2018 Real Estate Luxury Report Luxury Report

Welcome to our 2018 Luxury Report. This year we have revamped the report in more ways than ever before. We have made it extremely easy to navigate your way through every neighborhood and for those who don’t have time to read, I have even made short, 5 minutes videos explaining the luxury movements within each neighborhood!

So lets dive in…

What I have always found interesting with the luxury residential market is that it truly operates in a completely different capacity to normal ‘standard’ real estate market conditions. This, I always feel, is largely due to the fact that the same rules that apply to normal buyers (constraints, motivations and market forces) do not apply to luxury buyers. It is important not to extrapolate data from normal market reports to the luxury end of the market. If some is good, more must be better? No, not necessarily! There is a tipping point once you enter the luxury market. Luxury buyers calculate property values in a very different way to normal buyers, and micro and macro factors that drive normal buyers’ decisions do not affect the luxury buyer or seller in the same way. As I say: ‘Ford does not worry about Ferrari and Ferrari doesn’t worry about Ford’. Now this is not to say that there are factors that don’t affect us all, but there are indicators that vary and it is important to recognize these.

What we classify as luxury within this report is properties over $3M (Apart from where the threshold is $2M). This really though is the tip of the iceberg and many will consider real luxury to kick in at $5m upwards. Because the number and velocity of luxury sales is so much less that in the normal markets it can be easy to misread or miscalculate how and where this market is moving. Will it get better? Is it stagnant? Is it about to experience a sudden jump or will it take a sudden drop? What has been so important in understanding this market is not just looking at a bunch of spreadsheets and extrapolating what we know within the normal market, but really dealing and listening to luxury buyers and sellers and understanding what motivates them. We repeated these activities every SINGLE day, and then looked for patterns within the data based of our dialogue and conversation. As a team we hear about what buyers need and want on a daily basis. Both as agents for luxury buyers and as listing agents for a lot of luxury properties, we get feedback every day. Finally, we also constantly talk to affiliated luxury business operators (commercial being a big one). Therefore we know what the sentiment is and how it is moving. Once again, it is the social narrative that gives us the best story and understanding of the market.

One thing is for sure; Miami is one of the most desirable destinations on the planet. Quality of life to price per sqft is unparalleled. With Art Basel, The Boat Show, Beckham’s newly announced MLS soccer team and the recent announcement that Miami will be added to the list of cities for the 2019 F1 Grand Prix circuit it rivals cities like Dubai, Sydney, London or Monte Carlo, yet at a fraction of the cost. So, it is hard to deny that Miami has a place on the global luxury stage and we know that this is just going to grow and grow to 2020.

Interestingly, an element that I have seen, rivals all of the above for driving the luxury buyers. One that is even possibly more motivating in bringing luxury buyers to the city is the pull of tax benefits. I have personally experienced a much higher than average engagement with company CFO’s and CEO’s moving to Miami. The commercial side of the city continues to thrive and it is not hard to see why, if you can personally save hundreds of thousands of income dollar every year with a move (14.4% from NYC and around 10% for most other states). If you are one of those considering a move, please call me +1.305.508.0899. It is an area that I have considerable experience in navigating.

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With all this said the last couple of years and even today we see a ‘softer’ luxury market. There have been micro and macro factors that have caused this. Possibly a more important question to ‘how hard or soft’ the market is, is what will happen in 2019 and 2020?

Locally, on a micro level we have just come out the back of a huge ‘Condo Construction Frenzy’. Even at the luxury level we have seen the introduction of an unprecedented level of new product previous unseen. It is no surprise to see marginal corrections. Secondly, some of the product was just too ‘gimmicky’ or was not as well finished as previously expected. It did not truly satisfy the needs of the discerning luxury condo buyer. Yet, we see some truly great product: See my choice of Miami’s best Condos. These are new condos that are delivered to neighborhoods that have been screaming for luxury, but up until now have never had it.

For the housing market we have seen a softening in the luxury end, yet at the same time some record sales. How and why is this possible? A possible answer is a number of changing lifestyle trends that have pushed clients away from some of the traditional luxury product to a new definition of luxury. A streamlining of lifestyle has become more in vogue and the demand for huge palatial estates on acres of land has been replaced with smart homes in prime gated locations that cater better to a ‘lock up and leave’ jet set lifestyle.

On the flip side, the relocations of wealthy US and international families have provided a cushion of demand for prime homes with close proximity to the best schools and this will continue. If your relocating you will additionally benefit from reading my: Relocation Guide.

Turmoil in the South American economies has had both negative and positive effects. International cash flow has been somewhat stifled due to banking and immigration restrictions (Brazil and Venezuela spring first to mind) yet those able to move have done so quickly and aggressively. Definitely call me if you fall into this category, we have already set up a bespoke native agent set to cater to the needs of these markets.

One thing is for sure. The luxury market looks like it is heading for another ‘jump’ as we see values have corrected and luxury, but well priced deals are now more readily available than ever before in the last 3 years. I am certainly not one to say that everything in every neighborhood in the luxury market is a deal, leading to a pot of gold at the end of the real estate rainbow. There are land mines for impulsive and poorly researched buyers, but it is our job is to avoid you getting financially blown-up on route!

So, please enjoy the report and pick up the phone for a chat. We can be reached in more ways than ever before!!

Whats up or text: 305 508 0899. Chat box: On the site is there to answer questions and guide and also allows you to speak to us online. Email: [email protected].

All Right Reserved 2016 © David Siddons Group For more information on Miami real estate, Miami real estate market reports, the latest real estate P. 3 [email protected] | +1.305.508.0899 news and for listings per neighborhood please visit our website: www.luxlifemiamiblog.com 2018 Miami Real Estate Luxury Report Coral Gables Luxury Homes CORAL GABLES

All Right Reserved 2016 © David Siddons Group For more information on Miami real estate, Miami real estate market reports, the latest real estate P. 4 [email protected] Right Reserved 2017 | +1.305.508.0899 © David Siddons Group news and for listings [email protected] neighborhood please | visit +1.305.508.0899 our website: www.luxlifemiamiblog.com | www.luxlifemiamiblog.com 2018 Miami Real Estate Luxury Report Coral Gables Luxury Homes

Despite a volatile Miami real estate market with rapid price increases followed by price corrections, the Coral Gables market has been quite stable. We did not experience inflated prices in the Gables, which has resulted in zero to none price corrections in recent years. As can be seen from the average prices per SF, we are seeing a steady, yet increasing line. Luxury properties tend to appreciate less fast than properties in lower price ranges. The lowest prices per SF seem to be following the lead of the average prices per SF. We see an increase over the years, but it is not a steep line. The highest prices paid are very volatile, as one sale of a property located on the open bay can lift the average sales price considerably from one year to the other. In a market with increasingly price conscious buyers, we see that the Gables luxury market is still showing signs of a bullish market.

Arguably more important than the prices per SF are the months of inventory. The months of inventory show the supply/demand relationship of a market, which is the best prediction for the future. In the luxury marker 12 to 18 months of inventory is a balanced market, while less than 12 months is a sellers market in which we see more demand than supply.

The months of inventory for Coral Gables provide for a quite bullish outlook. The last months we have seen a decreasing inventory with 18 months in February, which indicates a balanced market. Comparing to other luxury home markets in Miami, the Gables shows one of the lowest numbers, lower than Pinecrest, the Beach and Key Biscayne, yet slightly higher than Coconut Grove.

All Right Reserved 2016 © David Siddons Group For more information on Miami real estate, Miami real estate market reports, the latest real estate P. 5 [email protected] | +1.305.508.0899 news and for listings per neighborhood please visit our website: www.luxlifemiamiblog.com 2018 Miami Real Estate Luxury Report Coral Gables Luxury Homes

Looking at historical data for the Gables we see that in times of the last recession the Gables was seeing levels of inventory above 100 months. In the last 5 years the inventory has remained quite stable.

All Right Reserved 2016 © David Siddons Group For more information on Miami real estate, Miami real estate market reports, the latest real estate P. 6 [email protected] | +1.305.508.0899 news and for listings per neighborhood please visit our website: www.luxlifemiamiblog.com 2018 Miami Real Estate Luxury Report Coral Gables Luxury Homes

Waterfront Properties in Coral Gables Within the price range of $3M+ we see that most of the sales in the Gables are located on a waterfront lot. In the table below we depict the difference between luxury home prices on a dry lot vs those homes on a waterfront lot. Waterfront homes sell for around $200 to $300 per SF more than dry lot homes. The type of waterfront the property is located on also influences the price see table below.

Buying Land in Coral Gables Many buyers prefer to build their own dream home and are looking for a lot in Coral Gables. In 2017 and the first quarter of 2018 we saw lots being sold between $36 per SF up till $150 per SF. This translates into prices from $900K to $7,5M. Waterfront lots with ocean access sold on average for $139 per SF, while a lot in the lakefront and gated community of Hammock lakes sold for $98 per SF. Non waterfront lots sold on average for $61 per SF. Those who are looking to build east of the US1 are looking at lots that sell on average for $106 per SF while west of the US 1 we see lots being sold for $69 per SF. The David Siddons group offers many blogs on building your own property. Being married to an architect and interior designer I have undergone numerous remodeling and extension projects while I have guided numerous of my buyers in the process of home building (many of them intented to be an end-user but ended up not being able to resist the offers). As I acquired an eye for the process and for the different ranges of finishes I am better equipped than any agent to guide you into. I have learned about the pitfalls, the city’s regulations and of course I know a thing or two about what buyers are looking for.

Advice for buyers of Coral Gables Luxury Properties When buying a luxury home in the Gables, use an experienced agent who knows the market and who knows high-end finishes from basic finishes. Especially with pre-construction homes one needs to be careful not to pay top dollar for generic homes. This is what we call the McDonalds effect. That burger looks nice in the pictures and photgraphs well, yet when it is in front of you it looks completely different. Although many high-end homes were built, we are also seeing many new homes that do not have the features nor the finishes, yet ask for the highest prices per SF in the market. In the luxury market it is often harder to find proper comparables, so use an agent who has experience. Between the original listing price and the sales price we see a 14% gap while the final listing price and the sales price shows a 9% discrepancy. For a $3M dollar home that is a $300K difference. If you are buying for investment purposes only, we advice you to also consider other parts of the market. The luxury market is not appreciating as fast as the lower-ends of the market so if your purpose is to provide yourself with a good income or asset appreciation you better give me a call today to discuss possibilities.

Advice for sellers of Coral Gables Luxury Properties With a healthy amount of months of inventory sellers of Coral Gables luxury properties can be bullish. In order to sell one should ask for market prices and not phish the market for extreme high prices. There are buyers, but today’s buyers are more educated and less eager to pull the trigger. So price your property well the first time around. Something that I often witness is that sellers look at the $1M or $1,5M market and they see how their friends’ homes have increases massively in value. They then think they can achieve the same results with their $3M home. They need to know that the luxury market does not have the same characteristics and does not appreciate at the same rate.

All Right Reserved 2016 © David Siddons Group For more information on Miami real estate, Miami real estate market reports, the latest real estate P. 7 [email protected] | +1.305.508.0899 news and for listings per neighborhood please visit our website: www.luxlifemiamiblog.com 2018 Miami Real Estate Luxury Report Coconut Grove Luxury Homes

COCONUT GROVE

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Luxury homes in Coconut Grove have seen a considerable surge in value over the last few years. As the Wall Street Journal expressed very well in a 2016 article, the Grove has seen a metamorphosis from Birckenstocks to Billionaires. The bohemian town has seen a large influx of wealthy families who love the Grove for its safety, central location and great schools. Attracted by the many waterfront homes often located in gated communities, demand for Coconut Grove luxury homes surged in recent years. Home values were also boosted because many dated homes were rebuilt into contemporary mansions.

Essential to predict future values are the months of inventory. The below graph shows the months of inventory for Coconut Grove luxury homes. The market shows signs of a neutral (Between 12 and 18 months) to a sellers market. (Below 12 months). This means the demand is higher than the supply or in equilibrium, an extremely bullish sign for a luxury market.

Waterfront Homes in Coconut Grove Waterfront homes sell for roughly $300 per SF more than homes on dry lots. Waterfront homes in the Grove are either located on the bay or provide direct access to the open bay without bridges. Many of Coconut Grove’s waterfront homes are also located in a gated community.

All Right Reserved 2016 © David Siddons Group For more information on Miami real estate, Miami real estate market reports, the latest real estate P. 9 [email protected] | +1.305.508.0899 news and for listings per neighborhood please visit our website: www.luxlifemiamiblog.com 2018 Miami Real Estate Luxury Report Coconut Grove Luxury Homes

All Right Reserved 2016 © David Siddons Group For more information on Miami real estate, Miami real estate market reports, the latest real estate P. 10 [email protected] | +1.305.508.0899 news and for listings per neighborhood please visit our website: www.luxlifemiamiblog.com 2018 Miami Real Estate Luxury Report Coconut Grove Luxury Homes

Coconut Grove land for sale In 2017 and the first of quarter of 2018, 13 lots were sold. The lots were sold between $850,000 and $2,650,000 or if you look at prices per SF a range between $42 per SF and $116 per SF. Dry lots sold on average for $80 per SF while one waterfront lot sold for $104 per SF (sold for $2,650,000). For the sale of a land we do not see any difference in average prices between those located in a gated community or those located on a private street. Neither do we see a difference in price for those that already have a structure built on them versus those that are completely empty. Lots in the Grove are quite scarce. We recently listed a lot in the North Grove which was under contract within 10 days. There were more than 10 really serious inquiries for the lot.

Advise for buyers There is a lot of demand for Coconut Grove homes. Prices of luxury properties are rising and with limited space to build new homes we are very bullish on this market. Many sellers are pocket listing their properties at this moment. That means they do want to sell but they do not want to put their property on the market. I know of many potential sellers who do not want to list their home. Please be careful with buying pre-construction homes. Although many are in excellent conditions, there are also some lesser products out there that sell for top dollar, but do not have the finishes nor the features to be called quality. I have seen them with my own eyes, and it is essential you know who is building the homes. In a nutshell we are bullish about this market, but we do encourage to not overpay for a property. Please use our “Lowest, Average and Highest Prices per SF overview” to get a better idea of market values.

Advice for sellers As a seller you could sell now and get top dollar or wait. Either way it is a good market to be a seller. With limited supply and high demand many properties sell fast after being listed. It needs to be said however that despite the demand, current buyers are less eager to pay top dollar, unless they see a clear justification. Something that I often witness is that sellers look at the $1M or $1,5M market and they see how their friends’ homes have increases massively in value. They then think they can achieve the same results with their $3M home. They need to know that the luxury market does not have the same characteristics and does not appreciate at the same rate.

All Right Reserved 2016 © David Siddons Group For more information on Miami real estate, Miami real estate market reports, the latest real estate P. 11 [email protected] | +1.305.508.0899 news and for listings per neighborhood please visit our website: www.luxlifemiamiblog.com 2018 Miami Real Estate Luxury Report Coconut Grove Luxury Condos

The Coconut Grove condo market is unique in its kind. This niche market, which is currently developing a long-awaited luxury market performed very well over the last few years. The Grove’s luxury market mainly consists of brand new condos and resale condos such as Grovenor House and Grove at Grand Bay. New comers include Park Grove, the Fairchild, and The Markers on Grove Isle.

There has been much demand for Coconut Grove luxury condo living and a very limited supply. In the last few years the supply side of the market is finally responding to this gap. The Grove condo market has not seen the same volatile movement we have seen in other markets. The market has been growing very steadily with a slightly slower 2016. In recent years the resale market has also ‘suffered’ from the sales of new constructions. Buyers of luxury condos in the Grove now have a better offering of ultra luxury condos and therefore the sales of the more dated condos cooled down. We still saw great prices being achieved at Grovenor House (where I sold a unit for one of the highest prices per SF) and the Residences at Vizcaya, Nonetheless, we cannot deny that new comers like Park Grove, swept many buyers of their feet and become a preferred project.

For example 2018 does not show any sales of luxury product in the Grove, yet I sold 4 $3M+ condos at Park Grove in the last 4 months alone (with more buyers on the look-out). There is a massive demand for good luxury product in Coconut Grove and we will see a surge in prices once they will hit the resale market. Just have a look at the inventory levels and compare them to other condo inventories in Miami. The inventory is in the lower 20s which means it is a light buyers market (unique for the luxury segment)

All Right Reserved 2016 © David Siddons Group For more information on Miami real estate, Miami real estate market reports, the latest real estate P. 12 [email protected] | +1.305.508.0899 news and for listings per neighborhood please visit our website: www.luxlifemiamiblog.com 2018 Miami Real Estate Luxury Report Coconut Grove Luxury Condos

Advise for buyers We are very bullish on the Coconut Grove luxury Advice for sellers market. With a high demand and limited inventory In case you own a Coconut Grove condo and you want we see a great potential in this market for asset to sell it, the time is right. If you don’t want to sell right appreciation. The Grove provides for unparalleled yet now, I do not foresee an issue with keeping your unit. understated luxury. The market is more of a primary market and therefore For those with resale units, the market is becoming more steady than other condo markets around Miami. If you are looking more competitive for those that own a true luxury product. Having said that, for a true luxury condo in a unique Miami neighborhood this is the place we still have seen record prices being achieved as long as you price and to be. Please contact me today to discuss the best Coconut Grove luxury market your unit right. condos for you. There are some tips and warnings I have for buyers of pre- construction condos as well!

All Right Reserved 2016 © David Siddons Group For more information on Miami real estate, Miami real estate market reports, the latest real estate P. 13 [email protected] | +1.305.508.0899 news and for listings per neighborhood please visit our website: www.luxlifemiamiblog.com 2018 Miami Real Estate Luxury Report Pinecrest Luxury Homes

PINECREST

All Right Reserved 2016 © David Siddons Group For more information on Miami real estate, Miami real estate market reports, the latest real estate P. 14 [email protected] Right Reserved 2017 | +1.305.508.0899 © David Siddons Group news and for listings [email protected] neighborhood please | visit +1.305.508.0899 our website: www.luxlifemiamiblog.com | www.luxlifemiamiblog.com 2018 Miami Real Estate Luxury Report Pinecrest Luxury Homes

The Pinecrest market is very over-saturated with luxury homes and is therefore seeing some price corrections. Pinecrest was one of the fastest growing luxury markets in all of Miami, which experienced a peak around 2014 / 2015. Many investors bought land or fixer up properties, which they rebuilt and resold for high dollar amounts per SF. Many of these are spec homes that are extremely large and sitting on very large lots. Because of the rising prices and oversupply the market is simply not absorbing these new properties anymore. With the surge in prices, these Pinecrest properties are now almost competing with Coconut Grove or Gables properties, which most buyers prefer as an area.

Another reason is that many buyers are not looking anymore for those extreme large homes. They are looking for spacious homes, yet they don’t need 10 bedrooms, complete theatres or 10,000+ SF properties. The market has softened and buyers are not looking for those properties anymore that are a drain on their pocket or offer features they do not need. What we also see a lot in Pinecrest is that brand new properties are being sold for top dollar without having actually luxury finishes. As the market was very hot and in demand a few years ago, some developers tried to get quick cash by creating a photogenic home with basic finishes to sell it for the highest price per SF.

All Right Reserved 2016 © David Siddons Group For more information on Miami real estate, Miami real estate market reports, the latest real estate P. 15 [email protected] | +1.305.508.0899 news and for listings per neighborhood please visit our website: www.luxlifemiamiblog.com 2018 Miami Real Estate Luxury Report Pinecrest Luxury Homes

Land Value Pinecrest lands sold between $500K and $1,5M. The highest price per SF was $36. Approximately 20 lots sold in the last 15 months. There are currently 25 lots for sale in Pinecrest.

With inventory levels around 40 or 50 months, it means that under current market conditions it would take around 3 to 4 years to absorb all this supply. This is normally a sign that the market is likely to see more price adjustments.

Advise for buyers Advice for sellers For those looking to invest in Pinecrest we would recommend Price your property right in this highly competitive to invest in the lower ends of the market as there is more market. Today’s buyers are very price sensitive and space for property appreciation. The market for brand new are seeing a lot of properties for sale across the luxury homes is saturated and therefore the investment different markets. With the market in their favor, potential is limited. Those looking for an end-user home, make sure the property overpriced properties are overlooked and often on the market for a long prices can compete with properties in more desired areas such as the Grove and period of time. Good quality homes that are well priced are still selling the Gables and the property’s features justify the price. When looking at pre- but its all about listing it right the first time. construction or spec homes, be careful that the home is not just a nice rendering, but actually offers the finishes that justify the sales price.

All Right Reserved 2016 © David Siddons Group For more information on Miami real estate, Miami real estate market reports, the latest real estate P. 16 [email protected] | +1.305.508.0899 news and for listings per neighborhood please visit our website: www.luxlifemiamiblog.com 2018 Miami Real Estate Luxury Report Brickell Condos Luxury Report

BRICKELL

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Confidence in the Brickell market is definitely down. The stats tell us that the entire market, which includes the luxury market, is seeing too much supply and inflated prices. We meet many buyers that would like to invest in Brickell, but they are hesitant to pull the trigger because the general confidence is gone and there is little movement. With that said, there is not that much true luxury condo product in Brickell.

The peak in the Brickell (luxury1) real estate market happened around August 2015. Condos were sold for really high numbers per SF, mostly in the pre-construction market in which projects like and Reach & Rise at Brickell City Center sold for extremely high numbers per SF. Many of Brickell’s buyers bought luxury condos because they needed to get the money out of their home countries for economic or socio-political reasons. The necessity to move their funds quickly resulted in a lack of scrutiny. Many of these buyers ended up with less qualitative products for top dollar.

1 For the Brickell luxury market we took properties that sold above $2M.

All Right Reserved 2016 © David Siddons Group For more information on Miami real estate, Miami real estate market reports, the latest real estate P. 18 [email protected] | +1.305.508.0899 news and for listings per neighborhood please visit our website: www.luxlifemiamiblog.com 2018 Miami Real Estate Luxury Report Brickell Condos Luxury Report

All Right Reserved 2016 © David Siddons Group For more information on Miami real estate, Miami real estate market reports, the latest real estate P. 19 [email protected] | +1.305.508.0899 news and for listings per neighborhood please visit our website: www.luxlifemiamiblog.com 2018 Miami Real Estate Luxury Report Brickell Condos Luxury Report

In 2016 we experienced a market slow-down while most sellers did not yet modify their asking prices. In 2017 many of the new pre-construction condos hit the resell market and we started to see a massive oversupply. In the last two years on average 1 luxury condo sold per month while today we see 92 luxury condos being listed. Under current market conditions it would take almost 8 years to absorb this inventory.

In recent months we therefore started seeing the first serious price corrections. To give you a clear example, we sold two of Carbonell’s penthouses in 2017. One at the start of the year for the highest price per SF ever achieved in the building. The second one we sold a few months after for much less than the first one.

Today we are waiting for the next wave of Brickell luxury condos to be released, which will be , Una Residences and the Aston Martin. They will need to be able to compete in the $1,000 per SF market in order to not loose buyers to other neighborhoods. In the last few years many buyers looking for true luxury in Brickell, ended up buying in the Grove. This will be the ultimate test to see what kind of ultra-luxury product Brickell really has to offer. If these products are true cutting-edge luxury condos with high-end features and finishes then it might not be affected by the over-supply of the current market. It will open up a new Brickell market, which many luxury buyers have been waiting for.

The Brickell area has changed a lot in the last two years, it now has the restaurants, the shopping and services it was lacking for a long period of time. I think the demand is present for luxury product, but that needs to be truly luxurious. We have been promised luxury in the past but these products were lacking the truly high-end finishes, deep balconies, high ceilings etc. If the new condos can compete with products in the Grove and the Beach I foresee there is a good number of buyers for this product.

Advise for buyers There are good deals in all markets. This might be a good moment to get a good price for a Brickell luxury condo. Like always we say to buy at market price and to focus on condos that offer unique features like deep terraces, oceanviews, corner units and high ceilings, all of which make your unit stand out in the crowd. If you are looking for a pre-construction condo like UNA or the Aston Martin Residences please give me a call. I am an independent agent and I have visited both projects quite a number of times to provide you with useful feedback and advice on the best units. What’s interesting is that the low $ per sqft point for luxury Condos is still rising, which might suggest that getting a very large unit in a very good building could lend itself to a renovation or update and will carry through good gains for the future. Especially if you take advantage of low expectations caused by a low velocity of current sales – these sellers will be more motivated now than they will at any other time.

Advice for sellers We expect the Brickell condo market to correct by about 20% more to allow for full market absorption. I believe there are sellers for Brickell luxury condos if you price it right. The area is offering many services and an improved lifestyle. Pricing your unit right will attract the right kind of buyer. This is not the market to try and get 2015 numbers. You also need a realtor who can market your unit throughout the entire nation and around the world’s most prominent cities. Marketing a luxury unit to just a Miami clientele is not cutting it anymore these days. If you are an investor I suggest you let go of your Brickell product and buy another product in another area where rental prices are higher and your property will appreciate.

All Right Reserved 2016 © David Siddons Group For more information on Miami real estate, Miami real estate market reports, the latest real estate P. 20 [email protected] | +1.305.508.0899 news and for listings per neighborhood please visit our website: www.luxlifemiamiblog.com 2018 Miami Real Estate Luxury Report Miami Beach Luxury Report MIAMI BEACH

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Miami Beach luxury homes saw their prices peak in August 2015 followed by an increase in inventory and much needed price corrections. Today’s buyers are more price conscious and do not want to pay over-market prices. The properties that are priced at a premium are noticing now that buyers are less eager to pull the trigger.

The properties priced at the lower or mid range per SF, are seeing an upward trajectory with accelerated sales. This year we are seeing more $10M+ properties under pending sales than last year. This is not because of any particular new capital injection, but merely because sellers are finally selling at the numbers that are right for the market. Good product sells as long as it is priced right. We are bullish on the Miami Beach luxury market. Once the prices have established we will see much more product move and inventory will be absorbed as there is no lack of buyers. Today’s market is far from a market bust, we are simply dealing with market corrections.

All Right Reserved 2016 © David Siddons Group For more information on Miami real estate, Miami real estate market reports, the latest real estate P. 22 [email protected] | +1.305.508.0899 news and for listings per neighborhood please visit our website: www.luxlifemiamiblog.com 2018 Miami Real Estate Luxury Report Miami Beach Homes Luxury Report

Now time it is time to make deals!

All Right Reserved 2016 © David Siddons Group For more information on Miami real estate, Miami real estate market reports, the latest real estate P. 23 [email protected] | +1.305.508.0899 news and for listings per neighborhood please visit our website: www.luxlifemiamiblog.com 2018 Miami Real Estate Luxury Report Miami Beach Homes Luxury Report

Land Sales 17 Lands sold on the Beach between 2017 and the first quarter of 2018. The average sales price was $300 per SF, $376 for waterfront lots and $115 for dry lots. Prices range from $850K up to almost $14M. Waterfront lots started selling at $1,350,000 or $143 per SF. Most lots were sold on the Venetian Islands with an average sales price of $440 per SF. The island community of Biscayne point provides for the best priced waterfront lots with an average of $163 per SF. Advise for buyers Miami Beach is seeing a lot of inflated prices. In 2017 and the first quarter of 2018 we saw a 13% gap between the sales prices and the last list price. Many owners still have the 2015 mindset when properties sold for over market values. With the current inventory, buyers have a really good negotiation position. Especially with the brand new homes we see a lot of price inflation. Buyers are wowed by the luxury they see when entering the home, without being able to put the correct price tag to a property. As a luxury property specialist who has guided many clients into purchased brand new homes and the husband of a renown architect and interior designer I have an eye for distinguishing between the good, the bad and the ugly. If you are looking to purchase a brand new home, please contact me today to make sure you are not paying top dollar for photogenic properties with basic finishes.

Advice for sellers With a lot of inventory and hesitant buyers, you will have to price your property at market value. Do not try to get the prices of 2015, because your home will be sitting on the market for a long period of time. As mentioned before, there are buyers on the Beach, but they want to buy at market price and do not want to pay the record prices we saw in ’15. The market is currently seeing price corrections and sellers will need to accept this in case they want to sell. It is also essential to have a realtor with national and international outreach. Sellers need a realtor who puts their luxury home under the eyes of investors or buyers from the high-tax states (who are increasingly looking into Miami properties) and other main metropolitan areas around the globe.

All Right Reserved 2016 © David Siddons Group For more information on Miami real estate, Miami real estate market reports, the latest real estate P. 24 [email protected] | +1.305.508.0899 news and for listings per neighborhood please visit our website: www.luxlifemiamiblog.com 2018 Miami Real Estate Luxury Report Miami Beach Condos Luxury Report

The Miami Beach condo market saw a considerable correction in 2016, the year after condo prices peaked. The properties priced at the highest price per SF saw the biggest decline while the lowest and average price properties seem to have experienced just a small bump in the road. Miami Beach condos saw a massive price increase.

Like in many other markets, the newest wave of condos offered a mix of good product as well as condos that were disappointing to say the least. Many developers sold luxury condos merely based on ‘location’ and flashy gimmicks. In the end we saw what we call the “McDonalds effect”. They promise a perfect end product, but what you get is a burger with features that are less than perfect. Some of the new products saw their price take a dive almost immediately, while others are performing quite well. In the resale market we noticed the piggyback mentality of sellers. The arrival of some ultra-luxury condos inflated the market prices and condos that had little to no luxury to offer, piggybacked on the sales prices of neighboring luxury condos. Overconfident sellers sold condos to buyers that did not do their proper research and had a “followers” mentality. Instead of looking at the condo they bought into, buyers looked at the overall market.

I don’t think the high inventory of the Miami Beach luxury condos is due to the lack of demand. There is still a good number of buyers for the Beach, but prices need to come down. We still see movement within the good-quality condos and condos that are well priced. All in all we are about the Miami Beach market. We think the market is currently seeing a price correction that was necessary after a few years of seeing extreme record prices.

All Right Reserved 2016 © David Siddons Group For more information on Miami real estate, Miami real estate market reports, the latest real estate P. 25 [email protected] | +1.305.508.0899 news and for listings per neighborhood please visit our website: www.luxlifemiamiblog.com 2018 Miami Real Estate Luxury Report Miami Beach Condos Luxury Report

If you want my personal opinion on which condos to avoid and which ones to focus on, please contact me on +1.305.508.0899

Special Note: If you are looking for luxury condos on the Beach you might want to look at Surfside. This little niche just north of Miami Beach offers high-end luxury condos such as 87 Park (Still located on Miami Beach), Fendi Residences and the Surfclub Four Seasons. This area is ideal for that that want to live close to the Beach, yet prefer more privacy and tranquility.

Advise for buyers Advice for sellers If you are looking for a Miami Beach property, do Stop thinking of the market and start looking at your unit. Is your not look at the market prices but rather at the unit worth to follow the market prices? Buyers are overly price prices within the condo, preferably the prices in conscious and if your unit does not have the best finishes or the specific line. Start your research on micro-level. unique features, today’s buyers won’t pay top dollar. We still see Especially in the ultra-luxury end of the market people find it hard to high prices per SF being paid in some of the condos. This means that a good compare prices, as these condos are extremely scarce and unique. quality unit priced correctly is still very much in demand by its buyers. Sellers Always use my guide as a measuring tool as to when you might be however need to be aware that the market has changed and buyers have an overpaying. Aim for waterfront condos, corner units, high ceilings or advantage in today’s market. Again, there is demand for Miami Beach luxury other unique features that sets your unit apart in a very competitive condos, but trying to get record prices will not bring any traction to your unit. market.

All Right Reserved 2016 © David Siddons Group For more information on Miami real estate, Miami real estate market reports, the latest real estate P. 26 [email protected] | +1.305.508.0899 news and for listings per neighborhood please visit our website: www.luxlifemiamiblog.com 2018 Miami Real Estate Luxury Report South of Fifth Luxury Report

SOUTH OF FIFTH

All Right Reserved 2016 © David Siddons Group For more information on Miami real estate, Miami real estate market reports, the latest real estate P. 27 [email protected] Right Reserved 2017 | +1.305.508.0899 © David Siddons Group news and for listings [email protected] neighborhood please | visit +1.305.508.0899 our website: www.luxlifemiamiblog.com | www.luxlifemiamiblog.com 2018 Miami Real Estate Luxury Report South of Fifth Luxury Report

South of Fifth has seen an extreme price surge in recent years. Prices increased considerably until they reached their peak in the summer of 2015. After 2015, we see the start of price corrections in South of Fifth. The most striking in this market however was the arrival of brand new, expensive properties such as 321 Ocean and Marea. These buildings were sold at record prices, yet they do not offer water views and are therefore harder to sell once the market softens. This is what happened with many of these newcomers. The product didn’t offer ocean views and people seem less impressed with the end-product than anticipated. Condos such as Icon saw a decline in price as they simply cannot compete with luxury buildings elsewhere on the Beach while they were asking for top dollar. We have also experienced what I call “ Selling by Association”. Because your condo is neighboring a $2,000 per SF condo, it does not mean you can ask for that price. When it comes to condos, it’s not ALL about location. In the condo market the land value does not come into play as much as in the single-family home market. Meaning that if you are surrounded by two ultra-luxury condos, your condo’s value does not rise at the same rate. This strategy however was followed by many sellers, leaving their units on the market for a prolonged period of time. Finally, South of Fifth has seen many migrations from residents to areas such as Coral Gables and Coconut Grove where you get more value for your dollar.

We are currently seeing an inventory of around 34 months, which is better than the Miami Beach average. This number is based on an average of 3.1 closed sales per month and 108 listings that are currently on the market.

All in all we are bullish on this unique niche market. We think the market is currently seeing a price correction that was necessary after a few years of seeing extreme record prices.

All Right Reserved 2016 © David Siddons Group For more information on Miami real estate, Miami real estate market reports, the latest real estate P. 28 [email protected] | +1.305.508.0899 news and for listings per neighborhood please visit our website: www.luxlifemiamiblog.com 2018 Miami Real Estate Luxury Report South of Fifth Luxury Report

Advise for buyers When investing in South of Fifth, please take into account to invest in a good quality unit that offers unique features. People want to live in South of Fifth for the ocean views and the lifestyle. Investing in a unit that does not offer waterviews might result in declining prices or increased competition when you try to resell your unit. Look at high ceilings heights and large balconies and make sure you don’t pay the highest price per SF for a property that does not have the features or finishes to justify this price. Many of the new condos have been found disappointing by new comers and are less in demand. Please contact me today for my personal opinion of the different South of Fifth condos for sale.

Advice for sellers Sellers must understand that this is not 2015 anymore. You cannot price an average unit for top dollar as buyers are more price conscious with lots of supply on the Beach as well as on the main land. If you want to get buyers’ attention, price your unit at market value (see our table for reference). Also please use an agent with international outreach, someone who knows where the buyers are coming from these days and who can reach out to these buyers with the right message. Marketing these units just to a Miami database is not sufficient in today’s market.

All Right Reserved 2016 © David Siddons Group For more information on Miami real estate, Miami real estate market reports, the latest real estate P. 29 [email protected] | +1.305.508.0899 news and for listings per neighborhood please visit our website: www.luxlifemiamiblog.com 2018 Miami Real Estate Luxury Report Key Biscayne Luxury Report

KEY BISCAYNE

All Right Reserved 2016 © David Siddons Group For more information on Miami real estate, Miami real estate market reports, the latest real estate P. 30 [email protected] Right Reserved 2017 | +1.305.508.0899 © David Siddons Group news and for listings [email protected] neighborhood please | visit +1.305.508.0899 our website: www.luxlifemiamiblog.com | www.luxlifemiamiblog.com 2018 Miami Real Estate Luxury Report Key Biscayne Homes Luxury Report

Key Biscayne luxury homes are experiencing a bearish market. We recorded a slight decrease in average prices per SF, and we have not seen a steady price increase over the last few years. The lowest priced properties are seeing an increase in value while the most refined of luxury products are seeing a steep decline since 2015.

In the last few years, buyers invested in small Key Biscayne lots for massive prices per SF. Even though those lots were priced much lower in other parts of Miami, people paid the premium prices and the market spiraled almost out of control. As this market sees a lot of demand from countries that are experiencing currency difficulties, many of the buyers were drawn out of the market at the latest record prices. The Key Biscayne market offers many newer built homes that sit on a small (dry) lot and are priced between $3M and $5M. Many buyers think this is just not worth it anymore. Other luxury markets such as the Grove are now seeing more demand because they offer more value for your dollar while also offering top schools and an excellent location. When showing Key Biscayne to my buyers looking in the $3M+ market, they comment that they just don’t find the value and prefer a bigger property elsewhere in Miami. These buyers (many of which are HNWI that are relocating to Miami) are now more drawn towards the main land such as the Grove, the Gables and Pinecrest, which offers better alternatives.

I have even spoken to Key Biscayne sellers who are looking to leave the island in search for more value. They are now looking at more contemporary homes on large lots in Coral Gables and the Grove.

All Right Reserved 2016 © David Siddons Group For more information on Miami real estate, Miami real estate market reports, the latest real estate P. 31 [email protected] | +1.305.508.0899 news and for listings per neighborhood please visit our website: www.luxlifemiamiblog.com 2018 Miami Real Estate Luxury Report Key Biscayne Homes Luxury Report

With around 4 years of inventory we do not expect the market to recover soon. This market needs massive price corrections in order to draw back its buyers and to be able to compete with Coral Gables and Coconut Grove.

When we are looking at the ultra-high end market of $10M+ homes we are seeing an entirely different situation. As this market is so limited and specific, this is a case-by-case situation. These homes are mostly located along Mashta Dr or Harbor Dr, both streets offers lots with unobstructed ocean views and are therefore rare in its kind. This kind of product is hard to find in Miami with Coral Gables only offering 42 of these lots located in Tahiti Beach and Gables Estates.

All Right Reserved 2016 © David Siddons Group For more information on Miami real estate, Miami real estate market reports, the latest real estate P. 32 [email protected] | +1.305.508.0899 news and for listings per neighborhood please visit our website: www.luxlifemiamiblog.com 2018 Miami Real Estate Luxury Report Key Biscayne Homes Luxury Report

Land Sales Key Biscayne saw one dry lot sale in 2017 and Q1 2018. This lot sold for $170 per SF or $1,275,000.

There are currently 6 lots for sale ranging from $220 per SF to $530 per SF or from $1,650,000 to $7,95M. Waterfront lots start at $325 per SF or $5,8M

Advise for buyers When looking at a Key Biscayne home make sure you pay a good price for a well-built property. Many developers build spec homes that show very well in pictures but are not that well done in reality. They are also listed for prices that do not represent today’s market. Make sure you pay market prices and also compare your chosen property to likewise homes in other prime markets such as the Grove or the Gables. The David Siddons Group has helped various clients with finding the perfect pre-construction home. We are very experienced and knowledgeable when it comes to distinguishing quality features and finishes from the lesser ones.

Advice for sellers The market has softened and we are seeing a high inventory of luxury homes. IF you want to sell you should price your property at market value. Do not try to sell at prices that are over market value because your property will be on the market for a very long period of time. The Key Biscayne market sees a limited number of buyers these days as other luxury markets have emerged that offer brand new homes on larger lots for a lower price per SF. Selling your Key Biscayne home should be done by an agent with a great eye for marketing and national as well as international outreach. There are still plenty of buyers looking at Miami real estate but with an increased number of options one needs to act faster than the next seller.

All Right Reserved 2016 © David Siddons Group For more information on Miami real estate, Miami real estate market reports, the latest real estate P. 33 [email protected] | +1.305.508.0899 news and for listings per neighborhood please visit our website: www.luxlifemiamiblog.com 2018 Miami Real Estate Luxury Report Key Biscayne Condos Luxury Report

The Key Biscayne condo market is seeing very limited traction. Key Biscayne is seeing a decline in demand as many buyers are looking for modern and contemporary condos. Key Biscayne has a high number of dated condos, which look outdated today. In the last 14 years only one new condo was built, which is Oceana Key Biscayne. Oceana is selling on average for $1,600 per SF and that is after prices dropped from its original $1,800 per SF. For this price tag, many buyers see better products elsewhere in Miami. After the 2015 peak we see a steep decline in Key Biscayne average prices of luxury condos as well as the highest sales prices per SF.

Key Biscayne condos are often asking top dollar and buyers are just not seeing value in these condos anymore. They don’t have extreme large balconies, high ceilings or any other features, which are highly valued by buyers these days. For oceanviews, buyers of luxury condos prefer to look elsewhere.

With many people that live on the island migrating to the main land we are seeing a high inventory of around 40 months (3,5 years).

All Right Reserved 2016 © David Siddons Group For more information on Miami real estate, Miami real estate market reports, the latest real estate P. 34 [email protected] | +1.305.508.0899 news and for listings per neighborhood please visit our website: www.luxlifemiamiblog.com 2018 Miami Real Estate Luxury Report Key Biscayne Condos Luxury Report

Advise for buyers Advice for sellers This is the time to try and get really good prices for a unit Prices of Key Biscayne condos need to come down. There that you can then remodel into your own dream. If you is high inventory, low demand and the island is suffering are looking at the island to invest, I suggest you give me from a better offering in other parts of Miami. If you are a call to discuss areas that are currently seeing higher looking to sell, price your unit right and look for a realtor rental values and appreciations. who knows how to reach key players around the globe to bring your unit to the attention of the right kind of buyers

All Right Reserved 2016 © David Siddons Group For more information on Miami real estate, Miami real estate market reports, the latest real estate P. 35 [email protected] | +1.305.508.0899 news and for listings per neighborhood please visit our website: www.luxlifemiamiblog.com 2018 Miami Real Estate Luxury Report Fisher Island Luxury Report

FISHER ISLAND

All Right Reserved 2016 © David Siddons Group For more information on Miami real estate, Miami real estate market reports, the latest real estate P. 36 [email protected] Right Reserved 2017 | +1.305.508.0899 © David Siddons Group news and for listings [email protected] neighborhood please | visit +1.305.508.0899 our website: www.luxlifemiamiblog.com | www.luxlifemiamiblog.com 2018 Miami Real Estate Luxury Report Fisher Island Luxury Report

Fisher Island, the richest zip code in the US, is a unique market with almost only luxury properties. The market has seen price inflations in the last few years mainly because of the sales of brand new luxury towers Palazzo del Sol and Palazzo del Mare. These two luxury condos are said (and I agree as I have seen the units) to be one of the best condos in all of Miami, with very high standards and really good finishes.

In 2018, only 2 properties sold for $3M+ so the 2018 decline cannot be generalized to the wider Fisher Island Market. If we take a look at the inventory of Fisher Island luxury condos we see an inventory of 18 months and less. That is a balanced market where supply and demand are in equilibrium, which is a very healthy market.

The Fisher Island market sees little competition from the wider Miami market. This private island community is so unique it truly sees another market dynamic than the rest of the market. Many of its owners are second or third home owners (only 20% of the island’s resident reside permanently reside there) who value privacy and anonymity above anything else. Even though this is not a primary real estate market, the market sees limited turn-over and those who buy here, buy to have a private retreat for their families to enjoy.

The trend we are seeing today is that prices in the lower-end of the market have dropped (Properties between $1M and $3M) and with the new value these condos are very appealing to investors. They come in, buy them for attractive prices per SF and remodel the units into multi-million dollar condos, which appeal more to the kind of buyer that Fisher Island is attracting.

All Right Reserved 2016 © David Siddons Group For more information on Miami real estate, Miami real estate market reports, the latest real estate P. 37 [email protected] | +1.305.508.0899 news and for listings per neighborhood please visit our website: www.luxlifemiamiblog.com 2018 Miami Real Estate Luxury Report Fisher Island Luxury Report

Advise for buyers We are bullish on the Fisher Island condo market. The island offers limited space to build and there is enough demand from the market to live in America’s most millionaire-dense zip code. Remodeling a lower-end unit into a luxury, high-end residence is what we are seeing as a successful trend these days, and is something you might want to consider. If you are looking to purchase a Fisher Island condo please contact me today for insider information about the best condos and to pay the right price

Advice for sellers Fisher Islands market is well balanced. There is enough demand for your condo, which means that pricing and marketing your property right will bring a buyer.

All Right Reserved 2016 © David Siddons Group For more information on Miami real estate, Miami real estate market reports, the latest real estate P. 38 [email protected] | +1.305.508.0899 news and for listings per neighborhood please visit our website: www.luxlifemiamiblog.com 2018 Miami Real Estate Luxury Report Sunny Isles Luxury Report

SUNNY ISLANDISLES BEACH

All Right Reserved 2016 © David Siddons Group For more information on Miami real estate, Miami real estate market reports, the latest real estate P. 39 [email protected] Right Reserved 2017 | +1.305.508.0899 © David Siddons Group news and for listings [email protected] neighborhood please | visit +1.305.508.0899 our website: www.luxlifemiamiblog.com | www.luxlifemiamiblog.com 2018 Miami Real Estate Luxury Report Sunny Isles Luxury Report

The Sunny Isles Beach luxury market has been soft. This market is mostly for investors and second homeowners and to a lesser extend for end-users who occupy these condos as a primary residence. These non-primary markets are more sensitive for market corrections and shifts in demand.

One of the main reasons for this market’s slowdown is that in the last condo boom many luxury condos in Sunny Isles were overhyped and were sold on gimmicks. The sky was the limit, buyers were showing a “followers” mentality and prices saw rapid increases. When these projects were finally delivered they were disappointing to many. Owners also expected to flip these units for elevated prices and therefore listed them right after they were delivered. The problem with this market is also that the demographic that was heavily buying into this market suddenly experienced currency or economic problems in their home countries, which resulted in a drop in demand from their side. With many new products and a limited base of buyers, inventory rapidly escalated. We saw properties reselling for $4M while they were originally purchased for $5,9M. That is a massive price drop and very revealing for the state of the market.

There are a few good and unique condos like Regalia, which shows architectural substance and just one unit per floor. For more information or my personal (uncensored) opinion about the different Sunny Isles Beach condos , please contact me personally at 305.508.0899.

All Right Reserved 2016 © David Siddons Group For more information on Miami real estate, Miami real estate market reports, the latest real estate P. 40 [email protected] | +1.305.508.0899 news and for listings per neighborhood please visit our website: www.luxlifemiamiblog.com 2018 Miami Real Estate Luxury Report Sunny Isles Luxury Report

Advise for buyers I would like to begin by saying there are markets with better investment potential. First of all I always recommend to invest in primary markets which tend to perform better over time as demand is steady and real estate cycles are less volatile. If you are an end-user and really have an interest in the Sunny Isles market then I suggest you buy at a very low price. Try to eye those units that have been on the market for a longer time, units with ocean views that need to be off-loaded as the owners cannot carry them anymore. This is the time to get good condos for low prices and to make low-ball offers.

Advice for sellers Inventory in Sunny Isles Beach is rocketing. With more than 100 months of inventory it will take the market about 8 years to absorb the current supply. On the demand site we see very little movement as properties are overpriced and not what they were expected to be. Waiting longer to sell will not make a big difference. In order to sell your property you have to price is at or slightly below market value. Many owners still do not see that they need to lower their price, so owners who move quickly might have an advantage. Use the money you get for your property in other condo markets like the Grove, where you might be able to win part of your losses back.

All Right Reserved 2016 © David Siddons Group For more information on Miami real estate, Miami real estate market reports, the latest real estate P. 41 [email protected] | +1.305.508.0899 news and for listings per neighborhood please visit our website: www.luxlifemiamiblog.com 2018 Miami Real Estate Luxury Report Bal Harbour Luxury Report

BAL HARBOUR

All Right Reserved 2016 © David Siddons Group For more information on Miami real estate, Miami real estate market reports, the latest real estate P. 42 [email protected] Right Reserved 2017 | +1.305.508.0899 © David Siddons Group news and for listings [email protected] neighborhood please | visit +1.305.508.0899 our website: www.luxlifemiamiblog.com | www.luxlifemiamiblog.com 2018 Miami Real Estate Luxury Report Bal Harbour Luxury Report

When we talk about the Bal Harbour luxury market is it essential to know that we only refer to a handful of condos, which are: the St Regis, One Bal Harbour, Bellini and Oceana Bal Harbour. These are the only few luxury towers in Bal Harbour. This market has been overheated for quite some time and the problem will only accelerate as buyers are looking more and more into other areas such as Surfside or Coconut Grove that are now offering a better selection of condos and lifestyle. We will see many price corrections in the months to come. Oceana Bal Harbour is showing three consecutive years of rising prices, although less than 3 units are sold on a yearly basis.

Much like Sunny Isles, Bal Harbour is not a primary market. Many people buy in Bal Harbour for their second home. This means that with the first signs of a downward market many people start panicking and selling. This makes this market extremely vulnerable. Contact me for my personal and unfiltered opinion about the different condos in Bal Harbour.

All Right Reserved 2016 © David Siddons Group For more information on Miami real estate, Miami real estate market reports, the latest real estate P. 43 [email protected] | +1.305.508.0899 news and for listings per neighborhood please visit our website: www.luxlifemiamiblog.com 2018 Miami Real Estate Luxury Report Bal Harbour Luxury Report

Advise for buyers There are markets that offer better investment value and a better lifestyle (even shopping) than Bal Harbour. For those interested in the luxury market, I would focus on the Surfside neighborhood, which has emerged as a new luxury area for Miami Beach with luxury condos such as Eighty Seven Park, The Surfclub Four Seasons Residences, l’Atelier and Fendi, which had some record breaking sales in the building.

Advice for sellers The Bal Harbour market is seeing less demand than before. As mentioned other Miami areas have emerged that are now offering a superb lifestyle and high-end condos. If you want to sell you St Regis condo, you have to sell at attractive market prices. As you can see most luxury condos have seen a loss in value after the 2015 peek. Also make sure you have an agent with national and international outreach. Marketing your unit only to a Miami-base of realtors and buyers will not do the job anymore.

All Right Reserved 2016 © David Siddons Group For more information on Miami real estate, Miami real estate market reports, the latest real estate P. 44 [email protected] | +1.305.508.0899 news and for listings per neighborhood please visit our website: www.luxlifemiamiblog.com