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TRENDS BRICKELL I DOWNTOWN

2013

M I D -Y E A R

UPDATE


M I D -Y E A R U P DAT E

2013

And the Beat goes on The beat goes on as the Miami real estate market continues to be on the upswing. Inventory continues to drop and the number of sales continue to increase, resulting in price increases. The shadow inventory finally came onto the market in the first six months of 2013, with an increase in inventory of 30% over the same six months in 2012. These foreclosures primarily impact the under $300,000 market segment. Short sales moved in the opposite direction, with a dramatic 77% reduction in inventory. Overall, these distressed properties only represent 16% of what is available for sale. New construction is coming on line with new projects being introduced each month, but the question remains: will there be enough resale inventory to keep pace with the demand? In the meantime, expect prices to continue to rise through the rest of 2013.

Presented by

Nirka Burns Estate Agent

305.562.1665 nburns@onesothebysrealty.com www.nirkaburns.com

Average Sales Price

4

Miami-Dade County

Single Family Homes

Condos

$600,000

$500,000

$400,000

$300,000

HOW LOW CAN YOU GO?

$200,000

$100,000

$0

Jan

Feb

Mar

Apr

May

Jun

As the inventory of single family homes dips to a scarce 4 month supply, the chances of finding a house are down about 25% from the same time last year. Keep on looking as about 2000 new homes come on the market each month. Source: Trendgraphix

The overall Average Sales Price for all sold properties in Miami Dade County is $358,000 for the first six months of 2013, up 13.6% from the same time period in 2012. Source: Trendgraphix


IN DEPTH COMMUNITY PROFILE

Brickell What an exciting year for Brickell! With construction of Brickell CityCenter well underway and near completion of My Brickell, the first condo built after the market crisis, property prices increased dramatically: average sales prices for waterfront properties increased 26%, and non-waterfront condo prices increased by 24%. The rental market increased significantly as well as population grew but inventory of available units decreased, which in turn pushed rental prices up. With condos like SLS Brickell, The Bond and Echo Brickell breaking ground soon, Brickell is starting to solidify its status as the Manhattan of the South. A live and work neighborhood with restaurants like Cipriani and high-end retail stores like Louis Vuitton moving in, this area is bound to further climb in years to come.

Waterfront Properties # of Transactions Condos

Average Sales Price

Median Sales Price

Average $ / Sq Ft

Mid-Year 2012

367

$449,991

$320,000

$350

Mid-Year 2013

374

$565,734

$416,500

$427

Change

2%

26%

30%

22%

Non-Waterfront Properties

Condos

# of Transactions

Average Sales Price

Median Sales Price

Average $ / Sq Ft

Mid-Year 2012

179

$281,666

$260,000

$294

Mid-Year 2013

179

$348,984

$315,000

$344

Change

0%

24%

21%

17%

Four Seasons Residences #63E Offered at $3,500,000

Downtown Downtown Miami is back on the map as a thriving real estate market. With 93 percent of the 23,000 condo units built between 2003 and 2012 already sold, the values and sales prices of the remaining inventory in Downtown Miami have skyrocketed. The average sales per square foot on waterfront properties jumped 32%, while non-waterfront properties saw a 41% increase in the first half of 2013 compared to the same time a year ago. Big changes are happeining in Downtown. A new mixed-use development called the Miami World Center will include retail, entertainment, restaurants, hotel, and a sprawling 500,000 square foot convention center, which will be built just steps away from Pritzker-Prize winning architect Zaha Hadid’s first residential tower in the Western Hemisphere, One Thousand Museum. The future looks bright for Downtown Miami, which is quickly becoming one of the most exciting places to live.

200 Biscayne Blvd Way #4807, Miami $1,525,000

Waterfront Properties

Condos

# of Transactions

Average Sales Price

Median Sales Price

Average $ / Sq Ft

Mid-Year 2012

289

$351,936

$310,000

$293

Mid-Year 2013

300

$449,645

$365,000

$387

Change

4%

28%

18%

32%

Non-Waterfront Properties

Condos

# of Transactions

Average Sales Price

Median Sales Price

Average $ / Sq Ft

Mid-Year 2012

152

$211,907

$181,000

$220

Mid-Year 2013

164

$299,690

$235,500

$313

Change

8%

41%

30%

42%


As Pritzker Prize-Winning architect Zaha Hadid’s first residential tower in the Western Hemisphere, One Thousand Museum is destined to redefine Miami’s skyline.

SALES REPRESENTATION EXCLUSIVELY BY

ONE Sotheby’s International Realty

TRENDS IS PROVIDED BY: Nirka Burns Estate Agent 305.562.1665 nburns@onesothebysrealty.com www.nirkaburns.com

onesothebysrealty.com Source: Trendgraphix.com and Southeast Florida Regional MLS Front Cover Photo Credit: Kevin Coster

This material is based upon information that we consider reliable, but because it has been supplied by third parties, we cannot represent that it is accurate or complete, and it should not be relied upon as such. This offering is subject to errors, omissions, changes, including price, or withdrawal without notice. ©MMXIII Sotheby’s International Realty Affiliates LLC. All Rights Reserved. An Equal Opportunity Company. Equal Housing Opportunity.


Nirka Burns TRENDS Mid-Year 2013 Update