HAMPTONS, MANHATTAN, AND SOUTH FLORIDA 2021 YOY $10M+ MARKET REPORT

HAMPTONS MANHATTAN SOUTH FLORIDA 2021 YEAR OVER YEAR

B E S P O K E R E A L E S TAT E

TAILORED FOR $10M+.

TAILORED FOR YOU.

®

$112M+ Top Recent Bespoke Transaction

$10B+ Total $10M+ Transactions

$27M+ Average Sales Price

Industries change. Markets evolve.

Great companies innovate.

Luxury real estate should be no exception.

Yet, the traditional brokerage model has not evolved in decades—and as a client, you’ve noticed.

Recognizing the need for change, Bespoke Real Estate launched in 2014 as the first and only firm to solely represent homes above $10 million with a revolutionary direct-to-client model.

Since our inception, we have facilitated over $9 billion in $10M+ sales. We have been unwavering in our mission to deliver the most tailored, uncompromising, result and relationship-driven experience for you, our clients.

Contact us to learn more about The Bespoke Method, our unique client-first advantages, and to list with the $10M+ experts.

HAMPTONS

|

M A N H AT TA N

|

SOUTH FLORIDA

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 our data-driven platform 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.

REVOLUTIONARY D I R E C T-TO - C L I E N T M O D E L

IMMERSIVE INSIGHT

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.

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 N E T W O R K

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 $9B 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.

© 2024 Bespoke Real Estate LLC (“Bespoke”), a licensed real estate broker. Bespoke’s terms and conditions and may be changed at any time. Bespoke disclaims any and all warranties, express or implied, including, but not limited to, warranties as to the reliability, accuracy or currency of any information, images and/or other content herein. Bespoke fully supports and complies with the fair housing act, equal housing opportunity act and related state and local laws that prohibit discrimination.

TA B L E O F C O N T E N T S

02

IN TR O DUCTI O N

10

EXECUTI VE SUMMARY

12

THE HAMPTO N S $10M + MAR KET R EPO RT

26

MAN HATTAN $10M + MAR KET R EPO RT

40

SO UTH FLO R IDA $10M + MAR KET R EPO RT

54

IN VITATIO N

B E S P O K E V A L U E S I N N O V AT I O N , I N T E G R I T Y, I N S I G H T, A N D I M P E C C A B L E D E L I V E R Y.

Bespoke’s mission is to perpetually elevate industry standards by purposefully breaking rules and innovating new ways to bring value to our clients.

Jule Pond, Hamptons, NY SOLD BY BESPOKE: $145,000,000 Oceanfront | 42 Acres | 20,000 SF+/#1 Hamptons Single Property Sale Co-Exclusive

8 | LUXURY MARKET INSIGHT

2021 YEAR OVER YEAR $10M+ REPORT

EXECUTIVE SUMMARY HAMPTONS

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M A N H AT TA N

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SOUTH FLORIDA

Each year when we research and prepare our yearly Market Report, we do our best to anticipate the story our data tells before it officially reveals itself. Our quarterly reports do a fine job of guiding us, and though we could certainly surmise, at least anecdotally, that this past quarter, and the entire year of 2021, was top-performing, it wasn’t until we compiled this Report that we could see the full picture on just how much the ultraluxury real estate market outperformed the year prior, and how much Bespoke is leading that endeavor.

In October, we broke a Hamptons’ history record, facilitating the transaction of Jule Pond, a 42-acre oceanfront property, whose last asking price was $145 million; Bespoke represented both the buyer and the seller. In total last year, we had a hand in transacting over $1.85 billion worth of $10 million+ properties across the Hamptons, South Florida, and New York City.

These latter two markets are a notable development this year. While we continue to dominate the market at our original headquarters in the Hamptons, having facilitated over 35% of all transacted sales volume, we also opened two new offices in New York City and Miami in 2021. Bringing our ultra-tailored approach to these

ultra-luxury markets for the first time means new buyer and seller opportunities in an ever-expanding market.

It’s perfect timing too; when we finished 2020, there was some anticipation that the ultra-luxury real estate boom we experienced could be boiled down to a direct effect of Covid, and that with a return to regular economic and social life, the market would return to pre-pandemic levels, too. And yet, it hasn’t. All three $10 million+ markets have grown consistently since the start of 2021, the success of one not taking from another. New York City’s growth in 2021 was inevitable from the year prior; still, what’s more, as devastating as its fall felt in 2020, 2021 has completely made the 2020 losses back up, already surpassing 2019 levels in trade quantity and volume. South Florida’s market is greater than northeasterners flocking to sunshine; buyers have returned to cities, yet are still purchasing in South Florida.

There’s much to look forward to in this year ahead. Join us in this insightful dive into the 2021 $10 million+ market.

H O P E Y O U E N J O Y.

Cody Vichinsky President, Bespoke Companies

B E S P O K E R E A L E S TAT E . C O M | 9

THE HAMPTONS $10M+ MARKET

10 | LUXURY MARKET INSIGHT

38 Association Road, Wainscott, NY SOLD BY BESPOKE: $37,000,000 Iconic Oceanfront Retreat 2 Acres+/- | 6,537 SF+/5 Beds | 5 Full & 2 Half Baths

B E S P O K E R E A L E S TAT E . C O M | 1 1

$10M+ HAMPTONS MARKET REPORT

127 Total $10M+ Trades in 2021 YTD Q1

15 TRADES

Q2

40 TRADES

Q3

32 TRADES

Q4

40 TRADES

The number of 2021 trades rose 22% from 2020 levels, with 23 more trades transacted.

12 | 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 2021 year to date.

Q1 TRADES

Q2 TRADES

Q3 TRADES

Q4 TRADES

7

24

9

*WEST OF THE CANAL

BRIDGEHAMPTON

WAINSCOTT

2 TRADES IN Q1 3 TRADES IN Q2 2 TRADES IN Q3 0 TRADES IN Q4

4 TRADES IN Q1 2 TRADES IN Q2 8 TRADES IN Q3 5 TRADES IN Q4

1 TRADES IN Q1 3 TRADES IN Q2 2 TRADES IN Q3 3 TRADES IN Q4

26

4

20

SOUTHAMPTON

SAG HARBOR

EAST HAMPTON

2 TRADES IN Q1 8 TRADES IN Q2 5 TRADES IN Q3 11 TRADES IN Q4

0 TRADES IN Q1 2 TRADES IN Q2 2 TRADES IN Q3 0 TRADES IN Q4

1 TRADES IN Q1 5 TRADES IN Q2 5 TRADES IN Q3 9 TRADES IN Q4

13

11

13

WAT E R L M I L L

SAGAPONACK

A M AG A N S E T T / M O N TAU K

2 TRADES IN Q1 4 TRADES IN Q2 5 TRADES IN Q3 2 TRADES IN Q4

2 TRADES IN Q1 6 TRADES IN Q2 2 TRADES IN Q3 1 TRADES IN Q4

1 TRADES IN Q1 7 TRADES IN Q2 1 TRADES IN Q3 4 TRADES IN Q4

*Includes Westhampton-Hampton Bays

B E S P O K E R E A L E S TAT E . C O M | 1 3

$10M+ HAMPTONS MARKET REPORT

+ $2.6B Total $10M+ Trade Volume for 2021 YTD Q1

$242M+

Q2

$879M+

Q3

$631M+

Q4

$827M+

2021 sales volume rose 20% from 2020 levels, with $421 million more worth of trades transacted.

14 | 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 theultra-luxury real estate market surveyed within the Hamptons for 2021 year to date.

Q2 TRADES

Q1 TRADES

Q3 TRADES

Q4 TRADES

90

6

$10M - $20M

$30M - $40M

$152M Q1 VOLUME $345M Q2 VOLUME $362M Q3 VOLUME $355M Q4 VOLUME

$0 Q1 VOLUME $109M Q2 VOLUME $31M Q3 VOLUME $75M Q4 VOLUME

22

9

$20M - $30M

$40M+

$90M Q1 VOLUME $126M Q2 VOLUME $94M Q3 VOLUME $218M Q4 VOLUME

$0 Q1 VOLUME $300M Q2 VOLUME $145M Q3 VOLUME $180M Q4 VOLUME

B E S P O K E R E A L E S TAT E . C O M | 1 5

Jule Pond, Hamptons, NY SOLD BY BESPOKE: $145,000,000 Oceanfront | 42 Acres | 20,000 SF+/#1 Hamptons Single Property Sale Co-Exclusive

16 | LUXURY MARKET INSIGHT

In line with our predictions in last year’s 2020 Market Report, the Hamptons’ 2021 market has not fallen back to pre-pandemic levels, but rather demand has continued to grow.

Looking at the market by region, most notable is Watermill’s tremendous growth.

On top of more than doubling the number of properties transacted, from 6 in 2020 to 13 in 2021, Water Mill’s transaction volume grew by $206 million, most notoriously led by the sale of 90 Jule Pond, whose LP of $145 mililion made it the most expensive single property sale ever recorded in the

Hamptons. Other record-breaking sales include Burnt Point, the most expensive waterfront trade sold for $47 million.

An interesting trend of 2021 is the increased popularity of the Eastern towns of Amagansett and Montauk. Typically, East Hampton or Southampton drives the market, however 2021 witnessed a 400% and 166% sales volume increase in Amagansett and Montauk, respectively.

Amagansett had a 400% increase in sales volume between 2020 and 2021.

B E S P O K E R E A L E S TAT E . C O M | 1 7

18 | LUXURY MARKET INSIGHT

“The success of the South Florida and New York markets have not drawn buyers’ attention away from the Hamptons; the success of one market has not hampered the others.”

Joe De Sane | Managing Director, Bespoke Real Estate

Until 2021, 2020 had been the highest in over a decade in both trade and volume, until 2021 surpassed it, with 23 more trades. Though skeptics feared the disproportionate increase in transaction volume was a direct response to the pandemic, the market has continued to grow even after most buyers have returned to relative normalcy in their lives; people are back in cities.

Burnt Point, Wainscott, NY Waterfront | 25 Acres | 25,000 SF+/#1 Hamptons Waterfront Sale Bespoke Exclusive

“The success of the South Florida and New York markets have not drawn buyers’ attention away from the Hamptons; the success of one market has not hampered the others, a remarkable development given the niche market size of $10 million+ homeowners,” says Joe De Sane, Managing Director of Bespoke Real Estate. It suggests two things: first, that individuals with capital to do so found this past year, with historically low-interest rates, the perfect time to buy, perhaps in multiple places within a two-year span, according to the data. Second, that there is a new pool of buyers in the $10 million+ market that will continue to keep demand on the rise.

Still, the question remains whether quality inventory will arise to meet the demand.

B E S P O K E R E A L E S TAT E . C O M | 1 9

Y E A R O V E R Y E A R C O M PA R I S O N

HAMPTONS $10M+ MARKET

LISTINGS

VOLUME

TRADES

VOLUME

2021

LISTINGS

BY PRICE POINT

BY V I N TAG E

BY SETTING

2020 TRADES

OCEANFRONT

26

$906,563,726

21

$815,388,600

WATERFRONT

17

$269,290,999

29

$613,510,000

INLAND

61

$983,313,190

77

$1,151,318,500

TOTAL

104

$2,159,167,915

127

$2,580,217,100

NEW CONSTRUCTION

20

$394,333,000

29

$525,057,500

LAND/TEARDOWN

28

$591,875,190

36

$737,000,000

TURN-KEY

56

$1,172,950,725

62

$1,318,159,600

TOTAL

104

$2,159,158,915

127

$2,580,217,100

$10M - $20M

74

$1,044,038,189

90

$1,214,718,500

$20M - $30M

14

$326,440,000

22

$527,080,000

$30M - $40M

5

$178,995,000

6

$213,995,000

$40M+

11

$609,685,726

9

$624,423,600

TOTAL

104

$2,159,158,915

127

$2,580,217,100

20 | LUXURY MARKET INSIGHT

VOLUME

LISTINGS

VOLUME

2021 TRADES

LISTINGS

BY LO C AT I O N

2020 TRADES

WEST OF THE CANAL

7

$109,682,000

7

$101,416,000

SOUTHAMPTON

32

$814,599,726

26

$571,848,600

WATER MILL

6

$77,194,999

13

$328,480,000

BRIDGEHAMPTON

6

$85,597,000

4

$52,195,000

SAG HARBOR

13

$232,330,000

24

$443,940,000

SAGAPONACK

13

$215,403,190

11

$156,672,500

WAINSCOTT

5

$108,745,000

9

$286,695,000

EAST HAMPTON

18

$452,812,000

20

$408,335,000

AMAGANSETT/MONTAUK

4

$62,795,000

13

$230,635,000

TOTAL

104

$2,159,158,915

127

$2,580,217,100

B E S P O K E R E A L E S TAT E . C O M | 2 1

THE MANHATTAN $10M+ MARKET

22 | LUXURY MARKET INSIGHT

71 Laight Street, 6C, Tribeca, NY SOLD BY BESPOKE: $14,495,000 4,200 SF+/- | 4 Beds | 4 Full and 1 Half Baths Bespoke Exclusive.

B E S P O K E R E A L E S TAT E . C O M | 2 3

$ 1 0 M + M A N H AT TA N MARKET REPORT

279 Total $10M+ Trades in 2021 YTD Q1

34 TRADES

Q2

72 TRADES

Q3

99 TRADES

Q4

74 TRADES

The number of 2021 trades rose 66% from 2020 levels, with 111 more trades transacted.

24 | 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 of 7 total locations surveyed within the Manhattan $10M+ real estate market for 2021 year to date.

Q2 TRADES

Q1 TRADES

Q3 TRADES

Q4 TRADES

21

26

DOWNTOWN EAST

MIDTOWN WEST

4 TRADES IN Q1 5 TRADES IN Q2 6 TRADES IN Q3 6 TRADES IN Q4

3 TRADES IN Q1 7 TRADES IN Q2 9 TRADES IN Q3 7 TRADES IN Q4

112

59

DOWNTOWN WEST

UPPER EAST SIDE

12 TRADES IN Q1 29 TRADES IN Q2 42 TRADES IN Q3 29 TRADES IN Q4

10 TRADES IN Q1 12 TRADES IN Q2 21 TRADES IN Q3 16 TRADES IN Q4

19

42

MIDTOWN EAST

UPPER WEST SIDE

2 TRADES IN Q1 7 TRADES IN Q2 5 TRADES IN Q3 5 TRADES IN Q4

3 TRADES IN Q1 12 TRADES IN Q2 16 TRADES IN Q3 11 TRADES IN Q4

B E S P O K E R E A L E S TAT E . C O M | 2 5

$ 1 0 M + M A N H AT TA N MARKET REPORT

+ $5B Total $10M+ Trade Volume for 2021 YTD Q1

$713M+

Q2

$ 1 .1 B +

Q3

$ 1 .7 B +

Q4

$1.3B+

2021 sales volume rose 59% from 2020 levels, with $1.7 billion more worth of trades transacted.

26 | 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 2021 year to date.

Q2 TRADES

Q1 TRADES

Q3 TRADES

Q4 TRADES

232

15

$10M - $20M

$30M - $40M

$315M Q1 VOLUME $893M Q2 VOLUME $ 1 .1 B Q 3 V O L U M E $714M Q4 VOLUME

$37M Q1 VOLUME $63M Q2 VOLUME $240M Q3 VOLUME $168M Q4 VOLUME

32

9

$20M - $30M

$40M+ $167M Q1 VOLUME $97M Q2 VOLUME $92M Q3 VOLUME $149M Q4 VOLUME

$194M Q1 VOLUME $77M Q2 VOLUME $251M Q3 VOLUME $279M Q4 VOLUME

B E S P O K E R E A L E S TAT E . C O M | 2 7

It’s not surprising that the New York City $10 million+ luxury market is making a comeback. Between 2020 and 2021, the historic rush out of the city in 2020 led to a market that favored buyers, resulting in immense demand very quickly by the end of 2021. All of a sudden, New York City homes rapidly transformed from being a buyer’s deal haven to a seller’s paradise.

28 | LUXURY MARKET INSIGHT

Like in other markets, this massive peak in trades exists because the pool of homes in the $10 million+ category itself got larger; homes that had been on the market in the $7 to $10 million range have just summitted over the $10 million benchmark, due to such high buyer demand. The surge of sales in New York in the $10-$20 million range points to this.

37 of all 42 transactions over $10 million in New York City fell in the $10-$20 million price category in 2021.

Still, record-breaking trades in 2021 can also be attributed to a buildup of quality supply in 2020, where many sellers of legacy properties across all price ranges felt uncomfortable listing in a downturned market.

137 Franklin Street, Tribeca, NY SOLD BY BESPOKE: $9,999,999 3 Levels + Rooftop | 4,000 SF+/4 Beds | 4 Full & 3 Half Baths Bespoke Exclusive

B E S P O K E R E A L E S TAT E . C O M | 2 9

2021’s $10 million+ New York City sales have already surpassed 2019 levels, by 18 more trades.

“When the market showed not only a renewed but vigorous interest, many sellers were eager to list again, resulting in historically high trade volume growth,” says Kristin Lukic, Portfolio Manager of Bespoke Real Estate Manhattan. Despite the speed at which New York City trades fell between 2019 and 2020, from 261 sales to 168 (-35%), and despite how catastrophic it seemed at the time, $10 million+ New York City sales have already surpassed 2019 levels, which was then considered a flourishing market. There were 279 properties sold in 2021, 18 more than in 2019.

One particularly fascinating albeit unexpected trend: there was a 200% increase in Upper West Side transactions, particularly in the $10-$20 million range (most of the region’s inventory falls in this range). “This is likely because of the increased listings reaching over the $10 million mark,” says Lukic. Historically, the Upper East Side commands the lion’s share of the city’s ultra-luxury market and continued through both 2020 and 2021 to host 4 of the top 5 trades of the year, with a last asking price of $79 million for a neoclassical townhouse on 69th street.

We expect to see the strength of the $20million+ market growth this year, with an increase of apex new development residences finding buyers.

30 | LUXURY MARKET INSIGHT

Charles Street, West Village, NY West Village Mansion Concept 51’ Wide Townhouse | 4 Levels | 18,000 SF+/6 Beds | 12 Full Baths Bespoke Exclusive. LP – $80,000,000

67 Vestry Street, THN, Tribeca, NY SOLD BY BESPOKE: $10,150,000 Townhouse | 3,678 SF+/- | 4 Beds | 3 Full & 1 Half BathsBespoke Exclusive

B E S P O K E R E A L E S TAT E . C O M | 3 1

Y E A R O V E R Y E A R C O M PA R I S O N

MANHATTAN $10M+ MARKET

LISTINGS

VOLUME

TRADES

VOLUME

2021

LISTINGS

BY PRICE POINT

BY V I N TAG E

BY TYPE

2020 TRADES

SINGLE FAMILY

130

$2,405,511,674

212

$3,598,635,295

TOWNHOUSE

38

$636,714,000

67

$1,236,916,500

TOTAL

168

$3,042,225,674

279

$4,835,551,795

NEW CONSTRUCTION

62

$1,163,901,960

47

$950,892,490

TURN-KEY

106

$1,878,323,714

232

$3,884,659,305

TOTAL

168

$3,042,225,674

279

$4,835,551,795

$10M - $20M

128

$1,727,724,455

223

$3,021,865,555

$20M - $30M

23

$565,920,000

32

$800,885,990

$30M - $40M

8

$275,075,000

15

$508,640,250

$40M+

9

$473,506,219

9

$504,160,000

TOTAL

168

$3,042,225,674

279

$4,835,551,795

32 | LUXURY MARKET INSIGHT

VOLUME

LISTINGS

VOLUME

2021 TRADES

LISTINGS

BY LO C AT I O N

2020 TRADES

DOWNTOWN EAST

18

$266,070,000

21

$341,079,000

DOWNTOWN WEST

60

$1,000,055,495

112

$1,861,595,533

MIDTOWN EAST

12

$195,090,000

19

$283,669,548

MIDTOWN WEST

27

$783,501,219

26

$464,124,974

UPPER EAST SIDE

37

$568,273,960

59

$1,203,389,990

UPPER WEST SIDE

14

$229,235,000

42

$682,692,750

TOTAL

168

$3,042,225,674

279

$4,836,551,795

B E S P O K E R E A L E S TAT E . C O M | 3 3

SOUTH FLORIDA $10M+ MARKET

34 | LUXURY MARKET INSIGHT

Eighty Seven Park, #1601, Miami Beach, FL SOLD BY BESPOKE: $11,400,000 Luxury Condominium | 3,162 SF+/- | 4 Beds 3 Full & 1 Half Baths Bespoke Exclusive

B E S P O K E R E A L E S TAT E . C O M | 3 5

$10M+ SOUTH FLORIDA MARKET REPORT

384 Total $10M+ Trades in 2021 YTD Q1

89 TRADES

Q2

146 TRADES

Q3

71 TRADES

Q4

78 TRADES

The number of 2021 trades rose 118% from 2020 levels, with 208 more trades.

36 | 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 illustrates the total sales quantity and volume within the ultraluxury real estate market surveyed within South Florida for 2021 year to date.

Q1 TRADES

Q2 TRADES

Q3 TRADES

Q4 TRADES

156 PA L M B E A C H C O U N T Y 26 TRADES IN Q1 62 TRADES IN Q2 33 TRADES IN Q3 35 TRADES IN Q4

228 MIAMI-DADE COUNTY 63 TRADES IN Q1 84 TRADES IN Q2 38 TRADES IN Q3 43 TRADES IN Q4

B E S P O K E R E A L E S TAT E . C O M | 3 7

$10M+ SOUTH FLORIDA MARKET REPORT

+ $7.8B Total $10M+ Trade Volume for 2021 YTD Q1

$ 1 .7 B +

Q2

$2.9B+

Q3

$ 1 .7 M +

Q4

$1.6B+

2021 sales volume rose 156% from 2020 levels, with $4.7 billion more worth of trades transacted.

38 | 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 or 2021 year to date.

Q2 TRADES

Q1 TRADES

Q3 TRADES

Q4 TRADES

262

29

$10M - $20M

$30M - $40M

$906M Q1 VOLUME $1.5B Q2 VOLUME $537M Q3 VOLUME $765M Q4 VOLUME

$38M Q1 VOLUME $397M Q2 VOLUME $341M Q3 VOLUME $241M Q4 VOLUME

73

20

$20M - $30M

$40M+

$419M Q1 VOLUME $615M Q2 VOLUME $410M Q3 VOLUME $351M Q4 VOLUME

$311M Q1 VOLUME $375M Q2 VOLUME $383M Q3 VOLUME $202M Q4 VOLUME

B E S P O K E R E A L E S TAT E . C O M | 3 9

2021 Q2 had 146 trades, nearing the entirety 2020 sales quantity of 176 in just one quarter.

40 | LUXURY MARKET INSIGHT

South Florida’s ultra-luxury market has experienced tremendous growth over the last few years, the most rapid of any state in terms of sales volume and sales quantity.

Between 2020 and 2021, there was a 118% increase in the number of $10M+ properties sold in the region.

The reason for the major increase in both quantity and volume is revealed by the quarterly data. Quarterly migratory patterns indicate that traditionally, buyers tend to transact in South Florida homes between April and June, to prepare for a summer

outside the city. Yet the spring of 2020 delayed these purchases, with only 30 and 31 sales made in the first two quarters of 2020, respectively, resulting in a stronger Q3 and Q4 Florida market.

The surge continued into the first half of 2021, particularly in Q2, which saw 146 trades in just one quarter. For context, the entire year of 2020 transacted 176 properties.

In the second half of 2021, the surge relaxed to 81 and 87 trades in Q3 and Q4, respectively.

57 Ocean, #1003-1004, Miami, FL SOLD BY BESPOKE: $8,500,000 3,474 SF+/- | 4 Beds | 5 Full & 1 Half Baths

B E S P O K E R E A L E S TAT E . C O M | 4 1

With customary migration patterns and four consecutive successful quarters, the sonic and steady growth of South Florida is projected to last well into 2022.

Harlan Goldberg | President, Bespoke Real Estate South Florida

Rather than falling back into the average trade quantity before the pandemic— around 30 per quarter—we believe that 80 or so transactions per quarter will be the new normal for the region for the foreseeable future. Without major tax regulation changes or artificial interest rate hikes in 2021, a return to pre-pandemic trade levels would have happened already if it were going to, yet the demand for $10 million+ properties

42 | LUXURY MARKET INSIGHT

in the region continues to be very strong.

“With customary migration patterns and four consecutive successful quarters, the sonic and steady growth of South Florida is projected to last well into 2022,” says Harlan Goldberg, President of Bespoke Real Estate South Florida.

One result of increased demand in the market could also be the cause of increased quantity, in the sense that many

Eighty Seven Park, #1601, Miami Beach, FL SOLD BY BESPOKE: $11,400,000 Luxury Condominium | 3,162 SF+/- | 4 Beds 3 Full & 1 Half Baths Bespoke Exclusive

homes in the $7 million to $10 million range have increased in price, thereby becoming part of our analysis and the reason for what appears to be increased trading quantity.

Another result of the demand is keenly revealed by the Palm Beach market.

Notorious listings of $50 million and above, many of which were in Palm Beach, had a 645% increase in sales. “Many of the properties had been on the market for

some time, and 2021’s demand allowed them to finally transact,” says Goldberg.

Additionally, longtime homeowners, like those in Palm Beach, where the median age is 70 years, have been able to capitalize on the fortified seller’s market, adding to the number of $10million+ transactions.

With active demand from perhaps more patient buyers, we expect to see quality inventory meet expedient absorption as it becomes available in 2022.

B E S P O K E R E A L E S TAT E . C O M | 4 3

Y E A R O V E R Y E A R C O M PA R I S O N

SO. FLORIDA $10M+ MARKET

LISTINGS

VOLUME

TRADES

VOLUME

2021

LISTINGS

BY RYPE

BY V I N TAG E

BY SETTING

2020 TRADES

OCEANFRONT

39

$755,519,039

99

$2,370,624,100

WATERFRONT

114

$1,968,858,611

235

$4,487,164,499

INLAND

23

$318,941,409

50

$945,067,959

TOTAL

176

$3,043,319,059

384

$7,802,856,558

NEW CONSTRUCTION

64

$1,071,969,345

97

$1,907,244,000

LAND/TEARDOWN

30

$494,831,991

41

$824,121,600

TURN-KEY

82

$1,476,517,723

246

$5,071,490,958

TOTAL

176

$3,043,319,059

384 $7,802,856,558

SINGLE FAMILY

33

$502,281,257

78

$1,438,374,000

TOWNHOUSE

143

$2,541,037,802

306

$6,364,482,558

TOTAL

176

$3,043,319,059

384

$7,802,856,558

44 | LUXURY MARKET INSIGHT

VOLUME

LISTINGS

VOLUME

2021 TRADES

LISTINGS

BY PRICE POINT

BY LO C AT I O N

2020 TRADES

PALM BEACH COUNTY

78

$1,386,236,926

156

$3,675,382,959

MIAMI-DADE COUNTY

98

$1,657,081,033

228

$4,127,473,599

TOTAL

176

$3,043,317,959

384

$7,802,856,558

$10M - $20M

131

$1,724,850,144

262

$3,719,731,558

$20M - $30M

29

$665,241,575

73

$1,795,545,000

$30M - $40M

10

$348,751,540

29

$1,016,495,000

$40M+

6

$304,475,800

20

$1,271,085,000

TOTAL

176

$3,043,319,059

384

$7,802,856,558

B E S P O K E R E A L E S TAT E . C O M | 4 5

I N V I TAT I O N

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