FALL 2015 TM
AN IN-DEPTH ANALYSIS OF SOUTH FLORIDA’S NEW CONDOMINIUM MARKET
Sculpting Tomorrow’s Miami The Key Factors Defining Miami’s Future
Featured Story New Construction MLS Inventory Rental Trends International Market Arts & Culture ISG CityWatch Miami 2020 On the Ground CRAIG STUDNICKY PHILIP SPIEGELMAN ISG Principal ISG Principal
WELCOME TO THE MIAMI REPORT
Welcome to our latest edition trends that serve to solidify Miami’s our city and recognizing the of The Miami ReportTM. The ISG position as one of the world’s most “livability benefits” Miami has to WORLD® family is proud to present important cities. In this edition, we offer. We will continue to monitor our most recent update on the go a step further and take an this interest and both report and current market conditions of our in-depth look into how these participate in its evolution. We emerging Global City. cultural livability factors are believe this trend, coupled with especially attractive to ultra high- the Panama Canal expansion, which Miami is a global gateway and net-worth individuals. will bring large Panamax ships to rising star on the world stage. our front door, will increase Asian Our city combines a diverse, yet Miami, like all major cities in our commerce, trade, investment and complementary mix of cultures to global economy, is not immune employment throughout our region. construct a magical environment to world events and cycles. The of limitless potential. economic softening in Brazil, Additionally, technological Principals | Craig Studnicky & Philip Spiegelman Russia, India, China and South advancements, international President | Michael Ambrosio Throughout the past six years we Africa (BRICS) and political finance and entrepreneurial have chronicled the state of the instability in South America serve endeavors will provide substantial Vice President | Sergio Pintos Miami luxury real estate market to influence the purchasing opportunities for job growth in through the ISG Miami Report dynamics within our South Florida Miami. The introduction of EDITORIAL and clarified the many myths, and market. Currently, the surge in innovative ideas combined with Chief Marketing Officer | Veronica Escobedo often misleading facts, questioning value of the dollar has caused a a well-educated labor force will Communications Director | Kattie Maldonado Miami’s stability and growth. softening of new condominium generate a flow of capital Marketing Coordinator | Melissa Tello Over time, our study evolved from absorption in our area. History, investments to our magical city. a purely statistical analysis into however, has proven that once the We at ISG look forward to witness RESEARCH an explanation of the various new currency dynamic is accepted this exciting time. Director of Market Research | Athena Rossano factors contributing to the growth as the norm, the lure of Miami’s Market Research Coordinator | Daniella Aragon and maturation of our South stable investment environment We hope you find our ISG World Florida region. and asset protection will once Miami Report 2015 useful and again fuel foreign investment in informative. DESIGN While continuing to provide the our market. Creative Director | Edward Trelles most comprehensive statistics Thank you for your continued Graphic Designer | Anthony Anchante regarding new construction, resale We are also cognizant of the emerg- interest. inventory, rental trends and emerg- ing interest of the Chinese market ISG TEAM CONTRIBUTORS ing sub-markets, we also include in our city. While not new to Florida, Liliana Gomez, Alex Vidal, Andres Valdivieso, the cultural and business the affluent Chinese are discovering Sincerely, Raquel Kaufman, Amanda Manteiga, Patricia Restrepo, Marly Jaramillo, Craig Studnicky Philip Spiegelman Micheal Ambrosio Andres Penalver, Rowena Luna ISG Principal ISG Principal ISG President
COVER ART “City Wheel” Artist: James McNabb www.mcnabbstudio.com Photography: Aurelie Laurent, Petit Jules Cover Credit: 4 8 10 FEATURED STORY WEALTH REPORT MIAMI’S SKYSCRAPERS
12 16 26 NEW CONSTRUCTION DEVELOPMENT CYCLE MLS RESALE INVENTORY
32 40 42 RENTAL TRENDS POPULATION STATISTICS INTERNATIONAL MARKET
46 56 66 TRANSPORTATION CULTURAL & ECONOMIC GROWTH LANDSCAPE OF THE FUTURE
70 74 88 ISG CITY WATCH SOUTH FLORIDA 2020 ON THE GROUND FEATURED STORY
2015 MIAMI N THE RISE 2014 2013 In 2015, Miami moved up in rank to #6 for the world’s “ Miami continues to FACTORS THAT MOVED MIAMI UP IN RANKS? most important cities to ultra high-net worth individuals. move up in rankings The Wealth Report, which is issued annually by London-based because ultra high- real estate consultancy Knight Frank, also predicts that Miami ECONOMIC QUALITY OF KNOWLEDGE POLITICAL ACTIVITY LIFE & INFLUENCE POWER will remain in the top 10 for at least the next decade. net-worth individuals want to live there.” Top 10 Cities that Matter to UHNWIs - 2015 Global Survey 2011 Source: Knight Frank 1. London 6. Miami 2. New York 7. Paris ECONOMIC ACTIVITY 3. Hong Kong 8. Dubai Miami is poised for a prosperous future economic output and 4. Singapore 9. Beijing increased market activity. The city is known as the “Gateway 5. Shanghai 10. Zürich to the Americas” and is home to a number of Fortune 500 companies and international businesses.
QUALITY OF LIFE The city has an array of cultural and leisure options, as well as its famous climate and beaches. Miami has some of the highest air quality in the nation and consistently promotes pedestrian friendly and green initiatives. Additionally, the region provides high personal security, sound political freedom and stability.
KNOWLEDGE & INFLUENCE Miami has a growing centrality of knowledgeable workers. New education and tech programs have emerged to facilitate a growing tech and start-up scene in the area.
POLITICAL POWER Miami’s international connections and location within the United States, positions it as an influential city of global political thought and opinion. Florida is the 3rd most populated state and is considered a prominent state in decision making during the U.S. presidential elections with its 29 electoral votes. Sources: Miami Herald Knight Frank Global Cities Report The Real Deal
4 ISG MIAMI REPORT ISG MIAMI REPORT 5 QUALITY OF LIFE
MIAMI’S LIVABILITY FACTORS FOR INTERNATIONAL BUYERS
Miami is distinguished by its secure environment, economic prosperity, abundant lifestyle and cultural dynamic. Most importantly, buyers from around the world arrive on the mainland with their families confident that Miami will offer them peace of mind. These livability factors continue to drive Miami’s desirability for the ultra- luxury market.
“ Aside from the luxurious lifestyle and remarkable weather, financial security and safety is the No. 1 reason as #1 Cleanest Air to why we see our international clients buying in Miami. City residents enjoy a stable political and economic climate in addition to the vibrant community and culture.” FINANCIAL SECURITY VS. WEATHER LUXURY SHOPPING AIR QUALITY GREEN SPACE Liliana Gomez International Sales Director OTHER COUNTRIES
Livability noun: liv·abil·i·ty The quality of life, usually in Miami offers foreign buyers peace Miami’s tropical weather attracts “A cosmopolitan playground for Miami has higher “good air quality” Miami is one of four cities in an urban setting, where the of mind. The city provides a safe foreign buyers to its shores year round. the world’s wealthy, South Florida days than most major cities in America that offers “playgrounds environment and comfortable is increasingly synonymous with the U.S. for adults,” and parks with Fitness accessibility to needs and lifestyle along with the financial 248 Sunny days per year luxury in all its many manifestations: Zones, encouraging everyone services contributes to overall stability of living in the multimillion-dollar real estate, to spend time with their families Avg. yearly temp: 77F / 25C well-being; livable acts. United States. exotic cars, yachts, high-end outside in an active and green Avg. yearly rainfall: 62 inches / 157cm watches, and designer apparel.” environment.
Sources: Financial Security – USA Today, May 2015 Sources: U.S. Climate Data Source: Miami Herald, January 2015 Sources: Air Quality – OurMiami.org, 2013 Source: Livability.com, November 2014 BestPlaces.net Readers Digest
“ [Florida is the No. 1 state for international real estate sales] Top 10 States for International 1. Florida 6. New York There’s a strong flow of foreign money entering the Real Estate Sales 2. California 7. Illinois American real estate market every day, and especially 3. Texas 8. Washington [through] gateway cities like Miami.” 4. Arizona 9. Michigan 5. New Jersey 10. Hawaii - Daily Business Review, July 2015
Source: Daily Business Review, National Association of Realtors
6 ISG MIAMI REPORT ISG MIAMI REPORT 7 INVESTMENT – Top 10 Cities that Matter to UHNWIs - 2015 Global Survey A MILLIONAIRE’S GLOBAL PERSPECTIVE 1. London 6. Miami 2. New York 7. Paris MIAMI VS KNIGHT FRANK’S TOP 10 GLOBAL CITIES 3. Hong Kong 8. Dubai 4. Singapore 9. Beijing TOTAL SQ.FT. $5 MILLION DOLLARS WILL BUY 5. Shanghai 10. Zürich 5,000 SQ.FT.
4,500 SQ.FT.
MIAMI 4,000 SQ.FT. WHAT DOES $5 MILLION DOLLARS BUY
SHANGHAI IN THE LUXURY CONDOMINIUM MARKET OF MIAMI 3,500 SQ.FT. BEIJING ZÜRICH
3,000 SQ. FT. DUBAI PARIS 2,500 SQ.FT.
NEW YORK 2,000 SQ.FT. SINGAPORE HONG 1,500 SQ.FT. KONG Miami 4,500 SQ.FT. 1,000 SQ.FT. LONDON DOWNTOWN
AVERAGE PSF ON A $5 MILLION DOLLAR CONDOMINIUM
MIAMI $1,111 PSF
SHANGHAI $1,315 PSF Shanghai Zürich Beijing 3,800 SQ.FT. 3,500 SQ.FT. 3,500 SQ.FT. BEIJING $1,428 PSF
ZÜRICH $1,429 PSF DUBAI $1,562 PSF Dubai Paris New York $1,666 PSF PARIS 3,200 SQ.FT. 3,000 SQ.FT. 2,500 SQ.FT NEW YORK $2,000 PSF
SINGAPORE $2,381 PSF HONG KONG $2,500 PSF Singapore Hong Kong London LONDON $4,166 PSF 2,100 SQ.FT. 2,000 SQ.FT. 1,200 SQ.FT.
$500 $1,000 $1,500 $2,000 $2,500 $3,000 $3,500 $4,000 $4,500
Sources: Knight Frank Wealth Report Sources: Knight Frank Wealth Report Forbes, June 2014, Sotheby’s International Realty - NY Business Insider, March 2014 LuxuryRealEstate.com
8 ISG MIAMI REPORT ISG MIAMI REPORT 9 MIAMI REACHING NEW HEIGHTS A historical trend and illustration of Miami’s famed skyscrapers.
BENEFITS OF SKYSCRAPERS FOR A GLOBAL CITY: • Reduced sprawl and increase in eco-commuting • Building offices and homes skywards frees up the “ Skyscrapers offer a means of delivering large swathes of homes and like jogging or cycling ground floor for markets and cultural events that improve quality of life business space in response to rapid economic and population growth.” • As buildings rise higher, new technologies emerge Source: Global Cities Skyscrapers 2015 Report to make this possible and cost effective
Source: KnightFrank.com
2,000 FT
1,500 FT 1,000 FT 1,049 FT 1,049 FT 1,000 FT 953 FT 900 FT 822 FT
800 FT 789 FT 706 FT 700 FT 637 FT
600 FT 586 FT
500 FT 405 FT 400 FT 375 FT
300 FT 256 FT
200 FT
100 FT
FREEDOM SUNTRUST COURTHOUSE ICON BRICKELL FOUR SEASONS ECHO 1000 PANORAMA THE WORLD SKYRISE MIAMI ONE BRICKELL 300 BISCAYNE TOWER INTERNATIONAL CENTER NORTH & SOUTH HOTEL & TOWER BRICKELL MUSEUM TOWER TRADE CENTER OF CITY CENTRE CENTER TOWER THE AMERICAS
1925 1973 1985 2008 2003 2017 2017 2017 TBD 2018 2019 2020
COMPLETED UNDER CONSTRUCTION PROPOSED
Source: Emporis.com
10 ISG MIAMI REPORT ISG MIAMI REPORT 11 NEW CONSTRUCTION
12 ISG MIAMI REPORT ISG MIAMI REPORT 13 NEW CONSTRUCTION SUMMARY NEW CONSTRUCTION SUMMARY Total New Construction Condo Units to be built, sold and currently available for sale in Brickell, TOTAL NEW CONSTRUCTION CONDOMINIUM DEVELOPMENTS EAST OF 95 AND AVAILABLE Biscayne Corridor (Edgewater, Wynwood, Midtown, Design District & Omni)/Downtown Miami, FOR SALE SINCE MID 2011 CONSTRUCTION STATUS ANALYSIS The Beaches (South Beach, Miami Beach, Surfside, Bal Harbour, Sunny Isles, Hallandale, Hollywood Beach) Aventura, North Miami Beach, Coconut Grove & Key Biscayne Since Mid 2011 Status Total Buildings Total Units Total Sold % Sold Total Unsold
Delivered 21 3,055 2,982 98% 73
Under Construction 49 9,367 7,800 83% 1,567 Project units total Developer Units Sold Developer Units Unsold Pre-Construction 26 4,585 2,164 47% 2,421
Totals 96 17,007 12,946 76% 4,061
17,007 4,061 Total Unsold 5 YEAR ANNUAL ABSORPTION ANALYSIS
For Condos built from 2010 - 2015 Submarkets consist of Brickell, Biscayne Corridor (Edgewater, Midtown, Design District & Omni)/Downtown Miami, The Beaches, (South Beach, Miami Beach, Surfside, Bal Harbour, Sunny Isles, Hallandale & Hollywood Beach), Fort Lauderdale, Aventura, North Miami Beach, Coconut Grove & Key Biscayne.
Average Yearly Condo Inventory Absorption from 2010-2015
Brickell 625 PER YEAR
Biscayne Corridor / 611 PER YEAR Downtown Miami
The Beaches 750 PER YEAR
North Miami Beach, 105 PER YEAR Key Biscayne, Coconut Grove
Aventura 160 PER YEAR 12,946 Fort Lauderdale 210 PER YEAR
Total 2,461 PER YEAR 76%AS OF SOLDJULY 2015
Sources: Integrated Realty Information System (Iris); Miami-Dade & Broward County Property Appraiser and Multiple Listing Service (MLS)
14 ISG MIAMI REPORT ISG MIAMI REPORT 15 MIAMI’S PRE-CONSTRUCTION DEVELOPMENT CYCLE ISG World® takes a comprehensive look into a high-rise condominium’s development cycle – from inception to completion. Based on previous project cycles, this section outlines the typical 2-3 year process each project must experience before a final product is delivered to the market place.
40 Stories More than 40 Stories
PRE SALE CONTRACTS GROUND BREAKING TOP OFF COMPLETION
0 6 Months 1 Year 1.5 Years 2 Years 2.5 Years 3 Years 3.5 Years
NEW CONSTRUCTION INVENTORY TOTAL UNITS: TOTAL UNITS: COMPLETION TIMELINE (ACTIVE BUILDINGS) 3,428 689 74% SOLD 47% SOLD 986
2012 - 2019 by Submarket 947 794 613 529 88 86 52 22
2,326 0 0 0 0 0 0 0 2,321 2012 2013 2014 2015 2016 2017 2018 2019 2012 2013 2014 2015 2016 2017 2018 2019 THE BEACHES FORT LAUDERDALE TOTAL UNITS: TOTAL UNITS: TOTAL UNITS: Consists of South Beach, Miami Beach, Surfside, Bal Harbour 5,513 4,318 1,088 Sunny Isles, Hallandale and Hollywood Beach 85% SOLD 76% SOLD 54% SOLD
TOTAL UNITS: TOTAL UNITS: 1,170
1,074 562 1,409 948 64% SOLD 85% SOLD 736 733 675 556 488 465 352 234 190 160 142 154 70 0 0 0 0 96 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 2012 2013 2014 2015 2016 2017 2018 2019 2012 2013 2014 2015 2016 2017 2018 2019 2012 2013 2014 2015 2016 2017 2018 2019 2012 2013 2014 2015 2016 2017 2018 2019 2012 2013 2014 2015 2016 2017 2018 2019 BRICKELL BISCAYNE CORRIDOR DOWNTOWN MIAMI AVENTURA NORTH MIAMI / KEY BISCAYNE Consists of Wynwood, Design District, COCONUT GROVE Edgewater, Midtown & Omni
16 ISG MIAMI REPORT ISG MIAMI REPORT 17 BRICKELL BISCAYNE CORRIDOR Total New Construction Condo Units Available for Sale since Mid 2011 DOWNTOWN MIAMI Biscayne Corridor consists of Wynwood, Design District, Edgewater, Midtown & Omni Total New Construction Condo Units Available for Sale since Mid 2011
Developer Units Sold Developer Units Unsold Developer Units Sold Developer Units Unsold
1100 Millecento 100% SOLD 382 Total Units WYNWOOD 250 Wynwood 100% SOLD 11 Total Units
1010 Brickell 94% SOLD 387 Total Units DESIGN DISTRICT Baltus House 100% SOLD 167 Total Units
Brickell City Centre Tower I - Reach 85% SOLD 390 Total Units 23 Biscayne Bay 100% SOLD 96 Total Units
Brickell City Centre Tower II - Rise 40% SOLD 390 Total Units 26 Edgewater 84% SOLD 86 Total Units
Bay House Brickell Heights East 95% SOLD 358 Total Units 98% SOLD 165 Total Units
Biscayne Beach 99% SOLD Brickell Heights West 80% SOLD 332 Total Units 399 Total Units The Crimson 73% SOLD Brickell House 100% SOLD 374 Total Units EDGEWATER 90 Total Units Elysee COMING SOON 100 Total Units BrickellTen 95% SOLD 155 Total Units Icon on the Bay 100% SOLD 300 Total Units BRICKELL Brickell Flatiron 40% SOLD 548 Total Units Gran Paraiso 62% SOLD 317 Total Units Cassa Brickell 81% SOLD 81 Total Units One Paraiso 100% SOLD 276 Total Units Echo Brickell 91% SOLD 180 Total Units Paraiso Bayviews 90% SOLD 388 Total Units Le Parc 84% SOLD 128 Total Units Paraiso Bay Tower I 100% SOLD 368 Total Units Nine at Mary Brickell Village 100% SOLD 390 Total Units MIDTOWN Hyde Midtown 45% SOLD 395 Total Units MyBrickell 100% SOLD 192 Total Units Aria 43% SOLD 647 Total Units SLS Hotel and Residences 98% SOLD 453 Total Units OMNI Canvas 50% SOLD 513 Total Units SLS Lux 89% SOLD 450 Total Units Centro 89% SOLD 352 Total Units The Bond 95% SOLD 323 Total Units 1000 Museum 50% SOLD 83 Total Units DOWNTOWN MIAMI Krystal Towers 20% SOLD 153 Total Units
*The Edge on Brickell cancelled - Removed from numbers Paramount, Miami 35% SOLD 500 Total Units Worldcenter Signature Tower
Biscayne Corridor: 4,318 Units Total 3,276 Units Sold 1,042 Unsold 5,513 Units total 4,676 Units Sold 837 Unsold Downtown Miami: 1,088 Units Total 586 Units Sold 502 Unsold AVG. ABSORPTION: 625 UNITS ANNUALLY OVER THE LAST 5 YEARS AVG. ABSORPTION: 611 UNITS ANNUALLY OVER THE LAST 5 YEARS
18 ISG MIAMI REPORT ISG MIAMI REPORT 19 THE BEACHES
Consists of South Beach, Miami Beach, Surfside, Bal Harbour, Sunny Isles, Hallandale and Hollywood Beach Condo Units Available for Sale since Mid 2011
Developer Units Sold Developer Units Unsold Developer Units Sold Developer Units Unsold
321 Ocean 95% SOLD 21 Total Units 400 Sunny Isles 100% SOLD 230 Total Units
Beach House 8 100% SOLD 8 Total Units Residences by Armani Casa 58% SOLD 308 Total Units
Edition Residences 85% SOLD 26 Total Units Chateau Beach 100% SOLD 84 The Total Units
Faena House 100% SOLD 47 Total Units Jade Signature 87% SOLD 192 Total Units
Glass 100% SOLD 10 Total Units The Estates At Acqualina 30% SOLD 264 Total Units
L’Atelier 50% SOLD 21 Total Units Mansions At Acqualina MIAMI BEACH / 100% SOLD 79 Total Units SOUTH BEACH Louver House 50% SOLD 12 Total Units SUNNY ISLES BEACH Muse 65% SOLD 68 Total Units
Marea South Beach 97% SOLD 30 Total Units Parque Towers 85% SOLD 320 Total Units
One Ocean 100% SOLD 50 Total Units Porsche Design Tower 95% SOLD 132 Total Units
Palau Sunset Harbour 100% SOLD 45 Total Units Regalia 92% SOLD 39 Total Units
Peloro On The Bay 100% SOLD 114 Total Units Ritz Carlton Residences 53% SOLD 212 Total Units
Ritz-Carlton Residences 60% SOLD 111 Total Units Turnberry Ocean Club 30% SOLD 154 Total Units 81% SOLD 1 *1 Hotel and Homes 59 Total Units BeachWalk 100% SOLD 84 Total Units
Fendi Chateau 83% SOLD 58 Total Units HALLANDALE BEACH Apogee Beach 100% SOLD 49 Total Units SURFSIDE Surf Club Four Seasons 70% SOLD 150 Total Units *Hyde Resort and Residences 100% SOLD 40 Total Units Private Residences Sage Beach 85 % SOLD 24 Total Units BAL HARBOUR Oceana Bal Harbour 65% SOLD 239 Total Units HOLLYWOOD BEACH Oceanbleau 21 % SOLD 48 Total Units
*Standing Inventory from Last Cycle *Condo Residences Only The Bath Club Estates Canceled - removed from numbers
3,428 Units total 2,523 Units Sold 905 Unsold AVG. ABSORPTION: 750 UNITS ANNUALLY OVER THE LAST 5 YEARS
20 ISG MIAMI REPORT ISG MIAMI REPORT 21 AVENTURA FORT LAUDERDALE
Total New Construction Condo Units Available for Sale since Mid 2011 Total New Construction Condo Units Available for Sale since Mid 2011
Developer Units Sold Developer Units Unsold Developer Units Sold Developer Units Unsold
1800 Las Olas 100% SOLD Avva 20% SOLD 5 Total Units 4 Total Units Adagio On The Bay 100% SOLD 12 Total Units Echo Aventura 90% SOLD 190 Total Units AquaBlu Fort Lauderdale 43% SOLD 81% SOLD 35 Total Units AVENTURA Bellini 70 Total Units AquaLuna Las Olas 80% SOLD 16 Total Units 50% SOLD Privé 160 Total Units AquaMar Las Olas 45% SOLD 20 Total Units 38% SOLD 131 Total Units Aventura Park Square FORT AquaVita Las Olas 100% SOLD 22 Total Units LAUDERDALE Vida At The Point 17% SOLD 66 Total Total Units Units Auberge 28% SOLD 171 Total Units
BellaVita Las Olas COMING SOON 16 Total Units 562 Units total 359 Units Sold 203 Unsold 16 Total Units AVG. ABSORPTION: 160 UNITS ANNUALLY OVER THE LAST 5 YEARS *Four Season Private Residences 20% SOLD 70 Total Units
*Gale Hotel & Residences 60% SOLD 128 Total Units
Paramount Fort Lauderdale 65% SOLD 95 Total Units NORTH MIAMI BEACH, KEY BISCAYNE Riva 55% SOLD 100 Total Units
& COCONUT GROVE *Hotel Units Not Included PRIVAGE cancelled - removed from numbers Total New Construction Condo Units Available for Sale since Mid 2011 689 Units total / 327 Units Sold / 362 Unsold Developer Units Sold Developer Units Unsold AVG. ABSORPTION: 210 UNITS ANNUALLY OVER THE LAST 5 YEARS
The Harbour 80% SOLD 425 Total Units NORTH MIAMI BEACH Marina Palms Towers I & II 87% SOLD 468 Total Units
KEY BISCAYNE Oceana 100% SOLD 154 Total Units
Grove at Grand Bay 100% SOLD 97 Total Units
One Park Grove COMING SOON 40 Total Units COCONUT GROVE Two Park Grove 87% SOLD 73 Total Units
Park Grove Club Residences 90% SOLD 152 Total Units
1,409 Units total / 1,198 Units Sold / 211 Unsold AVG. ABSORPTION: 105 UNITS ANNUALLY OVER THE LAST 5 YEARS
22 ISG MIAMI REPORT ISG MIAMI REPORT 23
1
A1A 75
FORT LAUDERDALE
595
E
K
I NP
UR
T S
A’ NEW CONSTRUCTION % SOLD
ORID L F 1 HOLLYWOOD BEACH SUMMARY BY SUB MARKETS
100% SOLD A1A FORT LAUDERDALE 47% SOLD 75% - 99% SOLD
50% - 74% SOLD HOLLYWOOD BEACH 74% SOLD HALLANDALE BEACH UNDER 50% SOLD AVENTURA 64% SOLD AVENTURA HALLANDALE BEACH 100% SOLD
95 SUNNY ISLES BEACH SUNNY ISLES BEACH 70% SOLD
BAL HARBOUR 65% SOLD
BAL HARBOUR SURFSIDE 74% SOLD
SURFSIDE NORTH MIAMI BEACH 84% SOLD 1 NORTH MIAMI BEACH MIAMI BEACH / SOUTH BEACH 85% SOLD
BISCAYNE CORRIDOR 76% SOLD 95
DESIGN DISTRICT DOWNTOWN MIAMI 54% SOLD MIDTOWN BISCAYNE CORRIDOR EDGEWATER WYNWOOD A1A BRICKELL 85% SOLD OMNI MIAMI BEACH / SOUTH BEACH
COCONUT GROVE DOWNTOWN MIAMI 82% SOLD
BRICKELL KEY BISCAYNE 100% SOLD
COCONUT GROVE
1
KEY BISCAYNE
24 ISG MIAMI REPORT ISG MIAMI REPORT 25 MLS-RESALE INVENTORY
26 ISG MIAMI REPORT ISG MIAMI REPORT 27 BrickellBRICKELL AVENTURA New Condos built since 2006 & Available for Sale 18 months Ago, 12 Months Ago, 6 Months Ago, and Currently Active New Condos built since 2006 & Available for Sale 18 months Ago, 12 Months Ago, 6 Months Ago, and Currently Active
ACTIVE LISTING ACTIVE LISTING PRICE PSF PRICE PSF $441
1,200 $531 $544 $600 600 $440 $502 $431 1,000 1,110 $500 500 $430 $489 800 868 $400 400 $420 815 $412 392 600 659 $300 300 $410 $408 296 400 $200 200 240 $400
182 200 $100 100 $390
18 Months Ago 12 Months Ago 6 Months Ago Currently Active 18 Months Ago 12 Months Ago 6 Months Ago Currently Active
Source: Multiple Listing Service Source: Multiple Listing Service
BISCAYNE CORRIDOR DOWNTOWN MIAMI THE BEACHES Biscayne Corridor consists of Wynwood, Design District, Edgewater, Midtown & Omni Consist of South Beach/Miami Beach, Surfside, Bal Harbour, Sunny Isles, Hallandale & Hollywood Beach New Condos built since 2006 & Available for Sale 18 months Ago, 12 Months Ago, 6 Months Ago, and Currently Active New Condos built since 2006 & Available for Sale 18 months Ago, 12 Months Ago, 6 Months Ago, and Currently Active
ACTIVE LISTING ACTIVE LISTING PRICE PSF $571 PRICE PSF 1,200 $562 $600 2,000 $1,320 $515 1,800 $1,280 1,000 $504 $500 1,600 $1,202 $1,240 1,132 800 876 $400 1,400 $1,200 789 1,200 1,355 $1,106 $1,160 600 $300 $1,098 1,000 $1,120 596 $1,091 400 $200 800 1,045 $1,080 812 600 $1,040 200 $100 654 400 $1,000
18 Months Ago 12 Months Ago 6 Months Ago Currently Active 18 Months Ago 12 Months Ago 6 Months Ago Currently Active
Source: Multiple Listing Service Source: Multiple Listing Service
28 ISG MIAMI REPORT ISG MIAMI REPORT 29 BrickellGREATER FORT LAUDERDALE BrickellDAYS ON THE MARKET (DOM) Consists of Sunrise, Plantation and East Fort Lauderdale 2013 vs 2015 MLS Analysis for Closed Sales New Condos built since 2006 & Available for Sale 18 months Ago, 12 Months Ago, 6 Months Ago, and Currently Active New Condos built since 2006
ACTIVE LISTING PRICE PSF 600 $450 $444 $446 $440 500 535 $420 $430 400 426 $420 300 $410 $410 2013 AVG. DOM 200 2015 AVG. DOM 226 228 $400
100 $390
18 Months Ago 12 Months Ago 6 Months Ago Currently Active BRICKELL 110 41
Source: Multiple Listing Service BISCAYNE CORRIDOR / 120 38 DOWNTOWN MIAMI
AVENTURA 90 49 EAST PALM BEACH THE BEACHES 75 42 Consists of Delray Beach, Boynton Beach and West Palm New Condos built since 2006 & Available for Sale 18 months Ago, 12 Months Ago, 6 Months Ago, and Currently Active GREATER FORT LAUDERDALE 140 51 ACTIVE LISTING PRICE PSF EAST PALM BEACH 125 45 600 $250 $243 500 557 $240
400 425 Source: Multiple Listing Service $230 300 $216 $212 $220 200
248 191 100 $206 $200
18 Months Ago 12 Months Ago 6 Months Ago Currently Active
Source: Multiple Listing Service
30 ISG MIAMI REPORT ISG MIAMI REPORT 31 RENTAL TRENDS
32 ISG MIAMI REPORT ISG MIAMI REPORT 33 BRICKELL JAN 2010 - JULY 2015 New Construction Condos Built Since 2006
“ We expect Miami $2.98
home prices to VACANCY RATES HISTORY continue to 4% $2,858 increase in 2015. $2.81 2015 There is [a] strong demand for both $2,680 $2.57
new construction 9% $2,462 and existing $2.42 $2.33 2010 condominiums, so $2.30 we will continue to $2,300 see price growth $2,200 $2,283 for residential 15%
properties in 2005 Miami-Dade.”
2015 Residential President of the Miami Association of Realtors 2010 2011 2012 2013 2014 2015 Christopher Zoller
Occupancy Vacancy Rate Avg. Price Avg. Price PSF
Source: Multiple Listing Service
34 ISG MIAMI REPORT ISG MIAMI REPORT 35 BISCAYNE CORRIDOR DOWNTOWN MIAMI THE BEACHES JAN 2010 - JULY 2015 JAN 2010 - JULY 2015 Biscayne Corridor consists of Wynwood, Design District, Edgewater, Midtown & Omni Consists of South Beach, Miami Beach, Surfside, Bal Harbour, Sunny Isles, Hallandale & Hollywood Beach New Construction Condos Built Since 2006 New Construction Condos Built Since 2006
$3,077 $5,894 $4.24 $2.89
VACANCY RATES HISTORY VACANCY RATES HISTORY
4% 3% $5,563 $3.84 $2,730 2015 $2.74 2015
$2,687
$2.61 $4,902
10% $2,568 14% $3.26
$2,425 2010 2010 $3.06
$2.32 $4,425
$2.28
$2,211 $2.63 11% 18% $3,925 $3,936
2005 $2.19 2005 $2.49
2010 2011 2012 2013 2014 2015 2010 2011 2012 2013 2014 2015
Occupancy Vacancy Rate Avg. Price Avg. Price PSF Occupancy Vacancy Rate Avg. Price Avg. Price PSF
Source: Multiple Listing Service Source: Multiple Listing Service
36 ISG MIAMI REPORT ISG MIAMI REPORT 37 AVENTURA FORT LAUDERDALE JAN 2010 - JULY 2015 JAN 2010 - JULY 2015 New Construction Condos Built Since 2006 New Construction Condos Built Since 2006
$3,925 $2.01 $2.03
VACANCY RATES HISTORY VACANCY RATES HISTORY $1.91 $2,657
$1.82 5% 1%
$1.82 2015 2015 $3,538
$2,482
$1.69 $2,373 $3,306 $2,226 9% 10% $1.59 $1.68
2010 2010
$3,056 $1.50 $1,974 $1.40 $1,935 $2,938
$1.53 $1.54 $2,820 15% 15%
2005 2005
2010 2011 2012 2013 2014 2015 2010 2011 2012 2013 2014 2015
Occupancy Vacancy Rate Avg. Price Avg. Price PSF Occupancy Vacancy Rate Avg. Price Avg. Price PSF
Source: Multiple Listing Service Source: Multiple Listing Service
38 ISG MIAMI REPORT ISG MIAMI REPORT 39 POLITICAL POWER
POPULATION
Florida, once ranked 33rd in U.S. population rankings, has now surpassed New York as the 3rd most populated state. In August of 2015, the United States Census Bureau also released numbers on UNITED STATES POPULATION GROWTH “Metro Area-to-Metro Area Migration Flows.” Between 2009 and 2013, 22,000 New Yorkers relocated to Miami, the second largest migration flow between America’s largest metro areas. = 10 MIL
Source: U.S. Census Bureau 2040* 400 MIL
2020* 336 MIL
UNITED STATES HOUSE OF REPRESENTATIVES FLORIDA 2015 321,360,000 MIL 2006 300 MIL 27 1967 200 MIL MEMBERS OF THE HOUSE 1914 100 MIL OF REPRESENTATIVES
CURRENT RANK STATE POPULATION GROWTH FLORIDA 1. California 53 Members 1914 1967 2006 2015* 2020* 2040*
2. Texas 36 Members 1. new York 1. new York 1. California 1. California 1. California 1. California 3. Florida 27 Members 5. texas 2. california 2. texas 2. texas 2. texas 2. texas
Florida’s population numbers have resulted in the appointment of 4. New York 27 Members 12. California 6. texas 3. new York 3. Florida 3. Florida 3. Florida 27 members in the United States House of Representatives and 5. Illinois 18 Members 33. Florida 15. Florida 4. Florida 4. new York 4. new York 4. new York 29 electoral votes for the state; a strongly influential combination 6. Pennsylvania 18 Members during Presidential elections. Florida’s growing population leads to
an increasing precedence in the nation’s politics. Sources: Govtrack.us, USinfo.about.com FLORIDA POPULATION GROWTH
= 1 MIL
United Van Lines, a national moving 2040* 26 MIL VT OR company also produced the United Van ID Lines’ 38th Annual National Movers Study, 2020* 21.2 MIL
NV which tracked customers’ migration 2015 20,297,000 MIL CO DC patterns state-to-state in 2014. Florida NC was No. 5 of the Top Ten “Inbound States” OK SC 2006 18 MIL (55 percent or more of moves within the TX United States were made to Florida). 1967 6.6 MIL #5 FLORIDA 1914 882K
UNITED VAN LINES 2014 NATIONAL MOVERS STUDY
BALANCED HIGH OUTBOUND HIGH INBOUND Source: United Van Lines 2014 National Movers Study Source: U.S. Census Bureau
40 ISG MIAMI REPORT ISG MIAMI REPORT 41 INTERNATIONAL MARKET REPORT
42 ISG MIAMI REPORT ISG MIAMI REPORT 43 GLOBAL BUYER PROFILE
NORTH AMERICA CENTRAL AMERICA
3% 1%1% 4% 1% 5% 5% FLORIDA 6% 6% PANAMA MEXICO EL SALVADOR 8% NEW YORK GUATEMALA CANADA 15% 45% HONDURAS 46% NEW JERSEY NICARAGUA TEXAS 12% BELIZE TENNESSEE COSTA RICA MASSACHUSETTS
Source: ISG - Data as of Dec. 2014 23% OHIO 19%
Source: ISG - Data as of Dec. 2014
SOUTH AMERICA EUROPE & ASIA
9% 3% 2% RUSSIA 4% 5% 16% 11% FRANCE 5% BRAZIL CHINA
ITALY 34% VENEZUELA 9%
ARGENTINA ASIA 16% 15% COLOMBIA SPAIN
JAPAN PERU 13% BOLIVIA GERMANY
INDONESIA Source: ISG - Data as of Dec. 2014 15% FINLAND 28% 15% Source: ISG - Data as of Dec. 2014
44 ISG MIAMI REPORT ISG MIAMI REPORT 45 TRANS PORTATION
46 ISG MIAMI REPORT ISG MIAMI REPORT 47 ECONOMIC ACTIVITY
MIAMI’S COMPETITIVE ADVANTAGE THE PANAMA CANAL EXPANSION “ PortMiami will be the closest U.S. port to the Panama Canal that’s ready to accommodate the mega size cargo vessels that require a -50/52 foot depth when at full capacity. As of the end of July 2015, the Panama Canal stood at 91.3% complete PortMiami is already known worldwide as the Gateway of the Americas. Once the dredge 100% is complete, PortMiami will be well-positioned to capture new trade opportunities, especially with ever-growing Asian markets.”
Source: PanCanal.com - Miami-Dade County Mayor Carlos A. Gimenez
PortMiami will be the only major global logistics hub south of Virginia capable of handling larger vessels after the Panama Canal opens in 2016.
APPROXIMATELY $27 BILLION OF ECONOMIC IMPACT IN MIAMI-DADE COUNTY - Miami-Dade County Mayor Carlos A. Gimenez
The Port of Miami also known as the “cruise capital” and the “Gateway to the Americas” is the closest port to the Panama Canal. Miami just deepened its channel, an investment that is estimated to create 30,000 new jobs and increase PortMiami’s annual economic impact to more than $34 billion.
UNITED STATES PORTS PREPARE FOR PANAMA CANAL EXPANSION 1. PORT OF MIAMI 2. PORT OF NEW YORK AND NEW JERSEY U.S. ports are busy deepening harbors and building larger terminals PORT OF LONG BEACH to allow for larger ships that will pass through the Panama Canal 3. beginning April 2016. 4. PORT OF SEATTLE/TACOMA
Source: USA Today 48 ISG MIAMI REPORT ISG MIAMI REPORT 49 ECONOMIC ACTIVITY
MIAMI - SKY’S THE LIMIT 100 AIRLINES NOW FLY THROUGH MIA MORE THAN ANY OTHER U.S. AIRPORT
ECONOMIC IMPACT $40 BIL U.S. AIRPORTS - INTERNATIONAL FREIGHT U.S. AIRPORTS - INTERNATIONAL PASSENGERS HOW DOES MIAMI MEASURE UP? MIA #1 #2 MIA continues to be the leading economic engine $33.5 BIL 1. Miami (MIA) 1. New York (JFK) $30 BIL for Miami-Dade County and the state of Florida. 2. Los Angeles (LAX) 2. Miami (MIA) The airport’s most recent economic impact study 3. New York (JFK) 3. Los Angeles (LAX) shows that MIA has an annual financial impact of 4. Chicago O’Hare (ORD) 4. Newark (EWR) $33.5 Billion on local tourism, cruise operations, $20 BIL 5. Louisville / UPS (SDF) 5. Hartsfield Atlanta (ATL) Disney World - $18.2 BIL international banking, trade and commerce. MIA 6. Hartsfield Atlanta (ATL) 6. Chicago O’Hare (ORD) and aviation-related industries contribute 278,081 7. Dallas Fort Worth (DFW) 7. San Francisco (SFO) jobs directly and indirectly to Miami-Dade County, Florida Cruise Industry - $12.9 BIL 8. Memphis / FedEx (MEM) 8. Houston (IAH) equating to one out of every four jobs. $10 BIL Ft. Lauderdale Int’l Airport - $10.6 BIL University of Florida - $8.7 BIL 9. Newark (EWR) 9. Washington Dulles (IAD) Source: 2014 Annual Report Miami-Dade Aviation Department 10. San Francisco (SFO) 10. Dallas Fort Worth (DFW)
TOTAL AIRLINES WHICH OPERATE 100 OUT OF THE BUSIEST AIRPORTS IN THE UNITED STATES 83 75
42 43 39
30 “ More important than the records is the fact that this [upward trend 24 25 in both passenger and cargo traffic] translates to new jobs and 16 economic growth in our community, as well as new connections that further strengthen Miami’s position as one of the nation’s top global gateways.” Hartsfield Houston Dallas Newark Washington Chicago San Francisco Los Angeles New York Miami (MIA) Atlanta (IAU) Fort Worth (EWR) Dulles (ORB) (SFO) (LAX) (JFK) - Miami-Dade Aviation Director Emilio T. González (ATL) (DFW) (IAD)
Source: Miami Dade Airport | Miami-Airport.com
50 ISG MIAMI REPORT ISG MIAMI REPORT 51 ECONOMIC ACTIVITY
FORT LAUDERDALE AIRPORT
With Fort Lauderdale’s current international and domestic passenger growth, came a $2.3 billion $2.3BIL IN RENOVATIONS Canada - 446 proposal to provide faster check-in times, decrease South Runaway Expansion $791MIL Complete delays, and provide additional restaurant and retail Terminal 4 Redevelopment options. This proposal, known as The FLL Airports and Expansion $450MIL West 2015 / East 2017 Improvements and Renovations Program, will Terminal Concourse A $150MIL Early 2017 Chicago - 872 modernize terminals, add gates for international and New York - 2,638 Terminal Renovation Program $300 Early 2017 for Terminals 1,2 & 3 San Francisco - 342 New Jersey - 752 domestic destinations and make way for additional commercial tenants in efforts to enhance the In-Line Baggage System $100 Terminal 1 & 2 Complete Los Angeles - 850 Washington D.C. - 994 Atlanta - 1,593 passenger experience. Noise Mitigation Program $175MIL Ongoing Dallas - 840 In-Progress Projects $334MIL Ongoing Source: CAPA - Centre for Aviation Houston - 686 MIAMI Source: CAPA - Centre for Aviation FORT LAUDERDALE ANNUAL INTERNATIONAL PASSENGER GROWTH Mexico - 393 Dominican Republic - 162
30% Guatemala - 71 Haiti - 134 25% El Salvador - 43 Honduras - 77 20% Nicaragua - 78 Trinidad & Tobago - 62 15% Costa Rica - 164 Panama - 152 Venezuela - 66 10% 5% Colombia - 137
0% Ecuador - 80 2011 2012 2013 2014 Peru - 70 Source: CAPA - Centre for Aviation Brazil - 123 2015 WEEKLY DIRECT FLIGHTS Miami International Airport & Bolivia - 7 Fort Lauderdale International Airport TOTAL ANNUAL PASSENGERS Paraguay - 4 MIAMI INTERNATIONAL AIRPORT / FORT LAUDERDALE INTERNATIONAL AIRPORT Domestic - 9,567
Latin America - 1,899 2014 74.8MIL Uruguay - 7 Canada - 446 2013 72.7MIL Argentina - 42 Chile - 27 2012 70.3MIL
2011 69.3MIL
60M 65M 70M 75M
Source: CAPA - Centre for Aviation Sources: Marketing Division Miami-Dade Aviation Department
Business Development Manager Broward County Aviation Department
52 ISG MIAMI REPORT ISG MIAMI REPORT 53 ECONOMIC QUALITY OF ACTIVITY LIFE
MIAMI’S “GRAND CENTRAL” STATION... ALL ABOARD Florida will soon feature one of the most advanced passenger rail systems in the United States. All Aboard Florida is preparing a service that will connect Orlando and Miami with train travel that covers 235 miles in about three hours — 25% less time than when making the same trip by car. Additional train stops will include Fort Lauderdale and West Palm Beach.
Source: All Aboard Florida
MiamiCentral Station, now
under construction, is located in
Downtown Miami and will connect
with existing public transit systems,
accessible through the new
terminal. Get quick and easy access
to renowned beaches, world-class
sporting events, outdoor and water
recreation, nature and wildlife tours,
shopping, museums and more.
A MODERN TRAVEL EXPERIENCE “ All Aboard Florida will be one of the most transformative projects for All Aboard Florida was created with passengers in mind. the City of Miami. This multibillion dollar, private investment will spur Siemens trains features: economic and tourism growth in our downtown and the Historic Orlando- Approx. 3 Hours • Ergonomic seating Overtown community, resulting in the creation of thousands of jobs • Wi-Fi and hundreds of millions of dollars in economic impact.” • Level boarding West Palm Beach - Approx. 1 Hour • Train schedule will include 16 southbound and 16 northbound trips Fort Lauderdale - Approx. 25 min. City of Miami Mayor Miami each day which provides flexibility of schedules Tomas Regaloado SERVICE BEGINS IN 2017
Source: All Aboard Florida
54 ISG MIAMI REPORT ISG MIAMI REPORT 55 CULTURAL & ECONOMIC GROWTH
56 ISG MIAMI REPORT ISG MIAMI REPORT 57 ECONOMIC KNOWLEDGE ACTIVITY & INFLUENCE
MIAMI - BUILDING SILICON SOUTH
In less than 2 years, Miami has positioned • Miami, Florida eMERGE AMERICAS Miami - one of 5 cities itself as a hub for tech and innovation in • Austin, TX the Americas. eMerge Americas is an annual conference that provides a platform for the advancement poised to be the next MIAMI • Dallas, TX of technology, a forum for idea exchange, and a launch pad for innovation connecting BEACH Silicon Valley Tech Hub. The city is now home to a host of • Seattle, WA APRIL 18-19 Latin America, North America, and Europe. impressive venture-backed tech 2016 • Chicago, Illinois companies including:
- Modernizing Medicine (recently featured $2,000,000,000 ECONOMIC IMPACT $1,68M as one Forbes’ 10 companies revolutionizing entrepreneurship, $1,500,000,000 second only to Tesla Motors) $630M - YellowPepper $1,000,000,000 Apple, Uber, Twitter and Facebook have opened - OpenEnglish regional offices in Miami. $500,000,000 $29M - LearnerNation $18M Sources: CNBC
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
20,000 JOB OPPORTUNITIES 18,632
15,000 6,817 10,000
5,000 271 176
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 NINE TOWERS TO FORM NEW TECH MIAMI INNOVATION DISTRICT
The Miami Innovation District, a $2 billion project, will bring together a synergistic mash-up Sources: Washington Economic Group of start-ups, middle-market and international corporations in an innovative mixed-use development like never seen before. “ Simply put, Miami is at an inflection point. A once-secondary player
The Miami Innovation Tower is a $250 million on the global technology scene, Miami is finding its niche as an investment that will create: Building features: indispensable player due to several unique factors...Miami can now - 1,700 construction jobs - 3,850,000 square feet of office space add a new dimension to its outsized personality—that of a booming - 700 permanent jobs - 2,400,000 square feet of residential space - 13,000 high-paying jobs - 250,000 square feet of retail tech scene.” - 2,500 parking spaces - Founder of eMerge Americas, Manuel D. Medina
58 ISG MIAMI REPORT ISG MIAMI REPORT 59 67
ECONOMIC KNOWLEDGE QUALITY OF ACTIVITY & INFLUENCE LIFE
“ Over the years art galleries in this community made an MIAMI’S CULTURAL RENAISSANCE $1.1 BIL important contribution to the cultural life we enjoy today... in local economic activity The evolution of different art districts in South Florida is attracting a growing [They] created a fertile ground for the fairs and world-class generated by Miami-Dade museums that catapulted Miami to its prominence in presence of international artists to the area and promoting expansions to county’s nonprofit arts and museums and their collections. cultural organizations. contemporary art.”
Sources: Miami Dade Arts - Virginia Miller, Founder and Director of ArtSpace, South Florida’s longest established fine art gallery. MUSEUMS / COLLECTIONS / ART CENTERS
Gusman Center Vizcaya Museum & Gardens New World Center
1920 1940 1960 1981 2002 2006 2011 2013 2016 National Miami MDC Fairchild Tropical Lowe Art Rubell Family Young Arts Children’s The Margulies Haitian Heritage De La Cruz Museum of Latin America Institute of Botanic Garden Museum Collection Foundation Museum Wolfsonian Collection Museum Collection Art + Design Art Museum Contemporary Art
Colony Florida The Fillmore Frost Art Art Center Bakehouse CIFO Little Haiti South Miami-Dade Theatre Grand Opera Miami Beach at the Museum Art Complex Cultural Center Cultural Arts Jackie Gleason Center Theater
Frost Bass Museum Museum of Adrienne Arsht Center PAMM Museum Contemporary Art of Science
ART FAIRS / FESTIVALS ART GALLERIES / GALLERY WALKS
Art Deco Miami Art Space Weekend Book Fair Virginia Coral Gables Bird Road David Castillo Festival Intl Design Miami Miller Gallery Night Art Walk Gallery Studio Crawl
1951 1984 2002 2005 2015 1974 1998 2002 2015 Holtz Scope South Beach Coconut Children’s Miami NADA Comedy Miami Jazz at Viernes Avant Dimensions Primary Grove F.A.M. Hospital Beach Art Fair Festival Project Untitled Select MOCA Cultural Gallery Variable Projects Art Walk Nights
Art Miami Aqua Pulse Miami Context Miami River Britto Locust Emerson Spinello Dina Wynwood 6th Street Miami Site Art Miami Miami Beach Art Miami Art Fair Central Projects Dorsch Projects Mitrani Walls Container Downtown Specific Gay Parade Gallery Gallery Art Walk
Coconut Miami Fredric Wynwood Grove Arts Intl’ Film Snitzer Art Walk Festival Festival
60 ISG MIAMI REPORT ISG MIAMI REPORT 61 ECONOMIC QUALITY OF ACTIVITY LIFE
HEALTH REVOLUTION MIAMI’S GLOBAL ECONOMY Home to some of the “ Miami ranked Florida is ranked No. 2 best state for 1. Texas 6. Indiana 7. Louisiana best U.S. hospitals #4 Healthiest business and is home to 16 Fortune 500 2. Florida 3. North Carolina 8. Nevada South Florida is home to some of the best hospitals City in America” corporate headquarters. 4. Tennessee 9. Arizona in America offering the latest in cutting-edge technology. Livabilty.com named Miami as one Florida’s tax climate provides advantages that make Florida a 5. Georgia 10. South Carolina of top healthiest cities in America • Ranked #1 - Bascom Palmer in Ophthalmology for location profitable for every type of business. 11th Consecutive Year for the following factors: Sources: Chief Executive Magazine & Enterprise Florida Source: University of Miami - Miller School of Medicine • PARKS AND RECREATION SERVICES PERSONAL CORPORATE SALES TAX • Miami Jackson Memorial Hospital is one of the nation’s largest • AIR QUALITY INCOME TAX INCOME TAX health care facilities • BEACH ACTIVITIES % % % CITY STATE LOCAL STATE LOCAL STATE LOCAL • Miami Children’s Hospital Ranked one of Best U.S Hospitals • HEALTHY NUTRITION OPTIONS Source: U.S. News • HIGH DOCTOR-TO-RESIDENT RATIO MIAMI 0.0 0.0 5.5 0.0 6.0 1.0 Source: Livability.com NEW YORK 4.0-8.9 2.9-3.6 7.1 8.85 4.0 4.5
LOS ANGELES 1.0-9.55 0.0 8.84 0.0 8.25 1.5 PROTON THERAPY CENTERS Source: Miami DDA Proton therapy is an advanced treatment that beams radiation directly to any tumor to destroy cancer cells while avoiding healthy surrounding tissues. 500 Baptist Health New Miami Cancer Institute to open in 2016 and will offer first ABOUT $300 BILLION IS MANAGED proton therapy center in South Florida. 408 BY THE PRIVATE-WEALTH INDUSTRY MONEY MANAGEMENT FIRMS 349 IN SOUTH FLORIDA. HEADQUARTERED IN FLORIDA IN OPERATION UNDER CONSTRUCTION 2013 2014 2015 Source: Miami Herald Source: CNBC
MIAMI NO. 1 METROPOLITAN AREA WITH FASTEST JOB GROWTH RATE
3.8 4% 3.6 3.4 3.5% 3.3 2.9 3.0 3.0 3% 2.5% 1.7 2% 1.6 1.5 1.4 1.5% 1.3 1% .5%
Baptist Health New Miami Cancer Institute - Opening 2016 Atlanta Boston Chicago Dallas Houston Los Miami New Philadelphia Phoenix San Washington Angeles York Francisco
Source: The National Association for Proton Therapy Source: U.S. Bureau of Labor Statistics
62 ISG MIAMI REPORT ISG MIAMI REPORT 63 ECONOMIC QUALITY OF ACTIVITY LIFE
SOUTH FLORIDA’S SPORTS SCENE
MIAMI SPORTS EVOLUTION DAVID BECKHAM‘S NEW SOCCER STADIUM COMING TO MIAMI
South Florida has seen an astounding growth and increased popularity in sports since 1967 when it was Initial deal with Miami-Dade city officials could see 25,000-seat arena next door to the Miami Marlins arena home to the Miami Dolphins. Today, South Florida entertains residents and visitors from around the world with some of the most celebrated sports teams in the nation. “We are getting closer. There’s a lot of positivity around the city and I’ve always said that Miami is a place that will love a team.”
MIAMI DOLPHINS MIAMI HEAT MIAMI MARLINS PANTHERS - David Beckham
Founded in 1966 Founded in 1988 Founded in 1991 Founded in 1993
2 Super Bowl Winners 3 Championships 2 World Championships 1 Finals Appearance
5 Super Bowl Appearances 18 Playoff Appearances 2 Pennants 1 Playoff Appearance
20-20 Playoff Record 2 Playoff Appearances
“ A single Super Bowl generates over $300 million in economic benefits to South Florida and its businesses” - Sen. Oscar Braynon, Miami Gardens
SUPERBOWLS HOST SUPERBOWLS HOST BY CITIES BY STATE
M z 10 10 L ne S e Co im m s G 1. Florida - 15 mi rlo ssi Ca one or r Do May n G ade arber, ami-D 2. California - 11 David Beckham, Mi
3. Louisiana - 10 5 4. Texas - 3 Source: Miami New Times, MLS Soccer 4 3 3 5. Arizona - 3
Miami, New Orleans, Pasadena, Tampa, San Diego, Glendale, Florida Louisiana California Florida California Arizona
64 ISG MIAMI REPORT ISG MIAMI REPORT 65 QUALITY OF LIFE
LANDSCAPE OF THE FUTURE MIAMI’S ENHANCED TRANSPORTATION NETWORK AND A SHARING ECONOMY
WHY SHARING? In conjunction with new green promenades MIAMI’S BIKE-SHARE PROGRAM and walkways, the city of Miami is also 1. Cities experience an increase in Urbanization working on a Bicycle/Pedestrian plan to This year, Citi Bike Miami launched their Bike Share Program that 2. Changing conditions in Economics promote alternative forms of transpor- extends from the city’s Upper East Side to south of Coconut Grove. 3. Generational changes in User Preferences/Lifestyle tation. These initiatives, paired with new private forms of transportation, by the means of sharing bicycles and cars in the city, suggest an increasing metropolitan 4.5 MILLION 1. UNLOCK 2. RIDE 3. RETURN FROM ANY STATION WHEREVER TO ANY STATION influence on the city of Miami. RIDES TAKEN TO DATE YOU WANT
DOWNTOWN MIAMI
MIAMI IS THE NATION’S 1 bike per 20 stations 300 residents per square mail NO. 1 SUPPORTER OF PEDESTRIAN & BICYCLING INITIATIVES. FOR EVERY CITIZEN IN MIAMI THERE’S $14.22 BEING SPENT BY THE GOVERNMENT ON BIKE-RELATED PROJECTS.
Source: the305.com Per Capita Spending on Bicycle/Pedestrian Projects
1. Florida CARS ON DEMAND The sharing, or collaborative, economy is a new 2. California Car sharing programs allow for car access on demand and type of business built on the concept of shared 3. Texas are each part of a free-floating network around the tri-county. 4. Arizona These programs and cars can be found from Miami Beach, Coconut resources. This ability to share what is available 5. New Jersey Grove and Brickell to Downtown Miami and the Design District. allows customers to access goods or services 6. New York when they are needed, rather than having to 7. Illinois 8. Washington purchase them “just in case” they need them. 9. Michigan Source: Car2Go.com, Huffington Post, Hertz247.com - 10. Hawaii Source: Alliance for Biking & Walking’s 2014 Benchmark Report
66 ISG MIAMI REPORT ISG MIAMI REPORT 67 QUALITY OF I-95 LIFE
EST. TOTAL 112
INVESTMENT:US 27 US 1 WYNWOOD LANDSCAPE OF THE FUTURE $180 MIL GREEN LANDSCAPE INITIATIVES THE BISCAYNE LINE Seven miles of Miami’s future baywalk system will stretch from the Rickenbacker Causeway to the Julia Tuttle, with Miami is set to be EDGEWATER an additional 5 miles along the Miami River creating a one of the top 5 visionary waterfront redevelopment plan. most walkable cities Source: MiamiDade.Gov in the nation.
MIAMI - Time Magazine, June 2014 RIVER DISTRICT
DOLPHIN EXPY I-95 DOLPHIN EXPY US 1
THE MIAMI RIVER GREENWAY MACARTHUR CAUSEWAY A scenic, 10-mile trail featuring historical markers, information kiosks, public art and decorative lighting. DOWNTOWN PORT OF MIAMI MIAMI Source: Theunderline.org W FLAGLER ST.
BRICKELL KEY
MIAMI THE MIAMI UNDERLINE The Underline is a future world-class linear park and living art BRICKELL BISCAYNE GREEN destination offering safer paths for pedestrians and bicyclists. This future open space urban park involves a This urban parkland will include innovative public art installations near-total makeover of a six-block stretch of by recognized national and Miami-based visual artists that will Biscayne Boulevard located only blocks away enrich the public realm and environment. from the AmericanAirlines Arena, Bayfront US 1 Source: Theunderline.org Park and Bayside. I-95 Source: MiamiDade.Gov
RICKENBACKER CAUSEWAY
COCONUT VIRGINIA KEY GROVE 68 ISG MIAMI REPORT ISG MIAMI REPORT 69 ISG CITY WATCH FORT LAUDERDALE
70 ISG MIAMI REPORT ISG MIAMI REPORT 71 ISG CITYWATCH FORT LAUDERDALE
Fort Lauderdale is one of the nation’s fastest-growing metropolises with countless expansions underway throughout the coast. Attracting over 14.3 MILLION VISITORS YEARLY for its famous beaches, scenic waterways, upscale shopping and vibrant nightlife, Fort Lauderdale is truly becoming a world-class destination.
ARTS, ENTERTAINMENT & CULTURE 300-plus miles of Intracoastal Waterway and navigable inland canals make REJOICE IN THE HEART OF Greater Fort Lauderdale the yachting capital of the world and the FORT LAUDERDALE “Venice of America.”
Source: Greater Fort Lauderdale Alliance ARTS & CULTURE • Broward Center for the Performing Arts - $50MIL renovation • Museum of Discovery and Science - 400,000 visitors each year
SPORTS & RECREATION • Sun Life Stadium - $350MIL renovation
SHOPPING • Galleria Mall $1BIL Redevelopment Plan
FORT LAUDERDALE INTERNATIONAL FEATURED REDEVELOPMENT For an in-depth analysis into Fort Lauderdale’s Real Estate market please BOAT SHOW email us at info@isgworld to receive your complimentary copy of the The Las Olas Corridor & Streetscape Program ONE OF THE LARGEST BOAT SHOWS IN THE WORLD The community redevelopment agency of Fort Lauderdale ISG World Miami Report 2015 Fort Lauderdale Edition. is allocating over $78 million dollars in redeveloping $4 BIL 130,000 Fort Lauderdale Beach along with other popular resident Worth of Boats and Visitors and visitor attractions. Marine Products Source: denisonyachtsales.com
72 ISG MIAMI REPORT ISG MIAMI REPORT 73 SOUTH FLORIDA 2020
With the extensive construction and expansion taking place in our region, what will Greater Miami actually look like by the end of this decade? The following pages illustrate a variety of “2020’s”, broken down by neighborhood.
Photo Credit: Photographer: Nick Garcia
74 ISG MIAMI REPORT 75 ISG MIAMI REPORT DOWNTOWN MIAMI 2020 DOWNTOWN MIAMI: $12 BILLION IN NEW DEVELOPMENT THROUGHOUT 20 BLOCKS
MET (MDM) One Bayfront Plaza Biscayne Boulevard Skyrise Miami Tower Flagler on the River CENTRO LAMM Port of Miami Tunnel Miami World Center 1000 Museum Museum Park Adrienne Arsht Center Resorts World Miami (Genting) Omni (Genting) JW Marriott Hotel (FECR) Beautification (Berkowitz) (MELO) (Newgard) Nadar Latin Connects I-395 and (Falcone) (Covin) 29 acres. 48,000 sq. ft. 14 acres 1.5 million sq.ft. Beaux Arts Hotel 4.2 million sq. ft. Grand Boulevard Landscaping & 1000 Ft. Observation Tower 32 Stories 37 Stories American Art Museum at MDC Watson Island to Port 12 million sq. ft. 63 Stories Perez Art Museum Miami Film Production Studio Destination Resort Hilton Hotel, MET Square 72 Story Tower Baywalk Links Streets, Mixed Use Retail and 300 Condo Residences 352 Loft Style Condos 50 Floors $607 Million 27 Acres 83 Condos Patricia & Phillip Frost Museum $13.6 Million Hotels & Residences Office, Retail & 470 Hotel Rooms Mixed-use, Parks and Bay Hospitality $90 Million 270 Units Hotel, Retail, Design by of Science $3 Billion Potential Casino 1,700 Seat Theatre Office, Hotel, Retail $400 Million Civic Space, Zaha Hadid $500 Million Proposed $400 Million 4 Story Retail, $2 Billion Office, Residential $300 Million 41,000 Sq. Ft. Restaurant $4 Billion Whole Foods Vizcayne 300 Biscayne All Aboard Florida 600 Biscayne Overtown Gateway (Peebles) Canvas Two 49 Story Towers (PMG) (Florida East Coast TBD Paramount 2 Phases (NR Investments) 849 Condos Residential and Industries) Miami World Center 150 Staybridge Hotel Room Suites 37 Stories 55,000 s.f. Retail Commercial Mixed use 9 Acres 635 Apartment Units 513 Condos Krystal Tower 749 Ft. Signature Tower $265 Million 1.5 Million Sq. Ft. Office, 500 Condos 60,000 Sq. Ft. Retail (Rodolfo Ishak) Residential, Retail , and 100,000 Sq. Ft. Office 35 Stories Hotel $200 Million 153 Condos Proposed
MIAMI INTERNATIONAL AIRPORT
MARLINS STADIUM
MIAMI RIVER DISTRICT GUSMAN CENTER EPIC MET MIAMI DADE COLLEGE
VICEROY
FREEDOM TOWER PERFORMING ARTS CENTER
MIAMI RIVER BAYFRONT PARK BAYSIDE AMERICAN I-395 MARINA AIRLINES ARENA
BISCAYNE BAY BISCAYNE BAY WATSON ISLAND MARINA
CRUISE SHIP PORT
TO SOUTH BEACH
STAR ISLAND AMOUNTS ARE AN ESTIMATE
76 ISG MIAMI REPORT ISG MIAMI REPORT 77 BRICKELL 2020 BRICKELL: $6 BILLION IN NEW DEVELOPMENT
Landscape Park Echo Brickell Le Parc Cassa Brickell Atton Hotel Brickell House SLS Brickell The Bond 1100 Millecento Panorama Tower BrickellTen 1010 Brickell Brickell Flatiron NINE Brickell Heights Brickell City Centre My Brickell One Brickell Public (PMG & JDS) (ALTA & Strategic) (TSG) 270 Rooms (New Guard) (Related) (MDR) (Related) (Florida East Coast) (IBGroup) (Key International) (Ugo Colombo) at Mary Brickell (Related) (Swire) (Related) (Related) Bayfront Park 180 Luxury 128 Boutique 10 Stories 12 Stories 374 Condos 453 Condos 323 Condos 382 Condos 821 Condos 155 Condos 387 Condos 548 Condos (Starwood Capital 2 Towers 5.4 million Sq. Ft. 192 Condos 27 3 Towers Proposed Residences Condos 81 Condos Design by 46 Stories 120 Hotel Rooms 43 Stories 42 Stories 128 Hotel Rooms 22 Stories 47 Stories 65 Stories & Lynd) 690 Condos 9 Acres Stories 80 Stories 57 Stories 12 Stories Luis Revuelta 52 Stories Design by 81 Stories Design by Design 390 Condos 48 Stories 773 Condos 70 Stories Collaboration by Design by Carlos Ott + 82,000 Sq. Ft. Retail Sieger Suarez By Luis Revuelta 48 Stories Design by Arquitectonica 93 Apartments 55 Stories Carlos Ott + Phillipe Stark Pininfarina 38,000 Sq. Ft. Office Design by ADD 243 Hotel Rooms 1,200 Condos yoo Studio SLS Lux 520,000 Sq. Ft. Retail 200 Hotel Rooms (Related) 240,000 Sq. Ft. Office 200,000 Sq. Ft. Retail 450 Condos Proposed 85 Hotel Suites 57 Stories Design by Arquitectonica
MARLIN’S STADIUM CORAL GABLES MIAMI RIVER DISTRICT
DOWNTOWN
BISCAYNE BAY BRICKELL KEY
BISCAYNE BAY
AMOUNTS ARE AN ESTIMATE
78 ISG MIAMI REPORT ISG MIAMI REPORT 79 BISCAYNE CORRIDOR 2020 EDGEWATER, MIDTOWN AND DESIGN DISTRICT: $4 BILLION IN NEW DEVELOPMENT
Aria on the Bay The Filling Station National Young Arts Foundation Biscayne Line Wynwood Art 250 Wynwood 26 Edgewater Mbay Bay House The Crimson Icon Bay Paraiso Bay / New Public Hyde Midtown Dacra Project Baltus House (Melo) (FLS Development) Proposed New Campus Public Bay Walk District Walls (Fortis) (Stripey) (Hyperion) (Melo) (Mckafka) (Related) Gran Paraiso & Private (Related) (Craig Robins) (Related) 647 Condos 81 Condos Designed by Frank Gehry Proposed from Venetian Cswy to Julia On-going 11 Condos 86 Condos 129 Condos 164 Condos 90 Condos 300 Condos (Related) Bayfront 40 Hotel Units 540,000 Sq. Ft. 167 Condos 50 Stories Proposed at Historic Bacardi Building Tuttle Cswy Art Movement 6 Stories 10 Stories 39 Stories 38 Stories 20 Stories 42 Stories 2 Towers Marina 395 Condos Luxury Retail 15 Stories 40,000 SF Commercial Space Mixed-Use Retail Proposed 685 Condos and Park 31 Stories *Design District 55 Stories *Midtown Proposed
Elysee 23 Biscayne Biscayne Paraiso Bayviews One Paraiso The District 36 (Eastview) (Melo) Beach Club (Related) (Related) (Terra) 100 Units 96 Condos (Eastview) 388 Condos 276 Condos 60,000 Sq. Ft. 57 Stories 18 Stories 399 Condos 44 Stories 53 Stories High-End Home 51 Stories Furnishing Retail Proposed
MIAMI INTERNATIONAL AIRPORT DOWNTOWN MIAMI MARLIN’S STADIUM MIAMI RIVER DISTRICT
ADRIENNE ARSHT PERFORMING ARTS CENTER AMERICAN WY NWOO D MIAMI AIRLINES ARENA DESIGN DISTRICT PÉREZ ART MUSEUM SHOPS AT MIDTOWN
NEW PUBLIC LUXURY BAYFRONT & PRIVATE PARK RESTAURANT MACARTHUR CAUSEWAY TO MIAMI BEACH 1/2 ACRE VENETIAN CAUSEWAY JULIA TUTTLE CAUSEWAY TO MIAMI BEACH TO MIAMI BEACH
AMOUNTS ARE AN ESTIMATE
80 ISG MIAMI REPORT ISG MIAMI REPORT 81 SUNNY ISLES 2020 $11.5 MILLION IN NEW DEVELOPMENT
Regalia Armani Casa Porsche Design Tower Turnberry Ocean Club Mansions at Acqualina Chateau Beach MUSE Jade Signature Parque Towers 400 Sunny Isles The Ritz-Carlton Residences (Regalia Beach Developers) (Related/Dezer) (Dezer) (Turnberry Associates) (GSF Acquisition) (Chateau Group) (PMG) (Fortune) (Milton) (Key International) (Fortune/Chateau Group) 46 Stories 60 Stories 57 Stories 54 Stories 47 Stories 33 Stories 48 Stories 57 Stories 26 Stories 230 Units 50 Stories 39 Units 308 Units 132 Units 154 Units 79 Units 84 Units 68 Units 192 Units 320 Units 212 Units
The Estates at Acqualina (GSF Acquisition) Two Towers 50 Stories 264 Units
82 ISG MIAMI REPORT ISG MIAMI REPORT 83 DORAL 2020 $2 BILLION IN NEW DEVELOPMENT
Vintage Estates The IVI Doral Modern Doral Midtown Doral Isles at Grand Bay Downtown Doral Bel Air Doral City Place Doral Oasis Park Trump National Doral (Terra) 64 Condos (Terra) (Optimus) (Lennar) 5252 Paseo + 5300 Paseo (ZOM) (Related) (Optimus) $250 Million Renovation 28-acre gated community 12-acre development 3 Phases 3 Phases 672 Condos (Codina) 249 Condos 48-acres 150 Condos 100,000 Sq. Ft. Event Space 110 Residences 316 Condos Phase I + II Luxury Single Family Mixed-use Community Luxury Rental Complex 22 Million Sq. Ft. Single Family New BLT Prime Restaurant Single Family Luxury Single Family 509 Condos 1 Million Sq. Ft. (Office) Groundbreaking Aug. 2013 300,000 Sq. Ft. Retail 27-acre development Phase III TBD 180,000 Sq. Ft. (Retail) 4.2-acres Lakefront 280,000 Sq. Ft. Office 150,000 Retail Space 150,000 Sq. Ft. Retail 2,840 Condos 1,000 Residences 90-acres
DOWNTOWN MIAMI
MIAMI INTERNATIONAL AIRPORT
AMOUNTS ARE AN ESTIMATE
84 ISG MIAMI REPORT ISG MIAMI REPORT 85 FORT LAUDERDALE 2020 $3 BILLION IN NEW DEVELOPMENT
Auberge Beach RIVA The Pearl at Flagler Village Adagio 2nd Street Residences Paramount Aquavita AquaLuna 1800 8th Avenue New River Yacht Club Marina Lofts New River South Andrews Tower Airport and I-595 Residences (Premier) (Morgan) On the Bay (Ellis Diversified) (Encore Housing and Las Olas Las Olas Las Olas Residences (Related) (Asi Cymbal) Village III (Fred Kern) $42.5 Million (Related) 14 Stories 7 Stories (Grupo Alco, Garcia 30 Stories Kodsi) (Roy & Eisinger) (Roy & Eisinger) (Roy & Eisinger) (Rockefeller) 26 Stories 2 Towers (American Land Ventures) 37 Stories Expansion to I-595 Two Towers 100 Condos 331 Condos Stromberg + GS4 398 Condos 18 Stories Two Waterfront Buildings Two Waterfront 4 Condos 262 Condos 249 Condos 28 - 30 Stories 15 Stories Office, Hotel & $791 Million 17 - 22 Stories Henry Square (Related) Studio Architects) 2,200 Sq. Ft. Retail 95 Condos 22 Condos Buildings 2,500 Sq. Ft. Retail $36 Million 856 Condos 209 Condos Residences runway renovation at 171 Condos 6 Stories 12 Condos Proposed 16 Condos 29,000 Sq. Ft. Retail 2,245 Sq. Ft. Restaurant Proposed Ft. Lauderdale Airport 382 Residences Privage BellaVita & Restaurant (Roy & Eisinger) Las Olas 25,000 Sq. Ft. Retail AquaMar Crocker Tower ICON Las Olas Designed by 22 Condos (Roy & Eisinger) Las Olas Bjarke Ingles Elan 16Forty AquaBlu (Crocker) (Related) Gale Hotel & 16 Condos (Roy & Eisinger) Proposed (Greystar) Ft. Lauderdale 42 Stories 272 Residences Residences Three Waterfront 10 Stories (Roy & Eisinger) 395 Condos Under (Neward W Hotel Buildings 261 Condos 45 Condos Proposed Construction & Residences 20 Condos 6,000 Sq. Ft. Gym Development & Menin Hospitality) (Related NY) 2,300 Sq.Ft. Retail 171 Condos
Proposed 128 Condos LAS OLAS BOULEVARD OLAS LAS SOUTH FEDERAL HIGHWAY
DOWNTOWN FORT LAUDERDALE
RIVER FRONT
BROWARD BOULEVARD
AMOUNTS ARE AN ESTIMATE MUSEUM OF DISCOVERY AND BROWARD CENTER FOR THE SCIENCE PERFORMING ARTS 86 ISG MIAMI REPORT ISG MIAMI REPORT 87 ON THE GROUND Alex Vidal President The current state of South Florida Realty RelatedISG International Realty
Q: In your opinion, why are rental prices on the rise Q: Luxury real estate, especially in Miami, is an in Miami? When do you think they will level out? increasingly competitive market. If you had to narrow it down, what is the most important key to success in A: Rents are on the rise due to the population Miami’s luxury market? growth Miami is experiencing on a day-to-day basis. The majority of people coming to the city for the A: Our goal is to establish trust and an emotional first time typically rent before they buy. They want to connection with our clients. This is critical when experience Miami before making a commitment to a working with high net worth individuals in the luxury particular area or submarket. Current South Florida market. It is important our clients have confidence in residents are also driving rental demand because it’s our ability to manage their real estate transactions in an economically feasible choice,especially with the a professional, careful and authentic manner. recent difficulty in obtaining mortgage financing. These factors are contributing to the lack of rental Q: Drawing from your experience, what do you think inventory in South Florida, especially in popular is Miami’s next big popular neighborhood? areas such as Brickell and Downtown Miami. Rents will stabilize once new construction buildings A: Edgewater. It is the next logical neighborhood to are completed and more supply becomes available be redeveloped in our expanding downtown area. in the market. Q: What are the benefits of joining a large brokerage CELEBRATING Q: Luxury condo and home development is a big compared to working on your own? SIX YEAR’S market in Miami at the moment. What drivers do you A: Experienced agents join a large brokerage see keeping this trend sustainable in the long run? OF THE ISG because the firm’s values and way of doing business MIAMI REPORT A: Both domestic and international buyers are is similar to theirs or because the brokerage offers playing a key role in the luxury real estate market. an invaluable learning potential. The Miami Report is produced for general interest only; it is not Florida has a favorable tax climate for businesses. In our case, experienced agents join to leverage two definitive and is not intended to give I have personal friends who have moved their of the biggest names in the South Florida real estate advice. It must not be relied upon market, Related & ISG. Both of these firms are in any way. Although high standards headquarters from New York to Miami and have have been used in the preparation of saved millions in taxes. This is a key factor in bringing synonymous for luxury, preconstruction, high rises the information, analysis and views domestic buyers to our shores, aside from our and exceptional marketing. RelatedISG Intl Realty presented in The Miami Report, no also leverages multiple office locations and sales responsibility or liability whatsoever pristine weather. can be accepted by ISGWorld for centers, locally and internationally. the contents. We make no express Internationally, Miami will continue to be a big draw. or implied warranty or guarantee of When buyers compare the political and economic Our brokerage additionally promotes an the accuracy of any of the contents. environment and culture that encourages agents to As far as applicable laws allow, we do stability of their respective countries to South not accept responsibility for errors, Florida, they are convinced that we provide a more excel. We want them to represent themselves and inaccuracies or omissions, nor for loss comfortable and less stressful lifestyle. Luxury our brand to the best of their abilities. Our team has or damage that may result directly inventory in Miami meets those objectives. We have a synergy that is second to none and it is truly an or indirectly from reliance on or use exciting and motivating environment in which to of its contents. The Miami Report also seen an influx of Asian buyers investing in Miami does not necessarily reflect the view real estate. One of our realtors recently hosted a work. of ISGWorld in any respect. Readers group of over 20 Chinese CEO’s who are looking for should not take or omit to take any action as a result of information in investment opportunities in South Florida. The Miami Report.
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