REAL ESTATE MARKET REPORT
2015
ONESOTHEBYSREALT Y.COM
20 | 2015 TRENDS Market Report
Three Hundred Collins, South Beach | 300Collins.com
For assistance with your real estate needs, please contact:
Jonathan Garcia
Nirka Burns Padilla
Estate Agent ONE Sotheby’s International Realty 305.494.5547 jgarcia@onesothebysrealty.com
Estate Agent ONE Sotheby’s International Realty 305.562.1665 nburns@onesothebysrealty.com
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ONE Sotheby’s International Realty | 3
Looking back on ONE Sotheby’s International Realty’s seven years of operation, it’s telling to hear how the South Florida real estate market conversation now takes place with a drastically different tone. In the very first TRENDS market report published in 2010, it is stated that the general mood at the time was a sense of cautious optimism. Fast-forward to 2015, the year-to-year improvement of the market has led South Florida to become one of the most sought-after residential destinations in the world. Miami was ranked the happiest city to work in by Forbes Magazine and is now considered one of the top ten cities that matter to ultra-high-net-worth investors. By the same token, Fort Lauderdale, a prime destination for yacht owners and boating connoisseurs, is experiencing great demand due to its many canals and waterfront living options. An ever-evolving real estate market must be analyzed in ever-evolving ways: this year’s report was prepared in conjunction with Integra Realty Resources (IRR) – Miami\Palm Beach, one of the nation’s leading real estate consulting firms. This joint publication is a new venture meant to provide insight into residential markets in Miami-Dade and Broward Counties. Our two firms collaborated to provide this annual report to foster further dialogue regarding emerging market conditions at the submarket level. We endeavored to provide actionable insight into the direction of these various submarkets without the typical hyperbole or marketing fanfare. IRR Miami was aided by interviews with ONE Sotheby’s International Realty associates and others in the marketplace, who provided important insight into the drivers in these various submarkets. To provide a consistent format for comparison, the team revised the methodology for quantifying the condominium value changes (see Methodology on page 5) and developed comparative statistics for the single-family, waterfront and non-waterfront markets. The information contained herein is general to the market and should not be construed to represent advice on a specific property. We strongly encourage interaction with ONE Sotheby’s International Realty agents to provide relevant, property-specific advice. This report is meant to provide an overview of the major markets and submarkets for comparative purposes only and to frame some reasonable dimension of market activity and direction in the year to come. We hope you find the report useful and even insightful, as you explore one of the most dynamic housing markets in the United States today. We stand ready to assist with further questions and comments and hope your feedback will improve future annual and quarterly reports.
Daniel de la Vega President & Managing Partner ONE Sotheby’s International Realty
Anthony M. Graziano, MAI, CRE
Senior Managing Director Integra Realty Resources
4 | 2015 TRENDS Market Report Western Suburbs Southwest Ranches start on Plantation Sunrise Weston Parkland Broward | North End Lauderdale-by-the-Sea start on Hillsboro Beach Lighthouse Point Bay Colony Sea Ranch The Landings Coral Ridge / C.R. Country Club East Fort Lauderdale Las Olas Isles start on Harbor Beach Fort Lauderdale Beach Rio Vista Victoria Park & Colee Hammock Sunrise Key Broward | South End Hollywood Beach start on Hallandale Beach
SF Homes
Miami | North End Aventura Golden Beach Bal Harbour Surfside Sunny Isles The Islands Bay Harbor Islands Indian Creek Normandy Isles La Gorce Sunset Islands Venetian Islands Palm/Hibiscus/Star Islands Fisher Island Key Biscayne Miami Beach South Beach Mid Beach North Beach Downtown Miami Midtown Edgewater Downtown Miami Brickell Miami | South End Coconut Grove Coral Gables Pinecrest Palmetto Bay CocoPlum Gables Estates Snapper Creek Lakes Ponce-Davis & High Pines Old Cutler Bay
start on
page 46
SF Homes
Condos
page 42
page 55
SF Homes
Condos
page 40
page 54
SF Homes
Condos
page 20
page 36
SF Homes
Condos
page 16
page 34
SF Homes
Condos
page 12
page 32
Condos start on
start on
page 26
SF Homes
Condos
page 8
page 24
Miami-Dade County
start on
SF Homes
Broward County
start on
page 50
ONE Sotheby’s International Realty | 5
Louver House, South Beach | LouverHouse.com
Methodology
This report differs from prior ONE Sotheby’s International Realty market reports in the analytics models developed in conjunction with IRR Miami. The report cannot be compared to prior annual or quarterly reports due to changes in the manner in which the metrics were developed for singlefamily and condo developments. Prior reports on single-family pricing relied on price averages which excluded certain classes of assets based on price thresholds. The current model abandons the variable minimum price threshold view so that averages over time are not skewed by elimination of transactions beyond a threshold and changes in market conditions do not skew the directionality of the market averages. The most significant change in methodology is the development of the condominium index. The difficulty in comparing existing condominium project average pricing is that the pricing averages have no control over penthouse units, waterview versus waterfront or age and market position of the product. ONE Sotheby’s International Realty and IRR Miami developed an index of relevant condominium towers that comprise what we consider to be a representative sample of the luxury projects within each submarket. The inclusion of each project was vetted by brokerage and appraisal staff from the respective firms and the sampling reflects the center of the luxury market as it relates to the specific submarket. Average pricing data was then calculated for each of the relevant years by submarket and unique units were excluded from the sample to avoid skewing the average price indicators. The implementation of project samples also helped control the variability brought about by merely averaging all condo projects within a specific submarket, which when comparing multiple years was less reflective of changing market conditions. While this methodology only reflects a “sample” of the condo market, the number of projects and number of units in the sample are considered representative of the market. The sample pool of projects does not include pre-construction projects. Therefore, the averages and indicators reflect contemporary existing peers and are not meant to reflect pricing of the newest projects coming to market. This methodology will also allow us future analytical capability to project floor premiums, view premiums and penthouse premiums since the data will be isolated for direct and discrete comparison on these function points. We hope this will clarify directionality of the market and allow for deeper analysis in future reports. This report is not meant to replace property analysis by a qualified broker and should not be applied to specific properties without consultation with a professional. The report is meant to inform on broader trends and to facilitate comparison and forecasting at the macro market level.
6 | 2015 TRENDS Market Report
Miami-Dade
General Statistics
Single-Family Homes
Waterfront, Single-Family Homes
The Miami-Dade housing market offers a broad variety of single-family, attached and condo real estate options. The general market has experienced a significant recovery since 2011,
# For Sale b # Sold b PPSF b
2010
2011
2012
2013
2014
3,073 130 $314
2,603 168 $495
2,377 221 $412
2,332 320 $463
2,539 290 $519
which dramatically increased through 2014. The recent Case-Schiller index lists Miami as one of the top two fastest growing housing
PPSF Trendline b
markets in terms of the CS value change index, nearly double the national average. This trend is expected to continue in 2015 due to a lack
Non-Waterfront, Single-Family Homes
of new, single-family homebuilding other than spot-lot redevelopment, which will add major inventory to level off pricing. These changes are occurring across every value spectrum, but none more dramatically than in the luxury housing market segment.
# For Sale b # Sold b PPSF b
2010
2011
2012
2013
2014
15,366 1,091 $171
12,527 1,325 $168
10,687 1,850 $174
12,116 2,420 $198
15,535 2,626 $204
There is very little developable land in Miami and essentially no vacant land within the luxury markets east of I-95. This is giving rise to tear-
PPSF Trendline b
down and redevelopment and is accelerating the value appreciation within these markets. The existing, single-family housing stock will likely outperform the Florida housing market.
Miami: Through a Global Lense
Observers lament that these rapid increases in pricing are leading to an “affordability gap”, where new residents cannot afford to own a
“The Strongest Housing
single-family home. This hurts Miami’s ability to attract major employers and increases cost
Market in the U.S.”
of living, both of which could negatively affect
- The National Law Review
employment growth. Luxury markets, however, are decoupled from employment growth. We project the luxury, single-family market
“Second Biggest Banking Hub
will remain strong. While global economic
In the U.S.” (after New York City)
conditions are shifting, which may extend
- Business Insider
“Second U.S. City That Matters Most to UHNW* Individuals” - Knight Frank
market times, the level of demand for luxury, single-family far outweighs current supply. In 2014, the dominant trend was continued
“Happiest U.S. City
price increases with fewer transactions. We
To Work In”
expect this will continue into 2015.
- Forbes.com
“One of the Top Five New Tech Hubs” *
Ultra-High-Net-Worth
- NBC News
ONE Sotheby’s International Realty | 7
Luxury Spotlight
h 13
h 3,046
h 3,363
h 407
h 385
# Sold h 112
h 123
h 4,036
h 3,228
h 171
2011
h 15
h 23
h 0
h 6
h 408
h 459
h 222
h 227
# Sold
# For Sale h 2,856
2010
2012
2013
2014 $18,274,000
h 1
2014
h 6
h 6
h 277
h 350
Avg. Home Price Trendline h
h 280
2013
Avg. Home Price Trendline h h 288
2012
$15,184,000
2011
$6,817,000
2010
$6,628,000
2014 $1,883,000
2013 $1,871,000
2012 $1,849,000
$1,878,000
2011
Avg. Home Price Trendline h
$1,856,000
2010
$14,486,000
Average Home Price
$17,120,000
Average Home Price
N/A
Average Home Price
$5,923,000
$10M+ Transactions
$6,435,000
$5M to $10M Transactions
$6,750,000
$1M to $5M Transactions
h 12
# Sold
# For Sale h 466
h 5 # For Sale h 268
9405 Old Cutler Lane, Coral Gables
8 | 2015 TRENDS Market Report
Miami | South End Non-Waterfront, Single-Family Homes Average Price per Square Foot
$0
Coconut Grove
Pinecrest
CocoPlum
Coral Gables
Palmetto Bay
Snapper Creek Lakes
$100
$200
$300
$400
$500
Ponce-Davis & High Pines
Downtown | Miami Beach | Ft. Lauderdale
$600 $233
For the purposes of this study, we categorize
$183
Miami’s South End as all neighborhoods East
$223
of US-1, spanning from Coconut Grove north to
$138 $334
Palmetto Bay south. CocoPlum and Snapper
$407
Creek Lakes are subsections of the Coral
$289
Gables market area. All neighborhoods in this market showed gains over 2013 pricing, with
$244
Pinecrest showing the strongest percentage
$252
increase over 2013 performance. In terms of
$222
pricing, Snapper Creek Lakes is well ahead
$136 $346 $412 $318
with 2014 pricing at $524 per square foot. Notably, Snapper Creek Lakes is a gated community of just 124 homes, with pricing as much a function of its limited supply as of
$260
its expansive sites and custom-built, luxury
$263
residences. Palmetto Bay, located furthest
$235
from Downtown Miami, has the lowest average
$142 $319 $368
pricing per square foot, although pricing has been positive each of the last five years.
$310
Of note for the area is how well homes in the $322
Ponce-Davis & High Pines submarket compete
$304
in pricing with the top of Miami’s South End.
$256 $164 $413 $467 $373
Percentage Change 2013 – 2014
$362
Coconut Grove: g 12.4%
$330
Coral Gables: g 8.6%
$292
Pinecrest: g 14.1%
$180
Palmetto Bay: g 9.8%
$447
CocoPlum: g 8.2%
$524
Snapper Creek Lakes: g 12.2%
$401
Ponce Davis & High Pines: g 7.5%
Omissions due to low transaction numbers or absence of market: Gables Estates, Old Cutler Bay and Deering Bay
single-family homes
ONE Sotheby’s International Realty | 9
8645 SW 54 Avenue, Ponce-Davis
Ponce-Davis & High Pines is the only unincorporated area in this market that encompasses approximately one square
# Transactions
mile. It ranked third out of seven analyzed submarkets in Coconut Grove
Coral Gables
Pinecrest
Palmetto Bay
CocoPlum
Snapper Creek L.
P. Davis & H. Pines
2010
162
352
187
199
14
8
39
2011
200
419
191
263
19
9
37
2012
200
465
215
284
8
7
46
2013
248
559
250
301
10
6
56
2014
220
465
243
308
11
8
52
terms of average pricing per square foot, although growth came in last of all at just 7.5% appreciation over 2013 figures. With the exception of Palmetto Bay, these neighborhoods have very limited availability of land for new housing. Markets of infill non-waterfront are trading well over $300 per square foot with the exception of Palmetto Bay and Pinecrest. All of Miami’s South End submarkets benefit from strong, local public and private schools in the neighborhood.
Spotlight: 2014 Luxury Residence Transactions*
Avg. Home Price
# Transactions
Coconut Grove
$1,638,555
81
Coral Gables
$1,511,232
163
Pinecrest
$2,374,642
80
Palmetto Bay
$650,649
127
with 1960’s and 1970’s homes being purchased for demolition/redevelopment,
CocoPlum
$2,762,500
6
giving rise to lower average pricing. We expect the Pinecrest submarket will
Snapper Creek Lakes
$5,308,237
3
outperform in 2015 as more tear-downs renew the age of the housing stock.
P. Davis & High Pines
$2,932,111
23
* The top 50% of each market, by average price.
Despite Pinecrest’s #4 ranking in our Luxury Spotlight, the market has a large dimension and range in pricing. North Pinecrest (north of SW 120th St.) and East Pinecrest (east of Ludlam Rd.) are the strongest neighborhoods. Given the level of redevelopment, the Luxury Spotlight generally reflects the Northeast Pinecrest market. Pinecrest is undergoing a major transformation
CocoPlum and Snapper Creek Lakes are subsections of Coral Gables.
10 | 2015 TRENDS Market Report
Miami | South End Waterfront, Single-Family Homes Average Price per Square Foot
$0
Coconut Grove
Palmetto Bay
Gables Estates
Coral Gables
CocoPlum
Old Cutler Bay
$200
$400
$600
$800
$1,000
$1,200
Downtown | Miami Beach | Ft. Lauderdale
$1,400 $593
For the purposes of this study, we categorize
$480
Miami’s South End as all neighborhoods East
$162 $515 $659 $723
of US-1, spanning from Coconut Grove north to Palmetto Bay south. CocoPlum, Gables Estates and Old Cutler Bay are located within the municipal boundaries of the City of Coral Gables, but are considered separately by
$551
market participants and are presented as
$459
such in this study.
$164 $551 $987 $599
The neighborhood with the highest pricing per square foot of building area in this waterfront market is Gables Estates, with 2014 pricing at an average $1,329 per square foot, up an
$518 $553
impacting 64.9% over 2013 levels. This gated community only offers waterfront, single-
$188
family homes, ideal for families and boating
$533
enthusiasts alike. Gables Estates is followed
$1,095
by Old Cutler Bay, another exclusive, gated
$693
community in Coral Gables, at an average $698 per square foot, up 4.0% from 2013 levels. This
$483 $531
is a more stable submarket, only fluctuating within a little over $100 in five years.
$191 $564 $806 $671
Percentage Change 2013 – 2014
$690
Coconut Grove: g 42.9%
$657
Coral Gables: g 23.7%
$203
Palmetto Bay: g 6.3%
$656
CocoPlum: g 16.3%
$1,329
Gables Estates: g 64.9%
$698
Old Cutler Bay: g 4.0%
Omissions due to low transaction numbers or absence of market: Pinecrest, Snapper Creek Lakes, Ponce-Davis & High Pines and Deering Bay
single-family homes
ONE Sotheby’s International Realty | 11
935 Bella Vista Avenue, Coral Gables
The general Coral Gables market has remained stable throughout the past five years. In 2014, however, it reached an average of $657 per
# Transactions
square foot, over $100 over 2013 figures. Of note is the slight, year-
Coconut Grove
Coral Gables
Palmetto Bay
CocoPlum
Gables Estates
Old Cutler
2010
10
56
18
9
3
4
figures. All analyzed neighborhoods except for Old Cutler Bay are at
2011
8
57
20
10
3
4
their highest average price per square foot in all five years analyzed.
2012
8
86
23
13
12
5
When looking at neighborhoods with waterfront and non-waterfront
2013
4
77
25
16
8
6
homes, waterfront residences trade at an average 1.5 to 2.0 times the
2014
10
76
25
12
8
9
over-year decline in pricing for Coconut Grove waterfront residences from 2010 through 2013, totaling an 18.54% drop, only to come back in 2014 at an average $690 per square foot, 42.9% higher than 2013
average pricing of non-waterfront residences in the same submarket.
Spotlight: 2014 Luxury Residence Transactions*
Avg. Home Price
# Transactions
Coconut Grove
$5,396,250
4
Coral Gables
$6,452,708
25
Palmetto Bay
$3,970,000
5
CocoPlum
$5,216,667
3
Gables Estates
$9,250,000
4
Old Cutler Bay
$4,125,000
4
* The top 50% of each market, by average price.
Taking the #1 spot by a wide margin with average home pricing at $9,250,000, Gables Estates is considered the Beverly Hills of Miami’s South End. Even more impressive is that Gables Estates is part of Coral Gables, the second-ranked market. Miami’s South End luxury submarkets are strengthened by their renowned private schools, which tend to be key deciding factors for home-buying families.
CocoPlum, Gables Estates and Old Cutler Bay are subsections of Coral Gables.
12 | 2015 TRENDS Market Report
Miami Beach Non-Waterfront, Single-Family Homes Average Price per Square Foot
$0
Mid Beach
Pine Tree Drive
North Bay Road
La Gorce Subdiv. - Alton Rd.
$100
$200
$300
La Gorce Subdiv. - La Gorce Dr.
Miami’s North End | Ft. Lauderdale Miami’s South End
$400
$500
Downtown
$600 $253
Within Mid Beach, there are three areas where
$358
homes usually outperform the general market
$292 $233 $219
by a wide margin, which is why we extracted them and highlighted their statistics in this section. These areas are La Gorce Subdivision — with La Gorce Drive and a segment of Alton Road; two roads with luxury, non-waterfront
$272 $335
homes usually facing La Gorce Golf Course —, North Bay Road and Pine Tree Drive.
$298 $379
Single-family pricing in Mid Beach has trended
$319
steadily upward with a 77.1% increase over the past five years. Of its analyzed submarkets, La Gorce Drive experienced the most significant growth from 2013 numbers at 35.7%, reaching
$304 $349 $308 $318 $324
an average of $578 per square foot. In 2014, all areas performed at double-digit increases compared to the previous year and, although this level of appreciation is not realistically repeatable year-over-year, continued doubledigit gains are expected during 2015 provided interest rates remain low.
$370 $406 $445 $293 $426
Percentage Change 2013 – 2014
Omissions due to low transaction numbers or absence of market: South Beach and North Beach
$448
Mid Beach: g 21.1%
$502
North Bay Road: g 23.6%
$522
Pine Tree Drive: g 17.3%
$335
L.G.S. - Alton Road: g 14.3%
$578
L.G.S. - La Gorce Drive: g 35.7%
single-family homes
ONE Sotheby’s International Realty | 13
6222 Alton Road, Miami Beach
“A member of La Gorce Country Club will certainly find a price premium worthy if
# Transactions
the residence sits on La Gorce Golf Course. The club has been known to extend L.G.S. L.G.S. Alton Rd. La Gorce Dr.
the privilege of providing golf cart access directly from homes to the golf course, a
Mid Beach
N. Bay Road
Pine Tree Drive
2010
73
11
6
4
2
– Dina Goldentayer, ONE Sotheby’s International Realty
2011
100
6
12
3
7
Pine Tree Drive and North Bay Road are mostly known for their waterfront product,
2012
95
14
11
11
7
but non-waterfront homes for both areas are in the $500-per-square-foot range,
2013
133
13
9
8
17
2014
122
14
12
12
13
feature that ultimately proves to be a weighing factor on potential buyers.”
outperforming the general Mid Beach market by 12% and 18% respectively. Alton Road in La Gorce is the only analyzed submarket that didn’t reach Mid Beach’s average pricing during 2014, most likely due to the price boost experienced by the remaining submarkets and, ultimately, the general area.
Spotlight: 2014 Luxury Residence Transactions*
Avg. Home Price
# Trans.
Mid Beach
$1,960,099
41
Our Luxury Spotlight stars are North Bay Road, Pine Tree Drive and La Gorce
N. Bay Road
$2,355,000
5
Drive, all three around the $2 million mark for non-waterfront homes. These
Pine Tree Drive
$2,632,143
7
L.G.S. - Alton Road
$1,589,167
6
L.G.S. - La Gorce Drive
$2,395,180
5
La Gorce Subdivision, North Bay Road and Pine Tree Drive are subsections of the Mid Beach market area.
* The top 50% of each market, by average price.
streets are the setting for many ultra-luxury, single-family homes, attracting highprofile buyers from around the world. These properties also have a walkability advantage over similarly priced homes in some of the islands, as they’re closer to a plethora of entertainment options offered in Mid Beach and South Beach.
14 | 2015 TRENDS Market Report
Miami Beach Waterfront, Single-Family Homes Average Price per Square Foot Mid Beach
Miami’s North End | Ft. Lauderdale
Pine Tree Drive
Miami’s South End
North Bay Road
$0
$200
$400
$600
$800
$1,000
$1,200
Downtown
$1,400 $608
Within the Miami Beach non-waterfront, single-
$813
family homes section, four Mid Beach areas
$506
were extracted in order to highlight its top performing markets. La Gorce Subdivision’s Alton Road and La Gorce Drive do not include waterfront residences and were therefore excluded from this section.
$628 $775 $566
Waterfront residences analyzed trade at an average pricing 1.8 to 2.2 times the nonwaterfront average pricing. Price appreciation was slower between 2010 and 2014, primarily because values did not decline as steeply in these submarkets during the downturn. The limited supply available in these areas,
$598 $964 $589
however, supports continued strength, even as pricing stabilizes in other submarkets. While Mid Beach area pricing increased 21.8% from 2013 to 2014, its prominent North Bay Road and Pine Tree Drive markets experienced larger gains at 43.0% and 28.1% respectively. Miami Beach’s single-family market is usually
$786 $976
in very high demand and 2014 numbers prove to be no exception.
$758
Percentage Change 2013 – 2014 $957
Mid Beach: g 21.8%
$1,396
North Bay Road: g 43.0%
$971
Pine Tree Drive: g 28.1%
Omissions due to low transaction numbers or absence of market: La Gorce Subdivision (Alton Road and La Gorce Drive), South Beach and North Beach
single-family homes
ONE Sotheby’s International Realty | 15
528 Lakeview Court, Miami Beach
# Transactions
Mid Beach contains some of South Florida’s most spectacular homes, many of them set on the spotlight areas of North Bay Road and Pine Tree Drive. These streets have garnered a great deal of attention due to the high profile of some of their residents, which undoubtedly increases the
Mid Beach
N. Bay Road
Pine Tree Drive
2010
19
8
7
2011
21
10
5
2012
31
6
6
Lissoni-designed development is one of the most awaited new buildings because of the Ritz-
2013
26
5
9
Carlton brand’s legendary service and quality standard. We expect the Mid Beach waterfront
2014
32
10
4
demand for their exclusive properties. Mid Beach is also the setting for many new developments such as The Residences at Ritz-Carlton, a 111-residence luxury project featuring 15 exclusive villas directly on Surprise Lake. The Piero-
market to continue drawing great demand, as new developments and an already strong, existing housing market make the neighborhood one of the most exciting living options in the city.
Spotlight: 2014 Luxury Residence Transactions*
Avg. Home Price # Trans. Mid Beach
$10,485,958
12
N. Bay Road
$17,275,000
4
Pine Tree Dr.
$6,400,000
3
North Bay Road is far and beyond the most high-end waterfront market in Miami Beach. Waterfront homes in this area come with unbeatable views of Biscayne Bay and the Downtown Miami skyline. North Bay Road homes also have an edge when it comes to buyers looking for the latest technology and contemporary architecture. Pine Tree Drive, running through eastern Mid Beach and providing canalfront residences, closed
North Bay Road and Pine Tree Drive are subsections of the Mid Beach market area.
* The top 50% of each market, by average price.
2014 at $6,400,000 for its luxury segment. While much lower than Mid Beach in general, Pine Tree Drive had the lowest transactional volume and is therefore subject to price volatility.
16 | 2015 TRENDS Market Report
The Islands Non-Waterfront, Single-Family Homes Average Price per Square Foot
$0
Key Biscayne
Venetian Islands
La Gorce Island
Palm/Hibiscus/Star
Sunset Islands
Bay Harbor Islands
$100
$200
$300
$400
$500
$600
$700
Normandy Isles
$800
Miami’s North End | Ft. Lauderdale Miami’s South End
Downtown
$900 $506
The neighborhoods classified as “The Islands”
$380
are categorized primarily by being surrounded
$256 $464 $382
by water as the name suggests. Stretching from Key Biscayne south to Bay Harbor
$219
Islands north, these submarkets are separated
$174
from the adjacent mainland by waterways or canals and are accessible via causeways.
$547
Average pricing can vary widely from Key
$383
Biscayne at $795 per square foot for a non-
$385 $428 $532
waterfront home to sub-$300 per square foot in Normandy Isles. The Islands market area
$256
includes the neighborhoods of Key Biscayne,
$154
Palm/Hibiscus/Star Islands, Venetian Islands, Sunset Island, La Gorce Island, Bay Harbor
$612
Islands, Normandy Isle and Indian Creek.
$413 $454 $497 $538
The Village of Key Biscayne was, by far, the strongest performer on price per square foot,
$331
with 2014 average pricing up 6.0% over 2013
$179
levels, and 30% higher than the next highest neighborhood (La Gorce Island). La Gorce and
$748
Venetian Islands were almost even at $613
$379
and $611 respectively for 2014.
$484 $552 $469 $308 $223
Omissions due to low transaction numbers or absence of market: Indian Creek and Fisher Island
Percentage Change 2013 – 2014
$795
Key Biscayne: g 6.3%
$499
Palm/Hibiscus/Star: g 31.7%
$611
Venetian Islands: g 26.2%
$589
Sunset Islands: g 6.7%
$613
La Gorce: g 30.7%
$379
Bay Harbor Islands: g 23.1%
$247
Normandy Isles: g 10.8%
single-family homes 531 S. Mashta Drive, Key Biscayne
The highest percentage gain in the non-waterfront category for The Islands goes to Palm/Hibiscus/Star Islands with
# Transactions
31.7% appreciation over 2013 figures. The Venetian Islands
Key Biscayne
Palm/ Hib./Star
Venetian Islands
Sunset Islands
La Gorce Island
2010
59
4
10
7
4
5
17
Normandy Isles is to “The Islands” what Palmetto Bay is to
2011
63
5
14
4
5
8
17
Miami’s South End. The sleepier neighborhood with the largest
2012
63
6
19
6
2
7
36
priced. Some of this pricing differential is embedded in the
2013
59
5
23
8
2
9
30
older housing stock, but the spread ($247 versus competitive
2014
63
2
19
7
4
19
26
showed the strongest cumulative gain over the five-year period, with average pricing up 139% over 2010 levels.
upside relative to its peers, Normandy Isles looks attractively
Bay Harbor Normandy Islands Isles
island peers at $500+ PSF) is too great to be ignored.
Spotlight: 2014 Luxury Residence Transactions*
Avg. Home Price
# Transactions
Key Biscayne
$3,310,731
26
on Palm and Star Islands. These very few non-waterfront properties are what
Palm/Hibiscus/Star
$1,595,000
2
some might consider “tear-downs” at $1.25 million – $1.4 million, making their
Venetian Islands
$2,193,889
9
Sunset Islands
$2,716,250
4
La Gorce Island
$6,500,000
1
Bay Harbor Islands
$1,362,188
8
surrounded by acres of parks and beaches. Pricing in this exclusive island
Normandy Isles
$627,885
13
usually remains high due to its low supply of homes and developable land.
* The top 50% of each market, by average price.
The only non-waterfront inventory in the Palm/Hibiscus/Star chain is located
average pricing a great deal lower than it would normally be. La Gorce and Key Biscayne hold the #1 and #2 spots in luxury average pricing. La Gorce is a very lush, gated community, making it one of the most private neighborhoods in Miami. Key Biscayne, located further south, is a 1.5-square-mile village
18 | 2015 TRENDS Market Report
The Islands Waterfront, Single-Family Homes Average Price per Square Foot Key Biscayne
Venetian Islands
La Gorce Island
Bay Harbor Isl.
Palm/Hibiscus/Star
Sunset Islands
Indian Creek
Normandy Isles
$0
$500
$1,000
$1,500
$2,000
Miami’s South End
Downtown
$2,500 $1,178
Key Biscayne’s waterfront homes reached
$841
the highest pricing in the market in 2010 and
$566 $398 $880
2011, at $1,178 and $1,747 respectively. The next three years failed to reach the mark set
$1,179
in 2011 and Key Biscayne pricing ended 2014
$356
at $1,419 per square foot, up 20% from 2010
$280
levels but down 15.9% from 2013. The overall
$1,747
top performer in terms of average pricing and
$922
percentage gain is La Gorce, with 2014 average
$653 $924 $909 no transactions
Miami’s North End | Ft. Lauderdale
pricing up 150% over the 2010 average of $880 and 32% over 2013 figures, ending the period
N/A
at an average $2,190 per square foot. Sunset
$488
Islands took the second spot in 2014 at $1,463
$437
slightly above Key Biscayne at $1,419.
$1,278 $1,195 $855 $967 $908
Notably, the average number of transactions per submarket (2 to 19) leaves these prices and annual appreciation gains subject to wide
$1,986
swings, which are heavily dependent upon
$781
specific transactions. However, the numbers
$352
are relevant considering the limited amount of
$1,688
homes available, which drives average pricing
$1,041
over $1,000 per square foot consistently.
$972 $1,029 $1,658 no transactions
N/A $642 $415
Omissions due to low transaction numbers or absence of market: Fisher Island
Percentage Change 2013 – 2014
$1,419
Key Biscayne: h 15.9%
$1,244
Palm/Hibiscus/Star: g 19.5%
$1,122
Venetian Islands: g 15.4%
$1,463
Sunset Islands: g 42.2%
$2,190
La Gorce: g 32.1%
$998
Indian Creek: N/A
$720
Bay Harbor Islands: g 12.1%
$531
Normandy Isles: g 28.0%
single-family homes
ONE Sotheby’s International Realty | 19
9 Harbor Point, Key Biscayne
Unlike most of the other markets studied in this report, which showed price appreciation between
# Transactions
2013–2014 with a decline in the total number of
Key Biscayne
Palm/ Hib./Star
Venetian Islands
Sunset Islands
La Gorce Island
Indian Creek
2010
7
9
13
2
4
1
1
11
Isles. This could be a sign that appreciation rates
2011
9
12
20
6
2
0
3
8
are expected to continue in the near future, since it
2012
16
12
17
17
2
3
1
15
demand for The Islands will remain high, as their
2013
8
11
15
12
2
0
4
21
luxurious lifestyle and amenities coupled with their
2014
9
19
18
10
2
2
5
9
transactions, almost all of these submarkets had more total transactions in 2014 than in 2013, with the exception of Sunset Islands and Normandy
seems increased pricing is not slowing velocity. The
Bay Harbor Normandy Islands Isles
unparalleled privacy are highly desirable.
Spotlight: 2014 Luxury Residence Transactions*
The waterfront Islands submarket represents the absolute top of the entire Miami-
Avg. Home Price
# Trans.
Key Biscayne
$9,417,500
4
Palm/Hibiscus/Star
$17,638,830
5
Venetian Islands
$7,015,000
5
Sunset Islands
$13,814,000
4
To put these numbers in perspective, Indian Creek’s 86 residents’ net worth is estimated
La Gorce Island
$14,250,000
2
at over $37 billion (most of which comes from a single uber-investor), which is greater
Indian Creek
$21,200,000
2
than the gross domestic product of half the world’s nations. In 2012, ONE Sotheby’s
Bay Harbor Islands
$4,333,333
3
Normandy Isles
$1,383,000
6
* The top 50% of each market, by average price.
Dade luxury market. Indian Creek and Palm/Hibiscus/Star hold the #1 and #2 spot in the highest overall luxury pricing. Indian Creek’s main price driver is the fact that there is little to no housing supply, as some years go by without seeing a single transaction.
International Realty represented the buyer in a $47 million transaction in Indian Creek, breaking the county record at the time.
20 | 2015 TRENDS Market Report
Miami | North End Non-Waterfront, Single-Family Homes Average Price per Square Foot Aventura
Bal Harbour
Golden Beach
Surfside
$0
$100
$200
$300
$400
Broward’s South End | Ft. Lauderdale Downtown | Miami Beach
$500
$600
$700
$800
$900 $194
All neighborhoods in Miami’s North End show
$226
increased pricing over the five-year period
$479 $200
analyzed. Pricing in Bal Harbour showed the most volatility with a 70% increase from 2012
$208
to 2013 and a 20% decline from 2013 to 2014.
$221
This is not surprising given the limited number
$401
of transactions (under 25 total transactions
$193
over five years). The strongest increase over
$235
the five-year period took place in Golden Beach,
$298
which went up 90% from $226 per square foot
$473
in 2010 to $429 per square foot in 2014.
$226 $262 $417 $812 $270
2013 – 2014
$273
Aventura: g 4.2%
$429
Golden Beach: g 2.9%
$647
Bal Harbour: h 20.3%
$290
Surfside: g 7.4%
Spotlight: 2014 Luxury Residence Transactions*
# Transactions
2010
Percentage Change
Aventura
Golden Beach
Bal Harbour
Surfside
16
6
2
40
Avg. Home Price # Trans.
$1,201,000
5
Golden Beach $1,798,900
5
Aventura
2011
9
7
9
46
2012
13
6
6
51
Bal Harbour
$3,887,500
2
2013
18
6
2
37
Surfside
$664,500
26
2014
14
9
2
57
Aventura is this section’s only market within the Miami mainland. Others are located on barrier islands.
Omissions due to low transaction numbers or absence of market: Sunny Isles
The most attractive luxury growth opportunity in Miami’s North End is in the usually sleepy Surfside non-waterfront inventory, which is trading actively and at a notable discount to area neighborhoods, making it one of Miami’s markets to keep an eye on for those looking to invest in property. Bal Harbour ranks #1 for highest average home pricing.
* The top 50% of each market, by average price.
single-family homes
ONE Sotheby’s International Realty | 21
Miami | North End Waterfront, Single-Family Homes Average Price per Square Foot Aventura
Bal Harbour
Golden Beach
Surfside
$0
$200
$400
$600
Broward’s South End | Ft. Lauderdale Downtown | Miami Beach
$800
$1,000
$1,200
$1,400 $273
Pricing volatility in the waterfront category for
$629
this market area is again dominated by the Bal
$885 $285
no transactions
Harbour neighborhood, with the top average price of $1,287 per square foot in 2013, 48%
$256
higher than the next highest neighborhood for
$552
any time period analyzed. Bal Harbour sales
N/A
volume for waterfront homes has averaged
$353
one annual sale, limiting the reliability of the
$300
analysis for this area. But for those listing a
$791
Bal Harbour waterfront home, the market price
$796
point will probably start at $1,200 per SF.
$338 $327 $745 $1,287 $713
no transactions
2013 – 2014
$356
Aventura: g 8.9%
$867
Golden Beach: g 16.4%
N/A
Bal Harbour: N/A
$607
Surfside: h 14.9%
Spotlight: 2014 Luxury Residence Transactions*
# Transactions
2010
Percentage Change
Aventura
Golden Beach
Bal Harbour
Surfside
20
8
1
3
Avg. Home Price # Trans. Aventura
$881,429
7
2011
15
16
0
4
2012
22
11
1
3
Bal Harbour
N/A
0
2013
31
14
3
2
Surfside
$3,550,000
3
2014
25
7
0
7
Golden Beach $9,400,000
2
Aventura is this section’s only market within the Miami mainland. Others are located on barrier islands.
Omissions due to low transaction numbers or absence of market: Sunny Isles
Located on a barrier island separating the Intracoastal Waterway from the ocean, the high-end Golden Beach community offers one of the only “on the sand”, single-family home markets in Miami-Dade County, taking the #1 spot in Miami’s North End Luxury Spotlight by a wide margin at an average $9,400,000. Bal Harbour had no transactions during 2014.
* The top 50% of each market, by average price.
22 | 2015 TRENDS Market Report
Miami-Dade
General Statistics
Condos
Waterfront Condos
The Miami-Dade condo market is as diverse and mature as its single-family market. Its recovery has been aided by an influx of foreign buyers in nearly every submarket throughout
# For Sale b # Sold b PPSF b
2010
2011
2012
2013
2014
22,968 959 $356
18,558 1,323 $391
15,756 1,737 $407
16,946 2,078 $441
20,607 1,895 $503
the county over the past four years. The pricing recovery has been very dramatic and, despite some observers’ claims that the market would take a decade or more to recover from the
PPSF Trendline b
Great Recession (2007–2009), by late 2011, new development was underway again. With the exception of New York City, it is the most
Non-Waterfront Condos
active construction market in the U.S. today. The market for condominiums in this cycle has been geared almost exclusively to the luxury ($1M–$5M) and ultra-luxury ($10M+) buyer pool. Without exception, Miami Beach’s South Beach (with South of Fifth) and Miami’s North
# For Sale b # Sold b PPSF b
2010
2011
2012
2013
2014
13,482 653 $159
9,785 1,007 $157
8,342 1,392 $174
12,017 1,978 $196
17,751 2,093 $212
End submarkets are the strongest in pricing and pre-construction availability. In terms of amenities, there is nothing more prized than
PPSF Trendline b
an oceanfront unit, and Miami Beach and the North End are the two submarkets that can deliver unobstructed, ocean views. In terms of non-oceanfront product, Downtown
Miami: A Thriving City
Miami is one of the largest markets for new development. The condo market in Miami is strongly linked to foreign demand, so changes in the currency exchange rates and emerging
“Top U.S. Market
weakness in the global economy will be key
for All-Cash Transactions”
factors that may affect the demand side of
- Bloomberg.com (July 2014)
the condo market in 2015. Conversely, Miami brokers convey a sense of optimism by noting that when foreign economies perform poorly, Miami tends to attract more capital, not less.
New Construction
The biggest trends affecting Miami’s condo
(Over 60% Sold)
Units: 15,000+
$5 Billion of Planned Development in Downtown Miami only
supply are the rapid land appreciation and the recent spikes in construction cost. These two factors will likely slow new development this year, which signals a potentially healthy
Port of Miami:
correction for a market that has experienced
#1 Cruise Terminal
MIA: Leading Intl. Airport with 40M
feverish building for the past three years.
in the World
Annual Travelers
ONE Sotheby’s International Realty | 23
Luxury Spotlight
h 6
h 3,924
h 4,618
h 279
h 275
# Sold h 139
h 185
h 4,588
h 3,866
h 227
2011
h 6
h 15
h 0
h 1
h 414
h 543
h 83
h 73
# Sold
# For Sale h 3,822
2010
2012
2013
2014 $10,975,000
h 3
2014
h 2
h 2
h 143
h 199
Avg. Home Price Trendline h
h 355
2013
Avg. Home Price Trendline h h 361
2012
$12,050,000
2011
$6,371,000
2010
$6,080,000
2014 $1,827,000
2013 $1,705,000
2012 $1,699,000
$1,906,000
2011
Avg. Home Price Trendline h
$1,673,000
2010
$27,000,000
Average Home Price
$11,500,000
Average Home Price
N/A
Average Home Price
$6,042,000
$10M+ Transactions
$6,634,000
$5M to $10M Transactions
$6,538,000
$1M to $5M Transactions
h 6
# Sold
# For Sale h 353
h 1 # For Sale h 103
Asia | 900 Brickell Key Boulevard, #3401, Brickell Key
24 | 2015 TRENDS Market Report
Miami | South End Condo Market Index Miami’s South End condo market is comprised of Coconut Grove, Coral Gables and Deering Bay, all of which lay immediately south of the Greater Downtown area. These markets are characterized by a more suburban feel and are near the University of Miami, Baptist Hospital Downtown | Miami Beach | Ft. Lauderdale
system and the commercial centers of Dadeland and Coral Gables.
Coconut Grove | Non-Waterfront % of Sample Traded
Avg. Sales Price
Avg. S.F.
Avg. Price/S.F.
Year/Year % Change
2010
5%
$1,382,192
2,547
$543
2011
9%
$619,650
1,546
$401
h 35.4%
2012
10%
$962,723
1,853
$519
g 22.9%
2013
15%
$1,074,381
1,907
$563
g 7.8%
2014
12%
$1,118,639
1,630
$686
g 17.9%
on Price/Square Foot
-0+
Coconut Grove is one of the oldest and most historic neighborhoods in
Coral Gables is the location of the University of Miami and Miracle
Miami-Dade County, dating back to 1825. More recently, the area has
Mile, both of which drive the pricing and desirability of this submarket.
been enjoying renewed attention and redevelopment of older buildings
Coral Gables, also known as the City Beautiful, is mostly comprised of
into boutique townhouse and condo developments. The Grove is also
single-family homes, which gives it a suburban atmosphere. The wide
notable for its variety of local restaurants and bars providing great
streets with gigantic trees lining the avenues add to this feeling. Coral
walkability, in addition to the Bayshore waterfront and Peacock Park.
Gables is also known for having a strong and stable educational base
Pricing in this area has been steadily increasing for the last three years.
in comparison to other areas of Miami-Dade County.
Coral Gables | Non-Waterfront % of Sample Traded
Avg. Sales Price
Avg. S.F.
Avg. Price/S.F.
Year/Year % Change
2010
4%
$315,267
1,096
$288
2011
6%
$243,964
1,098
$222
h 29.4%
2012
9%
$259,695
1,147
$226
g 1.9%
2013
12%
$388,602
1,200
$324
g 30.1%
2014
13%
$395,530
1,135
$348
g 7.0%
on Price/Square Foot
-0+
Omissions due to low transaction numbers or absence of market: Pinecrest, Palmetto Bay, CocoPlum, Gables Estates, Snapper Creek Lakes, P. Davis & High Pines and Old Cutler Bay
condominiums
ONE Sotheby’s International Realty | 25
Deering Bay | Waterfront % of Sample Traded
Avg. Sales Price
Avg. S.F.
Avg. Price/S.F.
Year/Year % Change
2010
5%
$924,667
3,046
$304
2011
2%
$1,100,000
2,353
$467
g 35.0%
2012
8%
$1,104,386
3,216
$343
h 36.1%
2013
12%
$1,071,458
3,303
$324
h 5.9%
2014
6%
$1,353,857
3,378
$401
g 19.1%
on Price/Square Foot
-0+
Deering Bay is an exclusive area located within Coral Gables. It is known
and Coral Gables, which may be a reason for the more moderate pricing
for its country club ambiance and manicured landscaping. Deering
on a per-square-foot basis. All of the condos in Deering Bay are located
Bay’s condos are much larger than their counterparts in Coconut Grove
directly on the Intracoastal Waterway.
Grovenor House | 2627 S. Bayshore Drive, #3002, Coconut Grove
Condo submarkets do not contain a Luxury Spotlight, since the product sample is already representative of the high-end market. For details on methodology, please refer to page 5.
26 | 2015 TRENDS Market Report
Brickell Condo Market Index “Brickell was solely known as a banking hub up until 2008. Now, it is known as the home of Brickellites — urban professionals who live, work and play in their neighborhood. Residents have the highest income and education levels in the downtown Miami area and tourists now have reason to explore Miami outside of the beach. With the addition of Brickell City Centre, Brickell is becoming the epicenter of Miami.”
Downtown | Midtown | Miami’s North End Miami’s South End
– Shelia Gasson, ONE Sotheby’s International Realty
Brickell | Waterfront % of Sample Traded
Avg. Sales Price
Avg. S.F.
Avg. Price/S.F.
Year/Year % Change
2010
26%
$459,376
1,153
$398
2011
27%
$506,243
1,177
$430
g 7.4%
2012
8%
$798,965
1,556
$513
g 16.2%
2013
12%
$771,402
1,405
$549
g 6.5%
2014
8%
$884,786
1,471
$602
g 8.7%
on Price/Square Foot
-0+
Brickell has found itself becoming the cultural and social hub of
will bring even more retail, residential and office density to the area.
Downtown Miami, as more young professionals opt for this submarket
Brickell is usually delineated as running from I-95 on the west to the
over Miami Beach. The shift has been rapid and reflects the amount of
bay on the east, and the Miami River on the north to the Rickenbacker
nightlife and restaurants available to choose from within the Brickell
Causeway on the south. Also included in the Brickell market analysis
area. While pricing has been increasing at a rapid pace, it is still a
is Brickell Key, which is a small island only accessible from Brickell
bargain compared to Miami Beach. Brickell is also home to the largest
Avenue. Brickell Key has a number of condominium towers and some
amount of current development, including Brickell City Centre, which
Class-A office and retail space.
Brickell | Non-Waterfront % of Sample Traded
Avg. Sales Price
Avg. S.F.
Avg. Price/S.F.
Year/Year % Change
2010
10%
$287,943
921
$313
2011
10%
$313,513
963
$326
g 4.0%
2012
18%
$341,253
994
$343
g 5.1%
2013
14%
$414,273
981
$422
g 18.7%
2014
8%
$432,750
989
$438
g 3.6%
on Price/Square Foot
Omissions due to low transaction numbers or absence of market: None
-0+
condominiums
ONE Sotheby’s International Realty | 27
Brickell Key | Waterfront % of Sample Traded
Avg. Sales Price
Avg. S.F.
Avg. Price/S.F.
Year/Year % Change
2010
6%
$721,518
1,682
$429
2011
6%
$775,255
1,607
$482
g 11.1%
2012
10%
$810,305
1,629
$498
g 3.0%
2013
13%
$974,464
1,680
$580
g 14.3%
2014
10%
$996,759
1,676
$595
g 2.4%
on Price/Square Foot
-0+
Bristol Tower | 2127 Brickell Avenue, #703, Brickell
Brickell’s waterfront condo towers have been appreciating at a rate of
probably due to the exclusive nature of its location and water frontages,
almost 10% on an annual basis since the beginning of the recovery from
commands pricing which is comparable to Brickell’s waterfront condos
the economic crisis in 2010. Today, waterfront condo units in Brickell
despite the island’s older buildings. An interesting fact is the size of
have averaged over $600 per square foot. The non-waterfront towers
the units in this area. Brickell Key’s units are the largest in the market,
have appreciated at a similar, albeit slightly slower, pace over this time
followed by Brickell waterfront condos. However, the non-waterfront
and are currently priced just under $450 per square foot. Brickell Key,
condos in Brickell are significantly smaller (about 33%).
Condo submarkets do not contain a Luxury Spotlight, since the product sample is already representative of the high-end market. For details on methodology, please refer to page 5.
28 | 2015 TRENDS Market Report
Downtown Miami Condo Market Index The Downtown submarket has been known for its high concentration of office space, which is exemplified by its other name, the CBD (Central Business District). Downtown Miami is generally delineated by the Miami River to the south, NE 17 Street to the north and I-95 and the
Midtown | Miami’s North End
Florida East Coast Railway to the west with Biscayne Bay to the east.
Brickell | Miami’s South End
Downtown Miami | Waterfront % of Sample Traded
Avg. Sales Price
Avg. S.F.
Avg. Price/S.F.
Year/Year % Change
2010
11%
$452,547
1,204
$376
2011
17%
$474,699
1,177
$403
g 6.8%
2012
11%
$523,679
1,224
$428
g 5.8%
2013
12%
$518,318
1,139
$455
g 5.9%
2014
11%
$586,810
1,134
$518
g 12.1%
on Price/Square Foot
-0+
Recently, the CBD has seen an uptick in the level of residential and
professionals being priced out of the Miami Beach rental market, the
mixed-use development activity. Two of the major drivers for the future
Downtown Miami submarkets have become attractive alternatives.
of Downtown Miami are the pending developments of the All Aboard
The area also includes the Arts and Entertainment (A&E) district of
Florida transit project, which will include a central station in Downtown
Downtown Miami, which is home to the Pérez Art Museum (PAMM) and
and the Miami World Center project, which will comprise over 700,000
the future Patricia and Phillip Frost Museum of Science, as well as the
square feet of retail, residential and office space. With many young
Adrienne Arsht Center for the Performing Arts.
Downtown Miami | Non-Waterfront % of Sample Traded
Avg. Sales Price
Avg. S.F.
Avg. Price/S.F.
Year/Year % Change
2010
8%
$487,648
1,469
$332
2011
10%
$511,621
1,423
$359
g 7.6%
2012
14%
$535,433
1,180
$454
g 20.8%
2013
20%
$486,804
1,092
$446
h 1.7%
2014
10%
$560,377
1,197
$468
g 4.8%
on Price/Square Foot
Omissions due to low transaction numbers or absence of market: None
-0+
As for pricing, Downtown Miami has largely mirrored the appreciation rates experienced
condominiums
ONE Sotheby’s International Realty | 29
New Cultural Development
in the Brickell submarket, with waterfront properties achieving almost $520 per square foot and the non-waterfront properties not far behind at $468 per square foot. Pricing is comparable to Brickell but includes a greater variety of product types, from more affordable to ultra-luxury. As was previously mentioned, the Downtown Miami submarket includes the Arts and Entertainment District, home to several luxury projects. With the increasing profile of the neighboring Edgewater/Midtown submarket and the new development success
Microsoft Innovation Center
Frost Museum of Science
First MIC to be set in the U.S.
Designed by Grimshaw Architects
in Brickell, the CBD and A&E submarkets are likely to experience a beneficial spill-over of successful infill projects. Two key factors inhibiting future inventory entering the pipeline are quickly-escalating land prices and spiking construction costs. These factors are expected to slow the new construction in the coming year and may stall
Miami World Center
PĂŠrez Art Museum Miami
some of the secondary CBD projects in 2015.
$2 Billion, Ten-Block Mega-Project
Designed by Herzog & de Meuron
Downtown Miami
Condo submarkets do not contain a Luxury Spotlight, since the product sample is already representative of the high-end market. For details on methodology, please refer to page 5.
30 | 2015 TRENDS Market Report
Edgewater & Midtown Condo Market Index The Edgewater/Midtown submarket is comprised of East Edgewater and the Midtown district just west of Biscayne Boulevard and West Edgewater. Edgewater is located on the eastern strip of coastal land immediately north of Downtown Miami (aka the CBD), with Midtown
Miami’s North End | Ft. Lauderdale
found on the west side of the Florida East Coast Railway.
Downtown | Brickell | Miami’s South End
Edgewater | Waterfront % of Sample Traded
Avg. Sales Price
Avg. S.F.
Avg. Price/S.F.
Year/Year % Change
2010
1%
$167,000
1,128
$148
2011
1%
$1,100,000
2,353
$467
g 68.3%
2012
2%
$1,104,386
3,216
$343
h 36.1%
2013
3%
$1,071,458
3,303
$324
h 5.9%
2014
1%
$1,353,857
3,378
$401
g 19.1%
on Price/Square Foot
-0+
Edgewater had been overlooked for over a decade leading up to 2012,
are now over 1,500 condo units currently under construction with more
when Jorge Pérez of the Related Group announced that he would be
than 2,000 more units in the planning pipeline. Much of the charm and
developing a four-tower residential/resort project within the Edgewater
appeal of the Biscayne Corridor area is the easy accessibility to the
submarket known as the Paraiso Bay master development. Related’s
Miami CBD, the interstate highways and Miami Beach. Additionally, the
plan called for about 1,400 residential units, luxury amenities and an
area is significantly less congested than the Central Business District
elaborate, bayfront walkway within the two-acre development site.
and condo residences are typically much larger and more affordable
Paraiso Bay was just the first of various residential and mixed-use
than they are in comparable developments elsewhere in the Greater
developments to be announced in the neighborhood later on. There
Downtown Miami market.
Edgewater | Non-Waterfront % of Sample Traded
Avg. Sales Price
Avg. S.F.
Avg. Price/S.F.
Year/Year % Change
2010
8%
$278,485
1,152
$242
2011
9%
$364,299
1,100
$331
g 27.0%
2012
10%
$310,387
1,142
$272
h 21.8%
2013
17%
$384,652
1,156
$333
g 18.3%
2014
11%
$379,903
1,106
$344
g 3.2%
on Price/Square Foot
Omissions due to low transaction numbers or absence of market: None
-0+
condominiums
ONE Sotheby’s International Realty | 31
Midtown | Non-Waterfront % of Sample Traded
Avg. Sales Price
Avg. S.F.
Avg. Price/S.F.
Year/Year % Change
2010
3%
$208,328
1,014
$206
2011
4%
$385,160
1,172
$329
g 37.5%
2012
17%
$342,413
1,072
$319
h 3.0%
2013
23%
$419,365
1,089
$385
g 17.1%
2014
23%
$430,701
1,125
$383
h 0.5%
on Price/Square Foot
-0+
Midtown has seen a resurgence of development interest following the
Edgewater and Midtown are trading at a significant discount versus
creation of the Shops at Midtown and the Midtown condo projects,
other Downtown Miami area submarkets. Waterfront properties can
developed during the last cycle (2003–2007). The area is seen as
be purchased for about $400 per square foot and non-waterfront for
an alternative to the density of Brickell and CBD for entertainment
just $344 per square foot, with Midtown priced somewhere in between.
and living, and offers lifestyle proximity to the edgy and very trendy
A project creating key linkage between the Design District, Midtown and
Wynwood Art District and up-and-coming neighbor, Design District.
Edgewater at a pedestrian level would be ideal for this growing market.
Paramount Bay | 2020 N. Bayshore Drive, #2710, Edgewater
Condo submarkets do not contain a Luxury Spotlight, since the product sample is already representative of the high-end market. For details on methodology, please refer to page 5.
32 | 2015 TRENDS Market Report
Miami Beach Condo Market Index Miami Beach has long been the iconic image of Miami for tourists and non-locals. The barrier island is broken into four different submarkets: South Beach, Mid Beach, North Beach and North Bay Village, which is really comprised of two islands west of Mid Beach.
Miami’s North End | Ft. Lauderdale Miami’s South End
Downtown
South Beach | Waterfront % of Sample Traded
Avg. Sales Price
Avg. S.F.
Avg. Price/S.F.
Year/Year % Change
2010
8%
$1,982,480
2,170
$914
2011
10%
$2,021,046
1,964
$1,029
g 11.2%
2012
13%
$1,887,818
2,005
$942
h 9.3%
2013
14%
$2,368,176
1,967
$1,204
g 21.8%
2014
12%
$2,655,743
1,960
$1,355
g 11.2%
on Price/Square Foot
-0+
South of Fifth Spotlight: 2014 Statistics Apogee
Continuum South
Continuum North
Murano Portofino
Portofino Tower
Murano Grande
Icon South Beach
Transactions b 1
Transactions b 16
Transactions b 15
Transactions b 6
Transactions b 8
Transactions b 23
Transactions b 20
Avg. Price b $7.24M
Avg. Price b $4.93M
Avg. Price b $2.57M
Avg. Price b $2.65M
Avg. Price b $2.00M
Avg. Price b $2.41M
Avg. Price b $2.59M
Avg. PPSF b $2,333
Avg. PPSF b $2,003
Avg. PPSF b $1,651
Avg. PPSF b $1,354
Avg. PPSF b $1,036
Avg. PPSF b $1,113
Avg. PPSF b $1,061
g 0.6% since 2013
g 38.0% since 2013
g 18.6% since 2013
g 15.1% since 2013
g 6.5% since 2013
g 21.8% since 2013
g 21.2% since 2013
g 81.4% since 2010
g 137.9% since 2010
g 60.3% since 2010
g 79.0% since 2010
g 82.4% since 2010
g 92.9% since 2010
g 105.3% since 2010
Mid Beach | Waterfront % of Sample Traded
Avg. Sales Price
Avg. S.F.
Avg. Price/S.F.
Year/Year % Change
2010
9%
$900,175
1,425
$632
2011
10%
$778,117
1,422
$547
h 15.4%
2012
8%
$958,858
1,404
$683
g 19.9%
2013
11%
$1,122,798
1,436
$782
g 12.7%
2014
11%
$1,191,585
1,334
$893
g 12.4%
on Price/Square Foot
Omissions due to low transaction numbers or absence of market: None
-0+
condominiums
ONE Sotheby’s International Realty | 33
North Beach | Waterfront % of Sample Traded
Avg. Sales Price
Avg. S.F.
Avg. Price/S.F.
Year/Year % Change
2010
7%
$860,658
1,530
$563
2011
12%
$1,009,603
1,584
$638
g 11.7%
2012
18%
$1,170,994
1,685
$695
g 8.3%
2013
15%
$1,349,918
1,565
$862
g 19.4%
2014
9%
$1,530,266
1,436
$1,066
g 19.1%
on Price/Square Foot
-0+
South Beach is known for its high-end restaurants, condo towers and
As for the condo market, Mid Beach and North Beach are slightly less
breathtaking views of Biscayne Bay, Downtown Miami and the Atlantic
densely developed than South Beach, as they also feature a single-family
Ocean. Since the 1990s, this area has been the entertainment hotspot
home market. Mid Beach is home to two of the most historic and well-
for tourists and locals alike.
known resorts in Miami Beach, the Eden Roc and the Fontainebleau.
The northern section of South Beach includes Lincoln Road and is
Pricing on Miami Beach is driven largely by the level of “exclusivity”
considered by some to be the cultural center of Miami Beach. There
perceived by buyers in each market. For this reason, South Beach has
are countless boutique hotels, resorts and condo towers lining the
always commanded the highest pricing per square foot in almost all of
beaches on the east side of Collins Avenue. This area also contains
Miami-Dade County, with Mid Beach and North Beach right behind it.
the New World Symphony, the United States’ only full-time orchestral
North Bay Village, by contrast, is priced at a significant discount, but
academy. The southern section of South Beach offers the exclusive
has been experiencing high appreciation over the past years; a growth
SoFi (South of Fifth) pocket, a small concentration of luxury condo
that is projected to continue.
developments. South of Fifth is considered the most high-end condo market in Miami Beach, providing residents with a quieter lifestyle than
“Overall, the Miami Beach condo and single-family markets were driven
that of the northern South Beach section. South of Fifth is also home to
by lack of inventory. For example, in the high-end waterfront home
South Pointe Park, a resident favorite featuring the new, 450-foot South
sector, the average price per square foot jumped 16% from 2013 to
Pointe Pier, ample walkways and stunning views of Fisher Island and
2014. Days on market (DOM) dropped from 241 in 2013 to 193 in 2014.”
the cruise ships leaving Miami through Government Cut.
– Kevin Tomlinson, ONE Sotheby’s International Realty
North Bay Village | Waterfront % of Sample Traded
Avg. Sales Price
Avg. S.F.
Avg. Price/S.F.
Year/Year % Change
2010
7%
$214,784
1,270
$169
2011
10%
$209,133
1,275
$164
h 3.1%
2012
10%
$239,580
1,287
$186
g 11.9%
2013
12%
$286,235
1,264
$227
g 17.8%
2014
19%
$343,582
1,249
$275
g 17.7%
on Price/Square Foot
-0+
Condo submarkets do not contain a Luxury Spotlight, since the product sample is already representative of the high-end market. For details on methodology, please refer to page 5.
34 | 2015 TRENDS Market Report
The Islands Condo Market Index This submarket is comprised of three islands in Miami-Dade County, which are typically not included in the Miami Beach submarkets. These islands are Key Biscayne, accessible only by the Rickenbacker Causeway; Bay Harbor Islands, which are just west of Bal Harbour on the north end of Miami
Ft. Lauderdale | Miami’s North End
Beach; and Fisher Island, which is accessible only by ferry (or helicopter).
Miami’s South End
Downtown
Key Biscayne | Waterfront % of Sample Traded
Avg. Sales Price
Avg. S.F.
Avg. Price/S.F.
Year/Year % Change
2010
3%
$1,809,554
2,927
$618
2011
7%
$1,469,158
2,496
$589
h 5.0%
2012
7%
$1,565,008
2,375
$659
g 10.6%
2013
11%
$2,119,043
2,388
$887
g 25.8%
2014
7%
$1,637,652
2,050
$799
h 11.1%
on Price/Square Foot
-0+
Key Biscayne is mostly beaches, nature reserves and parks, but the
Condos on the Bay Harbor Islands trade at a steep discount compared
Village of Key Biscayne has long been considered one of the most
to Key Biscayne and Fisher Island. 2014 saw a significant downturn
exclusive real estate markets in South Florida. Pricing was consistent
in pricing, following a big jump between 2012 and 2013. This is likely
even during the financial crisis. Today, pricing reflects the fact that there
attributed to the significant level of redevelopment occurring on the
is little to no space on Key Biscayne for development or redevelopment,
Bay Harbor Islands on a small scale. Typically, these new projects are
with remaining sites regulated and politically difficult to develop.
boutique developments with less than 20 units.
Bay Harbor Islands | Waterfront % of Sample Traded
Avg. Sales Price
Avg. S.F.
Avg. Price/S.F.
Year/Year % Change
2010
5%
$117,286
1,213
$97
2011
10%
$173,995
1,395
$125
g 22.4%
2012
6%
$213,857
1,515
$141
g 11.7%
2013
9%
$316,417
1,412
$224
g 37.0%
2014
13%
$257,833
1,421
$181
h 23.5%
on Price/Square Foot
-0+
Omissions due to low transaction numbers or absence of market: Palm/Hibiscus/Star Islands, Venetian Islands, Sunset Islands, La Gorce Island, Indian Creek and Normandy Isles
condominiums
ONE Sotheby’s International Realty | 35
Fisher Island | Waterfront % of Sample Traded
Avg. Sales Price
Avg. S.F.
Avg. Price/S.F.
Year/Year % Change
2010
5%
$3,081,500
4,468
$690
2011
7%
$3,568,014
4,520
$789
g 12.6%
2012
8%
$3,775,000
4,254
$887
g 11.1%
2013
10%
$3,612,727
4,028
$897
g 1.1%
2014
6%
$5,423,750
4,910
$1,105
on Price/Square Foot
-0+
g 18.8%
Fisher Island is the epitome of luxury, as the island is inaccessible by car.
The first new condominium tower is under construction on Fisher Island,
These condos cater solely to the extremely wealthy and vacationers.
and is likely to be delivered in early 2016. Fisher Island remains one of
Pricing on Fisher Island is well over $1,000 per square foot despite the
the jewels of Miami, offering golf, tennis, marina, a spa and a private
units being some of the largest in Miami-Dade County. Fisher Island
beach along with unbeatable privacy. This exclusivity comes with a
has recently been the subject of some litigation as developers push for
higher cost of operation, but the value of a Fisher Island residence is
additional construction in the tiny island.
one of the absolute highest in Miami.
Oceanside | 7463 Fisher Island Drive, #7463, Fisher Island
Condo submarkets do not contain a Luxury Spotlight, since the product sample is already representative of the high-end market. For details on methodology, please refer to page 5.
36 | 2015 TRENDS Market Report
Miami | North End Condo Market Index The North End of Miami includes the northern-most tip of Miami Beach (Surfside and Bal Harbour) as well as Aventura and Sunny Isles, which sit on the border with Broward County. These areas are known for their affluence, accessibility to both Miami’s and Broward’s beaches and high
Broward’s South End | Ft. Lauderdale
concentration of European residents.
Downtown | Miami Beach
Aventura | Waterfront % of Sample Traded
Avg. Sales Price
Avg. S.F.
Avg. Price/S.F.
Year/Year % Change
2010
7%
$739,169
2,764
$267
2011
13%
$746,419
2,513
$297
g 9.9%
2012
12%
$867,531
2,741
$316
g 6.1%
2013
11%
$1,105,983
2,788
$397
g 20.2%
2014
10%
$1,022,262
2,522
$405
g 2.2%
on Price/Square Foot
-0+
Referred to as “Turnberry” until 1995, Aventura is home to the Aventura
Bal Harbour has long been considered the luxury epicenter for Miami-
Mall (the 5th largest in the nation) and several retail strip centers, as
Dade County. The Bal Harbour Mall is located across the street from
well as a number of office parks. The area was primarily developed
most of Bal Harbour’s condo towers, all of which sit on private beaches
during the 1980s and 1990s and achieved critical mass by 2000. With
facing the Atlantic Ocean. Bal Harbour has both very high pricing on
accessibility to I-95 and Miami Beach, Aventura is a highly desirable
a per-square-foot basis and above-average-sizing of condo units. The
location with condo towers situated right on the Intracoastal canals.
area has seen sky-rocketing growth since 2010.
Bal Harbour | Waterfront % of Sample Traded
Avg. Sales Price
Avg. S.F.
Avg. Price/S.F.
Year/Year % Change
2010
3%
$1,825,675
2,718
$672
2011
6%
$2,499,032
2,701
$925
g 27.4%
2012
18%
$3,475,337
2,586
$1,344
g 31.2%
2013
13%
$3,312,535
2,433
$1,362
g 1.3%
2014
25%
$3,391,048
1,402
$2,419
g 43.7%
on Price/Square Foot
Omissions due to low transaction numbers or absence of market: Golden Beach
-0+
condominiums
ONE Sotheby’s International Realty | 37
Surfside | Waterfront % of Sample Traded
Avg. Sales Price
Avg. S.F.
Avg. Price/S.F.
Year/Year % Change
2010
9%
$582,619
1,497
$389
2011
6%
$535,422
1,575
$340
h 14.5%
2012
10%
$748,474
1,711
$437
g 22.3%
2013
10%
$547,207
1,385
$395
h 10.7%
2014
8%
$1,094,621
1,692
$647
g 38.9%
on Price/Square Foot
-0+
Surfside is located just south of Bal Harbour on the Miami Beach barrier island. Surfside is aptly named as it has the appearance and feel of a quiet surf town one might find along the California coast. However, this area has recently become the site of some of the most notable ultra-luxury developments, including the Fendi Chateau Surfside, the first condo tower with Fendi branding. “Luxury condos, new construction and, on a global scale, wellpriced real estate are factors in the driving force behind the success of Sunny Isles Beach. Pre-construction condos range from $1,300 to $2,500 per square foot while premier luxury condo towers may still be purchased from $800 to $1,300 per square foot. The Atlantic Ocean and resident amenities offer an all-inclusive lifestyle central to both FTL and MIA airports with an additional draw on its proximity to great schools, golf, restaurants, retail and nightlife.”
Jade Ocean | 17121 Collins Avenue, #PH4408, Sunny Isles Beach
– Ashton Coleman, ONE Sotheby’s International Realty
Sunny Isles | Waterfront # Transactions *
Avg. Sales Price
Avg. S.F.
Avg. Price/S.F.
Year/Year % Change
2010
10%
$1,187,642
1,980
$600
2011
11%
$1,247,431
1,909
$653
g 8.2%
2012
11%
$1,199,104
1,675
$716
g 8.7%
2013
12%
$1,433,762
1,727
$830
g 13.8%
2014
9%
$1,786,935
1,815
$985
g 15.7%
on Price/Square Foot
-0+
Condo submarkets do not contain a Luxury Spotlight, since the product sample is already representative of the high-end market. For details on methodology, please refer to page 5.
38 | 2015 TRENDS Market Report
Broward
General Statistics
Single-Family Homes
Waterfront, Single-Family Homes
Unlike its southern neighbor Miami, Broward County tends to represent a more traditional, domestic buyer pool and, as a generalization, the wealth belt in Broward tends to concentrate
# For Sale b # Sold b PPSF b
2010
2011
2012
2013
2014
5,636 513 $197
4,957 560 $198
4,271 721 $189
4,317 955 $213
5,627 958 $230
along the Coast, tending to be home-grown with far less foreign (non US-based) influence. The county serves as the bedroom community to large employers who desire a South Florida
PPSF Trendline b
presence, but demand a lower cost of living and more suburban development pattern.
Non-Waterfront, Single-Family Homes
Over the past few years, there has been a silent migration northward as Miami homeowners discover the cost-of-living gap between Miami and Broward. This will probably continue, as housing costs approach 30% to 40% discounts in Broward’s submarkets versus comparable alternatives in Miami-Dade. This migration
# For Sale b # Sold b PPSF b
2010
2011
2012
2013
2014
10,339 1,109 $137
8,890 1,293 $130
7,003 1,687 $137
7,731 2,306 $130
11,438 2,608 $157
is also fueled by the fact that Miami’s road infrastructure turns increasingly burdensome as higher density developments are creating
PPSF Trendline b
unsustainable increases in traffic levels and commute times. Today, locations in southwest Broward with connectivity to I-75 are actually closer in travel time to employment centers than some locations in South Miami.
Ft. Lauderdale: Through a Global Lense
The luxury markets in Broward are comparable in terms of average home pricing in the luxury category ($1M–$5M and $5M–$10M), yet
“High-End Property in Fort Lauderdale
with fewer transactions than in Miami-Dade.
Outperforms Rest of the Market”
There are very few ultra-luxury $10M+ trades
- Financial Times (September 2014)
in Broward. This is due to a combination of the domestic buyer pool and the fact that Broward does not possess a large bayfront market or multiple islands within its boundary.
“Ft. Lauderdale is in the
“Downtown Ft. Lauderdale Among
Another significant trend is a slow-moving
- Dow Jones Business Review
- Livability.com (March 2014)
sub-luxury markets, all boats lift in the rising
“2014 Ft. Lauderdale Boat Show
“Ft. Lauderdale’s Shrinking
tide of the resale market, which will probably
Attendance Highest Since 2006” Acreage Increasingly High End”
be the year’s highlight in Broward County.
- Sun Sentinel
Midst of a Comeback”
Top 10 Downtowns in U.S.”
single-family market. The U.S. is experiencing a stagnation of the new housing market and Broward is no exception. While this affects the
- Ocean Drive Magazine
ONE Sotheby’s International Realty | 39
Luxury Spotlight
h 2,209
h 2,600
h 244
h 188
Avg. Home Price Trendline h
h 72
h 2,376
h 2,098
h 82
h 12
h 10
h 1
h 0
h 210
h 219
h 42
h 40
# Sold
# For Sale h 2,029
2011
2012
2013
2014 $15,500,000
h 9
# Sold h 57
2010
$13,000,000
h 7
2014
h 2
h 4
h 60
h 65
Avg. Home Price Trendline h
h 137
2013
Avg. Home Price Trendline h h 135
2012
$10,000,000
2011
N/A
2010
$6,580,000
2014
$6,100,000
2013
$1,835,000
2012
$1,644,000
2011
$1,609,000
2010
$10,800,000
Average Home Price
$6,200,000
Average Home Price
$6,680,000
Average Home Price
$7,150,000
$10M+ Transactions
$1,805,000
$5M to $10M Transactions
$1,873,000
$1M to $5M Transactions
h 11
# Sold
# For Sale h 201
h 1 # For Sale h 53
1301 E. Lake Drive, Fort Lauderdale
40 | 2015 TRENDS Market Report
Broward | South End Non-Waterfront, Single-Family Homes Average Price per Square Foot Ft. Lauderdale | Broward’s North End
Hollywood Beach
Miami
Hallandale Beach
$0
$50
$100
$150
$200
$250
Western Suburbs
$300 $165
The number of single-family home sales in
$186
Hollywood Beach averages about four times as many as the Hallandale Beach market sales, although with slightly lower average
$170 $208
pricing. Hollywood Beach ended the five-year period at $219 per square foot, up 10.6% from 2013 levels and 33% over 2010 levels. The number of transactions fluctuates slightly between 84 and 114 sales per year.
$253 $226
Hallandale Beach ended the 2014 period at an average of $267 per square foot, up 8.5% from 2013 levels and 44% over 2010.
$198 $246
Percentage Change 2013 – 2014 $219
Hollywood Beach: g 10.6%
$267
Hallandale Beach: g 8.5%
Spotlight: 2014 Luxury Residence Transactions*
# Transactions Hollywood Hallandale Beach Beach
106
27
2011
84
14
2012
114
25
2010
2013
96
29
2014
84
23
Avg. Home Price
# Transactions
Hollywood Beach
$635,108
27
outperforms the top half of the Hollywood
Hallandale Beach
$1,105,000
10
Beach market by almost double the average
The top half of the Hallandale Beach market
home price. Hollywood Beach, however, is still
Hollywood Highlights:
Hallandale Highlights:
a more active market at 27 sales in 2014.
-
-
As Broward County’s South End, Hallandale
Seven miles of pristine beaches Lively, 2.5-mile boardwalk Abundant parks and coral reefs Multi-million-dollar estates
Omissions due to low transaction numbers or absence of market: None
Premiere parks and race tracks Vibrant, beachfront community Retail, dining and water sports World-class, waterfront homes
and Hollywood are ideal locations with easy access to Fort Lauderdale and Miami.
* The top 50% of each market, by average price.
single-family homes
ONE Sotheby’s International Realty | 41
Broward | South End Waterfront, Single-Family Homes Average Price per Square Foot Ft. Lauderdale | Broward’s North End
Hollywood Beach
Miami
Hallandale Beach
$0
$50
$100
$150
$200
$250
$300
$350
Western Suburbs
$400 $253
The Hallandale Beach neighborhood has a
$286
nearly equal number of waterfront and nonwaterfront transactions, with much stronger average prices than Hollywood Beach. Both
$304 $298
neighborhoods increased 33% to 35% over 2010 levels, with Hallandale Beach ending the period at an average of $387 per square foot, as compared to Hollywood Beach at an average of $338 per square foot.
$185 $355
Overall, waterfront homes traded at 40% to 80% greater average pricing per square foot than its non-waterfront counterparts.
$277 $366
Percentage Change 2013 – 2014 $338
Hollywood Beach: g 22.0%
$387
Hallandale Beach: g 5.7%
Spotlight: 2014 Luxury Residence Transactions*
# Transactions Hollywood Hallandale Beach Beach
2010
9
Avg. Home Price
# Transactions
Hollywood Beach
$1,412,400
8
overpowers Hollywood Beach in terms of both
Hallandale Beach
$1,909,000
14
average pricing and number of transactions.
28
2011
12
22
2012
12
25
2013
21
35
2014
14
27
Hollywood Beach
Omissions due to low transaction numbers or absence of market: None
Hallandale Beach
For luxury, waterfront homes, Hallandale Beach
Both areas are experiencing an increase in new construction with developments such as Beachwalk in Hallandale and Apogee Beach in Hollywood, which are projected to enhance their respective real estate markets.
* The top 50% of each market, by average price.
42 | 2015 TRENDS Market Report
East Fort Lauderdale Non-Waterfront, Single-Family Homes Average Price per Square Foot Las Olas Isles Harbor Beach
$0
$100
Ft. Lauderdale Beach
Victoria Park & Colee Hammock
Western Suburbs
Broward’s South End | Miami
Rio Vista
$200
Broward’s North End
$300
$400
$500 $303
In 2014, all analyzed Greater Fort Lauderdale
$211
coastal submarkets east of I-95 reached
$234 $256 $234
the highest average price per square foot in the five years presented. Other than Las Olas Isles and Fort Lauderdale Beach, these luxury submarkets are all trading in the low to mid $300-per-square-foot range for non-
$308 $274
waterfront homes. In most of these areas, averages are considered reliable indicators
$284
of market trends due to their relatively strong
$259
transaction numbers. These submarkets will
$228
likely experience strong gains in 2015, as the non-waterfront product appears underpriced relative to counterparts in Miami-Dade County.
$295 $253 $327 $273 $259
Broward County emerged from the recession 12 to 18 months slower than Miami-Dade did. Therefore, we expect 2015 to bring continued strong performance within the submarkets. With the only exception of the Victoria Park & Colee Hammock market, transaction volume was sustained or greater than it was during
$391 $268
2013, indicating probable continued upward momentum in pricing for single-family homes.
$403 $315 $297
Percentage Change 2013 – 2014
Omissions due to low transaction numbers or absence of market: Sunrise Key
$457
Las Olas Isles: g 16.9%
$312
Harbor Beach: g 16.4%
$415
Ft. Lauderdale Beach: g 3.0%
$341
Rio Vista: g 8.3%
$326
Victoria Park & Colee Hammock: g 9.8%
single-family homes
ONE Sotheby’s International Realty | 43
2612 Aurelia Place, Fort Lauderdale
Las Olas Isles and Fort Lauderdale Beach presented the highest average price
# Transactions
per square foot consistently from 2011 to 2014. This alludes to great value in the non-waterfront, single-family home segment of a primarily waterfront market,
Las Olas Isles
Harbor Beach
Ft. Laud. Beach
Rio Vista
Victoria P. & Colee H.
2010
4
5
10
22
68
2011
5
6
11
27
52
2012
7
7
11
41
80
2013
1
7
12
41
120
2014
5
12
14
40
98
something to consider when making an investment on a Fort Lauderdale home. Rio Vista, an old-fashioned neighborhood with approximately 1,000 homes is often compared to Miami’s Coral Gables for its Mediterranean Revival style and old-growth trees that keep residents cool even in the dead of summer. Rio Vista comes in third for highest average price per square foot in 2014, at $341. The East Fort Lauderdale area’s non-waterfront, single-family segment is one of Broward’s best-performing markets today, as it continues to draw demand due to its proximity to the water and Fort Lauderdale’s many amenities.
Spotlight: 2014 Luxury Residence Transactions*
Las Olas Isles is East Fort Lauderdale’s leader when it comes to high-end, non-
Avg. Home Price
# Transactions
waterfront residences. Its low number of transactions is directly related to the
Las Olas Isles
$2,045,000
2
size of the market, as Las Olas Isles is primarily a waterfront neighborhood, with
Harbor Beach
$1,459,286
7
Ft. Lauderdale Beach
$1,988,500
5
Rio Vista
$1,060,056
18
Victoria P. & Colee H.
$789,271
38
just a few non-waterfront, single-family homes trading each year. It fans out along both sides of a stretch on East Las Olas Boulevard from the Intracoastal to its western canal, separating the historic thoroughfare’s commercial and residential districts beginning at South Gordon Road.
* The top 50% of each market, by average price.
44 | 2015 TRENDS Market Report
East Fort Lauderdale Waterfront, Single-Family Homes Average Price per Square Foot Las Olas Isles Harbor Beach
$0
$200
Ft. Lauderdale Beach
Victoria Park & Colee Hammock
Rio Vista
$400
$800
$1,000
Western Suburbs
Broward’s South End | Miami
Sunrise Key
$600
Broward’s North End
$1,200 $496
The East Fort Lauderdale single-family home
$472
market includes the neighborhoods of Las Olas
$1,000 $441 $492 $485
Isles, Harbor Beach, Fort Lauderdale Beach, Rio Vista, Victoria Park & Colee Hammock and Sunrise Key. This market area is located east of US-1 and spans from Harbor Inlet to the south and Sunrise Boulevard to the north.
$428 $491
East Fort Lauderdale’s waterfront market is
$733
usually in high demand, especially by boating
$377
enthusiasts and those looking for large lots
$557 $318
with extraordinary views. Although statistics are somewhat volatile due to low transaction numbers in some areas, prices leveled off in
$463 $534
2014 and most neighborhood averages are within $500 to $700 per square foot.
$200 $440
In 2014, Harbor Beach pricing closed 18.3%
$514
lower than it did in 2013, although it still took
$307
the top spot in the East Fort Lauderdale area at $682 per square foot — its second highest
$550
average in five years.
$835 $634 $551 $460 $490
Percentage Change 2013 – 2014
Omissions due to low transaction numbers or absence of market: None
$539
Las Olas Isles: h 2.0%
$682
Harbor Beach: h 18.3%
$642
Ft. Lauderdale Beach: g 1.3%
$552
Rio Vista: g 0.2%
$413
Victoria Park & Colee Hammock: h 10.2%
$567
Sunrise Key: g 15.7%
single-family homes
ONE Sotheby’s International Realty | 45
1600 Ponce de Leon Drive, Fort Lauderdale
“Harbor Beach will always remain one of Fort Lauderdale’s most desirable neighborhoods. Large lots, wide canals and ocean access along with a
# Transactions
private beach club offer residents an unparalleled location to call home.” Las Olas Isles
Harbor Beach
Ft. Laud. Beach
Rio Vista
Victoria P. & Colee H.
Sunrise Key
2010
52
13
4
11
1
3
the list at 15.7%, closing the year at an average $567 per square foot.
2011
69
15
2
14
8
3
Originally developed in the 1950’s, Sunrise Key, a community with
2012
66
13
2
9
10
6
and into this decade. A good amount of the original homes have been
2013
75
17
5
21
7
2
redesigned and updated, which has likely been an important factor in
2014
59
19
7
19
3
6
– Brian Hero, ONE Sotheby’s International Realty
In terms of percentage increase from 2013 to 2014, Sunrise Key tops
well under 100 homes, saw some redevelopment in the late 1990s
its value increase over the last few years.
Spotlight: 2014 Luxury Residence Transactions*
Avg. Home Price
# Transactions
Las Olas Isles
$3,454,200
25
Harbor Beach
$7,911,875
8
Ft. Lauderdale Beach
$3,056,250
4
Rio Vista
$3,055,938
8
deep-water dockage and gorgeous dry lots. Harbor Beach Surf Club,
Victoria P. & Colee H.
$982,500
2
a members-only organization dedicated to preserving the beach,
Sunrise Key
$4,356,923
3
also offers a small, private marina with 16 docks.
* The top 50% of each market, by average price.
East Fort Lauderdale’s luxury segment is mainly a waterfront market, since most of its single-family homes are set on small isles facing the area’s popular canals. With 300 feet of private beach for residents, Harbor Beach is a clear category leader at an average home price of $7,911,875. Harbor Beach waterfront properties usually include
46 | 2015 TRENDS Market Report
Broward | North End Non-Waterfront, Single-Family Homes Average Price per Square Foot Western Suburbs
Coral Ridge / C.R. Country Club
Lauderdale-by-the-Sea
Ft. Lauderdale | Broward’s South End
Lighthouse Point
$0
$50
$100
$150
$200
$250
$300 $215
The Broward | North End market is comprised
$152
of Lauderdale-by-the-Sea, Hillsboro Beach,
$303
Lighthouse Point, The Landings, Bay Colony, Coral Ridge & Coral Ridge Country Club and Sea Ranch, all located on the coast above Fort Lauderdale. As for non-waterfront, singlefamily homes, the most significant submarkets are Lauderdale-by-the-Sea, Lighthouse Point
$199 $146 $219
and Coral Ridge / C.R.C.C., which are analyzed in this section of the report. All three submarkets saw an upward trend in pricing from 2013 to 2014. Lauderdale-by-theSea, a charming beach village nicknamed the “Shore Diving Capital of Florida” because of its
$226 $158 $199
unique snorkel trail, experienced the highest average pricing by a small margin at $262 per square foot (the three submarkets are trading within the low to mid $200s per square foot). In terms of growth, Coral Ridge / C.R.C.C. saw the biggest increase from 2013 at 22.4%. Coral Ridge is a high-end community offering estate
$256 $181
homes, condos and townhomes, many with pools and large lots.
$201
Percentage Change 2013 – 2014 $262
Lauderdale-by-the-Sea: g 2.3%
$210
Lighthouse Point: g 16.0%
$246
Coral Ridge/C.R.C.C.: g 22.4%
Omissions due to low transaction numbers or absence of market: Hillsboro Beach, The Landings, Bay Colony and Sea Ranch
single-family homes
ONE Sotheby’s International Realty | 47
Riva, Fort Lauderdale | Riva-Condo.com
Lighthouse Point non-waterfront, single-family
All three neighborhoods experienced a slight
home pricing increased 16% from 2013 to
dip in pricing from 2010 to 2011. Although
2014 and crossed the $200-per-square-foot
Coral Ridge / C.R.C.C. has yet to reach the
line for the first time in the five years analyzed.
average pricing it reached during 2010, it has
Bordered by the Intracoastal and the ocean,
been steadily increasing over the past two
Lighthouse Point has manicured parks ideal
years. Lauderdale-by-the-Sea and Lighthouse
for joggers and bikers of all ages. The small
# Transactions Laud. by the Sea
Lighthouse Coral Ridge Point / C.R.C.C.
2010
6
60
14
Point not only bounced back during 2012, but
2011
12
48
34
town offers residents a peaceful atmosphere
are now at the highest average pricing they
in a predominantly-single-family-home market,
have experienced in all five years analyzed.
2012
12
58
54
as these properties make up 80% of the area
These are considered very reliable trends due
2013
21
69
48
and line Lighthouse Point’s 18 sprawling miles
to the high transactional volume displayed for
2014
26
54
45
of waterways and canals.
the three submarkets over the past few years.
Spotlight: 2014 Luxury Residence Transactions*
Avg. Home Price
# Transactions
Lauderdale-by-the-Sea
$626,000
13
Lighthouse Point
$624,442
17
Coral Ridge / C.R.C.C.
$977,077
17
* The top 50% of each market, by average price.
Coral Ridge / C.R.C.C., the southernmost neighborhood in this area, leads the luxury spotlight. The Coral Ridge Country Club is a focal point selling at a slight premium over the general Coral Ridge area. Residents enjoy yacht dockage, a classically designed golf course, tennis courts, a junior, Olympic-sized pool and great dining options.
48 | 2015 TRENDS Market Report
Broward | North End Waterfront, Single-Family Homes Average Price per Square Foot
$0
Sea Ranch
Lauderdale-by-the-Sea
Lighthouse Point
Bay Colony
Hillsboro Beach
The Landings
Coral Ridge / C.R. Country Club
$200
$400
$600
$800
$1,000
$1,200
$1,400
Ft. Lauderdale | Broward’s South End
$1,600 $331
As stated on page 46, Broward’s North End
$742
market is comprised of Lauderdale-by-the-
$284 $287 $355
no transactions
Western Suburbs
Sea, Hillsboro Beach, Lighthouse Point, The Landings, Bay Colony, Coral Ridge & Coral
$326
Ridge Country Club and Sea Ranch, all located
$306
on the coast directly above Fort Lauderdale.
$391
All neighborhoods analyzed reached a higher
N/A
average price per square foot during 2014 than
$284 $303 $379
they did in 2010, with the biggest growth seen in Hillsboro Beach at 88.8%. Hillsboro Beach is
$307
a highly exclusive market with very few annual
$297
transactions. In the past five years, only a total of four waterfront, single-family homes have
$332 no transactions
been traded in the area.
N/A $294 $329 $336
Three neighborhoods closed 2014 in the $400 range per square foot (Lauderdale-by-the-Sea,
$334
Coral Ridge / C.R.C.C. and Sea Ranch) while
$321
the remaining three traded in the mid to high $300s per square foot (Lighthouse Point, The
$370 no transactions
Landings and Bay Colony).
N/A $337 $305 $439 $386 $325
Omissions due to low transaction numbers or absence of market: None
Percentage Change 2013 – 2014
$443
Lauderdale-by-the-Sea: g 19.7%
$1,401
Hillsboro Beach: N/A
$381
Lighthouse Point: g 13.1%
$360
The Landings: g 18.0%
$369
Bay Colony: h 15.9%
$423
Coral Ridge / C.R.C.C.: g 9.6%
$466
Sea Ranch: g 43.4%
single-family homes
ONE Sotheby’s International Realty | 49
3140 NE 23 Avenue, Lighthouse Point
Sea Ranch Lakes, a small area surrounded by the Lauderdaleby-the-Sea neighborhood, presents the largest year-to-year
# Transactions
growth at an average $466 per square foot during 2014, 43.4%
Laud. by the Sea
Hillboro Beach
2010
21
2
41
Beach, this submarket presents just a few transactions in the
2011
14
0
five-year period analyzed, giving an indication of the market
2012
22
trend. The majority of the Sea Ranch Lakes village is a gated
2013
community (with a buyer wait list), with the remainder being a
2014
higher than it was in 2013. A good amount of Sea Ranch’s homes are waterfront, facing either the Intracoastal or one of its two inner lakes: Lake Cayuga and Lake Seneca. Like Hillsboro
without providing robust statistics with which to detect a real
Lighthouse The Point Landings
Bay Colony
Coral Ridge / C.R.C.C.
Sea Ranch
24
11
25
2
59
21
7
40
4
0
56
18
10
53
6
20
0
59
23
8
43
3
16
2
52
29
7
44
5
shopping plaza and a private beach club for village residents.
Spotlight: 2014 Luxury Residence Transactions*
Avg. Home Price
# Transactions
Lauderdale by the Sea
$2,798,000
5
in waterfront, single-family home pricing is Hillsboro Beach at $13,025,000,
Hillsboro Beach
$13,025,000
2
although its low transactional volume is not reliable enough to portray a trend.
Lighthouse Point
$2,248,700
20
The Landings
$1,339,167
12
Bay Colony
$2,366,667
3
Coral Ridge / C.R.C.C.
$2,736,141
15
of the intimacy and proximity to nature, the area’s greatest width is 900 feet.
Sea Ranch
$3,827,500
2
Residences tend to have been custom-designed to their owners’ request.
* The top 50% of each market, by average price.
In terms of luxury residences in Broward’s North End, the undisputed leader
Hillsboro Beach real estate offers some of the most prestigious properties in South Florida based on its geography alone. Residences sit on through-water lots along this secluded neighborhood spanning 3.2 miles. To give an idea
50 | 2015 TRENDS Market Report
Western Suburbs Non-Waterfront, Single-Family Homes Average Price per Square Foot
$0
Southwest Ranches
Plantation
Sunrise
Weston
$50
$100
Ft. Lauderdale
Parkland
Miami
$150
$200
$250 $191
While the majority of this study focuses on
$97
the luxury markets located east of I-95, there
$129 $168 $144
are five submarkets that have been competing with the eastern markets for buyers of luxury homes. In many cases, these markets have drawn buyers by offering comparatively lower prices, newer homes, larger lot sizes and/or
$178 $89
gated communities. For the Western Suburbs market area, we include the neighborhoods
$121
of Southwest Ranches, Plantation, Sunrise
$165
Weston and Parkland. The average pricing
$146
overall in these submarkets generally tracks 10% to 50% less than similar-sized homes in comparable eastern neighborhoods.
$176 $92 $121 $165 $149
The market leader in terms of average pricing in the Western Suburbs is Southwest Ranches, ending the five-year period at an average of $200 per square foot, which was 3% greater than the second highest neighborhood and 60% higher than the lowest priced. Southwest Ranches offers larger lot sizes than is typical
$207 $109
for any other submarkets, with homes built on five-acre sites being relatively common.
$138 $188 $158
Percentage Change 2013 – 2014
Omissions due to low transaction numbers or absence of market: None
$200
Southwest Ranches: h 3.4%
$125
Sunrise: g 14.7%
$151
Plantation: g 9.4%
$194 $171
Weston: g 3.2% Parkland: g 8.2%
single-family homes
ONE Sotheby’s International Realty | 51
13607 Bella Ranch Lane, Southwest Ranches
This feature typically results in a higher price per square foot of building area, as the pricing overall is pushed higher because of the site size, while home size
# Transactions
is not proportionately larger. The Southwest Ranches neighborhood, known for Southwest Ranches
Sunrise
Plantation
Weston
Parkland
2010
91
603
604
712
175
2011
105
661
644
705
196
2012
104
699
816
815
230
2013
105
700
915
857
279
2014
92
792
863
823
250
its equestrian lifestyle, also tracks last in terms of transactional volume, in large part as well due to the large site area typical for most residences, which results in lower development density. Pricing per square foot has increased over 2010 levels in all neighborhoods analyzed, though average appreciation gains are much lower than other submarkets. Price appreciation over 2010 levels for the Western Suburbs ranged from 4.7% for Southwest Ranches and Weston neighborhoods, to 18.8% for Parkland, to 28.9% for the Sunrise neighborhood.
Spotlight: 2014 Luxury Residence Transactions*
Our Luxury Spotlight leader is, far and beyond, Southwest Ranches at an average
Avg. Home Price
# Transactions
home price of $1,659,045, double the amount of second-ranked Weston. The
Southwest Ranches
$1,659,045
22
semi-rural area is very much protected to maintain their farm-like lifestyle. The
Sunrise
$262,207
434
Plantation
$599,031
275
Weston
$820,343
292
Parkland
$786,475
94
town has laws that keep homes from being built on lots of less than one acre and generally stop streetlights and sidewalks from being constructed. To support its equestrian nature, Southwest Ranches has developed miles of multi-use trails. People can be often be seen riding horses or bicycles throughout the town.
* The top 50% of each market, by average price.
52 | 2015 TRENDS Market Report
Broward
General Statistics
Condos
Waterfront Condos
The Southern Broward County luxury condo market is primarily concentrated on the Fort Lauderdale, Hallandale and Hollywood Beach submarkets, with nearly all of the product on
# For Sale b # Sold b PPSF b
2010
2011
2012
2013
2014
13,522 1,009 $175
10,373 1,169 $170
9,128 1,430 $191
9,200 1,733 $201
11,202 1,690 $202
the waterfront. The Broward market has a larger share of its condo market directly on the sand, as opposed to locations on a waterway, or locations with water views. However, much
PPSF Trendline b
of the “on the sand” product is older, so the pre-construction inventory available today tends to be smaller, with more exclusive,
Non-Waterfront Condos
boutique buildings being proposed. These pre-construction developments are reportedly selling very well because of a lack of new beachfront alternatives. A review of the Broward condo market data shows that markets across the board have
# For Sale b # Sold b PPSF b
2010
2011
2012
2013
2014
12,191 962 $95
9,136 1,243 $91
8,074 1,614 $95
9,563 2,157 $116
13,249 2,134 $129
been experiencing double-digit appreciation since 2011–2012. Both waterfront and nonwaterfront condos closed 2014 at higher
PPSF Trendline b
average pricing per square foot than they did any of the previous four years. The county’s oceanfront real estate markets are dominated by higher-density condominium developments and, as most of the currently-
Ft. Lauderdale: A Thriving City
under-construction inventory gets delivered to market in 2015 and 2016, this newer product is highly likely to continue to pull up resale pricing even further.
“Second Largest Increase in Metropolitan Employment in the U.S. from 2013 to 2014” - Bureau of Labor Statistics
Like the single-family market, condos in Fort Lauderdale and Broward’s South End tend to attract a large percentage of their buyer pool from Northeastern U.S. and Canada. The city of Fort Lauderdale has quickly evolved to offer
“One of America’s 10 Most
“One of America’s 10
great amenities and a variety of employment
Exciting Mid-Sized Cities”
options, attracting young professionals as
- Movoto National Real Estate
Greenest Mid-Sized Cities” - MyLife.com
in 2015 and be the primary beneficiary of a
“One of the Best U.S. Cities
“Development, Retail Sales Lifting
wave of buyers from these northern markets,
for Global Trade”
provided interest rates remain low.
- Global Trade Magazine
well. Following two back-to-back brutal winter seasons throughout the U.S. and Canada, Broward is likely to see significant demand
Fort Lauderdale-Area Economy” - Sun Sentinel
ONE Sotheby’s International Realty | 53
Luxury Spotlight $1M to $5M Transactions Average Home Price 2014 $1,451,000
2013 $1,395,000
2012 $1,312,000
$1,466,000
2011
Avg. Home Price Trendline h
$1,358,000
2010
Sold h 16
h 27
h 51
h 65
h 52
h 792
h 943
For Sale h 1,069
h 796
h 781
The Broward condo market has not had any
One significant factor in Fort Lauderdale’s
transactions over $5 million in the five years
lack of an ultra-luxury condo market is the age
analyzed in this report. Most of its luxury condo
of the real estate product. The city’s current
market is in Fort Lauderdale’s coastal areas,
situation, however, might change any minute
which are experiencing new development.
with some of the proposed, new development.
In general, real estate prices in Fort Lauderdale
Condominium towers such as Auberge Beach
are much more competitive than they are in
Residences & Spa, an oceanfront project to
Miami. While both markets are experiencing
begin construction during 2015, plan on asking
substantial growth, luxury penthouses in Fort
well over $5 million for the top-level inventory
Lauderdale are usually in the $3-million to
— a price Fort Lauderdale buyers may be
$4-million range. This pricing range represents
willing to pay due to the quality and size of
the top tier of the city’s existing condominium
the product combined with its beachfront
inventory, which usually comes with world-
location, something that is only attainable at a
class amenities and spectacular water views.
much higher premium in other areas.
“Although condo sales do not typically exceed $5
Fort Lauderdale’s new development wave will
million, we project some transactions may inch
also offer some of the higher-level pricing the
up to $6 million sometime during 2015 due to the
city is now used to seeing with projects such
current growth of the Fort Lauderdale market.“
as RIVA, a 100-residence building with luxury
– Susan Rindley, ONE Sotheby’s International Realty
penthouses starting at under $3 million.
La Rive | 715 Bayshore Drive, #401, Fort Lauderdale
54 | 2015 TRENDS Market Report
Broward | South End Condo Market Index The area called Broward | South End is so-named because, relative to the city of Fort Lauderdale, these cities are found to the south. This submarket is comprised of the condo towers located on the barrier island in Hallandale Beach and Hollywood Beach and does not include
Ft. Lauderdale | Broward’s North End
any non-waterfront product outside the beaches.
Miami
Western Suburbs
Hollywood Beach | Waterfront % of Sample Traded
Avg. Sales Price
Avg. S.F.
Avg. Price/S.F.
Year/Year % Change
2010
8%
$1,116,829
2,733
$409
2011
21%
$1,224,866
2,742
$447
g 8.5%
2012
18%
$1,494,735
2,959
$505
g 11.6%
2013
14%
$1,309,166
2,680
$489
h 3.4%
2014
9%
$1,397,349
2,575
$543
g 10.0%
on Price/Square Foot
-0+
Hollywood has a number of restaurants and venues all located just
Hallandale, a hotspot for redevelopment, is the first city over the border
off the beach, which is really the focal point of the area. Of note is the
into Broward County. Hallandale Beach features condo towers all along
fact that Hollywood is also the 12th largest city in Florida, as it stretches
A1A overlooking the Intracoastal and Atlantic Ocean. Gulfstream Park
far to the west. The pricing in the graphs and charts reflects only those
and Casino is located in the heart of Hallandale Beach and serves as
condo towers found on the barrier island, all of which are waterfront.
a major demand driver for vacation rentals and full-time residences. In
While Hollywood does have a handful of Downtown condos, these
addition to its entertainment options, Hallandale is also conveniently
towers are miles away from the ocean and command pricing that is far
situated, providing its residents with relatively easy access to the
more modest and outside of the realm of true luxury.
entirety of Broward and Miami-Dade Counties.
Hallandale Beach | Waterfront % of Sample Traded
Avg. Sales Price
Avg. S.F.
Avg. Price/S.F.
Year/Year % Change
2010
8%
$459,376
1,554
$296
2011
11%
$491,510
1,610
$305
g 3.1%
2012
11%
$557,194
1,573
$354
g 13.8%
2013
15%
$705,130
1,626
$434
g 18.3%
2014
12%
$729,977
1,613
$453
g 4.2%
on Price/Square Foot
Omissions due to low transaction numbers or absence of market: Northern Beaches and Western Suburbs
-0+
ONE Sotheby’s International Realty | 55
condominiums
East Fort Lauderdale Condo Market Index For the purposes of this report, the Fort Lauderdale condo market excludes the non-waterfront segment. Fort Lauderdale is known as the yachting capital of the world and its atmosphere certainly supports that claim. With dozens of bars and restaurants, it has become increasingly
Broward’s North End
attractive for young professionals, families and retirees alike.
Broward’s South End | Miami
Western Suburbs
East Fort Lauderdale | Waterfront % of Sample Traded
Avg. Sales Price
Avg. S.F.
Avg. Price/S.F.
Year/Year % Change
2010
6%
$894,641
2,391
$374
2011
6%
$846,146
2,142
$395
g 5.3%
2012
10%
$929,408
2,243
$414
g 4.7%
2013
12%
$1,089,908
2,409
$452
g 8.4%
2014
9%
$1,097,663
2,171
$506
g 10.5%
on Price/Square Foot
-0+
The New River that runs throughout Las Olas and Fort Lauderdale
Las Olas gets its name from the main street that runs through its heart,
is one of the primary reasons for the absence of “non-waterfront”
Las Olas Boulevard. This street runs parallel to Broward Boulevard and
condominium towers in the area. In addition to the river, there are a
serves as an arts-and-leisure based twin to Downtown Fort Lauderdale.
number of canals and waterways which weave their way through Fort
Las Olas is defined by the tremendous walkability and waterfront
Lauderdale’s Downtown area. The area is seeing an influx of young
character. This is also the center for young professionals in Broward
professionals due to its many financial companies and law offices,
County, which is reflected in the large number of restaurants and bars.
its discounted pricing as compared to Miami-Dade and its access to
The area is also walkable to Fort Lauderdale’s Riverwalk, another
Broward, Palm Beach and Miami-Dade.
central concentration of bars, clubs and restaurants.
Las Olas | Waterfront % of Sample Traded
Avg. Sales Price
Avg. S.F.
Avg. Price/S.F.
Year/Year % Change
2010
10%
$779,103
2,431
$320
2011
7%
$778,120
2,329
$334
g 4.1%
2012
12%
$906,913
2,483
$365
g 8.5%
2013
16%
$940,986
2,318
$406
g 10.0%
2014
16%
$1,100,938
2,381
$462
g 12.2%
on Price/Square Foot
-0+
Condo submarkets do not contain a Luxury Spotlight, since the product sample is already representative of the high-end market. For details on methodology, please refer to page 5.
56 | 2015 TRENDS Market Report
Pre-construction Market Spotlight Our Picks for the Top 30 New Condos Rising in South Florida Area
Development Name
# Units
Unit Sizes (S.F.)
Completion
Coconut Grove
Park Grove
289
747 – 3,590
2017
Brickell
Brickell City Centre
790
870 – 3,200
2015
Brickell
Brickell Flatiron
552
898 – 2,310
2017
Brickell
SLS Lux
450
945 – 1,780
2017
Downtown Miami
One Thousand Museum
83
4,600 – 9,800
2017
Downtown Miami
Miami World Center
482
1,290 – 2,380
2018
South Beach
Three Hundred Collins
19
2,530 – 3,150
2016
South Beach
Louver House
12
2,090 – 2,430
2016
South Beach
Glass Miami Beach
10
1,930 – 3,370
2015
South Beach
1 Hotel & Residences
163
830 – 4,000
2014
South Beach
Shore Club Residences
85
1,000 – 4,000
2015
Miami Beach
Residences at Ritz-Carlton
111
1,750 – 6,530
2016
Miami Beach
L’Atelier
20
2,300 – 8,000
2017
Miami Beach
Beach House 8
8
3,780 – 5,240
2014
Miami Beach
The Bath Club Estates
13
5,620 – 10,200
2015
Surfside
The Surf Club Residences
150
1,200 – 8,000
2016
Bal Harbour
Oceana Bal Harbour
240
1,320 – 4,200
2016
Bay Harbor Islands
Kai at Bay Harbor
58
1,100 – 1,800
2016
Aventura
Marina Palms
234
1,820 – 2,600
2015
Sunny Isles
Mansions at Acqualina
79
4,800 – 16,000
2015
Sunny Isles
Jade Signature
192
1,380 – 4,950
2016
Sunny Isles
Turnberry Ocean Club
154
2,750 – 10,000
2018
Sunny Isles
Armani Casa
260
1,350 – 3,750
2017
Sunny Isles
Muse
68
2,360 – 5,800
2017
Hollywood Beach
Beachwalk
300
1,090 – 1,850
2015
Fort Lauderdale
Paramount
95
1,930 – 3,480
2016
Fort Lauderdale
Auberge Beach Residences
171
1,500 – 5,000
2017
Fort Lauderdale
Adagio on the Bay
12
3,280 – 3,420
2014
Fort Lauderdale
Riva
100
1,500 – 2,500
2016
Sunrise
Metropica
263
740 – 1,300
2016
ONE Sotheby’s International Realty | 57
YOUR TOP RESOURCE FOR SOUTH FLORIDA REAL ESTATE.
Number One
53 Percent
Leader in local luxury condo sales (over $500k)*
Growth in total sales volume from 2013 to 2014
$3 Billion
$1.3 Million
Amount in new, luxury developments represented by ONE
Average listing price in millions (highest in South Florida)*
Four Hundred Fifty
Fifteen Thousand
Local real estate experts, ready to guide you through the market
Global partners within Sotheby’s Realty, the world’s luxury standard
*Data by BrokerMetrics, past 12 months.
AVENTURA · BAY HARBOR · BRICKELL · CORAL GABLES · FORT L AUDERDALE · KEY BISCAYNE · MIAMI BEACH · SUNNY ISLES ©MMXV ONE Sotheby’s International Realty, licensed real estate broker. 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. Statistics provided by Integra Realty Resources – Miami\Palm Beach. The information contained herein is deemed accurate but not guaranteed.