2017 Real Estate Market report for Miami Dade County in Florida by Enrique Tejera, P.A.

THE TRUE VOICE OF LUXURY REAL ESTATE

SF HOMES

Western Broward

Last year’s TRENDS report, produced by Integra Realty Resources (IRR) and ONE Sotheby’s International Realty, offered a number of forecasts into the then coming year, 2016. Our analysis last year predicted we would not see major retreats in market-wide pricing, but inventory was building in some sectors (Miami resale condos and singlefamily homes over $1 Million), which would impact pricing. We predicted fewer transactions, that unique and high-

Plantation Sunrise Weston Parkland Broward | North End Hillsboro Beach

would take three to five years to translate back into South Florida as active buyers, like we saw in 2012–2014.

Lighthouse Point Bay Colony Sea Ranch The Landings

with 30 markets advancing. Eight of those 13 markets were waterfront. Winners outnumbered losers 3 to 1 in the

East Fort Lauderdale

single-family markets throughout Miami-Dade. In Broward County, only six markets retreated while 22 advanced

Las Olas Isles

year-over-year from 2015, with the waterfront markets taking the bigger hit. Overall, winners outnumbered losers

Harbor Beach

by a measure of almost 4 to 1 in the Broward single-family market.

48 – 51

Lauderdale-by-the-Sea

We forecast beyond one year and stated that global markets and currencies would see some stabilization, but

On purely analytical terms, Miami-Dade County had 13 single-family markets retreat on overall average pricing,

52 – 53

Southwest Ranches

44 – 47

42 – 43

20 – 23

38 – 39

16 – 19

36 – 37

12 – 15

34 – 35

Fort Lauderdale Beach

BROWARD COUNTY

barrier markets would outperform and that most markets would show single-digit price appreciation through 2016.

CONTENTS

CONDOS

Rio Vista

Miami-Dade lost ground in all but eight condo markets, with Coconut Grove and Coral Gables as the standout neighborhoods, albeit with less new condo competition. Broward’s condo market was more stable, but competition from new projects and a slower overall 2016 have began to affect Broward pricing in 2016. Buyers who desire a condo in South Florida should consider acting promptly as inventory in all markets almost assures a good deal can be found. The luxury markets in Miami-Dade saw a decline in the number of transactions across almost all segments, and

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

pricing was volatile as a result. Some markets gained double digits, some markets lost double digits. Our analysis

Aventura

by market indicates that thinly traded markets (with fewer than 10 to 12 transactions per year) were the hardest

Golden Beach

hit. Broward single-family homes saw a 9% decline in the number of transactions between $1 Million to $5 Million, coupled with an increase in available listings. The number of transactions over $5 Million increased and listing inventory remained steady. As a result, most luxury single-family markets in Broward saw a stable increase in price.

Bal Harbour Surfside Sunny Isles The Islands Bay Harbor Islands

So where is the market going in 2017? The overall economy remains strong. Florida was only one of four states in 2016 with 3% employment gains. There is no imminent distress in equity or debt markets, and the overall mood on forward economic growth is positive. The prospect of continued interest rate increases in 2017 should bring reluctant buyers off the bench early this year. The luxury market in the $1 Million–$5 Million range, particularly

Indian Creek Normandy Isles La Gorce Sunset Islands Venetian Islands Palm/Hibiscus/Star Islands

that we predict 2017 will be a better year overall, but this assumes sellers understand their neighborhood pricing.

Fisher Island

We hope the report is useful as you explore the continued dynamics of this exciting market.

Key Biscayne Miami Beach South Beach Mid Beach

Our partnership with Integra Realty Resources (IRR) continues to provide important third-party insights and

North Beach

research as they keep an eye on the market we shape. At ONE Sotheby’s International Realty, we strive to be your

Downtown Miami

advisor and broker of choice as we create the market together.

28 – 33

Midtown Edgewater Downtown Miami Brickell Western Miami Doral Miami | South End

8 – 11

26 – 27

Coconut Grove Coral Gables Pinecrest Palmetto Bay CocoPlum

DANIEL DE LA VEGA

ANTHONY M. GRAZIANO, MAI, CRE

President & Managing Partner

Senior Managing Director

ONE Sotheby’s International Realty

Integra Realty Resources

Gables Estates Snapper Creek Lakes Ponce-Davis & High Pines Old Cutler Bay Deering Bay 2010 – 2020 Development Cycle

58 – 63

ONE SIR Development Portfolio

64 – 65

MIAMI-DADE COUNTY

on the waterfront, will be forced to get more serious on pricing to get a deal done in 2017. The big takeaway is

MIAMI-DADE SINGLE-FAMILY HOMES

COUNTYWIDE DATA

AN OVERVIEW OF CURRENT MARKET CONDITIONS

Miami-Dade’s single-family market experienced a transformative year. At the start of 2016, seller expectations remained lofty on price, and market price grew while transaction volume fell. Despite

LUXURY SEGMENT

WATERFRONT SINGLE-FAMILY HOMES

# For Sale b

$1M TO $5M TRANSACTIONS

2012

2013

2014

2015

2016

676

619

680

735

899

1,036 $398

1,131 $377

1,116 $450

1,103 $472

976 $428

2012

2013

h 582

h 798

2014

$5M TO $10M TRANSACTIONS

2015

2016

2012

2013

h 890

h 814

h 46

h 48

h 1,406

h 114

2014

$10M+ TRANSACTIONS

2015

2016

2012

2013

h 63

h 53

h 21

h 16

h 171

h 65

2014

2015

2016

h 22

h 13

(avg./month)

# Sold b PPSF b

continued warnings from market makers that sellers needed to adjust their price expectations h 12%

malaise, and the market would rocket back after

FROM 2015

the election. It certainly is too early to tell, but early 2016 was definitely slower than the end of 2016. Overall, Miami’s luxury markets recorded winning sub-markets 3 to 1 on price growth. Most markets demonstrated a decline in the number of sales.

# Sold PPSF Trendline b

Available inventory has also been building, so time h 9%

on market is expanding. These indicators signal

FROM 2015

an inflection point in the market where pricing

h 918

# Sold

# For Sale (12-month average) h 742

h 749

h 848

# Sold Trendline h

# Sold Trendline b

# Sold Trendline h

that the slowdown in 2016 was election-related

# Sold Trendline h

to meet the market, many remained steadfast

h 1,031

h 57

# Sold

# For Sale (12-month average) h 104

h 110

h 137

h 19

# For Sale (12-month average) h 67

h 84

h 97

h 116

should be expected to retreat. But in fact, out of 42 markets, 30 markets advanced on average pricing.

NON-WATERFRONT SINGLE-FAMILY HOMES

Luxury $5M-to-$10M inventory is up nearly 25%, and pricing is down 3.5%. The price point with the most risk in 2017 is the $1M-to-$5M product, with nearly 36% increase in availability and a 9% decrease in the number of transactions. The single-family market actually performed well,

# For Sale b

IN 2016,

IN 2012,

2012

2013

2014

2015

2016

3,908

3,954

4,905

4,801

5,171

10,998 $134

12,481 $157

12,988 $172

13,194 $182

12,656 $198

649

880

OF MIAMI-DADE’S SINGLE-FAMILY HOME SALES

WERE CLOSED FOR OVER $1 MILLION.

REPRESENTING A 36% RISE IN LUXURY MARKET SALES FROM 2012 TO 2016

(avg./month)

with 9% growth in non-waterfront pricing. While

# Sold b

the waterfront market declined, the county market

PPSF b

felt relatively solid, since non-waterfront homes under $1M are the majority of the housing stock. We expect to see more transactions in 2017 as the economy continues to grow. The majority of that

# Sold Trendline b

sales activity will be driven by sub-$1M product,

h 4%

and the million-dollar-plus product will be forced

FROM 2015

to meet the market with fewer buyers than sellers. Luxury buyers are less sensitive to interest rates, which supports the continued strength in the broader, non-waterfront market.

PPSF Trendline b

g 9% FROM 2015

46 STAR ISLAND DRIVE, STAR ISLAND

85 ARVIDA PARKWAY, GABLES ESTATES

MIAMI | SOUTH END WATERFRONT, SINGLE-FAMILY HOMES

The lush, canopied thoroughfare of Old Cutler Road is flanked mostly by guard-gated COCONUT GROVE

enclaves that are made up of many one-

CORAL GABLES

acre-plus estates; numerous are waterfront. This is where the South End’s true essence

COCOPLUM

resides, where chic and tropical merge

GABLES ESTATES

into a brilliantly tangible feeling of luxury.

OLD CUTLER BAY

Experiencing it firsthand, you understand

PALMETTO BAY

why this is where you want to be.

Cocoplum, Gables Estates and Old Cutler

— Mauricio J. Barba ONE Sotheby’s International Realty Associate

Bay are subsections of Coral Gables.

PRICING & DEMAND TRENDS TOTAL MARKET

LUXURY SEGMENT

ALL WATERFRONT, SINGLE-FAMILY HOMES

THE TOP 50% OF EACH MARKET BY AVG. SALES PRICE

2016 % CHG 2012

COCONUT GROVE

CORAL GABLES

COCOPLUM

GABLES ESTATES

OLD CUTLER BAY

PALMETTO BAY

$518

$553

$533

$1,095

$693

$188

2013

$483

$531

$564

$806

$671

$191

2014

$690

$657

$656

$1,329

$698

$203

2015

$705

$737

$639

$932

$824

$250

$984

2015

$823

$954

$1,155

$884

$244

g 40%

h 9%

from 2015

g 90%

g 25%

from 2012

g 12%

h 29%

g 49%

h 45%

g 49%

g 17%

g 79%

h 46%

g 24%

h 11%

g 5%

h 33%

g 7%

g 28%

h 20%

h 2%

g 214%

g 30%

h 4%

INSIGHTS 0%

from 2015

$11.3M

SNAPSHOT: FIVE-YEAR AVERAGES COCONUT GROVE

$676

CORAL GABLES

$660

TOP LUXURY SEG. PERFORMANCE

g 11%

GABLES ESTATES

the highest luxury pricing in the area, saw an increase of only 9% when $7.04M 33

$4.34M

$13M

$8.35M

$7.84M 23

$10.7M

$15.7M

$5.1M

$1.02M 13

2016 $/SF EXCEEDS MARKET’S 5-YR AVG.

GABLES ESTATES

$669

COCOPLUM

and Coconut Grove were even greater. Gables Estates, while presenting

h 30%

g 146%

$1,063

4.8%

30%

0.7%

100%

0.8%

OLD CUTLER BAY

100%

0.4%

PALMETTO BAY

6.8% 9%

2.3%

g 21%

h 39%

g 100%

g 1%

h 15%

compared to its five-year average (the lowest in this section), presenting

% OF MARKET’S TOTAL (WF+NWF) SINGLE-FAMILY-HOME TRANSACTIONS

the best opportunity value in the area, even at the highest pricing.

% OF MIAMI-DADE’S WF SINGLE-FAMILY-HOME TRANSACTIONS

A LOOK INTO TODAY’S MARKET CONDITIONS

FROM OUR LOCAL EXPERTS’ POINT OF VIEW

$1.03M 11

2016 $/SF EXCEEDS TOTAL AREA AVG.

2016 LUX. $ EXCEEDS TOTAL AREA AVG.

BEST VALUE

OLD CUTLER BAY

$754

PALMETTO BAY

$215

Coconut Grove continues to be an adored

The guard-gated enclaves continue to be

Coconut Grove and Coral Gables present great

international destination, as its numbers

in high demand, offering wide varieties of

value, as they have steadily increased in PPSF

year after year speak to the demand for

homes including one-acre-plus properties

yet inventory has remained limited. Coconut

luxury residences on the water, especially for

and boater-friendly, bayfront estates. While

Grove’s restaurants, schools and traditions

cash buyers relocating to this safe haven.

pricing per square foot continues to increase

anchor residents to the community. A little

The revitalization of Coconut Grove has

year over year, we are also experiencing a

farther south and decidedly more suburban,

created great desire for all the waterfront

rebirth of older residences either being

Palmetto Bay offers great value for families

property to sell out at record-breaking figures

remodeled or torn down, making way for

with a more conservative budget, as prices

due to the walkability to the Village.

larger luxury residences.

have increased at a more modest rate.

— Jill Penman

— Michael Martinez

— Lisa Jess

ONE Sotheby’s International Realty Associate

OMISSIONS DUE TO ABSENCE OF MARKET: PINECREST, SNAPPER CREEK LAKES, DEERING BAY AND PONCE-DAVIS & HIGH PINES

PRICE PER SQUARE FOOT

COCOPLUM

CORAL GABLES

5.2%

size of just seven transactions. Luxury price increases in Cocoplum

g TOP TOTAL MARKET PERFORMANCE

COCONUT GROVE

saw a serious downturn (admittedly in a sample of only two sales).

increased by double digits, although Cocoplum had a small sample $7.06M

TOTAL MARKET: AVG. PRICE PER SQUARE FOOT (PPSF) | LUXURY SEGMENT: AVG. SALES PRICE NUMBER OF TRANSACTIONS

MIAMI | SOUTH END’S WF SINGLE-FAMILY-HOME TRANSACTIONS

In Coconut Grove and Coral Gables, as well as in Cocoplum, pricing

See page 66 for details.

AVG. PPSF OR AVG. SALES PRICE

South End markets consist of a number of small subdivisions in Coral Bay waterfront pricing remained stable, but Old Cutler Bay’s luxury sector

2016 g 60%

2016 MARKET PERSPECTIVE

Gables as well as parts of Palmetto Bay and Coconut Grove. Palmetto

2016 % CHG

2016

ANALYZING THE NUMBERS

ONE Sotheby’s International Realty Associate

WF = WATERFRONT | NWF = NON-WATERFRONT

6445 SW 102 STREET, PINECREST

MIAMI | SOUTH END NON-WATERFRONT, SINGLE-FAMILY HOMES

This area’s communities have spacious lots

COCONUT GROVE

that allow for amenities such as gardens,

CORAL GABLES

pools and entertaining areas without

COCOPLUM

constraining living space. Styles range from

SNAPPER CREEK LAKES

mid-century modern residences and classic ranches to new construction with the latest

PINECREST

trends and technology. Due to the region’s

PALMETTO BAY

outstanding public school system, South

P.-DAVIS & HIGH PINES

End residences tend to retain their value.

Cocoplum and Snapper Creek Lakes

— Jill Penman ONE Sotheby’s International Realty Associate

are subsections of Coral Gables.

PRICING & DEMAND TRENDS TOTAL MARKET

LUXURY SEGMENT

ALL NON-WATERFRONT, SINGLE-FAMILY HOMES

THE TOP 50% OF EACH MARKET BY AVG. SALES PRICE

2016 % CHG 2012

COCONUT GROVE

CORAL GABLES

COCOPLUM

S. CREEK LAKES

PINECREST

PALMETTO BAY

$260

$263

$319

$368

$235

$142

2013

200

465

$322

$304

$413

$467

215

284

$256

$164

248

559

250

301

2014

$362

$330

$447

$524

$292

$180

220

465

243

308

2015

$403

$379

$477

$581

$316

$190

199

457

211

315

$417

184

$394

474

$471

$614

$331

212

$204

303

2015 g 3%

h 8%

from 2015

g 60%

h 8%

from 2012

g 4%

PONCE-DAVIS & HIGH PINES

$310

$373

$401

$459

$438

$1.55M 99

h 7%

from 2015

g 3%

h 1%

h 6%

g 48%

g 100%

g 6%

h 33%

g 67%

h 43%

g 5%

g 41%

h 1%

g 7%

h 4%

g 44%

g 7%

$1.51M 229

$3.14M

$5.22M

$1.85M 102

$659K 157

$1.57M 236

$3.43M

$4.24M

TOP LUXURY SEG. PERFORMANCE

SNAPSHOT: TOTAL AREA AVERAGE IN 2016

COCONUT GROVE

Coconut Grove, home to the prestigious Ransom Everglades School and

94.8%

1.5%

PINECREST

100%

1.7%

CORAL GABLES

91%

3.7%

PALMETTO BAY

93.2%

2.4%

most sought-after residential neighborhood in the City of Miami.

COCOPLUM

70%

0.1%

PONCE-DAVIS & HIGH PINES

100%

0.1%

Pinecrest and Palmetto Bay both saw modest appreciation (5% and

S. CREEK LAKES

100%

0.03%

h 19%

h 33%

g 5%

g 4%

g 7%

h 4%

2016 $/SF EXCEEDS MARKET’S 5-YR AVG.

PRICE PER SQUARE FOOT

% OF MARKET’S TOTAL (WF+NWF) SINGLE-FAMILY-HOME TRANSACTIONS

average, indicating Miami’s South End is still a healthy area on the rise.

% OF MIAMI-DADE’S NWF SINGLE-FAMILY-HOME TRANSACTIONS

A LOOK INTO TODAY’S MARKET CONDITIONS

FROM OUR LOCAL EXPERTS’ POINT OF VIEW

$1.94M 106

$707K 151

h 16%

$3.7M

markets, they all saw an increase when compared to their five-year PPSF

g 13% h 63%

g 9%

$3.12M

g 14%

g TOP TOTAL MARKET PERFORMANCE

Gables Estates at a price of nearly $950/SF.

$1.61M 92

TOTAL MARKET: AVG. PRICE PER SQUARE FOOT (PPSF) | LUXURY SEGMENT: AVG. SALES PRICE NUMBER OF TRANSACTIONS

MIAMI | SOUTH END’S NWF SINGLE-FAMILY-HOME TRANSACTIONS

Miami’s city hall, saw 3% total and 4% luxury appreciation. It remains the

See page 66 for details.

AVG. PPSF OR AVG. SALES PRICE

Coral Gables saw approximately 4% appreciation for both pricing per

8%, respectively). While year-over-year pricing slightly dropped in some

g 2%

g 41%

INSIGHTS

g 4%

g 50%

h 5%

2016 g 4%

2016 MARKET PERSPECTIVE

square foot and luxury pricing. There was one non-waterfront sale in

2016 % CHG

2016

ANALYZING THE NUMBERS

2016 $/SF EXCEEDS TOTAL AREA AVG.

2016 LUX. $ EXCEEDS TOTAL AREA AVG.

$410/SF (g 51% from 2012)

BEST VALUE

Pinecrest is an area many describe as one

Non-waterfront, single-family homes in

East of US1, the South End’s non-waterfront

of the most visually appealing residential

neighborhoods such as Coconut Grove,

homes are some of the best places for

neighborhoods in all of South Florida.

Coral Gables and Pinecrest will continue to

families to live in Miami-Dade County.

With its top-tier schools, lush foliage and

offer property owners rising values in PPSF

It’s a well-established, greener, lower-density

wonderful quality of life, property values

year after year. The non-speculative nature

area with fabulous private and public schools,

have risen steadily over the years. Featuring

of these local markets continue to offer

shopping, restaurants and little worries of

an abundance of homes for sale, Pinecrest

a solid, long-term investment. A ‘market

king tides. The market is steady and prices

home prices will likely continue to increase,

correction’ has translated into additional

continue to increase, although low supply

yet at a slower pace.

insight during purchase negotiations.

and overpricing do present some challenges.

— Amit Bhuta

— Daniel Mas

— Al Arostegui

ONE Sotheby’s International Realty Associate

OMISSIONS DUE TO ABSENCE OF MARKET: GABLES ESTATES, OLD CUTLER BAY AND DEERING BAY

ONE Sotheby’s International Realty Associate

WF = WATERFRONT | NWF = NON-WATERFRONT

5004 NORTH BAY ROAD, MIAMI BEACH

MIAMI BEACH WATERFRONT, SINGLE-FAMILY HOMES

Waterfront residences in Miami Beach are usually large and built for outdoor living, with pools and boat dockage as some of their main features. These homes retain their value

MID BEACH

well due to the limited land supply around

NORTH BAY ROAD

the Mid Beach area and their close proximity

PINE TREE DRIVE

to world-class dining and entertainment options, making Miami Beach one of the most desirable areas to live in Miami. — David Harroch

North Bay Road and Pine Tree Drive

ONE Sotheby’s International Realty Associate

are subsections of Mid Beach.

PRICING & DEMAND TRENDS TOTAL MARKET

LUXURY SEGMENT

ALL WATERFRONT, SINGLE-FAMILY HOMES

THE TOP 50% OF EACH MARKET BY AVG. SALES PRICE

2016 % CHG 2012

MID BEACH

$598

NORTH BAY ROAD

PINE TREE DRIVE

$964

$589

2013

$786

$976

$758

2014

$957

$1,396

$971

2015

$1,463

$1,957

$1,267

2016 % CHG

2016

$1,183

$1,657

$1,354

2015 h 19%

g 36%

from 2015

g 98%

h 39%

from 2012

h 15%

h 20%

g 72%

h 33%

g 7%

g 130%

h 17%

2016

INSIGHTS h 19%

$13.3M

$10.8M

g 29%

from 2015

ANALYZING THE NUMBERS

2016 MARKET PERSPECTIVE

Waterfront pricing retreated in Mid Beach and North Bay Road, with Pine

MIAMI BEACH’S WF SINGLE-FAMILY-HOME TRANSACTIONS

Tree seeing a slight price increase. In some of these neighborhoods, pricing in 2015 had inflated significantly versus 2014, and the apparent

MID BEACH

20%

1.9%

composition of properties as it does any market deterioration.

NORTH BAY ROAD

29%

0.4%

Luxury pricing decreased significantly in Mid Beach, although it remains

PINE TREE DRIVE

36%

0.5%

decline reflects as much a reversion to the mean and a change in the

h 36%

over $1,000/SF. North Bay Road saw a decrease as well, but Pine Tree $25.8M

$16.4M

g 10%

$12.1M

$13.4M

h 33%

improved by 10%. Mid Beach and both of its submarkets saw a total pricing

% OF MARKET’S TOTAL (WF+NWF) SINGLE-FAMILY-HOME TRANSACTIONS

increase when compared to their respective five-year average numbers.

% OF MIAMI-DADE’S WF SINGLE-FAMILY-HOME TRANSACTIONS

2 See page 66 for details.

TOTAL MARKET: AVG. PRICE PER SQUARE FOOT (PPSF) | LUXURY SEGMENT: AVG. SALES PRICE

g AVG. PPSF OR AVG. SALES PRICE

NUMBER OF TRANSACTIONS

TOP TOTAL MARKET PERFORMANCE

TOP LUXURY SEG. PERFORMANCE

2016 $/SF EXCEEDS MARKET’S 5-YR AVG.

2016 $/SF EXCEEDS TOTAL AREA AVG.

2016 LUX. $ EXCEEDS TOTAL AREA AVG.

A LOOK INTO TODAY’S MARKET CONDITIONS

BEST VALUE

FROM OUR LOCAL EXPERTS’ POINT OF VIEW

SNAPSHOT: TOTAL AREA AVERAGE IN 2016 SNAPSHOT: FIVE-YEAR AVERAGES MID BEACH

$997

NORTH BAY ROAD

$1,390

PINE TREE DRIVE

$988

PRICE PER SQUARE FOOT

FIVE-YEAR AVERAGES MID BEACH

2016: g 19 FROM FIVE-YEAR AVG.

$1,398/SF (g 95% from 2012)

NUMBER OF TRANSACTIONS

2016: h 22 FROM FIVE-YEAR AVG.

2016: g 19 FROM FIVE-YEAR AVG.

NORTH BAY ROAD

2016: h 33 FROM FIVE-YEAR AVG.

2016: g 37 FROM FIVE-YEAR AVG.

PINE TREE DRIVE

2016: h 14 FROM FIVE-YEAR AVG.

Our Miami Beach residential market has

The essence of luxury real estate in Miami

North Bay Road’s waterfront homes sharply

shifted to a buyer’s market with ample

Beach, waterfront homes have steadily

and consistently increased in value year over

selection and abundant opportunity. Moving

increased in value over the past few years

year until 2016. Average pricing is still one of

forward into this new year, sellers are forced

as a whole. In 2016, Mid Beach in general

South Florida’s highest at $1,657/SF (almost

to compete and today’s buyers are rewarded

and North Bay Road experienced a price

doubling its 2012 total market pricing), and

with leverage and value. Transaction volume

correction, likely due the increased inventory

although it experienced a slight correction

is mostly down as are the price points for

on the market, while Pinetree Drive continued

last year, it still presents the highest average

homes noted across the board, leading to an

to increase in value. All three markets remain

pricing in the area for both its total market

excellent selection of premier properties.

well above $1,000/SF.

and its luxury segment.

— Ashton Coleman

— Rachel Benmeir, Esq.

— Mirce Curkoski

ONE Sotheby’s International Realty Associate

OMISSIONS DUE TO ABSENCE OF MARKET: LA GORCE SUBDIVISION (ALTON ROAD AND LA GORCE DRIVE), SOUTH BEACH AND NORTH BEACH

ONE Sotheby’s International Realty Associate

WF = WATERFRONT | NWF = NON-WATERFRONT

4437 SHERIDAN AVENUE, MIAMI BEACH

MIAMI BEACH NON-WATERFRONT, SINGLE-FAMILY HOMES

Non-waterfront, single-family residences in Miami Beach are generally considered part of the luxury market due to their top-tier location,

MID BEACH

walkability and coveted amenities. Their close

NORTH BAY ROAD

proximity to the beach and the Miami Beach

PINE TREE DRIVE

Marina makes them a worthy alternative to

LA GORCE S.D. – ALTON RD.

waterfront homes in the area, particularly

LA GORCE S.D. – LA GORCE DR.

considering the substantial price discount that comes with a non-waterfront home.

North Bay Road, Pine Tree Drive

— Anna Sherrill

and La Gorce Subdivision (La Gorce S.D.)

ONE Sotheby’s International Realty Associate

are subsections of Mid Beach.

PRICING & DEMAND TRENDS TOTAL MARKET

LUXURY SEGMENT

ALL NON-WATERFRONT, SINGLE-FAMILY HOMES

THE TOP 50% OF EACH MARKET BY AVG. SALES PRICE

2016 % CHG 2012

MID BEACH

$304

NORTH BAY ROAD

PINE TREE DRIVE

LA GORCE S.D. ALTON ROAD

LA GORCE S.D. LA GORCE DR

$349

$308

$318

$324

2013

$370

$406

$445

$293

$426

2014

133

$448

$502

$522

$335

$578

122

2015

$496

$632

$655

$403

$460

$527

$695

$499

$404

$618

2015 g 6%

h 20%

from 2015

g 73%

h 20%

from 2012

g 10%

h 17%

g 99%

h 29%

h 24%

g 80%

g 62%

h 18%

h 52%

g 27%

g 34%

g 133%

g 91%

INSIGHTS h 17%

The Mid Beach submarket contains the high-performing North Bay Road,

MIAMI BEACH’S NWF SINGLE-FAMILY-HOME TRANSACTIONS

contain golf-front homes as well as larger, more luxurious properties

2016 g 25%

2016 MARKET PERSPECTIVE

Pine Tree Drive, La Gorce Drive and Alton Road. The latter two roads

2016 % CHG

2016

ANALYZING THE NUMBERS

than can be found on the side streets, including canalfront and bayfront homes as well as luxury inland estates.

from 2015

A total of 76 homes sold in Mid Beach, including the 37 selling in its $1.89M 46

four featured segments. North Bay and La Gorce saw price growth, while

$2.36M 38

g 35%

Pine Tree saw prices decrease. The remaining neighborhoods saw little

h 17%

MID BEACH

80%

0.6%

LA GORCE S.D. ALTON ROAD

100%

0.09%

NORTH BAY ROAD

71%

0.08%

LA GORCE S.D. LA GORCE DR

100%

0.06%

PINE TREE DRIVE

64%

0.07%

change. Overall, Mid Beach saw healthy price growth of 6% in its total $2.37M

$3.9M

$1.55M 11

$2.3M

$3.19M

$2.51M

$1.3M

$2.15M

h 36%

g 400%

h 16%

h 55%

h 7%

g 200%

market and 25% for luxury sales, although with fewer transactions than

% OF MARKET’S TOTAL (WF+NWF) SINGLE-FAMILY-HOME TRANSACTIONS

the area has seen each of the past five years.

% OF MIAMI-DADE’S NWF SINGLE-FAMILY-HOME TRANSACTIONS

A LOOK INTO TODAY’S MARKET CONDITIONS

FROM OUR LOCAL EXPERTS’ POINT OF VIEW

3 See page 66 for details.

TOTAL MARKET: AVG. PRICE PER SQUARE FOOT (PPSF) | LUXURY SEGMENT: AVG. SALES PRICE

g AVG. PPSF OR AVG. SALES PRICE

NUMBER OF TRANSACTIONS

TOP TOTAL MARKET PERFORMANCE

TOP LUXURY SEG. PERFORMANCE

SNAPSHOT: TOTAL AREA AVERAGE IN 2016 SNAPSHOT: FIVE-YEAR AVERAGES MID BEACH

$429

NORTH BAY ROAD

$517

2016 $/SF EXCEEDS MARKET’S 5-YR AVG.

PRICE PER SQUARE FOOT

2016 $/SF EXCEEDS TOTAL AREA AVG.

2016 LUX. $ EXCEEDS TOTAL AREA AVG.

$549/SF (g 71% from 2012)

PRICE PER SQUARE FOOT

PINE TREE DRIVE

$486

LA GORCE S.D. ALTON ROAD

$351

LA GORCE S.D. LA GORCE DR

$481

BEST VALUE

Overall, Miami Beach’s non-waterfront homes

Three out of five Miami Beach non-waterfront

Mid Beach’s non-waterfront homes will always

continued to increase in value in 2016. The

home markets increased in value during 2016,

be in high demand by local and international

continuous trend of updating older homes to

while one (Alton Road) remained unchanged.

buyers alike: they offer the privacy and space

modern masterpieces has kept home prices

North Bay Road continues to be the standout

usually desired by condo dwellers without

at record highs, in spite of the decrease in

market in Mid Beach, growing untroubled for

taking away the life and walkability found in

the overall number of transactions. Miami

five consecutive years to almost $700 per

South Beach. It offers the best of both worlds,

Beach homes remain in high demand due to

square foot (one of the highest averages for

which is why the general area has not seen

increased international interest in this area in

non-waterfront homes). This represents a 99%

a decline in pricing in any of the five years

the last few years.

price increase since 2012.

examined in this report.

— Roy Benmeir

— Madeleyne Sutton

— Paolo Coniglio

ONE Sotheby’s International Realty Associate

OMISSIONS DUE TO ABSENCE OF MARKET: SOUTH BEACH AND NORTH BEACH

ONE Sotheby’s International Realty Associate

WF = WATERFRONT | NWF = NON-WATERFRONT

2305 LAKE AVENUE, SUNSET ISLANDS

THE ISLANDS WATERFRONT, SINGLE-FAMILY HOMES

Homes in the islands tend to be built with

KEY BISCAYNE

open, bright spaces that allow the ocean

PALM, STAR & HIBISCUS

and skyline views to be the residences’ focal

VENETIAN ISLANDS

point. Deep-water docking is available in

SUNSET ISLANDS

most properties, which, paired with Miami’s predominantly sunny, warm weather, makes

LA GORCE ISLAND

this city’s version of island living ideal for the

INDIAN CREEK

boating enthusiast who chooses to enjoy the

BAY HARBOR ISLANDS

lifestyle year-round.

NORMANDY ISLES — Alina de la Vega MacLean ONE Sotheby’s International Realty Associate

PRICING & DEMAND TRENDS TOTAL MARKET

LUXURY SEGMENT

ALL WATERFRONT, SINGLE-FAMILY HOMES

THE TOP 50% OF EACH MARKET BY AVG. SALES PRICE

2016 % CHG 2012

KEY BISCAYNE

PALM, STAR & HIBISCUS

VENETIAN ISLANDS

SUNSET ISLANDS

LA GORCE ISLAND

INDIAN CREEK

$1,278

$1,195

$855

$967

$908

$1,986

2013

$1,688

$1,041

$972

$1,029

$1,658

N/A

2014

$1,419

$1,244

$1,122

$1,463

$2,190

$998

2015

$1,722

$1,324

$1,413

$1,327

$1,970

$1,830

$1,110

$1,209

$1,220

N/A

$1,422

N/A

2015 h 36%

h 45%

from 2015

h 13%

h 63%

from 2012

h 9%

g 33%

BAY HARBOR ISLANDS

NORMANDY ISLES

$781

$352

$642

$415

$720

$531

$1,015

$632

$1,028

$713

h 14%

h 28%

g 43%

h 24%

N/A

h 28%

g 57%

h 50%

N/A

$9.1M

from 2015

KEY BISCAYNE

approximately representing the point at which market trends override the particulars of individual transactions. One of the lowest-dropping

PALM, STAR & HIBISCUS

markets, Venetian Islands saw a large price spike in 2015 and reverted to 2014 pricing levels.

VENETIAN ISLANDS

Normandy Isles was the biggest winner among the island communities

SUNSET ISLANDS

g 9%

$8.08M

$9.22M 10

$9.15M

N/A

$8.77M

g 25%

$7.42M

N/A

g 200%

g 13%

h 43% h 47%

h 20%

h 40%

N/A

$8.28M

$2.97M

LA GORCE ISLAND

50%

0.1%

80%

1.2%

INDIAN CREEK

N/A

72.2%

1.3%

BAY HARBOR ISLANDS

21.4%

0.3%

N/A

NORMANDY ISLES

25.8%

0.8%

% OF MARKET’S TOTAL (WF+NWF) SINGLE-FAMILY-HOME TRANSACTIONS

largely offsetting a spike in 2015.

% OF MIAMI-DADE’S WF SINGLE-FAMILY-HOME TRANSACTIONS

A LOOK INTO TODAY’S MARKET CONDITIONS FROM OUR LOCAL EXPERTS’ POINT OF VIEW

N/A

h 50%

g 35%

$2.2M

0.6%

than one or two luxury sales, with a decline in the Venetian Islands

g 26%

$6.55M

17.6%

h 25%

g 32%

g 103%

$13.7M

MIAMI | ISLANDS’ WF SINGLE-FAMILY-HOME TRANSACTIONS

in terms of both total and luxury pricing. Few neighborhoods saw more

g 1%

INSIGHTS h 71%

Waterfront pricing retreated in several of the larger island submarkets: Hibiscus. However, of these communities, only one saw over 10 sales,

2016 h 33%

2016 MARKET PERSPECTIVE

Venetian, La Gorce (only one sale), Key Biscayne and Palm/Star/

2016 % CHG

2016

ANALYZING THE NUMBERS

h 43%

4 See page 66 for details.

The exclusive island lifestyle in Miami has

Miami’s islands offer limited availability

The Islands’ waterfront numbers tend to

a laidback beachcomber feel with “urban”

and waterfront homes at a premium due

shift quickly, since there are usually a few

convenience. Key Biscayne, the best-kept

to the exclusivity of their location, the

transactions per island per year, a result of

secret in Miami, has great beaches with

luxurious amenities typically available,

how luxurious their real estate product is.

protected natural parks, top-rated schools

and the uncommonly high level of privacy

The Palm+Hibiscus+Star market and the

and convenient shopping. All the islands

characteristic to these properties. Due to

Venetian Islands, presenting over 10 sales

make Miami a unique choice for those

these conditions, homes tend to fare much

during 2016, saw a pricing increase from

seeking to ally tropical waterfront escapes

better in a depreciating market, presenting

their 2012–2016 averages and remain on

with city proximity.

relatively good value over the years.

the higher end of the area’s pricing spectrum.

— Frederique LeForestier

— Kevin Duenas

— Albert Justo

TOTAL MARKET: AVG. PRICE PER SQUARE FOOT (PPSF) | LUXURY SEGMENT: AVG. SALES PRICE

g AVG. PPSF OR AVG. SALES PRICE

NUMBER OF TRANSACTIONS

TOP TOTAL MARKET PERFORMANCE

TOP LUXURY SEG. PERFORMANCE

2016 $/SF EXCEEDS MARKET’S 5-YR AVG.

2016 $/SF EXCEEDS TOTAL AREA AVG.

2016 LUX. $ EXCEEDS TOTAL AREA AVG.

BEST VALUE

ONE Sotheby’s International Realty Associate

OMISSIONS DUE TO ABSENCE OF MARKET: FISHER ISLAND

ONE Sotheby’s International Realty Associate

WF = WATERFRONT | NWF = NON-WATERFRONT

631 WARREN LANE, KEY BISCAYNE

THE ISLANDS NON-WATERFRONT, SINGLE-FAMILY HOMES

Non-waterfront residences in the islands

KEY BISCAYNE

are still some of the most luxurious homes

PALM, STAR & HIBISCUS

in the county due to their coveted, exclusive

VENETIAN ISLANDS

location, just minutes away from Downtown

SUNSET ISLANDS

Miami and Miami Beach. They are generally built with high-end finishes and designed

LA GORCE ISLAND

to include top-tier amenities with private,

BAY HARBOR ISLANDS

outdoor spaces for entertaining.

NORMANDY ISLES — Adriana Faerman ONE Sotheby’s International Realty Associate

PRICING & DEMAND TRENDS TOTAL MARKET

LUXURY SEGMENT

ALL NON-WATERFRONT, SINGLE-FAMILY HOMES

THE TOP 50% OF EACH MARKET BY AVG. SALES PRICE

2016 % CHG 2012

KEY BISCAYNE

PALM, STAR & HIBISCUS

VENETIAN ISLANDS

SUNSET ISLANDS

LA GORCE ISLAND

BAY HARBOR ISLANDS

$612

$413

$454

$497

$538

$331

2013

$748

$379

$484

$552

$469

$308

2014

$795

$499

$611

$589

$613

$379

2015

$857

$692

$675

$861

$740

$520

$828

$598

$709

$915

$914

$552

2015 h 3%

h 42%

from 2015

g 35%

h 56%

from 2012

h 14%

h 57%

g 45%

h 50%

g 5%

h 50%

g 56%

h 74%

g 6%

h 57%

g 84%

h 50%

g 24%

g 70%

h 50%

g 6%

g 57%

g 67%

g 57%

g 15%

NORMANDY ISLES

$179

$223

$247

$265

$305

g 70%

$3.24M 25

h 27%

$2.14M

$3.86M

N/A

$1.83M

N/A

$2.07M

$2.96M

$5.4M

N/A

$3.21M

g 38%

h 60%

g 40%

h 67%

N/A

g 75%

g 67%

$720K

TOP LUXURY SEG. PERFORMANCE

SNAPSHOT: TOTAL AREA AVERAGE IN 2016

2016 $/SF EXCEEDS MARKET’S 5-YR AVG.

PRICE PER SQUARE FOOT

20%

0.02%

Luxury pricing rose in all island communities except for Palm/Star/

VENETIAN ISLANDS

27.8%

0.04%

SUNSET ISLANDS

100%

0.02%

50%

0.01%

BAY HARBOR ISLANDS

78.6%

0.09%

NORMANDY ISLES

74.2%

0.18%

islands present price growth when comparing 2016 total pricing to their

% OF MARKET’S TOTAL (WF+NWF) SINGLE-FAMILY-HOME TRANSACTIONS

respective five-year PPSF averages.

% OF MIAMI-DADE’S NWF SINGLE-FAMILY-HOME TRANSACTIONS

A LOOK INTO TODAY’S MARKET CONDITIONS

FROM OUR LOCAL EXPERTS’ POINT OF VIEW

N/A

h 43%

g TOP TOTAL MARKET PERFORMANCE

LA GORCE ISLAND

g 11%

$647K

0.22%

PALM, STAR & HIBISCUS

relfection of its very small sample size, making data highly volatile. All $2.83M

82.4%

three total non-waterfront sales for the year.

the price decrease there does not reflect a deterioration but is instead a

h 67%

TOTAL MARKET: AVG. PRICE PER SQUARE FOOT (PPSF) | LUXURY SEGMENT: AVG. SALES PRICE NUMBER OF TRANSACTIONS

KEY BISCAYNE

of Key Biscayne and Palm/Star/Hibiscus, the latter only recording

Hibiscus. Since there was only one luxury sale in Palm/Star/Hibiscus,

See page 66 for details.

AVG. PPSF OR AVG. SALES PRICE

MIAMI | ISLANDS’ NWF SINGLE-FAMILY-HOME TRANSACTIONS

from 2015

$3.39M 14

h 49% h 36%

INSIGHTS h 44%

Performance varied among the islands. Among non-waterfront properties, to that of 2015. Most islands saw their prices improve, with the exception

2016 g 5%

2016 MARKET PERSPECTIVE

Normandy Isles was the strongest market when comparing 2016 pricing

2016 % CHG

2016

ANALYZING THE NUMBERS

2016 $/SF EXCEEDS TOTAL AREA AVG.

2016 LUX. $ EXCEEDS TOTAL AREA AVG.

$689/SF (g 43% from 2012)

BEST VALUE

In 2016, the pricing per square foot for non-

Key Biscayne’s non-waterfront, single-family

Only two of the Miami islands’ non-waterfront,

waterfront homes on Sunset, Venetian, Bay

market slightly decreased in pricing during

single-family-home markets dropped in pricing

Harbor, Normandy and La Gorce Islands

2016, although its luxury segment grew in

during 2016. At a staggering $915 per square

increased slightly from that of 2015. However,

value and it is still at a higher PPSF than

foot, the exclusive Sunset Islands presented

the overall number of transactions dropped

most non-waterfront island markets. All

the highest total market pricing of any non-

dramatically in every market except for Bay

islands experienced an increase in total

waterfront market in the islands in the five

Harbor Islands, making it more important now

market pricing when compared to their five-

years analyzed. Almost all island markets

for sellers on the sidelines to really engage if

year averages, indicating the market as a

experienced rising demand in 2016, resulting

they want to sell their homes.

whole is still on the rise.

in unprecented pricing levels.

— Nancy Bernstein

— Dennis Carvajal

— Robert Evangelista

ONE Sotheby’s International Realty Associate

OMISSIONS DUE TO ABSENCE OF MARKET: FISHER ISLAND AND INDIAN CREEK

ONE Sotheby’s International Realty Associate

WF = WATERFRONT | NWF = NON-WATERFRONT

240 BAL BAY DRIVE, BAL HARBOUR

MIAMI | NORTH END WATERFRONT, SINGLE-FAMILY HOMES

With miles of water frontage, Miami’s North End offers a diverse range of architectural styles and impressive views. Residences AVENTURA

in these neighborhoods are available in all

GOLDEN BEACH

price ranges, from more modest waterfront

BAL HARBOUR

properties under the million-dollar mark, to lavish, multi-million-dollar, oceanfront

SURFSIDE

mansions set on a private beach. — Samantha Elenson ONE Sotheby’s International Realty Associate

PRICING & DEMAND TRENDS TOTAL MARKET

LUXURY SEGMENT

ALL WATERFRONT, SINGLE-FAMILY HOMES

THE TOP 50% OF EACH MARKET BY AVG. SALES PRICE

2016 % CHG 2012

AVENTURA

GOLDEN BEACH

BAL HARBOUR

SURFSIDE

$330

$791

$796

$338

2013

$327

$745

$1,287

$713

2014

$356

$867

N/A

$607

2015

$324

$1,375

N/A

$635

$493

$950

$708

$779

2015 g 52%

h 47%

from 2015

g 49%

h 55%

from 2012

h 31%

g 50%

g 20%

h 45%

N/A

h 11%

g 23%

h 82%

g 130%

h 33%

INSIGHTS

$901K

$2.7M

h 44%

Unlike in 2015, 2016 saw one sale of waterfront property in Bal Harbour

MIAMI | NORTH END’S WF SINGLE-FAMILY-HOME TRANSACTIONS

a predominance of lagoon-front sales, Aventura’s waterfront market saw a

2016 g 200%

2016 MARKET PERSPECTIVE

(at $708 per square foot). After experiencing a decline in 2015 driven by

2016 % CHG

2016

ANALYZING THE NUMBERS

AVENTURA

significant resurgence, with three high-end homes on Island Estates Drive

GOLDEN BEACH

60%

0.6%

There were a total of eight waterfront transactions in Golden Beach and

BAL HARBOUR

20%

0.1%

SURFSIDE

5.3%

0.2%

Surfside, with price performance split between a decrease in Golden h 59%

Beach (six sales) and an increase in Surfside (two sales). There was

g 50%

1.02%

transacting in 2016. Average luxury pricing nearly tripled to $2.7M.

from 2015

38.5%

a significant decrease in Golden Beach luxury pricing, although with only $13.3M

N/A

$3.65M

$5.45M

N/A

$5.49M

N/A

g 50%

h 80%

three sales this reflects more on the details of the homes that sold than

% OF MARKET’S TOTAL (WF+NWF) SINGLE-FAMILY-HOME TRANSACTIONS

it does on the performance of the Golden Beach market.

% OF MIAMI-DADE’S WF SINGLE-FAMILY-HOME TRANSACTIONS

N/A

A LOOK INTO TODAY’S MARKET CONDITIONS

1 See page 66 for details.

FROM OUR LOCAL EXPERTS’ POINT OF VIEW

TOTAL MARKET: AVG. PRICE PER SQUARE FOOT (PPSF) | LUXURY SEGMENT: AVG. SALES PRICE

g AVG. PPSF OR AVG. SALES PRICE

NUMBER OF TRANSACTIONS

TOP TOTAL MARKET PERFORMANCE

TOP LUXURY SEG. PERFORMANCE

SNAPSHOT: TOTAL AREA AVERAGE IN 2016 SNAPSHOT: FIVE-YEAR AVERAGES AVENTURA

$366

BAL HARBOUR

GOLDEN BEACH

$946

SURFSIDE

2016 $/SF EXCEEDS MARKET’S 5-YR AVG.

PRICE PER SQUARE FOOT

2016 $/SF EXCEEDS TOTAL AREA AVG.

$733/SF (g 30% from 2012)

FIVE-YEAR AVERAGES

$930

AVENTURA

$614

GOLDEN BEACH

2016 LUX. $ EXCEEDS TOTAL AREA AVG.

NUMBER OF TRANSACTIONS

BAL HARBOUR

SURFSIDE

BEST VALUE

The North End’s location, affordability and

Aventura continues to be a popular area for

Surfside’s waterfront, single-family market

good schools are all motivating factors for

foreign buyers, increasing in pricing by 52%

experienced its highest pricing per square

young families who are rapidly populating

from 2015 to 2016. There is strong demand for

foot yet, albeit with only two sales. The most

this market. The North Beach Master Plan,

single-family homes at pocket areas adjacent

activity is typically seen in Aventura, since

when completed, will transform the area

to Aventura, which have also considerably

it encompasses a much larger area, and

with proximity and easy access to the new

increased in pricing. Golden Isle and Golden

2016 was no exception. With ten sales over

restaurant and shopping hub that will make

Beach look promising as well, with an increase

the year, Aventura’s total market pricing

it an even more desirable location, showing

in new construction and a drop in pricing only

increased an impressive 52% from 2015

great promise for its future real estate value.

due to a spike in 2015.

levels, to $493 per square foot.

— Jelena Khurana

— Vivian Fulop

— Gwendolyn Fuller

ONE Sotheby’s International Realty Associate

OMISSIONS DUE TO ABSENCE OF MARKET: SUNNY ISLES

ONE Sotheby’s International Realty Associate

WF = WATERFRONT | NWF = NON-WATERFRONT

1075 NE 99 STREET, MIAMI

MIAMI | NORTH END NON-WATERFRONT, SINGLE-FAMILY HOMES

Non-waterfront homes in Miami’s North End are most commonly found in Surfside, the southermost neighborhood in this section. AVENTURA

Surfside residents can walk to the ocean

GOLDEN BEACH

from almost anywhere in the community,

BAL HARBOUR

a huge benefit for non-waterfront homeowners wanting to take advantage of their sought-

SURFSIDE

after surroundings. — Janine Mills ONE Sotheby’s International Realty Associate

PRICING & DEMAND TRENDS TOTAL MARKET

LUXURY SEGMENT

ALL NON-WATERFRONT, SINGLE-FAMILY HOMES

THE TOP 50% OF EACH MARKET BY AVG. SALES PRICE

2016 % CHG 2012

AVENTURA

GOLDEN BEACH

BAL HARBOUR

SURFSIDE

$235

$298

$473

$226

2013

$262

$417

$812

$270

2014

$273

$429

$647

$290

2015

$307

$483

$701

$351

$316

$554

$731

$374

2015 g 3%

g 14%

from 2015

g 34%

g 23%

from 2012

g 15%

h 56%

g 86%

h 33%

g 4%

g 33%

g 55%

h 33%

g 7%

h 16%

g 65%

h 29%

INSIGHTS g 14%

The North End submarkets consist of Aventura, Surfside, Bal Harbour

MIAMI | NORTH END’S NWF SINGLE-FAMILY-HOME TRANSACTIONS

non-waterfront home pricing per square foot. Golden Beach saw a 15%

2016 g 16%

2016 MARKET PERSPECTIVE

and Golden Beach. All four of these communities saw an increase in

2016 % CHG

2016

ANALYZING THE NUMBERS

from 2015

AVENTURA

pricing increase, albeit from a universe of only four transactions. As is the case with the total markets, luxury pricing increased in all of the non-waterfront North End submarkets, led by a 137% increase from

$1.02M

$1.18M

the two sales in Bal Harbour. The cities with the largest sample size

g 30%

(Surfside and Aventura) both saw luxury pricing increase by an average

h 50%

61.5%

0.1%

GOLDEN BEACH

40%

0.03%

BAL HARBOUR

80%

0.03%

SURFSIDE

94.7%

0.3%

of around 10% and have experienced uninterrupted total market growth $3.03M

$3.95M

g 137% g 100%

$2.1M

$4.98M

$805K

% OF MARKET’S TOTAL (WF+NWF) SINGLE-FAMILY-HOME TRANSACTIONS

foot in 2016 than they present in their respective five-year averages.

% OF MIAMI-DADE’S NWF SINGLE-FAMILY-HOME TRANSACTIONS

g 7%

$755K

over the past five years. All four markets have higher pricing per square

h 10%

A LOOK INTO TODAY’S MARKET CONDITIONS

18 See page 66 for details.

FROM OUR LOCAL EXPERTS’ POINT OF VIEW

TOTAL MARKET: AVG. PRICE PER SQUARE FOOT (PPSF) | LUXURY SEGMENT: AVG. SALES PRICE

g AVG. PPSF OR AVG. SALES PRICE

NUMBER OF TRANSACTIONS

TOP TOTAL MARKET PERFORMANCE

TOP LUXURY SEG. PERFORMANCE

SNAPSHOT: TOTAL AREA AVERAGE IN 2016 SNAPSHOT: FIVE-YEAR AVERAGES AVENTURA

$279

BAL HARBOUR

GOLDEN BEACH

$436

SURFSIDE

2016 $/SF EXCEEDS MARKET’S 5-YR AVG.

PRICE PER SQUARE FOOT

2016 $/SF EXCEEDS TOTAL AREA AVG.

$494/SF (g 60% from 2012)

FIVE-YEAR AVERAGES

$673

AVENTURA

$302

GOLDEN BEACH

2016 LUX. $ EXCEEDS TOTAL AREA AVG.

NUMBER OF TRANSACTIONS

BAL HARBOUR

SURFSIDE

BEST VALUE

In Surfside, a drop in the number of sales

In Miami’s North End, we continue to see an

With the exception of Bal Harbour, Miami’s

would lead you to believe buyers are gaining

increase in pricing year over year. City and

North End has experienced nothing but non-

the upper hand. Care must be taken, however,

beach living amongst small, non-waterfront,

waterfront market growth for five consecutive

as houses under $1 million have still been

single-family-home communities give these

years. In the luxury segment, all markets did

experiencing ‘bidding wars’ due to scarcity and

properties city-like amenities, such as malls,

exceptionally well in 2016, with a ‘low’ of 7%

high demand. Miami’s single-family market

condos and offices near Miami’s beaches,

growth in pricing in Surfside and a high of

should be carefully dissected, as general

keeping demand high. The versatility of these

137% growth in Bal Harbour, proving that

conditions are a helpful guide, but our market

neighborhoods continues to attract buyers,

Miami’s North End continues to experience

is a maze with many variables to consider.

increasing prices across the board.

high demand for high-end product.

— Shelly Northern

— Francisco Bird

— Sandra Osorio

ONE Sotheby’s International Realty Associate

OMISSIONS DUE TO ABSENCE OF MARKET: SUNNY ISLES

ONE Sotheby’s International Realty Associate

WF = WATERFRONT | NWF = NON-WATERFRONT

MIAMI-DADE CONDOS

COUNTYWIDE DATA

AN OVERVIEW OF CURRENT MARKET CONDITIONS

The condo market has been much maligned in 2016, with nearly every media outlet scrambling to be the one who predicts a crash. We remained bullish on Miami’s condo market in 2016, primarily

LUXURY SEGMENT

WATERFRONT CONDOS

# For Sale b

$1M TO $5M TRANSACTIONS

2012

2013

2014

2015

2016

4,314

4,326

5,319

6,173

7,883

7,284 $359

7,376 $412

6,715 $466

6,078 $479

4,959 $459

2012

2013

h 797

h 986

2014

$5M TO $10M TRANSACTIONS

2015

2016

2012

2013

h 866

h 683

h 30

h 28

h 2,172

h 85

2014

$10M+ TRANSACTIONS

2015

2016

2012

2013

h 61

h 44

h 5

h 7

h 212

h 23

2014

2015

2016

h 8

h 11

(avg./month)

# Sold b PPSF b

because we saw no distress in the capital markets or lending arenas, and a lot of equity remains in the

# Sold Trendline b

FROM 2015

to reach feasibility based on the decline in the number of new condominium buyers. Contrary to

# Sold Trendline h

h 18%

Certainly, it was harder to get new condo projects

# Sold Trendline h

market seeking new development deals.

a slowdown in South American buyers, we note an uptick in domestic, Canadian and European

# Sold

buyers. Remarkably, the Miami brand continues to sell worldwide, and long-term trends indicate

PPSF Trendline b

no reversal in Miami’s fortune as the dominant

h 4%

gateway-city along with NYC and San Francisco.

FROM 2015

h 1,027

# Sold

# For Sale (12-month average) h 969

h 965

h 1,141

h 1,490

h 61

# Sold

# For Sale (12-month average) h 102

h 128

h 171

h 10

# For Sale (12-month average) h 35

h 46

h 64

h 89

We predict the condo market will remain choppy in 2017. Both waterfront and non-waterfront condo availability is higher, and the short-term prospects

NON-WATERFRONT CONDOS

for the arrival of a deluge of South American buyers is not likely. This international component comprises 50%–70% of the buyer pool in most markets. While not entirely gone, the reduction in the South American buyer pool is enough that pricing will drop another 5%–8% (waterfront), and will probably tick downward 3% for non-waterfront.

# For Sale b

IN 2016,

IN 2012,

2012

2013

2014

2015

2016

2,937

3,681

5,278

5,561

5,997

10,225 $130

10,956 $156

10,760 $173

10,578 $181

9,191 $193

832

738

OF MIAMI-DADE’S CONDO SALES

WERE CLOSED FOR OVER $1 MILLION.

REPRESENTING AN 11% DECLINE IN LUXURY MARKET SALES FROM 2012 TO 2016

(avg./month)

As a result, now is the time to buy a resale condo

# Sold b

in Miami. There will be motivated sellers who

PPSF b

understand that if they want to clear the market, it is a buyers’ market in 2017. The pre-construction market will be less engaged in lowering prices because of the high number of

h 13%

pre-contracts and the developers’ desire to carry

FROM 2015

remaining units as opposed to devaluing their

# Sold Trendline b

product. Some developers are actually raising pricing, anticipating that very few new projects are likely to emerge as competition since the spread between new and resale product has narrowed. PPSF Trendline b

g 7% FROM 2015

321 OCEAN DRIVE – PH900, MIAMI BEACH

MIAMI | SOUTH END CONDO MARKET INDEX

CORAL GABLES | NON-WATERFRONT CONDOS

Coral Gables and Coconut Grove, the South End’s northernmost submarkets, continue to see strong demand due to their exclusive COCONUT GROVE

yet family-friendly atmosphere, coupled with limited new inventory in the Coral Gables

CORAL GABLES

area. Deering Bay experienced sharp pricing

DEERING BAY

increases between 2014 and 2015, making 2016’s decline more of a market correction. — Gabriela Dajer ONE Sotheby’s International Realty Associate

2012

2013

2014

2015

2016

12%

13%

10%

AVERAGE SALES PRICE

$260K

$389K

$396K

$367K

$402K

AVERAGE SQUARE FOOTAGE

1,147

1,200

1,135

1,120

1,180

AVERAGE PRICE PER SQ. FOOT

$227

$324

$349

$328

$341

PERCENTAGE OF SAMPLE TRADED

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

2014

2015

2016

10%

15%

12%

11%

10%

$963K

$1.07M

$1.12M

$852K

$938K

1,907

1,630

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

$561

$687

Bay, an exclusive, waterfront condo enclave. Sales prices are the highest they have been in any of the five years analyzed.

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

g 43%

g 8%

h 6%

g 4%

from 2012

from 2013

from 2014

from 2015

1,721

1,697

$495

amount, with the average sales price approaching $1 million. Although pricing per square foot slightly dropped in 2016 when compared to the market’s five-year average, Coconut Grove remains the most sought-after South End foot. This is mostly due to its waterfront location, proximity

$553

g 8%

g 22%

h 28%

g 12%

from 2012

from 2013

from 2014

from 2015

% CHANGE (2016 VS. 5-YEAR AVG.): AVG. PRICE / SQUARE FOOT

OMISSIONS DUE TO ABSENCE OF MARKET: PINECREST, PALMETTO BAY, COCOPLUM, GABLES ESTATES, SNAPPER CREEK LAKES, PONCE-DAVIS & HIGH PINES AND OLD CUTLER BAY

2012

2013

2014

2015

2016

12%

10%

12%

AVERAGE SALES PRICE

$1.1M

$1.07

$1.35M

$1.39M

$1.26M

AVERAGE SQUARE FOOTAGE

3,216

3,303

3,378

2,946

3,027

AVERAGE PRICE PER SQ. FOOT

$342

$324

$400

$472

$417

Pricing in Coconut Grove improved by a double-digit

to downtown Miami, small-town culture and walkability. $520

waterfront, which will tend to present lower pricing without

% CHANGE (2016 VS. 5-YEAR AVG.): AVG. PRICE / SQUARE FOOT

g 9%

DEERING BAY | WATERFRONT CONDOS

market for condos, with an average price of $553 per square 1,853

total sample. Coral Gables’ condo inventory is entirely non-

600 CORAL WAY – PH & #15, CORAL GABLES

COCONUT GROVE | NON-WATERFRONT CONDOS 2013

interruption in 2015, by 9% total and 4% per square foot. There were 71 transactions, accounting for 8% of the

making it directly comparable to markets such as Deering

2669 S BAYSHORE DRIVE – #1803-N, COCONUT GROVE

2012

Prices continued to increase in 2016 after a slight

h 2%

PERCENTAGE OF SAMPLE TRADED

Straddling the Coral Gables/Palmetto Bay line, the southernmost luxury condo submarket in MiamiDade County is the gated enclave of Deering Bay. Deering Bay retreated both in total and per-square-foot pricing, but saw an abundance of sales (at 12% of the sample, it was among the most active resale markets in Miami-Dade County). Overall, it is still up 7% when compared to its fiveyear price per square foot average and over the $400 mark.

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

h 5%

g 23%

g 18%

h 12%

from 2012

from 2013

from 2014

from 2015

% CHANGE (2016 VS. 5-YEAR AVG.): AVG. PRICE / SQUARE FOOT

g 7%

CONDO SECTIONS DO NOT FEATURE A LUXURY SEGMENT, SINCE THE PRODUCT SAMPLE IS ALREADY REPRESENTATIVE OF THE HIGH-END MARKET. FOR DETAILS ON METHODOLOGY, SEE PAGE 66.

BRICKELL CONDO MARKET INDEX

BRICKELL | NON-WATERFRONT CONDOS

Brickell’s numbers show it is simply shifting from an international buyer to a domestic end-user, a sign of maturity that every big city has to endure. With 250 people moving EDGEWATER

to Miami every day, Brickell will always be

MIDTOWN

one of the top places to buy in Miami with its efficient public transportation and the ‘live, work and play’ lifestyle. — Elliot Machado ONE Sotheby’s International Realty Associate

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

2012

2013

2014

2015

2016

18%

14%

$341K

$414K

$433K

$406K

$367K

994

981

989

993

958

$343

$422

$438

$409

$383

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

2014

2015

2016

12%

$799K

$771K

$885K

$939K

$622K

1,471

volume of sales at the Viceroy Hotel in Icon Brickell. Dozens of generally small condo-hotel units were sold in a package transaction, reflecting the result of a specific sale more than an ongoing trend.

1,455

1,126

two years, Brickell’s waterfront condos decreased a slight 3% when compared to their five-year average PPSF.

$513

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

$549

$602

seen in all Brickell area condos, slightly decreasing 4% when compared to its five-year PPSF average.

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

g 23%

g 4%

h 7%

h 6%

from 2012

from 2013

from 2014

from 2015

$645

$552

g 7%

g 10%

g 7%

h 14%

from 2012

from 2013

from 2014

from 2015

OMISSIONS DUE TO ABSENCE OF MARKET: NONE

2012

2013

2014

2015

2016

10%

13%

10%

AVERAGE SALES PRICE

$810K

$974K

$997K

$910K

$826K

AVERAGE SQUARE FOOTAGE

1,629

1,680

1,676

1,571

1,546

AVERAGE PRICE PER SQ. FOOT

$497

$580

$595

$579

$534

Brickell’s waterfront pricing was depressed by a large

While there were more transactions in 2016 than in the prior 1,405

to increase when denominated in many foreign currencies.

% CHANGE (2016 VS. 5-YEAR AVG.): AVG. PRICE / SQUARE FOOT

h 4%

BRICKELL KEY | WATERFRONT CONDOS

1,556

most world currencies in 2016, condo prices have continued

900 BRICKELL KEY BOULEVARD – #3103, BRICKELL KEY

BRICKELL | WATERFRONT CONDOS 2013

dip, likely due to the high proportion of international investment buyers. As the US dollar appreciated against

Non-waterfront pricing in 2016 followed the general trend

900 BRICKELL KEY BOULEVARD – #4/503, BRICKELL KEY

2012

Brickell’s non-waterfront condo pricing continued to

% CHANGE (2016 VS. 5-YEAR AVG.): AVG. PRICE / SQUARE FOOT

h 3%

PERCENTAGE OF SAMPLE TRADED

Brickell Key saw a moderate price decrease in 2016 with the smallest sample of sales it has seen in the five years analyzed. However, the key provides the highest level of privacy and the largest residences of any market within the dense Brickell/Downtown area, which will always be its biggest draw for young professionals and families looking for the conveniences of an urban lifestyle without the typical drawbacks of city living.

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

g 17%

g 3%

h 3%

h 8%

from 2012

from 2013

from 2014

from 2015

% CHANGE (2016 VS. 5-YEAR AVG.): AVG. PRICE / SQUARE FOOT

h 4%

CONDO SECTIONS DO NOT FEATURE A LUXURY SEGMENT, SINCE THE PRODUCT SAMPLE IS ALREADY REPRESENTATIVE OF THE HIGH-END MARKET. FOR DETAILS ON METHODOLOGY, SEE PAGE 66.

DOWNTOWN MIAMI CONDO MARKET INDEX

NEW CONSTRUCTION MARKET (LUXURY) *:

Greater Downtown Miami has long been one of the favorite places to invest in Miami for

2010–2020 DEVELOPMENT CYCLE

internationals. We saw a decline in absorption due to the increasing strength of the US

973

6.6%

40%

TOTAL ACTIVE UNITS

% OF MIAMI/BROWARD MARKET

% OF UNITS SOLD

dollar, Zika and the presidential election. DOWNTOWN MIAMI

Expect to see the area receive a major facelift via Zaha Hadid’s One Thousand Museum and a rumored $2B+ worth of other projects.

*AS OF JANUARY, 2017

— Adrian Burke ONE Sotheby’s International Realty Associate

1100 BISCAYNE BOULEVARD – #PH6301, DOWNTOWN MIAMI

888 BISCAYNE BOULEVARD – #5708, DOWNTOWN MIAMI

DOWNTOWN MIAMI | WATERFRONT CONDOS 2012 PERCENTAGE OF SAMPLE TRADED AVERAGE SALES PRICE AVERAGE SQUARE FOOTAGE AVERAGE PRICE PER SQ. FOOT

2013

2014

2015

2016

11%

12%

11%

10%

$524K

$518K

$587K

$540K

$518K

DOWNTOWN MIAMI | NON-WATERFRONT CONDOS

when denominated in US dollars. The general trend of modest pricing decreases in most Greater Downtown Miami submarkets is supported by news articles and Miami Downtown Development Authority research. However, with the notable exception of Brickell’s waterfront condos (h14%),

1,224

1,139

1,134

1,143

1,156

no downtown submarkets are seeing the sharp decreases that have been feared by brokers and reporters.

$428

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

$455

$518

$472

$448

g 6%

g 14%

h 9%

h 5%

from 2012

from 2013

from 2014

from 2015

OMISSIONS DUE TO ABSENCE OF MARKET: NONE

2012

2013

2014

2015

2016

14%

20%

10%

AVERAGE SALES PRICE

$535K

$487K

$560K

$534K

$459K

AVERAGE SQUARE FOOTAGE

1,180

1,092

1,197

1,212

1,161

AVERAGE PRICE PER SQ. FOOT

$453

$446

$468

$441

$395

Downtown Miami units continued to dip in pricing

% CHANGE (2016 VS. 5-YEAR AVG.): AVG. PRICE / SQUARE FOOT

h 3%

PERCENTAGE OF SAMPLE TRADED

A particularly pronounced decrease in million-dollar sales along the Biscayne Corridor (captured mostly in Downtown’s non-waterfront condo market) can perhaps be attributed to federal regulations aimed at cracking down on anonymous purchases of high-end homes in Miami-Dade. In 2016, pricing dipped below $400 per square foot for the first time in the five years analyzed, coupled with a particularly low amount of sales for the area.

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

h 2%

g 5%

h 6%

h 10%

from 2012

from 2013

from 2014

from 2015

% CHANGE (2016 VS. 5-YEAR AVG.): AVG. PRICE / SQUARE FOOT

h 10%

CONDO SECTIONS DO NOT FEATURE A LUXURY SEGMENT, SINCE THE PRODUCT SAMPLE IS ALREADY REPRESENTATIVE OF THE HIGH-END MARKET. FOR DETAILS ON METHODOLOGY, SEE PAGE 66.

EDGEWATER & MIDTOWN CONDO MARKET INDEX

EDGEWATER | NON-WATERFRONT CONDOS

During 2013 and 2014, Edgewater saw a rise in popularity and, consequently, a significant rise in condo pricing. While the waterfront market retreated, sales pricing levels are EDGEWATER

still above where they were five years ago.

MIDTOWN

Midtown experienced a price spike in 2013 and hasn’t dropped significantly since, with condo pricing at almost $400/SF in 2016. — Florian Jouin ONE Sotheby’s International Realty Associate

2012

2013

2014

2015

2016

10%

17%

11%

AVERAGE SALES PRICE

$310K

$385K

$380K

$399K

$461K

AVERAGE SQUARE FOOTAGE

1,142

1,156

1,106

1,125

1,191

AVERAGE PRICE PER SQ. FOOT

$271

$333

$344

$355

$387

PERCENTAGE OF SAMPLE TRADED

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

2014

2015

2016

21%

15%

11%

$758K

$799K

$1.01M

$926K

$851K

with a sharp drop-off in million-dollar-plus sales. While the drop could just be a direct consequence of the steep increase the market experienced in 2014, Edgewater’s waterfront condo market saw the lowest amount of sales in

1,531

1,399

1,501

trends in Downtown submarkets. Overall, its pricing per square foot is 2% lower than its five-year average pricing.

$496

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

$505

low number of sales in our sample, a trend reflected in most Greater Downtown submarkets.

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

g 23%

g 3%

g 9%

from 2012

from 2013

from 2014

from 2015

$660

$662

$567

g 2%

g 31%

h 14%

from 2012

from 2013

from 2014

from 2015

OMISSIONS DUE TO ABSENCE OF MARKET: NONE

2012

2013

2014

2015

2016

17%

23%

13%

AVERAGE SALES PRICE

$342K

$419K

$431K

$455K

$391K

AVERAGE SQUARE FOOTAGE

1,072

1,089

1,125

1,155

1,002

AVERAGE PRICE PER SQ. FOOT

$319

$385

$383

$394

$390

Edgewater’s waterfront pricing declined in 2016,

2016 when compared to the prior four years. This mirrors 1,583

years analyzed). While pricing continued to grow strong,

% CHANGE (2016 VS. 5-YEAR AVG.): AVG. PRICE / SQUARE FOOT

g 15%

MIDTOWN | NON-WATERFRONT CONDOS

36%

1,529

square foot in 2016 (the highest it has been in the five

1800 N BAYSHORE DRIVE – #3907, EDGEWATER

EDGEWATER | WATERFRONT CONDOS 2013

with non-waterfront condominium pricing increasing every one of the past five years and growth of 9% to $387 per

Edgewater’s non-waterfront market did present a significantly

460 NE 28 STREET – #2408, EDGEWATER

2012

Edgewater submarkets saw divergent price trends,

% CHANGE (2016 VS. 5-YEAR AVG.): AVG. PRICE / SQUARE FOOT

h 2%

PERCENTAGE OF SAMPLE TRADED

Midtown saw a slight sales price correction after the prior year’s good performance, yet has remained at $380/$390 per square foot ever since its sharp increase in 2013. Gross pricing decreased 14%, which is not so much a pricing decline as it is a reflection of its smaller unit sample during 2016 (Midtown had the second-smallest units of any submarket at 1,002 SF). Pricing per square foot, a better indicator of the overall market, remained mostly unchanged.

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

g 21%

g 3%

h 1%

from 2012

from 2013

from 2014

from 2015

% CHANGE (2016 VS. 5-YEAR AVG.): AVG. PRICE / SQUARE FOOT

g 4%

CONDO SECTIONS DO NOT FEATURE A LUXURY SEGMENT, SINCE THE PRODUCT SAMPLE IS ALREADY REPRESENTATIVE OF THE HIGH-END MARKET. FOR DETAILS ON METHODOLOGY, SEE PAGE 66.

MIAMI BEACH MID BEACH | WATERFRONT CONDOS

CONDO MARKET INDEX

A top destination, South Beach offers some of the most luxurious condos anywhere, with ultra-luxury residential areas undergoing a SOUTH BEACH

subtle transformation. South of Fifth and

MID BEACH

West Avenue offer exceptional walkability and accessibility. The current market offers great

NORTH BEACH

opportunities to own an exceptional property

NORTH BAY VILLAGE

at prices below other top destinations. — Enrique Tejera ONE Sotheby’s International Realty Associate

SOUTH BEACH | WATERFRONT CONDOS 2012 PERCENTAGE OF SAMPLE TRADED AVERAGE SALES PRICE AVERAGE SQUARE FOOTAGE AVERAGE PRICE PER SQ. FOOT

2013

2014

2015

2016

14%

12%

$1.89M

$2.37M

$2.66M

$3.1M

$2.85M

1,960

2,048

remained a popular submarket, attracting local, domestic and international buyers alike. Pricing at soughtafter South Beach condos such as Continuum South and Murano Grande retreated somewhat, but remains the most

1,960

price per square foot of $2,027 at Continuum South. Overall, 2016 PPSF is up 12% from its five-year average.

$943

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

$1,205

$1,357

$1,514

2014

2015

2016

11%

AVERAGE SALES PRICE

$959K

$1.12M

$1.19M

$1.21M

$1.24M

AVERAGE SQUARE FOOTAGE

1,404

1,436

1,334

1,210

1,244

AVERAGE PRICE PER SQ. FOOT

$683

$780

$892

$1,000

$997

PERCENTAGE OF SAMPLE TRADED

Mid Beach’s waterfront condo pricing was effectively unchanged, increasing by 2% (average sales price) but remaining the same per square foot. Approximately 5% of the submarket’s inventory transacted in 2016, the lowest amount of sales seen in our sample in the past five years. While mostly on par with 2015 levels, Mid Beach pricing per square foot has increased 15% compared to its five-year average, and 46% since 2012.

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

South Beach (South of Fifth in particular) has

expensive in Miami-Dade County, with a maximum average 1,967

2013

g 14%

g 12%

from 2012

from 2013

from 2014

from 2015

% CHANGE (2016 VS. 5-YEAR AVG.): AVG. PRICE / SQUARE FOOT

g 15%

NORTH BEACH | WATERFRONT CONDOS

13%

2,005

2012

$1,454

g 28%

g 13%

g 12%

h 4%

from 2012

from 2013

from 2014

from 2015

% CHANGE (2016 VS. 5-YEAR AVG.): AVG. PRICE / SQUARE FOOT

g 12%

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

2012

2013

2014

2015

2016

18%

15%

10%

$1.17M

$1.35M

$1.53M

$1.7M

$1.02M

1,685

1,565

1,436

1,488

1,344

After seeing significant increases in 2015, North Beach’s condo market stalled in 2016 due to fewer units transacting at the high end. Whereas 2015 saw four sales exceeding $4 million, 2016 saw none. This change in the sale unit mix depressed pricing to a greater extent than anywhere else in South Florida. During 2016, pricing per square foot almost reached 2012 levels and dropped 16% when compared to its five-year average.

$694

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

$863

$1,065

$1,142

$760

g 24%

g 7%

h 34%

from 2012

from 2013

from 2014

from 2015

% CHANGE (2016 VS. 5-YEAR AVG.): AVG. PRICE / SQUARE FOOT

h 16%

LUXURY HIGHLIGHT: SOUTH OF FIFTH CONDOS NORTH BAY VILLAGE | WATERFRONT CONDOS 2012

2013

2014

2015

2016

10%

12%

19%

10%

AVERAGE SALES PRICE

$240K

$286K

$344K

$320K

$346K

AVERAGE SQUARE FOOTAGE

1,287

1,264

1,249

1,220

1,252

AVERAGE PRICE PER SQ. FOOT

$186

$226

$275

$262

$276

PERCENTAGE OF SAMPLE TRADED

Apogee

Continuum South

Continuum North

Murano Portofino

Portofino Tower

Murano Grande

Icon South Beach

No Sales During 2016

Average PPSF

N/A

$2,027

$2,007

$1,479

$1,419

$1,179

$1,086

$2,578

h 10%

g 7%

h 4%

g 6%

h 7%

h 10%

during 2015

since 2015

OMISSIONS DUE TO ABSENCE OF MARKET: NONE

PPSF: PRICE PER SQUARE FOOT

Although condos remain affordable relative to other submarkets, North Bay Village’s pricing increased by 8% in total and 5% per square foot. Along with nearby Bay Harbor Islands, it’s among the more affordable submarkets in Miami-Dade County and likely benefited from the decline in ultra-luxury sales in many parts of South Florida. While pricing is the highest it has been in the five years analyzed, it is still just a fraction of most neighboring markets.

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

g 21%

g 22%

h 5%

g 5%

from 2012

from 2013

from 2014

from 2015

% CHANGE (2016 VS. 5-YEAR AVG.): AVG. PRICE / SQUARE FOOT

g 13%

CONDO SECTIONS DO NOT FEATURE A LUXURY SEGMENT, SINCE THE PRODUCT SAMPLE IS ALREADY REPRESENTATIVE OF THE HIGH-END MARKET. FOR DETAILS ON METHODOLOGY, SEE PAGE 66.

THE ISLANDS CONDO MARKET INDEX

BAY HARBOR ISLANDS | WATERFRONT CONDOS

2016 was a year of slower sales. If interest rates continue to climb in 2017, inventory will continue to rise. Sellers that get ahead of the game and price their homes correctly will

KEY BISCAYNE

sell at fair market value and start creating

BAY HARBOR ISLANDS

movement in the currently stagnant mid- to

FISHER ISLAND

high-end markets. We are in a clear ‘Buyer’s Market’ where cash is king once again. — Elena Bluntzer ONE Sotheby’s International Realty Associate

2012

2013

2014

2015

2016

13%

14%

AVERAGE SALES PRICE

$214K

$316K

$258K

$337K

$336K

AVERAGE SQUARE FOOTAGE

1,515

1,412

1,421

1,355

1,422

AVERAGE PRICE PER SQ. FOOT

$141

$224

$182

$249

$236

PERCENTAGE OF SAMPLE TRADED

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

2014

2015

2016

11%

$1.57M

$2.12M

$1.64M

$2.04M

$1.76M

2,050

direct result of the smaller units being sold when compared to 2015, with average transactions at 2,084 square feet. However, pricing per square foot was resilient, changing by just 2% year over year. Key Biscayne remains

2,359

2,084

oceanfront condominiums, its large average unit size and its laidback, small-town culture.

$661

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

$888

$800

placing Bay Harbor Islands’ waterfront transactions back at 2012 sales volume levels.

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

g 58%

h 19%

g 37%

h 5%

from 2012

from 2013

from 2014

from 2015

$865

$845

g 34%

h 10%

g 8%

h 2%

from 2012

from 2013

from 2014

from 2015

% CHANGE (2016 VS. 5-YEAR AVG.): AVG. PRICE / SQUARE FOOT

OMISSIONS DUE TO ABSENCE OF MARKET: PALM/STAR/HIBISCUS, VENETIAN ISLANDS, SUNSET ISLANDS, LA GORCE ISLAND, INDIAN CREEK AND NORMANDY ISLES

2012

2013

2014

2015

2016

10%

$3.78M

$3.61M

$5.42M

$4.67M

$4.7M

AVERAGE SQUARE FOOTAGE

4,254

4,028

4,910

3,907

4,672

AVERAGE PRICE PER SQ. FOOT

$889

$896

$1,104

$1,195

$1,006

Key Biscayne condo pricing decreased overall, a

a popular market thanks to its extensive supply of luxury 2,388

foot and $336,000 gross. As with most markets in 2016,

% CHANGE (2016 VS. 5-YEAR AVG.): AVG. PRICE / SQUARE FOOT

g 15%

FISHER ISLAND | WATERFRONT CONDOS

2,375

Dade County, with average pricing of $236 per square

7111 FISHER ISLAND DRIVE, FISHER ISLAND

KEY BISCAYNE | WATERFRONT CONDOS 2013

30%, Bay Harbor Islands pricing held steady this year. It remains the most affordable luxury market in Miami-

the number of sales in our sample dropped significantly,

799 CRANDON BOULEVARD – #1503, KEY BISCAYNE

2012

After impressive appreciation in 2015 exceeding

g 4%

PERCENTAGE OF SAMPLE TRADED AVERAGE SALES PRICE

Only thirteen condominiums sold in Fisher Island, the exclusive private island that is only accessible by ferry, and those sold at a level of $1,006 per square foot. Because of larger units, gross pricing at $4.7M exceeded 2015’s levels even though pricing per square foot dropped 16%. Fisher Island has seen very limited development because it is tightly planned. The market has some of the largest units in South Florida and still achieves among the highest prices.

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

g 1%

g 23%

g 8%

h 16%

from 2012

from 2013

from 2014

from 2015

% CHANGE (2016 VS. 5-YEAR AVG.): AVG. PRICE / SQUARE FOOT

h 1%

CONDO SECTIONS DO NOT FEATURE A LUXURY SEGMENT, SINCE THE PRODUCT SAMPLE IS ALREADY REPRESENTATIVE OF THE HIGH-END MARKET. FOR DETAILS ON METHODOLOGY, SEE PAGE 66.

9703 COLLINS AVENUE – #1000, BAL HARBOUR

MIAMI | NORTH END CONDO MARKET INDEX

Sellers today are forced to compete while buyers may cherry pick for great value. The strength of the U.S. dollar and other relevant AVENTURA

factors such as last year’s election results

BAL HARBOUR

have would-be buyers standing by. When the

SURFSIDE

dollar shifts again, we should see a dramatic

SUNNY ISLES BEACH

change in inventory absorption with leading international buyers back in the picture. — Ashton Coleman ONE Sotheby’s International Realty Associate

AVENTURA | WATERFRONT CONDOS 2012 PERCENTAGE OF SAMPLE TRADED AVERAGE SALES PRICE AVERAGE SQUARE FOOTAGE AVERAGE PRICE PER SQ. FOOT

2013

2014

2015

SURFSIDE | WATERFRONT CONDOS 2016

12%

11%

10%

$868K

$1.11M

$1.02M

$1.05M

resort, Aventura saw no growth in the condominium market, likely reflecting competition with new product as well as fluctuations in the Russian currency. Pricing remained essentially unchanged, continuing trends from 2015, and pricing per square foot increased a slight 4% over its five-year

2,741

2,788

2,522

2,636

2,647

average. Aventura experienced a sharp increase in pricing during 2013 and remains at the same levels today.

$317

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

$398

$404

$398

$397

g 26%

g 2%

h 2%

from 2012

from 2013

from 2014

from 2015

% CHANGE (2016 VS. 5-YEAR AVG.): AVG. PRICE / SQUARE FOOT

g 4%

BAL HARBOUR | WATERFRONT CONDOS 2012 PERCENTAGE OF SAMPLE TRADED AVERAGE SALES PRICE AVERAGE SQUARE FOOTAGE AVERAGE PRICE PER SQ. FOOT

2013

2014

2015

2016

13%

25%

$3.48M

$3.31M

$3.4M

$2.66M

$3.18M

1,402

1,945

represent the two northern communities on Miami Beach’s barrier island. Bal Harbour pricing per square foot improved moderately yet soared in total average sales pricing by 19%, as average unit sizes breached 2,200 square

2,254

netted out of our analysis as to determine a true trend in the Bal Harbour condo market.

$1,346

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

$1,360

$2,425

$1,368

2014

2015

2016

10%

AVERAGE SALES PRICE

$748K

$547K

$1.09M

$1.04M

$1.2M

AVERAGE SQUARE FOOTAGE

1,711

1,385

1,692

1,711

1,684

AVERAGE PRICE PER SQ. FOOT

Surfside condos recovered from their modest decline in 2015, with pricing reaching $1.2 million in 2016. The Surfside market saw the best PPSF appreciation in South Florida and among the highest average sales price appreciation. Although sales volume was low, pricing is the highest is has been in the five years analyzed, fetching over $700 per square foot and representing a 27% increase over its five-year PPSF average.

$437

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

$395

$644

$608

$713

h 10%

g 63%

h 6%

g 17%

from 2012

from 2013

from 2014

from 2015

$1,411

g 1%

g 78%

h 44%

g 3%

from 2012

from 2013

from 2014

from 2015

OMISSIONS DUE TO ABSENCE OF MARKET: GOLDEN BEACH

2012

2013

2014

2015

2016

11%

12%

AVERAGE SALES PRICE

$1.2M

$1.43M

$1.79M

$1.81M

$1.77M

AVERAGE SQUARE FOOTAGE

1,675

1,727

1,815

1,775

1,753

AVERAGE PRICE PER SQ. FOOT

$716

$828

$986

$1,020

$1,010

The Surfside and Bal Harbour condominium markets

feet. Two transactions that exceeded $10 million each were 2,433

2013

PERCENTAGE OF SAMPLE TRADED

% CHANGE (2016 VS. 5-YEAR AVG.): AVG. PRICE / SQUARE FOOT

g 27%

SUNNY ISLES BEACH | WATERFRONT CONDOS

18%

2,586

2012

Home of the Aventura Mall and the Turnberry golf

% CHANGE (2016 VS. 5-YEAR AVG.): AVG. PRICE / SQUARE FOOT

h 11%

PERCENTAGE OF SAMPLE TRADED

Sunny Isles unit pricing decreased slightly, and transaction volume was modest at 5% for 2016. The market, however, was more resilient than North Beach, a submarket with similar unit mixes. Average pricing at Sunny Isles remains above $1,000 per square foot, with only South Beach and Bal Harbour being higher. Condos in the area saw a strong increase in pricing during 2013 and 2014, a value Sunny Isles has managed to maintain up until today.

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

g 16%

g 19%

g 3%

h 1%

from 2012

from 2013

from 2014

from 2015

% CHANGE (2016 VS. 5-YEAR AVG.): AVG. PRICE / SQUARE FOOT

g 11%

CONDO SECTIONS DO NOT FEATURE A LUXURY SEGMENT, SINCE THE PRODUCT SAMPLE IS ALREADY REPRESENTATIVE OF THE HIGH-END MARKET. FOR DETAILS ON METHODOLOGY, SEE PAGE 66.

BROWARD SINGLE-FAMILY HOMES

COUNTYWIDE DATA

AN OVERVIEW OF CURRENT MARKET CONDITIONS

Our report last year predicted continued strength in Broward’s residential real estate market, notably because Broward County tends to have a more heavily US-based buyer pool. Broward did in fact

LUXURY SEGMENT

WATERFRONT SINGLE-FAMILY HOMES

# For Sale b

$1M TO $5M TRANSACTIONS

2012

2013

2014

2015

2016

1,284

1,162

1,524

1,623

1,573

3,240 $178

3,517 $201

3,614 $215

4,023 $217

3,982 $227

2012

2013

h 306

h 432

2014

$5M TO $10M TRANSACTIONS

2015

2016

2012

2013

h 557

h 509

h 9

h 11

h 820

h 48

2014

$10M+ TRANSACTIONS

2015

2016

2012

2013

h 15

h 19

h 0

h 2

h 62

h 15

2014

2015

2016

h 1

h 2

(avg./month)

# Sold b PPSF b

outperform Miami-Dade in 2016, with the broader single-family market advancing 5% and 8% for

h 1% FROM 2015

Miami’s on pricing and inventory management, with the $1M–$5M product pricing achieving

# Sold Trendline h

# Sold Trendline b

# Sold Trendline h

Broward’s luxury home segment outperformed

# Sold Trendline h

waterfront and non-waterfront homes respectively.

6.8% growth, with a 9% decline in the number of sales. The $5M–$10M market appreciation

# Sold

slowed down to 1.7%. Broward also recorded two transactions over $10 million, which is not a

g 5%

PPSF Trendline b

typical price point in the area.

FROM 2015

# Sold

# For Sale (12-month average) h 521

The key to Broward’s strong single-family market

h 460

h 545

h 648

h 710

h 10

# Sold

# For Sale (12-month average) h 53

h 53

h 61

h 2

# For Sale (12-month average) h 16

h 16

h 19

h 23

performance in 2016 is owing to the relative value of the homes; priced in many markets at 30% to 50% less expensive than comparable product

NON-WATERFRONT SINGLE-FAMILY HOMES

in Miami-Dade County. Coupled with a strong economic performance in Broward, an expanding port, vibrant office markets and other significant economic drivers, the Broward single-family home market has room to grow in 2017. In 2016, only six of Broward County’s sub-markets

# For Sale b

IN 2016,

IN 2012,

2012

2013

2014

2015

2016

2,730

2,376

3,525

3,631

3,190

9,669 $116

10,520 $135

10,915 $146

11,894 $155

12,232 $167

315

530

OF BROWARD’S SINGLE-FAMILY HOME SALES

WERE CLOSED FOR OVER $1 MILLION.

REPRESENTING A 68% RISE IN LUXURY MARKET SALES FROM 2012 TO 2016

(avg./month)

retreated while 23 advanced year over year, with

# Sold b

the waterfront markets taking the bigger hit,

PPSF b

similarly to what was experienced in Miami-Dade. Overall, winners outnumbered the losers by a measure of almost 4 to 1 in the Broward singlefamily home market. Broward’s western suburbs only saw price increases throughout, and just

# Sold Trendline b

g 3% FROM 2015

one market saw a decline in number of sales. We predict the single-family market will remain stable over 2017 with single-digit price increases in most segments, assuming continued strength in the regional employment markets.

PPSF Trendline b

g 8% FROM 2015

615 LIDO DRIVE, LAS OLAS ISLES

BROWARD | SOUTH END

WATERFRONT, SINGLE-FAMILY HOMES

NON-WATERFRONT, SINGLE-FAMILY HOMES

800 DIPLOMAT PARKWAY, HALLANDALE

Broward’s South End, more specifically Hallandale and Hollywood Beach, has seen steady growth and increase in property values over the past few years. With the wave of new construction moving

HOLLYWOOD BEACH

to Broward over the past couple of years

HALLANDALE BEACH

and its proximity to our beautiful beaches, South Broward pricing is on an upward trend that will surely benefit any investor. — Louise Richer ONE Sotheby’s International Realty Associate

PRICING & DEMAND TRENDS

TOTAL MARKET

LUXURY SEGMENT

TOTAL MARKET

LUXURY SEGMENT

ALL WATERFRONT, SINGLE-FAMILY HOMES

THE TOP 50% OF EACH MARKET BY AVG. SALES PRICE

ALL NON-WATERFRONT, SINGLE-FAMILY HOMES

THE TOP 50% OF EACH MARKET BY AVG. SALES PRICE

2016 % CHG 2012

HOLLYWOOD BEACH

HALLANDALE BEACH

$185

$355

2013

$277

$366

2014

$338

$387

2015

$373

$395

2016 % CHG

2016

$371

$412

2015 h 1%

h 18%

from 2015

g 101%

g 17%

from 2012

g 4%

h 62%

g 16%

h 48%

INSIGHTS g 20%

$1.85M

$2.22M

$2.41M

h 25%

2012

2013

2014

2015

HOLLYWOOD BEACH

$253

114

$198

$219

$221

119

$233

109

h 65%

HALLANDALE BEACH

$226

$246

$267

$278

2016 % CHG

2016

from 2015

g 30%

$1.85M 17

2016 % CHG

2016

$252

2015 g 5%

h 8%

from 2015

h 8%

h 4%

from 2012

h 9%

h 32%

g 12%

h 32%

$588K

$1.1M

2016

$625K

INSIGHTS g 6%

h 10%

h 17%

h 25%

from 2015

$910K

See page 66 for details. TOTAL MARKET: AVG. PRICE PER SQUARE FOOT (PPSF) | LUXURY SEGMENT: AVG. SALES PRICE

g AVG. PPSF OR AVG. SALES PRICE

NUMBER OF TRANSACTIONS

TOP TOTAL MARKET PERFORMANCE

TOP LUXURY SEG. PERFORMANCE

2016 $/SF EXCEEDS MARKET’S 5-YR AVG.

2016 $/SF EXCEEDS TOTAL AREA AVG.

2016 LUX. $ EXCEEDS TOTAL AREA AVG.

BEST VALUE

AVG. PPSF OR AVG. SALES PRICE

NUMBER OF TRANSACTIONS

TOP TOTAL MARKET PERFORMANCE

TOP LUXURY SEG. PERFORMANCE

2016 $/SF EXCEEDS MARKET’S 5-YR AVG.

2016 $/SF EXCEEDS TOTAL AREA AVG.

2016 LUX. $ EXCEEDS TOTAL AREA AVG.

ANALYZING THE NUMBERS

2016 MARKET PERSPECTIVE

ANALYZING THE NUMBERS

2016 MARKET PERSPECTIVE

Waterfront pricing improved in Hallandale and remained fairly strong in Hollywood,

BROWARD | SOUTH END’S WF SFH TRANSACTIONS

2016 saw a second strong year in Hollywood after 2015. Pricing edged upward to

BROWARD | SOUTH END’S NWF SFH TRANSACTIONS

with a slight PPSF decline but a 20% jump in luxury price, exceeding $2.2 million. There were only 12 total luxury waterfront sales in these submarkets. These communities, as some other coastal markets, have seen an increase in the waterfront vs. non-waterfront pricing gap. In both Hollywood and Hallandale, waterfront pricing increased (with luxury particularly doing very well) while inland pricing was stagnant or even decreasing. Luxury waterfront pricing in the two communities is now over $2 million, an all-time high.

BEST VALUE

$233/SF, and sales volume remained strong at 109 sales. Luxury pricing increased HOLLYWOOD BEACH

11.4%

HALLANDALE BEACH

43.3%

0.4%

modestly (6%). Hallandale pricing slumped, with the bulk of transactions in the $400,000–$700,000 range.

0.3%

% OF MARKET’S TOTAL (WF+NWF) SINGLE-FAMILY-HOME TRANSACTIONS % OF BROWARD’S WF SINGLE-FAMILY-HOME TRANSACTIONS

Hallandale and Hollywood are the closest submarkets to the Miami-Dade County line and so are attractive to many international buyers who would otherwise focus on Miami-Dade. Currency fluctuations may play a part in the price decreases in Hallandale, but they have not affected Hollywood in any meaningful way.

OMISSIONS DUE TO ABSENCE OF MARKET: NONE

HOLLYWOOD BEACH

88.6%

0.9%

HALLANDALE BEACH

56.7%

0.1%

% OF MARKET’S TOTAL (WF+NWF) SINGLE-FAMILY-HOME TRANSACTIONS % OF BROWARD’S NWF SINGLE-FAMILY-HOME TRANSACTIONS

WF = WATERFRONT | NWF = NON-WATERFRONT | SFH = SINGLE-FAMILY HOMES

900 SW 5 TH PLACE, FORT LAUDERDALE

EAST FORT LAUDERDALE WATERFRONT, SINGLE-FAMILY HOMES

Waterfront residences in East Fort Lauderdale are usually spacious and built for outdoor

LAS OLAS ISLES

living, mostly set on the Intracoastal or one

HARBOR BEACH

of the city’s many luxury-home-lined canals.

FT. LAUDERDALE BEACH

Waterfront homes usually include high-end

RIO VISTA

amenities and top-tier finishes. In addition,

VICTORIA P. & C. HAMMOCK

a pool and boat dockage are considered

SUNRISE KEY

standard in this market, aptly called ‘The

CORAL RIDGE

Venice of America’ due to its many waterways. — Jill L. Brown ONE Sotheby’s International Realty Associate

PRICING & DEMAND TRENDS TOTAL MARKET

LUXURY SEGMENT

ALL WATERFRONT, SINGLE-FAMILY HOMES

THE TOP 50% OF EACH MARKET BY AVG. SALES PRICE

2016 % CHG 2012

LAS OLAS ISLES

HARBOR BEACH

FORT LAUD. BEACH

RIO VISTA

VICTORIA P. & C. HAMMOCK

SUNRISE KEY

$463

$534

$200

$440

$514

$307

2013

$550

$835

$634

$551

$460

$490

2014

$539

$682

$642

$552

$413

$567

2015

$583

$766

$593

$610

$521

$650

$589

$617

$910

$798

$533

$483

2015 g 1%

g 29%

from 2015

g 27%

g 2%

from 2012

h 19%

h 28%

CORAL RIDGE

$334

$386

$423

$493

$491

g 53%

h 27%

from 2015

respective five-year averages, at 53% over its average of $596/SF.

$3.37M 33

h 37%

h 33%

g 31%

h 55%

g 81%

g 2%

g 33%

g 4%

h 20%

h 26%

h 67%

g 57%

h 83%

$4.04M

$2.94M 10

$1.91M

$3.45M

$4.46M

$5.8M

$7.74M

$3.66M

N/A

g 44%

h 40%

g 163%

h 50%

g 92%

g 33%

N/A

TOP LUXURY SEG. PERFORMANCE

SNAPSHOT: TOTAL AREA AVERAGE IN 2016

2016 $/SF EXCEEDS MARKET’S 5-YR AVG.

PRICE PER SQUARE FOOT

VICTORIA P. & C. HAMMOCK

11.1%

0.2%

HARBOR BEACH

61.9%

0.3%

SUNRISE KEY

100%

0.03%

FORT LAUD. BEACH

34.8%

0.2%

CORAL RIDGE

39.3%

0.8%

RIO VISTA

24.3%

0.2%

% OF MARKET’S TOTAL (WF+NWF) SINGLE-FAMILY-HOME TRANSACTIONS

Victoria Park and Colee Hammock saw more normal appreciation levels.

% OF BROWARD’S WF SINGLE-FAMILY-HOME TRANSACTIONS

FROM OUR LOCAL EXPERTS’ POINT OF VIEW

N/A

g 45%

$2.41M 16

g TOP TOTAL MARKET PERFORMANCE

1.7%

A LOOK INTO TODAY’S MARKET CONDITIONS

g 1%

$2.38M 11

95.7%

foot increased sharply, driven by a $17-million sale at 1831 SE 9th Street.

g 50% h 38%

LAS OLAS ISLES

TOTAL MARKET: AVG. PRICE PER SQUARE FOOT (PPSF) | LUXURY SEGMENT: AVG. SALES PRICE NUMBER OF TRANSACTIONS

Harbor Beaches, with two sales over $4 million in Fort Lauderdale Beach pushing averages well upward. These sales drove Fort Lauderdale Beach

See page 66 for details.

AVG. PPSF OR AVG. SALES PRICE

Total waterfront market pricing converged between Fort Lauderdale and

to outperform the other waterfront submarkets when compared to their $3.04M 26

$7.04M

g 355% g 300%

g 47%

EAST FORT LAUDERDALE’S WF SINGLE-FAMILY-HOME TRANSACTIONS

Moving west of the Intracoastal, Rio Vista waterfront pricing per square

g 16%

INSIGHTS g 27%

The waterfront, single-family home market saw appreciation of 1% in Sunrise Key, making year-over-year comparisons of very limited value.

2016 g 11%

2016 MARKET PERSPECTIVE

Las Olas Isles’ total market. There was only one transaction in all of

2016 % CHG

2016

ANALYZING THE NUMBERS

2016 $/SF EXCEEDS TOTAL AREA AVG.

2016 LUX. $ EXCEEDS TOTAL AREA AVG.

$632/SF (g 58% from 2012)

BEST VALUE

The Fort Lauderdale Beach luxury market is

East Fort Lauderdale remains very desirable,

Las Olas Isles continues to present steady

undergoing exciting changes, presenting many

as shown by the consistent increase in the

pricing at $589/SF. The area’s most dramatic

opportunities for the high-end buyer. There are

average pricing per square foot increase

pricing increase occurred in Fort Lauderdale

several new signature condo projects currently

since 2012. Waterfront properties typically

Beach, where it passed the $900/SF mark

under construction or recently approved.

feature large, deep-water lots, wide canals and

having only shown pricing up to $642/SF

Fort Lauderdale has just approved a $49M

easy ocean access. Close proximity to the

in the prior years analyzed. As for the luxury

beach project to add to the enjoyment of the

international airport, downtown and Las Olas

market, Rio Vista is a clear winner with a $7.7

beach and to expand the marina in order to

Boulevard also make the area one of the most

million average price, both the highest price in

accommodate large yachts.

desirable locations along the Gold Coast.

the area and the largest percentage growth.

— Richard Masterson, Jr.

— Brian Hero

— Zorka Dobreva

ONE Sotheby’s International Realty Associate

OMISSIONS DUE TO ABSENCE OF MARKET: NONE

ONE Sotheby’s International Realty Associate

WF = WATERFRONT | NWF = NON-WATERFRONT

1509 SE 2 STREET, FORT LAUDERDALE

EAST FORT LAUDERDALE NON-WATERFRONT, SINGLE-FAMILY HOMES

From Old Colonial to Spanish Revival, Modern and Art Deco, East Ft. Lauderdale LAS OLAS ISLES

homes come in a variety of architectural

HARBOR BEACH

styles. Landscaping is generally lush and

FT. LAUDERDALE BEACH

tropical, with stately banyan trees and

RIO VISTA

palm trees lining streets and backyards. Fort Lauderdale’s lively downtown area is

VICTORIA P. & C. HAMMOCK

just a few blocks away from most of these

CORAL RIDGE

Broward County communities. — Lori Novello ONE Sotheby’s International Realty Associate

PRICING & DEMAND TRENDS TOTAL MARKET

LUXURY SEGMENT

ALL NON-WATERFRONT, SINGLE-FAMILY HOMES

THE TOP 50% OF EACH MARKET BY AVG. SALES PRICE

2016 % CHG 2012

LAS OLAS ISLES

HARBOR BEACH

FORT LAUD. BEACH

RIO VISTA

VICTORIA P. & C. HAMMOCK

CORAL RIDGE

$295

$253

$327

$273

$259

$199

2013

$391

$268

$403

$315

$297

$201

120

2014

$457

$312

$415

$341

$326

$246

2015

$417

$339

$462

$360

$329

$275

$467

$398

$443

$370

$348

$305

2015 g 12%

h 50%

from 2015

g 58%

h 57%

from 2012

g 17%

g 167%

g 57%

g 14%

h 4%

g 67%

g 35%

g 36%

g 3%

h 3%

g 36%

h 32%

g 6%

h 18%

g 34%

h 20%

g 11%

h 23%

g 53%

h 6%

INSIGHTS h 67%

from 2015

$1.35M

increase in these submarkets for a second consecutive year at 3% for Rio

g 31%

Vista and 6% for Victoria Park and Colee Hammock. Coral Ridge, which

g 200%

contains the Coral Ridge Country Club as well as a popular shopping $1.6M

$1.39M

$1.26M 15

$874K

$848K

$2.1M

$1.74M

$1.3M

$892K

$898K

g 25%

g 75%

g 3%

h 7%

g 2%

h 24%

g 6%

h 24%

SNAPSHOT: FIVE-YEAR AVERAGES LAS OLAS ISLES

$405

HARBOR BEACH

$314

TOP LUXURY SEG. PERFORMANCE

2016 $/SF EXCEEDS MARKET’S 5-YR AVG.

RIO VISTA

$410

$332

0.02%

VICTORIA P. & C. HAMMOCK

88.9%

0.5%

HARBOR BEACH

38.1%

0.07%

CORAL RIDGE

60.7%

0.4%

FORT LAUD. BEACH

65.2%

0.1%

RIO VISTA

75.7%

0.2%

strip along East Oakland Park Boulevard, continued to appreciate, albeit

% OF MARKET’S TOTAL (WF+NWF) SINGLE-FAMILY-HOME TRANSACTIONS

at a slower rate than that of last year.

% OF BROWARD’S NWF SINGLE-FAMILY-HOME TRANSACTIONS

A LOOK INTO TODAY’S MARKET CONDITIONS

FROM OUR LOCAL EXPERTS’ POINT OF VIEW

2016 $/SF EXCEEDS TOTAL AREA AVG.

2016 LUX. $ EXCEEDS TOTAL AREA AVG.

PRICE PER SQUARE FOOT

FORT LAUD. BEACH

4.3%

g TOP TOTAL MARKET PERFORMANCE

LAS OLAS ISLES

exceeding $2 million in Harbor Beach.

neighborhoods surrounding the downtown area. Pricing has continued to $1.78M

TOTAL MARKET: AVG. PRICE PER SQUARE FOOT (PPSF) | LUXURY SEGMENT: AVG. SALES PRICE NUMBER OF TRANSACTIONS

EAST FORT LAUDERDALE’S NWF SINGLE-FAMILY-HOME TRANSACTIONS

Rio Vista, Victoria Park and Colee Hammock are historic single-family

See page 66 for details.

AVG. PPSF OR AVG. SALES PRICE

Sales remained slow in Fort Lauderdale and Harbor Beaches, but Harbor foot. Luxury pricing in both submarkets saw double-digit increases,

2016 h 24%

2016 MARKET PERSPECTIVE

Beach saw a sharp 17% increase in non-waterfront pricing per square

2016 % CHG

2016

ANALYZING THE NUMBERS

VICTORIA P. & C. HAMMOCK

$312

CORAL RIDGE

$245

BEST VALUE

Fort Lauderdale sales data suggests that

Fort Lauderdale’s non-waterfront-home market

Ft. Lauderdale offers spacious, private homes

non-waterfront homes have seen a consistent

continues to see pricing growth, in part due to

with the convenience of small-city amenities.

increase in pricing per square foot. Since

its popularity among young families moving

All six submarkets have steadily experienced

2012, Fort Lauderdale’s average PPSF has

north from a more expensive Miami market. In

mostly small increments in pricing year over

increased from 34% to 58% in the submarkets

2016, Las Olas Isles saw the highest pricing

year and increased in 2016 compared to their

shown. This indicates Fort Lauderdale is still

per square foot in the area in all five years

respective five-year PPSF averages, a sign of a

in a seller’s market, partly benefiting from a

explored in this report, at $467/SF. Harbor

healthy real estate market with solid demand.

trend indicating that Miami buyers and sellers

Beach, a notably luxurious market, topped the

These markets will continue to benefit from

are showing more interest in Fort Lauderdale.

luxury segment at $2.1 million.

Fort Lauderdale’s live/work/play lifestyle.

— William Kedersha

— Vivien Jensen Probst

— Michael Beinke

ONE Sotheby’s International Realty Associate

OMISSIONS DUE TO ABSENCE OF MARKET: SUNRISE KEY

ONE Sotheby’s International Realty Associate

WF = WATERFRONT | NWF = NON-WATERFRONT

28 MINNETONKA ROAD, SEA RANCH LAKES

BROWARD | NORTH END WATERFRONT, SINGLE-FAMILY HOMES

Waterfront residences in Broward’s North End are usually very spacious, offering a variety LAUDERDALE-BY-THE-SEA

of different docking options and a tranquil

HILLSBORO BEACH

atmosphere. Many of these homes are located on the Intracoastal Waterway, which boaters

LIGHTHOUSE POINT

can navigate south to Fort Lauderdale’s many

THE LANDINGS

waterfront restaurants and lounges. These

BAY COLONY

neighborhoods usually offer direct ocean

SEA RANCH LAKES

access for the boating/fishing enthusiast. — Albert Niels ONE Sotheby’s International Realty Associate

PRICING & DEMAND TRENDS TOTAL MARKET

LUXURY SEGMENT

ALL WATERFRONT, SINGLE-FAMILY HOMES

THE TOP 50% OF EACH MARKET BY AVG. SALES PRICE

2016 % CHG 2012

LAUDERDALEBY-THE-SEA

$332

2013

$370

2014

$553

2015

$469

$517

2015 g 10%

g 33%

from 2015

g 56%

h 27%

from 2012

$2.12M

$2.03M

LIGHTHOUSE POINT

THE LANDINGS

BAY COLONY

SEA RANCH LAKES

N/A

$294

$329

$336

$321

N/A

$337

$305

$439

$325

$1,401

$381

$360

$369

$456

$264

$420

$392

$523

$327

$1,143

$419

$402

$363

$408

N/A

h 9%

g 43%

g 7%

g 3%

g 12%

g 22%

g 56%

h 31%

h 33%

g 8%

h 40%

g 25%

g 150%

g 27%

h 17%

SNAPSHOT: FIVE-YEAR AVERAGES LAUDERDALEBY-THE-SEA

$448

HILLSBORO BEACH

$936

TOP LUXURY SEG. PERFORMANCE

$905K

$2.01M 34

$1.4M

$3.4M

$8.54M

h 1%

h 12%

LIGHTHOUSE POINT THE LANDINGS

g 4%

g 8%

h 24%

h 25%

0.4%

BAY COLONY

100%

0.15%

100%

0.1%

SEA RANCH LAKES

38.5%

0.13%

50%

1.5%

100%

0.7%

unchanged here. Hillsboro Beach’s volatile pricing changes are more a

% OF MARKET’S TOTAL (WF+NWF) SINGLE-FAMILY-HOME TRANSACTIONS

reflection of their limited amount of sales than a real trend.

% OF BROWARD’S WF SINGLE-FAMILY-HOME TRANSACTIONS

A LOOK INTO TODAY’S MARKET CONDITIONS

$1.46M 14

$2.6M

FROM OUR LOCAL EXPERTS’ POINT OF VIEW

g 110% g 100%

$1.8M

2016 $/SF EXCEEDS MARKET’S 5-YR AVG.

THE LANDINGS

$370

As for their total market, Sea Ranch Lakes and Lauderdale-by-the-Sea

40%

$1.98M 30

$3.78M

2016 $/SF EXCEEDS TOTAL AREA AVG.

2016 LUX. $ EXCEEDS TOTAL AREA AVG.

BEST VALUE

PRICE PER SQUARE FOOT

LIGHTHOUSE POINT

HILLSBORO BEACH

and The Landings had over ten luxury transactions; pricing was largely

g TOP TOTAL MARKET PERFORMANCE

in Sea Ranch Lakes; these outperformed the two transactions last year.

unchanged. Of these waterfront submarkets, only Lighthouse Point

g 844% g 100%

TOTAL MARKET: AVG. PRICE PER SQUARE FOOT (PPSF) | LUXURY SEGMENT: AVG. SALES PRICE NUMBER OF TRANSACTIONS

LAUDERDALEBY-THE-SEA

were canal-front, not Intracoastal-front. There were five waterfront sales

saw pricing improve, while Lighthouse Point’s pricing was materially

See page 66 for details.

AVG. PPSF OR AVG. SALES PRICE

BROWARD | NORTH END’S WF SINGLE-FAMILY-HOME TRANSACTIONS

from 2015

g 333% g 300%

HILLSBORO BEACH

INSIGHTS g 33%

Sea Ranch Lakes and Lauderdale-by-the-Sea are adjacent oceanfront by-the-Sea’s luxury segment dropped because most waterfront sales

2016 h 4%

2016 MARKET PERSPECTIVE

communities north of Fort Lauderdale. Waterfront prices in Lauderdale-

2016 % CHG

2016

ANALYZING THE NUMBERS

$358

BAY COLONY

$406

SEA RANCH LAKES

$367

It was an interesting 2016 for residential

The exclusive gated community of Sea Ranch

The charming town of Lauderdale-by-the-Sea

real estate sales in Lighthouse Point. After a

Lakes offers a special location just west of

is a small community with the waterfront

slow start to the year on the heels of a great

A1A and east of the Intracoastal Waterway,

as its hub, boasting a beautiful oceanfront,

2015, we saw sales activity pick up in the

Lake Seneca and Lake Cayuga, with only a few

fishing pier, stellar diving and locally owned

third and fourth quarter. Macro-economic

– yet very exclusive – waterfront residences.

shops and restaurants. It remains a highly

forces including the strength of the dollar, oil,

These properties saw an increase of 25% on

desirable residential area for boaters and

equities and the election all played a major

average pricing per square foot from 2015

those looking for a waterfront lifestyle, which

role in 2016. Buyers seem to be slightly more

to 2016, as well as an increase in number of

is why home prices have continued to rise,

confident about the 2017 market.

total transactions.

increasing 10% in 2016.

— William Brown

— Alix Aranza

— Linda Stark

ONE Sotheby’s International Realty Associate

OMISSIONS DUE TO ABSENCE OF MARKET: NONE

ONE Sotheby’s International Realty Associate

WF = WATERFRONT | NWF = NON-WATERFRONT

2141 NE 64 STREET , FORT LAUDERDALE

BROWARD | NORTH END NON-WATERFRONT, SINGLE-FAMILY HOMES

Within Broward’s North End, real estate options are diverse enough to meet any budget, from luxury communities with singlefamily homes to towering condos with first-

LAUDERDALE-BY-THE-SEA

class amenities. The small-town living that

LIGHTHOUSE POINT

characterizes these neighborhoods offers

SEA RANCH LAKES

residents a peaceful atmosphere without the fear of overdevelopment. — Melanie & David Schrand ONE Sotheby’s International Realty Associates

PRICING & DEMAND TRENDS TOTAL MARKET

LUXURY SEGMENT

ALL NON-WATERFRONT, SINGLE-FAMILY HOMES

THE TOP 50% OF EACH MARKET BY AVG. SALES PRICE

2016 % CHG 2012

LAUDERDALEBY-THE-SEA

LIGHTHOUSE POINT

SEA RANCH LAKES

$226

$158

$249

2013

$256

$181

$238

2014

$262

$210

$227

2015

$279

$213

$304

2016 % CHG

2016

$319

$220

$370

2015 g 14%

g 4%

from 2015

g 41%

g 100%

from 2012

g 3%

h 5%

2016

INSIGHTS g 15%

from 2015

ANALYZING THE NUMBERS

2016 MARKET PERSPECTIVE

Sea Ranch Lakes and Lauderdale-by-the-Sea are adjacent oceanfront

BROWARD | NORTH END’S NWF SINGLE-FAMILY-HOME TRANSACTIONS

communities north of Fort Lauderdale. Both submarkets saw doubledigit price increases and significant improvements among both the non-waterfront total market and its luxury segment. While all three submarkets’ pricing increased when compared to their respective five-

$758K

$871K

year averages, Sea Ranch Lakes was the clear winner at 33%.

g 8%

g 5%

g 22%

g 14%

g 49%

h 11%

$518K

$558K

g 59%

$1.1M

$1.75M

60%

0.2%

LIGHTHOUSE POINT

50%

0.5%

61.5%

0.07%

SEA RANCH LAKES

h 6%

Lighthouse Point saw modest appreciation, at a 3% increase over 2015

g 39%

LAUDERDALEBY-THE-SEA

levels and a 39% increase over 2012 levels. The community has slightly

% OF MARKET’S TOTAL (WF+NWF) SINGLE-FAMILY-HOME TRANSACTIONS

yet consistently increased in pricing every year analyzed.

% OF BROWARD’S NWF SINGLE-FAMILY-HOME TRANSACTIONS

3 See page 66 for details.

TOTAL MARKET: AVG. PRICE PER SQUARE FOOT (PPSF) | LUXURY SEGMENT: AVG. SALES PRICE

g AVG. PPSF OR AVG. SALES PRICE

NUMBER OF TRANSACTIONS

TOP TOTAL MARKET PERFORMANCE

TOP LUXURY SEG. PERFORMANCE

2016 $/SF EXCEEDS MARKET’S 5-YR AVG.

2016 $/SF EXCEEDS TOTAL AREA AVG.

2016 LUX. $ EXCEEDS TOTAL AREA AVG.

A LOOK INTO TODAY’S MARKET CONDITIONS

BEST VALUE

FROM OUR LOCAL EXPERTS’ POINT OF VIEW

SNAPSHOT: TOTAL AREA AVERAGE IN 2016 SNAPSHOT: FIVE-YEAR AVERAGES LAUDERDALEBY-THE-SEA

$268

PRICE PER SQUARE FOOT

FIVE-YEAR AVERAGES LAUDERDALEBY-THE-SEA

2016: g 19 FROM FIVE-YEAR AVG.

$303/SF (g 44% from 2012)

LIGHTHOUSE POINT

$196

2016: g 12 FROM FIVE-YEAR AVG.

LIGHTHOUSE POINT

SEA RANCH LAKES

$278

2016: g 33 FROM FIVE-YEAR AVG.

SEA RANCH LAKES

NUMBER OF TRANSACTIONS

2016: g 13 FROM FIVE-YEAR AVG.

2016: NO CHANGE FROM FIVE-YEAR AVG.

2016: g 38 FROM FIVE-YEAR AVG.

Lauderdale-by-the-Sea is a unique, 1.5-square-

The casually affluent Lighthouse Point is

Sea Ranch Lakes experienced a bit of a dip

mile town that has seen uninterrupted growth

a small town that prides itself on its quiet

in total pricing during 2013 and 2014, but

year after year because of its location, the

atmosphere and leisurely lifestyle. Its non-

has managed to bounce back in the past

town’s thriving downtown area and the many

waterfront market has been moderately

couple of years, reaching $370/SF in 2016.

activities available to all ages. The town is

yet steadily increasing in pricing over the

The market now presents the highest pricing

small, charming and is truly a thriving boating

years with a high volume of sales. This trend

increases in the area, both in its total non-

community in high demand. The pedestrian-

will probably continue since swift market

waterfront market and in the market’s luxury

friendly area features fantastic sidewalk cafes,

changes and overexpansion in Lighthouse

segment, which grew 59% year over year at

adorable shops and a great nightlife.

Point are highly unlikely.

an average home sales price of $1.75M.

— Ellen Taracido

— Farah Lauenstein

— Mary Forman

ONE Sotheby’s International Realty Associate

OMISSIONS DUE TO ABSENCE OF MARKET: HILLSBORO BEACH, THE LANDINGS AND BAY COLONY

ONE Sotheby’s International Realty Associate

WF = WATERFRONT | NWF = NON-WATERFRONT

2980 PADDOCK ROAD, WESTON

WESTERN BROWARD NON-WATERFRONT, SINGLE-FAMILY HOMES

Set along the edge of Everglades National Park are family-oriented residences with a broad SOUTHWEST RANCHES SUNRISE

spectrum of architectural styles without space constraints. French-Colonial styled estates in peaceful, equestrian communities such as

PLANTATION

Southwest Ranches and ultra-contemporary

WESTON

residences being built in Plantation and

PARKLAND

Weston provide you ample room to entertain and enjoy an exceptional quality of life. — Miguel Espinoza ONE Sotheby’s International Realty Associate

PRICING & DEMAND TRENDS TOTAL MARKET

LUXURY SEGMENT

ALL NON-WATERFRONT, SINGLE-FAMILY HOMES

THE TOP 50% OF EACH MARKET BY AVG. SALES PRICE

2016 % CHG 2012

SOUTHWEST RANCHES

SUNRISE

PLANTATION

WESTON

PARKLAND

$176

$92

$121

$165

$149

2013

104

699

816

815

230

$207

$109

$138

$188

$158

105

700

915

857

279

2014

$200

$125

$151

$194

$171

792

863

823

250

2015

$238

$135

$163

$196

$185

109

767

913

834

468

2016 % CHG

2016

$241

$152

841

$172 1,015

$205

840

$191

602

2015 g 1%

h 11%

from 2015

g 37%

h 7%

from 2012

g 13%

g 10%

g 65%

g 20%

g 6%

g 11%

g 42%

g 24%

g 5%

g 1%

g 24%

g 3%

g 29%

g 28%

g 162%

2016

INSIGHTS h 10%

$1.36M 54

h 11%

from 2015

ANALYZING THE NUMBERS

2016 MARKET PERSPECTIVE

Weston and Southwest Ranches continued to see modest appreciation,

WESTERN BROWARD’S NWF SINGLE-FAMILY-HOME TRANSACTIONS

but Southwest Ranches saw some weakness in its luxury segment. Plantation also saw moderate appreciation, with Sunrise seeing a 12% year-over-year, price per square foot increase.

SOUTHWEST RANCHES

100%

0.8%

WESTON

100%

6.9%

SUNRISE

100%

6.9%

PARKLAND

100%

4.9%

PLANTATION

100%

8.3%

Parkland’s pricing has continued to increase, reaching $191 per square

$1.22M 48

g 7%

foot. At the high end, Parkland’s pricing exceeds all but Southwest

g 5%

Ranches, the only submarket to surpass the million-dollar mark. Of $284K 389

$523K 471

$696K 426

$819K 239

$303K 410

g 5%

g 8%

g 3%

h 3%

g 5%

g 26%

these suburbs, Weston, Plantation and Sunrise have the most vibrant

% OF MARKET’S TOTAL (WF+NWF) SINGLE-FAMILY-HOME TRANSACTIONS

luxury markets in terms of transaction count.

% OF BROWARD’S NWF SINGLE-FAMILY-HOME TRANSACTIONS

$551K 507

A LOOK INTO TODAY’S MARKET CONDITIONS

$720K 415

FROM OUR LOCAL EXPERTS’ POINT OF VIEW

$859K 300 See page 66 for details.

TOTAL MARKET: AVG. PRICE PER SQUARE FOOT (PPSF) | LUXURY SEGMENT: AVG. SALES PRICE

g AVG. PPSF OR AVG. SALES PRICE

NUMBER OF TRANSACTIONS

TOP TOTAL MARKET PERFORMANCE

TOP LUXURY SEG. PERFORMANCE

SNAPSHOT: TOTAL AREA AVERAGE IN 2016 SNAPSHOT: FIVE-YEAR AVERAGES SOUTHWEST RANCHES

$212

SUNRISE

$123

2016 $/SF EXCEEDS MARKET’S 5-YR AVG.

2016 $/SF EXCEEDS TOTAL AREA AVG.

2016 LUX. $ EXCEEDS TOTAL AREA AVG.

$192/SF (g 36% from 2012)

PRICE PER SQUARE FOOT

PLANTATION

$149

WESTON

$190

PARKLAND

$171

BEST VALUE

Uniquely situated in central West Broward,

Over the past five years, we have watched the

The residential real estate market in

Weston is an oasis of lushly landscaped

price per square foot consistently increase

Broward’s Western Suburbs continues to be

boulevards, bicycle and walking paths,

in the western suburbs. While the number

strong with low inventory and priced-right

city parks and individual neighborhoods

of transactions in many of these markets

properties selling quickly.

dispersed between. With an undisputed

has been steadily climbing, a few select

With a culturally diverse population, safe

reputation for top-notch schools, world-

cities, such as Parkland, have experienced a

communities and top-rated public schools,

class golf courses and casual luxury

significant spike in closed transactions over

West Broward real estate should only

living, Weston continues to enjoy strong

the past couple years, which can be linked to

continue to strengthen in the years to come,

residential market performance.

their sizable new home developments.

drawing great demand from young families.

— Patricia Lewis

— Kimberly Knausz

— Ben Westby

ONE Sotheby’s International Realty Associate

OMISSIONS DUE TO ABSENCE OF MARKET: NONE

ONE Sotheby’s International Realty Associate

WF = WATERFRONT | NWF = NON-WATERFRONT

BROWARD CONDOS

COUNTYWIDE DATA

AN OVERVIEW OF CURRENT MARKET CONDITIONS

The condominium market in Broward County is materially smaller and less diverse than the Miami condo market. However, the waterfront markets in Broward County have long remained

LUXURY SEGMENT

WATERFRONT CONDOS

# For Sale b

$1M TO $5M TRANSACTIONS

2012

2013

2014

2015

2016

2,576

2,478

3,021

3,229

3,697

6,007 $160

6,337 $182

6,252 $197

6,420 $207

5,991 $199

2012

2013

2014

2015

$5M TO $10M TRANSACTIONS 2016

2012

PPSF b

h 0

h 3

all the real estate markets that could claim pre-

# Sold Trendline h

election malaise, Broward County’s condo market h 7%

# Sold Trendline b

FROM 2015

Luxury condo product in the $1M–$5M category was essentially level on pricing, but with 28% fewer sales. The $5M–$10M condo product is very thin in Broward, with only one transaction, although we almost double year over year since 2014. The

h 0

h 3

h 118

PPSF Trendline b

h 4%

broader waterfront condo pricing decreased 4%,

2012

2013

h 198

7% to $131 per square foot, the highest it has been

h 158

h 192

h 0

h 1

h 198

h 228

h 4

h 15

h 9

h 161

h 0

h 387

h 0

2014

2015

2016

h 0

# Sold h 224

# For Sale (12-month average)

FROM 2015

while non-waterfront condos actually increased

2016

$10M+ TRANSACTIONS

# Sold

are seeing the number of listings in this price range

2015

# For Sale (12-month average)

the retirement mecca of US-based buyers. Of

was the clear stand-out.

2014 # Sold

(avg./month)

# Sold b

2013

h 284

h 1

# For Sale (12-month average) h 1

h 2

h 1

in the five years analyzed. In 2017, we predict the condominium market in

NON-WATERFRONT CONDOS

Broward will remain healthy and more active than in 2016. The primary impetus will be domestic retirees. This retiree cohort will be attracted to the relative value of Broward County, but will also be considering long-term estate tax planning, for which Florida remains a top destination.

# For Sale b

IN 2016,

IN 2012,

2012

2013

2014

2015

2016

2,801

2,903

4,006

4,298

4,143

9,387 $84

9,606 $102

9,540 $116

9,823 $123

9,939 $131

118

162

OF BROWARD’S CONDO SALES

WERE CLOSED FOR OVER $1 MILLION.

REPRESENTING A 37% RISE IN LUXURY MARKET SALES FROM 2012 TO 2016

(avg./month)

As in Miami-Dade, the pre-development market will

# Sold b

be less engaged in lowering prices because of the

PPSF b

high number of pre-contracts and the developers’ desire to carry remaining units as opposed to devaluing their projects. There is also not any measurable overhang of projects in Broward, as most of the pre-construction/new condo product

# Sold Trendline b

consists of smaller-format, boutique projects. For

g 1% FROM 2015

larger developments, buyers will need to focus on West Broward and explore projects such g 7%

as Metropica. While this requires moving away

FROM 2015

from the waterfront, western communities offer tremendous value in today’s market.

PPSF Trendline b

3333 NE 32 AVENUE – #1502, FORT LAUDERDALE

THE RITZ-CARLTON RESIDENCES – #2203, FORT LAUDERDALE

BROWARD CONDO MARKET INDEX

The Fort Lauderdale condo market is still hot, with interest from buyers all over the world. 61% of my clients want condos (15% HOLLYWOOD BEACH

internationals, 42% locals, 27% from the

HALLANDALE BEACH

Northeast and 16% from the Midwest/West).

LAS OLAS

70% were looking for $1M+ condos. Buyers

EAST FORT LAUDERDALE

have many options, with a lot on inventory and new construction, but they are here to buy and make a deal. I am excited for 2017. — Susan Rindley ONE Sotheby’s International Realty Associate

HOLLYWOOD BEACH | WATERFRONT CONDOS 2012 PERCENTAGE OF SAMPLE TRADED AVERAGE SALES PRICE AVERAGE SQUARE FOOTAGE AVERAGE PRICE PER SQ. FOOT

2013

2014

2015

2016

18%

14%

12%

$1.5M

$1.31M

$1.4M

$1.41M

$1.67M

LAS OLAS | WATERFRONT CONDOS

although sales volume declined. Pricing per square foot increased 16%, with an average sales price growth of 18%. Hollywood has seen new development interest and a large contingent of overseas buyers in properties like the Costa Hollywood condo-hotel. Hollywood remains quite a bit

2,959

2,680

2,575

2,588

2,635

more expensive than Hallandale, its South End counterpart, both per square foot and in total pricing.

$507

$489

$544

$545

% CHANGE (YEAR-OVER-YEAR):

h 4%

g 11%

g 16%

from 2012

from 2013

from 2014

from 2015

% CHANGE (2016 VS. 5-YEAR AVG.): AVG. PRICE / SQUARE FOOT

g 17%

HALLANDALE BEACH | WATERFRONT CONDOS 2012 PERCENTAGE OF SAMPLE TRADED AVERAGE SALES PRICE AVERAGE SQUARE FOOTAGE AVERAGE PRICE PER SQ. FOOT

2013

2014

2015

2016

11%

15%

12%

$557K

$705K

$730K

$670K

$601K

1,626

1,613

1,518

1,433

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

$434

$453

$441

saw stable overall performance, partially attributed to international buyers lured by new condominiums such as Beachwalk, Apogee and Hyde Beach, which have positioned themselves as a more affordable alternative to Sunny Isles slightly year-over-year, mirroring last year’s trends. Its PPSF

$419

g 22%

g 4%

h 2%

h 5%

from 2012

from 2013

from 2014

from 2015

OMISSIONS DUE TO ABSENCE OF MARKET: BROWARD | NORTH END AND WESTERN BROWARD

2015

2016

12%

16%

17%

18%

AVERAGE SALES PRICE

$907K

$941K

$1.1M

$1.02M

$672K

AVERAGE SQUARE FOOTAGE

2,483

2,318

2,381

2,182

1,729

Condominium prices along the Las Olas Corridor decreased year over year, although sales volume increased even more to 18% versus 17% in the prior year. Pricing per square foot dipped 17%, but average unit sizes lowered significantly, presenting an even more dramatic decline in average sales pricing. Las Olas remains South Florida’s condo transaction volume leader, as no other submarket exceeds 12% in 2016.

$365

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

$406

$462

$467

$389

g 11%

g 14%

g 1%

h 17%

from 2012

from 2013

from 2014

from 2015

2012

2013

2014

2015

2016

10%

12%

AVERAGE SALES PRICE

$929K

$1.09M

$1.1M

$1.26M

$1.35M

AVERAGE SQUARE FOOTAGE

2,243

2,409

2,171

2,360

2,486

AVERAGE PRICE PER SQ. FOOT

$414

$452

$507

$534

$543

Hallandale Beach, which borders Miami-Dade County,

remains on par with its five-year average. $354

2014

% CHANGE (2016 VS. 5-YEAR AVG.): AVG. PRICE / SQUARE FOOT

h 7%

EAST FORT LAUDERDALE | WATERFRONT CONDOS

and North Beach. Hallandale Beach condo pricing was down 1,573

2013

PERCENTAGE OF SAMPLE TRADED

AVERAGE PRICE PER SQ. FOOT

$634

AVG. PRICE / SQUARE FOOT

2012

Hollywood condo prices increased substantially,

% CHANGE (2016 VS. 5-YEAR AVG.): AVG. PRICE / SQUARE FOOT

PERCENTAGE OF SAMPLE TRADED

Fort Lauderdale’s beaches also saw a price decrease combined with strong sales volume. At $543 per square foot and over $1.3 million total, it remains among Broward’s most exclusive condo submarkets and pricing is competitive with top Miami-Dade communities like Brickell, Deering Bay and North Beach. Its average sales price is the highest it has been in the five years analyzed and its price per square foot went up 11% versus its five-year average.

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

g 9%

g 12%

g 5%

g 2%

from 2012

from 2013

from 2014

from 2015

% CHANGE (2016 VS. 5-YEAR AVG.): AVG. PRICE / SQUARE FOOT

g 11%

CONDO SECTIONS DO NOT FEATURE A LUXURY SEGMENT, SINCE THE PRODUCT SAMPLE IS ALREADY REPRESENTATIVE OF THE HIGH-END MARKET. FOR DETAILS ON METHODOLOGY, SEE PAGE 66.

2010–2020 DEVELOPMENT CYCLE AN OVERVIEW OF CURRENT MARKET CONDITIONS

ACTIVE DEVELOPMENTS BY AREA AREA

TOTAL UNITS

% TOTAL UNITS

UNITS SOLD

% SOLD

AVENTURA

291

168

58%

BAY HARBOR

296

234

79%

BRICKELL

2,676

18.1%

2,309

86%

WEST BRICKELL

155

151

97%

CORAL GABLES

170

1.2%

57%

COCONUT GROVE

306

2.1%

232

76%

DORAL

1,154

7.8%

903

78%

DOWNTOWN MIAMI

973

6.6%

389

40%

EDGEWATER

3,099

21%

2,303

74%

FORT LAUDERDALE

845

5.7%

477

56%

HOLLYWOOD BEACH

673

4.6%

518

77%

MIAMI BEACH

299

157

53%

HOLLYWOOD BEACH

N. MIAMI BEACH

425

2.9%

361

85%

673 units

GEOGRAPHIC BREAKDOWN The urban corridor formed by Brickell, Downtown, Edgewater and Midtown continues to lead the market as far as new inventory hitting the market between 2017 and 2018, with almost 60% of all supply. After 2018, however, we see a shift in inventory volume and activity from the Biscayne Corridor to Miami Beach, Sunny Isles and Hollywood Beach, followed by a limited supply of boutique projects in South Beach, the general

FORT LAUDERDALE 845 units

Miami Beach area and Surfside. Note that, if we focused on dollar volume instead of total number of units to determine the geographical allocation of new development, Sunny Isles would lead the market due to the level of luxury and size of its projects.

DELIVERY PROFILE We have seen 56 luxury projects (8,279 units) completed, with a high concentration

MIAMI RIVER

418

2.8%

22%

between 2015 and 2016. In this segment, approximately 91% were sold by December 2016

MIDTOWN

923

6.2%

469

51%

and most units were acquired without financing. There are another 81 projects (14,775

SOUTH BEACH

0.2%

74%

units of which 69% are already sold) in the pre-construction or under-construction stage,

SUNNY ISLES

1,558

10.5%

1,024

66%

SURFSIDE

220

1.5%

151

69%

SUNRISE

263

1.8%

149

57%

TOTAL

14,775

100%

10,206

69%

scheduled to be delivered between 2017 and 2021. New inventory in 2017 and 2018 will have a negative, yet temporary impact on the resale and rental market.

SUNNY ISLES

Only 15 projects are in the pre-construction stage, compared to 26 projects last year. This

1,558 units

reflects a sharp decline in new supply along with successful pre-sales by some projects, which are imperative to begin construction. We expect this trend to continue as new projects launching during 2017 will be limited and boutique-style, since today’s absorption

ESTIMATED DELIVERY PROFILE

rates make it difficult to achieve pre-selling requirements in reasonable timeframes for

UNITS PER QUARTER

projects over 150 units. This has led some developers to cancel or postpone the launch of planned projects or to switch from a condo product to multi-family. Additionally, combined with construction delays, this more limited supply will allow current inventory

2,500

to be properly absorbed by a domestic market, particularly the Northeast.

DOWNTOWN MIAMI URBAN CORRIDOR

FINAL REMARKS

8,244 units representing

The overall political, financial and economic outlooks will improve for Miami’s real estate market due to higher commodity prices, better performance of foreign currencies,

56%

of the active market

2,000

1,500

strength of the stock market and historically low interest rates. In the luxury segment, there are 4,679 units available in new development inventory that will most likely be absorbed in the next two years. In the next three years, $30 billion of public and private

1,000

investment in South Florida will have a profound impact in the local real estate market. Most investments will focus on entertainment, arts & culture and retail expansion, which will give the tourism industry, a leading indicator of future real estate acquisitions, a boost. Finally, the limited availability of waterfront sites will continue to push land value

500

upwards due to a stronger scarcity value in the marketplace. This scarcity will be more evident in the 2018–2020 period, when we shift into a new development cycle in which the real estate market may reach new heights.

1,404

2,031

2,467

676

1,881

1,458

2,316

509

308

190

900

245

Q1 17

Q2 17

Q3 17

Q4 17

Q1 18

Q2 18

Q3 18

Q4 18

Q1 19

Q2 19

Q3 19

Q4 19

Q1 20

Q2 20

Q3 20

Q4 20

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 LOCATION

DEVELOPER

ARCHITECT

COMPLETION

AVG. $/SF

# UNITS

# SOLD

% SOLD

LOCATION

DEVELOPER

ARCHITECT

COMPLETION

AVG. $/SF

Bellini

Aventura

Martin Margulies

CFE Architects

2013 Q4

$650

90%

29. Vela Vista

Fort Lauderdale

Oak Construction

Tuthill Architecture

2015 Q4

$500

80%

ECHO

Aventura

PMG (NY)

Carlos Ott

2015 Q1

$575

190

180

95%

30. AquaLuna

Fort Lauderdale

Ocean Land Investments Adache Group Architects

2016 Q3

$549

94%

Marina Palms Tower I

Aventura

Plaza Group + DevStar

Slattery and Associates

2015 Q4

$475

234

100%

31. AquaVita

Fort Lauderdale

Ocean Land Investments Adache Group Architects

2015 Q3

$565

100%

Marina Palms Tower II

Aventura

Plaza Group + DevStar

Slattery and Associates

2016 Q4

$440

234

202

86%

32. Beach Walk

Hallandale Beach Related Group

CFE Architects

2015 Q1

$375

300

100%

Oceana Bal Harbour

Bal Harbour

Consultatio

Arquitectonica

2016 Q4

$1,600

239

177

74%

33. Apogee Beach

Hollywood Beach Related Group

Carlos Ott

2013 Q4

$585

100%

Riva

Bay Harbor Isl.

Epelboim Dev. Group

Sam Robin

2013 Q1

$475

96%

34. Hyde Resort & Residences

Hollywood Beach Related Group + Fortune

Cohen Freedman Encinosa

2016 Q2

$650

407

100%

Harbour Park

Bay Harbor Isl.

ART+TEC + HOGG

N/A

2014 Q3

$350

75%

35. Oceana KB

Key Biscayne

Consultatio

Arquitectonica

2014 Q1

$1,250

142

137

96%

Club At Bay Harbor

Bay Harbor Isl.

BH US Investments

Frankel Benayoun

2014 Q3

$375

95%

36. 101 Key Biscayne

Key Biscayne

E. Soulavy + O. Segall

Gabriel Lopez

2015 Q1

$950

91%

My Brickell

Brickell

Related Group

Arquitectonica

2013 Q3

$285

188

100%

37. Ocean Seven

Miami Beach

PMG

Shapiro & Associates

2013 Q4

$1,400

71%

10. Millecento

Brickell

Related Group

Carlos Ott

2014 Q3

$390

384

100%

38. Peloro

Miami Beach

SMG Management

Luis Revuelta

2014 Q4

$450

114

100%

11. Nine

Brickell

LYND + ST Capital

Behar Font & Associates

2015 Q2

$520

390

100%

39. Faena House

Miami Beach

Faena

Foster & Partners

2014 Q4

$2,800

100%

12. Brickell House

Brickell

Newgard Dev. Group

Sieger-Suarez Architects

2015 Q4

$315

375

100%

40. Edition

Miami Beach

Ian Schrager

John Pawson

2014 Q4

$2,100

85%

13. Brickell City Centre (Reach)

Brickell

Swire

Arquitectonica

2016 Q1

$650

390

353

91%

41. 1 Hotel & Homes

Miami Beach

LeFrak + Starwood

HKS + Kobi Karp

2015 Q3

$1,850

163

148

91%

14. Brickell City Centre (Rise)

Brickell

Swire

Arquitectonica

2016 Q3

$675

390

185

47%

42. Beach House 8

Miami Beach

Moravito Properties

Arquitectonica

2016 Q2

$1,700

100%

15. SLS Residences

Brickell

Related Group

Arquitectonica

2016 Q2

$550

453

100%

43. Terrazas

Miami River

Related (owned by Ladder) Shapiro & Associates

2012 Q3

$325

324

248

77%

16. Le Parc at Brickell

Brickell West

AXA + Strategic Prop.

Luis Revuelta & Archiplan

2016 Q1

$540

128

118

92%

44. Iris on the Bay

Normandy Shores Braddock + Spear Group

Beilinson Gomez Architects 2015 Q1

$460

100%

17. Cassa Brickell

Brickell West

TSG Paragon

Carlos Ponce de Leon

2016 Q4

$480

90%

45. Palau

South Beach

SMG Management

Kobi Karp

2014 Q4

$775

100%

18. Grove at Grand Bay

Coconut Grove

Terra Group

Bjarke Ingels

2016 Q2

$875

100%

46. Glass

South Beach

Terra Group

Rene Gonzalez

2015 Q1

$2,300

100%

19. Paseo 5252

Doral

Codina

Sieger-Suarez Architects

2015 Q4

$335

219

100%

47. One Ocean

South Beach

Related Group

Enrique Norten

2015 Q2

$1,650

100%

20. Paseo 5300

Doral

Codina

Sieger-Suarez Architects

2016 Q4

$370

212

100%

48. 321 Ocean

South Beach

Arditi

Enrique Norten

2015 Q2

$1,600

100%

21. Centro

Downtown

Newgard

Sieger-Suarez Architects

2016 Q2

$415

352

320

91%

49. Marea

South Beach

Related Group

Sieger-Suarez Architects

2015 Q4

$1,600

100%

22. Icon Bay

Edgewater

Related Group

Arquitectonica

2015 Q2

$475

300

100%

50. 1215 West

South Beach

Domus Group

RE Chisholm Architects

2015 Q4

$725

83%

23. Baltus House

Edgewater

Related Group

Cohen Freedman Encinosa

2015 Q2

$470

167

100%

51. Mansions at Aqualina

Sunny Isles

The Trump Group

Cohen Freedman Encinosa

2014 Q4

$1,400

100%

24. Bay House

Edgewater

Melo Group

Melo Architecture

2015 Q4

$465

175

100%

52. Château Beach

Sunny Isles

Château Group

Kobi Karp

2014 Q4

$1,100

93%

25. Crimson

Edgewater

McKafka

IDEA Architects

2016 Q1

$600

78%

53. Regalia

Sunny Isles

Regalia Beach Dev.

Arquitectonica

2015 Q1

$1,800

92%

26. 250 Wynwood

Edgewater

Fortis Dev. Group

Laith Sayigh + DFA

2016 Q2

$535

100%

54. 400 Sunny Isles

Sunny Isles

Key Interntational

Chad Oppenheim

2014 Q3

$650

230

100%

27. Adagio on the Bay

Fort Lauderdale

Grupo Alco

Garcia Stromberg

2015 Q2

$527

100%

55. Porsche Tower

Sunny Isles

Gil Dezer

Porsche + Sieger-Suarez

2016 Q3

$1,700

132

128

97%

28. Ocean Conrad

Fort Lauderdale

Heafey Group

Garcia Stromberg

2015 Q2

$850

298

107

36%

56. Fendi Château

Surfside

Château Group

Arquitectonica

2016 Q4

$1,900

97%

8,279

7,528

91%

CONTINUED

PROJECT NAME

TOTAL

# UNITS

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

Data gathered January, 2017. Information is deemed accurate but not guaranteed. Availability and prices are subject to change without notice.

# SOLD

% SOLD

UNDER CONSTRUCTION & PRE-CONSTRUCTION DEVELOPMENTS PROJECT NAME

LOCATION

DEVELOPER

ARCHITECT

COMPLETION

AVG. $/SF

# UNITS

# SOLD

% SOLD

Aventura ParkSquare

Aventura

Integra

Zyscovich

2017 Q4

$550

131

67%

Prive

Aventura

BH3

Sieger-Suarez Architects

2017 Q2

$825

160

Ivory

Bay Harbor

Bricko

BMA & Frankel Benayoun

2017 Q2

$700

Kai Residences

Bay Harbor

Estudio 18

Arquitectonica

2017 Q2

$650

PROJECT NAME

LOCATION

DEVELOPER

42. Missoni Baia

Edgewater

50%

43. Naranza

93%

ARCHITECT

COMPLETION

AVG. $/SF

# UNITS

# SOLD

% SOLD

OKO + OB Grp. + Cain Hoy Asymptote + Revuelta Arch. 2019 Q4

$875

146

10%

Edgewater

Prodesa International

Arquitectonica

2018 Q4

$460

137

11%

44. Auberge (South Tower)

Fort Lauderdale

Fortune Intl. + Related

Nichols Brosch Wurst Wolfe

2018 Q2

$1,000

114

45%

86%

45. Auberge (North Tower)

Fort Lauderdale

Fortune Intl. + Related

Nichols Brosch Wurst Wolfe

2017 Q4

$1,100

88%

Bijou

Bay Harbor

Ability by Acierto

Luis Revuelta

2017 Q4

$725

66%

46. Riva

Fort Lauderdale

Premier Developers

FSMY

2017 Q3

$567

100

62%

Palm Villas

Bay Harbor

Estudio 18

Shapiro & Associates

2017 Q3

$400

29%

47. The Gale Residences

Fort Lauderdale

Newgard

Garcia Stromberg

2017 Q2

$625

129

112

87%

O Residences

Bay Harbor

S2 Dev. / BH-LK Inv.

Charles Benson

2017 Q3

$750

100%

48. AquaBlu

Fort Lauderdale

OceanLand Investments

Borges + Associates

2018 Q2

$600

54%

Sereno

Bay Harbor

Integra

Corwill Architects

2017 Q1

$625

95%

49. The Wave in Bay Shore

Fort Lauderdale

Oaktree Management

A.S. Bengochea Architects

2018 Q1

$433

59%

Le Jardin

Bay Harbor

Verzasca Group LLC

Frankel Benayoun

2017 Q3

$500

53%

50. Paramount Ft. Lauderdale

Fort Lauderdale

Falcone Group

Luis Revuelta

2017 Q2

$850

89%

10. Pearl House

Bay Harbor

Verzasca Group LLC

Frankel B. + Garcia–Mathies 2017 Q3

$400

67%

51. 33 Intracoastal

Fort Lauderdale

Kerry Marsh

Nest Plans

2017 Q4

$200

82%

11. ONE by Tross

Bay Harbor

Tross International LLC

Frankel Benayoun

2017 Q4

$500

65%

52. Aquamar

Fort Lauderdale

OceanLand Investments

Paredes Architects

2017 Q2

$700

85%

12. Flatiron

Brickell

Ugo Colombo + Capital G. Luis Revuelta

2018 Q4

$650

548

250

46%

53. Aquavue

Fort Lauderdale

OceanLand Investments

Bordes

2018 Q2

$600

63%

13. Bond

Brickell

Rilea Group

Nichols Brosch Wurst Wolfe

2017 Q2

$650

328

310

95%

54. 100 Las Olas

Fort Lauderdale

Colter

SB Architects

2019 Q4

$650

121

10%

14. Echo Brickell

Brickell

Developer

Carlos Ott

2017 Q2

$1,100

180

167

93%

55. Four Seasons

Fort Lauderdale

Fort Partners

Kobi Karp

2019 Q3

$1,500

20%

15. 1010 Brickell

Brickell

Key Interntational

Sieger-Suarez Architects

2017 Q2

$650

387

375

97%

56. Galleria Lofts

Fort Lauderdale

SobelCo

Kaller

2017 Q1

$260

56%

16. SLS LUX

Brickell

Related Group

Arquitectonica

2017 Q3

$703

534

508

95%

57. Costa Hollywood

Hollywood Beach Liberty Sites

Hamed Rodriguez

2017 Q1

$420

307

276

90%

17. Brickell Heights East (BH2)

Brickell

Related Group

Arquitectonica

2017 Q1

$643

367

100%

58. Hyde Beach House

Hollywood Beach Related + Key Intl.

CFE Architects

2018 Q2

$600

342

222

65%

18. Brickell Heights West (BH2)

Brickell

Related Group

Arquitectonica

2017 Q1

$643

332

100%

59. Sage Beach

Hollywood Beach PMG (NY) + TDG Florida

Carlos Ott

2017 Q2

$740

83%

19. Brickell TEN

Brickell West

Waterstone Cap. + IB Corp. BC Architects

2017 Q1

$425

155

151

97%

60. The Ritz-Carlton Residences Miami Beach

Lionheart + Elliott Mgm.

Lissoni

2017 Q3

$1,300

111

69%

20. Merrick Manor

Coral Gables

The Astor Companies

2018 Q4

$411

170

102

60%

61. L’Atelier

SMG + W Capital Group

Luis Revuelta + Holly Hunt

2017 Q4

$1,400

71%

Behar Font

Miami Beach

21. One Park Grove

Coconut Grove

Related + Terra Group

Rem Koolhaas

2018 Q2

$1,600

15%

62. Eleven on Lennox

Miami Beach

Shoma Group

Zyscovich Architects

2018 Q2

$800

22. Two Park Grove

Coconut Grove

Related + Terra Group

Rem Koolhaas

2017 Q3

$1,200

97%

63. The Shore Club / Fasano

Miami Beach

HFZ Capital

Isay Weinfeld

2017 Q4

$2,300

35%

23. Park Grove Club Residences Coconut Grove

Related + Terra Group

Rem Koolhaas

2017 Q3

$900

154

148

96%

64. 3900 Alton

Miami Beach

Mast Capital

Ricardo Bofill

2018 Q4

$950

17%

24. Fairchild

ROVR Development

Max Strang

2018 Q2

$950

23%

65. The Harbour

N. Miami Beach

13th Floor + Key Intl.

Corwil Architects

2018 Q2

$650

425

361

85%

25. Downtown Doral - 5350 Park Doral

Codina

Sieger-Suarez Architects

2019 Q1

$410

232

38%

66. One River Point

Miami River

Kar Properties

Rafael Vinoly

2019 Q4

$800

418

22%

26. Midtown Doral (Phase I)

Doral

Optimus Developers

PPK Architects

2017 Q3

$365

537

481

90%

67. Hyde Midtown

Midtown

Related + Dezer

Arquitectonica

2018 Q4

$550

410

131

32%

27. Mansions at Doral

Doral

DEVTOV

PPK Architects

2017 Q1

$375

76%

68. Canvas

Midtown

NRI Investments

CFE Architects

2018 Q1

$450

513

338

66%

28. Modern

Doral

Terra Group

PPK Architects

2018 Q1

$265

319

285

89%

69. Three Hundred Collins

South Beach

JMH Development

Thomas Juul-Hansen

2017 Q2

$1,450

84%

29. Paramount Worldcenter

Downtown Miami Royal Palm (Daniel Kodsi) Elkus Manfredi

2018 Q4

$675

500

305

61%

70. Louver House

South Beach

Mast Capital

Rene Gonzalez

2017 Q2

$1,375

58%

Coconut Grove

30. One Thousand Museum

Downtown Miami G. Covin & L. Birdman

Zaha Hadid Architects

2018 Q2

$1,350

58%

71. Estates at Aqualina

Sunny Isles

The Trump Group

Rafael Portuondo

2020 Q4

$1,400

245

35%

31. Aston Martin Residences

Downtown Miami Coto (Argentina)

Revuelta + Bodas M. Anger

2021 Q4

$880

390

72. Aurora

Sunny Isles

Verzasca Group

Luis Revuelta

2019 Q4

$680

43%

32. Elysee

Edgewater

Two Roads Developers

Arquitectonica

2019 Q3

$750

100

35%

73. Armani Casa

Sunny Isles

Gil Dezer + Related

Cesar Pelli

2019 Q2

$1,200

308

200

65%

33. Gran Paraiso

Edgewater

Related Group

Arquitectonica

2018 Q1

$750

317

314

99%

74. Ritz Carlton Sunny Isles

Sunny Isles

Fortune International

Arquitectonica

2018 Q4

$1,500

210

140

67%

34. Bentley Residences & Hotel

Edgewater

Heafey Group

Kobi Karp

2019 Q1

$675

207

36%

75. Turnberry Ocean Club

Sunny Isles

Turnberry Associates

Carlos Zapata

2019 Q4

$1,350

154

40%

35. Paraiso Bay TI

Edgewater

Related Group

Arquitectonica

2018 Q2

$700

360

100%

76. Jade Signature

Sunny Isles

Fortune International

Herzog & De Meuron

2017 Q3

$1,650

192

172

90%

36. Biscayne Beach

Edgewater

East View Dev. + GTIS

WHLC Arch. + BC Arch.

2017 Q2

$700

399

395

99%

77. Parque Towers

Sunny Isles

J. Milton and Associates

Edward Castallera

2017 Q4

$500

320

290

91%

37. Aria on the Bay

Edgewater

Melo Group

Arquitectonica

2018 Q1

$500

647

342

53%

78. Muse

Sunny Isles

PMG (NY)

Carlos Ott / Sieger-Suarez

2018 Q1

$1,900

72%

38. One Paraiso

Edgewater

Related Group

Arquitectonica

2017 Q3

$775

279

273

98%

79. Eighty Seven Park

Surfside

Terra + Bizzi Partners

Renzo Piano

2019 Q1

$2,100

44%

39. Paraiso Bay View

Edgewater

Related Group

Arquitectonica

2017 Q3

$550

388

368

95%

80. Surf Club – Four Seasons

Surfside

Fort Capital

Richard Meier

2017 Q2

$2,400

150

120

80%

40. 26 Edgewater

Edgewater

Stripey Real Estate Dev.

Mods Architects

2017 Q1

$473

93%

81. Metropica

Sunrise

Trillist + KGH Intl. Dev.

Oppenheim Architecture

2018 Q4

$440

263

149

57%

41. Emilia

Edgewater

Massimo Nicastro

Revuelta Vega Leon

2017 Q2

$420

93% 14,775

10,206 69%

TOTAL CONTINUED

OUR EXCLUSIVE DEVELOPMENTS SOUTH FLORIDA’S MOST PRESTIGIOUS NEW RESIDENCES

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THREE HUNDRED COLLINS

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MIAMI

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MIAMI

METROPICA

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RESIDENCES AT W SOUTH BEACH

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METHODOLOGY

CONDO MARKET DATA Our condo research methodology focuses on the development of a

The implementation of project samples also helped control the variability

market index. The difficulty in comparing existing condominium project

brought about by merely averaging all condo projects within a specific

average pricing is that the pricing averages do not distinguish between

submarket, which when comparing multiple years was less reflective

penthouse units and regular units, waterview versus waterfront or age

of changing market conditions. While this methodology only reflects a

and market position of the product. ONE Sotheby’s International Realty

“sample” of the condo market, the number of projects and number of

and IRR Miami developed an index of relevant condominium towers

units in the sample are considered representative of the market. The

that comprise what we consider to be a representative sample of the

sample pool does not include pre-construction projects. Therefore, the

luxury projects within each submarket. The inclusion of each project

averages and indicators reflect contemporary existing peers and are

was vetted by brokerage and appraisal staff from the respective firms

not meant to reflect pricing of the newest projects coming to market.

and the sampling reflects the center of the luxury market as it relates

This methodology will also allow us future analytical capability to

to the specific submarket. Average pricing data was then calculated

project floor premiums, view premiums and penthouse premiums

for each of the relevant years by submarket and unique units were

since the data will be isolated for direct and discrete comparison on

excluded from the sample to avoid skewing the average price

these function points. We hope this will clarify directionality of the

indicators, making the report as accurate and impartial as it can be.

market and allow for deeper analysis in future reports.

SINGLE-FAMILY HOME MARKET DATA

TOP TOTAL MARKET PERFORMANCE

TOP LUXURY SEG. PERFORMANCE

The Top Total Market Performance is the one market in each area

The Top Luxury Segment Performance is the one market in each

that presented the highest Total Market increase (or lowest decline,

area that presented the highest Luxury Segment increase (or lowest

if no market increased) in average pricing per square foot in 2016

decline, if no market increased) in average sales pricing in 2016 when

when compared to the market’s five-year average. In case of a tie, the

compared to 2015 average sales pricing. In case of a tie, the highest

highest increase (or lowest decline, if no market increased) in number

increase (or lowest decline, if no market increased) in number of

of transactions determines the Top Total Market Performance.

transactions determines the Top Luxury Segment Performance.

2016 $/SF EXCEEDS TOTAL AREA AVG.

2016 LUX. $ EXCEEDS TOTAL AREA AVG.

Prices per square foot for all markets in one area are averaged into

Sales prices for all luxury segments in one area are averaged into

one total area average. Each market average is then compared to the

area average to check if it exceeds it. This provides insight as to how

neighboring markets compare in terms of overall value. Roughly half

neighboring markets compare in terms of luxury value. Roughly half

of the markets should exceed the area average, unless one or two

markets are dramatically out of the general pricing range.

2016 $/SF EXCEEDS MARKET’S 5-YR AVG.

BEST VALUE

This indicator marks each individual market that experienced a

‘Best Value’ is assigned to the one market in each area that presented

positive price-per-square-foot change in 2016 when compared to

the highest Total Market decline (or lowest increase, if no market

the market’s five-year average. It examines how the market fared

declined) in average PPSF in 2016 when compared to the market’s five-

compared to its general pricing trends, which usually provides more

year average. While some markets may be more expensive than their

insight than a year-over-year comparison that may be subject to

neighboring markets, they may also be experiencing a low point in their

volatility and specific situations unrelated to the trend itself.

pricing trend, which may indicate a good opportunity for buyers.

WF = WATERFRONT | NWF = NON-WATERFRONT | SFH = SINGLE-FAMILY HOMES | PPSF = PRICE PER SQUARE FOOT | % CHG = PERCENTAGE CHANGE

©MMXVII ONE Sotheby’s International Realty, licensed real estate broker. Sotheby’s International Realty® is a licensed trademark to Sotheby’s 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.

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.