MIAMI'S DEFINITIVE $1M+ REAL ESTATE MARKET INDEX
THIRD
QUARTER 2018 EDITION DEVOSREPORT.COM .
T H I R 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
p33. Upper East Side
New Construction Showcase (A-Z) Highlighting some of the most anticipated New Construction projects in Miami. p16. Estates At Acqualina
p19. Residences By Armani Casa
p17. Jade Signature
p20. The Ritz-Carlton Residences, SIB
p18. MUSE Residences
p21. Turnberry Ocean Club
DEVOSREPORT | P2 .
T H I R D Q U A R T E R 2 0 1 8 E D I T I O N
THIS QUARTER IN A NUTSHELL In creating this report, my goal is always to provide a clear view of each of the unique geographical submarkets within Miami's luxury market, highlighting areas of opportunity for buyers in some, and for sellers in others. But first, the big picture is one of stability. Prices are showing a sustainable pattern of moderate increases. The Average Sales Price Per SF for condos over $1M increased around 4% over the 2nd Quarter of last year to $943/SF; And for homes that number increased 5%. The Average Days On Market for both Condos and Homes have decreased slightly from the same time frame last year (selling 2% and 8% more quickly, respectively). The Number of Homes that sold for $1M+ in Q2 of 2018, is showing a small jump over Q2 of last year to 318 homes (up 4%). But at the risk of burying the lead, the big headline to many may be condominiums: 30% (!) More condominiums have sold for $1M or more in Q2 of 2018 than in the same time frame last year (and this doesn’t take into account the new-construction condo developments which are, overall, reportedly over 80% sold as of June 1). That’s pretty remarkable. I invite you to explore your Miami “neck of the woods” in this report, and to connect with me directly on (+1) 305-432-1479 via phone, text or WhatsApp.
ABOUT THE DE VOS REPORT
SEND ME THIS REPORT AS A PDF
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@arnodevos.com
305.432.1479
DEVOSREPORT | P3 .
T H I R D Q U A R T E R 2 0 1 8 E D I T I O N
AVENTURA
Q2
Q2
2017
2018
18
16
# OF SALES
-11%
AVERAGE PRICE PER SQ FT
5%
$433
$455
AVERAGE DAYS ON MARKET
22%
187
227
% NEGOTIATED OFF LIST PRICE
-24%
11.5%
8.7%
View Current Aventura $1M+ Condominium Listings - Click HERE
DEVOSREPORT | P4 .
T H I R D Q U A R T E R 2 0 1 8 E D I T I O N
BAL HARBOUR / SURFSIDE
Q2
Q2
2017
2018
# OF SALES
93%
14
27
AVERAGE PRICE PER SQ FT
23%
$969
$1,188
AVERAGE DAYS ON MARKET
-35%
290
188
% NEGOTIATED OFF LIST PRICE
-7%
11.0%
10.3%
View Current Bal Harbour/Surfside $1M+ Condominium Listings - Click HERE
DEVOSREPORT | P5 .
T H I R D Q U A R T E R 2 0 1 8 E D I T I O N
BAY HARBOR ISLANDS
Q2
Q2
2017
2018
# OF SALES
-67%
3
1
AVERAGE PRICE PER SQ FT
-47%
$640
$341
AVERAGE DAYS ON MARKET
63%
220
360
% NEGOTIATED OFF LIST PRICE
94%
4.7%
9.1%
View Current Bay Harbor Islands $1M+ Condominium Listings - Click HERE
DEVOSREPORT | P6 .
T H I R D Q U A R T E R 2 0 1 8 E D I T I O N
BRICKELL
Q2
Q2
2017
2018
# OF SALES
45%
11
16
AVERAGE PRICE PER SQ FT
-3%
$708
$688
AVERAGE DAYS ON MARKET
60%
135
216
% NEGOTIATED OFF LIST PRICE
31%
7.6%
10.1%
View Current Brickell $1M+ Condominium Listings - Click HERE
DEVOSREPORT | P7 .
T H I R D Q U A R T E R 2 0 1 8 E D I T I O N
COCONUT GROVE
Q2
Q2
2017
2018
# OF SALES
73%
11
19
AVERAGE PRICE PER SQ FT
3%
$685
$705
AVERAGE DAYS ON MARKET
-2%
119
117
% NEGOTIATED OFF LIST PRICE
10%
7.7%
8.5%
View Current Coconut Grove $1M+ Condominium Listings - Click HERE
DEVOSREPORT | P8 .
T H I R D Q U A R T E R 2 0 1 8 E D I T I O N
CORAL GABLES
Q2
Q2
2017
2018
# OF SALES
63%
8
13
AVERAGE PRICE PER SQ FT
13%
$440
$496
AVERAGE DAYS ON MARKET
-42%
306
176
% NEGOTIATED OFF LIST PRICE
-7%
7.6%
7.1%
View Current Coral Gables $1M+ Condominium Listings - Click HERE
DEVOSREPORT | P9 .
T H I R D Q U A R T E R 2 0 1 8 E D I T I O N
DOWNTOWN/EDGEWATER/ MIDTOWN
Q2
Q2
2017
2018
# OF SALES
25%
8
10
AVERAGE PRICE PER SQ FT
24%
$528
$653
AVERAGE DAYS ON MARKET
60%
96
154
% NEGOTIATED OFF LIST PRICE
5%
9.2%
9.7%
Current Downtown/Edgewater/Midtown $1M+ Condominium Listings - Click HERE
DEVOSREPORT | P10 .
T H I R D Q U A R T E R 2 0 1 8 E D I T I O N
FISHER ISLAND
Q2
Q2
2017
2018
# OF SALES
100%
6
12
AVERAGE PRICE PER SQ FT
-22%
$1,564
$1,221
AVERAGE DAYS ON MARKET
57%
194
304
% NEGOTIATED OFF LIST PRICE
-11%
15.8%
14.1%
View Current Fisher Island $1M+ Condominium Listings - Click HERE
DEVOSREPORT | P11 .
T H I R D Q U A R T E R 2 0 1 8 E D I T I O N
KEY BISCAYNE
Q2
Q2
2017
2018
# OF SALES
90%
20
38
AVERAGE PRICE PER SQ FT
23%
$725
$895
AVERAGE DAYS ON MARKET
-17%
203
168
% NEGOTIATED OFF LIST PRICE
23%
7.8%
9.5%
View Current Key Biscayne $1M+ Condominium Listings - Click HERE
DEVOSREPORT | P12 .
T H I R D Q U A R T E R 2 0 1 8 E D I T I O N
MIAMI BEACH
Q2
Q2
2017
2018
# OF SALES
11%
71
79
AVERAGE PRICE PER SQ FT
2%
$1,231
$1,253
AVERAGE DAYS ON MARKET
0%
167
167
% NEGOTIATED OFF LIST PRICE
-6%
10.0%
9.4%
View Current Miami Beach $1M+ Condominium Listings - Click HERE
DEVOSREPORT | P13 .
T H I R D Q U A R T E R 2 0 1 8 E D I T I O N
SUNNY ISLES BEACH
Q2
Q2
2017
2018
# OF SALES
9%
32
35
AVERAGE PRICE PER SQ FT
-9%
$837
$762
AVERAGE DAYS ON MARKET
-6%
183
173
% NEGOTIATED OFF LIST PRICE
23%
9.2%
11.2%
View Current Sunny Isles Beach $1M+ Condominium Listings - Click HERE
DEVOSREPORT | P14 .
T H I R D Q U A R T E R 2 0 1 8 E D I T I O N
DEVOSREPORT | P15 .
T H I R D Q U A R T E R 2 0 1 8 E D I T I O N
ESTATES AT ACQUALINA Total Number of Residences:
154 (South Tower only)
Total Floors:
51
Floor Plan Size Range:
2,910 SF - 6,500 SF
Offered From:
$4.2M
Developer:
GSF Acquisition, LLC, an affiliate of Eddie, Jules & Stephanie Trump
Estimated Completion:
End of 2020
Request Floor Plans & Availability for Estates At Acqualina: Click here. CONTACT ARNO FOR AN EFFECTIVE PRICING STRATEGY 305.432.1479 DEVOSREPORT | P16 .
T H I R D Q U A R T E R 2 0 1 8 E D I T I O N
JADE SIGNATURE Total Number of Residences:
192
Total Floors:
57
Floor Plan Size Range:
1,378 SF - 11,661 SF
Offered From:
$2.00M
Developer:
Fortune International Group
Completion:
Completed
Request Floor Plans & Availability for Jade Signature: Click here. CONTACT ARNO FOR AN EFFECTIVE PRICING STRATEGY 305.432.1479 DEVOSREPORT | P17 .
T H I R D Q U A R T E R 2 0 1 8 E D I T I O N
MUSE RESIDENCES Total Number of Residences:
68
Total Floors:
49 (with 12-Foot Ceilings)
Floor Plan Size Range:
3,635 SF
Offered From:
$4.3M
Developer:
Property Markets Group (PMG) & S2 Development
Estimated Completion:
Summer 2018
Request Floor Plans & Availability for MUSE Residences: Click here. CONTACT ARNO FOR AN EFFECTIVE PRICING STRATEGY 305.432.1479 DEVOSREPORT | P18 .
T H I R D Q U A R T E R 2 0 1 8 E D I T I O N
RESIDENCES BY ARMANI CASA Total Number of Residences:
308
Total Floors:
56
Floor Plan Size Range:
1,326 SF - 4,150 SF
Offered From:
$3.05M
Developer:
Dezer Development and The Related Group
Estimated Completion:
2018
Request Availability for Residences By Armani Casa: Click here. CONTACT ARNO FOR AN EFFECTIVE PRICING STRATEGY 305.432.1479 DEVOSREPORT | P19 .
T H I R D Q U A R T E R 2 0 1 8 E D I T I O N
RITZ-CARLTON RESIDENCES SUNNY ISLES BEACH Total Number of Residences:
212
Total Floors:
50
Floor Plan Size Range:
1,750 SF - 3,640 SF
Offered From:
$2.967M
Developer:
Fortune International Group & Chateau Group
Estimated Completion:
2019
Request Availability for The Ritz-Carlton Residences: Click here. CONTACT ARNO FOR AN EFFECTIVE PRICING STRATEGY 305.432.1479 DEVOSREPORT | P20 .
T H I R D Q U A R T E R 2 0 1 8 E D I T I O N
TURNBERRY OCEAN CLUB RESIDENCES Total Number of Residences:
154
Total Floors:
54
Floor Plan Size Range:
2,900 SF - 10,750 SF
Offered From:
$3.9M
Developer:
Turnberry Associates
Estimated Completion:
End of 2019
Request Availability for Turnberry Ocean Club Residences: Click here. CONTACT ARNO FOR AN EFFECTIVE PRICING STRATEGY 305.432.1479 DEVOSREPORT | P21 .
T H I R D Q U A R T E R 2 0 1 8 E D I T I O N
DEVOSREPORT | P22 .
T H I R D Q U A R T E R 2 0 1 8 E D I T I O N
AVENTURA
Q2
Q2
2017
2018
# OF SALES
n/a
0
5
AVERAGE PRICE PER SQ FT
n/a
n/a
$475
AVERAGE DAYS ON MARKET
n/a
n/a
96
% NEGOTIATED OFF LIST PRICE
n/a
n/a
5.0%
View Current Aventura $1M+ Home Listings - Click HERE
DEVOSREPORT | P23 .
T H I R D Q U A R T E R 2 0 1 8 E D I T I O N
BAL HARBOUR / SURFSIDE
Q2
Q2
2017
2018
4
4
# OF SALES
0%
AVERAGE PRICE PER SQ FT
-23%
$844
$654
AVERAGE DAYS ON MARKET
151%
120
300
% NEGOTIATED OFF LIST PRICE
-34%
11.1%
7.4%
View Current Bal Harbour/Surfside $1M+ Home Listings - Click HERE
DEVOSREPORT | P24 .
T H I R D Q U A R T E R 2 0 1 8 E D I T I O N
BAY HARBOR ISLANDS
Q2
Q2
2017
2018
# OF SALES
-50%
2
1
AVERAGE PRICE PER SQ FT
48%
$480
$711
AVERAGE DAYS ON MARKET
344%
55
244
% NEGOTIATED OFF LIST PRICE
-48%
14.4%
7.5%
View Current Bay Harbor Islands $1M+ Home Listings - Click HERE
DEVOSREPORT | P25 .
T H I R D Q U A R T E R 2 0 1 8 E D I T I O N
BRICKELL
Q2
Q2
2017
2018
# OF SALES
-33%
3
2
AVERAGE PRICE PER SQ FT
52%
$314
$478
AVERAGE DAYS ON MARKET
-95%
250
13
% NEGOTIATED OFF LIST PRICE
20%
7.2%
8.6%
View Current Brickell $1M+ Home Listings - Click HERE
DEVOSREPORT | P26 .
T H I R D Q U A R T E R 2 0 1 8 E D I T I O N
COCONUT GROVE
Q2
Q2
2017
2018
# OF SALES
11%
36
40
AVERAGE PRICE PER SQ FT
2%
$522
$532
AVERAGE DAYS ON MARKET
3%
132
136
% NEGOTIATED OFF LIST PRICE
0%
7.5%
7.5%
View Current Coconut Grove $1M+ Home Listings - Click HERE
DEVOSREPORT | P27 .
T H I R D Q U A R T E R 2 0 1 8 E D I T I O N
CORAL GABLES
Q2
Q2
2017
2018
# OF SALES
19%
68
81
AVERAGE PRICE PER SQ FT
6%
$487
$514
AVERAGE DAYS ON MARKET
-11%
138
122
% NEGOTIATED OFF LIST PRICE
9%
6.8%
7.4%
View Current Coral Gables $1M+ Home Listings - Click HERE
DEVOSREPORT | P28 .
T H I R D Q U A R T E R 2 0 1 8 E D I T I O N
GOLDEN BEACH
Q2
Q2
2017
2018
# OF SALES
n/a
2
0
AVERAGE PRICE PER SQ FT
n/a
$866
n/a
AVERAGE DAYS ON MARKET
n/a
243
n/a
% NEGOTIATED OFF LIST PRICE
n/a
10.4%
n/a
View Current Golden Beach $1M+ Home Listings - Click HERE
DEVOSREPORT | P29 .
T H I R D Q U A R T E R 2 0 1 8 E D I T I O N
KEY BISCAYNE
Q2
Q2
2017
2018
# OF SALES
91%
11
21
AVERAGE PRICE PER SQ FT
-18%
$1,026
$841
AVERAGE DAYS ON MARKET
41%
209
294
% NEGOTIATED OFF LIST PRICE
42%
6.7%
9.5%
View Current Key Biscayne $1M+ Home Listings - Click HERE
DEVOSREPORT | P30 .
T H I R D Q U A R T E R 2 0 1 8 E D I T I O N
MIAMI BEACH
Q2
Q2
2017
2018
# OF SALES
-5%
57
54
AVERAGE PRICE PER SQ FT
2%
$806
$822
AVERAGE DAYS ON MARKET
-18%
198
163
% NEGOTIATED OFF LIST PRICE
-9%
9.1%
8.3%
View Current Miami Beach $1M+ Home Listings - Click HERE
DEVOSREPORT | P31 .
T H I R D Q U A R T E R 2 0 1 8 E D I T I O N
SUNNY ISLES BEACH
Q2
Q2
2017
2018
# OF SALES
50%
2
3
AVERAGE PRICE PER SQ FT
-13%
$388
$336
AVERAGE DAYS ON MARKET
-7%
222
206
% NEGOTIATED OFF LIST PRICE
11%
10.4%
11.6%
View Current Sunny Isles Beach $1M+ Home Listings - Click HERE
DEVOSREPORT | P32 .
T H I R D Q U A R T E R 2 0 1 8 E D I T I O N
UPPER EAST SIDE
Q2
Q2
2017
2018
4
9
# OF SALES
125%
AVERAGE PRICE PER SQ FT
-6%
$508
$478
AVERAGE DAYS ON MARKET
-16%
127
106
% NEGOTIATED OFF LIST PRICE
-13%
8.7%
7.6%
View Current Upper East Side $1M+ Home Listings - Click HERE
DEVOSREPORT | P33 .
T H I R 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@arnodevos.com
305.432.1479
DEVOSREPORT | P34 .