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.