Trends Miami Real Estate Market Report

Page 1



SF HOMES

CONTENTS

Western Broward

CONDOS

52 – 53

Southwest Ranches Plantation Sunrise Weston Parkland Broward | North End

48 – 51

Lauderdale-by-the-Sea Lighthouse Point Bay Colony Sea Ranch The Landings East Fort Lauderdale

44 – 47

57

42 – 43

56

20 – 23

38 – 39

16 – 19

36 – 37

12 – 15

34 – 35

Las Olas Isles Harbor Beach Fort Lauderdale Beach

BROWARD COUNTY

Hillsboro Beach

Rio Vista Victoria Park & Colee Hammock Sunrise Key Coral Ridge / C.R. Country Club Broward | South End Hollywood Beach Hallandale Beach 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 Key Biscayne Miami Beach South Beach Mid Beach North Beach Downtown Miami

28 – 33

Midtown Edgewater Downtown Miami Brickell Western Miami

SPOTLIGHT ON PAGE 6

Doral Miami | South End

8 – 11

26 – 27

Coconut Grove Coral Gables Pinecrest Palmetto Bay CocoPlum Gables Estates Snapper Creek Lakes Ponce-Davis & High Pines Old Cutler Bay

2010 – 2020 Development Cycle

58 – 61

ONE SIR Development Portfolio

62 – 81

MIAMI-DADE COUNTY

Fisher Island


MIAMI-DADE & BROWARD: CONTINUED MOMENTUM IN A ROBUST MARKET

Of all the exciting developments in 2015, perhaps the most exciting was how engaged consumers and market players were in trying to decide whether the market could get any better than it was in 2014. Would 2015 hold all the same promise as the prior record year? Despite a fairly persistent drumbeat of the media painting a picture of a market bubble, the market did not act bubble-like. In fact, it showed signs of maturity much the same way, and for the same reasons, that the region has matured into a more diversified and vibrant economy. On pure analytical terms, Miami-Dade County only had six markets retreat on overall average value gains, with 38 markets advancing, some in the double digits. The winners outnumbered the losers by six to one in the singlefamily markets throughout Miami-Dade. In Broward County, only five markets retreated while 23 advanced yearover-year gains from 2014, winners beating losers by a measure of five to one. It is with no less enthusiasm that the condo market stats are presented. While Miami-Dade lost ground in 10 markets and gained in 13, the market supply of new projects has slowed resale price appreciation, which has been spiking for the past two years. Broward’s condo market was more stable, but also faces much less competition from new projects. What is evident throughout the market is that buyers have more opportunity, but the best-inclass, newer projects still represent good long-term value. Luxury pricing is stabilizing, especially in the $1 million – $5 million price class. The year brought fewer overall trades in this price class and, as a result of higher inventory, price appreciation slowed. Some of this is also tied to sellers’ lofty price expectations, which is causing inventory to be mispriced and, therefore, stay on the market longer. The $5 million – $10 million class showed remarkable resiliency and the $10 million+ class registered strong, with 22 transactions in Miami-Dade averaging $17 million, and a single sale in Broward at $27 million. Broward and Miami-Dade continued their march forward and, despite some retrenching of condo resale pricing in downtown Miami, the overall average pricing and velocity was strong. The forward forecast into 2016 is that sellers will see more competition and buyers will be more selective. Continued economic momentum in the South Florida region, and continued strength in the overall economy will determine the direction of 2016 pricing. We hope the report is useful as you explore the dynamics of this exciting market. Our partnership with Integra Realty Resources (IRR) continues to provide important third-party insights and research into the market. At ONE Sotheby’s International Realty, we strive to be your real estate advisors of choice as we shape the market together.

DANIEL DE LA VEGA

ANTHONY M. GRAZIANO, MAI, CRE

President & Managing Partner

Senior Managing Director

ONE Sotheby’s International Realty

Integra Realty Resources


METHODOLOGY

Following the methodology first applied in last year’s TRENDS market report, the current model abandons the variable minimum price threshold view used in prior reports 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 real estate 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, making the report as accurate and impartial as it can be. 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 does not include preconstruction 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.

©MMXVI 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.

5


MIAMI-DADE SINGLE-FAMILY HOMES

TOTAL MARKET

AN OVERVIEW OF CURRENT MARKET CONDITIONS

Miami-Dade has remained the most sought-after, most populous, most active and most expensive county in South Florida, with continued, stable price growth and somewhat even transaction

WATERFRONT SINGLE-FAMILY HOMES

# For Sale b

2011

2012

2013

2014

2015

804

676

619

680

735

966 $317

1,036 $398

1,131 $377

1,116 $450

1,103 $472

(avg./month)

# Sold b PPSF b

numbers in 2015, compared to 2014. Concerns about the so-called “affordability gap” abated, to some extent as the result of a wave of new rental and homeownership development.

# Sold Trendline b

g 14% FROM 2011

Pricing has predominantly maintained or even exceeded its levels over the prior year, while transaction volume in some property segments, such as $1M+ condos and waterfront homes and condos, ebbed somewhat.

g 49%

PPSF Trendline b 6

FROM 2011

In 2015, Miami-Dade County had six single-family submarkets experiencing price reversals and 38 submarkets that saw year-over-year gains. The winners, hence, outnumbered the losers six to one and, by appreciation measures, 2015 was a strong year in the Miami-Dade single-family

NON-WATERFRONT SINGLE-FAMILY HOMES

category. Non-waterfront pricing only declined in one community in the single-family market. The land crunch continues to be a defining factor in Miami’s real estate evolution, as are global economic trends, foreign currency fluctuations, and Miami-Dade’s attractiveness among foreign buyers from Latin America and beyond.

# For Sale b

2011

2012

2013

2014

2015

5,573

3,908

3,954

4,905

4,801

10,335 $126

10,998 $134

12,481 $157

12,988 $172

13,194 $182

(avg./month)

# Sold b PPSF b

FEATURED: DORAL In addition to the core submarkets, new luxury neighborhoods are emerging in Miami. A new concentration of single-family residences can be

# Sold Trendline b

g 28%

PPSF Trendline b

g 44%

found in the suburb of Doral. Home to the Trump

FROM 2011

Doral golf resort, two malls and two emerging downtown areas, as well as upscale single-family developments such as the Mansions at Doral, Doral is the most significant and among the fastest-growing luxury submarkets west of US-1.

FROM 2011


LUXURY MARKET

$1M TO $5M TRANSACTIONS

h 582

2014

2015

h 918

h 890

2011

2012

h 30

h 46

2013

2014

2015

# Sold h 798

h 57

h 63

h 742

h 749

2012

h 11

h 21

# Sold

# For Sale (avg./month) h 877

2011

h 848

h 48

2014

2015

h 19

h 22

# Sold

# For Sale (avg./month) h 1,031

2013

# Sold Trendline h

h 493

2013

$10M+ TRANSACTIONS

# Sold Trendline h

2012

# Sold Trendline h

2011

$5M TO $10M TRANSACTIONS

h 98

h 114

IN 2011,

h 104

h 110

h 16

7

# For Sale (avg./month) h 137

h 57

h 65

h 67

h 84

h 97

IN 2015,

534

975

OF MIAMI-DADE’S SINGLE-FAMILY HOME SALES

OF MIAMI-DADE’S SINGLE-FAMILY HOME SALES

WERE CLOSED FOR OVER $1 MILLION.

WERE CLOSED FOR OVER $1 MILLION.

REPRESENTING A 83% RISE IN LUXURY MARKET SALES FROM 2011 TO 2015

4730 N BAY ROAD, MIAMI BEACH


MIAMI | SOUTH END: WATERFRONT, SINGLE-FAMILY HOMES THE NEIGHBORHOODS

THE RESIDENCES

“Due to the natural, unaltered beauty of their land,

“The lush, canopied thoroughfare of Old Cutler

the neighborhoods east of Old Cutler Road have

Road is flanked mostly by guard-gated enclaves

been in high demand since the road first opened in

that are made up of many one-acre-plus estates;

1883. Some of Miami’s most peaceful residences

numerous are waterfront. This is where the South

can be found in the area, which, on top of offering

End’s true essence resides, where chic and tropical

boutique shopping options and a robust school

merge into a brilliantly tangible feeling of luxury.

system, features great accesibility to Biscayne Bay

Experiencing it firsthand, you understand why this

and an abundance of boat docking alternatives.”

is where you want to be.”

— Claudia Fernandez, Estate Agent

— Mauricio J. Barba, Estate Agent

LEGEND

TOTAL MARKET: AVERAGE PRICE PER SQUARE FOOT

COCONUT GROVE

COCOPLUM

CORAL GABLES

GABLES ESTATES

PALMETTO BAY

OLD CUTLER BAY

$1,400

$1,200

$1,000

8

$800

GABLES ESTATES

GABLES ESTATES

GABLES ESTATES

GABLES ESTATES

GABLES ESTATES

$987

$1,095

$806

$1,329

$932 (h 30%)

OLD CUTLER BAY

OLD CUTLER BAY

OLD CUTLER BAY

OLD CUTLER BAY

OLD CUTLER BAY

$599

$693

$671

$698

$824 (g 18%)

COCOPLUM

CORAL GABLES

COCOPLUM

COCONUT GROVE

CORAL GABLES

$551

$553

$564

$690

$737 (g 12%)

$600

COCONUT GROVE

COCOPLUM

CORAL GABLES

CORAL GABLES

COCONUT GROVE

$551

$533

$531

$657

$705 (g 2%)

$400

CORAL GABLES

COCONUT GROVE

COCONUT GROVE

COCOPLUM

COCOPLUM

$459

$518

$483

$656

$639 (h 3%)

PALMETTO BAY

PALMETTO BAY

PALMETTO BAY

PALMETTO BAY

PALMETTO BAY

$200

$164

$188

$191

$203

$250 (g 23%)

$0

2011

2012

2013

TOTAL MARKET: NUMBER OF TRANSACTIONS COCONUT GROVE

8

8

4

10

11

CORAL GABLES

57

86

77

76

66

PALMETTO BAY

20

23

25

25

7

2014

2015

(% change from 2014)

TOTAL MARKET: NEIGHBORHOOD TO WATCH

CORAL GABLES 2015 AVG. PRICE / SQUARE FOOT: $737

COCOPLUM

10

13

16

12

6

GABLES ESTATES

3

12

8

8

9

OLD CUTLER BAY

4

5

6

9

4

2011

2012

2013

2014

2015

12% INCREASE OVER 2014 PERFORMANCE

61% INCREASE OVER 2011 PERFORMANCE

Omissions due to low transaction numbers or absence of market: Pinecrest, Snapper Creek Lakes, Deering Bay and Ponce-Davis & High Pines


485 LEUCADENDRA DRIVE, GABLES ESTATES

LUXURY MARKET: THE TOP 50% OF EACH MARKET IN 2015 (BY AVERAGE HOME PRICE)

GABLES ESTATES

$12,993,750

g 40%

OLD CUTLER BAY

FROM 2014

$8,350,000

COCONUT GROVE

CORAL GABLES

$7,062,500

$7,039,324

g 31%

g 9%

FROM 2014

FROM 2014

WITH 4 TRANSACTIONS

9 COCOPLUM

$4,343,333

g 102% FROM 2014 WITH 1 TRANSACTION

WITH

WITH

5 TRANSACTIONS

33 TRANSACTIONS

PALMETTO BAY h 17%

$1,022,131

FROM 2014 WITH 3 TRANSACTIONS

h 74% FROM 2014 WITH 13 TRANSACTIONS

LUXURY MARKET: NEIGHBORHOOD TO WATCH

South End waterfront markets consist of a number of small subdivisions

GABLES ESTATES

in the southern part of Coral Gables, as well as parts of Palmetto Bay and Coconut Grove. Palmetto Bay luxury pricing underperformed the prior year, although this reflects a scarcity of sales in the bayfront eastern half of the

2015 AVG. HOME PRICE: $13 MILLION

40% INCREASE OVER 2014 PERFORMANCE

OVERALL MARKET INSIGHTS

Despite a 30% drop in its total market, Gables Estates’ top half

submarket and, therefore, a predominance of canalfront sales. Old Cutler Bay saw an 18% increase in total market PPSF with a total of four sales. Values increased a modest 2% in Coconut Grove and 12% in Coral Gables over the prior year. Luxury in Coral Gables reached an avg. of $7,039,324,

of homes sold, considered ultra-

up from $6,452,708 in 2014. Both total and luxury pricing were up in Coral

luxury, shows a tremendous

Gables and Coconut Grove, although pricing dipped in Cocoplum. Gables

increase in pricing during 2015.

Estates saw a total market decrease, but a 40% increase in luxury pricing.

Cocoplum, Gables Estates and Old Cutler Bay are subsections of Coral Gables.


MIAMI | SOUTH END: NON-WATERFRONT, SINGLE-FAMILY HOMES THE NEIGHBORHOODS

THE RESIDENCES

“From Coconut Grove to Palmetto Bay, the South End

“This area’s strong communities have spacious

is home to many family-friendly communities. Coral

lots that allow for amenities such as gardens,

Gables and Coconut Grove are lush and vibrant,

pools and entertaining areas without constraining

offering an array of restaurants and entertainment

living space. Styles range from midcentury modern

options. Further south, neighborhoods become

homes and classic ranches to new construction

quieter and more rural. As different as one area is

with all the latest trends and technology. Due to

from the next, these neighborhoods are home to

the region’s outstanding public school system,

some of the county’s best schools.”

South End residences tend to retain their value.”

— Al Arostegui, Estate Agent

— Jill Penman, Estate Agent

COCONUT GROVE LEGEND

TOTAL MARKET: AVERAGE PRICE PER SQUARE FOOT

COCOPLUM

CORAL GABLES

SNAPPER CREEK LAKES

PINECREST

PONCE-DAVIS & HIGH PINES

PALMETTO BAY $600

$500

$400

10 $300

$200

$100

$0

S. CREEK LAKES

S. CREEK LAKES

S. CREEK LAKES

S. CREEK LAKES

S. CREEK LAKES

$412

$368

$467

$524

$581 (g 11%)

COCOPLUM

COCOPLUM

COCOPLUM

COCOPLUM

COCOPLUM

$346

$319

$413

$447

$477 (g 7%)

P. DAVIS H. PINES

P. DAVIS H. PINES

P. DAVIS H. PINES

P. DAVIS H. PINES

P. DAVIS H. PINES

$318

$310

$373

$401

$459 (g 14%)

CORAL GABLES

CORAL GABLES

COCONUT GROVE

COCONUT GROVE

COCONUT GROVE

$252

$263

$322

$362

$403 (g 11%)

COCONUT GROVE

COCONUT GROVE

CORAL GABLES

CORAL GABLES

CORAL GABLES

$244

$260

$304

$330

$379 (g 15%)

PINECREST

PINECREST

PINECREST

PINECREST

PINECREST

$222

$235

$256

$292

$316 (g 8%)

PALMETTO BAY

PALMETTO BAY

PALMETTO BAY

PALMETTO BAY

PALMETTO BAY

$136

$142

$164

$180

$190 (g 5%)

2011

2012

2013

TOTAL MARKET: NUMBER OF TRANSACTIONS

2014

2015

(% change from 2014)

TOTAL MARKET: NEIGHBORHOOD TO WATCH

COCONUT GROVE

200

200

248

220

199

CORAL GABLES

419

465

559

465

457

PINECREST

191

215

250

243

211

COCONUT GROVE

PALMETTO BAY

263

284

301

308

315

2015 AVG. PRICE / SQUARE FOOT: $403

COCOPLUM

19

8

10

11

17

S. CREEK LAKES

9

7

6

8

6

P. DAVIS H. PINES

37

46

56

52

15

2011

2012

2013

2014

2015

11% INCREASE OVER 2014 PERFORMANCE

Omissions due to low transaction numbers or absence of market: Gables Estates, Old Cutler Bay and Deering Bay

65% INCREASE OVER 2011 PERFORMANCE


5801 MOSS RANCH ROAD, PINECREST

LUXURY MARKET: THE TOP 50% OF EACH MARKET IN 2015 (BY AVERAGE HOME PRICE)

S. CREEK LAKES

$5,221,667 P. DAVIS H. PINES h 2%

$3,698,286

COCOPLUM

$3,143,125

FROM 2014 WITH 3 TRANSACTIONS

g 26% g 14%

FROM 2014 WITH 7 TRANSACTIONS

11 PINECREST

$1,845,321

COCONUT GROVE

CORAL GABLES

$1,553,456

$1,512,874

FROM 2014 WITH 8 TRANSACTIONS

h 22% FROM 2014 WITH 102 TRANSACTIONS

PALMETTO BAY

$659,369 h 5%

NO CHANGE

FROM 2014

FROM 2014

WITH

WITH

g 1%

99 TRANSACTIONS

229 TRANSACTIONS

FROM 2014 WITH 157 TRANSACTIONS

LUXURY MARKET: NEIGHBORHOOD TO WATCH

SNAPPER CREEK LAKES 2015 AVG. HOME PRICE: $5.2 MILLION

OVERALL MARKET INSIGHTS The historic live-work-play community of Coral Gables experienced robust single-family home sales on both volume and pricing in 2015, with average pricing per square foot increasing 15%. Coconut Grove, home to the prestigious Ransom Everglades School as well as Miami’s city hall, delivered 11% annual gains for non-waterfront single-family homes. More infill redevelopment and renovations in the “Old” Grove will most likely drive sale prices this year.

41% HIGHER THAN P. DAVIS & H. PINES

Despite its decrease in pricing compared to 2014, SCL remains

Pinecrest and Palmetto Bay saw price “restraint”, each staying under

the highest priced luxury, non-

the 10% appreciation marker at 8% and 5% respectively, after last year’s

waterfront market in Miami-

appreciation of 14% and 10%. Cocoplum posted 7% PSF gains while

Dade and Broward combined.

Snapper Creek and Ponce Davis posted 11% and 14% average price gains.

Cocoplum and Snapper Creek Lakes are subsections of Coral Gables.


MIAMI BEACH: WATERFRONT, SINGLE-FAMILY HOMES THE NEIGHBORHOODS

THE RESIDENCES

“Miami Beach, a large island with several distinct

“Waterfront residences in Miami Beach are usually

neighborhoods, celebrated its 100-year anniversary

large and built for outdoor living, with pools and

in 2015. It has become a world-renowned vacation

boat dockage as some of their main features.

destination as well as a cultural melting pot, with

These homes retain their value well due to the

pristine beaches stretching from South Pointe Park

limited land supply around the Mid Beach area

to Millionaire’s Row. Mid Beach particularly is home

and their close proximity to world-class dining and

to spectacular waterfront homes, sitting on some of

entertainment options, making Miami Beach one

the state’s most prestigious roads.”

of the most desirable areas to live in Miami.”

— Roy Benmeir, Estate Agent

— David Harroch, Estate Agent

LEGEND

TOTAL MARKET: AVERAGE PRICE PER SQUARE FOOT

MID BEACH

NORTH BAY ROAD PINE TREE DRIVE

$2,000

$1,500

12 $1,000

N BAY ROAD

N BAY ROAD

N BAY ROAD

N BAY ROAD

N BAY ROAD

$775

$964

$976

$1,396

$1,957 (g 40%)

MID BEACH

MID BEACH

MID BEACH

PINE TREE DR

MID BEACH

$628

$598

$786

$971

$1,463 (g 53%)

PINE TREE DR

PINE TREE DR

PINE TREE DR

MID BEACH

PINE TREE DR

$566

$589

$758

$957

$1,267 (g 30%)

$500

$0

2011

2012

2013

TOTAL MARKET: NUMBER OF TRANSACTIONS

MID BEACH

21

31

26

32

14

NORTH BAY ROAD

10

6

5

10

5

PINE TREE DRIVE

5

6

9

4

5

2011

2012

2013

2014

2015

2014

2015

(% change from 2014)

TOTAL MARKET: NEIGHBORHOOD TO WATCH

MID BEACH 2015 AVG. PRICE / SQUARE FOOT: $1,463

53% INCREASE OVER 2014 PERFORMANCE

133% INCREASE OVER 2011 PERFORMANCE

Omissions due to low transaction numbers or absence of market: La Gorce Subdivision (Alton Road and La Gorce Drive), South Beach and North Beach


2050 NORTH BAY ROAD, MIAMI BEACH

LUXURY MARKET: THE TOP 50% OF EACH MARKET IN 2015 (BY AVERAGE HOME PRICE)

N BAY ROAD

$25,750,000

g 49% 13

FROM 2014 WITH 2 TRANSACTIONS

MID BEACH

$13,271,429

PINE TREE DR

$12,126,667

g 27% FROM 2014

g 89%

WITH

FROM 2014 WITH

7 TRANSACTIONS

3 TRANSACTIONS

LUXURY MARKET: NEIGHBORHOOD TO WATCH

OVERALL MARKET INSIGHTS Mid Beach waterfront single-family pricing saw double-digit increases,

NORTH BAY ROAD

with a 53% average increase for waterfront pricing in Miami Beach (to $1,463/SF), a 30% increase on Pine Tree and a 40% increase on North Bay Road; there were no transactions of waterfront single-family homes

2015 AVG. HOME PRICE: $26 MILLION

on Alton or La Gorce Drive, as in last year. In the three submarkets with both waterfront and non-waterfront transactions (North Bay, Pine Tree and Mid Beach overall), the waterfront premium increased as waterfront

49% INCREASE OVER 2014 PERFORMANCE

N. Bay Road has the highest luxury market pricing in this

homes out-appreciated non-waterfront homes.

report (aside from Indian Creek,

These numbers were driven by a robust performance in the luxury sector,

which had one sale in 2015 and

which reached double-digit year-over-year increase at 27% in Mid Beach

is, therefore, subject to volatility).

overall, 89% on Pine Tree, and 49% along North Bay Road.

North Bay Road and Pine Tree Drive are subsections of Mid Beach.


MIAMI BEACH: NON-WATERFRONT, SINGLE-FAMILY HOMES THE NEIGHBORHOODS

THE RESIDENCES

“Miami Beach’s wide, tree-lined roads make the

“Non-waterfront, single-family residences in Miami

perfect setting for some of this neighborhood’s

Beach are generally considered part of the luxury

most spectacular homes. North Bay Road and Pine

market due to their top-tier location, walkability and

Tree Drive offer an intimate, quieter environment

coveted amenities. Their close proximity to the

next door to the vibrant energy that has made the

beach and the Miami Beach marina makes them

Beach world-famous, while La Gorce Subdivision

a worthy alternative to waterfront homes in the

is home to spacious, non-waterfront residences

area, particularly considering the substantial price

sitting directly on the golf course.”

discount that comes with a non-waterfront home.”

— Sladja Stantic, Estate Agent

— Anna Sherrill, Estate Agent

NORTH BAY ROAD LEGEND

TOTAL MARKET: AVERAGE PRICE PER SQUARE FOOT

MID BEACH

PINE TREE DRIVE LA GORCE SUBDIV. – ALTON RD. LA GORCE SUBDIV. – LA GORCE DR.

$800

$600

14 $400

$200

$0

LGS ALTON

N BAY ROAD

PINE TREE DR

LGS LA GORCE

PINE TREE DR

$379

$349

$445

$578

$655 (g 25%)

N BAY ROAD

LGS LA GORCE

LGS LA GORCE

PINE TREE DR

N BAY ROAD

$335

$324

$426

$522

$632 (g 26%)

LGS LA GORCE

LGS ALTON

N BAY ROAD

N BAY ROAD

MID BEACH

$319

$318

$406

$502

$496 (g 11%)

PINE TREE DR

PINE TREE DR

MID BEACH

MID BEACH

LGS LA GORCE

$298

$308

$370

$448

$460 (h 20%)

MID BEACH

MID BEACH

LGS ALTON

LGS ALTON

LGS ALTON

$272

$304

$293

$335

$403 (g 20%)

2011

2012

2013

TOTAL MARKET: NUMBER OF TRANSACTIONS MID BEACH

100

95

133

122

95

NORTH BAY ROAD

6

14

13

14

12

PINE TREE DRIVE

12

11

9

12

5

LGS – ALTON RD.

3

11

8

12

23

LGS – LA GORCE DR.

7

7

17

13

3

2011

2012

2013

2014

2015

Omissions due to low transaction numbers or absence of market: South Beach and North Beach

2014

2015

(% change from 2014)

TOTAL MARKET: NEIGHBORHOOD TO WATCH

NORTH BAY ROAD 2015 AVG. PRICE / SQUARE FOOT: $632

26% INCREASE OVER 2014 PERFORMANCE

89% INCREASE OVER 2011 PERFORMANCE


1200 W 63 STREET, MIAMI BEACH

LUXURY MARKET: THE TOP 50% OF EACH MARKET IN 2015 (BY AVERAGE HOME PRICE)

PINE TREE DR

$3,900,000

g 48% FROM 2014 WITH 1 TRANSACTION

N BAY ROAD

$2,365,000

15

LGS LA GORCE

$2,295,000

MID BEACH

$1,890,890 NO CHANGE FROM 2014 WITH 6 TRANSACTIONS

FROM 2014

LGS ALTON

$1,549,727

h 4% WITH

h 4%

1 TRANSACTION

FROM 2014

h 2%

WITH

FROM 2014

46 TRANSACTIONS

WITH 11 TRANSACTIONS

LUXURY MARKET: NEIGHBORHOOD TO WATCH

OVERALL MARKET INSIGHTS The Miami Beach single-family home market is concentrated in Mid

PINE TREE DRIVE

Beach, which includes the high-performing North Bay Road, Pine Tree Drive, La Gorce Drive and Alton Road. These four roads contain homes on the golf course as well as large, luxurious properties on the side streets,

2015 AVG. HOME PRICE: $3.9 MILLION

including canalfront and bayfront homes as well as luxury inland estates. Pricing in Mid Beach as a whole increased 11% year-over-year to $496,

48% INCREASE OVER 2014 PERFORMANCE

Although with only one sale, Pine Tree Drive saw great price

with 95 homes sold. Pricing on the prestige corridors varied; Pine Tree increased 25%, La Gorce decreased 20%, Alton increased 20%, and North

growth and is now leading the

Bay Road increased by 26%. The most active luxury corridors (Alton and

non-waterfront, single-family

North Bay) saw little change in pricing, as did Miami Beach as a whole with

home category in Miami Beach.

an average price of $1,890,890, largely unchanged from 2014.

North Bay Road, Pine Tree Drive and La Gorce Subdivision (Alton Road and La Gorce Drive) are subsections of Mid Beach.


THE ISLANDS: WATERFRONT, SINGLE-FAMILY HOMES THE NEIGHBORHOODS

THE RESIDENCES

“The islands are home to some of the most lavish

“Homes in the islands tend to be built with open,

residences in the country. From family-friendly Key

bright spaces that allow the ocean and skyline

Biscayne to Indian Creek, home of the recently

views to be the residences’ focal point. Deep-water

rated “most expensive street in America”, there is

docking is available in most properties, which,

no shortage of extravagant, waterfront properties.

paired with Miami’s predominantly sunny, warm

Most islands are just a short bridge away from

weather, makes this city’s version of island living

the plethora of entertainment options Miami and

ideal for the boating enthusiast who chooses to

Miami Beach have to offer.”

enjoy the lifestyle year-round.”

— Mirce Curkoski and Albert Justo, Estate Agents

— Alina de la Vega MacLean, Estate Agent

LEGEND

TOTAL MARKET: AVERAGE PRICE PER SQUARE FOOT

KEY BISCAYNE

LA GORCE ISLAND

PALM/STAR/HIBISCUS

INDIAN CREEK

VENETIAN ISLANDS

BAY HARBOR ISLANDS

SUNSET ISLANDS

NORMANDY ISLES

$2,500

$2,000

16

$1,500

$1,000

$500

$0

KEY BISCAYNE

INDIAN CREEK

KEY BISCAYNE

LA GORCE

LA GORCE

$1,747

$1,986

$1,688

$2,190

$1,970 (h 10%)

SUNSET

KEY BISCAYNE

LA GORCE

SUNSET

INDIAN CREEK

$924

$1,278

$1,658

$1,463

$1,830 (g 83%)

PALM/STAR/HI.

PALM/STAR/HI.

PALM/STAR/HI.

KEY BISCAYNE

KEY BISCAYNE

$922

$1,195

$1,041

$1,419

$1,722 (g 21%)

LA GORCE

SUNSET

SUNSET

PALM/STAR/HI.

VENETIAN

$909

$967

$1,029

$1,244

$1,413 (g 27%)

VENETIAN

LA GORCE

VENETIAN

VENETIAN

SUNSET

$653

$908

$972

$1,122

$1,327 (h 9%)

BAY HARBOR

VENETIAN

BAY HARBOR

INDIAN CREEK

PALM/STAR/HI.

$488

$855

$642

$998

$1,324 (g 6%)

NORMANDY

BAY HARBOR

NORMANDY

BAY HARBOR

BAY HARBOR

$437

$781

$415

$720

$1,015 (g 41%)

INDIAN CREEK

NORMANDY

INDIAN CREEK

NORMANDY

NORMANDY

N/A

$352

N/A

$531

$632 (g 19%)

2011

2012

2013

TOTAL MARKET: NUMBER OF TRANSACTIONS KEY BISCAYNE

9

16

8

9

11

PALM/STAR/HI.

12

12

11

19

9

VENETIAN ISLANDS

20

17

15

18

18

SUNSET ISLANDS

6

17

12

10

7

LA GORCE ISLAND

2

2

2

2

1

INDIAN CREEK

0

3

0

2

1

BAY HARBOR

3

1

4

5

4

NORMANDY ISLES

8

15

21

9

14

2011

2012

2013

2014

2015

Omissions due to low transaction numbers or absence of market: Fisher Island

2014

2015

(% change from 2014)

TOTAL MARKET: NEIGHBORHOOD TO WATCH

BAY HARBOR ISLANDS 2015 AVG. PRICE / SQUARE FOOT: $1,015

41% INCREASE OVER 2014 PERFORMANCE

108% INCREASE OVER 2011 PERFORMANCE


260 CAPE FLORIDA DRIVE, KEY BISCAYNE

LUXURY MARKET: THE TOP 50% OF EACH MARKET IN 2015 (BY AVERAGE HOME PRICE)

INDIAN CREEK

$30,000,000 LA GORCE g 42% FROM 2014

$19,700,000

WITH 1 TRANSACTION

KEY BISCAYNE

17

$13,658,286 g 38% FROM 2014 WITH 1 TRANSACTION

VENETIAN

SUNSET

$9,218,850

$9,146,667

PALM/STAR/HI.

$8,075,000

BAY HARBOR

g 45% FROM 2014

g 31%

h 34%

FROM 2014

FROM 2014

WITH

WITH

10 TRANSACTIONS

3 TRANSACTIONS

WITH 7 TRANSACTIONS

$6,550,000

NORMANDY

$2,195,000 h 54% FROM 2014 WITH 4 TRANSACTIONS

g 51% FROM 2014 WITH 2 TRANSACTIONS

g 59% FROM 2014 WITH 7 TRANSACTIONS

LUXURY MARKET: NEIGHBORHOOD TO WATCH

OVERALL MARKET INSIGHTS Key Biscayne and the northern islands of Normandy, Bay Harbor and

VENETIAN ISLANDS

Indian Creek saw substantial appreciation both in their total markets and in their luxury segments. 2015 marks the second consecutive year of double-digit price increases for several of these islands, with Bay Harbor

2015 AVG. HOME PRICE: $9.2 MILLION

being the big winner with appreciation of 41%. The Venetian Islands and Sunset Islands also saw waterfront appreciation, as did Indian Creek, although there was only one sale there.

31% INCREASE OVER 2014 PERFORMANCE

The Venetian Islands saw more luxury transactions than any

Sunset and Palm/Star/Hibiscus experienced luxury price decreases,

other island and are one of only

although in the latter case the lack of Star Island transactions in 2015

four luxury markets (above) to

depressed pricing. Normandy, Bay Harbor, Key Biscayne, Indian Creek,

increase in luxury home pricing.

Venetian Islands and La Gorce Island all saw luxury pricing increases.


THE ISLANDS: NON-WATERFRONT, SINGLE-FAMILY HOMES THE NEIGHBORHOODS

THE RESIDENCES

“Although significantly more luxurious than most,

“Non-waterfront residences in the islands are still

lined with towering royal palms and conveniently

some of the most luxurious homes in the county

located just a short distance from the dynamic

due to their coveted, exclusive location, just minutes

environments found in Miami and Miami Beach,

away from Downtown Miami and Miami Beach.

the Islands have managed to maintain that small-

They are generally built with high-end finishes and

community, neighbor-friendly atmosphere that’s so

designed to include top-tier amenities, with private,

difficult to find in other neighborhoods.”

outdoor spaces for entertaining.”

— Bragi Sigurdsson, Estate Agent

— Adriana Faerman, Estate Agent

KEY BISCAYNE LEGEND

TOTAL MARKET: AVERAGE PRICE PER SQUARE FOOT

LA GORCE ISLAND

PALM/STAR/HIBISCUS

BAY HARBOR ISLANDS

VENETIAN ISLANDS

NORMANDY ISLES

SUNSET ISLANDS $1,000

$800

18

$600

$400

$200

$0

KEY BISCAYNE

KEY BISCAYNE

KEY BISCAYNE

KEY BISCAYNE

SUNSET

$547

$612

$748

$795

$861 (g 46%)

LA GORCE

LA GORCE

SUNSET

LA GORCE

KEY BISCAYNE

$532

$538

$552

$613

$857 (g 8%)

SUNSET

SUNSET

VENETIAN

VENETIAN

LA GORCE

$428

$497

$484

$611

$740 (g 21%)

VENETIAN

VENETIAN

LA GORCE

SUNSET

PALM/STAR/HI.

$385

$454

$469

$589

$692 (g 39%)

PALM/STAR/HI.

PALM/STAR/HI.

PALM/STAR/HI.

PALM/STAR/HI.

VENETIAN

$383

$413

$379

$499

$675 (g 10%)

BAY HARBOR

BAY HARBOR

BAY HARBOR

BAY HARBOR

BAY HARBOR

$256

$331

$308

$379

$520 (g 37%)

NORMANDY

NORMANDY

NORMANDY

NORMANDY

NORMANDY

$154

$179

$223

$247

$265 (g 7%)

2011

2012

2013

TOTAL MARKET: NUMBER OF TRANSACTIONS

2014

2015

(% change from 2014)

TOTAL MARKET: NEIGHBORHOOD TO WATCH

KEY BISCAYNE

63

63

59

63

48

PALM/STAR/HI.

5

6

5

2

7

VENETIAN ISLANDS

14

19

23

19

10

SUNSET ISLANDS

SUNSET ISLANDS

4

6

8

7

7

2015 AVG. PRICE / SQUARE FOOT: $861

LA GORCE ISLAND

5

2

2

4

1

BAY HARBOR

8

7

9

19

7

NORMANDY ISLES

17

36

30

26

45

2011

2012

2013

2014

2015

Omissions due to low transaction numbers or absence of market: Indian Creek and Fisher Island

46% INCREASE OVER 2014 PERFORMANCE

101% INCREASE OVER 2011 PERFORMANCE


200 E RIVO ALTO, VENETIAN ISLANDS

LUXURY MARKET: THE TOP 50% OF EACH MARKET IN 2015 (BY AVERAGE HOME PRICE)

SUNSET

$3,855,583

KEY BISCAYNE

$3,235,288 g 42%

LA GORCE

PALM/STAR/HI.

$2,880,000

$2,833,333

FROM 2014

h 2%

WITH 3 TRANSACTIONS

FROM 2014

h 56%

WITH

g 78%

FROM 2014

FROM 2014

25 TRANSACTIONS

WITH 1 TRANSACTION

VENETIAN

$2,135,000

WITH 3 TRANSACTIONS

h 3%

$1,831,333 NORMANDY

FROM 2014

g 34%

WITH

FROM 2014

5 TRANSACTIONS

19

BAY HARBOR

$646,881

WITH 3 TRANSACTIONS

g 3% FROM 2014 WITH 21 TRANSACTIONS

LUXURY MARKET: NEIGHBORHOOD TO WATCH

PALM, STAR AND HIBISCUS ISLANDS 2015 AVG. HOME PRICE: $2.8 MILLION

OVERALL MARKET INSIGHTS The Islands of Miami Beach and Key Biscayne remain exclusive and generally sell well, especially for non-waterfront properties. Key Biscayne performed well in 2015, with an 8% price increase. Single-family home performance was excellent in the southern islands of Miami Beach, with double-digit appreciation in the Venetian Islands and on Palm/Star/ Hibiscus Islands, as well as on Bay Harbor, which appreciated 37% PSF. The Sunset Islands and La Gorce Island also saw strong appreciation.

78% INCREASE OVER 2014 PERFORMANCE

Palm, Star and Hibiscus Islands may not have the highest

Luxury non-waterfront pricing was more varied, level in Key Biscayne and

pricing, but they did see the

the Venetian Islands, increasing strongly in Bay Harbor and the Sunset

highest increase in luxury, non-

Islands, rising 78% in Palm/Star/Hibiscus and dipping in La Gorce Island,

waterfront prices during 2015.

although there was only one transaction in this submarket.


MIAMI | NORTH END: WATERFRONT, SINGLE-FAMILY HOMES THE NEIGHBORHOODS

THE RESIDENCES

“From Bal Harbour’s elegant lifestyle to Golden

“With miles of water frontage, Miami’s North

Beach’s oceanfront estates and Surfside’s laidback

End offers a diverse range of architectural

atmosphere, Miami’s North End consistently sees

styles and impressive views. Residences

great demand and is currently under a significant

in these neighborhoods are available in all

transformation. These neighborhoods, along with

price ranges, from more modest waterfront

Aventura (a city in itself) offer a convenient location

properties under the million-dollar mark,

between Downtown Miami, Miami Beach and East

to lavish, multimillion dollar, oceanfront

Fort Lauderdale, just a few miles from all three.”

mansions set on a private beach.”

— Eduard Zavulunov, Estate Agent

— Samantha Elenson, Estate Agent

LEGEND

TOTAL MARKET: AVERAGE PRICE PER SQUARE FOOT

AVENTURA

BAL HARBOUR

GOLDEN BEACH

SURFSIDE

$1,600

$1,200

20 $800

$400

$0

GOLDEN BEACH

BAL HARBOUR

BAL HARBOUR

GOLDEN BEACH

GOLDEN BEACH

$552

$796

$1,287

$867

$1,375 (g 59%)

SURFSIDE

GOLDEN BEACH

GOLDEN BEACH

SURFSIDE

SURFSIDE

$353

$791

$745

$607

$635 (g 5%)

AVENTURA

SURFSIDE

SURFSIDE

AVENTURA

AVENTURA

$256

$338

$713

$356

$324 (h 9%)

BAL HARBOUR

AVENTURA

AVENTURA

BAL HARBOUR

BAL HARBOUR

N/A

$330

$327

N/A

N/A

2011

2012

2013

TOTAL MARKET: NUMBER OF TRANSACTIONS

AVENTURA

15

22

31

25

2014

2015

(% change from 2014)

TOTAL MARKET: NEIGHBORHOOD TO WATCH

19

SURFSIDE GOLDEN BEACH

16

11

14

7

4

2015 AVG. PRICE / SQUARE FOOT: $635 BAL HARBOUR

0

1

3

0

0

5% SURFSIDE

4

3

2

7

11

2011

2012

2013

2014

2015

Omissions due to low transaction numbers or absence of market: Sunny Isles

INCREASE OVER 2014 PERFORMANCE

80% INCREASE OVER 2011 PERFORMANCE


88 BAL BAY DRIVE, BAL HARBOUR

LUXURY MARKET: THE TOP 50% OF EACH MARKET IN 2015 (BY AVERAGE HOME PRICE)

GOLDEN BEACH

$13,275,000

g 41% 21

FROM 2014 WITH

SURFSIDE

2 TRANSACTIONS

$3,646,000

AVENTURA

$901,444 g 3% FROM 2014

g 2%

WITH 5 TRANSACTIONS

FROM 2014 WITH 9 TRANSACTIONS

LUXURY MARKET: NEIGHBORHOOD TO WATCH

There were no sales in Bal Harbour and Aventura saw a slight drop for

GOLDEN BEACH

waterfront as opposed to non-waterfront homes in 2015, as most of its waterfront sales last year were located on lagoons and other artificial water features. The most informative waterfront markets were therefore

2015 AVG. HOME PRICE: $13.3 MILLION

41% INCREASE OVER 2014 PERFORMANCE

OVERALL MARKET INSIGHTS

Surfside, which saw a 5% year-over-year increase among 11 sales, and Golden Beach, which saw a 59% increase, albeit among only four sales. Thanks to the larger size of homes, Aventura saw a luxury price bump

Golden Beach almost doubled

of 2%, even though total market pricing decreased. A significantly larger

both its total market pricing and

increase, however, was realized in Golden Beach. With an average luxury

its luxury market pricing in 2015

home price of $13,275,000, Golden Beach’s luxury market is roughly 15

compared to the prior year.

times more expensive than Aventura’s.


MIAMI | NORTH END: NON-WATERFRONT, SINGLE-FAMILY HOMES THE NEIGHBORHOODS

THE RESIDENCES

“These communities offer a refreshing blend of

“Non-waterfront homes in Miami’s North End are

city-like amenities with a small-town atmosphere.

most commonly found in Surfside, the southermost

Their selection of spacious homes coupled with

neighborhood in this section. Surfside residents

their shopping and dining options, as well as their

can walk to the ocean from relatively anywhere in

proximity to lively, downtown areas, make these

the community, a huge benefit for non-waterfront

neighborhoods a great fit for those looking for a

home owners wanting to take advantage of their

balanced city/suburb lifestyle.”

sought-after surroundings.”

— Ana Ordaz, Estate Agent

— Janine Mills, Estate Agent

LEGEND

TOTAL MARKET: AVERAGE PRICE PER SQUARE FOOT

AVENTURA

BAL HARBOUR

GOLDEN BEACH

SURFSIDE

$1,000

$800

22

$600

$400

BAL HARBOUR

BAL HARBOUR

BAL HARBOUR

BAL HARBOUR

BAL HARBOUR

$401

$473

$812

$647

$701 (g 8%)

GOLDEN BEACH

GOLDEN BEACH

GOLDEN BEACH

GOLDEN BEACH

GOLDEN BEACH

$221

$298

$417

$429

$483 (g 13%)

AVENTURA

AVENTURA

SURFSIDE

SURFSIDE

SURFSIDE

$208

$235

$270

$290

$351 (g 21%)

SURFSIDE

SURFSIDE

AVENTURA

AVENTURA

AVENTURA

$193

$226

$262

$273

$307 (g 12%)

$200

$0

2011

2012

2013

TOTAL MARKET: NUMBER OF TRANSACTIONS

AVENTURA

9

13

18

14

14

GOLDEN BEACH

7

6

6

9

9

2014

2015

(% change from 2014)

TOTAL MARKET: NEIGHBORHOOD TO WATCH

BAL HARBOUR 2015 AVG. PRICE / SQUARE FOOT: $701

BAL HARBOUR

9

6

2

2

3

8% SURFSIDE

46

51

37

57

43

2011

2012

2013

2014

2015

Omissions due to low transaction numbers or absence of market: Sunny Isles

INCREASE OVER 2014 PERFORMANCE

75% INCREASE OVER 2011 PERFORMANCE


21217 NE 31 PLACE, AVENTURA

LUXURY MARKET: THE TOP 50% OF EACH MARKET IN 2015 (BY AVERAGE HOME PRICE)

GOLDEN BEACH

$3,025,000 BAL HARBOUR

g 68%

$2,100,000

FROM 2014

23

WITH 4 TRANSACTIONS

h 46%

AVENTURA

FROM 2014

$1,023,143

WITH

SURFSIDE

$754,550

1 TRANSACTION

h 15% FROM 2014 WITH 7 TRANSACTIONS

g 14% FROM 2014 WITH 20 TRANSACTIONS

LUXURY MARKET: NEIGHBORHOOD TO WATCH

The North End submarkets saw a mixed but generally good performance

GOLDEN BEACH

in 2015. Surfside saw excellent performance among its single-family homes, with 21% non-waterfront appreciation. Bal Harbour saw three sales in 2015, with an 8% price increase PSF. Luxury performance in

2015 AVG. HOME PRICE: $3 MILLION

68% INCREASE OVER 2014 PERFORMANCE

OVERALL MARKET INSIGHTS

Throughout the time period analyzed in this market report,

Surfside was also positive, although Bal Harbour’s pricing cannot be compared year-over-year with only one luxury sale at $2,100,000. Non-waterfront pricing performed well in Aventura, reaching a 12% yearover-year increase on a PSF basis. There was some weakness at the

Golden Beach has managed to

high end in Aventura, perhaps reflecting currency fluctuations involving

outperform its own numbers

the Russian ruble. Although there were only nine sales, Golden Beach

year after year.

had an excellent year with 13% PSF and 68% luxury price growth.


MIAMI-DADE CONDOS

TOTAL MARKET

AN OVERVIEW OF CURRENT MARKET CONDITIONS

Miami-Dade’s diverse condominium market has remained fairly resilient to recent macroeconomic fluctuations, particularly at the higher end. The supply overhang from the 2007–2009 downturn

WATERFRONT CONDOS

# For Sale b

2011

2012

2013

2014

2015

5,676

4,314

4,326

5,319

6,173

6,806 $310

7,284 $359

7,376 $412

6,715 $466

6,078 $479

(avg./month)

# Sold b PPSF b

was absorbed quicker than many analysts had expected and, indeed, Miami is once again in a major development cycle, particularly in the mainland urban core (Coconut Grove to Midtown/

h 11%

Edgewater) and parts of Miami Beach.

FROM 2011

Although the resale condo market did not fare as

# Sold Trendline b

well as single-family homes, with 10 condo market declines and 13 markets showing appreciation, the market overall continued to realize price appreciation in most price segments. Despite a 24

g 55%

PPSF Trendline b

FROM 2011

mixed year for same-building sales countywide, Miami Beach hit 12% condo appreciation overall, with Bay Harbor Islands registering an impressive 38% appreciation rate. Important constraints on condo market growth

NON-WATERFRONT CONDOS

going into 2016 include yield concerns for renteroccupied investment units as well as foreign currency exchange rates. The impressive rental rate growth of recent years has led to an increase in new conventional rental product that could moderate future rent increases. However, the conventional rental growth is in response to a

# For Sale b

2011

2012

2013

2014

2015

4,838

2,937

3,681

5,278

5,561

10,727 $105

10,225 $130

10,956 $156

10,760 $173

10,578 $181

(avg./month)

growing demand downtown, which is a strong

# Sold b

indicator for long-term stability.

PPSF b

Price drops for resale condos in the urban core correlated with new construction in the CBD,

h 1%

Coconut Grove, inland Brickell and waterfront

FROM 2011

Edgewater, reflecting substantial new supply. Simultaneously, fluctuations in many currencies as compared to the USD have weakened the

# Sold Trendline b

buying power of foreign investors and constrained overall pricing. The next 12 months will likely reflect a return to a more balanced market where buyers have more choice and buying power.

PPSF Trendline b

g 72% FROM 2011


LUXURY MARKET

$1M TO $5M TRANSACTIONS

h 797

2014

2015

h 1,027

h 866

2011

2012

h 24

h 30

2013

2014

2015

# Sold h 986

h 61

h 61

h 969

h 965

2012

h 3

h 5

# Sold

# For Sale (avg./month) h 1,002

2011

h 28

h 1,490

2014

2015

h 10

h 8

# Sold

# For Sale (avg./month)

h 1,141

2013

# Sold Trendline h

h 573

2013

$10M+ TRANSACTIONS

# Sold Trendline h

2012

# Sold Trendline h

2011

$5M TO $10M TRANSACTIONS

h 67

IN 2011,

h 85

h 102

h 128

h 7

25

# For Sale (avg./month) h 171

h 18

h 23

h 35

h 46

h 64

IN 2015,

600

935

OF MIAMI-DADE’S CONDO SALES

OF MIAMI-DADE’S CONDO SALES

WERE CLOSED FOR OVER $1 MILLION.

WERE CLOSED FOR OVER $1 MILLION.

REPRESENTING A 56% RISE IN LUXURY MARKET SALES FROM 2011 TO 2015

19575 COLLINS AVENUE – #37, SUNNY ISLES


MIAMI | SOUTH END: CONDO MARKET INDEX

LEGEND

FROM AN EXPERT’S PERSPECTIVE: TODAY’S MARKET CONDITIONS AND THEIR DEVELOPMENT “Miami’s South End condo and townhouse market continues to be in demand. It is particularly alluring to

COCONUT GROVE CORAL GABLES DEERING BAY

locals who recently downsized and those who wish to maintain their city lifestyle with the added bonus of having access to excellent school districts. South End condos and townhomes are located in a broad and highly desirable area, with a steady inventory and an equally steady purchase force, both for average and luxury units. While living in Coconut Grove and Coral Gables provides entertainment, shopping and dining at a walking distance, the Deering Bay Country Club lifestyle also remains very attractive to homebuyers.” — Cristina Soler, Estate Agent

2627 S BAYSHORE DRIVE – #3201, COCONUT GROVE

26

COCONUT GROVE | NON-WATERFRONT CONDOS 2011

2012

2013

2014

2015

9%

10%

15%

12%

11%

AVERAGE SALES PRICE

$620K

$963K

$1.07M

$1.12M

$852K

AVERAGE SQUARE FOOTAGE

1,546

1,853

1,907

1,630

1,721

AVERAGE PRICE PER SQ. FOOT

$401

$519

$563

$686

$495

PERCENTAGE OF SAMPLE TRADED

The Coconut Grove market saw an apparent price decline, although this reflects abnormally high 2014 pricing that included a penthouse transaction at over $8 million, as well as supply growth from Park Grove and Grove at Grand Bay, rather than true market weakness. Coconut Grove remains a highly desirable neighborhood for young professionals and families alike, and achieves a significant PSF premium to any other South End submarket.

% CHANGE (YEAR-OVER-YEAR): AVG. PRICE / SQUARE FOOT

g 23%

g 8%

g 18%

h 28%

from 2011

from 2012

from 2013

from 2014

% CHANGE (FROM 2011 TO 2015): AVG. PRICE / SQUARE FOOT

g 23%

Omissions due to low transaction numbers or absence of market: Pinecrest, Palmetto Bay, CocoPlum, Gables Estates, S. Creek Lakes, P. Davis & H. Pines and Old Cutler Bay


COCONUT GROVE

CORAL GABLES | NON-WATERFRONT CONDOS

PERCENTAGE OF SAMPLE TRADED AVERAGE SALES PRICE AVERAGE SQUARE FOOTAGE AVERAGE PRICE PER SQ. FOOT

2011

2012

2013

2014

2015

6%

9%

12%

13%

10%

$244K

$260K

$389K

$396K

$367K

Coral Gables condo pricing reverted to 2013 pricing after a spike in 2014, but the Gables resale condo market remains relatively healthy at average pricing of $328/SF. New, infill duplex and small, attached condo end unit prices are trading well above the average resale pricing, contributing to new boutique luxury infill development. Coral

1,098

1,147

1,200

1,135

1,120

Gables condos earn Miami South End’s top spot for 2011 – 2015 PPSF performance improvement, at 48%.

$222

% CHANGE (YEAR-OVER-YEAR): AVG. PRICE / SQUARE FOOT

$226

$324

$348

$328

g 2%

g 30%

g 7%

h 7%

from 2011

from 2012

from 2013

from 2014

% CHANGE (FROM 2011 TO 2015): AVG. PRICE / SQUARE FOOT

g 48%

DEERING BAY | WATERFRONT CONDOS 2011

2012

2013

2014

2015

2%

8%

12%

6%

10%

AVERAGE SALES PRICE

$1.1M

$1.1M

$1.07

$1.35M

$1.39M

AVERAGE SQUARE FOOTAGE

2,353

3,216

3,303

3,378

2,946

AVERAGE PRICE PER SQ. FOOT

$467

$343

$324

$401

$472

PERCENTAGE OF SAMPLE TRADED

Straddling the Coral Gables / Palmetto Bay line, the southernmost luxury condominium submarket in Miami-Dade County is the gated community of Deering Bay. Deering Bay condominiums appreciated slightly but saw substantial PPSF increases (18%) owing to a smaller resale unit mix relative to the year prior, although unit sizes remain among the largest in South Florida at nearly 3,000 square feet. Pricing per square foot has returned to 2011 levels.

% CHANGE (YEAR-OVER-YEAR): AVG. PRICE / SQUARE FOOT

h 36%

h 6%

g 19%

g 18%

from 2011

from 2012

from 2013

from 2014

% CHANGE (FROM 2011 TO 2015): AVG. PRICE / SQUARE FOOT

g 1%

Condo sections do not contain a “Luxury Market” page, since the product sample is already representative of the high-end market. For details on methodology, see page 5.

27


BRICKELL: CONDO MARKET INDEX

LEGEND

FROM AN EXPERT’S PERSPECTIVE: TODAY’S MARKET CONDITIONS AND THEIR DEVELOPMENT

BRICKELL BRICKELL KEY

“From the start of its metamorphosis, Brickell has been dramatically changing to become the center of Miami. As the hub of one of the country’s largest financial institution concentrations, Brickell, now more than ever, offers the work/live/play all-in-one that Miami has been in search of. This year, most of the construction boom will slow down, allowing the area to take its own shape while the most anticipated $1 billion, mixed-used development Brickell City Centre opens later this year. Already hosting high-end culinary spots and hotels, nightlife and the largest density of young professionals in the city, Brickell promises to become the hottest part of town.” — Jonathan Garcia, Estate Agent

901 BRICKELL KEY DRIVE – #3401, BRICKELL KEY

28

BRICKELL | WATERFRONT CONDOS 2011

2012

2013

2014

2015

27%

8%

12%

8%

8%

AVERAGE SALES PRICE

$506K

$799K

$771K

$885K

$939K

AVERAGE SQUARE FOOTAGE

1,177

1,556

1,405

1,471

1,455

AVERAGE PRICE PER SQ. FOOT

$430

$513

$549

$602

$645

PERCENTAGE OF SAMPLE TRADED

Highly active and very much in demand, Brickell is currently one of the most coveted condo markets in Miami. Waterfront properties in Brickell saw roughly constant sales volume as well as a 7% increase in pricing to a historic high of almost $650 per square foot. Average pricing in waterfront Brickell condos is approaching $1 million, up 6% year-over-year and 7% on a per-square-foot basis, making it the most expensive submarket in Brickell.

% CHANGE (YEAR-OVER-YEAR): AVG. PRICE / SQUARE FOOT

g 16%

g 7%

g 9%

g 7%

from 2011

from 2012

from 2013

from 2014

Omissions due to low transaction numbers or absence of market: None

% CHANGE (FROM 2011 TO 2015): AVG. PRICE / SQUARE FOOT

g 50%


901 BRICKELL KEY BOULEVARD – #1104, BRICKELL KEY

BRICKELL | NON-WATERFRONT CONDOS

PERCENTAGE OF SAMPLE TRADED AVERAGE SALES PRICE AVERAGE SQUARE FOOTAGE AVERAGE PRICE PER SQ. FOOT

2011

2012

2013

2014

2015

10%

18%

14%

8%

7%

$314K

$341K

$414K

$433K

$406K

Perhaps reflecting the increased competition from new non-waterfront products like 1100 Millecento and Nine at Mary Brickell, as well as a price ceiling imposed by more rental-oriented buyers concerned about yield, non-waterfront pricing in Brickell retreated 7%. As in Coconut Grove, this drop reflects an increase in supply more than

963

994

981

989

993

a decrease in demand, as two towers delivered in 2015 and two more (MyBrickell and BrickellHouse) delivered in 2014.

$326

% CHANGE (YEAR-OVER-YEAR): AVG. PRICE / SQUARE FOOT

$343

$422

$438

$409

g 5%

g 19%

g 4%

h 7%

from 2011

from 2012

from 2013

from 2014

% CHANGE (FROM 2011 TO 2015): AVG. PRICE / SQUARE FOOT

g 25%

BRICKELL KEY | WATERFRONT CONDOS 2011

2012

2013

2014

2015

6%

10%

13%

10%

9%

AVERAGE SALES PRICE

$775K

$810K

$974K

$997K

$910K

AVERAGE SQUARE FOOTAGE

1,607

1,629

1,680

1,676

1,571

AVERAGE PRICE PER SQ. FOOT

$482

$498

$580

$595

$579

PERCENTAGE OF SAMPLE TRADED

An intimate island only accesible through Brickell Avenue, Brickell Key has a number of luxury condo towers as well as some Class-A office and retail space. While pricing per square foot dropped slightly in 2015 compared to 2014, the $579/SF it recorded sets it at a 20% increase from average pricing in 2011. Overall, Brickell Key remains a highly desirable, quiet enclave just a short bridge away from one of Miami’s most vibrant neighborhoods.

% CHANGE (YEAR-OVER-YEAR): AVG. PRICE / SQUARE FOOT

g 3%

g 14%

g 2%

h 3%

from 2011

from 2012

from 2013

from 2014

% CHANGE (FROM 2011 TO 2015): AVG. PRICE / SQUARE FOOT

g 20%

Condo sections do not contain a “Luxury Market” page, since the product sample is already representative of the high-end market. For details on methodology, see page 5.

29


DOWNTOWN MIAMI: CONDO MARKET INDEX

LEGEND

FROM AN EXPERT’S PERSPECTIVE: TODAY’S MARKET CONDITIONS AND THEIR DEVELOPMENT

DOWNTOWN MIAMI

“Downtown has positioned itself as Miami’s “innovator”. It possesses many unique amenities such as the Perez Art Museum, the American Airlines Arena, Bayside Marketplace and the Metromover, establishing itself as Miami’s first true cultural hub. In the midst of it all, with breathtaking views of South Beach and Biscayne Bay, Downtown Miami is also known as the home of some of the city’s most prolific businesses, the future, mixed-use Miami World Center and the ultra-luxury One Thousand Museum by Zaha Hadid Architects. The redevelopment of Flagler Street and the opening of the Patricia and Phillip Frost Museum of Science, along with the All Aboard Florida transportation hub, will cement Downtown Miami as the place to live and invest.” — Florian Jouin, Estate Agent

DOWNTOWN & PORT OF MIAMI FROM ONE THOUSAND MUSEUM

30

DOWNTOWN MIAMI | WATERFRONT CONDOS 2011

2012

2013

2014

2015

17%

11%

12%

11%

10%

AVERAGE SALES PRICE

$475K

$524K

$518K

$587K

$540K

AVERAGE SQUARE FOOTAGE

1,177

1,224

1,139

1,134

1,143

AVERAGE PRICE PER SQ. FOOT

$403

$428

$455

$518

$472

PERCENTAGE OF SAMPLE TRADED

Downtown Miami’s waterfront units lost ground in 2015. Average pricing per square foot dipped by 9%, and about 10% of the total luxury inventory traded. These decreases are occurring in spite of, or perhaps because of, the wave of new condominium development in downtown, Brickell, Edgewater and Midtown. While Downtown Miami’s growth has been slower than most, the area’s pricing is still 17% higher than it was in 2011.

% CHANGE (YEAR-OVER-YEAR): AVG. PRICE / SQUARE FOOT

g 6%

g 6%

g 12%

h 9%

from 2011

from 2012

from 2013

from 2014

Omissions due to low transaction numbers or absence of market: None

% CHANGE (FROM 2011 TO 2015): AVG. PRICE / SQUARE FOOT

g 17%


CULTURAL DEVELOPMENT

MICROSOFT INNOVATION CENTER

FROST MUSEUM OF SCIENCE

MIAMI WORLD CENTER

PÉREZ ART MUSEUM MIAMI

First MIC to be set in the U.S.

by Grimshaw Architects

Ten-Block Mega-Project

by Herzog & de Meuron

31

DOWNTOWN MIAMI | NON-WATERFRONT CONDOS 2011

2012

2013

2014

2015

10%

14%

20%

10%

10%

AVERAGE SALES PRICE

$512K

$535K

$487K

$560K

$534K

AVERAGE SQUARE FOOTAGE

1,423

1,180

1,092

1,197

1,212

AVERAGE PRICE PER SQ. FOOT

$359

$454

$446

$468

$440

PERCENTAGE OF SAMPLE TRADED

Downtown Miami’s non-waterfront condos mirror its waterfront market. The retreats in the downtown market are occurring after over 1,200 units were delivered in Greater Downtown in 2015 (Icon Bay, Bay House, Millecento, and Nine at Mary Brickell Village). Over 6,000 more units are under construction according to the IRR/Miami DDA report dated August 2015, including 773 units at Brickell City Centre and 647 at Edgewater’s Aria on the Bay.

% CHANGE (YEAR-OVER-YEAR): AVG. PRICE / SQUARE FOOT

g 21%

h 2%

g 5%

h 6%

from 2011

from 2012

from 2013

from 2014

% CHANGE (FROM 2011 TO 2015): AVG. PRICE / SQUARE FOOT

g 23%

Condo sections do not contain a “Luxury Market” page, since the product sample is already representative of the high-end market. For details on methodology, see page 5.


EDGEWATER & MIDTOWN: CONDO MARKET INDEX

LEGEND

FROM AN EXPERT’S PERSPECTIVE: TODAY’S MARKET CONDITIONS AND THEIR DEVELOPMENT

EDGEWATER MIDTOWN

“Edgewater and Midtown have seen an increase in attraction in part due to the evolution of Wynwood and The Design District, and as a result of the neighboring urban core’s rapid expansion. With the development of Brickell and Downtown, areas like Edgewater and Midtown become more attractive to those seeking a slightly calmer lifestyle with easy access to the hype. Edgewater still presents the best value for waterfront condos in the area. Even as the market corrects, Edgewater and Midtown will likely maintain a healthy level of resilience with the addition of cultural attractions unavailable in other areas. Wynwood’s growing art scene and Design District’s grand shopping expansion are creating a lifestyle that will steadily draw a strong local audience.” — Jesse Spencer, Estate Agent

2020 N BAYSHORE DRIVE – #901, EDGEWATER

32

EDGEWATER | WATERFRONT CONDOS 2011

2012

2013

2014

2015

12%

36%

21%

15%

11%

AVERAGE SALES PRICE

$645K

$758K

$799K

$1.01M

$926K

AVERAGE SQUARE FOOTAGE

1,543

1,529

1,583

1,531

1,399

AVERAGE PRICE PER SQ. FOOT

$418

$495

$505

$660

$662

PERCENTAGE OF SAMPLE TRADED

Edgewater’s waterfront condo market, appealing due to its convenient location and unobstructed views, remained largely unchanged, with slight decreases in total pricing and no change in pricing per square foot, although it experienced a 58% increase when compared to its 2011 performance. Edgewater’s waterfront real estate market has also seen a number of new condo developments, with Icon Bay and Bay House delivering in 2015.

% CHANGE (YEAR-OVER-YEAR): AVG. PRICE / SQUARE FOOT

g 18%

g 2%

g 31%

NO CHANGE

from 2011

from 2012

from 2013

from 2014

Omissions due to low transaction numbers or absence of market: None

% CHANGE (FROM 2011 TO 2015): AVG. PRICE / SQUARE FOOT

g 58%


2020 N BAYSHORE DRIVE – #PH4702, EDGEWATER

EDGEWATER | NON-WATERFRONT CONDOS

PERCENTAGE OF SAMPLE TRADED AVERAGE SALES PRICE AVERAGE SQUARE FOOTAGE AVERAGE PRICE PER SQ. FOOT

2011

2012

2013

2014

2015

9%

10%

17%

11%

8%

$364K

$310K

$385K

$380K

$399K

In 2011, Edgewater’s non-waterfront condo market rose 27% from $242/SF in 2010, only to drop 22% in 2012 and come back up the following year. Since 2013, this submarket has stabilized, with slight increases in pricing per square foot bringing us to $354/SF in 2015. Edgewater, next to the Central Business District and significantly less

1,100

1,142

1,156

1,106

1,125

congested, will likely remain a well-liked residential area among young professionals in Miami

$331

% CHANGE (YEAR-OVER-YEAR): AVG. PRICE / SQUARE FOOT

$272

$333

$344

$354

h 22%

g 18%

g 3%

g 3%

from 2011

from 2012

from 2013

from 2014

% CHANGE (FROM 2011 TO 2015): AVG. PRICE / SQUARE FOOT

g 7%

MIDTOWN | NON-WATERFRONT CONDOS 2011

2012

2013

2014

2015

4%

17%

23%

23%

13%

AVERAGE SALES PRICE

$385K

$342K

$419K

$431K

$455K

AVERAGE SQUARE FOOTAGE

1,172

1,072

1,089

1,125

1,155

AVERAGE PRICE PER SQ. FOOT

$329

$319

$385

$383

$394

PERCENTAGE OF SAMPLE TRADED

Midtown was the best-performing of the submarkets north of Miami’s downtown, with a 3% increase in pricing per square foot. This part of Miami is seeing fast development growth, both in terms of new condominiums and in terms of lifestyle drivers like the Miami Design District, the Wynwood Art District, and the ongoing buildout of the Midtown Miami development. In the five-year span analyzed in this report, Midtown PPSF went up 20%.

% CHANGE (YEAR-OVER-YEAR): AVG. PRICE / SQUARE FOOT

h 3%

g 17%

h 1%

g 3%

from 2011

from 2012

from 2013

from 2014

% CHANGE (FROM 2011 TO 2015): AVG. PRICE / SQUARE FOOT

g 20%

Condo sections do not contain a “Luxury Market” page, since the product sample is already representative of the high-end market. For details on methodology, see page 5.

33


MIAMI BEACH: CONDO MARKET INDEX

FROM AN EXPERT’S PERSPECTIVE: TODAY’S MARKET CONDITIONS AND THEIR DEVELOPMENT “In today’s market, Miami Beach is world-famous due to its first-class, waterfront penthouse living. Year after year, the general condo market in Miami Beach outdoes itself in terms of pricing, drawing more international demand and generating interest in not just the residences, but the business potential as well. Due to this potential, Miami Beach consistently sees an expansion in dining and entertainment options that, in turn, make

SOUTH BEACH LEGEND

the area more appealing to the luxury home buyer. Of note is the South of Fifth area, an exclusive enclave marking the southermost tip of Miami Beach, which includes seven ultra-luxury condo developments built before the current construction cycle. These condos all experienced double-digit growth in pricing per square foot from 2014 to 2015, reflecting continued strong demand for the area’s luxury product.”

MID BEACH NORTH BEACH NORTH BAY VILLAGE

— Daniela Bonetti, Estate Agent

SOUTH BEACH | WATERFRONT CONDOS

PERCENTAGE OF SAMPLE TRADED

34

AVERAGE SALES PRICE AVERAGE SQUARE FOOTAGE AVERAGE PRICE PER SQ. FOOT

2011

2012

2013

2014

2015

10%

13%

14%

12%

8%

$2.02M

$1.89M

$2.37M

$2.66M

$3.1M

1,964

2,005

1,967

1,960

2,048

South Beach, with the exclusive South of Fifth area, has remained a popular submarket, attracting local, domestic, and international buyers alike. Pricing at soughtafter South Beach condos such as the Apogee and Murano Grande has continued to steadily increase. Average resale pricing for waterfront condos broke the $3 million average price and the SoFi waterfront submarket represents the highest average pricing per square foot at $1,200 – $2,600.

$1,029

% CHANGE (YEAR-OVER-YEAR): AVG. PRICE / SQUARE FOOT

$942

$1,204

$1,355

$1,515

h 9%

g 22%

g 11%

g 12%

from 2011

from 2012

from 2013

from 2014

% CHANGE (FROM 2011 TO 2015): AVG. PRICE / SQUARE FOOT

g 47%

LUXURY HIGHLIGHT: SOUTH OF FIFTH CONDOS

Apogee

Continuum South

Continuum North

Murano Portofino

Portofino Tower

Murano Grande

Icon South Beach

Average PPSF

Average PPSF

Average PPSF

Average PPSF

Average PPSF

Average PPSF

Average PPSF

$2,578

$2,259

$1,877

$1,547

$1,345

$1,273

$1,205

g 11%

g 13%

g 14%

g 14%

g 30%

g 14%

g 14%

since 2014

since 2014

since 2014

since 2014

since 2014

since 2014

since 2014

Omissions due to low transaction numbers or absence of market: None


MID BEACH | WATERFRONT CONDOS 2011

2012

2013

2014

2015

10%

8%

11%

11%

8%

AVERAGE SALES PRICE

$778K

$959K

$1.12M

$1.19M

$1.21M

AVERAGE SQUARE FOOTAGE

1,422

1,404

1,436

1,334

1,210

AVERAGE PRICE PER SQ. FOOT

$547

$683

$782

$893

$1,002

PERCENTAGE OF SAMPLE TRADED

The Mid Beach submarket experienced continued appreciation as home buyers were attracted further north by new developments such as the Edition, One and Thompson hotels, as well as to new condominiums such as Beach House 8. Existing Mid Beach condos saw double-digit appreciation on pricing per square foot, reflecting the area’s increasing desirability as average pricing on waterfront condos exceeds $1,000 per SF average.

% CHANGE (YEAR-OVER-YEAR): AVG. PRICE / SQUARE FOOT

g 20%

g 13%

g 12%

g 12%

from 2011

from 2012

from 2013

from 2014

% CHANGE (FROM 2011 TO 2015): AVG. PRICE / SQUARE FOOT

g 83%

NORTH BEACH | WATERFRONT CONDOS

PERCENTAGE OF SAMPLE TRADED AVERAGE SALES PRICE AVERAGE SQUARE FOOTAGE AVERAGE PRICE PER SQ. FOOT

2011

2012

2013

2014

2015

12%

18%

15%

9%

10%

$1.01M

$1.17M

$1.35M

$1.53M

$1.7M

North Beach averages posted still-impressive gains of 7% per square foot and 11% overall. While not as robust as Mid Beach and SoFi, average pricing in North Beach at $1,143 PSF outperformed the Mid Beach average, and also outperformed Mid Beach on average pricing due to larger average unit sizes. New condo development has also

1,584

1,685

1,565

1,436

1,488

resumed in North Beach, with the proposal of much higherend condominium towers at 8701 and 6901 Collins Avenue.

$638

% CHANGE (YEAR-OVER-YEAR): AVG. PRICE / SQUARE FOOT

$695

$862

$1,066

$1,143

g 8%

g 19%

g 19%

g 7%

from 2011

from 2012

from 2013

from 2014

% CHANGE (FROM 2011 TO 2015): AVG. PRICE / SQUARE FOOT

g 79%

NORTH BAY VILLAGE | WATERFRONT CONDOS 2011

2012

2013

2014

2015

10%

10%

12%

19%

10%

AVERAGE SALES PRICE

$209K

$240K

$286K

$344K

$320K

AVERAGE SQUARE FOOTAGE

1,275

1,287

1,264

1,249

1,220

AVERAGE PRICE PER SQ. FOOT

$164

$186

$227

$275

$262

PERCENTAGE OF SAMPLE TRADED

North Bay Village retreated 5% in 2015, reflecting the lowest pricing of all waterfront condos in the county, at $262/SF. The submarket’s waterfront average pricing is hampered by the lack of oceanfront product relative to other peers, but average pricing is also a reflection of the product age and area pricing trends. The submarket also attracts a larger share of the rental pool, which serves to moderate pricing since buyers tend to be investment/yield driven.

% CHANGE (YEAR-OVER-YEAR): AVG. PRICE / SQUARE FOOT

g 12%

g 18%

g 18%

h 5%

from 2011

from 2012

from 2013

from 2014

% CHANGE (FROM 2011 TO 2015): AVG. PRICE / SQUARE FOOT

g 60%

Condo sections do not contain a “Luxury Market” page, since the product sample is already representative of the high-end market. For details on methodology, see page 5.

35


THE ISLANDS: CONDO MARKET INDEX

LEGEND

FROM AN EXPERT’S PERSPECTIVE: TODAY’S MARKET CONDITIONS AND THEIR DEVELOPMENT “The Islands’ condo market is comprised of Key Biscayne, Bay Harbor Islands and Fisher Island. Key Biscayne,

KEY BISCAYNE BAY HARBOR ISLANDS FISHER ISLAND

a classic, family-friendly neighborhood, is always in high demand due to its robust school system and tight-knit community. Bay Harbor Islands is undergoing a large transformation as numerous boutique developments are being built in the area. Bay Harbor is experiencing higher demand than ever before, as waterfront condos can be acquired at a significantly lower price than in most waterfront markets and it is just a short drive away from Miami Beach and its surroundings. Fisher Island, the quintessential luxury condo market only accessible via ferry, has seen nothing but price increases in the latest years and regulary records top prices per square foot.” — Elena Bluntzer, Estate Agent

KAI AT BAY HARBOR ISLANDS

36

KEY BISCAYNE | WATERFRONT CONDOS 2011

2012

2013

2014

2015

7%

7%

11%

7%

7%

$1.47M

$1.57M

$2.12M

$1.64M

$2.04M

AVERAGE SQUARE FOOTAGE

2,496

2,375

2,388

2,050

2,359

AVERAGE PRICE PER SQ. FOOT

$589

$659

$887

$799

$864

PERCENTAGE OF SAMPLE TRADED AVERAGE SALES PRICE

The condo market in Key Biscayne performed well, reaching $864 per square foot — an 8% increase over 2014 numbers — and experiencing comparable sales volume to the prior year. This particular submarket has limited new development space owing to its many public parks, nature reserves and spacious single-family homes, although one new luxury development, Oceana, was delivered during the current construction cycle.

% CHANGE (YEAR-OVER-YEAR): AVG. PRICE / SQUARE FOOT

g 11%

g 26%

h 11%

g 8%

from 2011

from 2012

from 2013

from 2014

% CHANGE (FROM 2011 TO 2015): AVG. PRICE / SQUARE FOOT

g 47%

Omissions due to low transaction numbers or absence of market: Palm/Star/Hibiscus, Venetian Islands, Sunset Islands, La Gorce Island, Indian Creek and Normandy Isles


FISHER ISLAND

BAY HARBOR ISLANDS | WATERFRONT CONDOS

PERCENTAGE OF SAMPLE TRADED AVERAGE SALES PRICE AVERAGE SQUARE FOOTAGE AVERAGE PRICE PER SQ. FOOT

2011

2012

2013

2014

2015

10%

6%

9%

13%

14%

$174K

$214K

$316K

$258K

$337K

The condo champion of the islands is Bay Harbor, which saw 14% of the sample trade in 2015 (the most traded in the five years analyzed) and underwent appreciation of 27% overall and 38% PSF, the highest in Miami-Dade County. The majority of condominiums here are small in size; pricing is somewhat volatile because the

1,395

1,515

1,412

1,421

1,355

sample is small and consists of a diverse mix of buildings. Pricing per square foot increased 99% compared to 2011.

$125

% CHANGE (YEAR-OVER-YEAR): AVG. PRICE / SQUARE FOOT

$141

$224

$181

$249

g 12%

g 37%

h 24%

g 38%

from 2011

from 2012

from 2013

from 2014

% CHANGE (FROM 2011 TO 2015): AVG. PRICE / SQUARE FOOT

g 99%

FISHER ISLAND | WATERFRONT CONDOS 2011

2012

2013

2014

2015

7%

8%

10%

6%

9%

$3.57M

$3.78M

$3.61M

$5.42M

$4.67M

AVERAGE SQUARE FOOTAGE

4,520

4,254

4,028

4,910

3,907

AVERAGE PRICE PER SQ. FOOT

$789

$887

$897

$1,105

$1,195

PERCENTAGE OF SAMPLE TRADED AVERAGE SALES PRICE

Only fifteen condos sold in Fisher Island, the private island just off the MacArthur Causeway, and those sold at a historically high price of $1,195 per square foot on average. Fisher Island has seen very limited development because it is tightly planned. The exclusive community has some of the largest units in South Florida and achieves among the highest prices, which have been increasing year over year without exception during the five years analyzed.

% CHANGE (YEAR-OVER-YEAR): AVG. PRICE / SQUARE FOOT

g 11%

g 1%

g 19%

g 8%

from 2011

from 2012

from 2013

from 2014

% CHANGE (FROM 2011 TO 2015): AVG. PRICE / SQUARE FOOT

g 51%

Condo sections do not contain a “Luxury Market” page, since the product sample is already representative of the high-end market. For details on methodology, see page 5.

37


MIAMI | NORTH END: CONDO MARKET INDEX

FROM AN EXPERT’S PERSPECTIVE: TODAY’S MARKET CONDITIONS AND THEIR DEVELOPMENT “Miami’s ‘North End’, encompassing Sunny Isles Beach, Aventura and Surfside, has seen a market shift (mid2015) as we move into what is now a strong buyer’s market. Condo inventory is on the rise and we see an everincreasing selection of high-end inventory. With new developments such as 400 Sunny Isles, Chateau Beach, Mansions at Acqualina, Porsche Design Tower, Echo Aventura, FENDI Chateau and Surf Club Four Seasons is trending downward and we attribute this to the strong US dollar, along with the previously mentioned trends. Sellers continue to get top dollar and yet many enter the market to find proper pricing ever so important. Record-high sales are occurring with unique penthouses in contract from $15M to over $21M.”

AVENTURA LEGEND

gaining their certificate of occupancy, we find additional resales adding to this equation. Price per square foot

BAL HARBOUR SURFSIDE SUNNY ISLES

— Ashton Coleman, Estate Agent

AVENTURA | WATERFRONT CONDOS 2011

2012

2013

2014

2015

13%

12%

11%

10%

7%

AVERAGE SALES PRICE

$746K

$868K

$1.11M

$1.02M

$1.05M

AVERAGE SQUARE FOOTAGE

2,513

2,741

2,788

2,522

2,636

PERCENTAGE OF SAMPLE TRADED

38

AVERAGE PRICE PER SQ. FOOT

Home of the popular Aventura Mall and the Turnberry golf resort, Aventura saw a little weakness in the condominium market, likely reflecting competition with new product as well as fluctuations in the Russian currency. Total average pricing increased but pricing per square foot declined. Total average sales pricing exceeded $1 million; Aventura has one of the largest unit sizes in the market at 2,636 square feet on average.

$297

% CHANGE (YEAR-OVER-YEAR): AVG. PRICE / SQUARE FOOT

$316

$397

$405

$399

g 6%

g 20%

g 2%

h 2%

from 2011

from 2012

from 2013

from 2014

% CHANGE (FROM 2011 TO 2015): AVG. PRICE / SQUARE FOOT

g 34%

BAL HARBOUR | WATERFRONT CONDOS 2011

2012

2013

2014

2015

6%

18%

13%

25%

8%

AVERAGE SALES PRICE

$2.5M

$3.48M

$3.31M

$3.4M

$2.66M

AVERAGE SQUARE FOOTAGE

2,701

2,586

2,433

1,402

1,945

AVERAGE PRICE PER SQ. FOOT

$925

$1,344

$1,362

$2,419

$1,370

PERCENTAGE OF SAMPLE TRADED

The Bal Harbour condominium market represents one of the two northern communities on Miami Beach’s barrier island. After the massive sale of the St. Regis Hotel condominiums in 2014 that created a 44% yearover-year price per square foot increase, the condominium resale market in Bal Harbour returned to par pricing in the $1,300 – $1,400 PSF range. Even at par pricing, the Bal Harbour market has grown 48% (PPSF) since 2011.

% CHANGE (YEAR-OVER-YEAR): AVG. PRICE / SQUARE FOOT

g 31%

g 1%

g 44%

h 44%

from 2011

from 2012

from 2013

from 2014

Omissions due to low transaction numbers or absence of market: Golden Beach

% CHANGE (FROM 2011 TO 2015): AVG. PRICE / SQUARE FOOT

g 48%


18201 COLLINS AVENUE – #TS6, SUNNY ISLES BEACH

SURFSIDE | WATERFRONT CONDOS

PERCENTAGE OF SAMPLE TRADED AVERAGE SALES PRICE AVERAGE SQUARE FOOTAGE AVERAGE PRICE PER SQ. FOOT

2011

2012

2013

2014

2015

6%

10%

10%

8%

7%

$535K

$748K

$547K

$1.09M

$1.04M

Surfside was somewhat weaker than its neighbors Bal Harbour and Aventura in 2015, although pricing in this neighborhood continues to exceed $1 million on average since 2014. Existing condos in Surfside are also facing competition from new development, including the Four Seasons Surf Club and Fendi Château Residences. As

1,575

1,711

1,385

1,692

1,711

one of the areas experiencing the most growth from 2011 to 2015, Surfside’s pricing per square foot has increased 79%.

$340

% CHANGE (YEAR-OVER-YEAR): AVG. PRICE / SQUARE FOOT

$437

$395

$647

$608

g 22%

h 11%

g 39%

h 6%

from 2011

from 2012

from 2013

from 2014

% CHANGE (FROM 2011 TO 2015): AVG. PRICE / SQUARE FOOT

g 79%

SUNNY ISLES BEACH | WATERFRONT CONDOS 2011

2012

2013

2014

2015

11%

11%

12%

9%

7%

$1.25M

$1.2M

$1.43M

$1.79M

$1.81M

AVERAGE SQUARE FOOTAGE

1,909

1,675

1,727

1,815

1,775

AVERAGE PRICE PER SQ. FOOT

$653

$716

$830

$985

$1,019

PERCENTAGE OF SAMPLE TRADED AVERAGE SALES PRICE

Sunny Isles saw a slight turn towards smaller units in 2015, as well as pricing exceeding $1,000/SF. These numbers do not reflect the wave of new luxury development occurring in the area, such as the Mansions at Acqualina, Château Beach and the billionaire-friendly Porsche Design Tower. Although this market has been affected by fluctuations with the Russian ruble in the past, Sunny Isles continues to see price increases in contrast to Surfside and Aventura.

% CHANGE (YEAR-OVER-YEAR): AVG. PRICE / SQUARE FOOT

g 9%

g 14%

g 16%

g 4%

from 2011

from 2012

from 2013

from 2014

% CHANGE (FROM 2011 TO 2015): AVG. PRICE / SQUARE FOOT

g 56%

Condo sections do not contain a “Luxury Market” page, since the product sample is already representative of the high-end market. For details on methodology, see page 5.

39


BROWARD SINGLE-FAMILY HOMES

TOTAL MARKET

AN OVERVIEW OF CURRENT MARKET CONDITIONS

Although some submarkets along the coast (and Weston) are popular among European and Latin American investors, Broward County tends to have a diverse, more heavily US-based buyer pool.

WATERFRONT SINGLE-FAMILY HOMES

# For Sale b

2011

2012

2013

2014

2015

1,652

1,284

1,162

1,524

1,623

2,897 $173

3,240 $178

3,517 $201

3,614 $215

4,023 $217

(avg./month)

# Sold b PPSF b

As a result, Broward is better shielded against global economic fluctuations that impact foreign investors’ buying power. Broward had five single-family submarkets that

g 39%

# Sold Trendline b

FROM 2011

saw price reversals and 23 submarket which saw year-over-year gains. The winners outnumbered the losers by almost five to one, even though average appreciation trailed Miami-Dade. Unlike Miami-Dade, Broward saw significant increases in sales volume for both waterfront and non40

PPSF Trendline b

g 25%

waterfront residences, in addition to the luxury

FROM 2011

market segments ($1M to $5M, $5M to $10M). ONE Sotheby’s International Realty’s recent sale of a waterfront residence in Fort Lauderdale’s Harbor Beach for over $27 million was not only the highest sale in 2015, but the only sale above

NON-WATERFRONT SINGLE-FAMILY HOMES

$10M in Broward’s real estate market that year. These statistics reflect Broward’s resilience to overseas economic risk as well as its relative affordability and attractiveness compared to Miami-Dade County. Sales volume has benefited from the substantial concentrations of suburban

# For Sale b

2011

2012

2013

2014

2015

4,075

2,730

2,376

3,525

3,631

8,884 $110

9,669 $116

10,520 $135

10,915 $146

11,894 $155

(avg./month)

new developments in Parkland in particular, as

# Sold b

well as infill and redevelopment in the popular

PPSF b

urban neighborhoods east of Interstate 95. A number of Broward’s submarkets have become very popular among overseas buyers, including Weston, Hallandale Beach and Hollywood Beach.

# Sold Trendline b

g 34%

PPSF Trendline b

g 41%

We can expect this trend to continue throughout

FROM 2011

2016, as Broward’s relative affordability remains attractive. However, the core domestic markets (the Northeast and the Midwest) will contribute more heavily to Broward’s real estate market in the years to come.

FROM 2011


LUXURY MARKET

$1M TO $5M TRANSACTIONS

h 306

2014

2015

h 460

h 557

2011

2012

h 6

h 9

2013

2014

2015

# Sold h 432

h 10

h 15

h 521

h 545

2012

h 0

h 0

# Sold

# For Sale (avg./month) h 555

2011

h 648

h 11

2014

2015

h 2

h 1

# Sold

# For Sale (avg./month) h 710

2013

# Sold Trendline h

h 272

2013

$10M+ TRANSACTIONS

# Sold Trendline h

2012

# Sold Trendline h

2011

$5M TO $10M TRANSACTIONS

h 50

h 48

IN 2011,

h 53

h 53

h 2

41

# For Sale (avg./month) h 61

h 9

h 15

h 16

h 16

h 19

IN 2015,

278

573

OF BROWARD’S SINGLE-FAMILY HOME SALES

OF BROWARD’S SINGLE-FAMILY HOME SALES

WERE CLOSED FOR OVER $1 MILLION.

WERE CLOSED FOR OVER $1 MILLION.

REPRESENTING A 106% RISE IN LUXURY MARKET SALES FROM 2011 TO 2015

2900 NE 37 STREET, FORT LAUDERDALE


THE NEIGHBORHOODS

THE RESIDENCES

“With one of the country’s best boardwalks and

“While mostly a condo market, those looking for

miles of pristine beaches, Hallandale Beach and

a single-family home can find multimillion dollar

Hollywood Beach are two classic, charming beach

estates with panoramic water views or smaller

towns nestled between the cities of Fort Lauderdale

homes driving distance to the beach in Broward’s

and Miami. Residents enjoy close proximity to both

South End. Most waterfront homes can be found

MIA and FLL airports, the Port of Miami and Port

by the area’s beautiful canals, which are directly

Everglades, providing convenient access to and

connected to the Intracoastal for easy navigation to

from any destination.”

neighboring communities and the Atlantic Ocean.”

— Victoria Cooney, Estate Agent

— Blanca Garazi Schoonover, Estate Agent

LEGEND

BROWARD | SOUTH END: WATERFRONT, SINGLE-FAMILY HOMES

HOLLYWOOD BEACH HALLANDALE BEACH

TOTAL MARKET:

LUXURY MARKET:

AVERAGE PRICE PER SQUARE FOOT

THE TOP 50% OF EACH MARKET IN 2015 (BY AVERAGE HOME PRICE)

$400

HOLLYWOOD

$1,848,750 $300

HALLANDALE

$1,847,974 g 31%

42

HOLLYWOOD

HALLANDALE

HALLANDALE

HALLANDALE

HALLANDALE

$304

$355

$366

$387

$395 (g 2%)

FROM 2014

$200 HALLANDALE

HOLLYWOOD

HOLLYWOOD

HOLLYWOOD

HOLLYWOOD

$298

$185

$277

$338

$373 (g 10%)

WITH

g 67%

8 TRANSACTIONS

FROM 2014 WITH 17 TRANSACTIONS

$100

$0

2011

2012

2013

2014

2015

TOTAL MARKET: NUMBER OF TRANSACTIONS

(% change / 2014)

OVERALL MARKET INSIGHTS 2015 saw a significant increase in sales volume for waterfront

HOLLYWOOD BEACH

12

12

21

14

17

HALLANDALE BEACH

22

25

35

27

34

2011

2012

2013

2014

2015

homes in Hollywood, as well as strong price increases in both metrics (10% PSF and an impressive 31% in the luxury market). Hallandale also had a solid year of waterfront appreciation at 2% PSF in its total market and 67% at the top end. These submarkets, as with some other coastal neighborhoods, have seen an increase in the waterfront vs. non-waterfront

HOLLYWOOD BEACH

HALLANDALE BEACH

pricing gap. Waterfront pricing increased (with waterfront luxury in particular doing very well) while inland pricing was stagnant or even decreasing. Luxury waterfront pricing in the two communities is now essentially equal at $1.85 million.

Omissions due to low transaction numbers or absence of market: None


THE NEIGHBORHOODS

THE RESIDENCES

“Hollywood Beach and Hallandale Beach are two

“Non-waterfront single-family homes in Hollywood

neighborhoods experiencing significant change,

and Hallandale can be found at many price points,

with several new residential projects currently being

often more affordable than comparable homes in

built or in pre-construction. These developments

northern neighbor Fort Lauderdale, or southern

will offer new amenities such as trendy restaurants

neighbor Miami. With a range of different parks,

and state-of-the-art spas, and will help strengthen

coral reefs and beachfront entertainment options,

the area’s identity as one of South Florida’s great,

Broward’s South End is an active yet peaceful place

paradisiacal destinations.”

to live in the heart of it all.”

— Alla Zavulunov, Estate Agent

— Louise Richer, Estate Agent

LEGEND

BROWARD | SOUTH END: NON-WATERFRONT, SINGLE-FAMILY HOMES

HOLLYWOOD BEACH HALLANDALE BEACH

TOTAL MARKET:

LUXURY MARKET:

AVERAGE PRICE PER SQUARE FOOT

THE TOP 50% OF EACH MARKET IN 2015 (BY AVERAGE HOME PRICE)

$400

$300

HALLANDALE HALLANDALE

HOLLYWOOD

HALLANDALE

HALLANDALE

HALLANDALE

$208

$253

$246

$267

$278 (g 4%)

HOLLYWOOD

HALLANDALE

HOLLYWOOD

HOLLYWOOD

HOLLYWOOD

$170

$226

$198

$219

$221 (g 1%)

$1,102,104

$200

h 42% FROM 2014 WITH 12 TRANSACTIONS

$100

43

HOLLYWOOD

$587,886

h 7% FROM 2014 WITH 60 TRANSACTIONS

$0

2011

2012

2013

2014

2015

TOTAL MARKET: NUMBER OF TRANSACTIONS

(% change / 2014)

OVERALL MARKET INSIGHTS 2015 was a banner year for single-family sales in Hollywood,

HOLLYWOOD BEACH

84

114

96

84

119

HALLANDALE BEACH

14

25

29

23

25

2011

2012

2013

2014

2015

with 119 inland sales vs. 84 in 2014. Pricing held steady at $221 PSF for inland homes, although luxury pricing dipped because of a scarcity of million-dollar sales over last year. Hallandale saw an increase in non-waterfront pricing of 4% PSF, although, as in Hollywood, luxury pricing decreased.

HOLLYWOOD BEACH HIGHLIGHTS

HALLANDALE BEACH HIGHLIGHTS

- Seven miles of pristine beaches

- Premiere parks and race tracks

- Lively, 2.5-mile boardwalk

- Vibrant, beachfront community

- Abundant parks and coral reefs

- Retail, dining and water sports

focus in Miami-Dade County. Currency fluctuations may play a

- Multi-million-dollar estates

- World-class, waterfront homes

part in the pricing decreases.

Omissions due to low transaction numbers or absence of market: None

Hallandale Beach and Hollywood Beach are the submarkets closest to the Miami-Dade County line, which makes them attractive to many international buyers who would otherwise


EAST FORT LAUDERDALE: WATERFRONT, SINGLE-FAMILY HOMES THE NEIGHBORHOODS

THE RESIDENCES

“East Fort Lauderdale’s many stunning waterways

“Waterfront residences in East Fort Lauderdale

strike newcomers the most. The Atlantic Ocean,

are usually spacious and built for outdoor living,

Intracoastal Waterway, New River and vast canal

mostly set on the Intracoastal or one of the city’s

network offer great opportunities for avid boaters

many luxury-home-lined canals. Waterfront homes

or those who simply appreciate the serenity of

usually include high-end amenities and top-tier

the view. The downtown area is home to many

finishes. In addition, a pool and boat dockage are

thriving businesses and young professionals. It’s a

considered standard in this market, aptly called

truly unique setting even within Florida.”

‘The Venice of America’ due to its many waterways.”

— Mary Forman, Estate Agent

— Jill L. Brown, Estate Agent

LAS OLAS ISLES LEGEND

TOTAL MARKET: AVERAGE PRICE PER SQUARE FOOT

VICTORIA PARK & COLEE HAMMOCK

HARBOR BEACH FT. LAUDERDALE BEACH RIO VISTA

SUNRISE KEY CORAL RIDGE / C.R. COUNTRY CLUB

$1,000

$800

44

$600

$400

$200

$0

FT. LAUD. BEACH

HARBOR BEACH

HARBOR BEACH

HARBOR BEACH

HARBOR BEACH

$733

$534

$835

$682

$766 (g 12%)

V. PARK & C. H.

V. PARK & C. H.

FT. LAUD. BEACH

FT. LAUD. BEACH

SUNRISE KEY

$557

$514

$634

$642

$650 (g 15%)

HARBOR BEACH

LAS OLAS ISLES

RIO VISTA

SUNRISE KEY

RIO VISTA

$491

$463

$551

$567

$610 (g 10%)

LAS OLAS ISLES

RIO VISTA

LAS OLAS ISLES

RIO VISTA

FT. LAUD. BEACH

$428

$440

$550

$552

$593 (h 8%)

RIO VISTA

CORAL RIDGE

SUNRISE KEY

LAS OLAS ISLES

LAS OLAS ISLES

$377

$334

$490

$539

$583 (g 8%)

SUNRISE KEY

SUNRISE KEY

V. PARK & C. H.

CORAL RIDGE

V. PARK & C. H.

$318

$307

$460

$423

$521 (g 26%)

CORAL RIDGE

FT. LAUD. BEACH

CORAL RIDGE

V. PARK & C. H.

CORAL RIDGE

$307

$200

$386

$413

$493 (g 17%)

2011

2012

2013

TOTAL MARKET: NUMBER OF TRANSACTIONS

2014

2015

(% change from 2014)

TOTAL MARKET: NEIGHBORHOOD TO WATCH

LAS OLAS ISLES

69

66

75

59

52

HARBOR BEACH

15

13

17

19

18

FT. LAUD. BEACH

2

2

5

7

11

SUNRISE KEY

RIO VISTA

14

9

21

19

20

2015 AVG. PRICE / SQUARE FOOT: $650

V. PARK & C. HAMM.

8

10

7

3

6

SUNRISE KEY

3

6

2

6

3

CORAL RIDGE

40

53

43

44

22

2011

2012

2013

2014

2015

Omissions due to low transaction numbers or absence of market: None

15% INCREASE OVER 2014 PERFORMANCE

104% INCREASE OVER 2011 PERFORMANCE


341 ROYAL PLAZA DRIVE, LAS OLAS ISLES

LUXURY MARKET: THE TOP 50% OF EACH MARKET IN 2015 (BY AVERAGE HOME PRICE)

HARBOR BEACH

$7,043,294

h 11% FROM 2014 WITH 9 TRANSACTIONS

FT. LAUD. BEACH

$4,036,000

SUNRISE KEY

$3,450,000

45 LAS OLAS ISLES

RIO VISTA

$3,044,990

$2,936,482

g 32% h 21%

FROM 2014 WITH 5 TRANSACTIONS

FROM 2014 WITH 1 TRANSACTION

h 12% FROM 2014 WITH 26 TRANSACTIONS

CORAL RIDGE

$2,384,545

V. PARK & C. H.

$1,908,333

h 4% FROM 2014

h 13%

WITH

FROM 2014

g 94%

WITH

FROM 2014

10 TRANSACTIONS

11 TRANSACTIONS

WITH 3 TRANSACTIONS

LUXURY MARKET: NEIGHBORHOOD TO WATCH

FORT LAUDERDALE BEACH 2015 AVG. HOME PRICE: $4 MILLION

32% INCREASE OVER 2014 PERFORMANCE

In 2015, Fort Lauderdale Beach presented one of only two

OVERALL MARKET INSIGHTS The single-family market saw PPSF appreciation of 8% for waterfront homes in Las Olas Isles and 15% in Sunrise Key, although luxury pricing at the top end did not increase in these submarkets thanks to competition from new condominium developments. Waterfront PSF prices dipped somewhat in Fort Lauderdale Beach but increased in Harbor Beach. However; these trends were reversed at the high end. Moving west of the Intracoastal, Rio Vista waterfront PPSF increased by 10%, but luxury pricing dipped slightly, as it did in Coral Ridge. Total

luxury home market increases

sales volume in Coral Ridge suffered a 50% drop. In contrast, both PSF

in East Fort Lauderdale and the

and luxury pricing increased sharply in Victoria Park/Colee Hammock,

higher sales price of the two.

and total sales velocity doubled, albeit only to six sales.


EAST FORT LAUDERDALE: NON-WATERFRONT, SINGLE-FAMILY HOMES THE NEIGHBORHOODS

THE RESIDENCES

“Fort Lauderdale’s exclusive communities are not

“From Old Colonial, to Spanish Revival, Modern

strictly suited for waterfront property buyers. The

and Art Deco, East Fort Lauderdale homes come

area is home to a marina, yacht clubs, the Coral

in a variety of architectural styles. Landscaping

Ridge Country Club and famed restaurants and

is generally lush and tropical, with stately banyan

boutiques, all close to the beach. This makes the

trees and palm trees lining streets and backyards.

East Fort Lauderdale neighborhoods a great option

Fort Lauderdale’s lively downtown area is just a

for water lovers, even in a non-waterfront home.”

few blocks away from most of these communities.”

— Zorka Dobreva, Estate Agent

— Lori Novello, Estate Agent

LEGEND

TOTAL MARKET: AVERAGE PRICE PER SQUARE FOOT

LAS OLAS ISLES

RIO VISTA

HARBOR BEACH

VICTORIA PARK & COLEE HAMMOCK

FT. LAUDERDALE BEACH

CORAL RIDGE / C.R. COUNTRY CLUB

$600

$500

$400

46

LAS OLAS ISLES

FT. LAUD. BEACH

FT. LAUD. BEACH

LAS OLAS ISLES

FT. LAUD. BEACH

$308

$327

$403

$457

$462 (g 11%)

FT. LAUD. BEACH

LAS OLAS ISLES

LAS OLAS ISLES

FT. LAUD. BEACH

LAS OLAS ISLES

$284

$295

$391

$415

$417 (h 9%)

HARBOR BEACH

RIO VISTA

RIO VISTA

RIO VISTA

RIO VISTA

$274

$273

$315

$341

$360 (g 6%)

$300

$200

$100

$0

RIO VISTA

V. PARK & C. H.

V. PARK & C. H.

V. PARK & C. H.

HARBOR BEACH

$259

$259

$297

$326

$339 (g 9%)

V. PARK & C. H.

HARBOR BEACH

HARBOR BEACH

HARBOR BEACH

V. PARK & C. H.

$228

$253

$268

$312

$329 (g 1%)

CORAL RIDGE

CORAL RIDGE

CORAL RIDGE

CORAL RIDGE

CORAL RIDGE

$219

$199

$201

$246

$275 (g 12%)

2011

2012

2013

TOTAL MARKET: NUMBER OF TRANSACTIONS LAS OLAS ISLES

5

7

1

5

6

HARBOR BEACH

6

7

7

12

3

FT. LAUD. BEACH

11

11

12

14

9

2014

2015

(% change from 2014)

TOTAL MARKET: NEIGHBORHOOD TO WATCH

CORAL RIDGE 2015 AVG. PRICE / SQUARE FOOT: $275

RIO VISTA

27

41

41

40

29

V. PARK & C. HAMM.

52

80

120

98

78

CORAL RIDGE

34

54

48

45

66

2011

2012

2013

2014

2015

Omissions due to low transaction numbers or absence of market: Sunrise Key

12% INCREASE OVER 2014 PERFORMANCE

26% INCREASE OVER 2011 PERFORMANCE


744 NE 16 AVENUE, FORT LAUDERDALE

LUXURY MARKET: THE TOP 50% OF EACH MARKET IN 2015 (BY AVERAGE HOME PRICE)

LAS OLAS ISLES

$1,779,167

HARBOR BEACH

$1,600,000 h 13% FROM 2014

FT. LAUD. BEACH

$1,387,500

WITH

g 10%

3 TRANSACTIONS

FROM 2014

RIO VISTA

47

$1,262,712

WITH

h 30%

1 TRANSACTION

FROM 2014 WITH 4 TRANSACTIONS

g 19% FROM 2014

V. PARK & C. H.

$874,257

CORAL RIDGE

$848,370

WITH 15 TRANSACTIONS

g 11%

h 13%

FROM 2014

FROM 2014

WITH 42 TRANSACTIONS

LUXURY MARKET: NEIGHBORHOOD TO WATCH

WITH 33 TRANSACTIONS

OVERALL MARKET INSIGHTS There were 3 sales in Harbor Beach and 9 sales in Fort Lauderdale Beach,

RIO VISTA

reflecting a slight year-over-year decrease. Prices increased in spite of the decrease in sales, exceeding $330 PSF in Harbor Beach and $460 PSF in Fort Lauderdale Beach. The market saw a pricing decrease in Las Olas

2015 AVG. HOME PRICE: $1.3 MILLION

Isles thanks to increased competition from boutique condo developments. Coral Ridge, which contains the Coral Ridge Country Club, saw strong

19% INCREASE OVER 2014 PERFORMANCE

Rio Vista, although fourth out of six in terms of luxury home

appreciation, although top-end prices did compress somewhat. Rio Vista, Victoria Park and Colee Hammock are historic neighborhoods

pricing, increased the most out

surrounding downtown Fort Lauderdale, where PPSF has continued to

of the six compared to 2014, at

increase. Luxury pricing was varied, reflecting a smaller home size and

19% to reach a $1.3M average.

less of a bias towards super-luxury home sales in Rio Vista.


BROWARD | NORTH END: WATERFRONT, SINGLE-FAMILY HOMES THE NEIGHBORHOODS

THE RESIDENCES

“Northern Broward includes a variety of intimate

“Waterfront residences in Broward’s North End are

communities, including gated enclaves with boat

usually very spacious, offering a variety of different

dockage as well as resident beach access. These

docking options and a tranquil atmosphere. Many

properties may be lakefront, on navigable canals,

of these homes are located on the Intracoastal

on the intracoastal or oceanfront, providing the

Waterway, which boaters can navigate south to

best of all possible options for waterfront access.

Fort Lauderdale’s many waterfront restaurants and

There is a small town atmosphere with world-class

lounges. These neighborhoods usually offer direct

dining, shopping and entertainment nearby.”

ocean access for the boating/fishing enthusiast.”

— Linda Stark, Estate Agent

— Albert Niels, Estate Agent

LEGEND

TOTAL MARKET: AVERAGE PRICE PER SQUARE FOOT

LAUDERDALE-BY-THE-SEA

THE LANDINGS

HILLSBORO BEACH

BAY COLONY

LIGHTHOUSE POINT

SEA RANCH LAKES

g

$600

$500

$400

48

LAUD.-B.T.S.

BAY COLONY

BAY COLONY

HILLSBORO

BAY COLONY

$391

$336

$439

$1,401

$523 (g 42%)

BAY COLONY

LAUD.-B.T.S.

LAUD.-B.T.S.

S. RANCH LAKES

LAUD.-B.T.S.

$379

$332

$370

$466

$469 (h 15%)

THE LANDINGS

THE LANDINGS

LIGHTHOUSE PT.

LAUD.-B.T.S.

LIGHTHOUSE PT.

$303

$329

$337

$443

$420 (g 10%)

$300

$200

$100

$0

S. RANCH LAKES

S. RANCH LAKES

S. RANCH LAKES

LIGHTHOUSE PT.

THE LANDINGS

$297

$321

$325

$381

$392 (g 9%)

LIGHTHOUSE PT.

LIGHTHOUSE PT.

THE LANDINGS

BAY COLONY

S. RANCH LAKES

$284

$294

$305

$369

$327 (h 28%)

HILLSBORO

HILLSBORO

HILLSBORO

THE LANDINGS

HILLSBORO

NO SALES

NO SALES

NO SALES

$360

$264 (h 81%)

2011

2012

2013

TOTAL MARKET: NUMBER OF TRANSACTIONS LAUD.-BY-THE-SEA

14

22

20

16

12

HILLSBORO BEACH

0

0

0

2

1

LIGHTHOUSE POINT

59

56

59

52

66

2014

2015

(% change from 2014)

TOTAL MARKET: NEIGHBORHOOD TO WATCH

BAY COLONY 2015 AVG. PRICE / SQUARE FOOT: $523

THE LANDINGS

21

18

23

29

25

BAY COLONY

7

10

8

7

9

SEA RANCH LAKES

4

6

3

5

2

2011

2012

2013

2014

2015

Omissions due to low transaction numbers or absence of market: None

42% INCREASE OVER 2014 PERFORMANCE

38% INCREASE OVER 2011 PERFORMANCE


935 HILLSBORO MILE, HILLSBORO BEACH

LUXURY MARKET: THE TOP 50% OF EACH MARKET IN 2015 (BY AVERAGE HOME PRICE)

BAY COLONY

$3,400,000

g 44% FROM 2014 WITH

LAUD.-B.T.S.

$2,119,167

4 TRANSACTIONS

LIGHTHOUSE PT.

$2,007,415

h 24%

h 11%

FROM 2014 WITH 6 TRANSACTIONS

$1,800,000

THE LANDINGS

$1,401,306

FROM 2014

h 53%

WITH

FROM 2014

34 TRANSACTIONS

49

S. RANCH LAKES

HILLSBORO

$905,000

WITH

g 5%

1 TRANSACTION

FROM 2014 WITH

h 93%

13 TRANSACTIONS

FROM 2014 WITH 1 TRANSACTION

LUXURY MARKET: NEIGHBORHOOD TO WATCH

OVERALL MARKET INSIGHTS Sea Ranch Lakes and Lauderdale-by-the-Sea are adjacent, oceanfront

BAY COLONY

communities north of Fort Lauderdale. Waterfront prices in Lauderdale-bythe-Sea dropped because most sales were canal-front, not Intracoastalfront. There were two sales in Sea Ranch Lakes; these underperformed

2015 AVG. HOME PRICE: $3.4 MILLION

the handful of transactions closed during 2014. Bay Colony and The Landings are two adjacent, oceanfront communities

44% INCREASE OVER 2014 PERFORMANCE

In an area where pricing changes were mostly negative

located just west of the Intracoastal Waterway, north of Fort Lauderdale. Both of these neighborhoods saw strong PPSF appreciation. Only one

during 2015, Bay Colony is the

house (a townhouse with no ocean frontage) sold in Hillsboro Beach,

definitive leader with double-

making year-over-year comparisons uninformative. Lighthouse Point

digit increases throughout.

saw 10% appreciation in PPSF but a luxury decrease.


BROWARD | NORTH END: NON-WATERFRONT, SINGLE-FAMILY HOMES THE NEIGHBORHOODS

THE RESIDENCES

“The North End is home to charming, small-town,

“Within Broward’s North End, real estate options are

slow-paced communities designed for easy living.

diverse enough to meet any budget, from luxury

From Lighthouse Point’s jogger-friendly parks and

communities with single-family homes to towering

13 miles of bike paths to Lauderdale-by-the-Sea’s

condominiums with first-class amenities. The small-

900-foot pier, the North End neighborhoods offer

town living characterizing these neighborhoods

that attractive beach-town lifestyle minutes away

offers residents a peaceful atmosphere without the

from the amenity-filled city of Fort Lauderdale.”

fear of overdevelopment.”

— Ellen Taracido, Estate Agent

— Melanie and David Schrand, Estate Agents

LAUDERDALE-BY-THE-SEA

LEGEND

TOTAL MARKET: AVERAGE PRICE PER SQUARE FOOT

LIGHTHOUSE POINT SEA RANCH LAKES

$400

$300

50 $200

LAUD.-B.T.S.

S. RANCH LAKES

LAUD.-B.T.S.

LAUD.-B.T.S.

S. RANCH LAKES

$199

$249

$256

$262

$304 ( g 34%)

S. RANCH LAKES

LAUD.-B.T.S.

S. RANCH LAKES

S. RANCH LAKES

LAUD.-B.T.S.

$175

$226

$238

$227

$279 (g 6%)

LIGHTHOUSE PT.

LIGHTHOUSE PT.

LIGHTHOUSE PT.

LIGHTHOUSE PT.

LIGHTHOUSE PT.

$146

$158

$181

$210

$213 (g 1%)

$100

$0

2011

2012

2013

TOTAL MARKET: NUMBER OF TRANSACTIONS

LAUD.-BY-THE-SEA

12

12

21

26

23

LIGHTHOUSE POINT

48

58

69

54

64

SEA RANCH LAKES

2

9

3

2

7

2011

2012

2013

2014

2015

2014

2015

(% change from 2014)

TOTAL MARKET: NEIGHBORHOOD TO WATCH

LAUDERDALEBY-THE-SEA 2015 AVG. PRICE / SQUARE FOOT: $279

6% INCREASE OVER 2014 PERFORMANCE

Omissions due to low transaction numbers or absence of market: Hillsboro Beach, The Landings and Bay Colony

40% INCREASE OVER 2011 PERFORMANCE


LIGHTHOUSE POINT

LUXURY MARKET: THE TOP 50% OF EACH MARKET IN 2015 (BY AVERAGE HOME PRICE)

S. RANCH LAKES

$1,100,000

g 16% FROM 2014

LAUD.-B.T.S.

WITH

$757,500

3 TRANSACTIONS

g 21% FROM 2014

51

LIGHTHOUSE PT.

$518,227

WITH 12 TRANSACTIONS

h 17% FROM 2014 WITH 32 TRANSACTIONS

LUXURY MARKET: NEIGHBORHOOD TO WATCH Sea Ranch Lakes and Lauderdale-by-the-Sea, a charming beach village

SEA RANCH LAKES

nicknamed “the Shore Diving Capital of Florida” because of its unique snorkel trail, are adjacent communities north of Fort Lauderdale. Nonwaterfront pricing increased in Lauderdale-by-the-Sea by 6% in its

2015 AVG. HOME PRICE: $1.1M

total non-waterfront, single-family home market and 21% in the luxury segment. In contrast to 2014, with only two non-waterfront sales, seven non-waterfront homes sold in Sea Ranch Lakes in 2015, at an average

16% INCREASE OVER 2014 PERFORMANCE

Sea Ranch Lakes luxury home pricing was 45% higher than

price per square foot of $304.

Lauderdale-by-the-Sea’s and

Lighthouse Point saw modest total non-waterfront market appreciation

112% higher than Lighthouse

at 1% in pricing per square foot in 2015, but a consolidation of top-end

Point’s in 2015.

pricing, continuing the trend seen during 2014.


WESTERN SUBURBS: NON-WATERFRONT, SINGLE-FAMILY HOMES THE NEIGHBORHOODS

THE RESIDENCES

“The western cities of Broward boast five of the top

“Set along the edge of Everglades National Park are

10 wealthiest zip codes in South Florida. They offer

family-oriented residences with a broad spectrum

meticulously planned, affluent family communities,

of architectural styles without space constraints.

characterized by wide, tree-lined streets with gated

French-Colonial styled estates in peaceful, equestrian

communities, excellent schools, recreation areas,

communities such as Southwest Ranches and ultra-

lakes, restaurants, country clubs, golf courses and

contemporary residences being built in Plantation

equestrian lifestyles. Only minutes to international

and Weston provide you ample room to entertain

airports, shopping and white-sand beaches.”

and enjoy exceptional quality of life.”

— Eileen Kedersha, Broker Associate

— Miguel Espinoza, Estate Agent

LEGEND

TOTAL MARKET: AVERAGE PRICE PER SQUARE FOOT

SOUTHWEST RANCHES

WESTON

SUNRISE

PARKLAND

PLANTATION

$300

$200

52

$100

$0

SW RANCHES

SW RANCHES

SW RANCHES

SW RANCHES

SW RANCHES

$178

$176

$207

$200

$238 (g 19%)

WESTON

WESTON

WESTON

WESTON

WESTON

$165

$165

$188

$194

$196 (g 1%)

PARKLAND

PARKLAND

PARKLAND

PARKLAND

PARKLAND

$146

$149

$158

$171

$185 (g 8%)

PLANTATION

PLANTATION

PLANTATION

PLANTATION

PLANTATION

$121

$121

$138

$151

$163 (g 8%)

SUNRISE

SUNRISE

SUNRISE

SUNRISE

SUNRISE

$89

$92

$109

$125

$135 (g 8%)

2011

2012

2013

TOTAL MARKET: NUMBER OF TRANSACTIONS SW RANCHES

105

104

105

92

109

SUNRISE

661

699

700

792

767

PLANTATION

644

816

915

863

913

WESTON

705

815

857

823

834

PARKLAND

196

230

279

250

468

2011

2012

2013

2014

2015

Omissions due to low transaction numbers or absence of market: None

2014

2015

(% change from 2014)

TOTAL MARKET: NEIGHBORHOOD TO WATCH

SOUTHWEST RANCHES 2015 AVG. PRICE / SQUARE FOOT: $238

19% INCREASE OVER 2014 PERFORMANCE

34% INCREASE OVER 2011 PERFORMANCE


7352 STONEGATE BOULEVARD, PARKLAND

LUXURY MARKET: THE TOP 50% OF EACH MARKET IN 2015 (BY AVERAGE HOME PRICE)

SW RANCHES

$1,362,093

h 18% FROM 2014 WITH 54 TRANSACTIONS

PARKLAND

53

WESTON

$819,303

$696,128

g 4%

h 15%

PLANTATION

$523,053 FROM 2014 WITH 239 TRANSACTIONS

FROM 2014

SUNRISE

$283,601

WITH

h 13%

426 TRANSACTIONS

FROM 2014

g 8%

WITH

FROM 2014

471 TRANSACTIONS

WITH 389 TRANSACTIONS

LUXURY MARKET: NEIGHBORHOOD TO WATCH

OVERALL MARKET INSIGHTS Weston and Southwest Ranches both saw continued price increases at 1% year-over-year in Weston and 19% year-over-year in Southwest

PARKLAND

Ranches, to a new high of $238. Since Weston is a popular destination for Venezuelan nationals, appreciation was likely constrained by the

2015 AVG. HOME PRICE: $819K

weakening Venezuelan currency. Plantation and Sunrise saw healthy total market appreciation reaching 8% PSF year-over-year, combined with a retrenchment of luxury pricing in Plantation.

4%

Parkland’s communities are increasingly popular among

INCREASE OVER 2014 PERFORMANCE

Nestled against Boca Raton, Parkland has an average price of $185 PSF, a discount to Weston or Southwest Ranches. There was a record

young families due to their

sales velocity of 468 sales, nearly double that in the previous year, which

highly rated school system.

reflects the new construction in the northern part of the city.


BROWARD CONDOS

TOTAL MARKET

AN OVERVIEW OF CURRENT MARKET CONDITIONS

Unlike Miami-Dade County, Broward County is predominantly dependent on the strength of the domestic economy. The US economy has shown signs of a continued, robust expansion that is

WATERFRONT CONDOS

# For Sale b

2011

2012

2013

2014

2015

3,326

2,576

2,478

3,021

3,229

6,074 $144

6,007 $160

6,337 $182

6,252 $197

6,420 $207

(avg./month)

# Sold b PPSF b

manifesting in job and wage growth and planned retirement. These factors are highly promising for residential real estate at all price ranges. Broward County’s luxury condominium market is

g 6%

# Sold Trendline b

FROM 2011

significantly concentrated in two locations: Fort Lauderdale (downtown and the beaches) and the Hollywood/Hallandale area. Hallandale Beach has proven to be attractive to overseas buyers as an alternative to Miami-Dade County’s oceanfront submarkets. Outside of these neighborhoods, 54

g 44%

PPSF Trendline b

FROM 2011

top-tier condominium product is very rare and is scattered. Most new luxury condo development is also located within these two clusters. Broward County’s resale condominium market does not encounter the same delivery pipeline

NON-WATERFRONT CONDOS

as Miami’s resale condo market, so prices held steady with nominal change. With the delivery of the Margaritaville Hotel in Hollywood Beach and a continued pricing discount over other waterfront condo markets in South Florida, the East Fort Lauderdale, Hollywood Beach and Hallandale Beach condo inventory, currently set

# For Sale b

2011

2012

2013

2014

2015

3,901

2,801

2,903

4,006

4,298

9,797 $71

9,387 $84

9,606 $102

9,540 $116

9,823 $123

(avg./month)

at approximately $450/SF – $600/SF, remains an

# Sold b

attractive real estate investment.

PPSF b

Broward County’s condominium market is stable and has reached a state of equilibrium. Its total condo market performance (waterfront and nonwaterfront) is encouraging, as overall pricing per

# Sold Trendline b

square foot is up 53% compared to 2011. Both

NO CHANGE FROM 2011

pricing and transaction volume have remained positive, with increased sales activity meaning g 73%

that waterfront condo sales volume in Broward

FROM 2011

(6,420 units) surpassed that of Miami-Dade County (6,078 units) in 2015.

PPSF Trendline b


LUXURY MARKET

$1M TO $5M TRANSACTIONS 2011

2012

2013

2014

$5M TO $10M TRANSACTIONS 2015

2011

2012

2013

2014

2015

h 0

h 1

# Sold h 0

h 0

h 0

# For Sale (avg./month) h 3

h 4

# Sold Trendline h 2011 h 118

h 158

2012

h 198

h 198

2013

2014

2015

h 1

h 0

# Sold h 192

h 224

h 0

# For Sale (avg./month) h 211

h 9

h 4

$10M+ TRANSACTIONS

# Sold h 75

h 3

h 228

IN 2011,

h 0

h 0

55

# For Sale (avg./month) h 284

h 0

h 0

h 1

h 2

h 1

IN 2015,

75

225

OF BROWARD’S CONDO SALES

OF BROWARD’S CONDO SALES

WERE CLOSED FOR OVER $1 MILLION.

WERE CLOSED FOR OVER $1 MILLION.

REPRESENTING A 200% RISE IN LUXURY MARKET SALES FROM 2011 TO 2015

2200 S OCEAN LANE – #2809-0, FORT LAUDERDALE


BROWARD: CONDO MARKET INDEX

FROM AN EXPERT’S PERSPECTIVE: TODAY’S MARKET CONDITIONS AND THEIR DEVELOPMENT “When Shopping for a luxury waterfront condo in South Florida, you can look from South Beach to Palm Beach, but the best value currently available is in Hollywood Beach, Hallandale Beach and Fort Lauderdale. All three areas, including the vibrant Las Olas Boulevard, have the best pricing per square foot, the best pricing for new construction developments and some of the best deals in the market. All three neighborhoods have different small-city atmosphere filled with young professionals. However, from the beautiful beaches to the boating lifestyle, the first-class dining, the top golf courses and so much more that these neighborhoods all have in common, anyone can live their waterfront dream in these condo markets.”

HOLLYWOOD BEACH LEGEND

lifestyles to offer, from Hollywood and Hallandale’s laidback beach living to Downtown Fort Lauderdale’s

HALLANDALE BEACH LAS OLAS EAST FT. LAUDERDALE

— Susan Rindley, Estate Agent

HOLLYWOOD BEACH | WATERFRONT CONDOS 2011

2012

2013

2014

2015

21%

18%

14%

9%

12%

AVERAGE SALES PRICE

$1.2M

$1.5M

$1.31M

$1.4M

$1.41M

AVERAGE SQUARE FOOTAGE

2,742

2,959

2,680

2,575

2,588

PERCENTAGE OF SAMPLE TRADED

56

AVERAGE PRICE PER SQ. FOOT

Hollywood prices increased slightly (1% both in total and PSF), but the transaction volume of 76 sales was a substantial increase from 2014. As with Hallandale, Hollywood has seen new development interest and a large contingent of overseas buyers in properties like the Costa Hollywood condo-hotel. Hollywood remains more expensive than Hallandale, both by PPSF and by total pricing. Both markets saw brisk sales exceeding 12% of total inventory.

$447

$505

$489

$543

$546

% CHANGE (YEAR-OVER-YEAR):

g 12%

h 3%

g 10%

g 1%

AVG. PRICE / SQUARE FOOT

from 2011

from 2012

from 2013

from 2014

% CHANGE (FROM 2011 TO 2015): AVG. PRICE / SQUARE FOOT

g 22%

HALLANDALE BEACH | WATERFRONT CONDOS 2011

2012

2013

2014

2015

11%

11%

15%

12%

12%

AVERAGE SALES PRICE

$492K

$557K

$705K

$730K

$670K

AVERAGE SQUARE FOOTAGE

1,610

1,573

1,626

1,613

1,518

AVERAGE PRICE PER SQ. FOOT

$305

$354

$434

$453

$441

PERCENTAGE OF SAMPLE TRADED

Hallandale Beach, which borders Miami-Dade, saw stable overall performance, partially attributed to international buyers lured by new condos such as Beachwalk and Hyde Beach, that have positioned themselves as a more affordable alternative to Sunny Isles and North Beach. Its condo pricing was down slightly in 2015 and transaction volume remained stable. Comparing 2011 to 2015, Hallandale has seen the highest PPSF increase for condos in Broward.

% CHANGE (YEAR-OVER-YEAR): AVG. PRICE / SQUARE FOOT

g 14%

g 18%

g 4%

h 2%

from 2011

from 2012

from 2013

from 2014

Omissions due to low transaction numbers or absence of market: North End and Western Suburbs

% CHANGE (FROM 2011 TO 2015): AVG. PRICE / SQUARE FOOT

g 45%


3055 HARBOR DRIVE – #1903, FORT LAUDERDALE

LAS OLAS | WATERFRONT CONDOS

PERCENTAGE OF SAMPLE TRADED AVERAGE SALES PRICE AVERAGE SQUARE FOOTAGE AVERAGE PRICE PER SQ. FOOT

2011

2012

2013

2014

2015

7%

12%

16%

16%

17%

$778K

$907K

$941K

$1.1M

$1.02M

Condo prices along Las Olas improved modestly per square foot, but total pricing decreased slightly as smaller units sold. This submarket is seeing a relatively high amount of new development, mostly in boutique buildings with less than 100 units and, in many cases, less than ten. These new developments will compete at the higher end

2,329

2,483

2,318

2,381

2,182

with existing inventory. Las Olas scored #1 in South Florida in terms of sales velocity, with 17% of its units trading in 2015.

$334

% CHANGE (YEAR-OVER-YEAR): AVG. PRICE / SQUARE FOOT

$365

$406

$462

$466

g 9%

g 10%

g 12%

g 1%

from 2011

from 2012

from 2013

from 2014

% CHANGE (FROM 2011 TO 2015): AVG. PRICE / SQUARE FOOT

g 40%

EAST FORT LAUDERDALE | WATERFRONT CONDOS 2011

2012

2013

2014

2015

6%

10%

12%

9%

12%

AVERAGE SALES PRICE

$846K

$929K

$1.09M

$1.1M

$1.26M

AVERAGE SQUARE FOOTAGE

2,142

2,243

2,409

2,171

2,360

AVERAGE PRICE PER SQ. FOOT

$395

$414

$452

$506

$534

PERCENTAGE OF SAMPLE TRADED

Significantly better performance than in Las Olas was observed in other Fort Lauderdale submarkets not directly on the Las Olas corridor. Sales pricing here increased 15% and 6% per square foot as a number of large residences sold. Its year-over-year performance hasn’t missed a beat since 2011, with prices increasing every year. The Fort Lauderdale and Las Olas condo markets have among the highest sales velocity of any market in South Florida.

% CHANGE (YEAR-OVER-YEAR): AVG. PRICE / SQUARE FOOT

g 5%

g 8%

g 11%

g 6%

from 2011

from 2012

from 2013

from 2014

% CHANGE (FROM 2011 TO 2015): AVG. PRICE / SQUARE FOOT

g 35%

Condo sections do not contain a “Luxury Market” page, since the product sample is already representative of the high-end market. For details on methodology, see page 5.

57


2010 – 2020: DEVELOPMENT CYCLE AN OVERVIEW OF CURRENT MARKET CONDITIONS

TOP NEW-DEVELOPMENT MARKETS 2016 – 2018 DELIVERY PROJECTION

GEOGRAPHIC BREAKDOWN: The urban corridor formed by Brickell, Downtown, Edgewater and Midtown has led the ranking of new inventory hitting the market between 2016 and 2018, with 9,050 units (56%) of the active projects in the market. In the Beaches, the most active markets are Sunny Isles (1,711 units) and

HOLLYWOOD BEACH

Hollywood Beach (1,080 units), scheduled to be

1,080 units

completed in the same period. Their expansion path in the beach is clearly towards the north due to the scarcity of development sites in South Beach, Miami Beach, Surfside and Bal Harbour.

SUNNY ISLES 58

GRAPH DELIVERY PROFILE:

1,711 units

In the new cycle (2010 – 2020), we have seen 39 luxury projects completed, totaling 5,114 units, with a high concentration between 2013 and 2015. In this segment, approximately 90% were sold by December 2015. There are another 82 projects in the pre-construction stage or under construction with 16,215 units to be delivered between 2016 and 2019, of which 67% is already sold. The remaining inventory is very controllable, with only 5,197 units for sale. Only 26 projects are in pre-construction, reflecting the underlying market strength. The strengthening of the US dollar has triggered a considerable devaluation of several currencies in some key South Florida feeder markets such as Canada, Brazil, Mexico, Colombia, Venezuela and the European continent. This causes lower absorption from international markets, which is partially compensated by the strength of the domestic market, especially the Northeast. This trend has led some developers to postpone the launch of planned projects, allowing the market to better absorb the inventory.

DOWNTOWN MIAMI URBAN CORRIDOR 9,050 units representing

56%

of the active market


ACTIVE DEVELOPMENTS BY AREA AREA

TOTAL UNITS

% TOTAL UNITS

UNITS SOLD

% SOLD

AVENTURA

525

3.2%

342

65%

BAL HARBOUR

299

1.8%

187

63%

BAY HARBOR

251

1.5%

183

73%

BRICKELL

3,900

24.1%

3,148

81%

WEST BRICKELL

364

2.2%

306

84%

COCONUT GROVE

376

2.3%

331

88%

DORAL

771

4.8%

394

51%

DOWNTOWN MIAMI

905

5.6%

547

60%

EDGEWATER

2,908

17.9%

2,172

75%

FORT LAUDERDALE

598

3.7%

299

50%

HOLLYWOOD

247

1.5%

65

26%

HOLLYWOOD BEACH

1,080

6.7%

738

68%

MIAMI BEACH

230

1.4%

108

47%

MIAMI RIVER

400

2.5%

20

5%

MIDTOWN

973

6%

578

59%

MIMO DISTRICT

105

0.6%

N/A

N/A

SOUTH BEACH

31

0.2%

16

52%

SUNNY ISLES

1,711

10.6%

1,092

64%

SURFSIDE

278

1.7%

180

65%

SUNRISE

263

1.6%

132

50%

TOTAL

16,215

100%

10,838

67% (AVG.)

59

ESTIMATED DELIVERY PROFILE UNITS PER QUARTER 3,500

3,000 3,000

2,500

1,909

2,000

1,529 1,500

1,343

1,337 986

1,422

1,440

1,262 966

1,000

500 500

264

257 0

0

Q1 ‘16

Q2 ‘16

Q3 ‘16

Q4 ‘16

Q1 ‘17

Q2 ‘17

Q3 ‘17

Q4 ‘17

Q1 ‘18

Q2 ‘18

Q3 ‘18

Q4 ‘18

Q1 ‘19

Q2 ‘19

0

0

Q3 ‘19

Q4 ‘19

Information based on projects’ sales centers’ information, news articles, press announcements, phone surveys, online search, among other sources. Data gathered January, 2016. Information is deemed accurate but not guaranteed. Availability and prices are subject to change without notice.


COMPLETED DEVELOPMENTS PROJECT NAME

LOCATION

DEVELOPER

ARCHITECT

COMPLETION

AVG. $/SF

# UNITS

# SOLD

% SOLD

1.

RIVA

Bay Harbor Islands

Epelboim Dev. Group

Sam Robin

Mar 2013

$475

25

22

88%

2.

MY BRICKELL

Brickell

Related Group

Arquitectonica

Sep 2013

$285

188

188

100%

3.

BELLINI

Aventura

Martin Margulies

CFE Architects

Oct 2013

$650

70

63

90%

4.

MARINA PALMS TOWER I

Aventura

Plaza Group / DevStar

Slattery & Associates

Jul 2015

$440

234

232

99%

5.

APOGEE BEACH

Hollywood Beach

Related Group

Carlos Ott

Oct 2013

$585

49

49

100%

6.

OCEAN SEVEN

Miami Beach

PMG

Shapiro & Associates

Dec 2013

$1,400

7

3

43%

7.

OCEANA KB

Key Biscayne

Consultatio

Arquitectonica

Mar 2014

$1,250

142

133

94%

8.

HARBOUR PARK

Bay Harbor Islands

ART+TEC Dev. / HOGG

N/A

Jul 2014

$350

20

18

90%

9.

CLUB AT BAY HARBOR

Bay Harbor Islands

BH US Investments

Franquel Benayon

Sep 2014

$375

42

37

88%

10.

MILLECENTO

Brickell

Related Group

Carlos Ott

Sep 2014

$390

384

384

100%

11.

400 SUNNY ISLES

Brickell

Key Interntational

Chad Oppenheim

Sep 2014

$650

230

230

100%

12.

PELORO

Miami Beach

SMG Management

Luis Revuelta

Dec 2014

$450

114

114

100%

13.

FAENA HOUSE

Miami Beach

Faena

Foster & Partners

Dec 2014

$2,800

47

47

100%

14.

EDITION

Miami Beach

Ian Schrager

John Pawson

Nov 2014

$2,400

26

21

81%

15.

1 HOTEL & HOMES

Miami Beach

Le Frak / Starwood

HKS - Kobi Karp

Sep 2015

$1,850

163

133

82%

16.

PALAU

South Beach

SMG Management

Kobi Karp

Nov 2014

$775

45

45

100%

17.

MANSIONS AT AQUALINA

Sunny Isles

The Trump Group

Cohen Freedman Encinosa

Dec 2014

$1,400

79

79

100%

18.

PASEO 5252

Doral

Codina

Sieger-Suarez

Dec 2015

$335

203

203

100%

19.

CHÂTEAU BEACH

Sunny Isles

Château Group

Kobi Karp

Dec 2014

$1,100

81

72

89%

20.

ECHO

Aventura

PMG (NY)

Carlos Ott

Mar 2015

$575

190

171

90%

21.

MERRICK MANOR

Coral Gables

The Astor Companies

Behar Font & Associates

Feb 2015

$411

170

164

96%

22.

TERRAZAS

Miami River

Related / Ladder Capital

Shapiro & Associates

Jul 2012

$325

324

215

66%

23.

BEACH WALK

Hallandale Beach

Related Group

CFE Architects

Jan 2015

$375

300

290

97%

24.

101 KEY BISCAYNE

Key Biscayne

Eric Soulavy / Oscar Segall

Gabriel Lopez

Mar 2015

$950

11

10

91%

25.

IRIS ON THE BAY

Normandy Shores

Braddock / Spear Group

Beilinson Gomez Architects

Jan 2015

$460

43

43

100%

26.

GLASS

South Beach

Terra Group

Rene Gonzalez

Mar 2015

$2,300

10

10

100%

27.

BALTUS HOUSE

Edgewater

Related Group

Cohen Freedman Encinosa

Jun 2015

$470

167

167

100%

28.

BAY HOUSE

Edgewater

Melo Group

Melo Architecture

Dec 2015

$465

175

175

100%

29.

ADAGIO ON THE BAY

Ft. Lauderdale

Grupo Alco

Garcia Stromberg

Apr 2015

$527

12

12

100%

30.

ONE OCEAN

South Beach

Related Group

Enrique Norten

Jun 2015

$1,650

50

50

100%

31.

321 OCEAN

South Beach

Arditi

Enrique Norten

Apr 2015

$1,600

21

20

95%

32.

OCEAN

Ft. Lauderdale

Orchid Hotel LLC

Garcia Stromberg

Feb 2015

$850

298

12

4%

33.

NINE

Brickell

LYND / ST Capital

Behar Font & Associates

May 2015

$520

390

390

100%

34.

ICON BAY

Edgewater

Related Group

Arquitectonica

Jun 2015

$475

300

300

100%

35.

VELA VISTA

Ft. Lauderdale

Oak Construction

Tuthill Architecture

Oct 2015

$500

10

9

90%

36.

REGALIA

Sunny Isles

Regalia Beach Dev.

Arquitectonica

Jan 2015

$1,800

39

36

92%

37.

MAREA

South Beach

Related Group

Sieger-Suarez

Nov 2015

$1,600

32

30

94%

38.

1215 WEST

South Beach

Domus Group

RE Chisholm Architects

Dec 2015

$725

48

40

83%

39.

BRICKELL HOUSE

Brickell

Newgard Dev. Group

Sieger-Suarez

Dec 2015

$315

375

375

100%

$894

5,114

4,592

90% (Avg.)

# SOLD

% SOLD

TOTAL

UNDER CONSTRUCTION & PRE-CONSTRUCTION DEVELOPMENTS PROJECT NAME

LOCATION

DEVELOPER

ARCHITECT

COMPLETION

AVG. $/SF

# UNITS

1.

AVENTURA PARK SQUARE

Aventura

Integra

Zyscovich

Dec 2017

$550

131

60

46%

2.

MARINA PALMS TOWER II

Aventura

Plaza Group & DevStar

Slattery and Associates

Jun 2016

$440

234

202

86%

3.

PRIVÉ

Aventura

BH3

Sieger-Suarez

Dec 2016

$825

160

80

50%

4.

CHÂTEAU OCEAN

Bal Harbour

Groskopf

Arquitectonica

Aug 2016

$1,400

60

10

17%

5.

OCEANA BAL HARBOR

Bal Harbour

Consultatio

Arquitectonica

Jun 2016

$1,600

239

177

74%

6.

IVORY

Bay Harbor Islands

Bricko

BMA & Frankel Benayoun

Jun 2016

$700

41

30

73%

7.

BIJOU

Bay Harbor Islands

Ability by Acierto

Luis Revuelta

Oct 2017

$725

41

16

39%

8.

PALM VILLAS

Bay Harbor Islands

Estudio 18

Shapiro & Associates

Aug 2017

$400

14

0

0%

9.

BAY BREEZE

Bay Harbor Islands

ART+TEC Development

N/A

Feb 2016

$435

17

10

59%

10.

KAI RESIDENCES

Bay Harbor Islands

Estudio 18

Arquitectonica

Apr 2016

$650

57

47

82%

11.

O RESIDENCES

Bay Harbor Islands

S2 Developers / BH-LK Inv.

Charles Benson

Sep 2017

$750

41

41

100%

12.

SERENO

Bay Harbor Islands

Integra

Corwill Architects

Jan 2017

$625

40

39

98%

13.

FLATIRON

Brickell

Ugo Colombo / Capital Group

Luis Revuelta

May 2018

$650

548

250

46%

14.

BOND

Brickell

Rilea Group

Nichols Brosch Wurst Wolfe

Jun 2016

$650

328

310

95%

ECHO BRICKEL

Brickell

Developer

Carlos Ott

Jun 2017

$1,100

180

167

93%

16.

1010 BRICKELL

Brickell

Key International

Sieger-Suarez

Aug 2016

$650

387

375

97%

17.

SLS RESIDENCES

Brickell

Related Group

Arquitectonica

Jun 2016

$550

453

453

100%

h

15.

Information based on projects’ sales centers’ information, news articles, press announcements, phone surveys, online search, among other sources.


UNDER CONSTRUCTION & PRE-CONSTRUCTION DEVELOPMENTS 18.

(CONTINUED)

PROJECT NAME

LOCATION

DEVELOPER

ARCHITECT

COMPLETION

AVG. $/SF

# UNITS

# SOLD

% SOLD

BRICKELL HEIGHTS

Brickell

Related Group

Arquitectonica

Apr 2017

$643

358

330

92%

19.

SLS LUX

Brickell

Related Group

Arquitectonica

Aug 2017

$703

534

508

95%

20.

BR. CITY CENTRE / REACH

Brickell

Swire

Arquitectonica

Mar 2016

$650

390

330

85%

21.

BR. CITY CENTRE / RISE

Brickell

Swire

Arquitectonica

May 2016

$675

390

157

40%

22.

BRICKELL HEIGHTS II (BH2)

Brickell

Related Group

Arquitectonica

Feb 2017

$643

332

268

81%

23.

LE PARC AT BRICKELL

Brickell West

AXA / Strategic Prop. Group

Luis Revuelta & Archiplan

Mar 2016

$540

128

116

91%

24.

BRICKELL TEN

Brickell West

Waterstone Capital / IB Corp.

BC Architects

Jan 2016

$425

155

127

82%

25.

CASSA BRICKELL

Brickell West

TSG Paragon

Carlos Ponce de Leon

Jun 2016

$480

81

63

78%

26.

GROVE AT GRAND BAY

Coconut Grove

Terra Group

Bjarke Ingels

Apr 2016

$875

96

96

100%

27.

ONE PARK GROVE

Coconut Grove

Related Group / Terra Group

Rem Koolhaas

Jun 2018

$1,600

54

17

31%

28.

TWO PARK GROVE

Coconut Grove

Related Group / Terra Group

Rem Koolhaas

Aug 2017

$1,200

72

70

97%

29.

PARK GROVE CLUB RES.

Coconut Grove

Related Group / Terra Group

Rem Koolhaas

Aug 2017

$900

154

148

96%

30.

PASEO 5300

Doral

Codina

Sieger-Suarez

Feb 2016

$360

219

100

46%

31.

MIDTOWN DORAL PHASE I

Doral

Optimus

PPK Architects

Jun 2016

$325

306

255

83%

32.

MANSIONS AT DORAL

Doral

Century / JC Dev.

PPK Architects

Mar 2017

$375

66

39

59%

33.

MODERN

Doral

Terra Group

PPK Architects

Jan 2018

$275

320

164

51%

34.

PARAMOUNT DOWNTOWN

Downtown

Royal Palm Cies. (D. Kodsi)

Elkus Manfredi

Jan 2018

$675

470

187

40%

35.

CENTRO

Downtown

Newgard

Sieger-Suarez

May 2016

$415

352

320

91%

36.

ONE THOUSAND MUSEUM

Downtown

Gregg Covin / Louis Birdman

Zaha Hadid

Jun 2018

$1,350

83

40

48%

37.

ELYSEE

Edgewater

Two Roads Developers

Arquitectonica

Sep 2018

$750

100

30

30%

38.

GRAN PARAISO

Edgewater

Related Group

Arquitectonica

Dec 2017

$750

317

205

65%

39.

BENTLEY RES. & HOTEL

Edgewater

Heafey Group

Kobi Karp

Mar 2018

$650

242

75

31%

40.

CRIMSON

Edgewater

McKafka

IDEA Architects

Mar 2016

$600

90

66

73%

41.

PARAISO BAY TI

Edgewater

Related Group

Arquitectonica

Nov 2016

$575

360

360

100%

42.

BISCAYNE BEACH

Edgewater

East View Dev. & GTIS

WHLC Arch. / BC Arch.

Nov 2016

$700

399

393

98%

43.

ARIA ON THE BAY

Edgewater

Melo Group

Arquitectonica

Dec 2017

$500

647

342

53%

44.

ONE PARAISO

Edgewater

Related Group

Arquitectonica

Sep 2017

$775

279

278

100%

45.

PARAISO BAY VIEW

Edgewater

Related Group

Arquitectonica

Sep 2017

$550

388

350

90%

46.

26 EDGEWATER

Edgewater

Stripey Real Estate Dev.

Mods Architects

Jan 2017

$473

86

73

85%

47.

AUBERGE / SOUTH TOWER

Ft. Lauderdale

Fortune Intl. / Related Group

Nichols Brosch Wurst Wolfe

Nov 2017

$1,100

114

16

14%

48.

THE GALE RESIDENCES

Ft. Lauderdale

Newgard

Garcia Stromberg

Apr 2017

$625

124

71

57%

49.

AQUABLU

Ft. Lauderdale

OceanLand Investments

Borges + Associates

Sep 2017

$600

35

19

54%

50.

THE WAVE IN BAY SHORE

Ft. Lauderdale

Oaktree Management LTD

A.S. Bengochea Architects

Oct 2017

$500

18

7

39%

51.

FOUR SEASONS

Ft. Lauderdale

Fort Partners

Kobi Karp

Nov 2018

$1,300

42

6

14%

52.

AUBERGE / NORTH TOWER

Ft. Lauderdale

Fortune Intl. / Related Group

Nichols Brosch Wurst Wolfe

Nov 2017

$1,100

70

53

76%

53.

RIVA FT LAUDERDALE

Ft. Lauderdale

Premier Developers

FSMY

Mar 2017

$525

100

60

60%

54.

PARAMOUNT FT LAUDERDALE

Ft. Lauderdale

Falcone Group

Luis Revuelta

Jan 2017

$850

95

67

71%

55.

H3

Hollywood

FINKA

Kobi Karp

Jan 2017

$250

247

65

26%

56.

COSTA HOLLYWOOD

Hollywood Beach

Liberty Sites (M. Bensusan)

Hamed Rodriguez

Jun 2016

$500

307

173

56%

57.

HYDE BEACH HOUSE

Hollywood Beach

Related Group / Key Intl.

CFE Architects

Apr 2018

$600

342

155

45%

58.

SAGE BEACH

Hollywood Beach

PMG (NY) / TDG Florida

Carlos Ott

Jan 2016

$730

24

20

83%

59.

HYDE BEACH

Hollywood Beach

Related Group / Fortune

Cohen Freedman Encinosa

Jul 2016

$650

407

390

96%

60.

RITZ-CARLTON RESIDENCES

Miami Beach

Lionheart Capital / Elliott

Lissoni

Dec 2016

$1,250

126

67

53%

61.

THE SHORE CLUB / FASANO

Miami Beach

HFZ Capital

Isay Weinfeld

Nov 2017

$2,300

75

22

29%

62.

L’ATELIER

Miami Beach

SMG Manag. / W Capital

Enzo Enea

Dec 2017

$1,400

21

11

52%

63.

BEACH HOUSE 8

Miami Beach

Moravito Properties

Arquitectonica

Apr 2016

$1,700

8

8

100%

64.

ONE RIVER POINT

Miami River

Kar Properties

Rafael Vignoli

Sep 2018

$800

400

20

5%

65.

HYDE MIDTOWN

Midtown

Related Group / Dezer

Arquitectonica

Mar 2018

$550

460

300

65%

66.

CANVAS

Midtown

NRI Investments

CFE Architects

May 2017

$450

513

278

54%

67.

BOULEVARD 57

MiMo District

Unitas Developments

Sieger-Suarez

Apr 2018

$650

105

0

0%

68.

THREE HUNDRED COLLINS

South Beach

JMH Development

Thomas Juul-Hansen

Jun 2017

$1,400

19

11

58%

69.

LOUVER HOUSE

South Beach

Mast Capital

Rene Gonzalez

Jul 2017

$1,400

12

5

42%

70.

ESTATES AT AQUALINA

Sunny Isles

The Trump Group

Rafael Portuondo

Jun 2019

$1,550

264

81

31%

71.

AURORA

Sunny Isles

Verzasca Group

Luis Revuelta

Dec 2018

$680

61

12

20%

72.

ARMANI CASA

Sunny Isles

Gil Dezer / Related Group

Cesar Pelli

Jun 2018

$1,400

308

190

62%

73.

RITZ-CARLTON SUNNY ISLES

Sunny Isles

Fortune International

Arquitectonica

Nov 2017

$1,500

212

115

54%

74.

TURNBERRY OCEAN CLUB

Sunny Isles

Turnberry Associates

Carlos Zapata

Nov 2018

$1,450

154

44

29%

75.

PORSCHE TOWER

Sunny Isles

Gil Dezer

Porsche Design / S.-Suarez

Sep 2016

$1,700

132

128

97%

76.

JADE SIGNATURE

Sunny Isles

Fortune International

Herzog & de Meuron

Jun 2016

$1,650

192

168

88%

77.

PARQUE TOWERS

Sunny Isles

J.Milton & Associates

Edward Castallera

Feb 2016

$500

320

290

91%

78.

MUSE

Sunny Isles

PMG (NY)

Carlos Ott / Sieger-Suarez

Jun 2017

$1,900

68

64

94%

79.

EIGHTY SEVEN PARK

Surfside

Terra Group / Bizzi Partners

Renzo Piano

Jan 2018

$2,500

70

17

24%

80.

SURF CLUB - FOUR SEASONS

Surfside

Fort Capital

Richard Meyer

May 2016

$2,200

150

120

80%

81.

FENDI CHATEÂU

Surfside

Château Group

Arquitectonica

Nov 2016

$1,800

58

43

74%

82.

METROPICA

Sunrise

Trillist Companies / KGH Intl.

Oppenheim Architecture

Nov 2017

$404

263

132

50%

16,215

10,838

67% (Avg.)

TOTAL

Data gathered January, 2016. Information is deemed accurate but not guaranteed. Availability and prices are subject to change without notice.


P R E S E N T S

SOUTH FLORIDA’S MOST PRESTIGIOUS N E W

R E S I D E N C E S


METROPICA | SUNRISE

RIVA | FORT LAUDERDALE

GALE RESIDENCES | FORT LAUDERDALE

TURNBERRY OCEAN CLUB RESIDENCES | SUNNY ISLES

KAI | BAY HARBOR ISLANDS

PALM VILLAS | BAY HARBOR ISLANDS

L’ATELIER | MIAMI BEACH

BOULEVARD 57 | MIAMI

THE RITZ-CARLTON RESIDENCES | MIAMI BEACH

THE RESIDENCES AT W SOUTH BEACH | MIAMI BEACH

1414 WEST BEACH | MIAMI BEACH

ELEVEN ON LENOX | MIAMI BEACH

THREE HUNDRED COLLINS | MIAMI BEACH

LOUVER HOUSE | MIAMI BEACH

ONE THOUSAND MUSEUM | MIAMI

BRICKELL CITY CENTRE | MIAMI

THE MANSIONS AT DORAL | MIAMI

LAGUNA HOUSE | CORAL GABLES


TURNBERRY OCEAN CLUB RESIDENCES SUNNY ISLES BEACH

154

RESIDENCES

3–6 When you find a residence that feels right, you just know it. When you enter a residence at Turnberry Ocean Club, you instantly appreciate the superb architectural thought and creativity. A luxury tower must contain more than just efficient floor plans and an innovative design; it must have a soul and provide a lifestyle and a level of service that is unrivaled.

O N L Y

W I T H

ONE

BEDROOMS

$4M

STARTING PRICE

2018

COMPLETION


ONE THOUSAND MUSEUM DOWNTOWN MIAMI

86

RESIDENCES

4–6 Pritzker Prize-winning architect Zaha Hadid has become internationally renowned for her designs of sensuous, soaring buildings that push the limits of innovation and blur the lines between art and architecture. One Thousand Museum, her first residential development in the Western Hemisphere, is set to be Miami’s most prestigious new tower.

BEDROOMS

$5.8M 2018

STARTING PRICE

COMPLETION


BRICKELL CITY CENTRE MIAMI

780

RESIDENCES

1–3 Combining ahead-of-the-curve, environmentally friendly design with retail development savoir-faire, Brickell City Centre is the singularly innovative, $1.05-billion project setting a new urban pulse in Miami. Reach and Rise, its residential towers with 390 residences each, will offer extraordinary, cosmopolitan residences tailored for global citizens.

O N L Y

W I T H

ONE

BEDROOMS

$595K 2016

STARTING PRICE

COMPLETION


BOULEVARD 57 MIAMI

105

RESIDENCES

1–4 Boulevard 57 is the new landmark in Miami’s Upper Eastside, where residents can experience a distinctively unique lifestyle. World-class comforts are abundant in every facet, in a home that offers the best of everything. From the high ceilings, to the custom designed European closets, every detail has been crafted for excellence.

BEDROOMS

$640K 2018

STARTING PRICE

COMPLETION


23

L’ATELIER MIAMI BEACH

RESIDENCES

2–4 Designed as complete, flow-through residences, L’Atelier offers captivating views in every direction. A Miami Beach masterpiece, it is set on the grounds of the historic Golden Sands Hotel, intimate from a rich past yet open to a brilliant tomorrow. This one-of-a-kind residence is the first development by acclaimed interior designer, Holly Hunt.

O N L Y

W I T H

ONE

BEDROOMS

$4M

STARTING PRICE

2017

COMPLETION


THE RITZ-CARLTON RESIDENCES MIAMI BEACH

111

RESIDENCES

2–5 Elegant. Simple. Understated. A home where windows and doors open to let the sounds and essence of nature float inside with the breeze. This is a home where incredible meals are prepared and enjoyed with incredible views. At the end of a busy day, oversized bathrooms create a retreat from the world, and master suites offer privacy and comfort to the extreme.

BEDROOMS

$2M

STARTING PRICE

2017

COMPLETION


THE MANSIONS AT DORAL MIAMI

66

RESIDENCES

4–9 Situated on magnificent lots, The Mansions at Doral is a gated enclave of ultra-luxurious, modern homes that brings new life to the City of Doral’s most prestigious area. With close proximity to major highways, Miami International Airport, fine retailers and boutiques, and much more, a stimulating lifestyle is right at your fingertips.

O N L Y

W I T H

ONE

BEDROOMS

$1.2M 2016

STARTING PRICE

COMPLETION


GALE RESIDENCES FORT LAUDERDALE

128

RESIDENCES

1–3 A landmark restored. A village reborn. A lifestyle revealed. 128 extraordinary residences deliver elegant, contemporary living with exquisite views over the North village to the beach and the downtown skyline. Intimate scale and nostalgic charm joins elevated services and amenities for a luxury experience Fort Lauderdale hasn’t seen in decades.

BEDROOMS

$495K 2017

STARTING PRICE

COMPLETION


263

METROPICA SUNRISE

RESIDENCES

1–3 The vision behind Metropica was to completely reimagine and redefine today’s modern urban lifestyle. Metropica combines luxury, technology, top-of-the-line amenities, enviable views and more, creating a dynamic community where life takes place in its many forms. Metropica offers a place where work, play and life all happen seamlessly.

O N L Y

W I T H

ONE

BEDROOMS

$350K 2017

STARTING PRICE

COMPLETION


RIVA FORT LAUDERDALE

100

RESIDENCES

2–3 Located in Fort Lauderdale along the banks of the Middle River and within steps of the Galleria Mall on Sunrise Boulevard, this development, infused with contemporary Italian design, consists of 15 floors and 100 elegantly designed residences overlooking the river, Las Olas Boulevard and Downtown Fort Lauderdale.

BEDROOMS

$695K 2017

STARTING PRICE

COMPLETION


THREE HUNDRED COLLINS MIAMI BEACH

19

RESIDENCES

1–4 At Three Hundred Collins, residents can leave the sights and sounds of South Beach behind and discover a sanctuary between the city and the sea. These residences offer the ultimate balance of city living and cool tranquility. A unique blend of its natural environment and sophisticated design, Three Hundred Collins is a modern retreat in the heart of it all.

O N L Y

W I T H

ONE

BEDROOMS

$1.2M 2017

STARTING PRICE

COMPLETION


LOUVER HOUSE MIAMI BEACH

12 3

Within this boutique property, spacious residences accessed by private elevators feature the finest interior design. Airy and contemporary, yet beautifully private, Louver House captures the spirit of South of Fifth. The neighborhood’s tree-lined streets and lush gardens are reimagined in private terraces as well as a rooftop pool terrace and dining areas.

RESIDENCES

BEDROOMS

$2.5M 2017

STARTING PRICE

COMPLETION


ELEVEN ON LENOX MIAMI BEACH

11 4

These townhomes combine the independent spirit of the beach house with the style and prestige of an exclusive property. Each of these homes, developed by Shoma Group, is designed to offer a more fluid, more individual way of living. From your own garage to your very own pool, let Charles Allem’s seamless interiors take you into a private world of uninhibited luxury.

O N L Y

W I T H

ONE

RESIDENCES

BEDROOMS

$3.8M 2017

STARTING PRICE

COMPLETION


KAI BAY HARBOR BAY HARBOR ISLANDS

57

RESIDENCES

1–4 Suitably located just a few minutes from the beach, Bay Harbor Shops and the Indian Creek golf course, Kai offers beautiful surroundings and leisure at your immediate reach. This boutique gem consists of 57 spacious and luminous residences. Staying true to its boutique fashion, Kai features innovative architecture and world-class design.

BEDROOMS

$645K 2016

STARTING PRICE

COMPLETION


LAGUNA HOUSE MIAMI

13

RESIDENCES

3–4 Laguna House is a 10-story tower that delivers a modern lifestyle with luxurious interiors. Designed with only 13 residential units, including one penthouse spanning the entire 10th floor, this stunning tower incorporates privacy and exclusivity along with elements of the area’s fashionable character, contemporary design focus, and upscale lifestyle.

O N L Y

W I T H

ONE

BEDROOMS

$1.5M 2017

STARTING PRICE

COMPLETION


THE RESIDENCES AT W SOUTH BEACH MIAMI BEACH

408

RESIDENCES

0–3 Exquisitely finished and furnished oceanfront residences offering world-class service and the ultimate resort lifestyle. Enjoy an enviable 300 feet of frontage along one of the finest stretches of white-sand beach. Each residence is situated at a 25-degree angle to maximize the spellbinding majesty of panoramic ocean and Miami views.

BEDROOMS

$995K

STARTING PRICE

COMPLETE


PALM VILLAS BAY HARBOR ISLANDS

14

RESIDENCES

3–5 Palm Villas offers a place in paradise to live with openness, privacy and elegance. A gated community in Bay Harbor Islands, these four-story, contemporary villas feature a family-friendly place to experience luxury in an island paradise.

O N L Y

W I T H

ONE

BEDROOMS

$990K 2017

STARTING PRICE

COMPLETION


1414 WEST BEACH MIAMI BEACH

10

RESIDENCES

2–3 At 1414 West Beach you will find 10 beautifully crafted designer residences by Charles Allem. Located in the vibrant community of West beach, this boutique luxury development is steps away from luxury shopping, elite training facilities and top restaurants. These fully finished residences will be the ultimate private culture.

BEDROOMS

$1.1M 2017

STARTING PRICE

COMPLETION


ABOUT ONE SOTHEBY’S INTERNATIONAL REALTY

Since 1744, the Sotheby’s name has become renowned as a marketer for many of the world’s most treasured possessions. Sotheby’s International Realty, in keeping with this extraordinary reputation, has become a global leader in the representation of distinctive real estate. In essence, Sotheby’s International Realty is synonymous with quality and service and is the most interconnected luxury real estate brokerage network in the world. In working collaboratively with our global Sotheby’s International Realty affiliates, ONE Sotheby’s International Realty executes intelligent, innovative and strategic sales and marketing programs, delivering maximum results and an exceptional level of service. By utilizing the Sotheby’s brand’s in-house partnerships and resources, and by drawing upon the immense experience of our associates, ONE Sotheby’s International Realty is uniquely positioned to present real estate opportunities to an international, qualified client base.


©MMXVI 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.



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