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TRENDS MIAMI BEACH I EDGEWATER 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

Patrick Vysata Broker Associate

305.527.8784 pvysata@onesothebysrealty.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

Miami Beach

Waterfront Properties

Condos

# of Transactions

Average Sales Price

Median Sales Price

Average $ / Sq Ft

Mid-Year 2012

980

$715,121

$345,450

$596

Mid-Year 2013

997

$791,001

$400,000

$664

Change

2%

11%

16%

12%

The Miami Beach waterfront condo market saw an increase of 12% in the average price per square foot from the same time last year. No expense is being spared in a handful of new projects coming to Miami Beach, many of which have already broken ground. With the bar being raised by developers, our eyes are on these new communities that are attracting affluent endusers that are expecting nothing but the best. Along with new street-scape projects, Miami Beach just keeps getting better.

800 S Pointe Drive #1403, Miami Beach Offered at $8,250,000

Edgewater Cool, hip, trendy, and an amazing value: welcome to Edgewater, where property values are exploding and skyscrapers are rising. It’s the latest sign of a revitalized real estate market. This area, which will soon be home to at least 5 new luxury high rises, grows in popularity due to its proximity to Downtown and the Design District. With some of the best water views Miami has to offer, Edgewater is well on its way to being “the place to live”!

2020 N Bayshore Drive #2006, Edgewater Offered at $1,450,000

Waterfront Properties

Condos

# of Transactions

Average Sales Price

Median Sales Price

Average $ / Sq Ft

Mid-Year 2012

115

$280,561

$233,000

$254

Mid-Year 2013

148

$359,336

$302,500

$332

Change

29%

28%

30%

31%

Downtown

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

302

$448,919

$365,000

$387

Change

4%

28%

18%

32%

What a difference a year can make in what is known as the Manhattan of the South. Exciting new buildings such as the ultra luxurious One Thousand Museum by Zaha Hadid will break ground soon, along with projects like Museum Park that will change the face of this vibrant cityscape. With an increase of average price per square foot of 32%, and new developments on the horizon, we can anticipate values will continue to climb in this world-class waterfront city.

200 Biscayne Blvd Way #4807, Downtown Offered at $1,525,000


MIAMI BE ACH

SEAMLESS LUXURY LIVING 18 FLOORS 10 RESIDENCES 360º VIEWS GLASS120OCEAN.COM PRICES STARTING AT $7 MILLION

Representation by ONE Sotheby’s International Realty Owned and Developed by Terra Group

TRENDS IS PROVIDED BY: Patrick Vysata Broker Associate 305.527.8784 pvysata@onesothebysrealty.com

onesothebysrealty.com

Source: Trendgraphix.com and Southeast Florida Regional MLS 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.


Patrick Vysata TRENDS Mid-Year 2013 Update