Page 1

COASTAL MIAMI'S DEFINITIVE $1M+ REAL ESTATE MARKET INDEX

2ND

QUARTER 2018 EDITION DEVOSREPORT.COM .


2 N D Q U A R T E R 2 0 1 8 E D I T I O N

CONTENTS $1M+ Condomininiums

$1M+ Single Family Homes

p4. Aventura

p23. Aventura

p5. Bal Harbour/Surfside

p24. Bal Harbour/Surfside

p6. Bay Harbor Islands

p25. Bay Harbor Islands

p7. Brickell

p26. Brickell

p8. Coconut Grove

p27. Coconut Grove

p9. Coral Gables

p28. Coral Gables

p10. Downtown/Edgewater/Midtown

p29. Golden Beach

p11. Fisher Island

p30. Key Biscayne

p12. Key Biscayne

p31. Miami Beach

p13. Miami Beach

p32. Sunny Isles Beach

p14. Sunny Isles Beach Concierge Collection Condomininiums How did some of South Florida's most presitigious condominiums do this quarter? p16. 1 Hotel & Homes

p19. Fendi Chateau Surfside

p17. Apogee

p20. St. Regis Bal Harbour

p18. Continuum South Beach

p21. The Setai

DEVOSREPORT | P2 .


2 N D Q U A R T E R 2 0 1 8 E D I T I O N

THIS QUARTER IN A NUTSHELL Several of coastal Miami's neighborhoods showed significant positive signs this quarter. The $1M+ Condo markets in Aventura, Bal Harbour / Surfside, Downtown / Edgewater / Midtown and Miami Beach all saw stable or increased "Number of Sales" and Sale Prices, year-over-year. And Single Family Homes in Coral Gables & Key Biscayne enjoyed stable sales volume and price levels. Overall, on the condo side, we saw a 14% jump in the number of $1M+ sales, compared to the same time last year. At the same time, the price per square foot held steady (around $946/SF for Q1 of this year), as did the Number of Days it took to sell (193 days - both years). Average Price Per Square Foot for $1M+ homes in coastal Miami jumped by about 8%, while the Number of Sales dipped slightly to 120. Despite this year-over-year price gain, homes actually sold quicker than it did during Q1 of last year - 13% more quickly in terms of number of Days On Market. For both condos as well as single family homes, the % off the List Price that buyer & sellers negotiated, also decreased a hair - signifying that sellers are more in line with true market conditions in terms of their asking prices.

SEND ME THIS REPORT AS A PDF ABOUT THE DE VOS REPORT This report was compiled by Arno De Vos, P.A. and is based upon Closed Sales of properties as recorded in the Southeast Florida MLS; provided by the Miami Association of Realtors. Data includes properties which sold for US$1,000,000 or greater with varying floor plans, views and elevations. All material presented herein is intended for informational purposes only. All property information, including but not limited to square footage, room count, number of bedrooms in property listings should be verified by your own attorney, architect or zoning expert. While this information is believed to be accurate and correct, it is presented subject to errors, omissions, changes or withdrawal without notice. If your property is currently listed with another real estate broker, please disregard this offer. It is not our intention to solicit the offerings of other real estate brokers. We cooperate with them fully. Equal Housing Opportunity.

ARNO DE VOS ONE Sotheby's International Realty arno.devos@sothebysrealty.com

305.432.1479

DEVOSREPORT | P3 .


2 N D Q U A R T E R 2 0 1 8 E D I T I O N

AVENTURA

Q1

Q1

2017

2018

# OF SALES

24%

17

21

AVERAGE PRICE PER SQ FT

-3%

$441

$426

AVERAGE DAYS ON MARKET

-22%

237

186

% NEGOTIATED OFF LIST PRICE

-15%

9.7%

8.3%

View Current Aventura $1M+ Condominium Listings - Click HERE

DEVOSREPORT | P4 .


2 N D Q U A R T E R 2 0 1 8 E D I T I O N

BAL HARBOUR / SURFSIDE

Q1

Q1

2017

2018

# OF SALES

0%

24

24

AVERAGE PRICE PER SQ FT

12%

$1,041

$1,166

AVERAGE DAYS ON MARKET

-3%

190

184

% NEGOTIATED OFF LIST PRICE

-2%

11.0%

10.8%

View Current Bal Harbour/Surfside $1M+ Condominium Listings - Click HERE

DEVOSREPORT | P5 .


2 N D Q U A R T E R 2 0 1 8 E D I T I O N

BAY HARBOR ISLANDS

Q1

Q1

2017

2018

# OF SALES

50%

2

3

AVERAGE PRICE PER SQ FT

-37%

$725

$456

AVERAGE DAYS ON MARKET

-13%

169

147

0.0%

19.2%

% NEGOTIATED OFF LIST PRICE

View Current Bay Harbor Islands $1M+ Condominium Listings - Click HERE

DEVOSREPORT | P6 .


2 N D Q U A R T E R 2 0 1 8 E D I T I O N

BRICKELL

Q1

Q1

2017

2018

15

11

# OF SALES

-27%

AVERAGE PRICE PER SQ FT

0%

$649

$649

AVERAGE DAYS ON MARKET

31%

168

220

% NEGOTIATED OFF LIST PRICE

3%

8.3%

8.5%

View Current Brickell $1M+ Condominium Listings - Click HERE

DEVOSREPORT | P7 .


2 N D Q U A R T E R 2 0 1 8 E D I T I O N

COCONUT GROVE

Q1

Q1

2017

2018

# OF SALES

57%

7

11

AVERAGE PRICE PER SQ FT

-6%

$589

$552

AVERAGE DAYS ON MARKET

-59%

146

60

% NEGOTIATED OFF LIST PRICE

-19%

9.2%

7.5%

View Current Coconut Grove $1M+ Condominium Listings - Click HERE

DEVOSREPORT | P8 .


2 N D Q U A R T E R 2 0 1 8 E D I T I O N

CORAL GABLES

Q1

Q1

2017

2018

# OF SALES

57%

7

11

AVERAGE PRICE PER SQ FT

2%

$581

$595

AVERAGE DAYS ON MARKET

1%

125

126

% NEGOTIATED OFF LIST PRICE

-41%

7.4%

4.3%

View Current Coral Gables $1M+ Condominium Listings - Click HERE

DEVOSREPORT | P9 .


2 N D Q U A R T E R 2 0 1 8 E D I T I O N

DOWNTOWN/EDGEWATER/ MIDTOWN

Q1

Q1

2017

2018

5

11

# OF SALES

120%

AVERAGE PRICE PER SQ FT

3%

$546

$562

AVERAGE DAYS ON MARKET

-45%

261

144

% NEGOTIATED OFF LIST PRICE

-5%

11.8%

11.2%

Current Downtown/Edgewater/Midtown $1M+ Condominium Listings - Click HERE

DEVOSREPORT | P10 .


2 N D Q U A R T E R 2 0 1 8 E D I T I O N

FISHER ISLAND

Q1

Q1

2017

2018

# OF SALES

-13%

8

7

AVERAGE PRICE PER SQ FT

-2%

$1,203

$1,182

AVERAGE DAYS ON MARKET

43%

272

388

% NEGOTIATED OFF LIST PRICE

-1%

13.5%

13.4%

View Current Fisher Island $1M+ Condominium Listings - Click HERE

DEVOSREPORT | P11 .


2 N D Q U A R T E R 2 0 1 8 E D I T I O N

KEY BISCAYNE

Q1

Q1

2017

2018

# OF SALES

21%

14

17

AVERAGE PRICE PER SQ FT

-2%

$828

$808

AVERAGE DAYS ON MARKET

51%

161

243

% NEGOTIATED OFF LIST PRICE

-1%

8.5%

8.4%

View Current Key Biscayne $1M+ Condominium Listings - Click HERE

DEVOSREPORT | P12 .


2 N D Q U A R T E R 2 0 1 8 E D I T I O N

MIAMI BEACH

Q1

Q1

2017

2018

# OF SALES

10%

63

69

AVERAGE PRICE PER SQ FT

8%

$1,235

$1,337

AVERAGE DAYS ON MARKET

5%

196

206

% NEGOTIATED OFF LIST PRICE

-14%

11.3%

9.6%

View Current Miami Beach $1M+ Condominium Listings - Click HERE

DEVOSREPORT | P13 .


2 N D Q U A R T E R 2 0 1 8 E D I T I O N

SUNNY ISLES BEACH

Q1

Q1

2017

2018

# OF SALES

11%

28

31

AVERAGE PRICE PER SQ FT

-8%

$909

$835

AVERAGE DAYS ON MARKET

3%

183

189

% NEGOTIATED OFF LIST PRICE

0%

10.0%

10.1%

View Current Sunny Isles Beach $1M+ Condominium Listings - Click HERE

DEVOSREPORT | P14 .


2 N D Q U A R T E R 2 0 1 8 E D I T I O N

DEVOSREPORT | P15 .


2 N D Q U A R T E R 2 0 1 8 E D I T I O N

1 HOTEL & HOMES

Q1

Q1

2017

2018

# OF SALES

100%

2

4

AVERAGE PRICE PER SQ FT

-14%

$1,994

$1,719

AVERAGE DAYS ON MARKET

-9%

265

241

% NEGOTIATED OFF LIST PRICE

-44%

12.1%

6.8%

View Condominiums Currently Available at 1 Hotel & Homes - Click HERE

DEVOSREPORT | P16 .


2 N D Q U A R T E R 2 0 1 8 E D I T I O N

APOGEE

Q1

Q1

2017

2018

1

4

# OF SALES

300%

AVERAGE PRICE PER SQ FT

19%

$2,198

$2,625

AVERAGE DAYS ON MARKET

85%

236

437

% NEGOTIATED OFF LIST PRICE

-12%

13.6%

12.0%

View Condominiums Currently Available at Apogee - Click HERE

DEVOSREPORT | P17 .


2 N D Q U A R T E R 2 0 1 8 E D I T I O N

CONTINUUM SOUTH BEACH

Q1

Q1

2017

2018

7

6

$1,823

$1,985

# OF SALES

-14%

AVERAGE PRICE PER SQ FT

9%

AVERAGE DAYS ON MARKET

128%

96

218

% NEGOTIATED OFF LIST PRICE

-14%

13.0%

11.2%

View Condominiums Currently Available at Continuum - Click HERE

DEVOSREPORT | P18 .


2 N D Q U A R T E R 2 0 1 8 E D I T I O N

FENDI CHATEAU SURFSIDE

Q1

Q1

2017

2018

# OF SALES

0

4

AVERAGE PRICE PER SQ FT

$0

$1,878

AVERAGE DAYS ON MARKET

0

290

0.0%

13.7%

% NEGOTIATED OFF LIST PRICE

View Condominiums Currently Available at Fendi Chateau - Click HERE

DEVOSREPORT | P19 .


2 N D Q U A R T E R 2 0 1 8 E D I T I O N

ST. REGIS BAL HARBOUR

Q1

Q1

2017

2018

# OF SALES

33%

3

4

AVERAGE PRICE PER SQ FT

-9%

$1,595

$1,447

AVERAGE DAYS ON MARKET

10%

124

136

% NEGOTIATED OFF LIST PRICE

-32%

10.7%

7.3%

View Condominiums Currently Available at St. Regis Bal Harbour - Click HERE

DEVOSREPORT | P20 .


2 N D Q U A R T E R 2 0 1 8 E D I T I O N

THE SETAI

Q1

Q1

2017

2018

# OF SALES

-33%

3

2

AVERAGE PRICE PER SQ FT

-16%

$2,647

$2,211

AVERAGE DAYS ON MARKET

-6%

193

182

% NEGOTIATED OFF LIST PRICE

-56%

17.4%

7.6%

View Condominiums Currently Available at The Setai - Click HERE

DEVOSREPORT | P21 .


2 N D Q U A R T E R 2 0 1 8 E D I T I O N

DEVOSREPORT | P22 .


2 N D Q U A R T E R 2 0 1 8 E D I T I O N

AVENTURA

Q1

Q1

2017

2018

1

2

# OF SALES

100%

AVERAGE PRICE PER SQ FT

6%

$396

$420

AVERAGE DAYS ON MARKET

-65%

330

115

% NEGOTIATED OFF LIST PRICE

271%

1.5%

5.4%

View Current Aventura $1M+ Home Listings - Click HERE

DEVOSREPORT | P23 .


2 N D Q U A R T E R 2 0 1 8 E D I T I O N

BAL HARBOUR / SURFSIDE

Q1

Q1

2017

2018

1

1

# OF SALES

0%

AVERAGE PRICE PER SQ FT

230%

$615

$2,030

AVERAGE DAYS ON MARKET

167%

79

211

% NEGOTIATED OFF LIST PRICE

-17%

32.2%

26.7%

View Current Bal Harbour/Surfside $1M+ Home Listings - Click HERE

DEVOSREPORT | P24 .


2 N D Q U A R T E R 2 0 1 8 E D I T I O N

BAY HARBOR ISLANDS

Q1

Q1

2017

2018

2

2

# OF SALES

0%

AVERAGE PRICE PER SQ FT

-15%

$858

$733

AVERAGE DAYS ON MARKET

-19%

205

166

% NEGOTIATED OFF LIST PRICE

-36%

8.6%

5.5%

View Current Bay Harbor Islands $1M+ Home Listings - Click HERE

DEVOSREPORT | P25 .


2 N D Q U A R T E R 2 0 1 8 E D I T I O N

BRICKELL

Q1

Q1

2017

2018

# OF SALES

0%

2

2

AVERAGE PRICE PER SQ FT

6%

$424

$451

AVERAGE DAYS ON MARKET

-30%

36

25

% NEGOTIATED OFF LIST PRICE

47%

6.0%

8.7%

View Current Brickell $1M+ Home Listings - Click HERE

DEVOSREPORT | P26 .


2 N D Q U A R T E R 2 0 1 8 E D I T I O N

COCONUT GROVE

Q1

Q1

2017

2018

# OF SALES

-45%

22

12

AVERAGE PRICE PER SQ FT

11%

$480

$535

AVERAGE DAYS ON MARKET

40%

105

147

% NEGOTIATED OFF LIST PRICE

-14%

8.3%

7.2%

View Current Coconut Grove $1M+ Home Listings - Click HERE

DEVOSREPORT | P27 .


2 N D Q U A R T E R 2 0 1 8 E D I T I O N

CORAL GABLES

Q1

Q1

2017

2018

# OF SALES

-2%

51

50

AVERAGE PRICE PER SQ FT

15%

$487

$560

AVERAGE DAYS ON MARKET

-9%

156

142

% NEGOTIATED OFF LIST PRICE

18%

7.5%

8.8%

View Current Coral Gables $1M+ Home Listings - Click HERE

DEVOSREPORT | P28 .


2 N D Q U A R T E R 2 0 1 8 E D I T I O N

GOLDEN BEACH

Q1

Q1

2017

2018

2

4

# OF SALES

100%

AVERAGE PRICE PER SQ FT

36%

$772

$1,050

AVERAGE DAYS ON MARKET

-61%

376

149

% NEGOTIATED OFF LIST PRICE

8%

16.7%

18.1%

View Current Golden Beach $1M+ Home Listings - Click HERE

DEVOSREPORT | P29 .


2 N D Q U A R T E R 2 0 1 8 E D I T I O N

KEY BISCAYNE

Q1

Q1

2017

2018

4

12

# OF SALES

200%

AVERAGE PRICE PER SQ FT

-2%

$786

$774

AVERAGE DAYS ON MARKET

-14%

152

131

% NEGOTIATED OFF LIST PRICE

-11%

10.4%

9.2%

View Current Key Biscayne $1M+ Home Listings - Click HERE

DEVOSREPORT | P30 .


2 N D Q U A R T E R 2 0 1 8 E D I T I O N

MIAMI BEACH

Q1

Q1

2017

2018

# OF SALES

-11%

38

34

AVERAGE PRICE PER SQ FT

-10%

$860

$777

AVERAGE DAYS ON MARKET

-20%

199

160

% NEGOTIATED OFF LIST PRICE

-29%

13.0%

9.3%

View Current Miami Beach $1M+ Home Listings - Click HERE

DEVOSREPORT | P31 .


2 N D Q U A R T E R 2 0 1 8 E D I T I O N

SUNNY ISLES BEACH

Q1

Q1

2017

2018

# OF SALES

-50%

2

1

AVERAGE PRICE PER SQ FT

-8%

$473

$435

AVERAGE DAYS ON MARKET

-85%

363

54

% NEGOTIATED OFF LIST PRICE

-11%

14.3%

12.7%

View Current Sunny Isles Beach $1M+ Home Listings - Click HERE

DEVOSREPORT | P32 .


2 N D Q U A R T E R 2 0 1 8 E D I T I O N

DOWNLOAD & SUBSCRIBE RECEIVE A PDF FILE OF THIS REPORT TO DOWNLOAD/PRINT: SEND ME THE PDF RECEIVE FUTURE EDITIONS OF THE DEVOS REPORT: SUBSCRIBE ABOUT THE DE VOS REPORT This report was compiled by Arno De Vos, P.A. and is based upon Closed Sales of properties as recorded in the Southeast Florida MLS; provided by the Miami Association of Realtors. Data includes properties which sold for US$1,000,000 or greater with varying floor plans, views and elevations. All material presented herein is intended for informational purposes only. All property information, including but not limited to square footage, room count, number of bedrooms in property listings should be verified by your own attorney, architect or zoning expert. While this information is believed to be accurate and correct, it is presented subject to errors, omissions, changes or withdrawal without notice. If your property is currently listed with another real estate broker, please disregard this offer. It is not our intention to solicit the offerings of other real estate brokers. We cooperate with them fully. Equal Housing Opportunity.

ARNO DE VOS ONE Sotheby's International Realty arno.devos@sothebysrealty.com

305.432.1479

DEVOSREPORT | P33 .

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Arno De Vos takes a close look at the $1M+ Real Estate Market in Coastal Miami for sales that closed during Q1 of 2018. For more info, conta...

De Vos Report (Q2 2018 Edition)  

Arno De Vos takes a close look at the $1M+ Real Estate Market in Coastal Miami for sales that closed during Q1 of 2018. For more info, conta...

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