25 Years of Transformation Over the last quarter century, the downtown Miami skyline filled in, the region experienced exponential expansion and Miami evolved into one of the most desirable places in the world not just to visit, but to live and conduct business in. Today, Miami is a cultural, commercial and entrepreneurial hub that validates its status as a world-class city.
Freedom Tower
Brickell / Downtown Miami 1993 Freedom Tower
Brickell / Downtown Miami 2018 25 Years of South Florida's Appreciation 229% Increase 25 Year Closed Sales Macro* Analysis For Condos Built Since 1993 and East of I-95 since 1993 *(Brickell, Biscayne Corridor, Downtown Miami, South Beach, Miami Beach, Surfside, Bal Harbour, Bay Harbour Islands, Sunny Isles Beach, Hallandale Beach, Hollywood Beach, Aventura, North Miami Beach, Coconut Grove, Key Biscayne and Fort Lauderdale) Avg. 9% per year AVERAGE CLOSED SALES PRICE
$1MIL $913,492
$900K
$800K $809,291
$700K $666,380
$600K $526,494
$500K $423,182 CLOSED SALESCLOSED PRICE
$400K
$300K $277,380
$200K
1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Source: MLS Matrix, Integrated Realty Information Systems and Miami-Dade and Broward County Tax Records New Construction Condo Summary Total new construction condo units to be built, sold and currently available for sale in Brickell, Biscayne Corridor (Edgewater, Wynwood, Midtown, Design District, Omni), Downtown Miami, The Beaches (South Beach, Miami Beach, Surfside, Bal Harbour, Bay Harbor Islands, Sunny Isles Beach, Hallandale, Hollywood Beach), Aventura, North Miami Beach, Coconut Grove and Key Biscayne since mid-2011
TOTAL DEVELOPER UNITS DEVELOPER UNITS SOLD DEVELOPER UNITS UNSOLD
20,011 3,297 Total Units Unsold Units
(2,419 Delivered and Under Construction + 878 Pre-construction)
16,714 Sold Units 83% SOLD AS OF APRIL 2018 New Construction Condo Status Analysis Total new condo construction condominium developments east of I-95 and available for sale since mid-2011
DELIVERED AND UNDER CONSTRUCTION
Total Buildings Total Units Total Sold % Sold Total Unsold
Delivered 74 11,182 10,504 94% 678
Under Construction 43 7,486 5,745 77% 1,741
Totals 117 18,668 16,249 86% 2,419
PRE-CONSTRUCTION
Total Buildings Total Units Total Sold % Sold Total Unsold
Pre-Construction 13 1,343 465 35% 878
TOTAL UNSOLD SUMMARY 2,419 + 878 = 3,297 Delivered and under Pre-construction Total Unsold construction Brickell 2012-2017 Absorption Analysis for New Condos Built Since 2012
TOTAL UNSOLD DEVELOPER UNITS
5,827 Rise - 176 Unsold Reach - 30 Unsold Echo Brickell - 5 Unsold Brickell Flatiron - 137 Unsold Smart Brickell - 68 Unsold
4,379 Absorbed 2012-2015 1,448 Avg. 1,095 per year 462 Absorbed 986 Avg. 91 per month in 2016 390 Absorbed Avg. 39 per month in 2017 418 Avg. 33 per month SOLD OUT
2012 2016 2017 2018 2020 Currently Available *Projected
Total Condo 18 16 14 5 Buildings for Sale: Brickell City Centre’s Direct Competitive Set Condos with Unsold Developer Inventory
AVERAGE ASKING PRICE AVERAGE ASKING PRICE PSF
$2,120
$1,150 $4,488,036
$3,800,000
$689 $682 $650
$1,112,000 $962,000 $1,015,000
Brickell City Centre Brickell City Centre Brickell Flatiron Echo Brickell Una Residences REACH RISE Pre Construction Brickell Condominium Groundbreakings
25
24
23
22
21
20
19
18
17
16
15
14
13
12
11 10
10
9 GROUNDBREAKINGS 8
7
6 5 3 3 4 3 1 1 1* 1* 2 0 0 1
2012 2013 2014 2015 2016 2017 2018 2019 2020 *Projected *Projected
Smart Brickell Una Residences One River Point Brickell City Centre’s Pricing Comparison: Unsold Developer Inventory vs. MLS Inventory
DEVELOPER AVERAGE ASKING PRICE RESALE AVERAGE ASKING PRICE AVERAGE ASKING P/PSF
$755 $771 $689 $682
$1,245,021 $1,178,731 $1,112,000 $962,000
Brickell City Centre Brickell City Centre Brickell City Centre Brickell City Centre REACH RISE REACH RISE Develop Availability (194 Units) Resale Availability (101Units) Brickell New Construction Condo MLS Resale Analysis Condos Built Since 2012
Original Avg. Avg. Asking Project Total Units Closed Price No. on MLS % on MLS Avg. Asking Price $/Price 1010 Brickell 387 $833,900 81 21% $873,853 $618 1100 Millecento Residences 382 $397,688 64 17% $445,756 473 Brickell City Centre Reach 390 $905,281 48 12% $1,178,731 $755 Brickell City Centre Rise 390 $986,212 53 14% $1,245,021 $771 Brickell Heights East 367 $743,834 58 16% $751,417 $656 Brickell Heights West 332 $536,400 60 18% $671,425 $649 Brickell House 374 $502,056 74 20% $689,185 $614 BrickellTen 155 $465,900 21 14% $489,210 $417 Cassa Brickell 81 $575,850 18 22% $600,000 $609 Echo Brickell 180 $1,420,945 61 34% $1,544,398 $1,154 Le Parc 128 $509,259 23 18% $536,335 $522 My Brickell 192 $325,489 41 21% $346,445 $408 Nine at Mary Brickell Village 390 $420,000 56 14% $537,852 $490 SLS Hotel and Residences 453 $692,822 83 18% $850,166 $742 The Bond 323 $629,500 71 22% $632,661 $601 Total 4,524 $663,009 812 18% $759,497 $632 Rental Condominium Trends Total new condos delivered since 2006 in Brickell, Biscayne Corridor (Edgewater, Wynwood, Midtown, Design District, Omni), Downtown Miami, The Beaches (South Beach, Miami Beach, Surf- side, Bal Harbour, Bay Harbor Islands, Sunny Isles Beach, Hallandale, Hollywood Beach), Aventura, North Miami Beach, Coconut Grove, Key Biscayne and Fort Lauderdale.
2017 AVERAGE VACANCY RATES FOR CONDOS DELIVERED SINCE 2006
OCCUPANCY VACANCY
96.65% 3.35% OCCUPANCY VACANCY
TOTAL UNITS DELIVERED TOTAL ACTIVE AVERAGE ACTIVE (2006 - 2017) UNITS INVENTORY REMAINING 38,055* 1,275 4 Months (96.65%) (3.35%)
*Under construction/Pre-Construction not included. Only buildings with Certificate of Occupancy. Florida Daily Population Growth Of the 900 people that move to Florida each day, 45% of them make Miami-Dade, Broward and Palm Beach counties their home.
900 45% people per day of Florida’s daily migration is in South Florida
STATES WITH THE LARGEST DAILY POPULATION INCREASE (2016 - 2017) 12% Broward PEOPLE TOTAL (Fort Lauderdale) RANK STATE PER DAY POPULATION 8% 25% Palm Beach Miami-Dade 1 Texas 1,095 28.3 M
2 Florida 900 20.6 M 55% 3 California 658 39.5 M rest of state
30 New York 36 19.8 M
Source: U.S. Census Bureau Source: Demographics for the Bureau of Economics and Business Brickell City Centre 12 Month Price PSF Rental Analysis
33 ACTIVE RENTALS / AVG. DOM 90 DAYS
$2.98 AVG. PRICE PSF $2.94 $2.95 $2.95 $2.96 $2.91 $2.94 $2.88 $2.84 $2.81 $2.80 $2.80 $2.76
Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18