60%

24%

16%

2009

Ponce Davis, High Pines

Non-Waterfront Properties # of Transactions Single Family Homes

Average Sales Price

Median Sales Price

% of REO

2009

53

$1,427,613

$755,000

4%

2010

44

$1,155,628

$840,000

2%

Change

-17%

-19%

11%

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

One of the fastest-growing, non-waterfront neighborhoods in the area, Ponce Davis is located directly between Coral Gables and South Miami. Sales in High Pines/Ponce Davis dropped slightly in 2010 compared to 2009, as did Average Sales Price. Median Sales Price increased by over 11% and REO sales dropped.

8600 Southwest 53 Avenue, Ponce Davis Offered at $3,650,000 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

2009

2

$3,625,000

$3,625,000

-

2010

7

$5,496,429

$5,500,000

-

Change

250%

52%

52%

# of Transactions

Average Sales Price

Median Sales Price

% of REO

2009

48

$620,373

$477,500

8%

2010

84

$746,840

$593,750

5%

Change

75%

20%

24%

The Coconut Grove waterfront market showed increase in activity in 2010 compared to 2009. Amount of homes sold more than tripled and Average Sales Price increased by 52%. The amount of Coconut Grove waterfront condo sales increased by 75% and Average Sales Price increased by over 20%.

There was a slight decrease in the amount of REO sales in this category.

2627 S Bayshore Drive #3201, Coconut Grove Offered at $14,500,000

Coconut Grove Coconut Grove non-waterfront home sales remained about the same in 2010 compared to 2009, as did the Average Sales Price. The amount of Coconut Grove non-waterfront condo sales increased by 59%, however, 35% of these sales were REO sales, which explains the large drop in Average Sales Price. This category includes the sale of Townhomes and Villas.

3601 Matheson Avenue, Coconut Grove Offered at $2,850,000 12

I TRENDS

Non-Waterfront Properties

Single Family Homes

Condos

# of Transactions

Average Sales Price

Median Sales Price

% of REO

2009

161

$614,431

$495,000

22%

2010

154

$617,911

$510,000

14%

Change

-4%

1%

3%

# of Transactions

Average Sales Price

Median Sales Price

% of REO

2009

134

$285,897

$241,250

45%

2010

213

$111,667

$85,000

35%

Change

59%

-61%

-65% 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

2009

71

$1,225,505

$1,112,500

7%

2010

87

$1,336,896

$1,021,000

4%

Change

23%

9%

-8%

North Pinecrest sales in 2010 increased by over 22% and Average Sales Price increased 9%. There were about half the amount of REO sales in North Pinecrest than South Pinecrest.

Average Sales Price in North Pinecrest was 67% higher than South Pinecrest in 2010. South Pinecrest Sales were less in 2010 than in 2009.

Average Sales Price decreased by 3% and REO sales decreased. Sales in South Pinecrest were 16% more than in North Pinecrest, however, Average Sales Price is 40% less.

South Pinecrest # of Transactions Single Family Homes

Average Sales Price

Median Sales Price

% of REO

2009

118

$822,291

$610,000

17%

2010

101

$798,642

$645,000

8%

Change

-14%

-3%

6%

5935 Moss Ranch Road, Pinecrest Offered at $4,149,000

Palmetto Bay Palmetto Bay sales were the same in 2009 as in 2010, however, Average Sales Price decreased by about 4% and there was a slight decrease in the amount of REO sales.

Non-Waterfront Properties

13925 Old Cutler Road, Palmetto Bay Offered at $1,995,000 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

2009

217

$411,605

$382,000

18%

2010

217

$395,063

$367,500

17%

Change

-

-4%

-4% TRENDS I

13

Miami, Downtown BRICKELL

DOWNTOWN

Marquis Residences 11100 4 I Biscayne T R E N D SBoulevard, Miami

KEY BISCAYNE

IN DEPTH COMMUNITY PROFILES

Brickell Waterfront Properties # of Transactions

Average Sales Price

Median Sales Price

% of REO

497

$415,612

$248,000

33%

2010

612

$408,119

$250,000

21%

Change

23%

-2%

1%

2009

Condos

Brickell has seen the development of 28 new high-rises since 2005 - a total of 7,714 condo units, of which 5,719 are sold to date. This means more than 74% of Brickell’s inventory has been absorbed and continues to decrease at a steady rate.

Non-Waterfront Properties

Condos

# of Transactions

Average Sales Price

Median Sales Price

% of REO

2009

194

$172,603

$155,000

62%

2010

218

$194,003

$168,250

39%

Change

12%

12%

9%

1425 Brickell Avenue #55C/D, Miami Offered at $2,650,000

Downtown Since 2005, the media in South Florida proclaimed that more than 62,000 condo units were expected to take shape in downtown Miami and Brickell. By the last quarter of 2010, only 17,502 units were completed. To date, less than 5,000 units remain on the market, leading one to believe that by 2013 the inventory can be easily absorbed.

Waterfront Properties

Condos

# of Transactions

Average Sales Price

Median Sales Price

% of REO

2009

189

$309,213

$246,100

8%

2010

150

$243,564

$225,000

15%

Change

-21%

-21%

-9%

Non-Waterfront Properties

Condos

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

2009

90

$152,394

$139,900

9%

2010

71

$196,290

$146,000

23%

Change

-21%

29%

4% TRENDS I

15

IN DEPTH COMMUNITY PROFILES

Key Biscayne Key Biscayne, once a sleepy island village, has blossomed into a thriving year-round community. Officially now the Village of Key Biscayne, the addition of the park and community center has made “The Key� one of the top spots to live. Sales of Key Biscayne Waterfront homes doubled in 2010.

Waterfront Properties

Single Family Homes

# of Transactions

Average Sales Price

Median Sales Price

% of REO

4

$5,000,000

$4,950,000

-

2010

8

$5,774,313

$6,091,250

-

Change

100%

15%

23%

2009

40 Island Drive, Key Biscayne Seasonal rental at $15,000 per month

Key Biscayne Sales of Key Biscayne waterfront condos in 2010 remained about the same as in 2009.

Interesting to note that the Average Sales Price increased, as did the Median Sales price, indicating sales movement on some of the more expensive offerings.

Waterfront Properties

445 Grand Bay Drive #1207, Key Biscayne Offered at $2,995,000 16

I TRENDS

Condos

# of Transactions

Average Sales Price

Median Sales Price

% of REO

2009

150

$942,150

$660,000

-

2010

153

$972,512

$675,000

-

Change

2%

3%

2% 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 The “Mackle� homes that typify the non-waterfront, single family home on Key Biscayne were originally constructed to provide affordable housing for construction crews working on the Key Biscayne Hotel and Villas. Fast forward - these 3 bedroom, 1 bath homes have evolved, coming a long way with prices now hovering around the $1 Million mark. Some softening in the prices has led to a 54% increase in sales in 2010.

Non-Waterfront Properties # of Transactions Single Family Homes

Average Sales Price

Median Sales Price

% of REO

2009

39

$1,462,614

$1,170,000

-

2010

60

$1,370,623

$1,116,250

-

Change

54%

-6%

-5%

300 Greenwood Drive, Key Biscayne Offered at $2,450,000

Key Biscayne A well kept secret, non-waterfont condominiums on Key Biscayne represent a value option for living in the island paradise. Sales of these condos jumped 84% over 2009 and with the Average Sales Price dropping 20%, the value is better than ever.

Non-Waterfront Properties

1121 Crandon Boulevard #F302, Key Biscayne Offered at $1,595,000 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

2009

31

$478,089

$420,000

-

2010

57

$383,684

$334,000

-

Change

84%

-20%

-20% 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

18

I TRENDS

IN DEPTH COMMUNITY PROFILES

OVERVIEW

Miami Beach Waterfront Properties

Single Family Homes

Condos

# of Transactions

Average Sales Price

Median Sales Price

% of REO

2009

63

$2,243,074

$1,350,000

24%

2010

73

$2,653,251

$1,600,000

16%

Change

16%

18%

19%

# of Transactions

Average Sales Price

Median Sales Price

% of REO

2009

1113

$530,000

$310,000

19%

2010

1295

$546,646

$295,000

18%

Change

16%

3%

-5%

Miami Beach waterfront property is always one of the most active real estate markets in South Florida. Bolstered by international sales, the Miami Beach waterfront home sales averaged $710 per square foot. Homes on North Bay Road led the way with 11 homes sold, totaling more than $67 million, contributing in part to the overall increase in Average Sales Price. The number of bank-owned properties dropped by a third in 2010. Waterfront condominiums had an increase in the number of sales while the prices remained relatively the same.

6621 Allison Road, Miami Beach Offered at $3,699,000

OVERVIEW

Miami Beach It is interesting to note that non-waterfront homes on average are roughly one-third the price of homes on the water. Sales in these homes increased slightly year over year. The non-waterfront condo market in Miami Beach has the highest concentration of distressed properties. These sales continue to drive the prices downward, while the total number of sales increase.

Non-Waterfront Properties # of Transactions Single Family Homes

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

Condos

Median Sales Price

% of REO

2009

119

$661,555

$550,000

25%

2010

129

$773,530

$600,000

12%

Change

8%

17%

9%

Average Sales Price

Median Sales Price

% of REO

# of Transactions 5696 Alton Road, Miami Beach Offered at $1,250,000

Average Sales Price

2009

467

$204,668

$145,000

31%

2010

628

$165,736

$125,000

30%

Change

34%

-19%

-14% TRENDS I

19

IN DEPTH COMMUNITY PROFILES

MIAMI BEACH

South Beach Known as SoBe, this area attracts those who want to see and be seen. Known all over the world for its nightlife, the South Beach area was the most active condo market on Miami Beach in 2010. Sales activity as compared to 2009 show little change overall.

Waterfront Properties # of Transactions

Average Sales Price

Median Sales Price

% of REO

2009

559

$678,862

$335,000

16%

2010

662

$667,640

$330,000

16%

Change

18%

-2%

-1%

Condos

101 Ocean Drive #501, Miami Beach Offered at $785,000

MIAMI BEACH

Mid Beach

Waterfront Properties

Condos

# of Transactions

Average Sales Price

Median Sales Price

% of REO

2009

360

$388,209

$310,000

18%

2010

374

$464,133

$290,000

14%

Change

4%

20%

-6%

Home to Millionnaires’ Row, the Mid Beach condo market held steady in 2010 while boasting a 20% increase in Average Sales Price. The Residences of W South Beach at 22nd Street and Collins Avenue had sales averaging well over $1,000 per square foot, illustrating that signature properties with stellar amenities can still yield high prices.

The Residences at W South Beach From $660,000 to $6,500,000

MIAMI BEACH

North Beach This up-and-coming neighborhood has been transformed by the addition of Canyon Ranch Resort and Condominiums. Smaller condo conversions have been particularly hard hit by foreclosures, pulling the Average Sales Price in this area down, but also creating some great buys that resulted in sales increasing by 33%.

6365 Collins Avenue #TS-9, Miami Beach Offered at $1,049,000 20

I TRENDS

Waterfront Properties

Condos

# of Transactions

Average Sales Price

Median Sales Price

% of REO

126

$237,558

$175,500

42%

2010

168

$211,472

$130,000

38%

Change

33%

-11%

-26%

2009

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 This residential enclave of condominiums has some of the most expensive condominiums in all of Miami Beach. With breathtaking views and anything you could possibly want within a short walking distance, condos South of Fifth had a 15% increase in the number of sales.

Although the Average Sales Price dropped, sales in this area are among the highest price per square foot on Miami Beach.

All Properties

Condos

# of Transactions

Average Sales Price

Median Sales Price

% of REO

221

$1,117,365

$635,000

9%

2010

254

$985,165

$617,500

10%

Change

15%

-12%

-3%

2009

800 S Pointe Drive #1603, Miami Beach Offered at $6,200,000

MIAMI BEACH

Fisher Island Waterfront condominiums on the exclusive Fisher Island retained their popularity with buyers in 2010. Prices dropped a bit causing a slight increase in sales over 2009. The typical sale was a 3 bedroom, 3 bathroom residence with approximately 3,000 square feet and a waterfront view.

All Properties

5171 Fisher Island Drive PH, Fisher Island 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

Condos

# of Transactions

Average Sales Price

Median Sales Price

% of REO

2009

32

$1,982,639

$1,300,000

9%

2010

35

$1,703,329

$1,800,000

-

Change

9%

-14%

38% TRENDS I

21

IN DEPTH COMMUNITY PROFILES MIAMI BEACH

Palm, Star & Hibiscus Islands Sales on these exclusive island homes are the perfect illustration of the price driven real estate market. As asking prices were lowered, buyers were stepping in to take advantage of the favorable values, resulting in 9 sales and representing one of the most significant increases in the market.

Waterfront Properties

Single Family Condos Homes

211 N Coconut Lane, Palm Island Offered at $3,495,000

# of Transactions

Average Sales Price

Median Sales Price

% of REO

2009

3

$7,066,667

$2,700,000

-

2010

9

$4,555,556

$3,250,000

-

Change

200%

-36%

20%

MIAMI BEACH

Sunset Islands

All Properties

Single Family Homes

# of Transactions

Average Sales Price

Median Sales Price

% of REO

5

$4,164,084

$2,250,000

-

2010

7

$1,729,500

$1,850,000

-

Change

40%

-58%

-18%

2009

One of Miami Beach’s most desirable neighborhoods, the Sunset Islands boast the closest single family residence proximity to South Beach. The amount of non-waterfront sales tripled in 2010 compared to 2009, however, both Average Sales Price and Median Sales Price price decreased. Only the non-waterfront market in Sunset Islands saw activity in 2010. At the time of publishing, only 9 of the 175 waterfront homes in the Sunset Islands were available for purchase.

2201 Sunset Drive, Miami Beach Offered at $5,900,000

MIAMI BEACH

Venetian, La Gorce Island Waterfront sales were quite active in Venetian and La Gorce Islands in 2010. The average sold price increased by over 55%. As a whole, the amount of sales in these islands nearly doubled in 2010 compared to 2009. The highest 2010 waterfront sale in Miami Beach was 88 La Gorce Circle on La Gorce Island, which sold for $16,000,000. The 2008 built home has over 260 feet of waterfront on over an acre of land.

94 la Gorce Circle, Miami Beach Offered at $12,900,000 22

I TRENDS

Waterfront Properties

Single Family Homes

# of Transactions

Average Sales Price

Median Sales Price

% of REO

8

$2,547,500

$2,480,000

-

2010

15

$3,911,800

$1,950,000

6

Change

88%

54%

-21%

2009

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, Pinetree Drive With over 150 waterfront residences, North Bay Road is widely considered the most important residential street in Miami Beach.

Pinetree Drive is home to large, historical waterfront estates originally built in the 1920s and 1930s. Sales of waterfront homes on these elite streets more than doubled in 2010.

Waterfront Properties

Single Family Homes

# of Transactions

Average Sales Price

Median Sales Price

% of REO

7

$4,569,850

$3,300,000

-

2010

15

$4,207,867

$3,500,000

-

Change

114%

-8%

6%

2009

4580 N Bay Road, Miami Beach Offered at $16,900,000

MIAMI BEACH

Indian Creek ONE Sotheby’s International Realty had the listing of the only sale at Indian Creek in 2010 at 40 Indian Creek Drive, which was the highest sales on the island since 2007, selling for $9,300,000. At the time of publishing, only 5 homes were for sale, along with some residential lots. Our company is actively involved in many of the sales inside this private-access, waterfront community.

Waterfront Properties # of Transactions 17 Indian Creek Drive, Miami Beach Offered at $32,500,000 O N E S O T H E B Y S R E A L T Y. C O M

Single Family Homes

Average Sales Price

Median Sales Price

% of REO

2009

2

$7,500,000

$7,500,000

-

2010

1

$9,300,000

$9,300,000

Change

-

-50%

24%

24% TRENDS I

23

North of Miami BAL HARBOUR GOLDEN BEACH AVENTURA SUNNY ISLES

17121 Collins Avenue #2401, Sunny Isles 2Offered 4 I T Rat E N$1,650,000 DS

BAY HARBOR ISLANDS

IN DEPTH COMMUNITY PROFILES

Bal Harbour Waterfront Properties

Single Family Homes

# of Transactions

Average Sales Price

Median Sales Price

% of REO

2009

1

$3,175,000

$3,175,000

-

2010

2

$2,575,000

$2,575,000

-

Change

100%

-19%

-19%

# of Transactions

Average Sales Price

Median Sales Price

% of REO

2009

78

$712,635

$525,000

-

2010

122

$749,791

$447,450

-

Change

56%

5%

-15%

Condos

Bal Harbour best known for its high-end shopping, gourmet dining and five-star luxury hotels, experienced a significant increase in the number of condo sales in 2010. Due to the new construction closings, sales increased by more then 50% while pricing on the new condos remained fairly consistent from 2009.

9999 Collins Avenue #8F, Bal Harbour Offered at $3,100,000

Bal Harbour

Non-Waterfront Properties

70 Camden Drive Offered at $3,988,888 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

2009

4

$1,263,334

$1,276,667

-

2010

2

$2,250,000

$2,250,000

-

Change

-50%

78%

76% TRENDS I

25

IN DEPTH COMMUNITY PROFILES

Golden Beach Waterfront Properties # of Transactions Single Family Homes

Average Sales Price

Median Sales Price

% of REO

2009

11

$3,300,455

$3,000,000

9%

2010

8

$2,406,500

$1,975,000

-

Change

-27%

-27%

-34%

Non-Waterfront Properties

Single Family Homes

# of Transactions

Average Sales Price

Median Sales Price

% of REO

2009

3

$425,000

$425,000

33%

2010

6

$756,667

$732,500

33%

Change

100%

78%

72%

Although small in size, Golden Beach is considered one of the most exclusive and prestigious addresses in South Florida. After the neighborhood’s $14.5 million renovation in 2008, Golden Beach has become an attractive location for buyers seeking luxury residences.

In 2009 and 2010 there was a decrease in the number of waterfront homes sold, however the number of transactions for non-waterfront properties increased by 100%, coupled with a 78% increase in price. Golden Beach is still known as the only community in South Florida with direct oceanfront residences.

Bay Harbor Islands In 2010, the introduction of bank-owned properties, which represented 14% of the sales, caused the Average Sales Price for waterfront single family homes to decrease by 67%. The Median Sales Price also decreased by 52%.

Waterfront Properties

10350 W Bay Harbor Drive, Bay Harbor Islands Offered at $357,000 26

I TRENDS

Single Family Homes

# of Transactions

Average Sales Price

Median Sales Price

% of REO Sales

2009

6

$1,546,667

$1,280,000

-

2010

7

$503,957

$620,000

14%

Change

17%

-67%

-52% 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, widely known as the shopping destination for both locals and international visitors, experienced a condo craze between 2004 and 2006. Now the city’s wide array of luxury high-rises controls the majority of the housing market in Aventura. In 2009 and 2010, condo pricing remained fairly stagnant, there were minor fluctuations in price per square foot, and the number of annual transactions stayed the same throughout both periods.

Waterfront Properties

Single Family Condos Homes

# of Transactions

Average Sales Price

Median Sales Price

% of REO

2009

661

$348,301

$285,000

-

2010

670

$356,893

$267,750

-

Change

1%

2%

-6%

3000 Island Boulevard TS-3, Aventura Offered at $2,650,000

Sunny Isles Along the sandy, beautiful beaches of Sunny Isles, there are approximately 20 new developments, totaling 4,632 condo units, averaging $258 per square foot. In recent years, Sunny Isles Beach has become one of the most popular destinations among foreign buyers from Brazil, Canada, and Russia, to name a few. This neighborhood’s new developments currently offer the best values for oceanfront residences.

Waterfront Properties

15901 Collins Avenue #3903, Sunny Isles Offered at $950,000 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

2009

504

$439,918

$240,000

-

2010

573

$434,608

$225,000

-

Change

14%

-1%

-6% 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

Waterfront Properties

Single Family Homes

Condos

# of Transactions

Average Sales Price

Median Sales Price

% of REO

2009

79

$1,578,872

$1,362,500

-

2010

94

$1,828,667

$1,557,500

-

Change

19%

16%

14%

# of Transactions

Average Sales Price

Median Sales Price

% of REO

2009

46

$1,244,181

$1,125,000

-

2010

42

$1,266,445

$1,150,000

-

Change

-9%

2%

2%

Known as the “Venice of America,” Fort Lauderdale is great for those seeking both waterfront properties and a serene atmosphere.

Full of green, lush landscapes and beautiful waterfront scenery, the city is abundant in culture, entertainment and plenty of history.

Waterfront home sales saw a 19% increase from 2009 to 2010, with both Average and Median Sales Prices increasing. Waterfront condos did not fare as well in 2010, with a 9% decrease in sales and a very small increase in sales price.

4 Isla Bahia Terrace, Fort Lauderdale Offered at $2,895,000

OVERVIEW

Fort Lauderdale Fort Lauderdale’s $1 Million+ non-waterfront properties experienced an overall decrease in sales last year. The number of transactions in non-waterfront homes and condos dropped by about 50% from 2009 to 2010, which could be due to the increased Average Sales Prices in both categories.

Non-Waterfront Properties

Single Family Homes (1M+)

1516 Seabreeze Boulevard, Fort Lauderdale Offered at $1,490,000 O N E S O T H E B Y S R E A L T Y. C O M

Condos (1M+)

# of Transactions

Average Sales Price

Median Sales Price

% of REO

2009

25

$1,271,493

$1,250,000

-

2010

12

$1,368,975

$1,250,000

-

Change

-52%

8%

# of Transactions

Average Sales Price

Median Sales Price

% of REO

2009

2

$1,125,000

$1,250,000

-

2010

1

$1,225,000

$1,250,000

-

Change

-50%

9% 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

41

$1,771,778

$1,550,000

-

2010

54

$1,527,562

$1,275,000

-

Change

32%

-14%

-18%

2009

Just off Las Olas Boulevard, Las Olas Isles offers its residents the ultimate luxury waterfront lifestyle. 2010 was a highly active year for Las Olas Isles. Waterfront home sales increased by 32% and Average Sales Price dropped 14%. Non-waterfront homes saw an even bigger boom last year - number of solds increased by 86% and prices are down 34% from 2009. Seems like a great time to buy!

Non-Waterfront Properties

Single Family Homes

# of Transactions

Average Sales Price

Median Sales Price

% of REO

7

$700,071

$590,000

-

2010

13

$464,972

$394,750

-

Change

86%

-34%

-33%

2009

3 Pelican Isle, Fort Lauderdale Offered at $5,695,000

FORT LAUDERDALE

Harbor Beach Harbor Beach is a luxury community located in southeast Fort Lauderdale.

Residents enjoy waterfront properties with deep-water dockage and gorgeous dry lots. The community also offers upscale amenities, such as a private marina and the Harbor Beach Surf Club, which has 300 feet of private beach exclusively for residents to enjoy without the hassle of the usual beach crowds.

Harbor Beach’s popularity truly showed in its numbers, with total waterfront sales doubling from 2009 to 2010.

27 Isla Bahia Drive, Fort Lauderdale Offered at $2,599,000 30

I TRENDS

Waterfront WaterfrontProperties Properties

Single SingleFamily Family Homes Homes

# of Transactions

Average Sales Price

Median Sales Price

% of REO

2009

8

2010

16

$1,880,065

$1,637,150

13%

$1,401,117

$1,063,750

6%

Change

100%

-25%

-35%

Non-Waterfront Properties # of Transactions SingleFamily Family Single Homes Homes

Average Sales Price

Median Sales Price

% of REO

2009

7

$698,750

$648,750

29%

2010

11

$309,668

$585,000

-

Change

57%

-56%

-10% 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 # of Transactions Single Family Homes

Average Sales Price

Median Sales Price

% of REO

1

$550,000

$550,000

-

2010

3

$1,383,333

$1,750,000

-

Change

200%

152%

218%

2009

Sitting on a barrier island with Fort Lauderdale a short distance to the east, Lauderdale by the Sea offers plenty of charm and easy island living. Buyers took notice - Although the total number of waterfront homes sold remained low, Average Sales Price increased by over 150%. Non-waterfront properties also saw improvement, with Average Sales Price increasing by 19% despite the total number of solds decreasing in 2010.

Non-Waterfront Properties

Single Family Homes

# of Transactions

Average Sales Price

Median Sales Price

% of REO

7

$337,286

$354,000

-

2010

2

$400,000

$400,000

-

Change

-71%

19%

13%

2009

FORT LAUDERDALE

Lighthouse Point The historic Hillsboro Lighthouse stands sentinel over the inlet at Lighthouse Point.

Bordered by both the intracoastal and the ocean, Lighthouse Point is home to gorgeous and manicured parks, making it ideal for joggers and bikers of all ages. Although the number of bank-owned waterfront sales decreased from 2009 to 2010, their low prices continued to pull down the Average and Median Sales Prices by 2% and 10%, respectively. Non-waterfront properties had in the area saw a much a stronger year, with Average Sales Price increasing by over 20% despite the number of bank-owned sales increasing 5%.

Waterfront Properties

Single Family Homes

Average Sales Price

Median Sales Price

% of REO Sales

76

$751,598

$687,000

16%

2010

68

$736,985

$618,000

13%

Change

-11%

-2%

-10%

2009

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

# of Transactions

Average Sales Price

Median Sales Price

% of REO Sales

2009

56

$239,113

$227,500

16%

2010

73

$292,484

$271,475

21%

Change

30%

22%

19% TRENDS I

31

IN DEPTH COMMUNITY PROFILES

FORT LAUDERDALE

Rio Vista A luxurious community of 1,000 properties, Rio Vista is among the oldest and most revered neighborhoods in Fort Lauderdale.

Homes boast manicured landscaping, winding sidewalks ideal for morning or evening walks, and spectacular waterfront views. Spanish architecture and easy access to the Atlantic from waterfront homes make Rio Vista one of the most desired areas in Fort Lauderdale -Sales of waterfront homes increased by 55% and Average Sales Price is up 39%.

Waterfront Properties

Single Family Homes

# of Transactions

Average Sales Price

Median Sales Price

% of REO

2009 2010

11 17

$972,219 $1,350,333

$1,030,830 $1,240,450

-

Change

55%

39%

20%

-

Non-Waterfront Properties

Single Family Homes

# of Transactions

Average Sales Price

Median Sales Price

% of REO

37

$470,853

$445,250

-

2010

23

$387,767

$298,800

-

Change

-38%

-18%

-33%

2009

1716 Southeast 9 Street, Fort Lauderdale Offered at $3,195,000

FORT LAUDERDALE

Hillsboro Beach Extending 3.2 miles from the Hillsboro Inlet, Hillsboro Beach is bordered by Atlantic Ocean to the east and the Intracoastal Waterway to the west. Although a haven for the avid boater, Hillsboro Beach saw little activity in 2010, with only 2 waterfront sales and an over 50% decrease in Average Sales Price.

SingleFamily Family Single Homes Homes Waterfront Properties

SingleFamily Family Single Homes Homes 32

I TRENDS

# of Transactions

Average Sales Price

Median Sales Price

% of REO

2009

1

$5,500,000

$5,500,000

-

2010

2

$2,540,000

$6,350,000

-

Change

100%

-54%

15% 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 Fort Lauderdale Beach is the ideal place for those seeking both the recreation of a seaside community and the hustle and bustle of an urban city. Although the total number of waterfront homes sold in 2010 decreased by 24%, Average Sales Price increased by 24% despite the percentage of bank-owned properties remaining the same both years.

Waterfront WaterfrontProperties Properties

Single SingleFamily Family Homes Homes

# of Transactions

Average Sales Price

Median Sales Price

% of REO

2009

25

$953,176

$809,875

16%

2010

19

$1,179,335

$883,750

16%

Change

-24%

24%

9%

Non-Waterfront Properties

2760 N Atlantic Boulevard, Fort Lauderdale Offered at $5,495,000

SingleFamily Family Single Homes Homes

# of Transactions

Average Sales Price

Median Sales Price

% of REO

15

$566,676

$467,250

27%

2010

10

$530,698

$559,950

30%

Change

-33%

-6%

20%

2009

FORT LAUDERDALE

Victoria Park Waterfront Properties

Single Family Homes

# of Transactions

Average Sales Price

Median Sales Price

% of REO

2009

1

$500,000

$500,000

-

2010

1

$955,000

$955,000

-

Change

-

91%

91%

Non-Waterfront Properties # of Transactions Single Family Homes

Average Sales Price

Median Sales Price

% of REO

2009

38

$399,281

$337,500

18%

2010

46

$300,546

$280,000

15%

Change

21%

-25%

-17%

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

Tucked away in downtown Fort Lauderdale, the elegant and charming Victoria Park is a lively community that has maintained its Floridian charm. Centrally located near the Isles of Las Olas, Intracoastal Waterway, Middle River and Federal Highway, Victoria Park is close to it all. The number of sales of waterfront homes remains consistent year over year, with only one home sold in both 2009 and 2010. For non-waterfront homes, a 25% drop in Average Sales Price created a favorable buyers’ market and, consequently, a 21% increase in number of solds in 2010.

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

2009

47

$1,033,767

$706,500

9%

2010

43

$608,213

$558,757

14%

Change

-9%

-41%

-21%

# of Transactions

Average Sales Price

Median Sales Price

% of REO

2009

814

$242,548

$183,000

27%

2010

920

$248,779

$186,250

24%

Change

13%

3%

2%

Hollywood Beach embodies classic beach town charm. Perhaps the most popular attraction is the Hollywood Boardwalk, a go-to spot for locals looking for entertainment. Residents of Hallandale Beach like to unwind at the Village of Gulfstream, where shopping, dining, and gambling, horse racing and dancing are available in one place. An increased number of bank-owned property sales took a toll on waterfront homes in 2010, pulling Average Sales Price down by 41%. Waterfront condos saw a 13% increase in number of solds last year, with a marginal increase in Average Sales Price.

1110 Hatteras Lane, Hollywood Offered at $2,950,000

FORT LAUDERDALE

Hollywood Beach, Hallandale Beach Non-waterfront homes and condos of Hollywood and Hallandale Beach saw an overall increase in number of solds from 2009 to 2010. However, with bank-owned properties still making up a sizeable percentage of solds, Average Sales Prices continued to decrease.

Condos saw the greater jump in number of transactions, with a 54% increase versus single family homes increasing by a mere 14%.

Non-Waterfront Properties

Single Family Homes

# of Transactions

Average Sales Price

Median Sales Price

% of REO

2009

219

$242,547

$202,500

31%

2010

249

$211,255

$183,750

27%

Change

14%

-13%

-9%

# of Transactions

Average Sales Price

Median Sales Price

% of REO

46

$167,672

$144,058

43%

2010

71

$148,030

$120,000

34%

Change

54%

-12%

-17%

2009

5411 Shady Oaks Lane, Hollywood Offered at $599,000 34

I TRENDS

Condos

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 Near the center of downtown Fort Lauderdale, Coral Ridge offers gorgeous homes with stunning Intracoastal Waterway views. With its very own golf and country club, Coral Ridge is the perfect place for a golf enthusiast to call home. Located a short distance from Coral Ridge is The Landings, home to a flourishing boating community just minutes from both the golf course and the beaches. Both areas saw a general decrease in market activity, with a 14% decrease in number of waterfront homes sold in 2010. The number of non-waterfront homes sold remained the same for 2009 and 2010, but the 2% increase in bank-owned properties sold led to a 5% decrease in Average Sales Price.

4211 Northeast 25 Avenue, Coral Ridge Offered at $3,100,000

Waterfront Properties

Single Family Homes

# of Transactions

Average Sales Price

Median Sales Price

% of REO

2009

70

$915,935

$713,750

9%

2010

60

$774,860

$545,000

8%

Change

-14%

-15%

-24%

Non-Waterfront Properties

Single Family Homes

# of Transactions

Average Sales Price

2009

75

$480,378

$417,500

7%

2010

75

$455,335

$384,375

9%

-5%

-8%

Change

Median Sales Price

% of REO

FORT LAUDERDALE

Bay Colony This guard-gated waterfront community is among the most exclusive in Fort Lauderdale.

With 24-hour security, Bay Colony is home to magnificent waterfront properties and peaceful, tree-lined streets. There was no market activity in Bay Colony in 2010.

Waterfront Properties

Single Family Homes

# of Transactions

Average Sales Price

Median Sales Price

2009

2

$1,949,500

$1,949,500

-

2010

0

0

0

-

Change

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

% of REO Sales 500 Isle of Capri Drive, Fort Lauderdale Offered at $1,295,000 TRENDS I

35

The Residences at W South Beach From $660,000 to $6,500,000

TRENDS IS PROVIDED BY Beth Butler ONE Sotheby’s International Realty +1 305 666 9322 bbutler@onesothebysrealty.com

onesothebysrealty.com

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. ©MMXI Sotheby’s International Realty Affiliates LLC. All Rights Reserved. Sotheby’s International Realty® is a licensed trademark to Sotheby’s International Realty Affiliates LLC. An Equal Opportunity Company. Equal Housing Opportunity. Each Office Is Independently Owned And Operated.