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. Palmetto Bay luxury pricing underperformed the prior year, ESTATES although this reflects a scarcity of sales in the bayfront eastern half of the submarket and, therefore, a predominance of canalfront sales. Old Cutler 2015 AVG. HOME PRICE: $13 MILLION Bay saw an 18% increase in total market PPSF with a total of four sales.

Values increased a modest 2% in Coconut Grove and 12% in Coral Gables 40% Despite a 30% drop in its total market, Gables Estates’ top half over the prior year. Luxury in Coral Gables reached an avg. of $7,039,324, of homes sold, considered ultra- up from $6,452,708 in 2014. Both total and luxury pricing were up in Coral INCREASE OVER luxury, shows a tremendous Gables and Coconut Grove, although pricing dipped in Cocoplum. Gables 2014 PERFORMANCE increase in pricing during 2015. Estates saw a total market decrease, but a 40% increase in luxury pricing.

Cocoplum, Gables Estates and Old Cutler Bay are subsections of Coral Gables. MIAMI | SOUTH END: NON-WATERFRONT, SINGLE-FAMILY HOMES

THE NEIGHBORHOODS THE RESIDENCES

“From Coconut Grove to Palmetto Bay, the South End “This area’s strong communities have spacious is home to many family-friendly communities. Coral lots that allow for amenities such as gardens, Gables and Coconut Grove are lush and vibrant, pools and entertaining areas without constraining offering an array of restaurants and entertainment living space. Styles range from midcentury modern options. Further south, neighborhoods become homes and classic ranches to new construction quieter and more rural. As different as one area is with all the latest trends and technology. Due to from the next, these neighborhoods are home to the region’s outstanding public school system, some of the county’s best schools.” South End residences tend to retain their value.”

— Estate Agent, ONE Sotheby’s International Realty — Estate Agent, ONE Sotheby’s International Realty

COCONUT GROVE COCOPLUM TOTAL MARKET: CORAL GABLES SNAPPER CREEK LAKES

LEGEND PINECREST AVERAGE PRICE PER SQUARE FOOT PONCE-DAVIS & HIGH PINES PALMETTO BAY

$600

S. CREEK LAKES S. CREEK LAKES S. CREEK LAKES S. CREEK LAKES S. CREEK LAKES $412 $368 $467 $524 $581 (g 11%) $500 COCOPLUM COCOPLUM COCOPLUM COCOPLUM COCOPLUM $346 $319 $413 $447 $477 (g 7%)

$400 P. DAVIS H. PINES P. DAVIS H. PINES P. DAVIS H. PINES P. DAVIS H. PINES P. DAVIS H. PINES $318 $310 $373 $401 $459 (g 14%)

CORAL GABLES CORAL GABLES COCONUT GROVE COCONUT GROVE COCONUT GROVE $300 $252 $263 $322 $362 $403 (g 11%)

COCONUT GROVE COCONUT GROVE CORAL GABLES CORAL GABLES CORAL GABLES

$200 $244 $260 $304 $330 $379 (g 15%)

PINECREST PINECREST PINECREST PINECREST PINECREST $222 $235 $256 $292 $316 (g 8%) $100 PALMETTO BAY PALMETTO BAY PALMETTO BAY PALMETTO BAY PALMETTO BAY $136 $142 $164 $180 $190 (g 5%)

$0 2011 2012 2013 2014 2015 (% change from 2014)

TOTAL MARKET: NUMBER OF TRANSACTIONS TOTAL MARKET: NEIGHBORHOOD TO WATCH COCONUT GROVE 200 200 248 220 199

CORAL GABLES 419 465 559 465 457 COCONUT

PINECREST 191 215 250 243 211 GROVE

PALMETTO BAY 263 284 301 308 315 2015 AVG. PRICE / SQUARE FOOT: $403

COCOPLUM 19 8 10 11 17

S. CREEK LAKES 9 7 6 8 6 11% 65%

P. DAVIS H. PINES 37 46 56 52 15 INCREASE OVER INCREASE OVER 2011 2012 2013 2014 2015 2014 PERFORMANCE 2011 PERFORMANCE

Omissions due to low transaction numbers or absence of market: Gables Estates, Old Cutler Bay and Deering Bay 5801 MOSS RANCH ROAD, PINECREST

LUXURY MARKET: THE TOP 50% OF EACH MARKET IN 2015 (BY AVERAGE HOME PRICE)

S. CREEK LAKES $5,221,667

P. DAVIS H. PINES h 2% $3,698,286 COCOPLUM FROM 2014 $3,143,125 WITH 3 TRANSACTIONS PINECREST g 26% COCONUT GROVE CORAL GABLES $1,845,321 FROM 2014 g 14% $1,553,456 $1,512,874 WITH PALMETTO BAY FROM 2014 7 TRANSACTIONS WITH $659,369 8 TRANSACTIONS h 22% h 5% FROM 2014 NO CHANGE WITH FROM 2014 FROM 2014 102 TRANSACTIONS WITH WITH g 1% 99 TRANSACTIONS 229 TRANSACTIONS FROM 2014 WITH 157 TRANSACTIONS

LUXURY MARKET: OVERALL MARKET INSIGHTS NEIGHBORHOOD TO WATCH The historic live-work-play community of Coral Gables experienced SNAPPER CREEK robust single-family home sales on both volume and pricing in 2015, with average pricing per square foot increasing 15%. Coconut Grove, LAKES home to the prestigious Ransom Everglades School as well as Miami’s city hall, delivered 11% annual gains for non-waterfront single-family 2015 AVG. HOME PRICE: $5.2 MILLION homes. More infill redevelopment and renovations in the “Old” Grove will most likely drive sale prices this year.

41% Despite its decrease in pricing compared to 2014, SCL remains Pinecrest and Palmetto Bay saw price “restraint”, each staying under the highest priced luxury, non- the 10% appreciation marker at 8% and 5% respectively, after last year’s HIGHER THAN waterfront market in Miami- appreciation of 14% and 10%. Cocoplum posted 7% PSF gains while P. DAVIS & H. PINES Dade and Broward combined. Snapper Creek and Ponce Davis posted 11% and 14% average price gains.

Cocoplum and Snapper Creek Lakes are subsections of Coral Gables. MIAMI BEACH: WATERFRONT, SINGLE-FAMILY HOMES

THE NEIGHBORHOODS THE RESIDENCES

“Miami Beach, a large island with several distinct “Waterfront residences in Miami Beach are usually neighborhoods, celebrated its 100-year anniversary large and built for outdoor living, with pools and in 2015. It has become a world-renowned vacation boat dockage as some of their main features. destination as well as a cultural melting pot, with These homes retain their value well due to the pristine beaches stretching from South Pointe Park limited land supply around the Mid Beach area to Millionaire’s Row. Mid Beach particularly is home and their close proximity to world-class dining and to spectacular waterfront homes, sitting on some of entertainment options, making Miami Beach one the state’s most prestigious roads.” of the most desirable areas to live in Miami.”

— Estate Agent, ONE Sotheby’s International Realty — Estate Agent, ONE Sotheby’s International Realty

TOTAL MARKET: NORTH BAY ROAD MID BEACH PINE TREE DRIVE AVERAGE PRICE PER SQUARE FOOT LEGEND

$2,000

$1,500

N BAY ROAD N BAY ROAD N BAY ROAD N BAY ROAD N BAY ROAD $775 $964 $976 $1,396 $1,957 (g 40%)

MID BEACH MID BEACH MID BEACH PINE TREE DR MID BEACH $1,000 $628 $598 $786 $971 $1,463 (g 53%)

PINE TREE DR PINE TREE DR PINE TREE DR MID BEACH PINE TREE DR $566 $589 $758 $957 $1,267 (g 30%)

$500

$0 2011 2012 2013 2014 2015 (% change from 2014)

TOTAL MARKET: NUMBER OF TRANSACTIONS TOTAL MARKET: NEIGHBORHOOD TO WATCH

MID BEACH 21 31 26 32 14 MID BEACH

NORTH BAY ROAD 10 6 5 10 5 2015 AVG. PRICE / SQUARE FOOT: $1,463

PINE TREE DRIVE 5 6 9 4 5 53% 133%

INCREASE OVER INCREASE OVER 2011 2012 2013 2014 2015 2014 PERFORMANCE 2011 PERFORMANCE

Omissions due to low transaction numbers or absence of market: La Gorce Subdivision (Alton Road and La Gorce Drive), South Beach and North Beach 2050 NORTH BAY ROAD, MIAMI BEACH

LUXURY MARKET: THE TOP 50% OF EACH MARKET IN 2015 (BY AVERAGE HOME PRICE)

N BAY ROAD $25,750,000

g 49% FROM 2014 WITH 2 TRANSACTIONS MID BEACH PINE TREE DR $13,271,429 $12,126,667

g 27% FROM 2014 g 89% WITH FROM 2014 7 TRANSACTIONS WITH 3 TRANSACTIONS

LUXURY MARKET: OVERALL MARKET INSIGHTS NEIGHBORHOOD TO WATCH Mid Beach waterfront single-family pricing saw double-digit increases, NORTH BAY with a 53% average increase for waterfront pricing in Miami Beach (to $1,463/SF), a 30% increase on Pine Tree and a 40% increase on North ROAD Bay Road; there were no transactions of waterfront single-family homes on Alton or La Gorce Drive, as in last year. In the three submarkets with 2015 AVG. HOME PRICE: $26 MILLION both waterfront and non-waterfront transactions (North Bay, Pine Tree and Mid Beach overall), the waterfront premium increased as waterfront homes out-appreciated non-waterfront homes. 49% N. Bay Road has the highest luxury market pricing in this report (aside from Indian Creek, These numbers were driven by a robust performance in the luxury sector, INCREASE OVER which had one sale in 2015 and which reached double-digit year-over-year increase at 27% in Mid Beach 2014 PERFORMANCE is, therefore, subject to volatility). overall, 89% on Pine Tree, and 49% along North Bay Road.

North Bay Road and Pine Tree Drive are subsections of Mid Beach. MIAMI BEACH: NON-WATERFRONT, SINGLE-FAMILY HOMES

THE NEIGHBORHOODS THE RESIDENCES

“Miami Beach’s wide, tree-lined roads make the “Non-waterfront, single-family residences in Miami perfect setting for some of this neighborhood’s Beach are generally considered part of the luxury most spectacular homes. North Bay Road and Pine market due to their top-tier location, walkability and Tree Drive offer an intimate, quieter environment coveted amenities. Their close proximity to the next door to the vibrant energy that has made the beach and the Miami Beach marina makes them Beach world-famous, while La Gorce Subdivision a worthy alternative to waterfront homes in the is home to spacious, non-waterfront residences area, particularly considering the substantial price sitting directly on the golf course.” discount that comes with a non-waterfront home.”

— Estate Agent, ONE Sotheby’s International Realty — Estate Agent, ONE Sotheby’s International Realty

NORTH BAY ROAD TOTAL MARKET: PINE TREE DRIVE MID BEACH LA GORCE SUBDIV. – ALTON RD. AVERAGE PRICE PER SQUARE FOOT LEGEND LA GORCE SUBDIV. – LA GORCE DR.

$800

LGS ALTON N BAY ROAD PINE TREE DR LGS LA GORCE PINE TREE DR (g 25%) $600 $379 $349 $445 $578 $655

N BAY ROAD LGS LA GORCE LGS LA GORCE PINE TREE DR N BAY ROAD $335 $324 $426 $522 $632 (g 26%)

LGS LA GORCE LGS ALTON N BAY ROAD N BAY ROAD MID BEACH $400 $319 $318 $406 $502 $496 (g 11%)

PINE TREE DR PINE TREE DR MID BEACH MID BEACH LGS LA GORCE $298 $308 $370 $448 $460 (h 20%)

$200 MID BEACH MID BEACH LGS ALTON LGS ALTON LGS ALTON $272 $304 $293 $335 $403 (g 20%)

$0 2011 2012 2013 2014 2015 (% change from 2014)

TOTAL MARKET: NUMBER OF TRANSACTIONS TOTAL MARKET: NEIGHBORHOOD TO WATCH MID BEACH 100 95 133 122 95 NORTH BAY NORTH BAY ROAD 6 14 13 14 12 ROAD

PINE TREE DRIVE 12 11 9 12 5 2015 AVG. PRICE / SQUARE FOOT: $632

LGS – ALTON RD. 3 11 8 12 23 26% 89%

LGS – LA GORCE DR. 7 7 17 13 3 INCREASE OVER INCREASE OVER 2011 2012 2013 2014 2015 2014 PERFORMANCE 2011 PERFORMANCE

Omissions due to low transaction numbers or absence of market: South Beach and North Beach 1200 W 63 STREET, MIAMI BEACH

LUXURY MARKET: THE TOP 50% OF EACH MARKET IN 2015 (BY AVERAGE HOME PRICE)

PINE TREE DR $3,900,000

g 48% FROM 2014 N BAY ROAD WITH LGS LA GORCE 1 TRANSACTION $2,365,000 $2,295,000 MID BEACH $1,890,890 LGS ALTON

NO CHANGE h 4% $1,549,727 FROM 2014 FROM 2014 WITH WITH h 4% 6 TRANSACTIONS 1 TRANSACTION FROM 2014 h 2% WITH FROM 2014 46 TRANSACTIONS WITH 11 TRANSACTIONS

LUXURY MARKET: OVERALL MARKET INSIGHTS NEIGHBORHOOD TO WATCH The Miami Beach single-family home market is concentrated in Mid PINE TREE Beach, which includes the high-performing North Bay Road, Pine Tree Drive, La Gorce Drive and Alton Road. These four roads contain homes on DRIVE the golf course as well as large, luxurious properties on the side streets, including canalfront and bayfront homes as well as luxury inland estates. 2015 AVG. HOME PRICE: $3.9 MILLION

Pricing in Mid Beach as a whole increased 11% year-over-year to $496, with 95 homes sold. Pricing on the prestige corridors varied; Pine Tree 48% Although with only one sale, Pine Tree Drive saw great price increased 25%, La Gorce decreased 20%, Alton increased 20%, and North growth and is now leading the Bay Road increased by 26%. The most active luxury corridors (Alton and INCREASE OVER non-waterfront, single-family North Bay) saw little change in pricing, as did Miami Beach as a whole with 2014 PERFORMANCE home category in Miami Beach. an average price of $1,890,890, largely unchanged from 2014.

North Bay Road, Pine Tree Drive and La Gorce Subdivision (Alton Road and La Gorce Drive) are subsections of Mid Beach. MIAMI | SOUTH END: CONDO MARKET INDEX

FROM AN EXPERT’S PERSPECTIVE: COCONUT GROVE

TODAY’S MARKET CONDITIONS AND THEIR DEVELOPMENT CORAL GABLES LEGEND DEERING BAY “Miami’s South End condo and townhouse market continues to be in demand. It is particularly alluring to locals who recently downsized and those who wish to maintain their city lifestyle with the added bonus of having access to excellent school districts. South End condos and townhomes are located in a broad and highly desirable area, with a steady inventory and an equally steady purchase force, both for average and luxury units. While living in Coconut Grove and Coral Gables provides entertainment, shopping and dining at a walking distance, the Deering Bay Country Club lifestyle also remains very attractive to homebuyers.”

— Estate Agent, ONE Sotheby’s International Realty

2627 S BAYSHORE DRIVE – #3201, COCONUT GROVE

COCONUT GROVE | NON-WATERFRONT CONDOS

2011 2012 2013 2014 2015 The Coconut Grove market saw an apparent price PERCENTAGE OF decline, although this reflects abnormally high 2014 9% 10% 15% 12% 11% SAMPLE TRADED pricing that included a penthouse transaction at over $8

AVERAGE million, as well as supply growth from Park Grove and Grove $620K $963K $1.07M $1.12M $852K SALES PRICE at Grand Bay, rather than true market weakness. Coconut Grove remains a highly desirable neighborhood for young AVERAGE 1,546 1,853 1,907 1,630 1,721 SQUARE FOOTAGE professionals and families alike, and achieves a significant PSF premium to any other South End submarket. AVERAGE PRICE $401 $519 $563 $686 $495 PER SQ. FOOT

% CHANGE (YEAR-OVER-YEAR): g 23% g 8% g 18% h 28% % CHANGE (FROM 2011 TO 2015): g AVG. PRICE / SQUARE FOOT from 2011 from 2012 from 2013 from 2014 AVG. PRICE / SQUARE FOOT 23%

Omissions due to low transaction numbers or absence of market: Pinecrest, Palmetto Bay, CocoPlum, Gables Estates, S. Creek Lakes, P. Davis & H. Pines and Old Cutler Bay COCONUT GROVE

CORAL GABLES | NON-WATERFRONT CONDOS

2011 2012 2013 2014 2015 Coral Gables condo pricing reverted to 2013 pricing PERCENTAGE OF after a spike in 2014, but the Gables resale condo 6% 9% 12% 13% 10% SAMPLE TRADED market remains relatively healthy at average pricing of

AVERAGE $328/SF. New, infill duplex and small, attached condo end $244K $260K $389K $396K $367K SALES PRICE unit prices are trading well above the average resale pricing, contributing to new boutique luxury infill development. Coral AVERAGE 1,098 1,147 1,200 1,135 1,120 SQUARE FOOTAGE Gables condos earn Miami South End’s top spot for 2011 – 2015 PPSF performance improvement, at 48%. AVERAGE PRICE $222 $226 $324 $348 $328 PER SQ. FOOT

% CHANGE (YEAR-OVER-YEAR): g 2% g 30% g 7% h 7% % CHANGE (FROM 2011 TO 2015): g AVG. PRICE / SQUARE FOOT from 2011 from 2012 from 2013 from 2014 AVG. PRICE / SQUARE FOOT 48%

DEERING BAY | WATERFRONT CONDOS

2011 2012 2013 2014 2015 Straddling the Coral Gables / Palmetto Bay line, the PERCENTAGE OF southernmost luxury condominium submarket in 2% 8% 12% 6% 10% SAMPLE TRADED Miami-Dade County is the gated community of Deering Bay.

AVERAGE Deering Bay condominiums appreciated slightly but saw $1.1M $1.1M $1.07 $1.35M $1.39M SALES PRICE substantial PPSF increases (18%) owing to a smaller resale unit mix relative to the year prior, although unit sizes remain AVERAGE 2,353 3,216 3,303 3,378 2,946 SQUARE FOOTAGE among the largest in South Florida at nearly 3,000 square feet. Pricing per square foot has returned to 2011 levels. AVERAGE PRICE $467 $343 $324 $401 $472 PER SQ. FOOT

% CHANGE (YEAR-OVER-YEAR): h 36% h 6% g 19% g 18% % CHANGE (FROM 2011 TO 2015): g AVG. PRICE / SQUARE FOOT from 2011 from 2012 from 2013 from 2014 AVG. PRICE / SQUARE FOOT 1%

Condo sections do not contain a “Luxury Market” page, since the product sample is already representative of the high-end market. For details on methodology, see page 5. MIAMI BEACH: CONDO MARKET INDEX

FROM AN EXPERT’S PERSPECTIVE: TODAY’S MARKET CONDITIONS AND THEIR DEVELOPMENT

“In today’s market, Miami Beach is world-famous due to its first-class, waterfront penthouse living. Year after year, the general condo market in Miami Beach outdoes itself in terms of pricing, drawing more international demand and generating interest in not just the residences, but the business potential as well. Due to this potential, Miami Beach consistently sees an expansion in dining and entertainment options that, in turn, make SOUTH BEACH the area more appealing to the luxury home buyer. Of note is the South of Fifth area, an exclusive enclave MID BEACH marking the southermost tip of Miami Beach, which includes seven ultra-luxury condo developments built NORTH BEACH before the current construction cycle. These condos all experienced double-digit growth in pricing per square LEGEND foot from 2014 to 2015, reflecting continued strong demand for the area’s luxury product.” NORTH BAY VILLAGE

— Estate Agent, ONE Sotheby’s International Realty

SOUTH BEACH | WATERFRONT CONDOS

2011 2012 2013 2014 2015 South Beach, with the exclusive South of Fifth area, PERCENTAGE OF has remained a popular submarket, attracting local, 10% 13% 14% 12% 8% SAMPLE TRADED domestic, and international buyers alike. Pricing at sought-

AVERAGE after South Beach condos such as the Apogee and Murano $2.02M $1.89M $2.37M $2.66M $3.1M SALES PRICE Grande has continued to steadily increase. Average resale pricing for waterfront condos broke the $3 million average AVERAGE 1,964 2,005 1,967 1,960 2,048 SQUARE FOOTAGE price and the SoFi waterfront submarket represents the highest average pricing per square foot at $1,200 – $2,600. AVERAGE PRICE $1,029 $942 $1,204 $1,355 $1,515 PER SQ. FOOT

% CHANGE (YEAR-OVER-YEAR): h 9% g 22% g 11% g 12% % CHANGE (FROM 2011 TO 2015): g AVG. PRICE / SQUARE FOOT from 2011 from 2012 from 2013 from 2014 AVG. PRICE / SQUARE FOOT 47%

LUXURY HIGHLIGHT: SOUTH OF FIFTH CONDOS

Apogee Continuum South Continuum North Murano Portofino Portofino Tower Murano Grande Icon South Beach

Average Average Average Average Average Average Average PPSF PPSF PPSF PPSF PPSF PPSF PPSF $2,578 $2,259 $1,877 $1,547 $1,345 $1,273 $1,205

g 11% g 13% g 14% g 14% g 30% g 14% g 14% since 2014 since 2014 since 2014 since 2014 since 2014 since 2014 since 2014

Omissions due to low transaction numbers or absence of market: None MID BEACH | WATERFRONT CONDOS

2011 2012 2013 2014 2015 The Mid Beach submarket experienced continued PERCENTAGE OF appreciation as home buyers were attracted further 10% 8% 11% 11% 8% SAMPLE TRADED north by new developments such as the Edition, One and

AVERAGE Thompson hotels, as well as to new condominiums such as $778K $959K $1.12M $1.19M $1.21M SALES PRICE Beach House 8. Existing Mid Beach condos saw double-digit appreciation on pricing per square foot, reflecting the area’s AVERAGE 1,422 1,404 1,436 1,334 1,210 SQUARE FOOTAGE increasing desirability as average pricing on waterfront condos exceeds $1,000 per SF average. AVERAGE PRICE $547 $683 $782 $893 $1,002 PER SQ. FOOT

% CHANGE (YEAR-OVER-YEAR): g 20% g 13% g 12% g 12% % CHANGE (FROM 2011 TO 2015): g AVG. PRICE / SQUARE FOOT from 2011 from 2012 from 2013 from 2014 AVG. PRICE / SQUARE FOOT 83%

NORTH BEACH | WATERFRONT CONDOS

2011 2012 2013 2014 2015 North Beach averages posted still-impressive gains PERCENTAGE OF of 7% per square foot and 11% overall. While not 12% 18% 15% 9% 10% SAMPLE TRADED as robust as Mid Beach and SoFi, average pricing in North

AVERAGE Beach at $1,143 PSF outperformed the Mid Beach average, $1.01M $1.17M $1.35M $1.53M $1.7M SALES PRICE and also outperformed Mid Beach on average pricing due to larger average unit sizes. New condo development has also AVERAGE 1,584 1,685 1,565 1,436 1,488 SQUARE FOOTAGE resumed in North Beach, with the proposal of much higher- end condominium towers at 8701 and 6901 Collins Avenue. AVERAGE PRICE $638 $695 $862 $1,066 $1,143 PER SQ. FOOT

% CHANGE (YEAR-OVER-YEAR): g 8% g 19% g 19% g 7% % CHANGE (FROM 2011 TO 2015): g AVG. PRICE / SQUARE FOOT from 2011 from 2012 from 2013 from 2014 AVG. PRICE / SQUARE FOOT 79%

NORTH BAY VILLAGE | WATERFRONT CONDOS

2011 2012 2013 2014 2015 North Bay Village retreated 5% in 2015, reflecting the PERCENTAGE OF lowest pricing of all waterfront condos in the county, 10% 10% 12% 19% 10% SAMPLE TRADED at $262/SF. The submarket’s waterfront average pricing is

AVERAGE hampered by the lack of oceanfront product relative to other $209K $240K $286K $344K $320K SALES PRICE peers, but average pricing is also a reflection of the product age and area pricing trends. The submarket also attracts AVERAGE 1,275 1,287 1,264 1,249 1,220 SQUARE FOOTAGE a larger share of the rental pool, which serves to moderate pricing since buyers tend to be investment/yield driven. AVERAGE PRICE $164 $186 $227 $275 $262 PER SQ. FOOT

% CHANGE (YEAR-OVER-YEAR): g 12% g 18% g 18% h 5% % CHANGE (FROM 2011 TO 2015): g AVG. PRICE / SQUARE FOOT from 2011 from 2012 from 2013 from 2014 AVG. PRICE / SQUARE FOOT 60%

Condo sections do not contain a “Luxury Market” page, since the product sample is already representative of the high-end market. For details on methodology, see page 5. THE ISLANDS: CONDO MARKET INDEX

FROM AN EXPERT’S PERSPECTIVE: KEY BISCAYNE

TODAY’S MARKET CONDITIONS AND THEIR DEVELOPMENT BAY HARBOR ISLANDS LEGEND FISHER ISLAND “The Islands’ condo market is comprised of Key Biscayne, Bay Harbor Islands and Fisher Island. Key Biscayne, a classic, family-friendly neighborhood, is always in high demand due to its robust school system and tight-knit community. Bay Harbor Islands is undergoing a large transformation as numerous boutique developments are being built in the area. Bay Harbor is experiencing higher demand than ever before, as waterfront condos can be acquired at a significantly lower price than in most waterfront markets and it is just a short drive away from Miami Beach and its surroundings. Fisher Island, the quintessential luxury condo market only accessible via ferry, has seen nothing but price increases in the latest years and regulary records top prices per square foot.”

— Estate Agent, ONE Sotheby’s International Realty

KAI AT BAY HARBOR ISLANDS

KEY BISCAYNE | WATERFRONT CONDOS

2011 2012 2013 2014 2015 The condo market in Key Biscayne performed well, PERCENTAGE OF reaching $864 per square foot — an 8% increase over 7% 7% 11% 7% 7% SAMPLE TRADED 2014 numbers — and experiencing comparable sales volume

AVERAGE to the prior year. This particular submarket has limited new $1.47M $1.57M $2.12M $1.64M $2.04M SALES PRICE development space owing to its many public parks, nature reserves and spacious single-family homes, although one AVERAGE 2,496 2,375 2,388 2,050 2,359 SQUARE FOOTAGE new luxury development, Oceana, was delivered during the current construction cycle. AVERAGE PRICE $589 $659 $887 $799 $864 PER SQ. FOOT

% CHANGE (YEAR-OVER-YEAR): g 11% g 26% h 11% g 8% % CHANGE (FROM 2011 TO 2015): g AVG. PRICE / SQUARE FOOT from 2011 from 2012 from 2013 from 2014 AVG. PRICE / SQUARE FOOT 47%

Omissions due to low transaction numbers or absence of market: Palm/Star/Hibiscus, Venetian Islands, Sunset Islands, La Gorce Island, Indian Creek and Normandy Isles FISHER ISLAND

BAY HARBOR ISLANDS | WATERFRONT CONDOS

2011 2012 2013 2014 2015 The condo champion of the islands is Bay Harbor, PERCENTAGE OF which saw 14% of the sample trade in 2015 (the 10% 6% 9% 13% 14% SAMPLE TRADED most traded in the five years analyzed) and underwent

AVERAGE appreciation of 27% overall and 38% PSF, the highest in $174K $214K $316K $258K $337K SALES PRICE Miami-Dade County. The majority of condominiums here are small in size; pricing is somewhat volatile because the AVERAGE 1,395 1,515 1,412 1,421 1,355 SQUARE FOOTAGE sample is small and consists of a diverse mix of buildings. Pricing per square foot increased 99% compared to 2011. AVERAGE PRICE $125 $141 $224 $181 $249 PER SQ. FOOT

% CHANGE (YEAR-OVER-YEAR): g 12% g 37% h 24% g 38% % CHANGE (FROM 2011 TO 2015): g AVG. PRICE / SQUARE FOOT from 2011 from 2012 from 2013 from 2014 AVG. PRICE / SQUARE FOOT 99%

FISHER ISLAND | WATERFRONT CONDOS

2011 2012 2013 2014 2015 Only fifteen condos sold in Fisher Island, the private PERCENTAGE OF island just off the MacArthur Causeway, and those 7% 8% 10% 6% 9% SAMPLE TRADED sold at a historically high price of $1,195 per square foot on

AVERAGE average. Fisher Island has seen very limited development $3.57M $3.78M $3.61M $5.42M $4.67M SALES PRICE because it is tightly planned. The exclusive community has some of the largest units in South Florida and achieves AVERAGE 4,520 4,254 4,028 4,910 3,907 SQUARE FOOTAGE among the highest prices, which have been increasing year over year without exception during the five years analyzed. AVERAGE PRICE $789 $887 $897 $1,105 $1,195 PER SQ. FOOT

% CHANGE (YEAR-OVER-YEAR): g 11% g 1% g 19% g 8% % CHANGE (FROM 2011 TO 2015): g AVG. PRICE / SQUARE FOOT from 2011 from 2012 from 2013 from 2014 AVG. PRICE / SQUARE FOOT 51%

Condo sections do not contain a “Luxury Market” page, since the product sample is already representative of the high-end market. For details on methodology, see page 5. 2010 – 2020: DEVELOPMENT CYCLE TOP NEW-DEVELOPMENT MARKETS AN OVERVIEW 2016 – 2018 DELIVERY PROJECTION OF CURRENT MARKET CONDITIONS

GEOGRAPHIC BREAKDOWN:

The urban corridor formed by Brickell, Downtown, Edgewater and Midtown has led the ranking of new inventory hitting the market between 2016 and 2018, with 9,050 units (56%) of the active projects in the market. In the Beaches, the most active markets are Sunny Isles (1,711 units) and HOLLYWOOD BEACH Hollywood Beach (1,080 units), scheduled to be 1,080 units completed in the same period. Their expansion path in the beach is clearly towards the north due to the scarcity of development sites in South Beach, Miami Beach, Surfside and Bal Harbour. SUNNY ISLES 1,711 units GRAPH DELIVERY PROFILE:

In the new cycle (2010 – 2020), we have seen 39 luxury projects completed, totaling 5,114 units, with a high concentration between 2013 and 2015. In this segment, approximately 90% were sold by December 2015. There are another 82 projects in the pre-construction stage or under construction with 16,215 units to be delivered between 2016 and DOWNTOWN MIAMI 2019, of which 67% is already sold. The remaining URBAN CORRIDOR inventory is very controllable, with only 5,197 units 9,050 units for sale. Only 26 projects are in pre-construction, representing refl ecting the underlying market strength. 56% of the active market The strengthening of the US dollar has triggered a considerable devaluation of several currencies in some key South Florida feeder markets such as Canada, Brazil, Mexico, Colombia, Venezuela and the European continent. This causes lower absorption from international markets, which is partially compensated by the strength of the domestic market, especially the Northeast. This trend has led some developers to postpone the launch of planned projects, allowing the market to better absorb the inventory. ACTIVE DEVELOPMENTS BY AREA

AREA TOTAL UNITS % TOTAL UNITS UNITS SOLD % SOLD

AVENTURA 525 3.2% 342 65% BAL HARBOUR 299 1.8% 187 63% BAY HARBOR 251 1.5% 183 73% BRICKELL 3,900 24.1% 3,148 81% WEST BRICKELL 364 2.2% 306 84% COCONUT GROVE 376 2.3% 331 88% DORAL 771 4.8% 394 51% DOWNTOWN MIAMI 905 5.6% 547 60% EDGEWATER 2,908 17.9% 2,172 75% FORT LAUDERDALE 598 3.7% 299 50% HOLLYWOOD 247 1.5% 65 26% HOLLYWOOD BEACH 1,080 6.7% 738 68% MIAMI BEACH 230 1.4% 108 47% MIAMI RIVER 400 2.5% 20 5% MIDTOWN 973 6% 578 59% MIMO DISTRICT 105 0.6% N/A N/A SOUTH BEACH 31 0.2% 16 52% SUNNY ISLES 1,711 10.6% 1,092 64% SURFSIDE 278 1.7% 180 65% SUNRISE 263 1.6% 132 50%

TOTAL 16,215 100% 10,838 67% (AVG.)

ESTIMATED DELIVERY PROFILE UNITS PER QUARTER

3,500

3,000 3,000

2,500

1,909 2,000

1,529 1,422 1,440 1,500 1,343 1,337 1,262

986 966 1,000

500 500 257 264

0 0 0 0

Q1 ‘16 Q2 ‘16 Q3 ‘16 Q4 ‘16 Q1 ‘17 Q2 ‘17 Q3 ‘17 Q4 ‘17 Q1 ‘18 Q2 ‘18 Q3 ‘18 Q4 ‘18 Q1 ‘19 Q2 ‘19 Q3 ‘19 Q4 ‘19

Information based on projects’ sales centers’ information, news articles, press announcements, phone surveys, online search, among other sources. Data gathered January, 2016. Information is deemed accurate but not guaranteed. Availability and prices are subject to change without notice. COMPLETED DEVELOPMENTS

PROJECT NAME LOCATION DEVELOPER ARCHITECT COMPLETION AVG. $/SF # UNITS # SOLD % SOLD

1. RIVA Bay Harbor Islands Epelboim Dev. Group Sam Robin Mar 2013 $475 25 22 88% 2. MY BRICKELL Brickell Related Group Arquitectonica Sep 2013 $285 188 188 100% 3. BELLINI Aventura Martin Margulies CFE Architects Oct 2013 $650 70 63 90% 4. MARINA PALMS TOWER I Aventura Plaza Group / DevStar Slattery & Associates Jul 2015 $440 234 232 99% 5. APOGEE BEACH Hollywood Beach Related Group Carlos Ott Oct 2013 $585 49 49 100% 6. OCEAN SEVEN Miami Beach PMG Shapiro & Associates Dec 2013 $1,400 7 3 43% 7. OCEANA KB Key Biscayne Consultatio Arquitectonica Mar 2014 $1,250 142 133 94% 8. HARBOUR PARK Bay Harbor Islands ART+TEC Dev. / HOGG N/A Jul 2014 $350 20 18 90% 9. CLUB AT BAY HARBOR Bay Harbor Islands BH US Investments Franquel Benayon Sep 2014 $375 42 37 88% 10. MILLECENTO Brickell Related Group Carlos Ott Sep 2014 $390 384 384 100% 11. 400 SUNNY ISLES Brickell Key Interntational Chad Oppenheim Sep 2014 $650 230 230 100% 12. PELORO Miami Beach SMG Management Luis Revuelta Dec 2014 $450 114 114 100% 13. FAENA HOUSE Miami Beach Faena Foster & Partners Dec 2014 $2,800 47 47 100% 14. EDITION Miami Beach Ian Schrager John Pawson Nov 2014 $2,400 26 21 81% 15. 1 HOTEL & HOMES Miami Beach Le Frak / Starwood HKS - Kobi Karp Sep 2015 $1,850 163 133 82% 16. PALAU South Beach SMG Management Kobi Karp Nov 2014 $775 45 45 100% 17. MANSIONS AT AQUALINA Sunny Isles The Trump Group Cohen Freedman Encinosa Dec 2014 $1,400 79 79 100% 18. PASEO 5252 Doral Codina Sieger-Suarez Dec 2015 $335 203 203 100% 19. CHÂTEAU BEACH Sunny Isles Château Group Kobi Karp Dec 2014 $1,100 81 72 89% 20. ECHO Aventura PMG (NY) Carlos Ott Mar 2015 $575 190 171 90% 21. MERRICK MANOR Coral Gables The Astor Companies Behar Font & Associates Feb 2015 $411 170 164 96% 22. TERRAZAS Miami River Related / Ladder Capital Shapiro & Associates Jul 2012 $325 324 215 66% 23. BEACH WALK Hallandale Beach Related Group CFE Architects Jan 2015 $375 300 290 97% 24. 101 KEY BISCAYNE Key Biscayne Eric Soulavy / Oscar Segall Gabriel Lopez Mar 2015 $950 11 10 91% 25. IRIS ON THE BAY Normandy Shores Braddock / Spear Group Beilinson Gomez Architects Jan 2015 $460 43 43 100% 26. GLASS South Beach Terra Group Rene Gonzalez Mar 2015 $2,300 10 10 100% 27. BALTUS HOUSE Edgewater Related Group Cohen Freedman Encinosa Jun 2015 $470 167 167 100% 28. BAY HOUSE Edgewater Melo Group Melo Architecture Dec 2015 $465 175 175 100% 29. ADAGIO ON THE BAY Ft. Lauderdale Grupo Alco Garcia Stromberg Apr 2015 $527 12 12 100% 30. ONE OCEAN South Beach Related Group Enrique Norten Jun 2015 $1,650 50 50 100% 31. 321 OCEAN South Beach Arditi Enrique Norten Apr 2015 $1,600 21 20 95% 32. OCEAN Ft. Lauderdale Orchid Hotel LLC Garcia Stromberg Feb 2015 $850 298 12 4% 33. NINE Brickell LYND / ST Capital Behar Font & Associates May 2015 $520 390 390 100% 34. ICON BAY Edgewater Related Group Arquitectonica Jun 2015 $475 300 300 100% 35. VELA VISTA Ft. Lauderdale Oak Construction Tuthill Architecture Oct 2015 $500 10 9 90% 36. REGALIA Sunny Isles Regalia Beach Dev. Arquitectonica Jan 2015 $1,800 39 36 92% 37. MAREA South Beach Related Group Sieger-Suarez Nov 2015 $1,600 32 30 94% 38. 1215 WEST South Beach Domus Group RE Chisholm Architects Dec 2015 $725 48 40 83% 39. BRICKELL HOUSE Brickell Newgard Dev. Group Sieger-Suarez Dec 2015 $315 375 375 100%

TOTAL $894 5,114 4,592 90% (Avg.)

UNDER CONSTRUCTION & PRE-CONSTRUCTION DEVELOPMENTS

PROJECT NAME LOCATION DEVELOPER ARCHITECT COMPLETION AVG. $/SF # UNITS # SOLD % SOLD

1. AVENTURA PARK SQUARE Aventura Integra Zyscovich Dec 2017 $550 131 60 46% 2. MARINA PALMS TOWER II Aventura Plaza Group & DevStar Slattery and Associates Jun 2016 $440 234 202 86% 3. PRIVÉ Aventura BH3 Sieger-Suarez Dec 2016 $825 160 80 50% 4. CHÂTEAU OCEAN Bal Harbour Groskopf Arquitectonica Aug 2016 $1,400 60 10 17% 5. OCEANA BAL HARBOR Bal Harbour Consultatio Arquitectonica Jun 2016 $1,600 239 177 74% 6. IVORY Bay Harbor Islands Bricko BMA & Frankel Benayoun Jun 2016 $700 41 30 73% 7. BIJOU Bay Harbor Islands Ability by Acierto Luis Revuelta Oct 2017 $725 41 16 39% 8. PALM VILLAS Bay Harbor Islands Estudio 18 Shapiro & Associates Aug 2017 $400 14 0 0% 9. BAY BREEZE Bay Harbor Islands ART+TEC Development N/A Feb 2016 $435 17 10 59% 10. KAI RESIDENCES Bay Harbor Islands Estudio 18 Arquitectonica Apr 2016 $650 57 47 82% 11. O RESIDENCES Bay Harbor Islands S2 Developers / BH-LK Inv. Charles Benson Sep 2017 $750 41 41 100% 12. SERENO Bay Harbor Islands Integra Corwill Architects Jan 2017 $625 40 39 98% 13. FLATIRON Brickell Ugo Colombo / Capital Group Luis Revuelta May 2018 $650 548 250 46% 14. BOND Brickell Rilea Group Nichols Brosch Wurst Wolfe Jun 2016 $650 328 310 95% 15. ECHO BRICKEL Brickell Developer Carlos Ott Jun 2017 $1,100 180 167 93% 16. 1010 BRICKELL Brickell Key International Sieger-Suarez Aug 2016 $650 387 375 97% 17. SLS RESIDENCES Brickell Related Group Arquitectonica Jun 2016 $550 453 453 100% h

Information based on projects’ sales centers’ information, news articles, press announcements, phone surveys, online search, among other sources. UNDER CONSTRUCTION & PRE-CONSTRUCTION DEVELOPMENTS (CONTINUED)

PROJECT NAME LOCATION DEVELOPER ARCHITECT COMPLETION AVG. $/SF # UNITS # SOLD % SOLD

18. BRICKELL HEIGHTS Brickell Related Group Arquitectonica Apr 2017 $643 358 330 92% 19. SLS LUX Brickell Related Group Arquitectonica Aug 2017 $703 534 508 95% 20. BR. CITY CENTRE / REACH Brickell Swire Arquitectonica Mar 2016 $650 390 330 85% 21. BR. CITY CENTRE / RISE Brickell Swire Arquitectonica May 2016 $675 390 157 40% 22. BRICKELL HEIGHTS II (BH2) Brickell Related Group Arquitectonica Feb 2017 $643 332 268 81% 23. LE PARC AT BRICKELL Brickell West AXA / Strategic Prop. Group Luis Revuelta & Archiplan Mar 2016 $540 128 116 91% 24. BRICKELL TEN Brickell West Waterstone Capital / IB Corp. BC Architects Jan 2016 $425 155 127 82% 25. CASSA BRICKELL Brickell West TSG Paragon Carlos Ponce de Leon Jun 2016 $480 81 63 78% 26. GROVE AT GRAND BAY Coconut Grove Terra Group Bjarke Ingels Apr 2016 $875 96 96 100% 27. ONE PARK GROVE Coconut Grove Related Group / Terra Group Rem Koolhaas Jun 2018 $1,600 54 17 31% 28. TWO PARK GROVE Coconut Grove Related Group / Terra Group Rem Koolhaas Aug 2017 $1,200 72 70 97% 29. PARK GROVE CLUB RES. Coconut Grove Related Group / Terra Group Rem Koolhaas Aug 2017 $900 154 148 96% 30. PASEO 5300 Doral Codina Sieger-Suarez Feb 2016 $360 219 100 46% 31. MIDTOWN DORAL PHASE I Doral Optimus PPK Architects Jun 2016 $325 306 255 83% 32. MANSIONS AT DORAL Doral Century / JC Dev. PPK Architects Mar 2017 $375 66 39 59% 33. MODERN Doral Terra Group PPK Architects Jan 2018 $275 320 164 51% 34. PARAMOUNT DOWNTOWN Downtown Royal Palm Cies. (D. Kodsi) Elkus Manfredi Jan 2018 $675 470 187 40% 35. CENTRO Downtown Newgard Sieger-Suarez May 2016 $415 352 320 91% 36. ONE THOUSAND MUSEUM Downtown Gregg Covin / Louis Birdman Zaha Hadid Jun 2018 $1,350 83 40 48% 37. ELYSEE Edgewater Two Roads Developers Arquitectonica Sep 2018 $750 100 30 30% 38. GRAN PARAISO Edgewater Related Group Arquitectonica Dec 2017 $750 317 205 65% 39. BENTLEY RES. & HOTEL Edgewater Heafey Group Kobi Karp Mar 2018 $650 242 75 31% 40. CRIMSON Edgewater McKafka IDEA Architects Mar 2016 $600 90 66 73% 41. PARAISO BAY TI Edgewater Related Group Arquitectonica Nov 2016 $575 360 360 100% 42. BISCAYNE BEACH Edgewater East View Dev. & GTIS WHLC Arch. / BC Arch. Nov 2016 $700 399 393 98% 43. ARIA ON THE BAY Edgewater Melo Group Arquitectonica Dec 2017 $500 647 342 53% 44. ONE PARAISO Edgewater Related Group Arquitectonica Sep 2017 $775 279 278 100% 45. PARAISO BAY VIEW Edgewater Related Group Arquitectonica Sep 2017 $550 388 350 90% 46. 26 EDGEWATER Edgewater Stripey Real Estate Dev. Mods Architects Jan 2017 $473 86 73 85% 47. AUBERGE / SOUTH TOWER Ft. Lauderdale Fortune Intl. / Related Group Nichols Brosch Wurst Wolfe Nov 2017 $1,100 114 16 14% 48. THE GALE RESIDENCES Ft. Lauderdale Newgard Garcia Stromberg Apr 2017 $625 124 71 57% 49. AQUABLU Ft. Lauderdale OceanLand Investments Borges + Associates Sep 2017 $600 35 19 54% 50. THE WAVE IN BAY SHORE Ft. Lauderdale Oaktree Management LTD A.S. Bengochea Architects Oct 2017 $500 18 7 39% 51. FOUR SEASONS Ft. Lauderdale Fort Partners Kobi Karp Nov 2018 $1,300 42 6 14% 52. AUBERGE / NORTH TOWER Ft. Lauderdale Fortune Intl. / Related Group Nichols Brosch Wurst Wolfe Nov 2017 $1,100 70 53 76% 53. RIVA FT LAUDERDALE Ft. Lauderdale Premier Developers FSMY Mar 2017 $525 100 60 60% 54. PARAMOUNT FT LAUDERDALE Ft. Lauderdale Falcone Group Luis Revuelta Jan 2017 $850 95 67 71% 55. H3 Hollywood FINKA Kobi Karp Jan 2017 $250 247 65 26% 56. COSTA HOLLYWOOD Hollywood Beach Liberty Sites (M. Bensusan) Hamed Rodriguez Jun 2016 $500 307 173 56% 57. HYDE BEACH HOUSE Hollywood Beach Related Group / Key Intl. CFE Architects Apr 2018 $600 342 155 45% 58. SAGE BEACH Hollywood Beach PMG (NY) / TDG Florida Carlos Ott Jan 2016 $730 24 20 83% 59. HYDE BEACH Hollywood Beach Related Group / Fortune Cohen Freedman Encinosa Jul 2016 $650 407 390 96% 60. RITZ-CARLTON RESIDENCES Miami Beach Lionheart Capital / Elliott Lissoni Dec 2016 $1,250 126 67 53% 61. THE SHORE CLUB / FASANO Miami Beach HFZ Capital Isay Weinfeld Nov 2017 $2,300 75 22 29% 62. L’ATELIER Miami Beach SMG Manag. / W Capital Enzo Enea Dec 2017 $1,400 21 11 52% 63. BEACH HOUSE 8 Miami Beach Moravito Properties Arquitectonica Apr 2016 $1,700 8 8 100% 64. ONE RIVER POINT Miami River Kar Properties Rafael Vignoli Sep 2018 $800 400 20 5% 65. HYDE MIDTOWN Midtown Related Group / Dezer Arquitectonica Mar 2018 $550 460 300 65% 66. CANVAS Midtown NRI Investments CFE Architects May 2017 $450 513 278 54% 67. BOULEVARD 57 MiMo District Unitas Developments Sieger-Suarez Apr 2018 $650 105 0 0% 68. THREE HUNDRED COLLINS South Beach JMH Development Thomas Juul-Hansen Jun 2017 $1,400 19 11 58% 69. LOUVER HOUSE South Beach Mast Capital Rene Gonzalez Jul 2017 $1,400 12 5 42% 70. ESTATES AT AQUALINA Sunny Isles The Trump Group Rafael Portuondo Jun 2019 $1,550 264 81 31% 71. AURORA Sunny Isles Verzasca Group Luis Revuelta Dec 2018 $680 61 12 20% 72. ARMANI CASA Sunny Isles Gil Dezer / Related Group Cesar Pelli Jun 2018 $1,400 308 190 62% 73. RITZ-CARLTON SUNNY ISLES Sunny Isles Fortune International Arquitectonica Nov 2017 $1,500 212 115 54% 74. TURNBERRY OCEAN CLUB Sunny Isles Turnberry Associates Carlos Zapata Nov 2018 $1,450 154 44 29% 75. PORSCHE TOWER Sunny Isles Gil Dezer Porsche Design / S.-Suarez Sep 2016 $1,700 132 128 97% 76. JADE SIGNATURE Sunny Isles Fortune International Herzog & de Meuron Jun 2016 $1,650 192 168 88% 77. PARQUE TOWERS Sunny Isles J.Milton & Associates Edward Castallera Feb 2016 $500 320 290 91% 78. MUSE Sunny Isles PMG (NY) Carlos Ott / Sieger-Suarez Jun 2017 $1,900 68 64 94% 79. EIGHTY SEVEN PARK Surfside Terra Group / Bizzi Partners Renzo Piano Jan 2018 $2,500 70 17 24% 80. SURF CLUB - FOUR SEASONS Surfside Fort Capital Richard Meyer May 2016 $2,200 150 120 80% 81. FENDI CHATEÂU Surfside Château Group Arquitectonica Nov 2016 $1,800 58 43 74% 82. METROPICA Sunrise Trillist Companies / KGH Intl. Oppenheim Architecture Nov 2017 $404 263 132 50%

TOTAL 16,215 10,838 67% (Avg.)

Data gathered January, 2016. Information is deemed accurate but not guaranteed. Availability and prices are subject to change without notice. TRENDS METHODOLOGY

Following the methodology fi rst applied in last year’s TRENDS market report, the current model abandons the variable minimum price threshold view used in prior reports so that averages over time are not skewed by elimination of transactions beyond a threshold and changes in market conditions do not skew the directionality of the real estate market averages.

The most signifi cant change in methodology is the development of the condominium index. The diffi culty in comparing existing condominium project average pricing is that the pricing averages have no control over penthouse units, waterview versus waterfront or age and market position of the product. ONE Sotheby’s International Realty and IRR Miami developed an index of relevant condominium towers that comprise what we consider to be a representative sample of the luxury projects within each submarket. The inclusion of each project was vetted by brokerage and appraisal staff from the respective fi rms and the sampling refl ects the center of the luxury market as it relates to the specifi c submarket.

Average pricing data was then calculated for each of the relevant years by submarket and unique units were excluded from the sample to avoid skewing the average price indicators, making the report as accurate and impartial as it can be. The implementation of project samples also helped control the variability brought about by merely averaging all condo projects within a specifi c submarket, which when comparing multiple years was less refl ective of changing market conditions.

While this methodology only refl ects a “sample” of the condo market, the number of projects and number of units in the sample are considered representative of the market. The sample pool does not include pre- construction projects. Therefore, the averages and indicators refl ect contemporary existing peers and are not meant to refl ect pricing of the newest projects coming to market.

This methodology will also allow us future analytical capability to project fl oor premiums, view premiums and penthouse premiums since the data will be isolated for direct and discrete comparison on these function points. We hope this will clarify directionality of the market and allow for deeper analysis in future reports.

This report is not meant to replace property analysis by a qualifi ed broker and should not be applied to specifi c properties without consultation with a professional. The report is meant to inform on broader trends and to facilitate comparison and forecasting at the macro market level.

©MMXVI ONE Sotheby’s International Realty, licensed real estate broker. Sotheby’s International Realty® is a licensed trademark to Sotheby’s International Realty Affi liates LLC. An Equal Opportunity Company. Equal Housing Opportunity. Each Offi ce is Independently Owned and Operated. Statistics provided by Integra Realty Resources – Miami\Palm Beach. The information contained herein is deemed accurate but not guaranteed. Western Broward Southwest Ranches Plantation Sunrise Weston Parkland Broward | North End Lauderdale-by-the-Sea Hillsboro Beach Lighthouse Point Bay Colony Sea Ranch The Landings East Fort Lauderdale Las Olas Isles Harbor Beach Fort Lauderdale Beach Rio Vista Victoria Park & Colee Hammock Sunrise Key Coral Ridge / C.R. Country Club Broward | South End Hollywood Beach Hallandale Beach

Miami | North End Aventura Golden Beach Bal Harbour Surfside Sunny Isles The Islands Bay Harbor Islands Indian Creek Normandy Isles La Gorce Sunset Islands Venetian Islands Palm/Hibiscus/Star Islands Fisher Island Key Biscayne Miami Beach South Beach Mid Beach North Beach Downtown Miami Midtown Edgewater Downtown Miami Brickell Western Miami Doral Miami | South End Coconut Grove Coral Gables Pinecrest Palmetto Bay CocoPlum Gables Estates Snapper Creek Lakes Ponce-Davis & High Pines Old Cutler Bay

2010 – 2020 Development Cycle

ONE SIR Development Portfolio ©MMXVI ONE Sotheby’s International Realty, licensed real estate broker. Sotheby’s International Realty® is a licensed trademark to Sotheby’s International Realty Affiliates LLC. An Equal Opportunity Company. Equal Housing Opportunity. Each Office is Independently Owned and Operated. Statistics provided by Integra Realty Resources – Miami\Palm Beach. The information contained herein is deemed accurate but not guaranteed.