Zichelle Team | Miami Real Estate Showcase & Market Trends by Joseph Zichelle

Miami Real Estate PROPERTY SHOWCASE & MARKET TRENDS

South Florida Market Trends

Preface In recent years, South Florida has regained traction and has become one of the most sought after markets for investors and homebuyers. With a quarter of the calendar year remaining, our team is emerging as an industry leader, breaking sales records and reaching new heights. Led by Joseph Zichelle, one of the most proven agents in the field over the past fifteen years, our group has quickly become a go-to resource for both buyers and sellers. Combining our vast knowledge of the area and our members’ diverse skill sets, our team’s reach extends to every corner of the market, including, but not limited to, high-end luxury, new construction, income-producing properties, hospitality, retail, shovel-ready developments, and property management. Notably, we have closed over $45M,have $90M pending, and over $700M in the pipeline. We have expanded our network and touch nearly every niche in South Florida. Our team goes above and beyond the industry standards regarding any and all transactions, and our end-to-end services are immeasurable. Particularly, we have formulated a marketing strategy that remains incomparable, allowing us to remain a significant step ahead of the elevated level of contest in the region. For instance, one of our newest endeavors, The Brickell Scoop, has pumped dynamic energy into the Brickell community, one of the most rapidly expanding segments of the market. Our cohesive group continues to grow with immeasurable potential, sprouting with a plethora of skills, experience, and a competitive edge that enables us to remain a sought after resource. Each team member’s specialty, combined with a group-wide focus and discipline, allows us to maintain our goal of consistently remaining the most successful team in the field, a trajectory on which we already find ourselves due to incoming investor capital and our unmatched ability to navigate others through the South Florida market, which remains as accelerated and flourishing as ever. The following pages offer a clear indication of the year’s market trends, as well as opportunities that still exist in the current market. We hope you find South Florida Real Estate Trends an informative and stimulating glimpse into the state of the marketplace and helpful as you chart your own path in South Florida.

Joseph Zichelle Principal | The Zichelle Team One Sotheby’s International Realty

South Florida Market Trends

Table Of Contents

MAP OF SOUTH FLORIDA NEIGHBORHOODS

M I A M I - D A D E R E S I D E N T I A L S TAT S

BRICKELL CONDO MARKET

THE BRICKELL SCOOP

SOUTH BEACH CONDO MARKET

SOUTH BEACH LISTINGS

WHERE WOULD YOU LIVE?

10 -11

ONE SIR COMMERCIAL DIVISION

ZICHELLE TEAM SIGNIFICANT SALES & PROPERTIES UNDER CONTRACT

COMMERCIAL SERVICES

THE ZICHELLE TEAM

South Florida Market Trends

Miami-Dade County

Miami | North End Aventura Golden Beach Bal Harbour Surfside Sunny Isles The Islands Bay Harbor Islands Indian Creek Normandy Isles La Gorce Sunset Islands Venetian Islands Palm/Hibiscus/Star Islands Fisher Island Key Biscayne Miami Beach South Beach Mid Beach North Beach Downtown Miami Midtown Edgewater Downtown Miami Brickell Miami | South End Coconut Grove Coral Gables Pinecrest Palmetto Bay CocoPlum Gables Estates Snapper Creek Lakes Ponce-Davis & High Pines Old Cutler Bay

Broward County

Western Suburbs Southwest Ranches Plantation Sunrise Weston Parkland Broward | North End Lauderdale-by-the-Sea Hillsboro Beach Lighthouse Point Bay Colony Sea Ranch The Landings Coral Ridge / C.R. Country Club East Fort Lauderdale Las Olas Isles Harbor Beach Fort Lauderdale Beach Rio Vista Victoria Park & Colee Hammock Sunrise Key Broward | South End Hollywood Beach Hallandale Beach

South Florida Market Trends

Miami-Dade

Residential Stats Miami-Dade County’s housing market offers a broad variety of single-family, townhome and condominium properties. From 10-million-dollar-plus mansions in exclusive waterfront enclaves like Indian Creek Village and Golden Beach to downtown Miami skyscrapers and historic Coral Gables properties, Miami-Dade’s luxury market is substantial and diverse. Miami has a vibrant and growing condominium market of both new and resale homes and a strong luxury, single-family market, reflecting its emergence as a globally significant property market that attracts buyers from throughout the Americas and beyond.

Number of Transactions (YTD)

935 Average Price per Square Foot (YTD)

$445 Luxury Spotlight (YTD) $1M to $5M Transactions

$5M to $10M Transactions

$10M+ Transactions

Avg. Home Price

$2,058,176

$6,834,424

$15,966,667

# Sold

372

39.8% of total

4.3% of total

1.6% of total

transactions

# Listed

996

128

* Numbers include only the county’s most prominent neighborhoods.

South Florida Market Trends

Brickell

Condo Market Two of Brickell’s three submarkets (Brickell Waterfront, Brickell Non-Waterfront and Brickell Key) saw strong appreciation, with waterfront properties leading the increase at 11%. Brickell has become one of the most popular condo submarkets in the current development cycle, and resale prices of $450 PSF to $670 PSF are supporting pricing on new developments. The highly anticipated Brickell City Centre (to be delivered next year) will be the bellwether for Brickell’s non-waterfront market moving forward.

The Condo Market: Brickell (YTD) % Sample Traded † Avg. Sales Price

Avg. S.F.

The Condo Market: Brickell Key (YTD)

1,2

Avg. $/S.F. % Change ($/S.F.)

NWF ‡

$440,097

979

$450

g 7%

WF ‡

$1,080,039

1,612

$670

g 11%

The Epic, Miami | $2,999,900

3 full, 1 half bathrooms

2,457 square feet

1001 South Miami Avenue

2 full, 3 half bathrooms

$936,611

Avg. $/S.F. % Change ($/S.F.)

1,658

$565

h 4%

1331 Brickell Bay Drive, Suite PH4506

Brickell Flatiron, Miami | Starting at $600/ S.F

1 bedrooms

WF ‡

Avg. S.F.

Jade Brickell, Miami | $4,199,000

200 S. Biscayne Boulevard, Suite 5001 3 bedrooms

% Sample Traded † Avg. Sales Price

1,2

4 bedrooms

4 full, 1 half bathrooms

4,260 square feet

The Plaza, Miami | $1,675,000

951 Brickell Avenue starting at 1,100 sf

3 bedrooms

3 full, 1 half bathrooms

2,418 square feet

South Florida Market Trends

A Miami social club created by ONE Sotheby’s Relators Elliot Machado and

life in Brickell. With this goal in mind, they used the platform to connect

Joseph Zichelle.

fans with Brickell venues by hosting two monthly social events ranging

The Brickell neighborhood located near downtown Miami is arguably one of the hottest locations in South Florida right now, boasting a host of brand

from happy hour, health and fitness, shopping and other community friendly gatherings to bring together real people that live, work, and play here.

new luxury high rise condominiums, a thriving foodie scene, and soon to

This social aspect gives Elliot and Joseph the opportunity to reach people

be world class shopping and entertainment within Brickell City Center.

they would never get the chance to meet or get in front of. The friendly and

Elliot and Joseph perceived this as a unique opportunity to cultivate a

professional reputation of The Brickell Scoop has created quite the stir in

community of ‘Brickellites’ through social media by keeping fans updated

the Miami social scene, inspiring brands like CitiBank to align themselves

on the people, places and things they need to know to navigate the good

with the group in sponsoring most of their events.

South Florida Market Trends

South Beach Condo Market

South Beach has remained an undoubtedly popular submarket, attracting local, domestic and international buyers alike. Pricing at the sought-after South Beach condominiums

Asking price: $35,900,000

Continuum North, Portofino Tower and Apogee has continued to steadily increase, at an average of 15%–35% per square foot. New mid- and high-rise condominiums such as Marea and Glass sold very well, reflecting untapped demand in the submarket, particularly in the exclusive South of Fifth area.

The Condo Market (YTD)1,2 5004 N Bay Road, Miami Beach % Sample Traded

†

Avg. Sales Price

Avg. S.F.

Avg. $/S.F.

% Change ($/S.F.)

NWF ‡

$776,750

1,158

$671

g 5%

WF ‡

$2,971,102

1,900

$1,564

g 7%

7 bedrooms

10 full bathrooms

17,055 sf living

5004NBayRoad.com

Asking price: $32,000,000

Spotlight: South of Fifth (YTD)1

30 Palm Avenue, Miami Beach 8 bedrooms

8 full, 1 half bathrooms

14,000 sf living Apogee

Continuum South

Continuum North

Murano Portofino

Murano Grande

Icon South Beach

Portofino Tower

Average Sales Price

$8.00M

$4.73M

$2.30M

$3.35M

$3.00M

$1.54M

$2.80M

Average PPSF

$2,578

$1,891

$1,877

$1,454

$1,345

$1,012

$1,279

No change

h 13%

g 15%

g 1%

g 35%

h 5%

g 24%

from

1st Half 2014

30PalmAv.com

Asking price: $31,950,000

4730 N Bay Road, Miami Beach 7 bedrooms

9 full, 2 half bathrooms

14,000 sf living

4730nbayroad.com

1. All percentage changes were calculated comparing 1st Half 2015 to 1st Half 2014.

South Florida Market Trends

The Zichelle Team

Significant Luxury Sales

Under Contract

7066 Fisher Island Drive

350 Ocean Drive, Unit 503-N

Fisher Island, FL 33109

Key Biscayne, FL 33149

Offered at: $8,100,000

Sold at: $4,450,000

Sold

425 E Dilido Drive

445 E Dilido Drive

Miami Beach, FL 33139

Sold at: $3,650,000

Sold

Sold at: $3,750,000

South Florida Market Trends

PROUDLY REPRESENTING SOUTH FLORIDA’S MOST PRESTIGIOUS NEW RESIDENCES

Where would you live? Brickell City Centre, Miami

One Thousand Museum, Miami

Starting at $595,000 / Completion: 2015

Starting at $5.5M / Completion: 2017

L’Atelier, Miami Beach

The Residences at W South Beach, Miami Beach

Starting at $4M / Completion: 2017

Starting at $995,000 / Completed

Riva, Fort Lauderdale

Metropica, Sunrise

Starting at $645,000 / Completion: 2017

Starting at $290,000 / Completion: 2017

South Florida Market Trends

The Ritz-Carlton Residences, Miami Beach

Oceana, Bal Harbour

Starting at $2M / Completion: 2016

Starting at $1.8M / Completion: 2017

Three Hundred Collins, Miami Beach

Louver House, Miami Beach

Starting at $1.2M / Completion: 2017

Starting at $2.5M / Completion: 2017

Kai at Bay Harbor, Bay Harbor Islands

Gale, Fort Lauderdale

Starting at $612,000 / Completion: 2016

Starting at $400,000 / Completion: 2016

South Florida Market Trends

ONE Sotheby’s International Realty Commercial Division

ONE Sotheby’s International Realty continues to receive worldwide

and results consistent with the firm, our client’s needs are proudly served

recognition delivering on exceptional service and financial performance.

throughout South Florida with over 450 sales associates in eight offices.

The reason for its success is simple: consistently providing clients with

The ONE Sotheby’s International Realty Commercial Division provides

exceptional service and results is our priority. Meeting the client’s demand

commercial real estate solutions with the singular objective of helping its

for additional assistance while maintaining the outstanding service

clients achieve their business goals. Our team of Commercial Property

synonymous with the Sotheby’s brand has led the firm to expand its

Specialists are dedicated to providing exceptional service while maximizing

offerings to include the Development Division in 2012 and the Commercial

value for the properties we represent. This is accomplished by developing

Division in 2015. ONE Sotheby’s International Realty’s Commercial Division

professional relationships with local and global industry leaders, providing

offers a full platform of commercial real estate services providing brokerage

strategic exposure for our listings and keeping current with market trends.

as well as advisory expertise. Delivering on the legacy of exceptional service

South Florida Market Trends

Zichelle Team

Significant Sales & Under Contract Properties Multi-Family: Under Contract

Under Contract

120 SW 8th Avenue

1430 SW 1st Street

Cap rate: 3.5%

New Construction

Offered at: $14,950,000

Offered at: $12,000,000

Sold

1023 SW 6th Street

435 SW 12th Avenue

Cap rate: 4.5%

Cap rate: 4%

Sold at: $10,700,000

Sold at: $6,700,000

Retail & Office Space: Sold

3630 NE 1st Court Sold at: $7,000,000

Under Contract

1516 Ponce De Leon: Offered at: $4,000,000

South Florida Market Trends

End-to-End

Commercial Services

We partner with our clients to understand their objectives. Our professionals strive to deliver optimal solutions and to ensure their clients achieve their business goals. Our Commercial Division offers a variety of services, including:

Brokerage and Advisory Services:

Tenant Representation:

• • • • • • • • • • • •

• • • • • • • • • • •

Investment sales and acquisitions Hospitality sales Multi-family and mixed-use sales Land sales and acquisitions Retail sales and leasing Office sales and leasing Industrial/distribution center sales and leasing Healthcare sales and leasing Education sales and leasing Legal sales and leasing Senior Housing sales and leasing Non-profit sales and leasing

Building and space requirements assessment Zoning and special use required assessment Budget objective and occupancy costs adherence Target market identification and analysis Competitive site analysis Market surveys Retail data analysis Demographic research and reports Aerial site mapping/co-tenancy analysis Letter of Intent Lease negotiations (relocations, renewals, expansions, downsizing and extensions)

Landlord Representation:

Investment Sales and Acquisition:

• • • • • • •

• • • • • •

Strategic leasing program Financial analysis Marketing program Lease negotiations Market analysis Target tenant analysis Increased asset value through occupancy

Property acquisition Property disposition Investment analysis Sales/leaseback Portfolio strategy Development opportunities

Purchase:

Landlord Representation:

• • • • • • •

• • • • •

Investment objective analysis and portfolio strategy Target market analysis (clientele) Logistics assessment Property and asset availabilities survey Competitive site analysis Identify potential development opportunities Property assessment and valuation for acquisition

Sale: • • • • • •

Property assessment and valuation for disposition Competitive property analysis Target market analysis (investor/occupier) Sales/Leaseback option analysis Development opportunity evaluation Marketing program

Strategic leasing program focused on tenant retention Financial analysis of asset to drive value Marketing program showcasing unique asset profile Lease negotiations of current and new tenants Market analysis factoring current trends, availabilities, competing assets and future inventory • Target tenant analysis securing credit- worthy tenants, while attracting desired businesses • Increased asset value by maximizing occupancy

Tenant Representation: • Partner with business owners and leaders to fully understand the goals • Building and space requirement assessment • Zoning and special use required assessment • Budget objective and occupancy costs • Target market analysis for maximum exposure • Competitive site and lease analysis • Market availabilities and survey report

South Florida Market Trends

The Zichelle Team Meet Our Members

For nearly 15 years, Joseph Zichelle has built a reputation in real estate

While The Zichelle Team members maintain a diverse range of skill sets, all

for breaking records and delivering results.

are adept at utilizing technology with an early adopter mentality. This goes

Recognizing that no man is an island unto himself, Mr. Zichelle sought out professionals that shared his passion for excellence. The Zichelle Team is the result of his search and curation of the best talent in the industry. The Zichelle Team members currently include Ani Sierra, Elliot Machado, Mehmet Cereb, Jesse Spencer Ashley Davis and Oren Katz. Team members were each hand selected, and inclusion in the team requires a belief in a culture of meritocracy and collaboration. Invitation to join the team is extended by Mr. Zichelle only once per annum, with

well beyond the industry standards and is part of Mr. Zichelle’s personal philosophy, which views technology as follows:

“Technology is, by definition, the application of knowledge. Using technology in real estate is not about making pretty websites, it’s about applying a depth of rich knowledge that leads to results. A good looking website can complement such expertise, but it can never be a substitute.”

less than 2% of applicants approved to join.

— Joseph Zichelle

The Zichelle Team delivers: • Bi-coastal coverage of strategic opportunities in South Florida and Southern California, with local level presence Miami and Los Angeles. • Transactional depth spanning commercial and residential markets, as well as their respective sub-sectors.

Joseph Zichelle Principal

310.623.7017 jzichelle@onesothebysrealty.com

• Curated personal network of international buyers and sellers that excel at closing deals. Many people say the sky’s the limit, but at The Zichelle Team, the motto is different- raise the bar and break the sky.

Ani Sierra

Elliot Machado

Commercial Director Partner

Sales Associate Co-founder of The Brickell Scoop

786.427.9662 asierra@onesothebysrealty.com

305.898.4429 emachado@onesothebysrealty.com

Mehmet Cereb

Jesse Spencer

Sales Associate Relocation Specialist

Director of Operations Sales Associate

305.215.2899 mcereb@onesothebysrealty.com

305.632.7195 jspencer@onesothebysrealty.com

Ashley Davis

Oren Katz

Executive Assistant to Joseph Zichelle Leasing Associate

Marketing Coordinator

305.389.5161 adavis@onesothebysrealty.com

305.505.7995 zichelleteam@gmail.com

South Florida Market Trends

YOUR TOP RESOURCE FOR SOUTH FLORIDA REAL ESTATE.

Number One

53 Percent

Leader in local luxury condo sales (over $500k)*

Growth in total sales volume from 2013 to 2014

$3 Billion

$1.3 Million

Amount in new, luxury developments represented by ONE

Average listing price in millions (highest in South Florida)*

*Data by BrokerMetrics, past 12 months.

©MMXV ONE Sotheby’s International Realty, licensed real estate broker. Sotheby’s International Realty® is a licensed trademark to Sotheby’s International Realty Affiliates LLC. An Equal Opportunity Company. Equal Housing Opportunity. Each Office is Independently Owned and Operated. The information contained herein is deemed accurate but not guaranteed. Prices are subject to change without notice.

South Florida Market Trends