DOCSLIB.ORG

Greater Downtown Miami Mid-Year Report Market Study Update

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Greater Downtown Miami Mid-Year Report Market Study Update Greater Downtown Miami Mid-Year Report Market Study Update Prepared for the Miami Downtown Development Authority (DDA) by Integra Realty Resources (IRR) August 2017 Greater Downtown Miami Mid-Year Report Market Study Update Prepared for the Miami Downtown Development Authority (DDA) by Integra Realty Resources (IRR) August 2017 For more information, please contact IRR-Miami/Palm Beach The Douglas Centre 2600 Douglas Road, Suite 801 Coral Gables, FL 33134 305-670-0001 [email protected] Contents 2 Introduction 4 Greater Downtown Miami Market Submarket Map 5 What’s Changed Since Year-End 2016? 9 Submarket Analysis 11 Unit Sizes and Pricing Trends 13 Resale Condominium Pricing 16 Rental Market Statistics 19 Conventional Rental Market Supply 21 Condo Development Process Appendix Introduction Integra Realty Resources – Miami/Palm Beach (IRR-Miami) is pleased to present the following Mid-Year Residential Real Estate Market Study within the Miami Downtown Development Authority’s (Miami DDA) market area, defined as the Greater Downtown Miami market. This report updates IRR-Miami’s findings on the local residential real estate market through July 2017. Key findings from this mid-year study are as follows: • Three new condominium projects have delivered (Brickell Heights East and West and Millicento Biscayne Beach) comprising 1,089 units in total. • Downtown reached its midpoint in Q2 2017, with 5,180 new condo units delivered since 2012 and 5,078 units under construction. We project the Flatiron (549 units), Gran Paraiso (317), and possibly One River Point (418) to deliver in 2019. • Project surveys indicate existing under construction supply in all submarkets is 70% pre-sold on average. • Average condominium resale pricing has declined -5.4% year to date, hovering slightly over $400 PSF. • IRR’s review of trailing 4-year resales volume indicates that the downtown resale condo market began accelerating in Q1-2017, with May 2017 recording the highest number of closed and pending sales volume on record in the past 4 years. • Conventional apartment rents have remained steady with 1% - 4% rent growth year-over year since last summer. Only Studio rents declined -1.6% since last year. • As a new addition to this report, IRR has surveyed new Class A projects delivered in the prior 18 months including Monarc at Met3 and SoMa Brickell. Class A rents are 25% - 35% higher than IRR’s historical conventional rent surveys downtown, demonstrating the premium for newer well-located Class A apartments. 2 | Integra Realty Resources Introduction There are no markets that operate in a vacuum dislodged from larger economic trends. The Miami residential market is growing, both in terms of new condominium product and multi-family rental product. This growth and delivery of new product is bringing more product to market at higher quality and price points. The resale inventory listed for sale has been growing also, placing downward pressure on prices. The new conventional rental inventory is delivering and stabilizing quickly with brisk absorption at rents 25% – 35% higher than competitive older apartment product, demonstrating the continued demand for downtown as a lifestyle. However, these new conventional apartments are also competing for renters, many of whom occupied some of the aforementioned condominium buildings as renters. This is placing downward pressure on condominium units rents, which in turn has condominium owner-investors deciding it’s time to sell. These market dynamics play out on a macro-economic stage currently characterized by mixed consumer confidence, variable but slightly improving global economic conditions, and an uncertain US economic outlook despite the otherwise vibrant local market conditions in South Florida. As of mid-year 2017 in downtown Miami, it wasn’t the best of times, it wasn’t the worst of times. Respectfully, Integra Realty Resources (IRR) – Miami/Palm Beach Anthony M. Graziano, MAI, CRE, FRICS Senior Managing Director Dan Bowen Market Research Analyst 3 | Integra Realty Resources Greater Downtown Miami Market Submarket Map The map opposite illustrates the boundaries of the Miami DDA, as well as each submarket within the Miami DDA market. 4 | Integra Realty Resources What’s Changed Since Year-End 2016? he new development market downtown continues to project strength in the wake of fewer Treported buyers. With 18% less inventory under construction resulting from recent deliveries, each new project close-out is a success to be celebrated in favor of less competition among the remaining projects. Cancellation of projects, or re-positioning continues with Auberge (298 units) now on indefinite hold, and Chelsea (222 units) reportedly considering repositioning as retail use. Wynwood 26 (15 units) has announced conversion from rental to condo, while 2000 Biscayne (393 units) announced conversion from condo to rental. Brickell House In June 2017, Forbes reported improvements in the Brazilian economy, and a weaker US Dollar, are bringing Brazilians back to Miami to buy. These early reports of stabilization in Brazil unfortunately do not extend to many other key feeder markets in South America, and American foreign policy on visas and immigration may be counter-productive to a full resurgence anytime soon. Increases in European, Eastern European and Canadian buyers are reflective of strengthening economics in those large markets. Apartment developers remain active in planning new projects, and early reports of new potential land deals signal continued appetite for downtown multi-family development. Apartment rental absorption, rent levels, and demand all coupled with ample equity for apartment deals will continue to drive the multi-family pipeline. The challenges will be feasibility and financing terms, which have constrained all but the most well-capitalized multi-family developers in the past year. The overall Miami economy remains relatively strong. Continued multi-family demand will correlate to job growth and regional economic expansion, fundamentals that have been in question in the broader US economy. Despite persistent expectations of a broader recession, the US and Miami have weathered the storm. The real estate landscape continues to adjust to this potential uncertainty, but is proceeding based on the current economic framework of continued expansion, albeit more cautiously. 5 | Integra Realty Resources What’s Changed Since Year-End 2016? Figure 1a Greater Downtown Miami Current Growth – Contracts and Reservations Submarket Building Avg. SF Units Status Brickell One River Point 1,284 418 Contracts CBD Aston Martin Residences 2,000 390 Contracts Edgewater Elysee 3,383 100 Contracts Edgewater Gran Paraiso 1,549 317 Contracts Edgewater Bentley Edgewater Condo-Hotel 905 207 Reservations Edgewater Missoni Baia 2,950 146 Reservations Edgewater Naranza 935 137 Reservations Wynwood Wyn26 1,204 15 Reservations # in Contracts 1,225 # in Reservations 505 Total/Average 1,682 1,730 Figure 1b Greater Downtown Miami Current Growth – Under Construction and Q2 Completions Submarket Building Avg. SF Units Status Brickell Brickell Heights - East 1,078 358 Complete Brickell Brickell Heights - West (BH02) 983 332 Complete Edgewater Biscayne Beach 1,305 399 Complete A&E 1000 Museum 5,389 83 Under Construction A&E Canvas 892 513 Under Construction Brickell 1010 Brickell 1,283 387 Under Construction Brickell Brickell Ten 1,050 155 Under Construction Brickell Echo Brickell 1,510 180 Under Construction Brickell Flatiron 1,334 549 Under Construction Brickell SLS Lux 1,250 450 Under Construction CBD Paramount Miami 1,793 512 Under Construction Edgewater 26 Edgewater 645 86 Under Construction Edgewater Aria on the Bay 1,317 647 Under Construction Edgewater One Paraiso 1,682 272 Under Construction Edgewater Paraiso Bay Tower I 1,360 360 Under Construction Edgewater Paraiso Bayviews 1,044 388 Under Construction Edgewater Spark 1,378 56 Under Construction Edgewater The Edgewater 778 30 Under Construction Midtown Hyde Midtown 944 410 Under Construction # Completed Since Prior Report 1,089 # Under Construction 5,078 Total/Average 1,302 6,167 6 | Integra Realty Resources What’s Changed Since Year-End 2016? he market reached the development cycle mid-point with about 50% of the total projects since T2012 now completed, and slightly less than 50% of units remaining under construction. The contract/reservation pipeline remains relatively unchanged, notably with the Aston Martin project converting reservations to contracts. Figure 2 Current Greater Downtown Miami Condo Pipeline – Q2 2017 Submarket Complete Since 2012 Under Construction Contracts Reservations Proposed Totals A & E 0 596 0 0 1,834 2,430 Brickell 3,767 1,721 418 0 5,287 11,193 CBD 352 512 390 0 5,198 6,452 Edgewater 1,050 1,839 417 490 1,389 5,185 Midtown 0 410 0 0 195 605 Wynwood 11 0 0 15 478 504 Total (2017 Midyear) 5,180 5,078 1,225 505 14,381 26,369 Total (2017 Annual) 4,091 6,254 803 1,215 13,980 26,343 Total (2016 Q2) 2,790 7,499 879 673 15,606 27,447 Total (2015) 1,889 7,308 1,874 207 17,615 28,893 Total (2014) 1,044 6,019 2,070 1,598 12,543 23,274 These condominium project deliveries also coincided with 969 units of Class A apartment deliveries, bringing the total number of multi-family units under construction below 3,600 units. The key takeaway is that the under construction pipeline is getting thinner in both the for-sale new condominium projects and the future rental pipeline, which could provide stability into 2018 provided no material adverse changes in the broader economy. 7 | Integra Realty Resources What’s Changed Since Year-End 2016? Figure 3 Greater Downtown Miami Condo Market Size – Q2 2017 Submarket Current Market Current % Potential Long % Growth Size [1] Growth Growth Term Growth Longterm A & E 4,052 596 15% 1,834 45% Brickell 23,610 2,139 9% 5,287 22% CBD 6,640 902 14% 5,198 78% Edgewater 5,102 2,746 54% 1,389 27% Midtown 978 410 42% 195 20% Wynwood 111 15 14% 478 431% Total (2017) 40,493 6,808 17% 14,381 36% [1] Includes all 2014-2017 deliveries.
Load more

Recommended publications
  • Brochure and to the Documents Required by Section 718.503, Florida Statutes, to Be Furnished by a Developer to a Buyer Or Lessee
    OBTAIN THE PROPERTY REPORT REQUIRED BY THE FEDERAL LAW AND READ IT BEFORE SIGNING ANYTHING. NO FEDERAL AGENCY HAS JUDGED THE MERITS OR VALUE, IF ANY, OF THIS PROPERTY. ORAL REPRESENTATIONS CANNOT BE RELIED UPON AS CORRECTLY STATING THE REPRESENTATIONS OF THE DEVELOPER. FOR CORRECT REPRESENTATIONS, MAKE REFERENCE TO THIS BROCHURE AND TO THE DOCUMENTS REQUIRED BY SECTION 718.503, FLORIDA STATUTES, TO BE FURNISHED BY A DEVELOPER TO A BUYER OR LESSEE. AUBERGE BEACH 1 DEVELOPED BY VISIONARIES page 10 THE AUTHENTIC LUXURY OF AUBERGE page 14 ORIGINAL WORKS OF CONTEMPORARY ART page 22 FEATURES & AMENITIES page 48 FORT LAUDERDALE LIFESTYLE page 62 AUBERGE BEACH 2 SEE LEGAL DISCLAIMERS ON BACK COVER AUBERGE BEACH AUBERGE BEACH 4 5 SEE LEGAL DISCLAIMERS ON BACK COVER INDULGE IN THE ELEGANCE OF BEACHFRONT LIVING AUBERGE BEACH RESIDENCES & SPA FORT LAUDERDALE JOINS AN INTERNATIONAL PORTFOLIO OF AWARD-WINNING PROPERTIES IN NORTH AMERICA Auberge Beach Residences & Spa brings the ultimate personal service ensures that residents’ every need is in luxury living to Fort Lauderdale’s most extraordinary catered to with ease. Unique among even the finest beachfront property. Exquisitely designed residences, a luxury residential properties, Auberge Beach Residences rich array of indoor and outdoor amenities, a tempting & Spa will offer a host of exclusive cultural and culinary selection of restaurants, and a world-class Auberge- experiences that have been thoughtfully crafted to branded dining and spa are perfectly located directly enhance residents’ lifestyle and engage their senses. on 450 linear feet of pristine Atlantic Ocean beachfront. From sunup to sundown and deep into the night, Throughout Auberge Beach Residences & Spa, a curated residents will enjoy living life to its fullest and creating collection of contemporary art creates an atmosphere memories that will last a lifetime.
    [Show full text]
  • Filing # 107142705 E-Filed 05/06/2020 03:17:24 PM
    Filing # 107142705 E-Filed 05/06/2020 03:17:24 PM IN THE CIRCUIT COURT OF THE 11TH JUDICIAL CIRCUIT IN AND FOR MIAMI-DADE COUNTY, FLORIDA LION ADV, INC., Case No. 2020-xxxxxx-CA-xx Plaintiff, JURY TRIAL DEMANDED vs. SUNSET ENTERPRISE LTD, BCC FOOD HALL LLC d/b/a/ LUNA PARK, and ROBERTO COSTA, Defendants. ______________________________________/ COMPLAINT Plaintiff Lion Adv, Inc., by and through its attorneys, sues Defendants Sunset Enterprise Ltd, BCC Food Hall LLC d/b/a/ Luna Park, and Roberto Costa, for breach of contract, unjust enrichment, and alter ego, and alleges: PARTIES 1. Plaintiff Lion Adv, Inc. (“Lion”) is a Florida For-Profit Corporation with its principal place of business in Miami-Dade County, Florida. Mirko Scarcella (“Scarcella”) is the owner and president of Lion. He is an entrepreneur, author, and renowned personality in the social media world. 2. Defendant Sunset Enterprise Ltd (“Sunset”) is a United Kingdom Limited Liability Company with its principal place of business in London, England. Sunset does extensive business in Florida and has attorneys in Florida to handle its legal matters. 3. Defendant BCC Food Hall LLC (“BCC”) is a Florida Limited Liability Company with its principal place of business in Miami-Dade County, Florida. BCC operates a food hall at Brickell City Centre under the name Luna Park. 1 4. Defendant Roberto Costa (“Costa”) is the owner of BCC. Costa also owns eleven other restaurants around the world. RELEVANT NON-PARTY WITNESSES 5. Walter Gumina (“Mr. Gumina”) is an employee or agent of BCC. 6. Muhammad Asif (“Mr. Asif”) is the CFO of G-Life Corp., another Costa company.
    [Show full text]
  • Miami Condos Most at Risk Sea Level Rise
    MIAMI CONDOS MIAMI CONDOS MOST AT RISK www.emiami.condos SEA LEVEL RISE RED ZONE 2’ 3’ 4’ Miami Beach Miami Beach Miami Beach Venetian Isle Apartments - Venetian Isle Apartments - Venetian Isle Apartments - Island Terrace Condominium - Island Terrace Condominium - Island Terrace Condominium - Costa Brava Condominium - -Costa Brava Condominium - -Costa Brava Condominium - Alton Park Condo - Alton Park Condo - Alton Park Condo - Mirador 1000 Condo - Mirador 1000 Condo - Mirador 1000 Condo - Floridian Condominiums - Floridian Condominiums - Floridian Condominiums - South Beach Bayside Condominium - South Beach Bayside Condominium - South Beach Bayside Condominium - Portugal Tower Condominium - Portugal Tower Condominium - Portugal Tower Condominium - La Tour Condominium - La Tour Condominium - La Tour Condominium - Sunset Beach Condominiums - Sunset Beach Condominiums - Sunset Beach Condominiums - Tower 41 Condominium - Tower 41 Condominium - Tower 41 Condominium - Eden Roc Miami Beach - Eden Roc Miami Beach - Eden Roc Miami Beach - Mimosa Condominium - Mimosa Condominium - Mimosa Condominium - Carriage Club Condominium - Carriage Club Condominium - Carriage Club Condominium - Marlborough House - Marlborough House - Marlborough House - Grandview - Grandview - Grandview - Monte Carlo Miami Beach - Monte Carlo Miami Beach - Monte Carlo Miami Beach - Sherry Frontenac - Sherry Frontenac - Sherry Frontenac - Carillon - Carillon - Carillon - Ritz Carlton Bal Harbour - Ritz Carlton Bal Harbour - Ritz Carlton Bal Harbour - Harbor House - Harbor House
    [Show full text]
  • 1450 BRICKELL FACTS Large Missile
    At the entrance MIAMI · FLORIDA to the Brickell Setting the5415, 5455Highest Standard in Class A Office Buildings Financial District, 1450 Brickell offers Class A corporate headquarters prominence with panoramic water views, commuter convenience and unparalleled infrastructure for business continuity. 1450BRICKELL.COM 5415, 5455 SETTING THE HIGHEST STANDARD 1450 Brickell is a 35-story, 626,750 RSF Class A Office High Rise Tower at the entrance to Brickell Avenue 1450BRICKELL.COM 5415, 5455 CONVENIENT ACCESS AWAY FROM NEAR TOP HOTELS, RESTAURANTS, TRAFFIC CONGESTION OF DRAWBRIDGES RESIDENTIAL, AND RETAIL Brickell Ave. 18 th SW 7 St. Exit 1-B Brickell Key SW 8th St. S. Miami Ave. B I 15 17 Brickell Key SW 7th Ave. Metromover SW 2nd Ave. S. Miami Ave. 16 H SW 11th St. SW 1th Ave. Brickell City Center SW 8th St. 13 Brickell Ave. SW 9th Ave. 12 11 15th Rd. Metromover Shops At Mary Brickell Village 14 C SW 10th St. F G Coral Way 10 Simpson th SW 26 Rd. Park 9 SW 12th St. D S. Miami Ave. 8 S. Miami Ave. SW 15th Rd. 7 S. Miami Ave. th 5415, 5455 SW 12 Ave. 6 C 5 Exit 1-A A 4 Brickell Ave. 3 I Simpson 2 Park Coral Way 1 U.S. 1 Brickell Hammock S. Miami Ave. E Alice C. Wainwright 5415, 5455 5415, 5455 LESS DRIVE TIME... MORE BUSINESS 1. Echo Brickell Residences 9. JW Marriot A. From Brickell Avenue F. From S.W. 15th Road 2. PM Fish & Steak House 10. Nusr-Et Steakhouse going North G.
    [Show full text]
  • Curriculum Vitae
    Curriculum Vitae JEFF CHOOPANI AIA HIGHER EDUCATION Institutional: Florida International Bachelor of Architectural Technology 1988 (Civil Engineering Minor) West Stark Community College Ft Smith, Arkansas Associate in Arts 1979 Certifications: Post-Disaster Safety Assessment Evaluator Training 2009 Members: (AIA) American Institute of Architects (ASTM) American Society for Testing and Materials (BOMA) Building Owners and Managers Association EXPERIENCE QUALIFICATIONS. Knowledgeable and experienced within all aspects of Exterior Wall (Structural and Conventional Panel Systems, Stick Systems, Doors, Windows, Storefronts and Masonry Systems. With over 20 years of experience in providing Exterior Wall Testing Laboratory services inspections. I have 12 years of experience in waterproofing systems (above and below grade); concrete restoration and exterior field applied insulated finishes systems (convention or panel systems). PROFESSIONAL Miami Curtain Wall Consultants, Corp Current Principal, Senior Consultant, Founding Member Client Representative: Produce specifications for the exterior (i.e., Curtain walls, window walls, cladding, masonry, masonry/ stone composite walls) for project construction documents. Provide a full range of Quality Control Procedures on significant buildings. Organized and coordinated the quality control procedures utilized on building systems for manufacturing, delivery, final erection and testing. Witnessed construction of full scale project mock-ups and issued test reports. Provided remedial solutions to problems during testing that where later implemented in buildings already under construction. Reviewed architectural and shop drawings for inadequacies in the areas of water penetration, condensation, vapor penetration, anti-terrorism, and structural performance during design development and construction document phase of projects. Supervised inspections conducted daily in the field and shop. Observed and recorded day to day operations between architects, engineers and contractors.
    [Show full text]
  • City of Miami Office of Zoning in Compliance with the Miami
    CITY OF MIAMI OFFICE OF ZONING IN COMPLIANCE WITH THE MIAMI NEIGHBORHOOD COMPREHENSIVE PLAN AND MIAMI 21, NOTICE OF APPLICATION AND FINAL DECISION FOR WAIVERS IS ISSUED FOR THE FOLLOWING ITEMS: THE FINAL DECISION OF THE ZONING ADMINISTRATOR MAY BE APPEALED TO THE PLANNING, ZONING AND APPEALS BOARD BY ANY AGGRIEVED PARTY, WITHIN FIFTEEN (15) DAYS OF THE DATE OF THE POSTING OF THE DECISION TO THIS WEBSITE BY FILING A WRITTEN APPEAL AND APPROPRIATE FEE WITH THE OFFICE OF HEARING BOARDS, LOCATED AT 444 SW 2ND AVENUE 3rd Floor, MIAMI, FL 33130. TEL. (305) 416-2030 Final Decision Waiver Transect Date of First App. Referral Final Decision Name Address NET Area Use Addt. Referral cannot be issued Status Number Zone Notice Received Date (Issuance) Date prior to: South/West 2013-0084 4215 Braganza 4215 Braganza Demolition 12/4/2013 11/8/2013 11/22/2013 FG 1/4/2014 1/4/2014 Approved with Conditions Coconut Grove NE Coconut single family 2013-0073 2250 Overbrook 2250 Overbrook 11/1/2013 9/11/2013 n/a MDL 12/1/2013 1/14/2014 Approved w/Conditions. Grove residential 2013-0069 Premier 850 S Miami Av Downtown Multifamily 10/8/2013 6/18/2013 10/1/2013 PS 11/8/2013 Approved w/Conditions. 1/17/2014 Presidente Supermarket No. 2014-2001 1/27/2014 1/23/2014 1/23/2014 FG 2/28/2014 In progress 34 North/East 2013-0088 Coconut Grove Duplex 2930 Catalina St Demolition 12/17/2013 11/14/2013 12/10/2013 PS 1/17/2014 1/23/2014 Approved w/Conditions.
    [Show full text]
  • Florida Department of Transportation
    MEETING OF THURSDAY, OCTOBER 23, 2014 AT 2:00 PM MPO GOVERNING BOARD MIAMl-OAOE METROPOLITAN PlANNING ORGANIZATION STEPHEN P. CLARK CENTER (joveming 'Boan[ 111 NW FIRST STREET MIAMI, FLORIDA 33128 Chairwoman COUNTY COMMISSION CHAMBERS Rebeca Sosa AGENDA Vice Chairman Oliver G. Gilbert, III 1. ROLL CALL Voting Members 2. PLEDGE OF ALLEGIANCE Bruno A. Barreiro Lynda Bell 3. APPROVAL OF AGENDA Philippe Bien-Aime Esteban Bovo Jr. 4. SPECIAL PRESENTATION HONORING THE LATE ZEVIN "ZEV" Jose "Pepe" Diaz AUERBACH Audrey M. Edmonson Maurice Ferre 5. REASONABLE OPPORTUNITY FOR THE PUBLIC TO BE HEARD Perla T. Hantman Carlos Hernandez 6. SELECTION OF COMMITTEE MEMBERSHIP FOR THE REPLACEMENT Sally A. Heyman OF THE MPO EXECUTIVE DIRECTOR Barbara J. Jordan Philip Levine 7. ACTION ITEMS Jean Monestime Dennis C. Moss A. PUBLIC HEARING ITEM(S) Jeff Porter Javier D. Souto 1. 2040 LONG RANGE TRANSPORTATION PLAN Francis Suarez RESOLUTION ADOPTING THE MIAMI-DADE 2040 LONG RANGE Xavier L. Suarez TRANSPORTATION PLAN (ROLL CALL REQUIRED) Juan C. Zapata 2. FY 2015 TRANSPORTATION IMPROVEMENT PROGRAM (TIP) AMENDMENT: ADDITION OF FY 2014 ROLL FORWARD Non-Voting Members PROJECTS (FDOT District VI) RESOLUTION APPROVING AN AMENDMENT TO THE FY 2015 Gus Pego, P.E., Secretary TRANSPORTATION IMPROVEMENT PROGRAM (TIP) TO INCLUDE Harold Desdunes, P.E. FLORIDA DEPARTMENT OF TRANSPORTATION (FDOT) ROLL­ FORWARD PROJECTS THAT WERE ORIGINALLY SCHEDULED IN THE STATE FISCAL YEAR 2014 TIP FOR AUTHORIZATION AND MPO WERE NOT COMMITTED BY JUNE 30, 2014 (ROLL CALL Executive Director REQUIRED) Irma San Roman 3. FY 2015 TRANSPORTATION IMPROVEMENT PROGRAM (TIP) AMENDMENT: MODIFICATION OF SR 93/1-75 MANAGED LANES PROJECT SEGMENTS FM #421707-8 & 421707-2 RESOLUTION APPROVING AN AMENDMENT TO THE FY 2015 Contact Information TRANSPORTATION IMPROVEMENT PROGRAM (TIP) TO MODIFY STATE ROAD 93/INTERSTATE 75 MANAGED LANES PROJECT !Ms.
    [Show full text]
  • 2020: the New Miami
    MIAMI REPORT AN IN-DEPTH ANALYSIS OF SOUTH FLORIDA’S NEW CONDOMINIUM MARKET 2020 NEWTHE MIAMI “MIAMI IS ENTERING A NEW GOLDEN AGE OF GROWTH.” - ISG PRINCIPALS PHOTOGRAPH BY GLEASON WAITE ROMER MIAMI, FL | CIRCA 1950 WEALTH REPORT THE CITIES THAT MATTER TO HNWI’S - GLOBAL SURVEY MOST IMPORTANT NOW AS SEEN IN London 1New York 2 THE WEALTH REPORT REPORT THE WEALTH 3 Singapore Hong Kong A GLOBAL PERSPECTIVE ON PRIME PROPERTY AND WEALTH AND WEALTH ON PRIME PROPERTY PERSPECTIVE A GLOBAL 4 Geneva 5 Shanghai6 7 Dubai Miami THE GLoBAL PERSPECTIVE oN PRIME PRoPERTy AND WEALTH 8 Paris WWW.THEWEALTHREPORT.NET 9 Beijing10 HNWI – High Net Worth Individuals US $30 MIL + NEW CONSTRUCTION PIPELINE AS OF FEBRUARY 2014 BRICKELL TOTAL NEW CONSTRUCTION CONDO UNITS AVAILABLE FOR SALE SINCE JAN. 2012 DeveloperDEVELOPER Units UNITSSold SOLD DEVELOPER UNITSDeveloper UNSOLD Units Unsold 1010 Brickell 50% SOLD 900 BRICKELL 352 UNITS Bond 60% SOLD BRICKELL 323 UNITS Brickell CityCentre I & II 820 UNITS BRICKELL (release date TBD) 50% SOLD *Brickell Heights 358 UNITS BRICKELL Brickell House 100% SOLD 374 UNITS BRICKELL Echo Brickell 70% SOLD 180 UNITS BRICKELL 128 UNITS Le Parc 62% SOLD BRICKELL 390 UNITS Nine at Mary Brickell 55% SOLD BRICKELL 382 UNITS Millecento 100% SOLD BRICKELL 192 UNITS 100% SOLD MyBrickell BRICKELL 450 UNITS SLS Brickell 100% SOLD BRICKELL *Tower 1 only (other tower currently unavailable) 3,949 UNITS TOTAL • 2,367 UNITS SOLD • 1,581 UNSOLD AVG ABSORPTION : 1,900 UNITS ANNUALLY OVER THE LAST 10 YEARS BISCAYNE CORRIDOR DOWNTOWN MIAMI, EDGEWATER, MIDTOWN & DESIGN DISTRICT TOTAL NEW CONSTRUCTION CONDO UNITS AVAILABLE FOR SALE SINCE JAN.
    [Show full text]
  • SLS-Lux-Condos-Brochure1.Pdf
    TM www.miamicondoinvestments.com CAPTIVATINGart SEDUCTIVE ALLURING MAGNETIC ultimate privileges ENTICING elevated design SELECTIVE BEGUILING GLAMOROUS spoiling moment elegant enviable service EXCLUSIVE ONE-OF-A-KIND art ENTICINGenviable service www.miamicondoinvestments.comBEGUILING CAPTIVATING ALLURING elegant enviable service elevated design glamorous ELEGANT OBTAIN THE PROPERTY REPORT REQUIRED BY THE FEDERAL LAW AND READ IT BEFORE SIGNING ANYTHING. NO FEDERAL AGENCY HAS JUDGED THE MERITS OR VALUE, IF ANY, OF THIS PROPERTY. ONE-OF-A-KIND ORAL REPRESENTATIONS CANNOT BE RELIED UPON AS CORRECTLY STATING THE REPRESENTATIONS OF THE DEVELOPER. FOR CORRECT REPRESENTATIONS, MAKE REFERENCE TO THIS BROCHURE AND TO THE DOCUMENTS REQUIRED BY SECTION 718.503, FLORIDA STATUTES, TO BE FURNISHED BY A DEVELOPER TO A BUYER OR LESSEE. MAGNETIC spoiling moment SUBLIME “TO BE SURROUNDED BY WORLD-CLASS ART IS AMONG THE GREATEST LUXURIES IN LIFE.” — JORGEwww.miamicondoinvestments.com PÉREZ FOUNDER, CHAIRMAN, AND CEO OF THE RELATED GROUP FROM THE GARY NADER COLLECTION: SEE LEGAL DISCLAIMERS ON BACK COVER. FERNANDO BOTERO, MALE TORSO, IN CHAMPS-ÉLYSÉES, PARIS 1993 INTRODUCING SLS LUX: DESIGNED TO INDULGE THE SENSES Just steps away from upcoming Brickell City Centre, Miami’s newest and most extravagant shopping and lifestyle destination, SLS LUX offers residents ultimate access to an oasis of exclusive privileges. Sophisticated designer interiors, original works of art by contemporary masters, private rooftop pool terraces, celebrity-chef restaurants, and limousine service to a chic private beach club are among the many features, amenities, and services designed to indulge the most discriminating clientele. BUILDING FEATURES • Located in the heart of Brickell between upcoming Brickell City Centre’s high-end retail and restaurants, and Mary Brickell Village shopping center.
    [Show full text]
  • Javier Betancourt's 2015 Transportation Summit Presentation
    Transportation Summit January 22, 2015 MIAMI DDA ⁻ Established in 1965 ⁻ Independent agency of the City ⁻ Overseen by a 15 member board ⁻ Funded by a property surtax (0.047%) ⁻ 2 square miles DISTRICTS: - Arts and Entertainment District - Central Business District - Brickell FOCUS: ⁻ Urban Design & Transportation ⁻ Business Development & Research ⁻ Marketing & Communications ⁻ Enhanced Services ⁻ Advocacy TRANSIT ORIENTED DEVELOPMENT (TODs) What is a TOD? “A project or projects… that is or will be served by existing or planned transit service. These designated areas shall be compact, moderate to high density developments, of mixed-use character, interconnected with other land uses, bicycle and pedestrian friendly, and designed to support frequent transit service operating through, collectively or separately, rail, fixed guideway, streetcar, or bus systems on dedicated facilities or available roadway connections.“ -FL Dept. of Economic Opportunity TOD Guidebook TRANSIT ORIENTED DEVELOPMENT (TODs) Why TOD? Promotes economic development Helps reduce rate of land depletion Reverses sprawling development patterns Reduces auto dependency Provides real choices for people who enjoy urban living Promotes sustainability; saves energy Provides time to be productive or to relax Promotes infrastructure efficiencies TRANSIT ORIENTED DEVELOPMENT (TODs) Miami 21 TOD Incentives 30% parking reduction within ½ mile of TOD, or within ¼ mile of a transit corridor (50% for affordable housing) DOWNTOWN MIAMI - employs 60% of the City’s workforce - $13.4 Billion taxable property value (up 152% since 2000) - generates 40% of Miami’s total tax base - greater economic output than PortMiami, MIA or Disney World - Miami’s economic, civic, and cultural center, and the epicenter of an emerging global city TRANSIT NETWORK METRORAIL • Brickell Station • Govt.
    [Show full text]
  • Demand Curve Shifts FEBRUARY 29, 2016 2:00 AM
    Brickell’s skyline takes shape as supply-and- demand curve shifts FEBRUARY 29, 2016 2:00 AM More condos rise in Brickell on April 17, 2015 BY DAVID SIDDONS Special to the Miami Herald Brickell’s skyline is changing and as it does, so too is the supply-and-demand curve for condos in what is touted as Miami’s fastest-growing hub. At the middle to end of 2014, - international buyers poured into Brickell seeking to purchase preconstruction condos as well as resale units. This continued steadily until midway through the year, with 2015 having a decidedly different feel. The struggles of the Latin American economies coinciding with an increase in inventory saw a slowing in sales as well as an average price per square foot correction. Last year was one of change for Brickell’s residential real estate market, and 2016 will be pivotal. For the past six months, there has been an average of 27 months inventory in Brickell with the same time period last year averaging around 18.5 months. It is important to keep in mind that a balanced market is around six to nine months, but given the vast number of preconstruction units entering the market, inventory will certainly rise. In 2015, we saw Millicento, Brickell House and Nine open, and in 2016, Brickell City Center, SLS, Bond and Brickell Heights will be completed. This is a total of 2,248 new units, which does include units within new a rental tower, Panorama. Our advice (taking into consideration the size and number of bedrooms and bathrooms of a unit) is that if you own a condo where your value is $550 per square foot and over, sell.
    [Show full text]
  • One Paraiso Condos Brochure
    PA RA I SO ORAL REPRESENTATIONS CANNOT BE RELIED UPON AS CORRECTLY STATING THE REPRESENTATIONS OF THE DEVELOPER. FOR CORRECT REPRESENTATIONS, MAKE REFERENCE TO THE BROCHURE AND TO THE DOCUMENTS REQUIRED BY SECTION 718.503, FLORIDA STATUTES, TO BE FURNISHED BY A DEVELOPER TO A BUYER OR LESSEE. OBTAIN THE PROPERTY REPORT REQUIRED BY FEDERAL LAW AND READ IT BEFORE SIGNING ANYTHING. NO FEDERAL AGENCY HAS JUDGED THE MERITS OR VALUE, IF ANY, OF THIS PROPERTY. “IMAGINE NATURAL BEAUTY SURROUNDED BY CULTURAL RICHES… THIS IS THE ENCHANTED LIFESTYLE OF ONE PARAISO.” BERNARDO FORT-BRESCIA ARTIST CONCEPTUAL RENDERING ARTIST SEE LEGAL DISCLAIMERS ON BACK COVER A WORLD APART RISES OVER BISCAYNE BAY One Paraiso offers a private enclave of luxury contemporary residences where breathtaking views over Biscayne Bay define a style of living that embraces both elegance and natural beauty. To bring this exquisite property to life, The Related Group has called on an internationally renowned team of designers: Bernardo Fort-Brescia of Arquitectonica to design the elegant glass tower and beautifully proportioned floors plans; Piero Lissoni to design and furnish the generous interior public spaces; and, Enzo Enea to artfully create the luscious gardens and waterfront promenades. Together, these masters of contemporary design have created a world of exquisite beauty and serene spaces. ARTIST CONCEPTUAL RENDERING ARTIST SEE LEGAL DISCLAIMERS ON BACK COVER CONCEPTUAL RENDERING ARTIST Icon Brickell Icon Vallarta “ONE PARAISO’S Miami, USA Puerto Vallarta, Mexico AWARD-WINNING TEAM IS INTERNATIONALLY RENOWNED FOR EXQUISITE DESIGN.” JORGE M. PÉREZ Parque Global São Paulo, Brazil Founded in 1979 by Jorge M.
    [Show full text]