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Miami Report WORLD MIAMIWORLD REPORT AN IN-DEPTH ANALYSIS OF SOUTH FLORIDA’S NEW CONDOMINIUM MARKET WORLD 2020 NEWTHE MIAMI FEBRUARY 2014 FROM THE ISG PRINCIPALS “MIAMI IS ENTERING A ISG is proud to publish its much awaited new Miami Report. This has been the most comprehensive report we have assembled NEW GOLDEN AGE OF in what is now our fifth year producing this highly sought after GROWTH. ” and widely relied upon publication. In this report we have attempted, in addition to the assemblage of the factual data on the current market, to also take a forward look at the plans and activities in place that will shape and define South Florida’s future position as a center for International Commerce. Miami is no longer just a great resort destination, but is evolving into a city of significant world stature. The cosmic shift from a sell-off of distress assets to the introduction of New World Class preconstruction buildings is creating an amazing transformation of our cosmopolitan city. From design to culture, great restaurants, dynamic shopping, sports, weather and the best of Miami’s secret sauce – our International Clientele, we are entering a new golden age of growth. In this issue we have expanded our view of the impact factors that will have a lasting effect on the evolution of our coastal metropolis. With the Panama Canal Expansion, the retrofitting of the Port of Miami to accommodate the larger ships, high speed rail service, a tunnel to speed commerce and ease traffic and road expansions improving east and west commuting, along with significant growth at both international airports, South Florida is preparing to address our region’s growth. How these factors impact the real estate industry and influence our growth is the subject of our report. We have reviewed the submarkets and monitored activity across the new construction spectrum. Our reach to International Markets and their turmoil and/or growth are reflected in our targeted efforts to offer our premier properties to the world. Enjoy this information and use it to succeed in today’s competitive environment with the support of the entire ISG World organization. Sincerely, Craig Studnicky & Philip Spiegelman Michael Ambrosio ISG Principals ISG President MIAMI REPORT FEBRUARY 2014 6. WEALTH REPORT 8. NEW CONSTRUCTION PIPELINE 16. 10 YEAR ANNUAL ABSORPTION ANALYSIS 18. STARCHITECTS 20. MLS - RESALE INVENTORY 25. DAYS ON THE MARKET MLS ANALYSIS 26. SOUTH AMERICAN MARKET REPORT 28. MIAMI 21 30. MIAMITROPOLIS 34. PANAMA EFFECT Panama Canal Expansion 38. MIAMI HIGHWAY EXPANSIONS 40. ISG CITY WATCH FORT LAUDERDALE 45. SOUTH FLORIDA 2020 Downtown Miami Brickell Biscayne Corridor Doral Fort Lauderdale PHOTOGRAPH BY GLEASON WAITE ROMER MIAMI, FL | CIRCA 1950 CONTENT MIAMI WEALTH REPORT THE CITIES THAT MATTER TO HNWI’s - GLOBAL SURVEY AS SEEN IN Following the economic downturn, Miami, London and New York came to epitomise the so-called safe haven market, with overseas THE WEALTH REPORT REPORT THE WEALTH buyers looking to escape currency, “economic, political and security crises by putting equity into tangible assets THE GLoBAL PERSPECTIVE oN PRIME AND WEALTH ON PRIME PROPERTY PERSPECTIVE A GLOBAL that appeared safe from government PRoPERTy AND WEALTH sequestration. This trend gathered MOST IMPORTANT NOW pace in 2012. London 1New York Then Russians, long an important Singapore 2 driver of the London market, became 3 Hong Kong a growing force in both New York and 4 Geneva Miami, alongside ever-rising demand 5 Shanghai from Latin America. Dubai 6 - Knight Frank Wealth Report 2013 7 Miami 8 9 Paris WWW.THEWEALTHREPORT.NET " Beijing10 6 | ISG MIAMI REPORT HNWI – High Net Worth Individuals US $30 MIL + BRICKELL TOTAL NEW CONSTRUCTION CONDO UNITS AVAILABLE FOR SALE SINCE JAN. 2012 DeveloperDEVELOPER Units UNITSSold SOLD DEVELOPER UNITSDeveloper UNSOLD Units Unsold 1010 Brickell 50% SOLD 900 BRICKELL 352 UNITS Bond 60% SOLD BRICKELL 323 UNITS Brickell CityCentre I & II 820 UNITS BRICKELL (release date TBD) 50% SOLD *Brickell Heights 358 UNITS BRICKELL Brickell House 100% SOLD 374 UNITS BRICKELL Echo Brickell 70% SOLD 180 UNITS BRICKELL 128 UNITS Le Parc 62% SOLD BRICKELL 390 UNITS Nine at Mary Brickell 55% SOLD BRICKELL 382 UNITS Millecento 100% SOLD BRICKELL 192 UNITS 100% SOLD MyBrickell BRICKELL 450 UNITS SLS Brickell 100% SOLD BRICKELL NEW CONSTRUCTION PIPELINE AS OF FEBRUARY 2014 3,949 UNITS TOTAL • 2,367 UNITS SOLD • 1,581 UNSOLD AVG ABSORPTION : 1,900 UNITS ANNUALLY OVER THE LAST 10 YEARS *Tower 1 only (other tower currently unavailable) 8 | ISG MIAMI REPORT BISCAYNE CORRIDOR AVENTURADeveloper Units Sold Developer Units Unsold DOWNTOWN MIAMI, EDGEWATER, MIDTOWN & DESIGN DISTRICT TOTAL NEW CONSTRUCTION CONDO UNITS AVAILABLE FOR SALE SINCE JAN. 2012 TOTAL NEW CONSTRUCTION CONDO UNITS AVAILABLE FOR SALE SINCE JAN. 2012 DEVELOPER UNITS SOLD DEVELOPER UNITS UNSOLD 200 190 UNITS DEVELOPER UNITS SOLD DEVELOPER UNITS UNSOLD Echo Aventura 75% SOLD AVENTURA Developer Units Sold Developer Units Unsold Bellini 64% SOLD 70 UNITS AVENTURA 800 Baltus House 93% SOLD 167 UNITS DESIGN DISTRICT Prive 34% SOLD 160 UNITS AVENTURA 23 Biscayne Bay 100% SOLD 96 UNITS EDGEWATER Bay House 65% SOLD 164 UNITS 420 UNITS TOTAL • 242 UNITS SOLD • 178 UNSOLD EDGEWATER AVG ABSORPTION : 200 UNITS ANNUALLY OVER THE LAST 10 YEARS Biscayne Beach Club 55% SOLD 399 UNITS EDGEWATER The Crimson 50% SOLD 90 UNITS NORTH MIAMI, KEY BISCAYNE & EDGEWATER 300 UNITS COCONUT GROVE Icon on the Bay 100% SOLD Developer Units Sold Developer Units Unsold EDGEWATER TOTAL NEW CONSTRUCTION CONDO UNITS AVAILABLE FOR SALE SINCE JAN. 2012 Paraiso Bay 33% SOLD 720 UNITS EDGEWATER DEVELOPER UNITS SOLD DEVELOPER UNITS UNSOLD 400 UNITS *Hyde Midtown (release date TBD) 500 MIDTOWN 85 UNITS 1000 Museum 18% SOLD DOWNTOWN MIAMI Marina Palms Towers I & II 63% SOLD 468 UNITS NORTH MIAMI Centro 70% SOLD 350 UNITS DOWNTOWN MIAMI Oceana 100% SOLD 154 UNITS KEY BISCAYNE Grove at Grand Bay 82% SOLD 97 UNITS COCONUT GROVE 2,771 UNITS TOTAL • 1,416 UNITS SOLD • 1,355 UNSOLD 719 UNITS TOTAL • 527 UNITS SOLD • 192 UNSOLD AVG ABSORPTION : 1,300 UNITS ANNUALLY OVER THE LAST 10 YEARS AVG ABSORPTION : 215 UNITS ANNUALLY OVER THE LAST 10 YEARS *CONDO UNITS ONLY - RELEASE DATE TBD THE BEACHES SOUTH BEACH, MIAMI BEACH, SURFSIDE, BAL HARBOUR, SUNNY ISLES, HALLANDALE & HOLLYWOOD BEACH TOTAL NEW CONSTRUCTION CONDO UNITS AVAILABLE FOR SALE SINCE JAN. 2012 DEVELOPER UNITS SOLD DEVELOPER UNITS UNSOLD DEVELOPER UNITS SOLD DEVELOPER UNITS UNSOLD Developer Units Sold Developer Units Unsold Developer Units Sold Developer Units Unsold 400 Sunny Isles 100% SOLD 230 UNITS 400 300 SUNNY ISLES 321 Ocean 81% SOLD 250 UNITS MIAMI BEACH 21 UNITS Armani Residences SUNNY ISLES (release date TBD) Beach House 8 13% SOLD 8 UNITS Chateau Beach 98% SOLD MIAMI BEACH SUNNY ISLES 84 UNITS Edition Residences 54% SOLD 26 UNITS Jade Signature 50% SOLD MIAMI BEACH SUNNY ISLES 192 UNITS 72% SOLD 47 UNITS Faena Muse 15% SOLD 68 UNITS MIAMI BEACH SUNNY ISLES Glass 30% SOLD 10 UNITS Parque Towers 80% SOLD 320 UNITS MIAMI BEACH SUNNY ISLES Marea 87% SOLD 30 UNITS Mansions at Aqualina 95% SOLD 79 UNITS MIAMI BEACH SUNNY ISLES 50 UNITS One Ocean 100% SOLD Porsche Design Tower 82% SOLD 139 UNITS MIAMI BEACH SUNNY ISLES 114 UNITS 85% SOLD 39 UNITS Peloro on the Bay 90% SOLD Regalia SUNNY ISLES MIAMI BEACH 58 UNITS 84 UNITS Chateau Ocean 50% SOLD *Beach Walk 100% SOLD SURFSIDE 150 UNITS HALLANDALE 100% SOLD 49 UNITS *Surf Club Residences*Surfside 40% SOLD Apogee Beach SURFSIDE HOLLYWOOD 98% SOLD 40 UNITS 30% SOLD 239 UNITS *Hyde Beach Oceana Bal Harbour HOLLYWOOD BAL HARBOUR 24 UNITS Sage Beach 67% SOLD HOLLYWOOD 2,351 UNITS TOTAL • 1,491 UNITS SOLD • 860 UNSOLD AVG ABSORPTION : 1,300 UNITS ANNUALLY OVER THE LAST 10 YEARS *CONDO UNITS ONLY FORTDeveloper LAUDERDALE Units Sold Developer Units Unsold TOTAL NEW CONSTRUCTION CONDO UNITS AVAILABLE FOR SALE SINCE JAN. 2012 DEVELOPER UNITS SOLD DEVELOPER UNITS UNSOLD 100 Paramount 8% SOLD 95 UNITS Aquavita Las Olas 50% SOLD 22 UNITS 117 UNITS TOTAL • 19 UNITS SOLD • 98 UNSOLD AVG ABSORPTION : 350 UNITS ANNUALLY OVER THE LAST 10 YEARS NEW CONSTRUCTION SUMMARY TOTAL NEW CONSTRUCTION CONDO UNITS TO BE BUILT, SOLD AND CURRENTLY AVAILABLE FOR SALE IN BISCAYNE CORRIDOR (DOWNTOWN MIAMI, EDGEWATER, MIDTOWN & DESIGN DISTRICT), THE MIAMI BEACHES (SOUTH BEACH, MIAMI BEACH, SURFSIDE, BAL HARBOUR, SUNNY ISLES, HALLANDALE & HOLLYWOOD BEACH), FORT LAUDERDALE, AVENTURA, NORTH MIAMI, COCONUT GROVE & KEY BISCAYNE SINCE JAN. 2012 Project Units (Total) Developer Units Sold Developer Units Unsold TOTAL NEW NEW CONSTRUCTION NEW CONSTRUCTION CONSTRUCTION SOLD UNITS UNSOLD UNITS UNITS 10000 Project Units (Total) 10,327 60% Developer Units Sold 6,063 SOLD SINCE JAN. 2012 Developer Units Unsold 4,264 AVG ABSORPTION : 4,615 UNITS ANNUALLY OVER THE LAST 10 YEARS 15 | ISG MIAMI REPORT 10 YEAR ANNUAL ABSORPTION ANALYSIS FOR CONDOS BUILT FROM 2003-2013 SUBMARKETS CONSIST OF BISCAYNE CORRIDOR (DOWNTOWN MIAMI, EDGEWATER, MIDTOWN & DESIGN DISTRICT), THE MIAMI BEACHES (SOUTH BEACH, MIAMI BEACH, SURFSIDE, BAL HARBOUR, SUNNY ISLES, HALLANDALE & HOLLYWOOD BEACH), FORT LAUDERDALE, AVENTURA, NORTH MIAMI, COCONUT GROVE & KEY BISCAYNE SINCE JAN. 2012 Average Yearly Absorption AVERAGE YEARLY CONDO INVENTORY ABSORPTION FROM 2003-2013 4,615 PER YEAR 1,900 PER YEAR 1,300 1,300 PER YEAR PER YEAR 215 200 350 PER YEAR PER YEAR PER YEAR Brickell Biscayne Corridor The Beaches Aventura Fort Lauderdale Total North Miami \ Key Biscayne & Coconut Grove Sources: Integrated Realty Information Systems (Iris); Miami-Dade & Broward County Property Appraiser And Multiple Listing Service (MLS). 16 | ISG MIAMI REPORT 17 | ISG MIAMI REPORT Nich Bern ola ado s F Gr or im t- s B h re a s w c i STARCHITECTS a ARQUITECTONICA Frost Museum P SLS Brickell E of Science R A NEW STANDARD OF MIAMI ARCHITECTURE U SkyRise Miami E N Port Of Miami G L A N D Tunnel Gateways Brickell Heights One Brickell City er ost F id ls er an ad Center ge ei m H In M r a e rd o h k a N a r h Z Icon Bay ja ic B R Hyde Midtown Faena House 1000 Museum Parasio Bay Marina Lofts The Surf Club E N G Collins Park I Chateau Ocean Grove at U L R D .
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