2017 MID-YEAR UPDATE CONDOS IN MIAMI-DADE’S MOST PROMINENT NEIGHBORHOODS
MIAMI-DADE The condo market was much maligned in 2016, but we remained bullish primarily because we saw no distress in the capital markets or lending arenas. Our annual report predicted that the condo market would remain a bit choppy in 2017 and that has proven correct but with some hope for stabilization. While there was greater inventory in the first half of 2017 than the same period in 2016, total transactions remained very close demonstrating a stronger absorption rate. Available units in the waterfront market in Miami increased by about 9% and about 11% in the non-waterfront market. However, as predicted, pricing dropped from 2016 which offered great buying opportunities in Miami’s resale condo market. Much of this could be attributed to the launch of several pre-construction projects and a readjustment of pricing. While decreases were experienced largely throughout the Miami condo market, a few areas did continue to thrive. Coconut Grove offered less inventory and a 14% increase in pricing. Surfside also witnessed the same slimming of inventory with a 24% increase in pricing. But the strongest market in this time period was Bal Harbour with a slight increase in inventory and 28% higher prices. This only further proves that proximity to the ocean serves as a good sign for long-term investments.
COUNTYWIDE STATISTICS | CONDOS
TOTAL MARKET WATERFRONT CONDOS
NON-WATERFRONT CONDOS
# FOR SALE
# SOLD
AVG. $/SF
# FOR SALE
# SOLD
AVG. $/SF
8,473
2,494
$388
6,501
4,457
$164
LUXURY MARKET
(THE TOP 50% BY AVERAGE HOME PRICE)
# FOR SALE
# SOLD
AVG. $/SF
$1M – $5M
2,306
345
$621
$5M – $10M
283
29
$1,446
$10M+
88
6
$1,282
FOR MORE GUIDES AND REPORTS, PLEASE VISIT http://issuu.com/tejeragroup ©MMXVII 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.
Enrique Tejera, P.A. - 305-814-4686 info@sobeone.com
DISCOVER OUR WORLD. #ONLYWITHONE
MIAMI / SOUTH END
DOWNTOWN MIAMI
WATERFRONT CONDOS
NON-WATERFRONT CONDOS
WATERFRONT CONDOS
NON-WATERFRONT CONDOS
AVG. $/SF
% SAMPLE TRADED
AVG. $/SF
% SAMPLE TRADED
AVG. $/SF
% SAMPLE TRADED
AVG. $/SF
% SAMPLE TRADED
COCONUT GROVE
No waterfront condo market available
No waterfront condo market available
$625/SF
3%
$494/SF
3%
$368/SF
3%
g 14%
h from 6%
h 7%
no change
h 9%
h from 4%
CORAL GABLES
No waterfront condo market available
No waterfront condo market available
$354/SF
2%
h 6%
h from 4%
No non-waterfront condo market available
DEERING BAY
$306/SF
4%
h 36%
h from 6%
No robust history of a condo market available to index
No robust history of a condo market available to index
AVG. SALES PRICE VS. AVG. CONDO SIZE
DEERING BAY
3,000
BRICKELL
2,000
2,000
1,500
1,500
1,000
1,000
500
500
2%
g 8%
h from 3%
DOWNTOWN MIAMI
$408/SF
2%
$386/SF
3%
h 7%
h from 4%
h 5%
no change
$584/SF
3%
$354/SF
4%
g 14%
h from 4%
h 10%
g from 3%
No waterfront condo market available
No waterfront condo market available
$398/SF
3%
0.5%
h from 4%
MIDTOWN
3,000 2,500
$604/SF
EDGEWATER
AVG. SALES PRICE VS. AVG. CONDO SIZE
2,500
BRICKELL KEY
No non-waterfront condo market available
AVG. SALES PRICE vs. AVG. CONDO SIZE COCONUT GROVE
BRICKELL KEY
1,600
1,400
CORAL GABLES
1,400
1,200
$2M
$1.2M
SF g $b
$400K $600K $800K
$2M
SF g $b
$1.2M
DOWNTOWN EDGEWATER
BRICKELL 1,000
DOWNTOWN
1,000 $400K $600K $800K
MIDTOWN
EDGEWATER
1,200
SF g $b
AVG. SALES PRICE vs. AVG. CONDO SIZE
$400K
$600K
BRICKELL
800
$800K
$1M
SF g $b
$300K
$400K
$500K
$600K
MIAMI BEACH LUXURY HIGHLIGHT: SOUTH OF FIFTH WATERFRONT CONDOS AVG. $/SF
% SAMPLE TRADED
SOUTH BEACH
$1,293/SF
2%
h 20%
h from 4%
MID BEACH
$853/SF
3%
h 13%
no change
NORTH BEACH
$825/SF
1%
g 6%
h from 3%
NORTH BAY VILLAGE
$239/SF
5%
h 7%
g from 2%
AVG. $/SF
PRICE PER SQUARE FOOT
CONTINUUM SOUTH
CONTINUUM NORTH
MURANO PORTOFINO
$1,768/SF
$2,095/SF
$1,639/SF
h 28%
g 3%
h 30%
PORTOFINO TOWER
MURANO GRANDE
ICON SOUTH BEACH
$924/SF
$1,086/SF
$1,078/SF
h 54%
h 14%
h 11%
AVG. SALES PRICE vs. AVG. CONDO SIZE 1,800
SOUTH BEACH 1,600
NORTH BEACH 1,400
N. BAY V. MID BEACH AVG. $/SF
1,200
1,000 SF g $b
$500K
$1.5M
$2.5M
300 S POINTE DRIVE | #LPH2, MIAMI BEACH
Apogee: No sales to date
THE ISLANDS
MIAMI / NORTH END
WATERFRONT CONDOS
WATERFRONT CONDOS
AVG. $/SF
% SAMPLE TRADED
AVG. $/SF
% SAMPLE TRADED
KEY BISCAYNE
$817/SF
2%
$364/SF
2%
0%
no change
FISHER ISLAND
$911/SF
5%
h 19%
h from 7%
BAY HARBOR ISLANDS
$246/SF
5%
g 12%
h from 8%
AVENTURA
BAL HARBOUR
h from 4%
3%
SURFSIDE
AVG. SALES PRICE vs. AVG. CONDO SIZE 4,000
h 6%
$1,313/SF
SUNNY ISLES BEACH
g 28%
g from 2%
$696/SF
4%
g 24%
h from 5%
$753/SF
2%
h 22%
h from 3%
FISHER ISLAND AVG. SALES PRICE vs. AVG. CONDO SIZE
3,000
2,500
AVENTURA
BAL HARBOUR
KEY BISCAYNE 2,000
2,000
1,500
BAY HARBOR 1,000 SF g $b
SURFSIDE 1,000 $0
$1M
$2M
$3M
VIEW FROM 20155 NE 38 COURT | #TS-03, AVENTURA
$4M 500 SF g $b
To access our full 2017 TRENDS report, please visit http://issuu.com/tejeragroup. Detailed methodology is found on page 66 (condo data is based on luxury tower indices).
All % changes reflect a comparison of current numbers vs. numbers during the same time period last year (January through June).
SUNNY ISLES
$500K
$1.5M
$2.5M
$3.5M