2021-YOY-BRE_Market-Report-SOUTH_FLORIDA

SOUTH FLORIDA Q3 2021

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

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M A N H AT TA N

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SOUTH FLORIDA

VISION

To serve our community by creating the most effective luxury marketplace that precisely pairs the world’s finest offerings with their most qualified audiences.

We are grateful to be of value.

Over $6Billion in $10Million+ Transactions

®

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.

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.

As the sole curator of national $10M+ market reports, we ensure that the Bespoke client is the most informed.

POWERED BY BESPOKE LUXURY MARKETING

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.

Bespoke’s sister company, known for representing the worldʼs most prestigious brands, builds compelling campaigns for our clientsʼ properties.

P E R P E T U A L LY E X P A N D I N G NETWORK

R E S U LT S 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.

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.

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

02

INTRODUCTION

10

EXECUTIVE SUMMARY

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T H E S O U T H F LO R I DA $ 1 0 M + M A R K E T R E P O RT

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Q3 2020/2021 MARKET HIGHLIGHTS

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Q 3 2 0 2 0 / 2 0 2 1 C O M PA R I S I O N D ATA

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I N V I TAT I O 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.

10 | LUXURY MARKET INSIGHT

Q3 2021 $10M+ REPORT

EXECUTIVE SUMMARY SOUTH FLORIDA

In 2020, we witnessed a booming Q3 market, with some of the greatest sales quantities and volumes we’ve ever seen. As we face the fourth quarter of 2021, with markets having found grounding from the last year’s volatility, our corner of the luxury world continues to perform consistent with 2020’s highs. Now steadily and healthily on the rise, Bespoke’s core $10 million+ markets, including Manhattan, the Hamptons, and South Florida, have outpaced their records.

We, too, have outperformed our records as we approach $1.5 billion in $10 million+ trades in 2021.

In this report—the only one of its kind in the $10 million+ market—we look at Q3 2021 performance compared to that of 2020, using the third-quarter performance of closed trades as a reflection of overall market trends, it reveals that buyers are here to stay. There were 152 $10 million+ trades in the third quarter, 67% more transactions than this time last year; those trades sold for 68% more than last year.

While all price segments have grown, we’ve seen a particular uptick in the number of

homes purchased in the $10-$15 million range due to stronger demand and quality inventory than higher price points. Among our existing client network, there’s been an increased demand for New York City properties, far from the trends of this time last year, as well as steady demand from buyers from the Northeast looking for quality turn-key inventory in South Florida.

This continued interest makes for an optimistic upcoming fourth quarter. As other outlets portray a sweeping narrative of the luxury market, our team is more focused than ever on providing quality service, actionable insight, and high value for the growing $10 million+ real estate market. Join us as we delve into why the $10 million+ market has performed as it has and what we’re looking forward to as we embark on Q4 and 2022.

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 | 1 1

SOUTH FLORIDA $10M+ MARKET

12 | LUXURY MARKET INSIGHT

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

$10M+ SOUTH FLORIDA MARKET REPORT

279 Total $10M+ Trades in 2021 YTD Q1

79 TRADES 140 TRADES

Q2 Q3

60 TRADES

In the third quarter of 2021 South Florida held a steady 25% increase in sales quantity as compared with Q3 2020.

14 | 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 the 2 locations surveyed within the South Florida $10M+ real estate market for 2021 year to date.

Q1 TRADES

Q2 TRADES

Q3 TRADES

116

PA L M B E A C H C O U N T Y 27 TRADES IN Q1 60 TRADES IN Q2 29 TRADES IN Q3

163

MIAMI-DADE COUNTY 52 TRADES IN Q1 80 TRADES IN Q2 31 TRADES IN Q3

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

$10M+ SOUTH FLORIDA MARKET REPORT

+ $5.4B Total $10M+ Trade Volume for 2021 YTD Q1 Q2 Q3

$1.6B+ TRADE VOLUME $2.5B+ TRADE VOLUME $1.3B+ TRADE VOLUME

The South Florida market showed a 48% increase in sales volume and an 18% increase in the average last ask price.

16 | 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.

Q1 TRADES

Q2 TRADES

Q3 TRADES

197

18

$10M-$20M

$30M-$40M

$755M Q1 VOLUME $1.5B Q2 VOLUME $490M Q3 VOLUME

$38M Q1 VOLUME $328M Q2 VOLUME $272M Q3 VOLUME

51

13

$20M-$30M

$40M+

$408M Q1 VOLUME $535M Q2 VOLUME $284M Q3 VOLUME

$360M Q1 VOLUME $125M Q2 VOLUME $296M Q3 VOLUME

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

Perennially in the national spotlight over the last year, the South Florida market has sustained its rapid growth since the Northeast exodus of last year. The market, predominantly Palm Beach and Miami-Dade County, held a 25% increase in sales quantity, with a 47.96% increase in sales volume and a 18.38% increase in average last ask price. Though Miami

18 | LUXURY MARKET INSIGHT

performed similarly year over year, Palm Beach’s growth shifted the momentum of the South Florida market forward, with substantial gains in quantity, volume and last ask price.

In Palm Beach, sales quantity rose by 32% from Q3 2020 to Q3 2021, from 16 to 29, and volume by 30%, to $158 million.

Miami-Dade County was an anomaly among all the markets analyzed in this report: though there was a slight decrease in the number of transactions, more trades occurred in the $20-$30 million price range.

Brickell Flatiron, Miami, FL Designer Ready Penthouse 3 Levels | 10,642 SF+/6 Beds | 7 Full & 2 Half Baths Bespoke Exclusive. LP – $22,500,000

For context, 2020 itself was a recordbreaking year for Palm Beach, having traded more $10 million+ properties than the entire state of Florida the year prior.

The average last ask price was $24.5 million, largely carried by a new supply of waterfront trades.

Miami-Dade County was an anomaly among all the markets analyzed in this report: though there was a slight decrease in the number of transactions, more trades occurred in the $20-$30 million price range, a stark difference compared to most markets in the report that saw a new wave of buyers in the lower ranges.

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

“In Miami, we’re still seeing strong demand of buyers from the Northeast, many of whom already held $10 million+ properties and are venturing South.”

Harlan Goldberg | President of Bespoke Florida

20 | LUXURY MARKET INSIGHT

To be specific, despite the 3% decrease in sales quantity, there was a 7% increase in sales volume, totaling $630,579,100 in 2021 Q3, and 10.5% increase in average last ask price, to $20,341,261, indicating fewer, but more expensive sales.

“In Miami, we’re still seeing strong demand of buyers from the Northeast, many of whom already held $10 million+ properties and are venturing South,” said Harlan Goldberg, President of Bespoke Florida. “We expect that to continue throughout 2022.”

121 Nurmi Drive, Fort Lauderdale, FL Modern New Construction: Nurmi Isles Waterfront 100’ Water Frontage | 6,447 SF+/3 Beds | 4 Full & 2 Half Baths Bespoke Exclusive. LP – $10,000,000

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

Q3 YEAR OVER YEAR SOUTH FLORIDA MARKET

SOLD & IN CONTRACT HIGHLIGHTS

62%

of all Miami-Dade trades were Waterfront

66%

increase in Land/Teardown trades YoY for Q3 in Miami-Dade

30%

increase in sold volume YoY for Q3 in Palm Beach County

83%

increase in waterfront trades YoY for Q3 in Palm Beach County

®

22 | LUXURY MARKET INSIGHT

2000 S. Ocean Drive, Hallandale Beach, FL Penthouse Residence 360° Water Views | 6,781 SF+/5 Beds | 6 Full & 1 Half Baths Bespoke Exclusive. LP – $10,000,000

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

Q 3 Y E A R O V E R Y E A R C O M PA R I S O N

LISTINGS

VOLUME

Q3 2021 TRADES

VOLUME

Q3 2020 TRADES

LISTINGS

BY TYPE

BY V I N TAG E

BY SETTING

SOUTH FLORIDA $10M+ MARKET

OCEANFRONT

13

$290,520,000

17

$440,777,100

WATERFRONT

29

$545,680,312

39

$815,189,000

INLAND

6

$71,039,000

4

$86,550,000

TOTAL

48

$907,239,312

60

$1,342,516,100

NEW CONSTRUCTION

19

$302,693,012

6

$203,345,000

LAND/TEARDOWN

3

$38,000,000

18

$398,847,100

TURN-KEY

26

$566,546,300

36

$740,324,000

TOTAL

48

$907,239,312

60

$1,342,516,100

SINGLE FAMILY

8

$102,882,500

6

$150,030,000

TOWNHOUSE

40

$804,356,812

54

$1,192,486,100

TOTAL

48

$907,239,312

60

$1,342,516,100

24 | LUXURY MARKET INSIGHT

VOLUME

LISTINGS

VOLUME

Q3 2021 TRADES

LISTINGS

BY PRICE POINT

BY COUNTY

Q3 2020 TRADES

PALM BEACH COUNTY

16

$318,418,612

29

$711,937,000

MIAMI-DADE COUNTY

32

$588,820,700

31

$630,579,100

TOTAL

48

$907,239,312

60

$1,342,516,100

$10M - $20M

31

$406,834,512

35

$490,946,100

$20M - $30M

11

$254,979,000

12

$283,970,000

$30M - $40M

3

$101,550,000

8

$271,600,000

$40M+

3

$143,875,800

5

$296,000,000

TOTAL

48

$907,239,312

60

$1,342,516,100

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

I N V I TAT I O N

LIST WITH THE $10M+ EXPERTS Experience the change that Bespoke represents, placing more specialized resources, more value, and more compelling results in the hands of our clients.

Over $8B in $10M+ Transactions.

Our client-centric brand breaks the rules and redefines industry standards; we believed you deserved better, so we built a data-driven platform that delivers unprecedented access to the most sophisticated resources and precisely pairs the world’s finest offerings with their most qualified buyers.

Contact us to learn more.

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

PROMISE

Purposefully work to overdeliver

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