HERE IT IS... The latest 2015 Market Report from Opulence International Realty. We wanted to create a report with some chops that could also serve as a guide to our burgeoning city. There is so much happening in Miami every day, it was our aim to capture some of the excitement behind the graphs and numbers in order to give you a more all encompassing view of the “real state of real estate” here in the Magic City. 2015 has been an interesting year. Even though the South American markets have slowed, there seems to be no end to the momentum felt around all of South Florida. The wealth of the world wants to invest here. And, why not? We are young and beautiful, with a great future ahead of us. Many have said that Miami is more like a collection of unique villages than a unified city. In this report, we wanted to bring to life those distinct neighborhoods that give Miami its magic. And what makes a neighborhood? The people. The residents we interviewed live and work in their neighborhoods and bring an understanding no amount of demographic analysis could offer.
Jill with Architect/Artist Robert Swedroe in his studio.
Finally, as you are looking to invest in Miami, I encourage you to consider the agents at Opulence International Realty to guide you. Just like our neighborhoods, it’s the people that give a company its character. Our agents possess different strengths, but all share the core values of integrity and a commitment to over-the-top service. I love working with them and I feel sure you will, too.
JILL
PATTERSON B R O K E R • O P U L E N C E I N T E R N A T I O N A L R E A LT Y MIAMI OFFICE
F T. L A U D E R D A L E O F F I C E
2060 N. BAYSHORE DRIVE MIAMI, FL, 33137
6700 N. ANDREWS AVENUE FT. LAUDERDALE, FL, 33309
3 0 5 . 6 1 5 . 1 3 7 6 • O P U L E N C E I N T E R N AT I O N A L R E A LT Y. C O M
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MIAMI’S RENAISSANCE THE BULL MARKET FOR MIAMI REAL ESTATE CHARGES AHEAD Over the past few years, Miami has established itself as not only a great resort destination, but truly as a city of significant world stature. While much of Miami’s growth has centered around luxury condominiums and lifestyle hotels, private investors are also turning to commercial sectors and luxury retail. Huge mixed-use developments such as Brickell City Centre and Miami World Center are under construction and will forever change the landscape of Downtown Miami.
F I V E FOR 2 0 1 5 1. Faena House PH sells for a record $60M. 2. Miami is getting smarter. 58% of Greater Downtown Miami residents over the age of 25 have a college degree.
3. New York moves to the “Sixth Borough” (aka
Miami). 11.4% of all in-migrants are from the NY metro area.
4. Opulence Sports & Entertainment Division's
Tomi Rose sold the King’s Palace for $13.4M.
5. Although the meltdown in the oil/commodityrich
feeder
countries
impacted
foreign
buyers’ appetites for Miami investment, they still spent $6.1 billion on South Florida real estate in 2015.
2
NEW DEVELOPMENT DOLLARS BY 2020 • BRICKELL $6B • DOWNTOWN MIAMI $12B • EDGEWATER, MIDTOWN, DESIGN DISTRICT $4B • SUNNY ISLES $11.5B • DORAL $2B • FORT LAUDERDALE $3B
3
POPULATION In 2015, Miami moved up in the ranking as the 6th most important city to ultra high-net worth individuals, according to Knight Frank.
1 2 3 4 5 6 7 8 9 1
. . . . . . . . . 0
“
We believe that democracy thrives when people and communities are informed and engaged.� - Knight Foundation
LONDON NEW YORK HONG KONG SINGAPORE SHANGHAI MIAMI PARIS DUBAI BEIJING . ZURICH
Miami-Dade gained 21,000 new residents from
2013-2014
and
is
estimated
have a population of 2,638,000.
to
Greater
Downtown Miami population has doubled in 15 years to 80,000 in 2015, fueled largely by young professionals. 2014
was
also
the
year
that
Florida
officially became the third most populous state in the nation, overtaking New York, just behind California and Texas. Overall, Florida population has grown nearly 8% in the last 5 years to 20,271,272. Miami was rated 38th in the Top 100 Most Livable Cities in the United States, according to Livability.com.
4
EXPERTS SAY... 1.
Venture capital and investors are moving in.
2.
South Florida entrepreneurs have more resources than ever before.
3.
Local universities are training the next generation to think like entrepreneurs.
angel
BUSINESS Miami is ranked 43rd for Job Growth on Forbes list of 200 national cities.
“
ARTS & CULTURE VISUAL ARTS Led by the unparalleled success of Art Basel,
What sets Miami apart from Silicon Valley, Boston, Austin, and New York is the presence of more than 1,400 multinational corporations, 90% of which are small businesses with 20 employees or fewer.”
Miami has undergone nothing short of a cultural revolution in the last 10 years. Now in its 14th edition, Art Basel has firmly entrenched itself as one of the most sought-after and meticulously planned events on the American art world.
- WeWork
F LO R I D A RANKS 1st
S t a t e fo r Inn o v ati o n -Fast Company
2nd -The Kauffman Foundation
M e t ro p o l i tan Are a f o r E ntre p reneur ship
4th
Wo me n - O w n e d Bus i ne s s -American Express OPEN
PERFORMANCE
th M o s t Co n nec te d Ci ti es i n the Wor ld -Verizon
5 7
th L a rg e s t S t a te E c o no m y i n the US -Business Insider
Knight
Foundation
invests
in
Miami’s
emerging innovators and entrepreneurs as
Adrienne Arsht Center offers 300+ shows yearly with opera, Broadway touring companies, concerts, and more. Miami is home to the New World Symphony, housed in the Frank Gehry designed New World Center. Miami City Ballet is a world-class company with 11 world premieres from choreographers like Twyla Tharp.
a tool to build community, while fostering
CULINARY
talent and expanding economic opportunity.
Now in its 15th year, The South Beach Wine and
Over the past three years Knight has committed $20 million in funding to more than 150 entrepreneurship initiatives in South Florida.
Food Festival attracts more than 60,000 guests annually to its 75+ events throughout the four days, showcasing the world’s most renowned wine and spirits producers, chefs and culinary personalities.
5
TRANSPORTATION PORT OF MIAMI In 2015, PortMiami processed nearly 4.9M multi-day passengers, more than any other port in the world. PortMiami is Miami’s second most important economic engine contributing $28 billion annually to the local economy and supporting more than 207,000 jobs in South Florida. It is recognized as the Cargo Gateway of the Americas.
Artist Conceptual Rendering All Aboard Florida
MIAMI INTERNATIONAL AIRPORT Not surprisingly, MIA has more flights to Latin Americaand the Caribbean than any other US Airport. MIA generates 33.7B in annual revenue and welcomes 70% of all international visitors to Florida.
MIA 2015
When complete, All Aboard’s Brightline train will travel 235 miles from downtown Miami through Fort Lauderdale and West Palm Beach, ending at the Orlando airport. This transit line will bring a total of 4M square feet of new developments around the South Florida stations.
21.2M
International Passengers (up 6% from 2014)
23.1M
Domestic Passengers (up 11% from 2014)
includes all three South Florida stations, is
Weekly Passengers (up 8% from 2014)
Brightline is reinventing what traveling
Total Passengers
forward-leaning solution that is a smarter
830,273 44.3M
THE UNDERLINE The Underline will create a 10-mile linear park underneath the Metrorail line from Brickell to Dadeland South Station.
6
ALL ABOARD FLORIDA
The first phase of the project, which already underway.
by train can mean in America, making it a alternative, removing a projected 3M cars from the road. Travel will start between Miami and West Palm Beach at speeds of 79-125mph in 2017.
HOSPITALITY & TOURISM FLORIDA BROKE TOURISM RECORDS LAST YEAR WITH 105M VISITORS IN 2015 UP 8% FROM 2014 There are 8,000 new hotel rooms expected to be built over the next five years in Miami-Dade, but apparently we'll need them all. Turns out Miami hotels lead the nation in key statistics like occupancy, rate, and profitability.
W H E R E THEY STAY 43% 12% 9% 8% 8% 5% 4% 4% 4% 3%
Miami ranks 3 rd in the Top 100 US Cities for Hotel Occupancy, Rate and RevPAR.
MIAMI BEACH AIRPORT NORTH DADE DOWNTOWN SOUTH DADE DORAL CORAL GABLES AVENTURA / SUNNY ISLES CENTRAL DADE GROVE/KEY BISCAYNE
Average Daily Hotel Room (ADR) rate increased overall 6% in Miami-Dade in 2015. In Surfside, ADR increased 20%. Revenue Per Available Room (RevPAR) increased 6%, as well. Occupancy remained the same as last year at 78%.
SPORTS & ENTERTAINMENT Miami is home to 4 Major League Sports teams
• MIAMI HEAT • MIAMI DOLPHINS • FLORIDA PANTHERS • MIAMI MARLINS It is also home of the celebrated Miami Open world-class tennis tournament and the future home of David Beckham's Major AAA Arena Home to the Miami Heat
League Soccer team.
7
REAL ESTATE THROUGH THE YEARS Miami isn’t shy. She makes an entrance and her market trends are no exception. The graph below illustrates median housing sales prices over the last fifty years. Nine years ago the Miami market took a historic dive from its record-breaking height. But no less dramatic has been its bouncy recovery, surpassing the nation’s averages. 2015 saw the record set for the highest priced Penthouse sold in the state of Florida, $60,000,000. In addition, we had the highest number of Single Family Home transactions on record.
2 0 1 5 AT A G L A N C E Nationally, consumers purchased 5.26 million homes in 2015, according to the National Association of REALTORS TM (NAR). That is a 6.5% increase over the prior year and the highest total since 2006 ($6.46 million sales). Median sales price nationwide rose 6.8% to $222,400. In Florida, sales volume for single family homes rose 12.4%, while condo sales also rose 6.1%. Median sales price for single family homes was up 10.1% to $196,000 and condo prices rose 7.1% to $150,000.
sales decreased .1% from last year. Median prices increased 8.2% for single family homes and 5.3% for condos. Inventory for single family homes decreased 3.5% from end 2014, while inventory for condos increased 10.2% from the same period. This has created a Seller's Market for Single Family Homes and a more balanced market for Condominiums.
In Miami, more single family homes were sold than ever in history, increasing 3.1% to 13,936. Condo sales were down 2.8% from 2014 to 15,950 total sales. Combined, total
1975: The BeeGees move to Miami 1970: Richard Nixon keeps Winter White House on Key Biscayne
8
1965
1991: Norman Braman purchases 1 Indian Creek for $3.9M, the highest price then in Miami-Dade County
1980: Mariel Boatlift 1987: Miami Tower built
Median Sales Price: Homes and Condos, 1965 - 2015
M ia m i to is h o m e l N a t io n a e n y a c B is 00 h 172,9 P a r k w it b t r o p ic a l su 0 a c re s o f s and 60 w e t la n d s o f s p e c ie f is h . t r o p ic a l
2007: Median sales price hits $315,000 in MiamiDade County
2006: Miami Heat wins NBA Finals over Dallas Mavericks
1992: Madonna buys her Coconut Grove mansion for $4.9M, the highest price then in Miami-Dade County
2002: Art Basel begins
1995: Fisher Island sets record for most expensive condo at $5.8M 1999: American Airlines Arena 1993: Premiere opens issue of Ocean Drive Magazine
2015: Faena House penthouse sells for $60M
JANUARY 2014: Opulence International Realty opens its first office location
2013: Alex Rodriguez sells his Miami Beach mansion for $30M
OCTOBER 2010: South Florida Opulence Magazine’s premiere issue unveiled on Fisher Island
2016
9
A NA LY Z I N G T H E OPULENCE INTERNATIONAL REALTY MARKET We’ve targeted our market analysis to houses and condos valued at $500,000 and above in Miami’s most sought-after areas. Area South of Fifth
16
Miami Beach
18, 19
Surfside
20
Bal Harbour
21
Brickell
24
Downtown
26
Edgewater & Midtown
27
Northeast Corridor
30
Aventura
31
Sunny Isles
32
Golden Beach
10
Found On Page
33
Coral Gables
36
Coconut Grove
38
Pinecrest
40
Key Biscayne
44
Fisher Island
46
Indian Creek Island
48
1 2 3 4
MIAMI BEACH
9
MIAMI CENTRAL
5 Brickell 6 Downtown 7 Edgewater & Midtown
South of Fifth Miami Beach Surfside Bal Harbour
MIAMI NORTH
11 10
MIAMI SOUTH
8 Northeast Corridor 9 Aventura 10 Sunny Isles 11 Golden Beach
12 Coconut Grove 13 Coral Gables 14 Pinecrest
4 16
3
8
ISLAND COMMUNITIES
15 Fisher Island 16 Indian Creek 17 Key Biscayne
2 7 6 5
15
1
CORAL GABLES
13
12
17 14
11
SINGLE FAMILY HOMES: 2015 Market Overview, Miami-Dade County
Miami-Dade County’s Single Family Homes market enjoyed a record breaking year for the third year in a row, with total number of sales for 2015 at 13,936 up 3.1% from 2014. As inventory decreased 3.5%, the market is favoring sellers who are getting 95.2% of their asking price in 2015.
CARVING UP THE LUXURY MARKET
Which single family home price point sold most in 2015?
MIAMI-DADE BY THE NUMBERS
$265,000
median sale price 8.2% increase from 2014
13,936
number of sales 3.1% increase from 2014
43
median days on market 4.4% decrease from 2014
6,045
year-end inventory 3.5% decrease from 2014
$2–3M $3–4M $500–699K $1–2M
$4–5M $5–7M $7–10M $10–15M $15–20M $20M+
$700–999K
At the current sales pace, there is a 5.2 month supply of single family homes – down 6.8% from 2014.
LUXURY SINGLE FAMILY HOMES Homes priced $500,000 and above in the select luxury areas; see pages 10-11 for area list.
Number of Sales: 1,328, a 6% decrease from 2014 Average Sales Price: $1,387,750, a 13% increase from 2014 Average Price Per Square Foot: $475, a 9% increase from 2014 Average Days on Market: 151, a 20% increase from 2014
12
2015 TOP SALE 775 South Mashta Drive
Source: SEF Regional MLS
CONDOS: 2015
Market Overview, Miami-Dade County Miami-Dade County’s Condo resale market was strong in 2015 despite competition from new condo construction projects with a total number of sales at 15,950, down only 2.8% from 2014. Demand is decreasing slightly, but prices and supply are rising, balancing out the market between buyers and sellers. Condos are selling more slowly than in 2014, but on average, sellers are getting 93.5% of their asking price.
LU XURY CO N D O A P PR E C IATI ON RATE S 2014-2015 Comp aris o n
calculated by comparing average sold ppsf year over year
-4%
CONTINUUM 1 CONTINUUM 2 APOGEE
6%
5% MURANO PORTOFINO
no change
ICON SOUTH BEACH FISHER ISLAND
-4%
-18%
$200,000
5%
SETAI W SOUTH BEACH
-2%
MIAMI-DADE BY THE NUMBERS
13%
15,950
5%
MARQUIS
60
EPIC RESIDENCES ICON BRICKELL
-1%
4%
PARAMOUNT BAY FOUR SEASONS RESIDENCES
-1% -4%
14%
12,600
median sale price 5.3% increase from 2014 number of sales 2.8% decrease from 2014 median days on market 5.3% increase from 2014 year-end inventory 10.2% increase from 2014
ST. REGIS BAL HARBOUR JADE OCEAN SANTA MARIA GROVENOR HOUSE
18%
11%
At the current sales pace, there is a 9.5 month supply of condominiums – up 13.2% from 2014.
LUXURY CONDOMINIUMS Condominiums priced $500,000 and above in the select luxury areas; see pages 10-11 for area list.
Number of Sales: 2,399, a 6% decrease from 2014 Average Sales Price: $1,122,229, a 5% increase from 2014 Average Price Per Square Foot: $634, a 3% increase from 2014 2015 TOP SALE Faena House Penthouse, 3315 Collins Avenue
Source: SEF Regional MLS
Average Days on Market: 141, a 44% increase from 2014
13
14 14
Resident Interview: Miami Beach
ROBERT SWEDROE Architect Robert Swedroe is a Renaissance man, able to use his right and left brains simultaneously to their fullest capacity. He has designed over 3,250 buildings, operated an international architecture business for more than four decades, and created over 1,200 sublime works of art in his chosen medium of collage. A student of his role models, Paul Rudolph, and Philip Johnson, Swedroe began his career working for Morris Lapidus. He contributed to Miami’s evolution with the design of some of South Florida’s most iconic buildings. Following the Seacoast Towers were landmark Blue and Green Diamond, Palazzo del Mare on Fisher Island, the original Acqualina Hotel and Resort, and countless Turnberry buildings, including the latest, Turnberry Ocean Club, to name a small few. He revolutionized condominium design with exceptionally efficient floor plans, sunrise-sunset views, and private entry elevator concepts. Called the “master” of multi-residential design, Swedroe lives with his wife, Rita, in a home he designed on the Isle of Biscaya. OIR: About Miami, does the place inspire you to do your art and your architecture? You’ve lived here your whole life. Were you born here? RS: My wife’s family was from here; that’s why I ended up here. I’m from New York, originally. When I graduated [Yale School of Architecture] I came down here and I was very fortunate because it was a high growth period in Miami Beach. In 1963, I became senior design architect for Morris Lapidus and during that time I earned my Florida architectural license and NCARB, which allowed me to practice nationally. I didn’t know at the time that I would be practicing across the country and in Europe and South America. OIR: What was it like working for Morris Lapidus? RS: He taught me the business of architecture. I learned from [Lapidus] that you can’t practice architecture unless you have a financially successful business.
OIR: How do you run a successful business? RS: Another major thing I learned from him. When you have meetings you write reports that could become legal documents because clients tend to have convenient memories. I document everything. OIR: You were doing collages while you were working for Lapidus? RS: Yes, I was always doing collage art and having shows. The first one-man show I ever had was for one month and it sold out in the first week because the Miami Herald gave me a wonderful writeup on the front page of the Sunday art section. We had a huge turnout. My wife said it was a phenomenal event “but don’t try to repeat it”. I couldn’t resist. The next year, it happened again with another full color page writeup in the Miami Herald. It brought crowds and sold out. That happened for three consecutive years. I had eight
sellout shows in seven years. One year a gallerist from New York came to my home and asked if I wanted to have a show in New York. I had two sellout shows that year in a gallery next to the Whitney Museum in New York. OIR: If you were working full time, when would you find time to work on your art? RS: I would work at night and weekends. I lived on Prairie Avenue in Miami Beach and turned a two-car garage into my studio. I’d put on comfortable clothes and play great classical music. The music was the inspiration. I completed around 500 collages at that time. In 1974, I opened my architectural office and from that point I didn’t create any art for 33 years. I started up again in 2006. OIR: Do you find that the two disciplines, collage and architecture, somehow complement each other?
“Is it architecture or art?” I just do it. I do art because it is unencumbered by architectural restrictions. It allows me free expression. OIR: Miami is like one big collage. You’ve watched it evolve and you’ve contributed massively to it. What has surprised you over all those years? RS: I really grew up with it when I got out of school. I was here before condos even started. I designed the first condo building on Miami Gardens Drive. What surprised me? Well, the rapid growth. I was fortunate enough to be involved in this tremendous growth movement. I was able to grow with a large staff, which allowed me to do more exciting work in many cities. If you ask me what excites me about architecture, it’s the thrill of the chase of making deals, being innovative, and designing efficient, practical projects.
RS: I don’t think about,
15 15
16
SOUTH OF FIFTH condos
South of Fifth, with its high-end restaurants, marina, and beautiful 17 acre South Pointe Park is arguably the best address in Miami Beach. Remarkably, for all its elite status, it also has a friendly, livable, village feel. The numbers below reflect all condos priced from $500,000 up. In 2015, there were less sales, down 38%, but prices increased 15%. The high-water mark for 2015 was the $12 million, 2-story, Steven G. designed “beach house” at Ocean House, 125 Ocean Avenue. Please keep in mind that these re-sale numbers do not reflect sales in new developments South of Fifth, like Glass, One Ocean, Marea and 321 Ocean, that traded in the $1,500 to $3,000 per square foot range.
$1,325,000 138 $979
median sale price 15% increase from 2014 number of sales 38% decrease from 2014
What’s Now:
median sale $/square foot 10% increase from 2014
Try FRENCH 27, South of Fifth's newest restaurant at 850 Commerce which gets its name for the 27 regions of France.
152
average days on market 63% increase from 2014
258
year-end inventory
2015 TOP SALE Ocean House 125 Ocean Drive BH 203
Source: SEF Regional MLS
$12,150,000
on 3/6/15 $1,841 psf
17
MIAMI BEACH homes
Numbers of sales decreased 22% for Miami Beach singlefamily homes priced above $500,000. On the flip side, even though it may take you 38% longer to sell your home, sales prices are up 16% from last year. The standout for the year was the $33 million, 9-bed/9-bath European contemporary estate at 5800 North Bay Road that sold for $2,715 per square foot. Previously owned by Jennifer Lopez, the celebrity estate was sold to Phil Collins.
2015 TOP SALE 5800 North Bay Road
Source: SEF Regional MLS
$33,000,000
on 6/15/15 $2,715 psf
What’s Now: In 2015, Miami Beach saw the opening of 3 iconic hotel masterpieces, Ian Schrager’s Miami Beach Edition Hotel, complete with a skating rink and bowling alley, Alan Faena’s luxurious and fantastical Faena Hotel featuring butler service and a 220 seat dinner theatre and Richard LeFrek/Starwood Capital’s environmentally conscious 1 Hotel and Homes where the ceilings of the lobby are made of wood reclaimed from water towers in Alaska.
$1,550,000 248 18
number of sales 22% decrease from 2014
$563
median sale price 16% increase from 2014
median sale $/square foot 13% increase from 2014
132
average days on market 38% increase from 2014
190
year-end inventory
MIAMI BEACH condos
The Miami Beach condos over $500K that changed hands in 2015 found a median price of $780K which was very close to prices last year, but the number of sales 631 rose 7%. It took longer to sell your condo because there is more inventory. All sales records were shattered with the sale of the Penthouse at Faena House, a 5-bed/5bath mansion in the sky that sold for $60 million and equated to a staggering $4,794 per square foot for its impressive 360-degree views atop 3315 Collins Avenue. While this is mind-blowing for the Miami market, we still lag far behind New York City, which saw the highest price duplex ever sold for just over $100M at One57 in 2015.
$780,000 631
number of sales 7% increase from 2014
$677
2015 TOP SALE
Source: SEF Regional MLS
Faena House 3315 Collins Avenue PH B
$60,000,000
on 9/21/15 $4,794 psf
median sale price 1% decrease from 2014
median sale $/square foot 3% increase from 2014
126
average days on market 77% increase from 2014
968
year-end inventory
19
SURFSIDE homes
Once again, in 2015 the town of Surfside enjoyed brisk sales of their single family home inventory and a price increase of 22%. There is no question that the worldclass developments in Surfside, including the Surf Club Four Seasons designed by architectural master Richard Meier, and 87 Park, designed by another Pritzker titan Renzo Piano, are bringing cache to the neighborhood.
2015 TOP SALE
Source: SEF Regional MLS
$5,900,000
1236 Biscaya Drive
on 5/18/15 $878 psf
What’s Now: The new uber lux developments lining the beach, including Surf Club Four Seasons with 150 units sitting on 880 linear oceanfront (to be completed in 2016), Fendi Chateau on 300 linear feet with 58 units (completed in 2015) and 87 Park with 70 waterfront units at the tip of North Shore Park (to be completed 2018).
49 20
number of sales 2% increase from 2014
$364
$700,000 median sale $/square foot 17% increase from 2014
median sale price 22% increase from 2014
105
average days on market 38% increase from 2014
39
year-end inventory
BAL HARBOUR condos
Of the 106 condos that traded in Bal Harbour in 2015, the snazziest, no doubt, was the $8.6 million, 3 bed/3 bath, Tony Ingrao-designed, marble-laden unit 1201-S at the St. Regis Bal Harbour. While this standout brought $2,214 per foot, the Bal Harbour average was a mere $647 per foot, with a median condo price that increased to $1,075,000, a full 11% from last year. It took 25% longer to sell your condo in 2015, although inventory remained largely consistent.
What’s Now:
2015 TOP SALE
The most productive shopping mall in the country, Bal Harbour Shops, which averages $3,010 per square foot in sales, released plans for a $400M expansion.
St. Regis Bal Harbour 9701 Collins Avenue Unit 1201S
$1,075,000
106
number of sales 4% decrease from 2014
$647
Source: SEF Regional MLS
$8,600,000
on 2/9/15 $2,214 psf
median sale price 11% increase from 2014
median sale $/square foot 9% increase from 2014
128
average days on market 25% increase from 2014
162
year-end inventory
21
22
Resident Interview: Miami Central
ARVA MOORE PARKS Historian, author, preservationist and Emmy-award winning filmmaker, Arva Moore Parks has been on the front lines championing the preservation of our city’s history for over four decades. Appropriately, Arva makes her home on historic South Miami Avenue, in the very center of the city. The former Acting Director and Chief Curator of the Coral Gables Museum, she was inducted into the Florida Women’s Hall of Fame in 1986. Her latest fascinating work, George Merrick: Son of the South Wind, is now available on Amazon.
OIR: How did you come to live here on South Miami Avenue? AMP: I’ve been here about 25 years; it’s amazing how time flies. OIR: Can you talk about the change in the neighborhood and the significance of the area? AMP: I bought it primarily as an investment and I needed a place to live too. OIR: What year was this? 1988? AMP: Yes. Everybody thought I was crazy and thought I was going to get raped and maimed and killed. Previously, I had purchased a house in the Gables, north of Coral Way, back when it was supposed to be declining and it had gone up in value about 15 times in the years I lived there. So I decided to try to do it again. I grew up in
Miami and this used to be a very fine neighborhood next to the mansions that were on Brickell. This was before the condos. At some point, I’ll probably sell this. I’m hoping to do it again one more time, but I’ll keep quiet where I have in mind. OIR: That sounds smart. I know that I read somewhere that downtown is very dear to your heart because you grew up not far from here. AMP: I started my life in Riverside in Little Havana, then we moved to Miami Shores when I was nine. I used to say, I thought I had moved to Jacksonville it seemed so far. My father was a lawyer in downtown Miami and so I used to go downtown all the time. I worked at Burdines downtown when I was in college, so all my life I have never stopped going downtown. And now, I am good friends with Downtown Development
Authority people and I’m delighted it’s on the up. OIR: Do you feel like we’re doing enough to preserve the history as we’re developing? AMP: No, I never think we’re doing enough. Just like Miami’s development cycle, Miami’s preservation cycle kind of goes like this too. If you want to get me really irritated, just tell me that Miami has no history or there’s nothing here worth saving because it’s all too young and that will really get me going. OIR: Are there any preservation projects where you feel like we did it right? AMP: Oh yeah, my first child, I say in preservation, is the Barnacle. That was primarily done because my good friend Bob Graham got the state of Florida to purchase it. I did my master’s thesis on Coconut Grove and that’s
where I met Mary Monroe, the daughter-in-law of Ralph Monroe who built it in 1891. She was living there and she wanted to save it. Bob Graham got involved and the next thing we knew we saved it. Simpson Park is where I say my body will go down in front of the bulldozer. That is extremely important; I love the builtenvironment, but I also like the natural environment. OIR: Recently you wrote how lucky you were to be born and grow up in Miami. Can you talk about what makes you feel so lucky? AMP: It makes you very tolerant. It makes you very accepting of new things. Some of my old time buddies say, “Oh I want to go back to the old Miami” and I say, “Which old Miami do you have in mind?” I think I have probably lived in seven or eight Miamis and I like all of them.”
23
24
BRICKELL condos
Brickell is the most populous area in Miami’s downtown with its highest median household income of $100,307. At this moment, the Brickell area is overshadowed by the cranes that dot its skyline, as it is at the center of a $6 billion storm of new development being poured into its neighborhood. History is in the making as millions of square feet of residential, hotel, retail, and office space are being constructed. Of the 358 re-sale properties that closed in 2015 (above $500K), it was unit 4401 and its wrap-around terraces at the Santa Maria at 1643 Brickell that took the top spot at $6.5 million, or $1,040 per foot. All that said, Brickell’s median re-sale price was $732,500, which represents, approximately, a one-third portion of that per-square-foot price level.
$732,500 358 $518
median sale price 2% decrease from 2014 number of sales 4% increase from 2014 median sale $/square foot 4% increase from 2014
143
average days on market 74% increase from 2014
687
year-end inventory
2015 TOP SALE Santa Maria 1643 Brickell Avenue Unit 4401
What’s Now: $1 Billion Brickell City Centre set to open in April 2016 revealed their list of retail tenants, including the largest Apple Store in Florida, Saks Fifth Avenue, La Perla, Valentino, Chopard, Porsche Design, Diptyque, Coach (apparel), Ted Baker and bespoke european brands, such as Michele Lopriore and Capritouch. BCC will also feature an upscale dine in movie theatre Cinemex.
Source: SEF Regional MLS
$6,550,000
on 12/21/15 $1,040 psf
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What’s Now: Check out Verde, the restaurant inside the Perez Art Museum. On the banks of Biscayne Bay, feed your senses with art, nature, and something delicious inside this beautifully designed space.
DOWNTOWN condos
Downtown Miami stretches from the north shore of the Miami River up to I-395 and the MacArthur Causeway. Like Brickell, Downtown is home to a major development project, Miami World Center which will change the neighborhood forever. Downtown offers a historic flavor and distinct character all its own. Sales slowed and prices decreased in 2015. Of the 118 re-sale properties (over $500K) that traded hands in 2015, the 63rd-floor penthouse at 900 Biscayne, and its one thousand feet of terrace space, was the priciest at $3.1 million.
$737,000 $479 26
median sale $/square foot 6% decrease from 2014
median sale price 5% decrease from 2014
149
2015 TOP SALE
Source: SEF Regional MLS
$3,150,000
900 Biscayne 900 Biscayne Boulevard PH 6307
118 average days on market 46% increase from 2014
on 5/8/15 $830 psf
number of sales 27% decrease from 2014
361
year-end inventory
EDGEWATER & MIDTOWN condos Impressively, the number of re-sales in the hot east Edgewater / Midtown area has only decreased slightly despite competition from at least 13 other major pre-construction projects transforming the area, such as Elysee, Icon Bay, Biscayne Beach, Aria, Crimson, and the various Paraiso buildings, to name a few. The top sale in 2015 was the 4-bed/4bath penthouse at Paramount Bay. This Artefactodesigned mansion in the sky fetched $4.3 million, which equates to $969 per foot, more than double the $439/psf average for this sub-market.
$602,500 $439
median sale $/square foot 7% decrease from 2014
median sale price 5% decrease from 2014
130
2015 TOP SALE
Source: SEF Regional MLS
$4,300,000
Paramount Bay 2020 North Bayshore Drive PH 4602
99
average days on market 8% increase from 2014
on 3/20/15 $969 psf
number of sales 7% decrease from 2014
381
year-end inventory
What’s Now: Elysee Residences will be Edgewater’s tallest condo to date with 57-stories on the Bay at 700 NE 23rd Street. It will also be the one of the most expensive, with prices starting at $1.6M to over $10M. It is scheduled for completion in 2018.
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Resident Interview: Miami North
DAVID MARTINEZ & MICHELLE BERNSTEIN Restaurateur David Martinez has super sharp instincts. Spinning plates in the food industry with one eye on the bottom line, he backs up the creativity of his wife, star chef Michelle Bernstein. Trailblazers of high-end dining in the uncharted Upper East Side, Martinez & Bernstein are not faint of heart. To raise a family, they chose Belle Meade for its spirited neighborhood life. OIR: How did you and Michelle end up in Belle Meade, living and working in the Upper East Side? DM: It all kind of happened at the same time. We had already been talking about branching off and doing something on our own. Michelle and I were living on Key Biscayne back in 2005 and we loved it, but it was far from everything. My business partner happened to live in Belle Meade, so we started looking at a few different houses. We bought the house at the end of July 2005 and we closed on this restaurant the second or third week of August 2005, so it was all within two or three weeks. OIR: So besides the fact that Belle Meade is so close to the restaurant on Biscayne Boulevard, what do you love about living there? DM: Everything. I love how neighborhood friendly it is. I mean we have a four-yearold, so for us it makes total sense. I love the proximity to the city and where it’s located geographically. I mean you’re close to the beach, you’re close to the airport, and you’re close to Midtown. And it’s
an old neighborhood with houses from the ‘30s, ‘40s and ‘50s and a lot of those older houses have a lot of character. Michelle is born and raised in Miami. I think the Miami feel of it always appealed to her. I’m a big fan of Belle Meade, I mean my son walks around the neighborhood and everyone knows him and he knows everyone. He goes into people's yards and picks their flowers and knocks on their doors. Looking back, I don’t think anyone plans to buy a restaurant, renovate it, buy a house, renovate it, get married and try to get pregnant all in the same three months. Looking back, it was a very stressful part of our lives, but we were young and ambitious and that’s what we wanted to do. And we had the luck and the ability to travel to different cities and different countries. Everywhere we traveled we would gather different ideas of what we wanted to do. When we came back home, it was kind of what Michy’s was when it first opened. People really seemed to identify with it and a lot of people said it looked like a restaurant that wasn’t in Miami. The décor was very—
OIR: Eclectic? DM: Eclectic is a good word. Controversial was the word I was looking for; a lot of people didn’t like it. We used to joke, it was a mishmash of things happening in here and that’s kind of where the name Michy’s came from. OIR: That’s kind of what Miami’s about, too. The Fontainebleau started that way, when Morris Lapidus collected all this brica-brac from Europe and threw it all in there. DM: One hundred percent. Like I said, the décor was controversial, but people still came and it was all about our service. We got the highest score on Zagat in the entire city of Miami for years. Our wine list was very eclectic and unlike anything. You know I’ll never forget the first few months and really the first year. People would always open up the wine list and they would have no idea what anything was. They were very intimidated by it. It was swimming upstream for a lot of time and we had to work at gaining people's trust until finally, people would come in and say, “You know what,
I’m not even going to look at the wine list, because you’ve never done us wrong, you never hit us over the head with the price, you’ve introduced us to things we never otherwise would’ve drank.” OIR: You were real trailblazers opening a restaurant in this area back then. DM: The customers at the beginning would say, “Are you crazy, why would you open here?” but yet they would continue to come. OIR: Because it’s so good. DM: Miami’s kind of weird to the point where it’s almost like a Latin American city and so, therefore, a lot of our clientele are from Brazil or Russia or Argentina, where good neighborhoods are right next to bad neighborhoods. And on top of it, for the people from Aventura, it was almost like they were being naughty coming to this location. Luckily, we were fortunate from the get-go, we were busy from the first day we opened and we never looked back.
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What’s Now: Biscayne Blvd. becomes a foodie paradise as Celebrity Chef, Norman Van Aken, opens a cooking school “In the Kitchen with Norman Van Aken” in the Vagabond Hotel at 7301 Biscayne Blvd. Across the street are the 50 Eggs offices and “test kitchen”. Both are just steps from Michelle Bernstein’s Cena by Michy.
NORTH EAST CORRIDOR homes
With so much development and buzz to the south, homebuyers may be attracted to this area, because they are just slightly removed from the hustle and bustle. Bay Point, Morningside, Belle Meade and Keystone all showed strong sales as property values increased on the mainland. The resurgence of Biscayne Boulevard, with the renovation of its MiMo hotels and some terrific new restaurants have given the area a hip, livable, “next thing” vibe. Remarkably, median prices remained exactly the same year over year at $840,000 with an uptick of price per square foot of 7%.
$840,000 191 30
number of sales 2% decrease from 2014
$349
2015 TOP SALE
Source: SEF Regional MLS
$7,260,000
761 Buttonwood Lane
on 7/14/15 $981 psf
median sale price no change from 2014
median sale $/square foot 7% increase from 2014
80
average days on market 3% increase from 2014
157
year-end inventory
AVENTURA condos
Aventura is home to several successful new developments, including Marina Palms Yacht Club and Residences, Echo Aventura, Aventura Park Square, among others. Of the 283 re-sales of 2015 in Aventura, it was PH2 at Bellini Williams Island that sold for $4.65 million, an impressive $938 per square foot. The median sales price, however, was $700K and a less lofty price of $359 per foot.
$700,000
median sale price 3% increase from 2014
283
number of sales 12% decrease from 2014
$359
median sale $/square foot 5% increase from 2014
129
average days on market 54% increase from 2014
788
year-end inventory
2015 TOP SALE
Source: SEF Regional MLS
Bellini at Williams Island 4100 Island Boulevard PH 2
$4,650,000
on 4/22/15 $938 psf
What’s Now: Aventura's new Town Center opened at 18701 Biscayne Blvd. on 7 acres featuring Miami favorites, like Novocento and Misha’s Cupcakes.
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SUNNY ISLES condos
Sunny Isles has no shortage of high-profile condo projects, with 19 new towers and counting. Porsche, Chateau, Ritz-Carlton, Turnberry Ocean Club, Jade Signature, and Armani Residences are some of the names lining the beach. Good buys in re-sale inventory are also available. Of the 286 re-sales in 2015, it was the 40th floor of Regalia that commanded the sum of $9.7 million for its 5,515-foot unit with 2,100 feet of terrace/ summer kitchen, as well as its 360-degree views of the Atlantic and the Intracoastal. At $1,759/foot, it is almost three times Sunny Isles’ median per-square-foot price of $655.
$1,182,500 $655 767 32
median sale price 10% increase from 2014 median sale $/square foot 2% increase from 2014 year-end inventory
286
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2015 TOP SALE Regalia 19575 Collins Avenue Unit 40
number of sales 18% decrease from 2014 average days on market 57% increase from 2014
Source: SEF Regional MLS
$9,700,000
on 11/11/15 $1,759 psf
What’s Now: The biggest news is the exquisite developments going up along the beach. The Armani Casa, a joint venture between Related and Dezer, will cost $1 billion to build.
GOLDEN BEACH homes
Golden Beach is a very special area with its own golden market, which has catered to celebrity and wealth for decades. It is the only significantly sized area in MiamiDade County where single-family homes touch the sand. Of the 13 homes that transacted in 2015, 307 Ocean Boulevard attracted the top buyer who paid $21 million for a 7-bed/8-bath manse – a whopping $2,151 per foot.
What’s Now:
2015 TOP SALE
The top sale of 2015 was sold by radio talk show host Tom Joyner and bought by a trust headed by Jan Marks.
$556
$2,225,000 median sale $/square foot 8% increase from 2014
median sale price 10% increase from 2014
452
Source: SEF Regional MLS
$21,000,000
307 Ocean Boulevard
13 average days on market 6% increase from 2014
on 10/28/15 $2,151 psf
number of sales 19% decrease from 2014
30
year-end inventory
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Resident Interview: Miami South
KEN RUSSELL Commissioner Ken Russell won the popular vote with his honest approach to serving the city. He’s passionate about protecting the beauty of Miami, both natural and man-made. An accomplished entrepreneur and adventure athlete, Ken helms the powerful District 2 which includes all of Miami’s Downtown and runs north and south from Coconut Grove to North 60th Street.
OIR: You’ve lived around the world. Why did you choose to come back to Coconut Grove to live and raise your family? KR: My childhood memories were here in the Grove, on the Key, in the City and, yeah, I wanted to come back to raise my family.
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OIR: What is it that you love about Miami? Like your whole campaign was branded…
came on, he said, “you’ve got to get rid of that; the “I love Miami” thing is just way too cheesy.”
KR: “I love Miami!”
OIR: Right.
OIR: Yes!
KR: And so he said, “Tell me, so why do you love Miami?” And I told him how I felt and he was like, “Actually, that’s
KR: And it’s funny, when I hired my first consultant that
very sincere. You should use that because it’s good.” There are so many things that make this city unique. I can be at the opera one minute and paddleboarding with a manatee in another minute and there are very few cities where you can have such a confluence of what’s great about a big urban
city and what’s great about nature. We have that. That’s something that we have to care about and protect. OIR: What are your major concerns; what keeps you up at night? KR: You know we have a lot of things that need to be addressed in the city. There is a lot of inequity in our neighborhoods and there are so many things that we can do on a tangible basis. But what really gets me excited about the city is the potential to change the way the city functions as a government, the way that we can engage the electorate, the way citizens can get involved and their opinions can be valued. So what keeps me up at night is thinking about how many more commission meetings I
have over the next four years where I can introduce things that will change the way this government works in the areas of transparency and public involvement. OIR: I think many people are turned off by politics. Can you talk about your position and what you feel you can accomplish? KR: Sure. I’m living proof that democracy works in its purest form and that someone who had nothing to do with politics and no connections to politics could run a successful campaign against strong and worthy opponents and now represent an important part of my city. The idea that without those connections or history or experience I am now in a position to change the laws of the city, which
can affect our quality of life in a positive way, is striking. What’s surprising to me is how enjoyable the process and the transition have been. I’ve been trying to bring the public on this journey with me as I go from average citizen to politician. I’m still seeing everything with the eyes of a citizen, but now realizing that I can have a political effect, and that is really enjoyable. The surprising thing is how ready Miami is, even within its government, to see a positive change. There are a lot of good people here working in government and they’re ready for change in a positive way and I’m not getting resistance, like I thought I might, in terms of bringing good ideas before the commission and the mayor. Everyone’s excited to see what we’re going to do
as a commission in the next four years. OIR: How do you feel about all the development in Coconut Grove? KR: One thing about the Grove if you look at it throughout history is that it has always changed; It has never been the same. And it has always retained its Bohemian spirit. There’s a certain culture here that involves what’s important to our community; our tree canopy, our culture in the arts, and our neighborhood feel. I think we can welcome and direct change in a positive way.
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CORAL GABLES homes
Sales volume in Coral Gables stayed steady year over year with 374 transactions above $500K although it took twice as long to sell your home. An area of 13 square miles, the Gables has a wide variety of properties from the historic houses that surround the Biltmore Hotel to the regal waterfront mansions of Tahiti Beach, Journey’s End and Gables Estates. The top sale of the year was the three-acre 555 Leucadendra Drive in Gables Estates, with 750 feet of waterfront, that brought $17.2 million for its seller.
$872,500
median sale price 1% increase from 2014
374
number of sales 1% increase from 2014
$377 87
234
2015 TOP SALE 555 Leucadendra Drive Gables Estates
median sale $/square foot 8% increase from 2014 average days on market 102% increase from 2014
What’s Now: Coral Gables’ downtown center, Miracle Mile, will be undergoing a $21M total makeover with streetscape restoration, wider sidewalks, lighting, and plazas to build foot traffic and make the area more pedestrian friendly. The work will start in Spring of 2016 and last for 18 months.
year-end inventory
Source: SEF Regional MLS
$17,200,000
on 3/4/15 $1,683 psf
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COCONUT GROVE homes and condos
One of the oldest areas of Miami, Coconut Grove, with its lush, leafy enclaves, offers its residents a relaxed, artsy feel. Prices rose for both Coconut Grove homes and condos in 2015 and most remarkably the Grove was one of the only areas where it took less time to sell your house or condo. Two developments are bringing a lot of attention to the area and heralding a new resurgence. Grove at Grand Bay (sold out) and Park Grove are stunning projects with major, world-class talent behind them. Of the 182 homes (over $500K) that changed hands in 2015, it was 3590 Crystal View Court that took the top spot with a price tag of $13.4 million. The sale was brokered by Tomi Rose of Opulence International Realty. On the condo side of things, the 31st floor penthouse at Grovenor House and its 2,000 feet of balconies brought $8.1 million, or $1,170 per foot, almost quadrupling the Grove’s median price per foot of $351.
homes
$1,075,000 182 $421 95 157
median sale price 13% increase from 2014 number of sales no change from 2014 median sale $/square foot 9% increase from 2014
What’s Now: Coconut Grove got a new park in 2015. The 7 acre waterfront Regatta Park, complete with butterfly gardens, will also serve as a staging area for the sailboat regattas.
average days on market 10% decrease from 2014 year-end inventory
condos
$715,000
median sale price 2% increase from 2014
157
number of sales 1% increase from 2014
$351
median sale $/square foot 5% decrease from 2014
88
average days on market 5% decrease from 2014
96
year-end inventory
2015 TOP SALE 3590 Crystal View Court
Source: SEF Regional MLS
$13,400,000
on 08/25/15 $1,100 psf
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PINECREST homes
In Pinecrest, sales volume slowed slightly, but prices rose. There were 204 homes which changed hands and sales price went up 3%. Characterized by its large acre lots, Pinecrest boasts some beautiful homes. Last year’s standout was a modern masterpiece at 10391 SW 64th Avenue. Built as a spec home, this home totaled over 10,000sf of living area with 9 bedroom and 9 baths and sold for $5.1 million.
$1,015,000 204 $289 97 146
median sale price 3% increase from 2014 number of sales 6% decrease from 2014 median sale $/square foot 2% increase from 2014 average days on market 49% increase from 2014 year-end inventory
What’s Now: The Pinecrest council members are avid about the wildlife in beautiful Pinecrest and have enacted ordinances to protect the Tiger Beatle and Black Bear.
2015 TOP SALE 10391 Southwest 64th Avenue
Source: SEF Regional MLS
$5,100,000
on 7/31/15 $489 psf
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Resident Interview: Island Communities
CLAUDIA SUCCAR BINELO A third generation Miami native, Claudia Succar Binelo has been a resident of Key Biscayne for 10 years. Currently, she is Director of Public Affairs for the Marjory Stoneman Douglas Biscayne Nature Center. OIR: You were born in Miami? CSB: Yes, I had an incredible childhood here, living right off Sunset Drive in South Miami. We spent every weekend at Matheson Hammock and Fairchild
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Tropical Garden learning about the butterflies, the ecology, and the environment that we are surrounded by. My parents were piscetarians, they wanted to raise their three children on something that was sustainable and local
to the environment, so we went three times a week to the local fish market, or to the marina and Matheson Hammock, and we caught grouper, snapper, stone crab, dolphin, whatever was fresh. It was a wonderful childhood and it really was
about being outside from the moment we woke up to the end of every day. OIR: How did you end up on Key Biscayne? CSB: When I came back from college, my mother,
Meme Ferré, had moved to Key Biscayne. She wanted to be closer to the beach and the water. My aunt and uncle also live on Key Biscayne. And now I’ve been here ten years and for the last two years I’ve been here with my husband. I feel so fortunate to live here. It’s a natural paradise and I can ride my bike to work. OIR: What are the goals of the Biscayne Nature Center? CSB: Our mission is environmental education and to create stewards out of the citizens of Miami-Dade by making them responsible for the environment. We
have two hundred kids a day come through the Nature Center. We not only teach them about the environment, but let them know it belongs to them, and they are the stewards of the next generation. The Nature Center sits on the north end of Crandon Park, 903 acres deeded to Miami-Dade County by the Matheson family in 1940. Only 165 acres behind the Biscayne Nature Center is a protected preserve. OIR: Do you feel like Miami is doing enough to take care of the precious natural resources that we live in?
CSB: I think Miami is such a jewel, such an amazing place. I am a third generation Miamian and I’m so proud to be here. My grandfather, Maurice Ferré, was the first Hispanic mayor of the city of Miami and was mayor for 12 years. He had an incredible vision for Miami to be this metropolitan city, which it has become. I could choose anywhere in the world to live, as well as my grandparents, and we chose to live here because of this environment. I’m here because I love Biscayne Bay, I’m here because I love the beach, I love the smell of the saltwater. I love the blue skies and that is our responsibility
to take care of. Do I think people are doing a good job? I mean actually, I don’t think we’re doing enough. I think there’s always more. Marjory Stoneman Douglas had a very strong voice in that and I think we need leaders in this community to come out and say we need to do more and this is how we can do more. And it’s not just in building, it’s in sustainable building. It’s what the city can sustain, it’s what the environment can sustain, and how can we protect it. So we can all live here together.
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KEY BISCAYNE homes and condos
Median sales prices are up on exclusive Key Biscayne for both homes and condos, rising 25% and 15%, respectively. With its fresh, tropical breezes, pristine beaches, and stringent zoning, Key Biscayne has retained its far-away resort feel while being so conveniently close to Downtown. Key Biscayne’s top home sale of 2015 was one of Miami’s priciest single family home listings, 775 S Mashta Drive, an 11,000-foot home with 2,000 feet of waterfront that sold for $47 million and had been developed at the turn of the last century by the Matheson family. The prize for the highest priced condo went to the stunning Yabu Pushelberg designed Unit 1201N in Oceana Key Biscayne for $8,250,000.
homes
What’s Now: Key Biscayne will be expanding their much beloved communiy center in 2016 adding 4,800 sf to the building's second floor for recreation, fitness, and leisure.
condos
$2,825,000
median sale price 25% increase from 2014
median sale price 15% increase from 2014
66
$1,095,000
number of sales 8% decrease from 2014
198
number of sales 13% increase from 2014
$884 156 90
2015 TOP SALE - HOMES 775 South Mashta Drive
$661
median sale $/square foot 8% increase from 2014
median sale $/square foot 10% increase from 2014
average days on market 31% increase from 2014
124
average days on market 53% increase from 2014
year-end inventory
129
year-end inventory
Source: SEF Regional MLS
$47,000,000
on 12/23/15 $4,056 psf
2015 TOP SALE - CONDOS 350 Ocean Drive Unit 1201N
Source: SEF Regional MLS
$8,250,000
on 11/16/15 $2,022 psf
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FISHER ISLAND condos
Sales volume on the tony Fisher Island is down 19%, but prices are still rising although it may take 54% longer to sell your condo. Of the 25 properties that sold on the island in 2015, it was the Marina Nova-designed 5161 Fisher Island Drive that took the prize with a ticket price of $13.7 million.
$3,300,000 25 $1,214 242 80
2015 TOP SALE 5161 Fisher Island Drive PH
median sale price 6% increase from 2014 number of sales 19% decrease from 2014 median sale $/square foot 3% increase from 2014 average days on market 54% increase from 2014
What’s Now: The island is currently selling its first new development in eight years, Palazzo del Sol, with 47 units priced from $5M to $32M. The project features generous units, higher ceilings and more natural light. The building is set to be completed by late 2016.
year-end inventory
Source: SEF Regional MLS
$13,750,000
on 4/9/15 $2,097 psf
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INDIAN CREEK homes
The ultra private and uber-exclusive Indian Creek Island saw only one sale in 2015, compared to 2 in 2014. 17 Indian Creek Drive closed for $30M. According to the Miami Herald, Indian Creek Island residents boast a combined net worth of 37 billion, which is quite a number when you consider there are only 90 of them. Properties on the island have been appreciating rapidly since the last downturn. Old news, but, in 2012, a county record was set when a Russian billionaire paid $47 million for the newly constructed 3 Indian Creek.
$30,000,000 1 $1,830 304 2
2015 TOP SALE 17 Indian Creek Drive
median sale price 42% increase from 2014 number of sales 50% decrease from 2014 median sale $/square foot 83% increase from 2014 average days on market 38% decrease from 2014 year-end inventory
Source: SEF Regional MLS
$30,000,000
on 2/23/15 $1,830 psf
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MIAMI'S BARRIER ISLANDS WATERFRONT homes – Miami Beach and Islands In 2015, of the 131 waterfront homes on Miami Beach and the surrounding islands (Palm, Hibiscus, Star, the Sunset Islands, the Venetians, La Gorce, Indian Creek, as well as, Key Biscayne and Golden Beach), that represent the top of the luxury market, homes are selling at a median price of $3,550,000 up 8% from 2014. Although there has been some slowing in the market, buyers are here and willing to pay what they have to for prime waterfront residences in Miami Beach and surrounding islands.
$3,550,000 131 $889
2015 TOP SALE 775 South Mashta Drive
median sale price 8% increase from 2014 number of sales 17% decrease from 2014 median sale $/square foot 2% increase from 2014
187
average days on market 101% increase from 2014
274
year-end inventory
Source: SEF Regional MLS
$47,000,000
on 12/23/15 $4,056 psf
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MIAMI WATERFRONT homes – Miami Mainland
Waterfront homes on the mainland of Miami also rose in price more dramatically in 2015 than waterfront homes to the East, off the coast, on Miami Beach and the Islands. The median price for a Miami home on the water was $1,552,500 up 17% from 2014. Price per square foot also rose, although like in most neighborhoods, it took much longer to sell your home.
$1,552,500 166 $475
2015 TOP SALE 555 Leucadendra Drive Gables Estates
median sale price 17% increase from 2014 number of sales 19% decrease from 2014 median sale $/square foot 15% increase from 2014
137
average days on market 49% increase from 2014
195
year-end inventory
Source: SEF Regional MLS
$17,200,000
on 3/4/15 $1,683 psf
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FORT LAUDERDALE While Fort Lauderdale has, at times, been seen as Miami’s sleepy neighbor to the north, things are changing rapidly. A mere 29 miles separate them, but the cities could not be more different. With little of the Latin influence, Fort Lauderdale is decidedly American and its demographics break down to 52% white Anglo, 13% Latin or Hispanic, and 31% Black. The City of Fort Lauderdale is 35 square miles with 23 miles of beachfront and an estimated population of 206,000 in 2015. While it lacks the international glitz of Miami, Fort Lauderdale is increasingly developing its own unique, relaxed vibe and many people are finding it a tranquil option, with more ample parking, easy-access transportation, flourishing arts scene, decent shopping, good education, beautiful beaches and housing, at sometimes one third the price of Miami. Simultaneous to the migration of developers looking to build in a less expensive market than Miami, is the Fort Lauderdale population growth and/or redistribution. Millennials are moving to the urban areas in Downtown, evidenced by the extraordinary rental market, and empty nesters from the western suburbs like Weston are also migrating to town in order to be closer to the action and the beach. The timing and elements are in place to make Fort Lauderdale the next place to be.
Fort Lauderdale has experienced 6 years of hospitality growth and annually enjoys 14.3M visitors
Below are 2015 Market Statistics for Fort Lauderdale East of Federal Hwy, between 17th Street to the south and Sunrise Blvd. to the north. homes
$1,223,750 230 $423 143
median sale price 6% decrease from 2014 number of sales 7% increase from 2014 median sale $/square foot 1% decrease from 2014 average days on market 9% decrease from 2014
condos
$798,000 232 $402 130
median sale price 3% increase from 2014 number of sales 15% increase from 2014 median sale $/square foot 7% increase from 2014 average days on market 21% increase from 2014
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UNWRAPPING MIAMI’S LUXURY NEW DEVELOPMENTS
AROUND THE WORLD IN 80 PROJECTS With developers and architects from literally around the world, Miami feels something like the United Nations of new development. The Magic City usually gets the rap that it is like its own country, an entity separate from the rest of America, but one could argue that it may actually be the most American city in the nation, in terms of its incredible diversity, one of our founding virtues. The bar has been raised so high this development cycle, that a whopping seven Pritkzer Prize winners are at work on new projects in Miami along with other internationally acclaimed designers and landscape designers. Both Zaha Hadid and Renzo Piano have chosen Miami to put their first residential projects in North America. In fact, every development seems to have a distinct flavor, unique style and story to tell.
What a difference a decade makes
Blame it on Art Basel. Blame it on the savviness of today’s international luxury buyer, but developers have upped their game this time around and the result is show-stopping. For those of us who rode the preceding preconstruction wave in the early 2000s, it was a wild few years of rampant building and quick fire transactions, but nowhere was there a quality of product in Miami available as there is today. Everywhere we look, Miami is growing up more sophisticated, more artistic,
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more diverse, smarter, and much more beautiful.
Take a trip up Collins Avenue
Think back. Before the W South Beach, before the Setai, it was the Shore Club. Long left to languish, the Shore Club has changed hands and is now undergoing a massive renovation and rebranding by Brazil’s superior hotelier, Fasano. Known for their impeccable hospitality for over a century, Fasano will be an oasis of good taste and exemplary customer service in the same prime location. Designed inside and out by Brazil’s own Isay Weinfeld, it’s condo hotel inventory offers generous sized units to appeal to entire families with large landscaped balconies. The project will feature the largest pool in South Beach with 250 feet. The restaurant will be run by a Michelin-rated chef. The feel is relaxed mid-century modern meets 007 cool. Ten blocks north, Argentina welcomes you. Visionary developer Alan Faena’s opus, Faena District combines condo and hotel with art and entertainment to create a unique Faena-land in and around the site of the old Saxony hotel. A collaboration of icons of architecture
(Sir Norman Foster and OMA/Rem Koolhas) with icons in filmmaking (Baz Lurhmann), the District features Faena Forum, a 150 seat live cabaret and cultural center, 2 hotels (Faena and Casa Claridge’s) complete with butler service, Faena Bazaar, Tierra Santa Healing House spa with the largest hammam in Miami and several restaurants, including Los Fuegos helmed by famed Argentinean open fire chef, Francis Mallman. The condo residences are comprised of Faena House (47 units/ sold out), Faena Versailles Classic (22 units) and Contemporary (41 units). The Classic is a transformation of a Roy France Art Deco sweetheart. Faena House gathered enough force behind it to mark the highest price for a condo sold in 2015 ($60M for the PH in Faena House). The feel here is exclusive, luxurious, and fanciful. Another 50 blocks north is a taste of Italy, with architectural powerhouse, Renzo Piano’s, 87 Park. The Shard in London, The Centre Pompidou in Paris, the New Whitney in New York… one might find it astonishing, but international architect, Piano, in conjunction with David Martin (Terra), has recently broken ground on this elegant project of 70 waterfront units positioned just north of North Shore Park. Nature takes center stage,
as entire walls of glass open to the sea and park views. Finishes are in American oak and Italian marble creating clean spaces to play host to the ocean breezes and changing light. Some units include palatial balconies of over 30 feet in depth. Not much farther up Collins, America’s architecture’s master, Richard Meier has transformed the village of Surfside with his Surf Club Four Seasons stretching for 5 blocks and 880 linear oceanfront feet. A master of light and space, Meier has responded to the location with his signature glass incandescence. 119 residences and 31 hotel residences, Meier has incorporated some of the historic Surf Club where the glitterati of the '40s once feted. Apparently, Meier liked the project so much, he bought a unit himself. Farther north, Sunny Isles could almost be mistaken for Dubai, with its branded towers of Porche and Armani, the latter reportedly costing $1Billion to build, among other magnificent, high-end projects such as Mansions at Aqualina and Turnberry Ocean Club. Crossing back over the MacArthur, Turkish development family Bayraktar are hard at work on Island Gardens which will be North America’s only marina designed exclusively for
mega-yachts. With 5000 linear-feet of docking space, the marina will be able to accommodate super-yachts up to 550 feet offering deep harbor dockage for drafts of 18-21ft. The marina will offer full service amenities, including on-site immigration customs clearance, water taxies, as well as 221,000sf of luxury retail, and 2 branded hotels with fractional ownership opportunities. Back on the mainland, celebrated Iranian architect, Zaha Hadid has drilled down 177 feet in order to lay the foundation for her futuristic One Thousand Museum. An engineering masterpiece containing no interior columns, the building will be supported by 4,200 uniquely shaped forms made in Dubai and shipped to Miami. The result is striking. The building will feature high-level security, a helipad, an aquatic center on the roof and a Sky Lounge. The project is made up of 83 exclusive units. Finally, at the center of this new wave of construction is Brickell City Centre. Funded by Hong Kong development
company, Swire, BCC was first to acquire land in downtown and begin building their $1B mixed-use project when others were still in the planning phases. Slated to open in just a few months, BCC features 5.4 million square feet with two residential towers, Reach and Rise with 780 units total, East Hotel, retail and office space. The entire project is LEED gold certified and features a 150,000 foot CLIMATE RIBBON™ trellis system. Is all this development good for Miami? Some locals resent that they are priced out of these exclusive luxury projects placed in the most prime locations. It's true, but there are other benefits that need to be weighed, including the exponential tax base created by these high priced developments. Those monies ought to translate into better transportation and general infrastructure for our emerging city. Artistically, the quality of new building is so astonishing, how can we not be grateful for the talent gracing our city? While some city skylines look like a chronicle of colliding architect egos, thankfully, the projects born in this cycle seem inspired mostly by Miami’s beauty and as a contextual response to its extraordinary quality of light and stunning natural elements.
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NEW DEVELOPMENT OVERVIEW Below are some of the highest profile projects on the market. Prices quoted are for available inventory Q1 2016. For further current information, please contact one of our Opulence International Realty agents on Page 65. SUNNY ISLES
Estates at Acqualina 17885 Collins Avenue
Developer: GSF Acquisition, LLC, an affiliate of Eddie, Jules & Stephanie Trump Architect: Rafael Portuondo and Cohen Freedman Encinosa Number of Units: 264 Price Range: $3,900,000 - $65,000,000 Anticipated Completion: 2019
Armani Casa
Porsche Design Tower
Developer: Dezer Development and the Related Group Architect: Cesar Pelli Number of Units: 260 Price Range: $1,800,000 - $5,500,000 Anticipated Completion: 2018
Developer: Dezer Development Architect: Porsche Design Group & Sieger Suarez Number of Units: 132 Price Range: $6,600,000 - $32,000,000 Anticipated Completion: 2016
18975 Collins Avenue
18555 Collins Avenue
SURFSIDE
Turnberry Ocean Club 18501 Collins Avenue
Developer: Turnberry Associates Architect: Robert Swedroe Number of Units: 154 Price Range: $3,900,000 - $35,000,000 Anticipated Completion: 2018
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87 Park
Surf Club Four Seasons
Developer: Terra Architect: Renzo Piano Number of Units: 70 Price Range: $2,100,000 - $45,000,000 Anticipated Completion: 2018
Developer: Fort Capital Architect: Richard Meier Number of Units: 150 Price Range: $4,000,000 - $35,000,000 Anticipated Completion: 2016
8701 Collins Avenue
9011 Collins Avenue
MIAMI BEACH
L’Atelier
Faena Versailles
Developer: SMG Managenent / W Capital Group Architect: Luis Revuelta Number of Units: 23 Price Range: $4,300,000 - $25,000,000 Anticipated Completion: 2018
Developer: Faena Group Architect: Nichols Brosch & Associates Number of Units: 63 Price Range: $3,000,000 - $50,000,000 Anticipated Completion: 2018
Developer: Mast Capital Architect: Rene Gonzalez Number of Units: 12 Price Range: $2,575,000 - $3,399,989 Anticipated Completion: 2017
Ritz Carlton Miami Beach
Edition Residences
300 Collins
Developer: Lionheart Capital Architect: Piero Lissoni Number of Units: 15 Villas Price Range: $2,250,000 - $40,000,000 Anticipated Completion: 2017
Developer: Ian Schrager Architect: John Pawson Number of Units: 26 Price Range: $2,500,000 - $27,500,000 Completed
6901 Collins Avenue
4701 North Meridian Drive
3425 Collins Avenue
2901 Collins Avenue
Louver House
311 Meridian Avenue
300 Collins Avenue
Developer: JMH Development Architect: Thomas Juul-Hansen Number of Units: 19 Price Range: $1,650,000 - $7,050,000 Anticipated Completion: 2017
BAL HARBOUR
Fasano Hotel Shore Club 1901 Collins Avenue
Developer: HFZ Capital Group Architect: Isay Weinfeld Number of Units: 75 Price Range: $2,500,000 - $28,000,000+ Anticipated Completion: 2018
Marea
Oceana Bal Harbour
Developer: Related Architect: Sieger-Suarez Number of Units: 30 Price Range: $1,990,000 - $7,607,200 Completed
Developer: Consultatio Architect: Bernardo Fort-Brescia Number of Units: 239 Price Range: $3,000,000 - $28,581,000 Anticipated Completion: 2017
801 South Pointe Drive
10201 Collins Avenue
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BRICKELL
Brickell City Center 701 South Miami Avenue
Developer: Swire Properties Architect: Architectonica Number of Units: 780 Price Range: $612,900 - $6,332,000 Anticipated Completion: 2016
SLS Lux
Brickell Flatiron
Developer: Related Architect: Arquitectonica Number of Units: 450 Price Range: $800,000 - $3,000,000 Anticipated Completion: 2018
Developer: CMC Group Architect: Luis Revuelta Number of Units: 549 Price Range: $497,000 - $5,500,000+ Anticipated Completion: 2018
801 South Miami Avenue
1100 SE 1st Avenue
E D G E WAT E R , M I D T O W N , & U P P E R E A S T S I D E
Boulevard 57
5700 Biscayne Boulevard
Developer: Unitas Architect: Sieger-Suarez Number of Units: 105 Price Range: $640,000 - $2,650,464 Anticipated Completion: 2018
Gran Paraiso
600 NE 31 Street st
Developer: Related Architect: Arquitectonica Number of Units: 317 Price Range: $700,000 - $3,077,000 Anticipated Completion: 2018
Elysee Miami
700 NE 23rd Street
Developer: Two Roads Development Architect: Arquitectonica Number of Units: 100 Price Range: $1,600,000 - $3,700,000+ Anticipated Completion: 2018
A RT S & E N T E RTA I N M E N T D I S T R I C T
Icon Bay
One Thousand Museum
Paramount World Center
Developer: Related Architect: Arquitectonica Number of Units: 300 Price Range: $595,000 - $2,390,000 Completed
Developer: Gregg Covin / Louis Birdman Architect: Zaha Hadid Number of Units: 83 Price Range: $5,800,000 - $60,000,000 Anticipated Completion: 2018
Developer: Kodsi / Falcone / Motwani Architect: Elkus Manfredi Architects, Howard Elkus and Micheal Cohen Number of Units: 470 Price Range: $1,400,000 - $3,600,000 Anticipated Completion: 2018
498 NE 28th Street
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1000 Biscayne Boulevard
851 NE 1st Avenue
COCONUT GROVE
Park Grove
2701 South Bayshore Drive
Developer: Terra / Related Architect: OMA Rem Koolhaas / Shohei Shigematsu Number of Units: 289 Price Range: $640,000 - $28,000,000 Anticipated Completion: 2018
D O L LY W O O D AV E N T U R AB R O WA RH
Prive
Hyde Beach House
Developer: Prive Developers LLC Architect: Sieger Suarez Number of Units: 160 Price Range: $2,500,000 - $11,400,000 Anticipated Completion: 2018
Developer: Related/Fortune Architect: Cohen, Freedman, Encinosa and Associates Architects Number of Units: 265 Price Range: $500,000 - $2,000,000 Anticipated Completion: 2018
5000 Island Estates Drive
F T. L A U D E R D A L E
4000 South Ocean Drive
Auberge Beach Residences
Paramount Fort Lauderdale
Four Seasons Fort Lauderdale
Developer: The Related Group/ Fortune International Group/ Auberge Architect: Nichols Brosch Wurst Wolfe & Associates Number of Units: 171 Price Range: $1,500,000 - $9,800,000 Anticipated Completion: 2017
Developer: Falcone / Motwani / Kodsi Architect: Luis Revuelta Number of Units: 95 Price Range: $1,200,000 - $6,000,000 Anticipated Completion: 2017
Developer: Fort Partners Architect: Kobe Karp Number of Units: 84 Price Range: $1,200,000 - $20,000,000 Anticipated Completion: 2017
2220 North Ocean Boulevard
700 North Atlantic Boulevard
424 North Fort Lauderdale Beach
FISHER ISLAND
Gale Fort Lauderdale 401 Bayshore Drive
Developer: Newgard Development Architect: Garcia Stromberg Number of Units: 129 Price Range: $400,000 - $1,300,000 Anticipated Completion: 2017
Palazzo Del Sol
7000 Fisher Island Drive
Developer: PDS Development, LLC Architect: Kobi Karp Number of Units: 47 Price Range: $5,000,000 - $33,000,000 Anticipated Completion: 2016
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74% Miami-Dade 8% Palm Beach
18% Broward
MIDTOWN
DESIGN DISTRICT
NW 79 ST
NEW CONSTRUCTION MARKET
South Florida is the No. 1 Market in the U.S. for International Consumers according to Realtor.com. Miami-Dade county represents 74% of the new construction market.
Completed: 39 towers with 3,729 units Under Construction: 73 towers with 10,059 units Planned: 65 towers with 9,134 units .
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20
19
18
1
NE 167 ST
AVENTURA
195
NORTH BAY VILLAGE
EDGEWATER
17
BI
S
CA YN
E
B L VD
This map represents some of the more high-profile projects in Miami and Fort Lauderdale. At the time of publication, Cranespotters reports the following tally of Miami new construction projects east of I-95 since 2011:
95
I
NT R W ACO A T E R A ST A W AY L
ON THE MAP
9
11
4
10 12
VE
SUNNY ISLES
MIAMI BEACH
8
7
SURFSIDE
BAL HARBOUR 6
5
3
2
1
PALMETTO EXPY
63
41
D
IE
FORT LAUDERDALEHOLLYWOOD INTERNATIONAL AIRPORT
FORT LAUDERDALE
S
IX
HW
Y
LPH I N EXP Y DO
28 30 29
27
1
SW 8 STR EET
1. Armani Casa 2. Porsche Design Tower 3. Estates at Acqualina 4. Prive 5. Oceana Bal Harbour 6. Surf Club Four Seasons 7. 87 Park 8. L’Atelier 9. Ritz Carlton Miami Beach 10. Faena Versailles 11. Edition Residences 12. Fasano Hotel Shore Club 13. Louver House 14. 300 Collins 15. Marea 16. Palazzo Del Sol 17. Boulevard 57 18. Gran Paraiso 19. Elysee Miami 20. Icon Bay 21. Paramount World Center 22. One Thousand Museum
COCONUT GROVE
26
25
23
BRICKELL
KEY BISCAYNE
16
13 15
23. Brickell City Center 24. SLS Lux 25. Brickell Flatiron 26. Park Grove 27. L’Auberge Beach Residences 28. Paramount Fort Lauderdale 29. Gale Fort Lauderdale 30. Four Seasons Fort Lauderdale
24
DOWNTOWN
22
21
395
14
C O L L INS
SOUTH OF FIFTH
SOUTH BEACH
NEW YORK CITY MARKET RECAP Our affiliate BOND New York weighed in with the latest year-over-year report on the New York Market.
The stock market and foreign currency fluctuations have influenced a tentativeness in the luxury market since the start of the year. Affordable luxury, the sub-$2.5M market, continues to sell rapidly in Manhattan, and we still experience multiple bids on the most well priced values. As the top 5% of NYC price points accumulate inventory that was designed for the most discerning purchasers, consumers will find the level of choice to mirror similar luxury markets rather than continue the crisis point previously experienced before the current construction boom. As of January, the number of pending sales (in contract) was down 17.1% at 2,824 and the number of active listings ticked up to 6% year-over-year at 4,240. The median number of days on market was 85, up 18.1% year-over-year.
Pending Sales February 2015 – February 2016
Active Sales February 2015 – February 2016
Source: UrbanDigs.com. Percentages are rounded.
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O P U L E N C E I N T E R N AT I O N A L R E A LT Y A G E N T S
Jason Biondi 786.897.7783 jbiondi@oirfl.com
Ana Braga 754.368.1511 abraga@oirfl.com
Ana Cruz 561.201.0738 acuz@oirfl.com
Pamela Diaz de Leon 305.720.8439 pdiaz@oirfl.com
Andrena Dimitrijevic 305.290.3679 andrenad@oirfl.com
Monica Gonzalez David Hammond 786,693.3568 908.208.7120 mgonzalez@oirfl.com dhammond@oirfl.com
Mary Handel 305.496.4254 mhandel@oirfl.com
Teresa Herrera 646.326.7786 therrera@oirfl.com
Sylvia Lu 305.333.2057 slu@oirfl.com
Kelly Lyles 305.904.0824 klyles@oirfl.com
Melissa Hormann 305.498.8060 mhormann@oirfl.com
305.978.3481
nchaskielberg@oirfl.com
Richard Overton 786.877.2317 roverton@oirfl.com
Bernardo Paredes 786.253.7563 bparedes@oirfl.com
Win Peniston 914.552.6106 wpeniston@oirfl.com
Jose Savinon 305.542.7164 jsavinon@oirfl.com
Cristiano Soares 305.439.0926 csoares@oirfl.com
Juliana Ubinas 305.606.8087 jubinas@oirfl.com
Gregory Weppner 305.587.3997 gweppner@oirfl.com
Adi Zilberberg PA 917.455.0865 azilberberg@oirfl.com
Noelia Chaskielberg
OPULENCE SPORTS AND ENTERTAINMENT AGENTS
Tomi Rose, Sr. VP 786.229.1949 trose@oirfl.com
Christopher Mosley 904.874.1668 cmosley@oirfl.com
Michael Grinberg 754.581.4497 mgrinberg@oirfl.com
Heather Michaels 305.967.2814 hmichaels@oirfl.com
Louis Oliver III 954.558.4269 loliver@oirfl.com
Leann Prendergast-Kelly
954.594.5080 lkelly@oirfl.com
Christopher Powell 305.615.0035 cpowell@oirfl.com
ACKNOWLEDGEMENTS Magic Market, Magic City was written by Jill Patterson and designed by Lorin Jetter and Esther Gloria Marquez. Interview photos by Thiago Costa. Cover photo by Marcelo Salup. Additional neighborhood photography by Kevin Coster, Lorin Jetter, Thiago Costa and Jill Patterson. Extra special thanks go to: Win Peniston, Mary Vyn, Chris Soares, Pamela Diaz-de-Leon, Robin Jay and the amazing South Florida Opulence Magazine staff, Robert Swedroe, Ken Russell, Claudia Succar Binelo, Arva Moore Parks, David Martinez and Michelle Bernstein, Reed Congdon, Susie Shaw, as well as, Obi Obiaguzor and the fabulous staff of Opulence International Realty.
Keri Askew 954.599.6860 kaskew@oirfl.com
Sources: Southeast Florida MLX, Miami Association of Realtors, The Real Deal, South Florida Business Journal, Miami Herald, Sun Sentinel, Downtown Development Authority, Greater Miami and the Beaches Convention and Business Bureau, Cranespotters. Š 2015 Opulence International Realty. The material herein is produced for general interest only. Although high standards have been used in the preparation of the information, analysis and views presented, no responsibility or liability can be accepted by Opulence International Realty for the contents. We make no express or implied warranty or guarantee of the accuracy of any of the contents. As far as applicable laws allow, we do not accept responsibility for errors, inaccuracies or omissions, nor for loss or damage that may result directly or indirectly from reliance on or use of its contents.
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