Shelia gasson trends mid year update

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TRENDS BRICKELL, DOWNTOWN, SOUTH BEACH

2013

M I D -Y E A R

UPDATE


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

2013

And the Beat goes on The beat goes on as the Miami real estate market continues to be on the upswing. Inventory continues to drop and the number of sales continue to increase, resulting in price increases. The shadow inventory finally came onto the market in the first six months of 2013, with an increase in inventory of 30% over the same six months in 2012. These foreclosures primarily impact the under $300,000 market segment. Short sales moved in the opposite direction, with a dramatic 77% reduction in inventory. Overall, these distressed properties only represent 16% of what is available for sale. New construction is coming on line with new projects being introduced each month, but the question remains: will there be enough resale inventory to keep pace with the demand? In the meantime, expect prices to continue to rise through the rest of 2013.

Presented by

Shelia Gasson Broker - Associate

305.323.0963 sgasson@onesothebysrealty.com

Average Sales Price

4

Miami-Dade County

Single Family Homes

Condos

$600,000

$500,000

$400,000

$300,000

HOW LOW CAN YOU GO?

$200,000

$100,000

$0

Jan

Feb

Mar

Apr

May

Jun

As the inventory of single family homes dips to a scarce 4 month supply, the chances of finding a house are down about 25% from the same time last year. Keep on looking as about 2000 new homes come on the market each month. Source: Trendgraphix

The overall Average Sales Price for all sold properties in Miami Dade County is $358,000 for the first six months of 2013, up 13.6% from the same time period in 2012. Source: Trendgraphix


IN DEPTH COMMUNITY PROFILES

Brickell

Waterfront Properties

Condos

# of Transactions

Average Sales Price

Median Sales Price

Average $ / Sq Ft

Mid-Year 2012

367

$449,991

$320,000

$350

Mid-Year 2013

375

$566,012

$418,000

$427

Change

2%

26%

31%

22%

While the number of sales remained consistent the demand grew as buyers realized the distressed market is gone and the time to buy is now. The price per square foot soared to $427 up 22% over last year. At least 10 projects are in progress to deliver through 2015. With the addition of SLS Brickell, Brickell CityCentre, more fine dining and luxury retail we can see why not only investors find it desirable but also primary homeowners who want to live by the bay while enjoying city life.

Four Seasons Residences #63E Offered at $3,500,000

Downtown Since 2010 the market recovery has been evident in first-time and re-sales with the average price per square foot jumping 32%. Nine projects are planned for the remaining 3 districts of downtown with the most exclusive being 1000 Museum starting at $4million. Limited sites are available in the Central Business District and Brickell area, which is driving growth to Wynwood/Edgewater close to the Arts & Entertainment District and Midtown Miami.

Waterfront Properties

Condos

# of Transactions

Average Sales Price

Median Sales Price

Average $ / Sq Ft

Mid-Year 2012

289

$351,936

$310,000

$293

Mid-Year 2013

302

$448,919

$365,000

$387

Change

4%

28%

18%

32%

View from 1100 Biscayne Boulevard, Downtown

South Beach

Waterfront Properties

Condos

# of Transactions

Average Sales Price

Median Sales Price

Average $ / Sq Ft

Mid-Year 2012

304

$960,149

$405,000

$898

Mid-Year 2013

264

$795,691

$350,250

$844

Change

-13%

-17%

-14%

-6%

The number of closed sales fell by 13% due to limited inventory of waterfront condos. Six new projects are underway with 5 of those located in the highly desirable South of Fifth neighborhood and 7 more between Mid and North Beach. The highest sale was at the Setai at $3,800 per square foot, which proves Miami’s place in the global luxury real estate market for the super wealthy. The Waverly remains popular with an average of $421 per square foot.

1455 Ocean Drive, South Beach


As Pritzker Prize-Winning architect Zaha Hadid’s first residential tower in the Western Hemisphere, One Thousand Museum is destined to redefine Miami’s skyline.

SALES REPRESENTATION EXCLUSIVELY BY

ONE Sotheby’s International Realty

TRENDS IS PROVIDED BY: Shelia Gasson Broker - Associate 305.323.0963 sgasson@onesothebysrealty.com

onesothebysrealty.com

Source: Trendgraphix.com and Southeast Florida Regional MLS This material is based upon information that we consider reliable, but because it has been supplied by third parties, we cannot represent that it is accurate or complete, and it should not be relied upon as such. This offering is subject to errors, omissions, changes, including price, or withdrawal without notice. ©MMXIII Sotheby’s International Realty Affiliates LLC. All Rights Reserved. An Equal Opportunity Company. Equal Housing Opportunity.


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