HAMPTONS MANHATTAN SOUTH FLORIDA Q1 AND Q2 2022 REPORT
B E S P O K E R E A L E S TAT E
WE’RE REWRITING THE RULES... AGAIN ®
$105M+
$8B+ Total $10M+ Transactions
Top Recent Bespoke Transaction
HAMPTONS
|
M A N H AT TA N
|
$27M+
SOUTH FLORIDA
Average Sales Price
Industries change. Markets evolve. Great companies innovate. Luxury real estate should be no exception. Yet, the traditional brokerage/agent/commission construct has not evolved in decades—and as a client, you’ve noticed. Recognizing the need for change, Bespoke Real Estate launched as the first and only firm to solely represent homes above $10 million with a revolutionary direct-to-client model. Since our inception, Bespoke has been on a mission to deliver more value by streamlining and monetizing industry inefficiencies for you. And now, after eight years of innovation and over $8 billion in $10M+ sales, weʼre taking a single point to make a single point: our clients always come first.
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TA B L E O F C O N T E N T S
2
INTRODUCTION
6
VISION
8
W H AT S E T S U S A PA R T
12
THE HAMPTONS $10M+ MARKET
26
M A N H A T T A N $ 1 0 M + M A R K E T
40
S O U T H F L O R I D A $ 1 0 M + M A R K E T
54
I N V I TAT I O N
T H E S Y M B O L T H AT R E D E F I N E D A N I N D U S T R Y
Bespoke’s brand mark is the symbol of ultra-luxury, exclusivity—and impeccable service.
VISION
To provide our clients with more value, more resources, and a more personalized experienced than anywhere else in ultra-luxury.
®
W H AT S E T S U S A PA R T
The allure of a luxury price point is just the beginning; discover the competitive advantages of Bespoke and the unprecedented value afforded to you.
TA I LO R E D F O R $ 1 0 M +
THE BESPOKE METHOD
As the first and only firm to focus solely on selling homes above $10 million, Bespoke delivers unmatched expertise.
The Bespoke Method delivers the industryʼs most pinpoint-accurate UHNW-targeted marketing, driving powerful results for you.
1 % L I ST- S I D E C O M M I S S I O N S
In traditional brokerages, both the independent agent and the brokerage take a commission, resulting in unjustifiably high fees for the client. At Bespoke, our direct-to-client model removes these splits and delivers more value to you. REVOLUTIONARY D I R E C T-TO - C L I E N T M O D E L
With no independent agents and no franchises, Bespoke delivers the capabilities of our entire company directly to our clients—without the dilution of resources found within traditional brokerages. POWERED BY BESPOKE LUXURY MARKETING
Bespoke’s sister company, known for representing the worldʼs most prestigious brands, builds compelling campaigns for our clientsʼ properties. W E A LT H I N T E L L I G E N C E
Bespoke’s Data Division uses the most exclusive wealth intelligence in the industry. With the removal of independent agents and internal competition, Bespoke controls, collects, and utilizes all incoming data and information to market and sell our clientsʼ properties.
IMMERSIVE INSIGHT
As the sole curator of national $10M+ market reports, we ensure that the Bespoke client is the most informed. P E R P E T U A L LY E X P A N D I N G NETWORK
Bespoke’s curated roster of the worldʼs most influential UHNWIs acts as an ever-expanding advisory for our brand and the most qualified network for our clientsʼ offerings. R E S U LT S
Bespoke has facilitated over $8B+ in $10M+ transactions for our clients and amassed a $2B+ portfolio of the worldʼs finest offerings, with an average sales price of $27M+.
Weʼre on a mission to make the industry better for you. For decades there were no other options—Now you have Bespoke.
10 | LUXURY MARKET INSIGHT
Q1 AND Q2 2022 REPORT
EXECUTIVE SUMMARY HAMPTONS
|
M A N H AT TA N
|
SOUTH FLORIDA
Despite coming off of two record-breaking years in a row, the luxury real estate industry in the alpha markets of New York, South Florida, and the Hamptons are outperforming their historic averages. While both South Florida and the Hamptons saw dips in the first half of 2022 compared to the same time in 2021, they came out ahead of 2020 and above average sales quantity and volume for the years between 2015 and 2020. In New York, the script is different. 2020 was tough for primary urban markets across the country, and particularly New York. But this year has seen record-breaking transaction volume and quantity. As the pandemic lifestyle is nearly all but over, we are comparing the first half of this year to pre-pandemic levels, and for the first time in our market reports, using them to predict the rest of this year.
So far all three markets are on pace to meet or exceed their pre-pandemic rates. In the Hamptons for example, consider that the first half of 2022 saw 46 $10 million+ sales, compared to 58 in the entire year of 2019, and an average of about 61 sales between 2015-2019. Similarly, though South Florida is coming off a very hot market, it still had 189 trades in the first half of this year, compared to 82 trades it had in the entirety of 2019. New York City is back as well, on pace to exceed 2019’s 261 sales, having made 158 sales so far this year. Join us as we dive into the data of the $10 million+ alpha markets.
H O P E Y O U E N J O Y.
Cody Vichinsky F O U N D I N G P A R T N E R & P R E S I D E N T, B E S P O K E
®
B E S P O K E R E A L E S TAT E . C O M | 1 1
12 | LUXURY MARKET INSIGHT
THE HAMPTONS $10M+ MARKET
Rose Hill Compound, Water Mill, NY
Ultra-Private Waterfront Compound 730’ of Frontage | 12.75 Acres+/- | 5,975 SF+/9 Beds | 9 Full and 2 Half Baths Bespoke Exclusive. $64,995,000
B E S P O K E R E A L E S TAT E . C O M | 1 3
$10M+ HAMPTONS MARKET REPORT
138 Total $10M+ Trades in Q1 & Q2 YoY Q 1 & Q2 2020
37 TRADES
Q 1 & Q2 2021
55 TRADES
Q 1 & Q2 2022
46 TRADES
The first half of 2022 had 46 trades totaling nearly $927 million in the Hamptons, exceeding Q1 & Q2 trade quantity averages since 2015.
14 | LUXURY MARKET INSIGHT
$ 1 0 M + TOTA L H A M P TO N S S A L E S BY LO C AT I O N
The data shown below includes the 9 locations surveyed within the Hamptons $10M+ real estate market for Q1 & Q2 year over year. 2020 TRADES
2021 TRADES
2022 TRADES
12
11
*WEST OF THE CANAL
SAG HARBOR
WAINSCOTT
3 TRADES IN 2020 5 TRADES IN 2021 4 TRADES IN 2022
2 TRADES IN 2020 2 TRADES IN 2021 7 TRADES IN 2022
3 TRADES IN 2020 4 TRADES IN 2021 0 TRADES IN 2022
34
14
19
SOUTHAMPTON
BRIDGEHAMPTON
EAST HAMPTON
14 TRADES IN 2020 10 TRADES IN 2021 10 TRADES IN 2022
4 TRADES IN 2020 6 TRADES IN 2021 4 TRADES IN 2022
4 TRADES IN 2020 6 TRADES IN 2021 9 TRADES IN 2022
12
13
16
WAT E R M I L L
SAGAPONACK
A M AG A N S E T T / M O N TAU K
1 TRADES IN 2020 6 TRADES IN 2021 5 TRADES IN 2022
3 TRADES IN 2020 8 TRADES IN 2021 2 TRADES IN 2022
3 TRADES IN 2020 8 TRADES IN 2021 5 TRADES IN 2022
*Includes Westhampton-Hampton Bays
7
B E S P O K E R E A L E S TAT E . C O M | 1 5
$10M+ HAMPTONS MARKET REPORT
+ $3B Total $10M+ Trade Volume for Q1 & Q2 YoY Q 1 & Q2 2020
$870M+
Q 1 & Q2 2021
$ 1 .1 B +
Q 1 & Q2 2022
$927M+
Between 2015-2021, there was an average $1.4 billion in sales volume. Only halfway into 2022, the Hamptons is a handful of $10M+ trades behind that.
16 | LUXURY MARKET INSIGHT
$ 1 0 M + TOTA L H A M P TO N S S A L E S BY P R I C E P O I N T
The data shown illustrates the total sales quantity and volume within the ultra-luxury real estate market surveyed within the Hamptons for Q1 & Q2 year over year. 2020 TRADES
2021 TRADES
2022 TRADES
95
9
$10M - $20M
$30M - $40M
$362M 2020 VOLUME $497M 2021 VOLUME $439M 2022 VOLUME
$68M 2020 VOLUME $109M 2021 VOLUME $134M 2022 VOLUME
18
16
$20M - $30M
$40M+
$115M 2020 VOLUME $216M 2021 VOLUME $90M 2022 VOLUME
$325M 2020 VOLUME $300M 2021 VOLUME $264M 2022 VOLUME
B E S P O K E R E A L E S TAT E . C O M | 1 7
478 Noyac Path, Water Mill, NY
Modern Turn-Key Estate 1.7 Acres+/- | 6,800 SF+/7 Beds | 6 Full and 1 Half Baths Bespoke Exclusive. $8,995,000
18 | LUXURY MARKET INSIGHT
In the Hamptons, we saw a slight decrease in sales volume and quantity (16% and 17%, respectively) between the first half of 2021 and 2022. With renewed interest in New York City, we do project a slight cool down of the Hamptons market throughout the rest of the year, to about 75 sales; 46 have been made already. However, it is important to keep this cooloff in perspective. Remember that in 2015, which was considered a highly prosperous market at the time, there were 74 trades. Between 2016 and 2019, the number of trades hovered consistently between 54
and 59, until a massive surge in 2020 had 92 trades, the result of which were a migration from the city on account of the pandemic. The Hamptons’ popularity continued in 2021, having outpaced that by 35 trades, with 127 and a sales volume topping $2 billion. Continued growth at pandemic-level rates would be unsustainable. So while the chart comparing the first half of 2022 to 2021 is flattening, the market is still on pace to meet or even exceed what was considered in “normal” times, like in 2015, a prosperous market.
At this rate, the Hamptons is predicted to see 30 to 40 more trades for the rest of 2022, exceeding the average sales between 2015-2021. B E S P O K E R E A L E S TAT E . C O M | 1 9
For further perspective, though the Hamptons decreased in sales volume and quantity between 2021 and 2022, they had a 49% quantity and 29% volume increase over 2020, which itself was a record-breaking year. To contextualize the continued strong market, the average sales volume for the first half of 2020, 2021, and 2022 are about $973 million, or about 45 sales. Looking at the breakdown by towns, East Hampton greatly stood out in sales. While Southampton typically leads in both sales volume and quantity simply because it is the largest $10M+ market, East Hampton surpassed it in volume so far this year, having traded $258 million compared to Southampton’s $159 million, and trailed it by only one trade. This indicates a surge in sales of Southampton homes at the lower end of the $10 million+ range, while
20 | LUXURY MARKET INSIGHT
East Hampton led at the higher range, with an average price of $28.75 million, about $8 million higher than the average for the Hamptons as a whole, at $20.2 million. Still, Sagaponack led in the most expensive trades, with an average sales price of $48.25 million across only two trades, including an off-market trade facilitated by Bespoke with a closing price of $50 million in the first quarter. Demand for waterfront properties is continuing to grow, consistent with our previous predictions in our end of year 2021 market report. So far this year, there have been 16 waterfront properties traded, making up 35% of overall trades, compared to 25% in 2021 and 14% in 2020, as waterfront is taking up a larger and larger share compared to other settings.
Mill Creek Cottage, Water Mill, NY
Rare Double Lot Compound on Mecox Bay 382’ of Frontage | 3.4 Acres+/- | 10,176 SF+/7 Beds | 9 Full and 4 Half Baths Bespoke Exclusive. $29,500,000
B E S P O K E R E A L E S TAT E . C O M | 2 1
Hamptons Quarterly Transaction Quantity T O TA L 50 45 T R A N SAC T I O N Q UA N T I T Y
40 35 30 25 20 15 10 5 0
Q1 ‘20
Q2 ‘20
Q3 ‘20
Q4 ‘20
Q1 ‘21
Q2 ‘21
Q3 ‘21
Q4 ‘21
Q1 ‘22
Q2 ‘22
Q1 ‘22
Q2 ‘22
QUARTER
Hamptons Quarterly Transaction Volume T O TA L
T R A N SAC T I O N VO LU M E ( M I L L I O N S )
$1,000 $900 $800 $700 $600 $500 $400 $300 $200 $100 $-
Q1 ‘20
Q2 ‘20
Q3 ‘20
Q4 ‘20
Q1 ‘21 QUARTER
22 | LUXURY MARKET INSIGHT
Q2 ‘21
Q3 ‘21
Q4 ‘21
Hamptons Yearly Transaction Quantity T O TA L
2022 PROJECTION
140
T R A N SAC T I O N Q UA N T I T Y
120 100 80
With a slight slowdown expected in the year’s second half, 2022 is still projected to exceed pre-pandemic levels set in 2019.
60 40 20 0
2019
2020
2021
2022
YEAR
“ Comparing 2022 to any other ordinary year, the markets are at peak performance levels. We are looking forward to the end of the year, which we believe will set the pace for the new normal.” JOSEPH DE SA NE | MAN AGIN G DIRE CTOR, BE S POKE
B E S P O K E R E A L E S TAT E . C O M | 2 3
Y O Y H A L F -Y E A R C O M PA R I S O N
HAMPTONS $10M+ MARKET
BY PRICE POINT
BY V I N TAG E
BY SETTING
VOLUME
LISTINGS
2022 TRADES
VOLUME
LISTINGS
2021 TRADES
VOLUME
LISTINGS
2020 TRADES
OCEANFRONT
11
$400,129,726
10
$308,493,600
6
$242,860,000
WATERFRONT
5
$108,799,000
14
$358,930,000
16
$258,825,000
INLAND
21
$360,577,190
31
$453,848,500
24
$425,205,000
TOTAL
37
$869,505,916
55
$1,121,272,100
46
$926,890,000
NEW CONSTRUCTION
7
$137,949,000
13
$226,237,500
12
$246,655,000
LAND/TEARDOWN
13
$290,803,190
14
$330,835,000
10
$271,325,000
TURN-KEY
17
$440,744,726
28
$564,199,600
24
$408,910,000
TOTAL
37
$869,496,916
55
$1,121,272,100
46
$926,890,000
$10M - $20M
24
$362,251,190
38
$497,108,500
33
$439,340,000
$20M - $30M
5
$114,650,000
9
$215,740,000
4
$89,450,000
$30M - $40M
2
$68,000,000
3
$108,500,000
4
$134,200,000
$40M+
6
$324,595,726
5
$299,923,600
5
$263,900,000
TOTAL
37
$869,496,916
55
$1,121,272,100
46
$926,890,000
24 | LUXURY MARKET INSIGHT
BY LO C AT I O N
VOLUME
LISTINGS
2022 TRADES
VOLUME
LISTINGS
2021 TRADES
VOLUME
LISTINGS
2020 TRADES
WEST OF THE CANAL
3
$48,784,000
5
$62,121,000
4
$57,060,000
SOUTHAMPTON
14
$407,664,726
10
$252,713,600
10
$159,950,000
WATER MILL
1
$12,400,000
6
$94,395,000
5
$69,110,000
SAG HARBOR
2
$29,895,000
2
$27,250,000
7
$124,550,000
BRIDGEHAMPTON
4
$70,900,000
6
$110,930,000
4
$47,345,000
SAGAPONACK
3
$44,258,190
8
$118,322,500
2
$96,500,000
WAINSCOTT
3
$65,750,000
4
$151,700,000
0
$0
EAST HAMPTON
4
$138,950,000
6
$158,750,000
9
$258,725,000
AMAGANSETT/ MONTAUK
3
$50,895,000
8
$145,090,000
5
$113,650,000
TOTAL
37
$869,496,916
55
$1,121,272,100
46
$926,890,000
B E S P O K E R E A L E S TAT E . C O M | 2 5
MANHATTAN $10M+ MARKET
26 | LUXURY MARKET INSIGHT
SOLD
11 North Moore Street, #5BC, New York, NY
Light-Filled Corner Loft in Prime Tribeca 4,912 SF+/- | 4 Beds | 4 Full and 1 Half Baths LP. $14,950,000
B E S P O K E R E A L E S TAT E . C O M | 2 7
$ 1 0 M + M A N H AT TA N MARKET REPORT
359 Total $10M+ Trades in Q1 & Q2 YoY Q 1 & Q2 2020
95 TRADES
Q 1 & Q2 2021
106 TRADES
Q 1 & Q2 2022
158 TRADES
The first half of 2022 had 158 trades totaling over $2.5 billion, far exceeding levels set in 2020 and 2021.
28 | LUXURY MARKET INSIGHT
$ 1 0 M + TOTA L M A N H AT TA N S A L E S BY LO C AT I O N
The data shown below includes the 6 locations surveyed within the Manhattan $10M+ real estate market for Q1 & Q2 year over year. 2020 TRADES
2021 TRADES
2022 TRADES
28
42
DOWNTOWN EAST
MIDTOWN WEST
10 TRADES IN 2020 9 TRADES IN 2021 9 TRADES IN 2022
19 TRADES IN 2020 10 TRADES IN 2021 13 TRADES IN 2022
114
98
DOWNTOWN WEST
UPPER EAST SIDE
27 TRADES IN 2020 41 TRADES IN 2021 46 TRADES IN 2022
19 TRADES IN 2020 22 TRADES IN 2021 57 TRADES IN 2022
24
53
MIDTOWN EAST
UPPER WEST SIDE
9 TRADES IN 2020 9 TRADES IN 2021 6 TRADES IN 2022
11 TRADES IN 2020 15 TRADES IN 2021 27 TRADES IN 2022
B E S P O K E R E A L E S TAT E . C O M | 2 9
$ 1 0 M + M A N H AT TA N MARKET REPORT
+ $6B Total $10M+ Trade Volume for Q1 & Q2 YoY Q 1 & Q2 2020
$1.8B+
Q 1 & Q2 2021
$1.8B+
Q 1 & Q2 2022
$2.5B+
In 2019, Manhattan sold just over $5 billion worth of $10M+ homes. Halfway into 2022, it sold $2.5 billion, on pace to meet 2019 levels.
30 | LUXURY MARKET INSIGHT
$ 1 0 M + TOTA L M A N H AT TA N S A L E S BY P R I C E P O I N T
The data shown illustrates the total sales quantity and volume within the ultra-luxury real estate market surveyed within Manhattan for Q1 & Q2 year over year. 2020 TRADES
2021 TRADES
2022 TRADES
297
13
$10M - $20M
$30M - $40M
$995M 2020 VOLUME $1.2B 2021 VOLUME $1.8B 2022 VOLUME
$145M 2020 VOLUME $100M 2021 VOLUME $201M 2022 VOLUME
36
13
$20M - $30M
$40M+
$282M 2020 VOLUME $271M 2021 VOLUME $333M 2022 VOLUME
$365M 2020 VOLUME $264M 2021 VOLUME $127M 2022 VOLUME
B E S P O K E R E A L E S TAT E . C O M | 3 1
Considering the windfall New York City faced between 2020 and 2021, the market has seen strong performance so far this year, not only making a comeback but on pace to exceed 2019 levels. In 2019, there were 261 sales, and so far this year there have been 158. There’s also been a 49% increase in sales quantity and 33% increase in volume compared to the first half of
32 | LUXURY MARKET INSIGHT
2021, which saw modest growth. As with 2020 and 2021, it is notable that the sales in Manhattan and the Hamptons have an inverse relationship. We predict this year will end in about 240 to 260 trades, a strong market for the city in any “normal” year. That said, it is still hard to assume what the “normal” will be,
as the commercial real estate markets have not made a comeback as strong as residential. With commercial markets being a typically strong barometer of economic activity, we believe we will start to see a shakeout and return to stability at the end of this year and into early 2023.
The Dakota 1 W 72nd Street, #82-84, New York, NY Historic Central Park West Residence 6,000 SF+/- | 5 Beds | 9 Full Baths Co-Exclusive. $20,000,000
B E S P O K E R E A L E S TAT E . C O M | 3 3
Most of this year’s sales were concentrated in the $10-$20 million range, with 136 trades. In 2021, there were 88 and in 2020, 73 in this price range. There are two reasons for this. In part, economic and public market conditions pushed homes at the $7-$10 million price point over into the $10 million+ range, and into our analysis. But the primary reason is simpler: the city, after its 2020 windfall which lingered into early 2021, is exciting to $10 million+ buyers again, and is seen—and proving itself to be—a good investment, contributing to a significantly higher transaction quantity this year, and of course high quantity favors lower price ranges. Additionally, this demand brought prices back up from the
34 | LUXURY MARKET INSIGHT
deep discounting common in 2020 and early 2021, which greatly contributed to the increase in sales volume, from $1.8 billion in 2021 to $2.4 billion. As far as neighborhoods, the Upper East Side saw the greatest quantity and volume, with its 57 trades making up 36% of total trading volume. This is a new trend compared to the popularity over the last several years downtown, particularly on the west side in Tribeca, the West Village, Chelsea, and parts of Soho. Unusually, Midtown East had the highest average sales price and the lowest trade quantity, which in the context of the quantity-focus trend across the other neighborhoods rest of the city, we believe makes sense.
2022 is predicted to have 80 to 100 more $10M+ trades in Manhattan by the year’s end.
100 Barclay Street, #PHB, New York, NY
Modern Tribeca Penthouse Hudson River Views | 5,023 SF+/5 Beds | 5 Full and 1 Half Baths Bespoke Exclusive. $13,495,00
B E S P O K E R E A L E S TAT E . C O M | 3 5
Manhattan Quarterly Transaction Quantity T O TA L 120
T R A N SAC T I O N Q UA N T I T Y
100 80 60 40 20 0
Q1 ‘20
Q2 ‘20
Q3 ‘20
Q4 ‘20
Q1 ‘21
Q2 ‘21
Q3 ‘21
Q4 ‘21
Q1 ‘22
Q2 ‘22
Q1 ‘22
Q2 ‘22
QUARTER
Manhattan Quarterly Transaction Volume T O TA L
T R A N SAC T I O N VO LU M E ( M I L L I O N S )
$1,800 $1,600 $1,400 $1,200 $1,000 $800 $600 $400 $200 $-
Q1 ‘20
Q2 ‘20
Q3 ‘20
Q4 ‘20
Q1 ‘21 QUARTER
36 | LUXURY MARKET INSIGHT
Q2 ‘21
Q3 ‘21
Q4 ‘21
Manhattan Yearly Transaction Quantity T O TA L
2022 PROJECTION
300
T R A N SAC T I O N Q UA N T I T Y
250
Halfway into 2022, Manhattan is on pace to meet 2019 levels even with a projected slight slowdown in trade quantity in the second half.
200
150
100
50
0
2019
2020
2021
2022
YEAR
“ Though commercial real estate is lagging, residential is strong compared to pre-pandemic levels, and I am hopeful for the future of the city. ” K RI STI N LUK I C | SENI OR PORTFOLIO MAN AGER, BES POKE
B E S P O K E R E A L E S TAT E . C O M | 3 7
Y O Y H A L F -Y E A R C O M PA R I S O N
MANHATTAN $10M+ MARKET
BY PRICE POINT
BY V I N TAG E
BY TYPE
VOLUME
LISTINGS
2022 TRADES
VOLUME
LISTINGS
2021 TRADES
VOLUME
LISTINGS
2020 TRADES
SINGLE FAMILY
75
$1,454,652,674
81
$1,326,823,373
122
$1,808,571,939
TOWNHOUSE
20
$331,520,000
25
$516,297,500
36
$645,202,290
TOTAL
95
$1,786,172,674
106
$1,843,120,873
158
$2,453,774,229
NEW CONSTRUCTION
40
$701,586,960
15
$262,112,500
57
$766,541,234
TURN-KEY
55
$1,084,585,714
91
$1,581,008,373
101
$1,687,232,995
TOTAL
95
$1,786,172,674
106
$1,843,120,873
158
$2,453,774,229
$10M - $20M
73
$994,521,455
88
$1,208,089,623
136
$1,793,962,229
$20M - $30M
11
$281,645,000
11
$271,250,000
14
$332,745,000
$30M - $40M
4
$145,500,000
3
$100,111,250
6
$200,567,000
$40M+
7
$364,506,219
4
$263,670,000
2
$126,500,000
TOTAL
95
$1,786,172,674
106
$1,843,120,873
158
38 | LUXURY MARKET INSIGHT
$2,453,774,229
BY LO C AT I O N
VOLUME
LISTINGS
2022 TRADES
VOLUME
LISTINGS
2021 TRADES
VOLUME
LISTINGS
2020 TRADES
DOWNTOWN EAST
10
$167,955,000
9
$138,440,000
9
$158,177,805
DOWNTOWN WEST
27
$399,807,495
41
$609,535,100
46
$617,221,594
MIDTOWN EAST
9
$152,595,000
9
$148,493,548
6
$162,250,000
MIDTOWN WEST
19
$553,476,219
10
$152,284,475
13
$202,068,831
UPPER EAST SIDE
19
$324,048,960
22
$520,835,000
57
$924,931,583
UPPER WEST SIDE
11
$188,290,000
15
$274,532,750
27
$389,124,416
TOTAL
95
$1,786,172,674
106
$1,844,120,873
158
$2,453,774,229
B E S P O K E R E A L E S TAT E . C O M | 3 9
SOUTH FLORIDA $10M+ MARKET
40 | LUXURY MARKET INSIGHT
Waldorf Astoria, Miami, FL
An Exclusive Collection of 5 Apex Residences Bespoke Exclusive. Price Upon Request
B E S P O K E R E A L E S TAT E . C O M | 4 1
$10M+ SOUTH FLORIDA MARKET REPORT
485 Total $10M+ Trades in Q1 & Q2 YoY Q 1 & Q2 2020
61 TRADES
Q 1 & Q2 2021
235 TRADES
Q 1 & Q2 2022
189 TRADES
The first half of 2022 had 189 trades totaling over $3.2 billion. The entire state of Florida saw roughly 90 transactions in 2019, so the market is likely to level out over the remainder of the year.
42 | LUXURY MARKET INSIGHT
$ 1 0 M + TOTA L S O U T H F LO R I DA S A L E S BY LO C AT I O N
The data shown below includes all locations surveyed within the South Florida $10M+ real estate market for Q1 & Q2 year over year. 2020 TRADES
2021 TRADES
2022 TRADES
204 PA L M B E A C H C O U N T Y 38 TRADES IN 2020 88 TRADES IN 2021 78 TRADES IN 2022
281 MIAMI-DADE COUNTY 23 TRADES IN 2020 147 TRADES IN 2021 111 TRADES IN 2022
B E S P O K E R E A L E S TAT E . C O M | 4 3
$10M+ SOUTH FLORIDA MARKET REPORT
+ $9B Total $10M+ Trade Volume for Q1 & Q2 YoY Q 1 & Q2 2020
$1B+
Q 1 & Q2 2021
$4.6B+
Q 1 & Q2 2022
$3.3B+
In 2019, South Florida sold just under $1.4 billion worth of $10M+ homes. Only halfway into 2022, it sold $3.3 billion, nearly triple.
44 | LUXURY MARKET INSIGHT
$ 1 0 M + TOTA L S O U T H F LO R I DA S A L E S BY P R I C E P O I N T
The data shown illustrates the total sales quantity and volume within the ultra-luxury real estate market surveyed within South Florida for Q1 & Q2 year over year. 2020 TRADES
2021 TRADES
2022 TRADES
359
27
$10M - $20M
$30M - $40M
$653M 2020 VOLUME $2.4B 2021 VOLUME $1.8B 2022 VOLUME
$67M 2020 VOLUME $435M 2021 VOLUME $441M 2022 VOLUME
79
20
$20M - $30M
$40M+
$193M 2020 VOLUME $1B 2021 VOLUME $744M 2022 VOLUME
$119M 2020 VOLUME $686M 2021 VOLUME $383M 2022 VOLUME
B E S P O K E R E A L E S TAT E . C O M | 4 5
At this rate, 2022 is predicted to have around 100 more trades by the year’s end.
46 | LUXURY MARKET INSIGHT
This year, Florida has seen a decrease in both transaction quantity and volume. This was expected, as $10 million+ sales more than tripled between 2020 and 2021, and we did not expect the same growth rates to sustainably carry into 2022. That all said, similar to the other alpha markets, Florida is still a popular market compared to prepandemic levels, as 2022 trades already outpaces the first half of 2020 and the entire year 2019.
So far this year, there have been 189 $10 million+ homes traded in South Florida, with about $2.2 billion more traded in volume compared to 2019’s 82 trades, and H1 2020’s 61 trades, which traded at just over $1 billion. Unlike New York City, commercial activity grew and continues to this year. The moves of prominent hedge funds to the region, like Ken Griffin’s Citadel, Carl Icahn’s Icahn Partners, or Paul Singer’s Elliot Management Corporation are the most prominent examples.
121 Nurmi Drive, Fort Lauderdale, FL
Modern New Construction 100’ of Frontage | .275 Acres+/- | 6,447 SF+/3 Beds | 4 Full and 2 Half Baths Bespoke Exclusive. $9,250,000
B E S P O K E R E A L E S TAT E . C O M | 4 7
In 2019, South Florida sold only 82 $10M+ properties, over 100 less than the first half of 2022.
Interestingly, there’s been a sharp increase in land/teardown sales over turnkey. This is starkly different than the trend we’ve been seeing in the secondary markets over the last two years (though South Florida is no longer really a secondary market). It’s a glaring signal that the sales so far this year are no longer reactive investments, where the buyer was ready to get out of the city and move into a vacation home immediately, hence the predominance of turnkey in 2020 and the better part of early 2021. Rather, this year’s market growth is sustainable, reflecting homebuyers’ willingness to invest in building their own homes, with a longer turnaround time to move in. Between this increase in inventory and a general cooling off of the market, we expect in the shortterm prices to drop further throughout the second half of this year, resulting in about another one hundred trades until the year’s end, pushing the market into its “new normal” by 2023.
2000 S. Ocean Drive, Hallandale Beach, FL An Elevated Escape 6,781 SF+/- | 5 Beds | 6 Full and 1 Half Baths Bespoke Exclusive. $10,000,000
48 | LUXURY MARKET INSIGHT
B E S P O K E R E A L E S TAT E . C O M | 4 9
South Florida Quarterly Transaction Quantity T O TA L 160 140 T R A N SAC T I O N Q UA N T I T Y
120 100 80 60 40 20 0
Q1 ‘20
Q2 ‘20
Q3 ‘20
Q4 ‘20
Q1 ‘21
Q2 ‘21
Q3 ‘21
Q4 ‘21
Q1 ‘22
Q2 ‘22
Q1 ‘22
Q2 ‘22
QUARTER
South Florida Quarterly Transaction Volume T O TA L
T R A N SAC T I O N VO LU M E ( M I L L I O N S )
$3,500 $3,000 $2,500 $2,000 $1,500 $1,000 $500 $-
Q1 ‘20
Q2 ‘20
Q3 ‘20
Q4 ‘20
Q1 ‘21 QUARTER
50 | LUXURY MARKET INSIGHT
Q2 ‘21
Q3 ‘21
Q4 ‘21
South Florida Yearly Transaction Quantity T O TA L
2022 PROJECTION
400
T R A N SAC T I O N Q UA N T I T Y
350 South Florida is projected to close off its 2021 highs but still lock in significantly higher than average trades. The market is expected to level out in 2023, with trade quantities still exceeding averages from prior years.
300 250 200 150 100 50 0
2019
2020
2021
2022
YEAR
“ South Florida is fully becoming a primary market. Not to say it wasn’t an urban center before, but relocations of New York’s major finance firms seals it among the nation’s top ultra-luxury cities. ” HA RL A N G OL DBERG | PRE S IDEN T, BES POKE S OU TH FLORIDA
B E S P O K E R E A L E S TAT E . C O M | 5 1
Y O Y H A L F -Y E A R C O M PA R I S O N
SOUTH FLORIDA $10M+ MARKET
BY TYPE
BY V I N TAG E
BY SETTING
VOLUME
LISTINGS
2022 TRADES
VOLUME
LISTINGS
2021 TRADES
VOLUME
LISTINGS
2020 TRADES
OCEANFRONT
15
$261,424,166
58
$1,397,589,000
52
$936,703,994
WATERFRONT
36
$623,601,299
146
$2,616,055,500
101
$1,795,317,685
INLAND
10
$147,240,909
31
$559,222,959
36
$563,632,397
TOTAL
61
$1,032,266,374
235
$4,572,867,459
189
$3,295,654,076
NEW CONSTRUCTION
19
$288,723,833
59
$1,042,105,000
41
$796,967,784
LAND/TEARDOWN
14
$240,469,991
17
$259,634,500
35
$721,912,108
TURN-KEY
28
$503,072,550
159
$3,271,127,959
113
$1,776,774,184
TOTAL
61
$1,032,266,374
235
$4,572,867,459
189
$3,295,654,076
SINGLE FAMILY
14
$183,265,424
54
$877,820,000
107
$1,778,882,901
TOWNHOUSE
47
$849,000,950
181
$3,695,047,459
82
$1,516,771,175
TOTAL
61
$1,032,266,374
235
$4,572,867,459
189
$3,295,654,076
52 | LUXURY MARKET INSIGHT
BY PRICE POINT
BY LO C AT I O N
VOLUME
LISTINGS
2022 TRADES
VOLUME
LISTINGS
2021 TRADES
VOLUME
LISTINGS
2020 TRADES
PALM BEACH COUNTY
38
$691,159,274
88
$2,063,370,959
78
$1,423,823,356
MIAMI-DADE COUNTY
23
$341,106,000
147
$2,509,496,500
111
$1,871,830,720
TOTAL
61
$1,032,266,374
235
$4,572,867,459
189
$3,295,654,076
$10M - $20M
49
$653,088,799
170
$2,417,602,459
140
$1,728,173,240
$20M - $30M
8
$193,327,575
43
$1,034,085,000
28
$743,995,736
$30M - $40M
2
$67,250,000
12
$434,745,000
13
$440,522,600
$40M+
2
$118,600,000
10
$686,435,000
8
$382,962,500
TOTAL
61
$1,032,266,374
235
$4,572,867,459
189
$3,295,654,076
B E S P O K E R E A L E S TAT E . C O M | 5 3
I N V I TAT I O N
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