8A WEDNESDAY, FEBRUARY 1, 2017 INTERNATIONAL EDITION MiamiHerald.com HERALD PROPERTY AFFORDABLE LUXURY

MIAMI HERALD A home on North Bay Road. A strong dollar, economic instability in Latin America and overbuilding have hit luxury real estate.

PRICES ARE COMING BACK DOWN TO EARTH FOR HIGH-END MIAMI REAL ESTATE BY NICHOLAS NEHAMAS Douglas Elliman’s Florida Luxury single-family homes Miami Herald brokerage. fared better than condos. In As residential sales and “The market is not weak Miami and its major suburbs prices fl atten out overall in or in tailspin,” Parker said. median sales prices ticked up South Florida, the luxury “What we’re seeing are price 2.2 percent year-over-year. real estate market is taking adjustments by sellers to Total sales volume for ex- a beating while local buyers account for the explosive isting homes in Miami-Dade scramble to fi nd affordable growth we’ve experienced dropped 16.4 percent, from single-family homes. since the last recession. The $954 million in December In Miami-Dade County, the increased inventory is help- 2015 to $798 million in De- total number of existing home ing us to bring those sellers cember 2016. sales fell 4.3 percent year-over- to a point of acceptance . . . While high-end homes year in December, according It’s a buyer’s market.” struggles, the middle of the to a report released Tuesday Sellers are cutting their market is hot. Sales for homes by the Miami Association of demands, especially for con- priced between $300,000 and Realtors. In Broward County, dos, industry data show. For $600,000 jumped 27 percent home sales fell 3.7 percent, instance, Douglas Elliman year-over-year in December, according to the Greater Fort found that Miami condo according to the Miami Real- Lauderdale Realtors. prices dropped 32 percent tors’ association. But a strong dollar, eco- year-over-year in the fourth Driving the boom is an in- nomic instability in Latin quarter. It’s either sell below fl ux of new residents and a America and overbuilding asking or wait …. and wait … shortage of new construction have hit luxury real estate for better days. at attainable price points. much harder than other parts After months in the dol- “Low supply and high of the market. drums during the run-up to demand for Miami single- In Miami Beach, the num- the U.S. presidential election, family homes have fueled ber of luxury sales slumped condo developers are report- fi ve-plus years of residential 22 percent year-over-year in ing that sales have picked up. price growth,” said Christo- the fourth quarter of 2016, At the Auberge Beach Resi- pher Zoller, the association’s according to a report from dences in Fort Lauderdale, de- chairman, in a statement. brokerage Douglas Elliman velopers say they signed con- Distressed sales also de- and appraisal fi rm Miller tracts for $30 million worth of clined dramatically as the Samuel. In mainland Miami, units in December. In Sunny market continues to recover luxury sales fell 13 percent, Isles Beach, Turnbery Ocean from the recession. In Miami- the report found. Club said it also sold $30 mil- Dade, short-sales and real- Sellers are going to have lion. And in downtown Miami, estate owned transactions fell to lower their asking prices Zaha Hadid’s 1000 Museum from 23 percent of all home while the market stabiliz- reported $25 million worth of sales in December 2015 to 14 es, said Jay Parker, CEO of sales. percent in December 2016.

Miami’s Sports Franchises Extend South Florida’s International Appeal nternational home buyers are Downtown now features more than 392 restaurants Soccer, of course, is the world’s most popular sport. attracted to Miami for its weather, and bars and improved public transit. All Aboard Miami Heat According to FIFA’s most recent Big Count survey, As mentioned above, the Heat have passionate resort lifestyle, cultural institutions, Florida, a new Downtown Miami-to-Orlando there are 265 million players actively involved in fans around the globe and three NBA titles. name-brand shopping, nightlife and passenger train, is being built and will include soccer around the world, roughly about 4 percent more. Major professional sports is 163,000 square feet of commercial and retail of the world’s population. Launched in 1988, the Heat have a long-term lease another allure. space in downtown. The $1.05 billion Brickell City at the American Airlines Arena in Downtown Miami. Centre, which opened recently, and the $1.7 billion Soccer is a perfect fit for South Florida as the region The arena hosted the 1990 NBA All-Star Game. International home buyers want world- Miami Worldcenter have arrived or are on their way. is an international melting pot with many residents class entertainment, and Miami’s coming from countries where fùtbol is a national three major sports squads are providing it in new passion. In addition to its diverse community, South or relatively new venues. The NBA’s Miami Heat, Florida has direct access to Europe and Latin The Marlins, who began playing in 1993, are a two- Major League ’s Miami Marlins and NFL’s Launched in 1966, the Dolphins are Miami’s America and annually ranks among the highest time World Series champion. Miami Dolphins have each won championships and oldest and longest-running major professional rates of TV soccer viewership in the United States. gained international recognition. sports franchise. In 1997, the Marlins became the first wild-card team to win the Series, in only their fifth season. Major professional sports do more for a city No pro football club in history has ever moved from In 2003, the Florida Marlins shocked the world by than just instill civic pride. Sports brand a expansion team to Super Bowl champion like the defeating the New York Yankees four games to two. city globally, attract new residents and fuel Dolphins. In their sixth season, Miami became the commercial investment. Take the story of the only NFL team to ever record a perfect season. For the first 19 years of its existence, the team 2012 and 2013 LeBron James-led Miami Heat played its home games at Sun Life Stadium in NBA championship teams. The Dolphins went 17-0-0 to win Super Bowl VII Miami Gardens. In 2012, it moved into the newly- in 1972. The Dolphins also won Super Bowl VIII. constructed Marlins Park in Miami’s Little Havana. The “Big Three” (LeBron, Dwayne Wade and Chris Their combined 1972-73 record was 32-2, an all- Bosh) shined the already hot spotlight even brighter time mark. Marlins Park is a state-of-the-art, indoor park. on Miami. The Heat’s run to four consecutive NBA Like Hard Rock, Marlins Park is used for many Finals led to more TV coverage and more exposure. Fan support was strong. In 1973, the Dolphins events such as high school graduations, concerts, Miami’s breathtaking skyline and beaches were established an NFL record with 74,961 season international soccer matches, college bowl games shown nightly during games. Those same shots ticket sales. Miami has made the playoffs since, but and car races. aired in many international countries, including haven’t won another Super Bowl championship. China, as the NBA is America’s most global game. Marlins Park will be the site of a major international Today, the Dolphins play in state-of-the-art Hard sporting event this summer when the Marlins host The Heat sold out every game during LeBron’s run, Rock Stadium in Miami Gardens. Owner Stephen the Major League Baseball All-Star Game. It’s the but a more impressive feat happened outside of Ross spent roughly a half billion dollars to modernize first time the franchise has hosted the Midsummer American Airlines Arena in Downtown Miami. The the stadium last year. The improvements included Classic, which garners more than 8.7 million TV economic impact of the Miami Heat and the area a $250 million shaded canopy. The Dolphins’ home viewers. totaled $1.4 billion a year, according to a has hosted five Super Bowls, America’s Downtown Development Authority study. most-watched sporting event. Miami will host another Super Bowl in 2020, the NFL announced. Major League Downtown Miami’s resurgence was underway when LeBron signed with Miami in 2010, but his isn’t just for football. The Brazil Soccer coming success helped encourage residents, business men’s national team will play a series of matches to Miami? owners and developers to relocate or do more at Hard Rock; Real Madrid will visit the stadium in Legendary soccer player and global icon David business in Miami. 2017. The stadium is also Miami-Dade County’s Beckham is planning to build a new, 25,000-seat only true outdoor concert venue. The stadium plans Miami stadium for a new Major League Soccer Today, Downtown Miami has more than doubled to host major music festivals and more. expansion team. Multiple reports say the team may its population to 80,000 in the last decade. Realtor. begin playing in 2019. Representing Nearly 45,000 com named Downtown Miami as the nation’s Real Estate Professionals fourth-fastest growing neighborhood. Downtown cultural institutions like the Adrienne Arsht Center Property Information in 20 Languages for the Performing Arts and the Perez Art Museum miamire.com are attracting new residents and businesses. [email protected]

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