TRENDS
2011 MID-YEAR
UPDATE
2011 THE FIRST 6 MONTHS
Basic economic theory tells us that as supply falls and demand rises, prices should increase. The real estate market in South Florida for the first six months of 2011 is representative of this basic economic theory. Spurred by foreign buyers with cash offers, inventory of properties for sale had dropped to 5 year low by June 2011. Waterfront property sales led the way with price increases, bolstering an overall increase in the average sales price in both counties to a two year high point. Cash buyers continue to fuel the very high and very low end markets. Financing, although more available, is still slowing real recovery in the middle of the market. Will this last? Talk of the shadow inventory and the possibility of a future correction seem to be the caveat to all of the apparent, and now indisputable, good news about the market. Most experts feel that there will be some increased inventory released by banks either through short sale or foreclosure sales coming in the next few months now that supply is low and prices are improved. While the inventory is needed, most agree that there is not enough shadow inventory to create any significant backsliding momentum in most of our market areas. It is our privilege to share our Mid-Year 2011 Real Estate Market Trends with you and hope that you find the information useful information about the market in South Florida.
Janie Coffey 786 252 4970 jcoffey@onesothebysrealty.com www.thecoralgablesstory.com
CORAL GABLES Santona Corner 1430 S Dixie Highway, Suite 110 Coral Gables, Florida 33146
M I D -Y E A R U P D A T E
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
2011
FORT LAUDERDALE Las Olas 888 E Las Olas Boulevard, Suite 110 Fort Lauderdale, Florida 33301
Key Observations Instant gratification is on the rise with South Florida real estate buyers. Properties in tip-top shape are garnering disproportionately higher prices than those that need work. Buyers are no longer attached to “decorator ready� and are looking not only for finished properties but are attracted to well-designed furniture packages that can be delivered within a short time of closing.
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
SCORCHING ZIPS With 89
41%
closed sales in excess of $1 million through the end of June 2011, 33160 continues to be the hottest high end market in South Florida. We’ve upgraded the sales status from “hot” to “scorching” since the number of sales is twice what they were this time last year.
Source: Southeast Florida Regional MLS
2011
155
SHRINKING INVENTORY
On June 30, 2011 the inventory of $1 million plus homes in Miami Dade and Broward counties had dropped to the lowest point in five years. With just under 3,000 homes and condos on the market in this price range, inventory is down 41% since June 2006.
LOOKING UP That’s the number of $1 million+ homes that closed in June 2011 in Miami Dade and Broward counties, making it the highest closing month in this price range so far this year.
Source: Southeast Florida Regional MLS
Source: Terradatum
“While foreign purchasers make up about 7% of the U.S. residential real-estate market, their numbers have swelled: According to the National Association of Realtors, 18% of Realtors in the U.S. market reported selling a home to at least one international buyer in 2010, up from 12% in 2009. In the Greater Miami area, nearly 60% of all sales last year were to buyers from overseas. For sales of newly built condos downtown, that figure jumps to 90%, says the group.” THE WALL STREET JOURNAL, MAY 2011
90% ULTRA LUXURY The price
ON THE MOVE
SIGNIFICANT SALES
Source: Terradatum
Source: Agent Genius
Source: Southeast Florida Regional MLS
differential on average between the Asking Price and Sales Price for residential properties over $1 million in Miami Dade County.
O N E S O T H E B Y S R E A L T Y. C O M
Did you know that one half of all local searches are performed on mobile devices? ONE Sotheby’s remains the only local iPad app in South Florida.
ONE Sotheby’s International Realty sold this property on the Sunset Islands in Miami beach for a record-breaking $19.8 Million in June 2011.
TRENDS I
05
At a Glance: Mid-Year 2011 The sale of $1 million homes in Miami-Dade and Broward counties represented 8% of the total sales thus far in 2011. In 2010, just 2.4% of all sales were over that price point. With limited financing resources still available in the market, the high-end market grows as an overall percentage due to the large number of cash buyers in this price range.
Under $1 Million Over $1 Million
Sold Mid-Year 2011 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
M I D -Y E A R U P D A T E Traditional Sales Short Sales Bank-Owned Properties
2011
Month by Month Overall sales in all price ranges in Miami-Dade and Broward counties show a 15% increase in the number of sales over the same time period last year. The market is still showing some seasonality as March continues to be the month when the most properties closed in both counties. Broward County
Miami-Dade County
SHADOW INVENTORY
Short Sale and REO properties now represent only 2.9% of the homes and condos for sale in South Florida above $1 million. There are only 6 Bank-owned properties currently on the market with a Listing Price over $1 million.
NUMBER OF HOMES SOLD
6000
3000
0
Source: Southeast Florida Regional MLS. Active inventory count current as of June 30,2011.
Jan
Feb
Mar
Apr
May
Jun
MONTH Source: Southeast Florida Regional MLS
Average Sales Price
5.2
Showing slow signs of recovery, the Average Sales Price in both counties is on an upward swing. The Average Sales Price in Broward County seems to show a slow and steady increase since dropping slightly in January and ending in June 2011 with a 2 year high of $197,000. Miami-Dade’s Average Sales Price shows a more dramatic climb this year, ending in June 2011 at a high of just under $300,000. Broward County
Miami-Dade County
$300K
MARKET SHIFT
Source: Terradatum
$200K
PRICE
No longer a buyer’s market, inventory levels have dropped to a 5.2 month supply in Broward County. Six to nine months is considered a balanced market. Miami-Dade comes in at 7.7 months and falling. Both counties crested with 3-4 years’ supply in 2008. June 2011 is the lowest level in 5 years.
$100K
$0
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
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
5935 Moss Ranch Road, Pinecrest Offered at $4,149,000
IN DEPTH COMMUNITY PROFILES
OVERVIEW
Coral Gables One of the few areas to show a slowdown over this time a year ago, single family waterfront homes in Coral Gables languished a bit in the first half of the year. The Average Asking Price in this market is still at just under $5 million. Pending sales increased in May and June and foretell a better summer sales season. It is also interesting to note that the REO inventory has been absorbed, leaving no waterfront foreclosures left to purchase.
Waterfront Properties
Single Family Homes
# of Transactions
Average Sales Price
Median Sales Price
% of REO Sales
Mid-Year 2010
29
$2,989,259
$2,500,000
10%
Mid-Year 2011
20
$1,892,975
$1,282,250
-
-31%
-37%
-49%
Change
10 Edgewater Drive #12A/C, Coral Gables Offered at $6,500,000 or $30,000/month
OVERVIEW
Coral Gables Showing better sales this year, non-waterfront properties in the Gables are moving at a brisk clip. The inventory of Single Family Homes has dropped below the 6 month mark, signaling a seller’s market and attributing to the price increases. The high-end condo market is up as well, with a significant increase in the number of sales and the Average Sales Price.
Non-Waterfront Properties
Single Family Homes
3200 Granada Boulevard, Coral Gables Offered at $3,900,000 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 Sales
Mid-Year 2010
186
$693,932
$525,000
10%
Mid-Year 2011
212
$788,259
$575,000
11%
Change
14%
14%
10%
# of Transactions
Average Sales Price
Median Sales Price
% of REO Sales
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 Waterfront Properties
Single Family Homes
Mid-Year 2010 Mid-Year 2011 Change
# of Transactions
Average Sales Price
Median Sales Price
% of REO Sales
3
$2,865,000
$2,950,000
-
1
$2,225,000
$2,225,000
-
-67%
-22%
-25%
Non-Waterfront Properties
Single Family Homes
# of Transactions
Average Sales Price
Median Sales Price
% of REO Sales
Mid-Year 2010
4
$2,012,500
$1,975,000
-
Mid-Year 2011
11
$1,735,909
$1,500,000
9%
175%
-14%
-24%
Change
Cocoplum is one of the most prestigious guard gated communities in Coral Gables, offering 24 hour roving security patrol, clubhouse, gym, playground, tennis courts, basketball courts and marina. Sales of non-waterfront homes increased a dramatic 175% in the first half of 2011 compared to 2010. Out of the 11 homes sold, only 1 was a bank owned foreclosure. On the other hand, only one waterfront sale closed in the first half of 2011 compared to the 3 sales in 2010, despite the average sales price dropping over 20%.
190 Paloma Drive, Cocoplum Offered at $5,600,000
CORAL GABLES
Snapper Creek Lakes The full-service marina with full-time dock master and security is just one of the reasons Snapper Creek Lakes is a viable choice for luxury home buyers. The average price for listed homes is over $4.5 Million, showing that the most expensive properties are slower to sell. One waterfront home has sold in Snapper Creek Lakes thus far in 2011 with an impressive sales price of $2.35 Million. At time of publication, two non-waterfront homes closed in Snapper Creek Lakes, a 50% decrease in transactions from the same time period in 2010.
Waterfront Properties
Single Family Homes
I TRENDS
Average Sales Price
Median Sales Price
% of REO Sales
Mid-Year 2010
-
-
-
-
Mid-Year 2011
1
$2,350,000
$2,350,000
-
100%
100%
100%
Change
Non-Waterfront Properties
Single Family Homes 10
# of Transactions
# of Transactions
Average Sales Price
Median Sales Price
% of REO Sales
Mid-Year 2010
4
$2,874,750
$2,925,000
-
Mid-Year 2011
2
$2,450,000
$2,450,000
-
-50%
-15%
-16%
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 Designed by Arvida in the 1960s, Gables Estates remains a prestigious and private community. No transactions had taken place in Gables Estates at time of publication or during the same time period last year, but there are pending sales, signalling some activity to look forward to in the next six months.
All Properties
Single Family Homes
# of Transactions
Average Sales Price
Median Sales Price
% of REO Sales
Mid-Year 2010
0
-
-
-
Mid-Year 2011
0
-
-
-
400 Arvida Parkway, Gables Estates Offered at $16,975,000
Change
CORAL GABLES
Old Cutler Waterfront Communities
Old Cutler Bay, Hammock Oaks, Journey’s End This year’s 2 transactions during this time period both occurred in Old Cutler Bay. There was the same amount of sales in Old Cutler Bay during the first six months of 2010. However, average and median sales price in Old Cutler Bay decreased. No sales in Hammock Oaks or Journey’s End had taken place at time of publication.
Waterfront Properties
Single Family Homes
601 Reinante Avenue, Old Cutler Bay Offered at $5,750,000
# of Transactions
Average Sales Price
Median Sales Price
% of REO Sales
Mid-Year 2010
5
$4,047,500
$4,047,500
-
Mid-Year 2011
2
$2,275,000
$2,275,000
-
-60%
-44%
-44%
Change
Ponce Davis, High Pines
Non-Waterfront Properties
Single Family Homes
# of Transactions
Average Sales Price
Median Sales Price
% of REO Sales
Mid-Year 2010
14
$1,208,036
$1,155,000
-
Mid-Year 2011
16
$1,514,000
$1,225,000
-
14%
25%
6%
Change
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, Ponce Davis sits directly between Coral Gables and South Miami. Most impressively, the average sales price increased by 25% - a figure which did not keep the number of transactions in Ponce Davis/High Pines from increasing slightly during the first six months of 2011.
4845 Southwest 80 Street, Ponce Davis Offered at $3,995,000 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 Sales
Mid-Year 2010
3
$5,216,667
$5,500,000
-
Mid-Year 2011
4
$5,354,874
$3,175,000
-
33%
3%
-42%
# of Transactions
Average Sales Price
Median Sales Price
% of REO Sales
Mid-Year 2010
55
$779,448
$640,000
2%
Mid-Year 2011
36
$764,738
$539,000
6%
-35%
-2%
-16%
Change
Change
The Coconut Grove waterfront single family home market continued to show signs of improvement in the first half of 2011, with an increase in the amount of transactions and Average Sales Price. Our company holds the record for the highest priced single family home sale in Coconut Grove with the sale of a waterfront home at 3500 Curtis Lane for $13 Million in April 2011. Waterfront condos dropped in the amount of transaction and prices as REO sales increased in this category. Although waterfront condo average and median sales prices decreased, prices held better than non-waterfront condos.
3618 Matheson Avenue, Coconut Grove Offered at $2,975,000
Coconut Grove The Coconut Grove non-waterfront single family home market was active compared to the first half of 2010 with a 35% increase in the amount of transactions. There was also an increase in average and median sales price despite the fact that 25% of transactions were REO sales. The amount of Coconut Grove non-waterfront condo transactions increased as both average and median sales price decreased. REO transactions continue to be a significant percentage of sales in this category.
3601 Matheson Avenue, Coconut Grove Offered at $2,495,000 12
I TRENDS
Non-Waterfront Properties
Single Family Homes
Condos
# of Transactions
Average Sales Price
Median Sales Price
% of REO Sales
Mid-Year 2010
75
$532,172
$499,999
16%
Mid-Year 2011
101
$610,650
$510,000
25%
Change
35%
15%
2%
# of Transactions
Average Sales Price
Median Sales Price
% of REO Sales
Mid-Year 2010
98
$289,979
$209,450
33%
Mid-Year 2011
119
$216,755
$150,000
34%
Change
21%
-25%
-28% 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
Mid-Year 2010
46
$1,318,902
$1,020,000
2%
Mid-Year 2011
37
$1,329,797
$915,000
5%
-20%
1%
-10%
Change
% of REO Sales
The amount of transactions in North Pinecrest decreased compared to 2010, as did the Median Sales Price. However, the Average Sales Price increased despite an increase in REO transactions. South Pinecrest outperformed North Pinecrest in quantity of transactions, which could be attributed to a decrease in both average and median sales prices.
South Pinecrest
Single Family Homes
# of Transactions
Average Sales Price
Median Sales Price
% of REO Sales
Mid-Year 2010
43
$861,060
$675,000
9%
Mid-Year 2011
56
$711,530
$586,750
9%
30%
-17%
-13%
Change
6500 Southwest 98 Street, Pinecrest Offered at $4,999,999
Palmetto Bay Palmetto Bay has had a favorable year thus far. The amount of transactions for the first six months of 2011 has increased by 27% from this time last year despite increased sales prices. With REO transactions making up a smaller portion of the whole than in 2010, this neighborhood is experiencing favorable trends across the board.
Non-Waterfront Properties
6755 Southwest 152 Street, Palmetto Bay Offered at $6,499,000 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 2010
102
Mid-Year 2011
130
$383,939
$362,500
22%
$391,965
$385,000
18%
Change
27%
2%
6% TRENDS I
13
Miami, Downtown BRICKELL
14
I TRENDS
DOWNTOWN
KEY BISCAYNE
IN DEPTH COMMUNITY PROFILES
Brickell
Waterfront Properties # of Transactions Condos
Average Sales Price
Median Sales Price
% of REO Sales
Mid-Year 2010
307
$410,785
$245,000
19%
Mid-Year 2011
334
$430,022
$275,000
21%
Change
9%
5%
12%
Non-Waterfront Properties
Condos
# of Transactions
Average Sales Price
Median Sales Price
% of REO Sales
Mid-Year 2010
107
$201,384
$165,000
28%
Mid-Year 2011
156
$222,249
$200,250
38%
Change
46%
10%
21%
Brickell continues to absorb its inventory primarily with international buyers, while developers are poised to begin building again later this year, adding more condo, retail and mixed-use buildings. Overall, 18% more units sold and the average sales price continues an upward climb as we head in to the second half of 2011. There was an increase of REO sales that helped with the inventory absorption. The distressed inventory is depleting with only 2% of active REO and 7% Short Sales remaining at time of publication. With investors taking advantage of this buyer’s market and the influx of professionals seeking the live work environment, rental rates in the area have driven up by an average of 12% over the same period.
1425 Brickell Avenue #48E, Miami Offered at $3,400,000
Downtown Just like Brickell, the Downtown area is absorbing its inventory and developers are set to begin construction with condo/hotels and a possible gaming resort. Over the 6 month comparison, there were 31% more units sold with an average sales price increase of 10%. The non-waterfront area with the most REO had the largest number of sales, driving the REO inventory down by 14%. At time of publication the amount of active REO was a mere 1% of the inventory and short sales represented 7%. Rental rates on average are up 21% over last year, providing further proof that the downtown area remains a good investment with positive cash flow.
Mint at Riverfront, Miami From $240,000 to $1,250,000 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 2010
89
$385,498
$280,000
10%
Mid-Year 2011
108
$436,232
$325,000
13%
Change
21%
13%
16%
Non-Waterfront Properties
Condos
# of Transactions
Average Sales Price
Median Sales Price
% of REO Sales
Mid-Year 2010
27
$210,566
$140,000
37%
Mid-Year 2011
44
$238,620
$155,000
23%
63%
13%
11%
Change
TRENDS I
15
IN DEPTH COMMUNITY PROFILES
Key Biscayne Still a favorite for extraordinary living, Key Biscayne waterfront homes continue to fare well with a whopping 133% increase in number of transactions and a steady average price per square foot at $1,626.91. Despite impressive numbers, the first REO sale for this type of property occurred in the first half of 2011.
Waterfront Properties
Single Family Homes
# of Transactions
Average Sales Price
Median Sales Price
% of REO Sales
Mid-Year 2010
3
$6,887,333
$6,750,000
-
Mid-Year 2011
7
$6,972,857
$6,200,000
14%
133%
1%
-8%
Change
330 Harbor Drive, Key Biscayne Offered at $9,950,000
Key Biscayne The beautiful oceanfront buildings in the village of Key Biscayne are continuing to hold their value, with the same number of closings for about the same median price in both the first six months of 2010 and 2011. It is worthwhile to note that so far this year, depending on views and building location, price per square foot ranges largely from $223.46 all the way up to $1,058.61.
Waterfront Properties
455 Grand Bay Drive #1025, Key Biscayne Offered at $550,000 16
I TRENDS
Condos
# of Transactions
Average Sales Price
Median Sales Price
% of REO Sales
Mid-Year 2010
74
$1,040,926
$697,500
1%
Mid-Year 2011
74
$982,357
$705,000
5%
Change
0%
-6%
1% 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 While the number of closings increased in quantity, the average selling price has decreased by almost 20% - a trend justified by 12 sales under $1 Million for the first semester of 2011 versus only 5 for the first semester of 2010. Current property offerings start at $1,100,000, which should result in higher average selling prices in the future.
Non-Waterfront Properties
Single Family Homes
# of Transactions
Average Sales Price
Median Sales Price
% of REO Sales
Mid-Year 2010
25
$1,551,128
$1,252,207
4%
Mid-Year 2011
29
$1,258,159
$1,095,000
3%
Change
16%
-19%
-13%
462 Ridgewood Road, Key Biscayne Offered at $3,333,333 or $20,000/month
Key Biscayne Live in Key Biscayne for $200,000? Yes, that was possible this year with non-waterfront closings nearly dominated by foreclosures, representing 42% of total and causing a 43% drop in median sales price. On a more optimistic note, 17 pending contracts at the time of publication indicate a slight upward trend, with less foreclosures in the mix.
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 Sales
Mid-Year 2010
27
$357,519
$365,000
11%
Mid-Year 2011
34
$230,994
$207,500
41%
26%
-35%
-43%
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
7331 Belle Meade Island, Miami Beach 1Offered 8 I T R at E N$2,900,000 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
43
$3,503,333
$2,959,000
5% 14%
Mid-Year 2010 Mid-Year 2011
56
$2,912,833
$1,999,000
30%
-17%
-32%
# of Transactions
Average Sales Price
Median Sales Price
% of REO Sales
Mid-Year 2010
738
$600,573
$309,500
13%
Mid-Year 2011
981
$596,792
$293,000
23%
Change
33%
-1%
-5%
Change
Waterfront sales in Miami Beach rose 30% year over year. The Average Sales Price and foreclosures are leading indicators for the increase. Waterfront condos continue to make waves with a robust increase in the number of sales. Despite the flushing out of the distressed condos inventory, a small 1% increase in price per square foot demonstrates stabilization along the American Riviera.
1000 S Pointe Drive PH-4, Miami Beach Offered at $5,750,000
OVERVIEW
Miami Beach The number of non-waterfront homes for sale in Miami Beach has dropped to the lowest point in the last 5 years. Although the number of sales is down, the Median Sales Price is up 20%. On the other hand, non-waterfront condos show a substantial increase in number of sales – a good portion due to the distressed inventory being depleted. Pricing has been modestly hit as a result.
2110 Lucerne Avenue, Miami Beach Offered at $2,299,000 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 2010
75
$764,000
$542,000
13%
Mid-Year 2011
60
$757,000
$648,000
13%
-20%
-1%
-5%
# of Transactions
Average Sales Price
Median Sales Price
% of REO Sales
Mid-Year 2010
332
$171,555
$130,000
24%
Mid-Year 2011
489
$173,423
$123,000
37%
Change
47%
1%
-5%
Change
TRENDS I
19
IN DEPTH COMMUNITY PROFILES
MIAMI BEACH
South Beach While 2009 to 2010 statistics were relatively flat, 2011 is off to an impressive start with the number of transactions closing just short of a 30% increase. Meanwhile, price per square foot pricing has begun an uphill climb, with a 7% increase from mid-year 2010.
Waterfront Properties
In the month of June 2011, ONE Sotheby’s International Realty closed $25,000,000 in sales at The Residences at W South Beach.
Condos
The Residences at W South Beach From $660,000 to $6,500,000
# of Transactions
Average Sales Price
Median Sales Price
% of REO Sales
Mid-Year 2010
367
$684,755
$340,000
12%
Mid-Year 2011
472
$749,501
$345,000
14%
Change
29%
9%
1%
MIAMI BEACH
Mid Beach Waterfront Mid-Beach and Millionaire’s Row have been the most stagnant of the Miami Beach markets, but still show an increase in number of transactions sold. Price per square foot pricing was hit, dropping 14% – perhaps a function of the distressed inventory being depleted.
Waterfront Properties
Condos
# of Transactions
Average Sales Price
Median Sales Price
% of REO Sales
Mid-Year 2010
228
$516,630
$300,000
10%
Mid-Year 2011
279
$439,760
$300,000
19%
Change
22%
-15%
0%
5757 Collins Avenue #605, Miami Beach Offered at $1,226,000
MIAMI BEACH
North Beach Canyon Ranch Resort and Akoya are the strong players in the North Beach Market, feeding a robust 62% sales volume increase in this sector. Interesting to note: 9 distressed sales closed at Akoya during the first half of 2011, while only 2 are active at the time of this post as the distressed inventory dries up.
6365 Collins Avenue #TS-01, Miami Beach Offered at $30,000/month 20
I TRENDS
Waterfront Properties
Condos
# of Transactions
Average Sales Price
Median Sales Price
% of REO Sales
Mid-Year 2010
124
$289,110
$239,000
26%
Mid-Year 2011
201
$318,112
$222,500
25%
Change
62%
10%
-7% 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 With just short of a whopping 50% growth in number of transactions closed, inventory down, and a 9% increase in price per square foot pricing - the most coveted condominium neighborhood of Miami Beach continues to demonstrate its popularity with today’s buyers.
All Properties
Condos
# of Transactions
Average Sales Price
Median Sales Price
% of REO Sales
Mid-Year 2010
137
$1,007,315
$611,750
7%
Mid-Year 2011
204
$1,179,740
$660,000
9%
Change
49%
17%
8%
300 S Pointe Drive PH-4004, Miami Beach Offered at $4,700,000
MIAMI BEACH
Fisher Island The typical sale on prestigious Fisher Island remains a 3 bedroom, 3 bathroom residence with approximately 3,000 square feet and a waterfront view. Number of closed transactions and price per square foot pricing are both up considerably, with price per square foot increasing by an impressive 19%.
All Properties
7161 Fisher Island Drive, Fisher Island Offered at $5,500,000 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 2010
21
$1,936,325
$1,975,000
-
Mid-Year 2011
26
$2,503,460
$2,000,000
4%
24%
29%
1%
Change
TRENDS I
21
IN DEPTH COMMUNITY PROFILES MIAMI BEACH
Palm, Star & Hibiscus Islands Only Star and Hibiscus have seen waterfront sales during the first six months of 2011. The amount of sales in Star Island tripled and Average Sales Price more than doubled. This April, the sale of 13 Star Island for $25.5 million became the highest sale for a Single Family home in Miami-Dade County in over 5 years.
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 Sales
Mid-Year 2010
6
$6,091,666
$7,175,000
-
Mid-Year 2011
6
$9,707,000
$9,707,500
-
0%
59%
35%
Change
MIAMI BEACH
Sunset Islands
Waterfront Properties
Single Family Homes
# of Transactions
Average Sales Price
Median Sales Price
% of REO Sales
Mid-Year 2010
2
$2,400,000
$2,400,000
-
Mid-Year 2011
2
$4,625,000
$4,625,000
-
0%
93%
93%
Change
Waterfront sales remain strong in the Sunset Islands. Although waterfront homes sold at the same pace in the first half of 2011 as in the first half of 2010, both Average and Median Sales Prices have nearly doubled. A home on Sunset Island I went under contract during the first half of 2011, closing in July for $19.8 million. This was second highest sale in Miami-Dade County at time of publication.
1647 North View Drive, Miami Beach Offered at $10,750,000
MIAMI BEACH
Venetian, La Gorce Island Although there were no waterfront sales on La Gorce Island during the first half of 2011, the Venetian Islands saw an increase in activity compared to the first half of 2010. Not only did sales increase by 30% on the Venetians, but Average Sales Price increased by 16% and Median Sales Price increased by 28%.
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 Sales
Mid-Year 2010
11
$5,751,500
$5,200,000
-
Mid-Year 2011
9
$2,507,000
$2,500,000
-
-18%
-56%
-52%
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, Pinetree Drive Although the amount of sales dropped by 27%, prices have significantly increased on North Bay Road and Pinetree Drive. Average and Median Sales Prices increased by over 20% on North Bay Road. Pinetree Drive prices had the most growth in the first half of 2011, with Average and Median Sales Prices more than doubling.
Waterfront Properties
Single Family Homes
# of Transactions
Average Sales Price
Median Sales Price
% of REO Sales
Mid-Year 2010
11
$3,128,000
$3,133,500
-
Mid-Year 2011
8
$5,035,000
$4,921,000
-
-27%
61%
57%
Change
4580 North Bay Road, Miami Beach Offered at $18,975,000
MIAMI BEACH
Indian Creek There have been no sales at Indian Creek during the first half of 2011. There were 3 homes on the market in this private island at time of publication.
Waterfront Properties
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
# of Transactions
Average Sales Price
Median Sales Price
% of REO Sales
Mid-Year 2010
1
$9,300,000
$9,300,000
-
Mid-Year 2011
0
$0
$0
-
-100%
-100%
-100%
Change
TRENDS I
23
North of Miami BAL HARBOUR GOLDEN BEACH AVENTURA SUNNY ISLES
10295 Collins Avenue #1706, Bal Harbour 2Offered 4 I T Rat E N$1,750,000 DS
BAY HARBOR ISLANDS
IN DEPTH COMMUNITY PROFILES
Bal Harbour
Waterfront Properties
Single Family Homes
Condos
% of REO Sales
# of Transactions
Average Sales Price
Median Sales Price
Mid-Year 2010
1
$2,800,000
$2,800,000
-
Mid-Year 2011
-
-
-
-
Change
-
-
-
# of Transactions
Average Sales Price
Median Sales Price
% of REO Sales
Mid-Year 2010
49
$970,462
$600,000
6%
Mid-Year 2011
82
$810,287
$465,000
5%
67%
-17%
-23%
Change
One of Miami’s most elegant neighborhoods, Bal Harbour is not only known for high-end shopping and gourmet dining, but also for its luxury condo-hotels and full amenity condominiums. While the number of sale transactions and Average Sales Price of waterfront homes has decreased, Bal Harbour always has and continues to sell extremely well, with the number of waterfront condos sold increasing by 67%.
10295 Collins Avenue #208, Bal Harbour Offered at $3,495,000
Bal Harbour The exclusive gated community of Bal Harbour Village is the crowning jewel of single family homes in this highly desirable community. Real estate activity in the area had a great first half of 2011, with the number of sales of non-waterfront homes increasing by a staggering 400%. This year’s success is most probably due to an overall decrease of 34% and 58% for average and median sales prices, respectively.
Non-Waterfront Properties
70 Camden Drive, Bal Harbour Offered at $3,950,000 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 2010
1
$3,000,000
$3,000,000
-
Mid-Year 2011
5
$1,982,500
$1,250,000
-
400%
-34%
-58%
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 2010
3
$1,900,000
$1,950,000
-
Mid-Year 2011
7
$3,614,286
$2,500,000
-
133%
90%
28%
Change
Non-Waterfront Properties
Single Family Homes
# of Transactions
Average Sales Price
Median Sales Price
% of REO Sales
Mid-Year 2010
2
$725,000
$725,000
2
Mid-Year 2011
3
$783,333
$890,000
0
30%
-3%
-7%
Change
With the Atlantic on one side and the intracoastal on the other, the exclusive Golden Beach is the only Miami-Dade County community offering direct oceanfront luxury residences. With asking prices between $6 and $20 million, transactions of such properties are scarce. However, there has been a significant increase (133%) in the number of intracoastal waterfront properties sold since 2010, in spite of an increase of 90% for average sales price price . Transactions of non-waterfront properties have increased by 50% while prices have remained relatively stable. There have been no REO sales this year in Golden Beach, while the first half of 2010 the area saw 2 REO sales of non-waterfront homes.
650 Golden Beach Drive, Golden Beach Offered at $2,750,000
Bay Harbor Islands Located directly west of Bal Harbour and north of the Indian Creek Island, separated only by small waterways, Bay Harbor consists of two separate islands. The west island contains single family homes, some with stunning open bay views, while the east island contains a small business district, an A-rated public school, and primarily multi-family housing. While there were no sales of waterfront homes in the first half of 2010, there were 2 sales over $1 Million in the area in the first half of 2011.
10350 W Bay Harbor Drive, Bay Harbor Islands Offered at $357,000 26
I TRENDS
Waterfront Properties
Single Family Homes
# of Transactions
Average Sales Price
Median Sales Price
% of REO Sales
Mid-Year 2010
0
$0
$0
-
Mid-Year 2011
2
$2,946,000
$2,946,000
-
100%
100%
100%
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
Aventura With inventory of waterfront condos in Aventura dipping to just below 800, the supply of condos is at a 5-year low. In the first 6 months of 2011, the number of closed transactions increased by an impressive 30% versus the same time period in 2010, despite a minor 3% decrease in Average Sales Price.
Waterfront Properties
Single Family Condos Homes
# of Transactions
Average Sales Price
Median Sales Price
% of REO Sales
Mid-Year 2010
336
$376,796
$290,000
12%
Mid-Year 2011
436
$366,510
$270,000
15%
Change
30%
-3%
-7%
Bellini at Williams Island, Aventura From $950,000 to $3,700,000
Sunny Isles Sunny Isles Beach has been the top destination for condo buyers in the last 2 years. Velocity continues to grow even while prices increase. Waterfront condominiums in the Sunny Isles area have shown an increased activity in the first semester of 2011, with the number of transactions increasing by almost one third from the same time period in 2010.
Waterfront Properties
16047 Collins Avenue PH-3704, Sunny Isles Offered at $5,450,000 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 2010
305
$472,033
$290,000
13%
Mid-Year 2011
403
$505,047
$250,000
18%
Change
32%
7%
-14% 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
209 N Birch Road #1601, Fort Lauderdale 2Offered 8 I T Rat E N$9,750,000 DS
IN DEPTH COMMUNITY PROFILES
OVERVIEW
Fort Lauderdale
Waterfront Properties
Single Family Homes
Condos
# of Transactions
Average Sales Price
Median Sales Price
% of REO Sales
172
$992,063
$631,650
12%
Mid-Year 2011
190
$1,098,336
$782,500
9%
Change
10%
11%
24%
# of Transactions
Average Sales Price
Median Sales Price
% of REO Sales
Mid-Year 2010
651
$347,965
$247,000
13%
Mid-Year 2011
734
$315,225
$230,000
13%
Change
13%
-9%
-7%
Mid-Year 2010
There has been a flurry of activity for Fort Lauderdale’s waterfront homes. Numbers of sales have increased by 10% over the same period in 2010. Averages sales prices have also increased by 11%. The median sales prices have increased by 24% and REOs have decreased, which paints a bright picture for the remainder of 2011. Sales of waterfront condos have increased by 13% over the same time last year, while both Average and Median Sales Prices have decreased.
4342 El Mar Drive #2, Fort Lauderdale Offered at $2,450,000
OVERVIEW
Fort Lauderdale Sales of homes in this sector are up by 40%. Average and median sales prices have also increased by 15% and 16%, respectively. On the other hand, non-waterfront condos in this price range have seen no activity at all thus far in 2011.
Non-Waterfront Properties
Single Family Homes (1M+)
2798 NE 37 Drive, Fort Lauderdale Offered at $1,150,000 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 Sales
Mid-Year 2010
5
$1,277,540
$1,125,000
-
Mid-Year 2011
7
$1,464,286
$1,300,000
-
40%
15%
16%
# of Transactions
Average Sales Price
Median Sales Price
% of REO Sales
Mid-Year 2010
2
$1,112,500
$1,112,500
-
Mid-Year 2011
0
$0
$0
-
-100%
-100%
-100%
Change
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
25
$2,091,952
$1,450,000
4%
40
$1,852,074
$1,460,000
13%
60%
-11%
1%
Mid-Year 2010 Mid-Year 2011 Change
These exclusive waterfront finger isles off Las Olas Boulevard have seen an increase of 60% in sales, which may be due to the prime location and attractive prices. Average Sales Price is down by 11%. The number of non waterfront home sales off Las Olas has maintained from this time last year. Average price is down 12% and median price is up 26%.
Non-Waterfront Properties
Single Family Homes
# of Transactions
Average Sales Price
Median Sales Price
% of REO Sales
Mid-Year 2010
3
$835,900
$575,000
-
Mid-Year 2011
3
$731,667
$725,000
-
0%
-12%
26%
Change
540 Lido Drive, Fort Lauderdale Offered at $2,495,000
FORT LAUDERDALE
Harbor Beach The exclusive community of Harbor Beach, boasting deep water dockage and a private beach club, has seen an increase in sales of 38% in the first 6 months of 2011. The Average Sales Price was down 18%, while Median Sales Price was up 9%. Transactions of non-waterfront properties in Harbor Beach have more than doubled since 2010. Average Sales Price is up 26% and Median Sales Price is up 18%.
Waterfront WaterfrontProperties Properties
Single SingleFamily Family Homes Homes
# of Transactions
Average Sales Price
Median Sales Price
% of REO Sales
Mid-Year 2010
8
$2,353,875
$1,462,500
-
Mid-Year 2011
11
$1,923,182
$1,600,000
-
38%
-18%
9%
Change
Non-Waterfront Properties
2550 Del Lago Drive, Fort Lauderdale Offered at $12,000,000 30
I TRENDS
Single SingleFamily Family Homes Homes
# of Transactions
Average Sales Price
Median Sales Price
% of REO Sales
Mid-Year 2010
3
$691,667
$585,000
-
Mid-Year 2011
7
$874,286
$693,000
-
133%
26%
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
FORT LAUDERDALE
Lauderdale by the Sea Waterfront Properties
Single Family Homes
# of Transactions
Average Sales Price
Median Sales Price
% of REO Sales
11
$452,045
$431,000
-
5
$1,167,378
$860,000
20%
-55%
158%
100%
Mid-Year 2010 Mid-Year 2011 Change
The number of sales are down on this barrier island. Average Sales Price has increased by 158%. The number of REO sales have increased in waterfront and non-waterfront markets. Non-waterfront property sales are down 25% in the area. Overall Average Sales Prices are down 62% and Median Sales Prices are down 58%.
Non-Waterfront Properties
Single Family Homes
# of Transactions
Average Sales Price
Median Sales Price
% of REO Sales
Mid-Year 2010
8
$987,187
$855,000
13%
Mid-Year 2011
6
$373,400
$355,450
33%
-25%
-62%
-58%
Change
1600 S Ocean Blvd #1001, Fort Lauderdale Offered at $1,590,000
FORT LAUDERDALE
Lighthouse Point As we move to the north of Fort Lauderdale, Lighthouse Point sales are up 70%, Average Sales Prices have seen increases of 21% and Median Sales Prices are up 7%. The number of non-waterfront sales have remained consistent with the mid-year 2010 sales, despite Average Sales Prices increasing by 11% and Median Sales Prices up by 6%.
Waterfront Properties
Single Family Homes
# of Transactions
Average Sales Price
Median Sales Price
Mid-Year 2010
23
$779,217
$707,000
9%
Mid-Year 2011
39
$939,806
$755,000
5%
70%
21%
7%
Change
% of REO Sales
Non-Waterfront Properties
3930 NE 31 Avenue, Fort Lauderdale Offered at $1,299,000 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 2010
18
$298,419
$310,000
11%
Mid-Year 2011
18
$330,972
$327,500
11%
Change
-
11%
6% 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 2010
10
$1,364,215
$1,277,950
10%
Mid-Year 2011
8
$1,062,863
$1,076,450
-
-20%
-22%
-16%
Change
With easy access to the ocean, Rio Vista is a one of the most desirable neighborhoods in Fort Lauderdale. Number of transactions are down 20% thus far in 2011, with Average Sales Price down 22%. Non-waterfront properties have also seen a decrease in sales, with Average Sales Price increasing by 30% and Median Sales Prices up by 46%.
Non-Waterfront Properties
Single Family Homes
# of Transactions
Average Sales Price
Median Sales Price
Mid-Year 2010
15
$440,667
$390,000
13%
Mid-Year 2011
11
$572,455
$570,000
18%
-27%
30%
46%
Change
% of REO Sales 1716 Southeast 9 Street, Fort Lauderdale Offered at $3,195,000
FORT LAUDERDALE
Hillsboro Beach This enclave of waterfront homes has seen no change in the total number of sales thus far in 2011 but has seen a 10% decline in both the Average and Median Sales Prices. There was a single foreclosure sale in the first half of 2011, which was the first in 2 years.
SingleFamily Family Single Homes Homes Waterfront Properties
Single SingleFamily Family Homes Homes 32
I TRENDS
# of Transactions
Average Sales Price
Median Sales Price
% of REO
Mid-Year 2010
2
$6,600,000
$6,600,000
-
Mid-Year 2011
2
$5,950,000
$5,950,000
50%
0%
-10%
-10%
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 total number of waterfront homes sold in Fort Lauderdale Beach in mid-year 2011 has increased by 5%. Average Sales Price is down 8% and Median Sales Price is down 20%, which could be due to the number of REOs being slightly higher than this time last year. Non-waterfront homes in this sector have performed well this year, with the number of transactions up 33% and Average Sales Price up 23%.
Waterfront WaterfrontProperties Properties
Single SingleFamily Family Homes Homes
# of Transactions
Average Sales Price
Median Sales Price
% of REO Sales
Mid-Year 2010
222
$400,134
$310,000
7%
Mid-Year 2011
232
$369,144
$247,500
9%
Change
5%
-8%
-20%
Non-Waterfront Properties
101 S Ft Lauderdale Bch #2801, Fort Lauderdale Offered at $2,999,000
SingleFamily Family Single Homes Homes
# of Transactions
Average Sales Price
Median Sales Price
% of REO Sales
Mid-Year 2010
6
$581,483
$533,450
-
Mid-Year 2011
8
$715,162
$539,000
13%
33%
23%
1%
Change
FORT LAUDERDALE
Victoria Park Waterfront Properties
Single Family Homes
# of Transactions
Average Sales Price
Median Sales Price
% of REO Sales
Mid-Year 2010
1
$955,000
$955,000
-
Mid-Year 2011
-
-
-
-
Change
-
-
-
There have been no sales of waterfront homes so far this year in Victoria Park. In non-waterfront homes, sales are down by 22%, with Average Sales Price up 8% and Median Sales Price up 5%. The non-waterfront homes continue to be active with a decrease in sales over this same time period last year, but REO inventory has been absorbed and prices are now on the rise.
Non-Waterfront Properties
Single Family Homes
# of Transactions
Average Sales Price
Median Sales Price
% of REO Sales
Mid-Year 2010
32
$368,107
$315,500
22%
Mid-Year 2011
25
$399,297
$330,000
4%
-22%
8%
5%
Change
O N E S O T H E B Y S R E A L T Y. C O M
431 N Victoria Park Road, Fort Lauderdale Offered at $979,000 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
Mid-Year 2010
18
$1,206,042
$1,227,500
-
Mid-Year 2011
12
$1,357,806
$1,247,444
-
-33%
13%
2%
# of Transactions
Average Sales Price
Median Sales Price
% of REO Sales
Mid-Year 2010
634
$228,072
$170,000
21%
Mid-Year 2011
760
$223,789
$158,000
26%
Change
20%
-2%
-7%
Change
% of REO Sales
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. In Hollywood, Harbour Island offers the best resort living, with homes ranging from charming cottages to luxurious mansions. Bank-owned properties remain a strong force in the waterfront condo market, with an REO sale taking place in 1 out of every 4 condos. The highest price sold on an REO condo was $950,000, but low numbers pull the average sales price down to $223,789 and median sales price to an even lower $158,000. Bank-owned condos in this area are snatched up quickly, spending an average of 36 days on the market.
643 Palm Drive, Hallandale Offered at $3,500,000
FORT LAUDERDALE
Hollywood Beach, Hallandale Beach Non waterfront condos in Hollywood and Hallandale Beach saw a 34% increase in activity, while single family homes witnessed a 4% decrease in transactions between the first half of 2010 and the first half of 2011. Bank owned properties still represent a large percentage of the sold properties in the area. The highest price sold on an REO single family home was $350,000, closing in 29 days from the time it came on the market. For non-waterfront homes, 569 residences sold under $200,000 in the first 6 months of 2011.
1000 Washington Street, Hollywood Offered at $1,375,000 34
I TRENDS
Non-Waterfront Properties
Single Family Homes
Condos
# of Transactions
Average Sales Price
Median Sales Price
% of REO Sales
764
$152,444
$120,250
40%
Mid-Year 2011
734
$148,366
$111,000
39%
Change
-4%
-3%
-8%
# of Transactions
Average Sales Price
Median Sales Price
Mid-Year 2010
450
$86,578
$66,000
36%
Mid-Year 2011
605
$85,650
$63,000
37%
Change
34%
-1%
-5%
Mid-Year 2010
% of REO Sales
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 The numbers of homes sold in Coral Ridge and The Landings has increased significantly by 59% and prices have seen an upward trend. Non-waterfront homes have kept pace with their waterfront counterparts, also experiencing increased number of sales and increased Average and Median Sales Prices.
Waterfront Properties
Single Family Homes
Mid-Year 2010 Mid-Year 2011 Change
# of Transactions
Average Sales Price
Median Sales Price
% of REO Sales
27
$919,933
$705,000
11%
43
$1,018,573
$875,000
12%
59%
11%
24%
Non-Waterfront Properties
Single Family Homes
5961 Bayview Drive, Fort Lauderdale Offered at $875,000
# of Transactions
Average Sales Price
Median Sales Price
% of REO Sales
Mid-Year 2010
33
$538,693
$480,000
9%
Mid-Year 2011
41
$606,341
$470,000
17%
24%
13%
-2%
Change
FORT LAUDERDALE
Bay Colony This first half of 2011 has been quiet in this private enclave of waterfront homes, with 11 properties 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 2010
4
$2,606,875
$2,601,250
-
Mid-Year 2011
0
0
0
-
-100%
-
-
Change
O N E S O T H E B Y S R E A L T Y. C O M
30 N Compass Drive, Fort Lauderdale Offered at $1,750,000 TRENDS I
35
Everything about Bellini is the best there is.
Bellini at Williams Island, Aventura From $950,000 to $3,700,000
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.