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2016-Trends-Report-Miami-Beach MIAMI-DADE CONDOS TOTAL MARKET AN OVERVIEW OF CURRENT MARKET CONDITIONS WATERFRONT CONDOS 2011 2012 2013 2014 2015 Miami-Dade’s diverse condominium market has # For Sale b 5,676 4,314 4,326 5,319 6,173 (avg./month) remained fairly resilient to recent macroeconomic # Sold b 6,806 7,284 7,376 6,715 6,078 fluctuations, particularly at the higher end. The PPSF b $310 $359 $412 $466 $479 supply overhang from the 2007–2009 downturn was absorbed quicker than many analysts had expected and, indeed, Miami is once again in a major development cycle, particularly in the mainland urban core (Coconut Grove to Midtown/ h 11% Edgewater) and parts of Miami Beach. FROM 2011 # Sold Trendline b Although the resale condo market did not fare as well as single-family homes, with 10 condo market declines and 13 markets showing appreciation, the market overall continued to realize price appreciation in most price segments. Despite a PPSF Trendline b g 55% mixed year for same-building sales countywide, FROM 2011 Miami Beach hit 12% condo appreciation overall, with Bay Harbor Islands registering an impressive 38% appreciation rate. Important constraints on condo market growth going into 2016 include yield concerns for renter- NON-WATERFRONT occupied investment units as well as foreign CONDOS currency exchange rates. The impressive rental rate growth of recent years has led to an increase in new conventional rental product that could 2011 2012 2013 2014 2015 moderate future rent increases. However, the # For Sale b 4,838 2,937 3,681 5,278 5,561 conventional rental growth is in response to a (avg./month) growing demand downtown, which is a strong # Sold b 10,727 10,225 10,956 10,760 10,578 indicator for long-term stability. PPSF b $105 $130 $156 $173 $181 Price drops for resale condos in the urban core correlated with new construction in the CBD, h 1% Coconut Grove, inland Brickell and waterfront FROM 2011 Edgewater, reflecting substantial new supply. Simultaneously, fluctuations in many currencies as compared to the USD have weakened the # Sold Trendline b buying power of foreign investors and constrained overall pricing. The next 12 months will likely reflect a return to a more balanced market where buyers have more choice and buying power. PPSF Trendline b g 72% FROM 2011 LUXURY MARKET $1M TO $5M $5M TO $10M $10M+ TRANSACTIONS TRANSACTIONS TRANSACTIONS 2011 2012 2013 2014 2015 2011 2012 2013 2014 2015 2011 2012 2013 2014 2015 # Sold Trendline # Sold Trendline # Sold Trendline h h h # Sold # Sold # Sold h h h h h h h h h h h h h h h 573 797 986 1,027 866 24 30 28 61 61 3 5 7 10 8 # For Sale (avg./month) # For Sale (avg./month) # For Sale (avg./month) h h h h h h h h h h h h h h h 1,002 969 965 1,141 1,490 67 85 102 128 171 18 23 35 46 64 IN 2011, IN 2015, 600 935 OF MIAMI-DADE’S CONDO SALES OF MIAMI-DADE’S CONDO SALES WERE CLOSED FOR OVER $1 MILLION. WERE CLOSED FOR OVER $1 MILLION. REPRESENTING A 56% RISE IN LUXURY MARKET SALES FROM 2011 TO 2015 19575 COLLINS AVENUE – #37, SUNNY ISLES MIAMI-DADE SINGLE-FAMILY HOMES TOTAL MARKET AN OVERVIEW OF CURRENT MARKET CONDITIONS WATERFRONT SINGLE-FAMILY HOMES 2011 2012 2013 2014 2015 Miami-Dade has remained the most sought-after, # For Sale b 804 676 619 680 735 (avg./month) most populous, most active and most expensive # Sold b 966 1,036 1,131 1,116 1,103 county in South Florida, with continued, stable PPSF b $317 $398 $377 $450 $472 price growth and somewhat even transaction numbers in 2015, compared to 2014. Concerns about the so-called “affordability gap” abated, to some extent as the result of a wave of # Sold Trendline b new rental and homeownership development. g 14% Pricing has predominantly maintained or even FROM 2011 exceeded its levels over the prior year, while transaction volume in some property segments, such as $1M+ condos and waterfront homes and condos, ebbed somewhat. PPSF Trendline b g 49% In 2015, Miami-Dade County had six single-family FROM 2011 submarkets experiencing price reversals and 38 submarkets that saw year-over-year gains. The winners, hence, outnumbered the losers six to one and, by appreciation measures, 2015 was a strong year in the Miami-Dade single-family category. Non-waterfront pricing only declined in NON-WATERFRONT one community in the single-family market. SINGLE-FAMILY HOMES The land crunch continues to be a defining factor in Miami’s real estate evolution, as are global 2011 2012 2013 2014 2015 economic trends, foreign currency fluctuations, # For Sale b 5,573 3,908 3,954 4,905 4,801 and Miami-Dade’s attractiveness among foreign (avg./month) buyers from Latin America and beyond. # Sold b 10,335 10,998 12,481 12,988 13,194 PPSF b $126 $134 $157 $172 $182 FEATURED: DORAL In addition to the core submarkets, new luxury neighborhoods are emerging in Miami. A new g 28% concentration of single-family residences can be # Sold Trendline b FROM 2011 found in the suburb of Doral. Home to the Trump Doral golf resort, two malls and two emerging downtown areas, as well as upscale single-family developments such as the Mansions at Doral, Doral is the most significant and among the fastest-growing luxury submarkets west of US-1. PPSF Trendline b g 44% FROM 2011 LUXURY MARKET $1M TO $5M $5M TO $10M $10M+ TRANSACTIONS TRANSACTIONS TRANSACTIONS 2011 2012 2013 2014 2015 2011 2012 2013 2014 2015 2011 2012 2013 2014 2015 # Sold Trendline # Sold Trendline # Sold Trendline h h h # Sold # Sold # Sold h h h h h h h h h h h h h h h 493 582 798 918 890 30 46 48 57 63 11 21 16 19 22 # For Sale (avg./month) # For Sale (avg./month) # For Sale (avg./month) h h h h h h h h h h h h h h h 877 742 749 848 1,031 98 114 104 110 137 57 65 67 84 97 IN 2011, IN 2015, 534 975 OF MIAMI-DADE’S SINGLE-FAMILY HOME SALES OF MIAMI-DADE’S SINGLE-FAMILY HOME SALES WERE CLOSED FOR OVER $1 MILLION. WERE CLOSED FOR OVER $1 MILLION. REPRESENTING A 83% RISE IN LUXURY MARKET SALES FROM 2011 TO 2015 4730 N BAY ROAD, MIAMI BEACH MIAMI | SOUTH END: WATERFRONT, SINGLE-FAMILY HOMES THE NEIGHBORHOODS THE RESIDENCES “Due to the natural, unaltered beauty of their land, “The lush, canopied thoroughfare of Old Cutler the neighborhoods east of Old Cutler Road have Road is flanked mostly by guard-gated enclaves been in high demand since the road first opened in that are made up of many one-acre-plus estates; 1883. Some of Miami’s most peaceful residences numerous are waterfront. This is where the South can be found in the area, which, on top of offering End’s true essence resides, where chic and tropical boutique shopping options and a robust school merge into a brilliantly tangible feeling of luxury. system, features great accesibility to Biscayne Bay Experiencing it firsthand, you understand why this and an abundance of boat docking alternatives.” is where you want to be.” — Estate Agent, ONE Sotheby’s International Realty — Estate Agent, ONE Sotheby’s International Realty COCONUT GROVE COCOPLUM TOTAL MARKET: CORAL GABLES GABLES ESTATES LEGEND AVERAGE PRICE PER SQUARE FOOT PALMETTO BAY OLD CUTLER BAY $1,400 GABLES ESTATES GABLES ESTATES GABLES ESTATES GABLES ESTATES GABLES ESTATES $1,200 $987 $1,095 $806 $1,329 $932 (h 30%) OLD CUTLER BAY OLD CUTLER BAY OLD CUTLER BAY OLD CUTLER BAY OLD CUTLER BAY $1,000 $599 $693 $671 $698 $824 (g 18%) COCOPLUM CORAL GABLES COCOPLUM COCONUT GROVE CORAL GABLES $800 $551 $553 $564 $690 $737 (g 12%) COCONUT GROVE COCOPLUM CORAL GABLES CORAL GABLES COCONUT GROVE $600 $551 $533 $531 $657 $705 (g 2%) CORAL GABLES COCONUT GROVE COCONUT GROVE COCOPLUM COCOPLUM $400 $459 $518 $483 $656 $639 (h 3%) PALMETTO BAY PALMETTO BAY PALMETTO BAY PALMETTO BAY PALMETTO BAY $200 $164 $188 $191 $203 $250 (g 23%) $0 2011 2012 2013 2014 2015 (% change from 2014) TOTAL MARKET: NUMBER OF TRANSACTIONS TOTAL MARKET: NEIGHBORHOOD TO WATCH COCONUT GROVE 8 8 4 10 11 CORAL GABLES 57 86 77 76 66 CORAL GABLES PALMETTO BAY 20 23 25 25 7 2015 AVG. PRICE / SQUARE FOOT: $737 COCOPLUM 10 13 16 12 6 GABLES ESTATES 3 12 8 8 9 12% 61% OLD CUTLER BAY 4 5 6 9 4 INCREASE OVER INCREASE OVER 2011 2012 2013 2014 2015 2014 PERFORMANCE 2011 PERFORMANCE Omissions due to low transaction numbers or absence of market: Pinecrest, Snapper Creek Lakes, Deering Bay and Ponce-Davis & High Pines 485 LEUCADENDRA DRIVE, GABLES ESTATES LUXURY MARKET: THE TOP 50% OF EACH MARKET IN 2015 (BY AVERAGE HOME PRICE) GABLES ESTATES $12,993,750 OLD CUTLER BAY g 40% $8,350,000 COCONUT GROVE CORAL GABLES FROM 2014 WITH $7,062,500 $7,039,324 4 TRANSACTIONS COCOPLUM g 102% $4,343,333 FROM 2014 g 31% g 9% PALMETTO BAY WITH FROM 2014 FROM 2014 1 TRANSACTION $1,022,131 WITH WITH h 17% 5 TRANSACTIONS 33 TRANSACTIONS FROM 2014 WITH 3 TRANSACTIONS h 74% FROM 2014 WITH 13 TRANSACTIONS LUXURY MARKET: OVERALL MARKET INSIGHTS NEIGHBORHOOD TO WATCH South End waterfront markets consist of a number of small subdivisions GABLES in the southern part of Coral Gables, as well as parts of Palmetto Bay and Coconut Grove.
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