ADDING
South Florida Market Report
IT
UP
Boom and bust, by the numbers
S
outh Florida real estate is on a roller coaster that is finally going uphill — careening, really, at top speed. Inventory is tight. A couple hundred condo towers are planned. Scads of price records have been broken (see page 32). Money
Condo towers planned:
is flowing from banks again. Just how long, though, will the ride last? That’s anybody’s guess, but here are numbers to get your bearing on where the market is, where it’s been and where it might be headed.
174
Decline in the dollar value of its projects that the Related Group, South Florida’s biggest developer, saw during the downturn:
Towers completed:
$3 billion
3 Discount off the record $125 million listing that the Versace mansion sold for ($41.5 million) at auction:
Percentage of the units built in last condo boom that have now been sold:
96
67 percent
Percentage increase in the median price of condos from July 2012 to July 2013:
Homes on the market at the start of 2009:
33
100,000 Homes on the market today:
Foreclosures initiated on South Florida homes so far this year:
33,000
29,500
Listings added in Palm Beach County last month, the largest jump in five years:
Office vacancy rate for Palm Beach County:
2,300
18 percent Office vacancy rate for Miami-Dade County:
14 percent
Amount that Alabama’s Regions Bank, the biggest traditional lender for condo projects right now, has lent:
Retail vacancy rate in Miami-Dade:
$250 million
4.3 percent
Condo units built during the last economic cycle:
49,000
Average Class A per-square-foot rent in Miami’s Brickell, the priciest office corridor in South Florida:
Condo units planned today:
$42
20,200
Sources: Cranespotters.com; Condo Vultures; South Florida Shared Multiple Listing Service; Realtors Association of the Palm Beaches; Miami-Dade County records; the Related Group; Miami Association of Realtors; Colliers International.
16 | October 2013 www.TheRealDeal.com