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Last year's TRENDS report produced by Integra Realty Resources (IRR) and ONE Sotheby's International Realty provided our residential forecast for 2017. We noted continued strength in the Florida economy, which favored a positive outlook for the year with no imminent distress in the equity and debt markets. We forecasted that buyers would “come off the bench” in 2017 as interest rates increased, and in fact, the actual 2017 volume of trades was positive despite the loss of three or four weeks due to Hurricane Irma. We forecasted that the $1- to $5-million product would need to get aggressive on pricing, particularly its waterfront segment, to meet the market. The single-family segments in both Broward and Miami-Dade saw level pricing and a modest uptick in volume. The condo market experienced a deeper price retreat and slightly lower volumes. This year, IRR and ONE Sotheby’s International Realty are pleased to announce our expansion of the market report coverage into Palm Beach and Martin Counties. We compiled these statistics, including the time series data, to allow comparison of the markets across all South Florida counties, with a specific emphasis in Palm Beach on gated golf communities and overall macro trends. The three primary South Florida counties are becoming more economically integrated and, therefore, regional trends are emerging based on the economic growth in the region. In the next five years, the impact of the Brightline high-speed commuter rail linking Miami, Fort Lauderdale and West Palm Beach is expected to have a profound impact on housing choices as rail commuting between the urban centers becomes more convenient. This likely favors the suburban single-family communities in Broward and Palm Beach and will boost all urban locales attracting younger urban dwellers. The luxury markets appear to be working in tandem across all counties, although Broward and Palm Beach are attracting a deeper pool of high-net-worth buyers. Miami-Dade continues to stand out, however, owing much to its dominance in attracting international buyers. Our 2018 forecast must reflect the current perception of economic conditions. Many worry about the length of the continued economic expansion and most economists confirm that economic growth in 2018 remains all but assured, albeit at a moderate 2.2% to 2.5% growth target. Residential construction in Miami-Dade started to slow in 2016, so the remaining pipeline of new major projects will finish construction in 2018 and early 2019. The Broward and Palm Beach new development pipeline was also cautious in 2016–2017. This is good news throughout South Florida since demand will be focused on buying existing inventory, which will continue to support reasonable pricing and new project deliveries will not face much new competition. We identified in the 2016 report that changes were afoot, with condo pricing re-trenching. This continued into 2017. We predict a positive outlook for residential volumes with modest pricing increases in 2018 with an associated burn-off of inventory (higher overall volumes) through year-end. The volumes will be driven by three core factors; 1. Retirees return to Florida following their cash-out of strong US housing prices and record stock-market gains in the past 18 months, 2. Business investment continues to fuel hiring and core growth in South Florida economy, and 3. Foreign investment returns as global economic conditions improve and the US remains a long-term safe haven. We hope the report is useful as you explore the continued dynamics of the South Florida real estate market.

DANIEL DE LA VEGA

ANTHONY M. GRAZIANO, MAI, CRE

President & Managing Partner ONE Sotheby’s International Realty

Senior Managing Director Integra Realty Resources


Table of Contents | The Neighborhoods Miami-Dade County Miami’s South End

08

26

Miami Islands

Coconut Grove

Bay Harbor Islands

Coral Gables

Indian Creek

Cocoplum

Normandy Isles

Gables Estates

La Gorce

Old Cutler Bay

Sunset Islands

Ponce-Davis & High Pines

Venetian Islands

Snapper Creek Lakes

Palm/Hibiscus/Star

Pinecrest

Fisher Island

Deering Bay

Key Biscayne

Palmetto Bay

Miami’s North End

Downtown Miami

28

36

16

38

20

Aventura

Midtown

Golden Beach

Edgewater

Bal Harbour

Downtown Miami

Surfside

Brickell

Sunny Isles

Brickell Key

Miami Beach

12

34

Broward County

South Beach

Broward’s South End

Mid Beach

Hollywood Beach

North Bay Road Pine Tree Drive

56

44

57

Hallandale Beach

Alton Road

East Fort Lauderdale

La Gorce Drive

Las Olas Isles

North Beach

42

Harbor Beach


Key

SINGLE-FAMILY HOMES

CONDOMINIUMS

PAGE NUMBER

BEST FOR FAMILIES

BEACH TOWNERS

CIT Y SLICKERS

TENNIS PL AYERS

EQUESTRIANS

Fort Lauderdale Beach

Mirasol

Rio Vista

Old Marsh

Vic.Park & Colee Hammock

Frenchman’s Creek

Sunrise Key

Frenchman’s Reserve

Coral Ridge & C.R.C.C.

Lost Tree Village

Broward’s North End

Jupiter & Tequesta

48

Lauderdale-by-the-Sea

Admiral’s Cove

Hillsboro Beach

The Bear’s Club

Lighthouse Point

Trump National Jupiter

Bay Colony

The Loxahatchee Club

Sea Ranch

Jupiter Country Club

The Landings

Jonathan’s Landing

West Broward

BOATERS

GOLFERS

64

Martin County

52

Southwest Ranches

Eastern Corridor

Plantation Sunrise

Jupiter Hills

Weston

Harbour Ridge

Parkland

Piper’s Landing

70

The Medalist

Palm Beach County Palm Beach Gardens area Old Palm BallenIsles

Sailfish Point 60

New Development Market Analysis

74


Miami-Dade County

countywide data

single-family homes

Miami’s single-family market saw a remarkable year. Sellers were well advised to be prepared to adjust prices heading into 2017 as inventory was building. Countywide, brokers were warning of an imminent slowdown and traffic appeared to be waning. Despite a nearly 4-week market shutdown due to Hurricane Irma, the year wrapped up with closed sales down only 1% to 3% on volume, up 10% (non-waterfront homes) and down a slight 1% (waterfront homes) over 2016 pricing. Overall, Miami’s luxury segment (million-dollarplus homes) recorded relatively even submarkets when it comes to pricing. Out of its 39 active markets (waterfront and non-waterfront), 19 markets rose on average pricing, with 20 showing a decline. Generally, most markets demonstrated a drop in the number of sales. Available inventory has also been building, so time on market is expanding. All of these indicators signal an inflection point in the market where pricing should be expected to retreat.

waterfront single-family homes 2013

2014

2015

2016

2017

619

680

735

899

887

listings sold

1,131

1,116

1,103

976

964

price / sq. ft.

$377

$450

$472

$428

$422

listings for sale (avg./month)

listings sold trendline

FROM 2016

price / sq. ft. trendline h 1% FROM 2016

The luxury $5M – $10M sales were off 25% from the 2016 volume, but inventory is burning off (down 3%). The price point with the most risk at the beginning of 2017 was the $1M – $5M product, as inventory continued to build into Q1. However, inventory has leveled off, and 2017 recorded a modest increase in overall volume along with relatively flat pricing. 2017 was a solid performer as pricing and inventory held relatively constant. Buyers took their time and sellers didn’t panic. Our forecast for 2018 is colored by recent tax law changes, which penalize owners with mortgages over $750,000 and taxes in excess of $10,000 per year. While this represents less than 6% of the national housing market, it is a much larger component of the Miami-Dade single-family home market. Despite changes to real estate tax and interest deductibility, the good news is that more regressive tax regimes in the northeast will drive more buyers to Florida. Miami’s single-family home market will continue to be a balancing act between inventory, pricing and the state of the local economy. We expect slow but steady gains in 2018.

h 1%

non-waterfront single-family homes 2013

2014

2015

2016

2017

3,954

4,905

4,801

5,171

5,076

listings sold

12,481

12,988

13,194

12,656

12,257

price / sq. ft.

$157

$172

$182

$198

$217

listings for sale (avg./month)

listings sold trendline

h 3% FROM 2016

price / sq. ft. trendline

g 10% FROM 2016

6


luxury segment $1m – $5m transactions 2013

2014

2015

2016

$5m – $10m transactions 2017

2013

2014

2015

2016

$10m+ transactions 2017

h

918

h

890

listings sold h

814

h

h

831

48

h

h

listings for sale (12-month average) h

749

h

848

h

1,031

h

1,406

2016

2017

h

57

h

63

listings sold h

53

h

h

40

16

h

h

listings for sale (12-month average)

1,425

2015

listings sold trendline

h

2014

listings sold trendline

listings sold trendline

listings sold

798

2013

104

h

110

h

137

h

171

h

22

h

13

h

15

listings for sale (12-month average)

168

4567 PINE TREE DRIVE | MIAMI BEACH

7

h

19

67

h

84

h

97

h

116

h

113


Miami’s South End waterfront single-family homes N E I G H B O R H O O D S A N A LY Z E D

Coconut Grove (C G R ) Coral Gables (C G A ) Cocoplum (C C P ) Gables Estates (G A B ) Old Cutler Bay (O C B ) Palmetto Bay ( P B A )

EXPLORE THE AREA

THE CURRENT REAL ESTATE MARKET

Sea-loving homeseekers consistently keep Miami’s South End at the top of their list due to the area’s stunning waterfront communities, its ease of living and its proximity to world-class fishing destination, the Florida Keys. Mediterranean-style mansions on the water with docks outfitted for extraordinary yachts are the staple of luxury communities like Cocoplum and Gables Estates, while coastal suburbs like Palmetto Bay offer a peaceful, idyllic environment ideal for families who love boating.

While the smaller market is subject to pricing volatility, Gables Estates set a historic high thanks to a $43.7-million sale, totaling a 33% increase in pricing per square foot. Coconut Grove and Coral Gables, the South End’s northernmost neighborhoods, saw fairly weak performance among their waterfront markets year over year, although 2017 pricing remained well above their 5-year averages. With the exception of Palmetto Bay and Cocoplum, the communities experienced a general decrease in sales volume.

BEST FOR...

gated communities in Coral Gables

Overall, the South End’s waterfront homes saw a total average price of $829 per square foot in 2017, second only to their combined 2016 pricing of $841 per square foot in the five years analyzed.

raising a family yachting gated communities

^ N

Downtown Miami / Miami Beach

COCONUT GROVE

Florida Keys

price per square foot

2017 vs. 2016

2017 vs. 5-Year Avg.

number of transactions

2017 vs. 2016

2017 vs. 5-Year Avg.

CGR

$483

$690

$705

$984

$831

h 16%

g 13%

4

10

11

10

6

h 40%

h 27%

CGA

$531

$657

$737

$823

$744

h 10%

g 7%

77

76

66

47

44

h 6%

h 29%

CCP

$564

$656

$639

$954

$612

h 36%

h 11%

16

12

6

7

10

g 43%

h 2%

GAB

$806

$1,329

$932

$1,155

$1,540

g 33%

g 34%

8

8

9

8

4

h 50%

h 46%

OCB

$671

$698

$824

$884

$1,019

g 15%

g 24%

6

9

4

4

2

h 50%

h 60%

PBA

$191

$203

$250

$244

$225

h 8%

g 1%

25

25

7

22

24

g 9%

g 17%

2013

2014

2015

2016

2017

%CHG

%CHG

2013

2014

2015

2016

2017

%CHG

%CHG

8


2 3 TA H I T I B E AC H I S L A N D R OA D | C O C O P LU M

The Luxury Segment

Calling it Home

top 50% of the market by average sales price Coconut Grove, Coral Gables and Palmetto Bay all saw similar decreases in luxury pricing. While the gated communities of Cocoplum, Gables Estates and Old Cutler Bay present drastic changes, Cocoplum’s decrease in fact represents the community’s return to market pricing after the exceptional ($10m+) year of 2016, Old Cutler Bay’s pricing is based on an average of two sales in 2o17 and Gables Estates had an exceptional sale that brought average pricing up significantly. In total, the South End’s luxury segment closed out the year at an average of $8.86M, up 3% from 2016.

average sales price

WHY OUR ASSOCIATES CHOOSE TO LIVE

MIAMI’S SOUTH END:

IN MIAMI’S SOUTH END

LUXURY SEGMENT CHANGE

+ 3%

IN TOTAL AVERAGE SALES PRICE FROM 2016 TO 2017

CGR

CGA

CCP

GAB

OCB

PBA

2017 vs. 2016

CGR

$11.28M

$8.77M

h 22%

$25M

CGA

$7.84M

$6.29M

h 20%

$20M

CCP

$10.68M

$4.29M

h 60%

$15M

GAB

$15.67M

$25.27M

g 61%

$ 10 M

OCB

$5.1M

$7.75M

g 52%

$5M

PBA

$1.03M

$770K

h 26%

$0

2016

2017

%CHG

Coconut Grove is fabulously located right by Biscayne Bay, considered the best sailing bay in the nation, and is protected by the island of Key Biscayne. The area’s picturesque streets, its people, its interesting homes, its exuberant tree canopy and its top-rated private schools in historic estates all make for an amusing lifestyle experience like no other. — Al Arostegui Coconut Grove resident The lush, canopied thoroughfare of Old Cutler Road is flanked mostly by guardgated enclaves that are made up of many one-acre-plus estates; numerous are waterfront. This is where the South End’s true essence resides, where chic and tropical merge into a brilliantly tangible feeling of luxury. Experiencing it firsthand, you understand why this is where you want to be. — Mauricio J. Barba Coral Gables resident

2016

2017

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9


Miami’s South End non-waterfront single-family homes N E I G H B O R H O O D S A N A LY Z E D

Coconut Grove (C G R ) gated community in Coral Gables Coral Gables (C G A ) Cocoplum (C C P ) Ponce-Davis & High Pines ( P & H ) Snapper Creek Lakes ( S C L ) Pinecrest ( P I N ) Palmetto Bay ( P B A )

EXPLORE THE AREA

THE CURRENT REAL ESTATE MARKET

The South End’s non-waterfront, single-family homes are mostly set up as suburban communities with top-tier schools; some of South Florida’s best options for family living. Northernmost areas such as Coconut Grove and Coral Gables offer a variety of entertainment options coupled with high-end, single-family homes. Further south, areas such as Pinecrest and Palmetto Bay are well-known for their non-waterfront market and offer luxurious homes on sprawling lots with a quieter lifestyle.

At an average combined price per square foot of $395, the South End’s non-waterfront homes saw a slight decrease in pricing year over year, as well as relatively low sales volume across the board.

BEST FOR...

raising a family golfing & tennis gated communities

Coconut Grove, home to the prestigious Ransom Everglades School as well as Miami’s city hall, and the Ponce-Davis & High Pines community were the area’s top performers in 2017 at 11% appreciation and with consistent increases throughout the years. Coconut Grove saw multiple multi-million dollar non-waterfront sales, including one for over $7 million at 4020 Kiaora Street. Coral Gables saw steady volume and a slight decrease in pricing, with 472 homes selling in 2017 including 12 in Cocoplum. Pinecrest and Palmetto Bay both saw modest appreciation (1% and 2%, respectively).

^ N

Downtown Miami / Miami Beach

CORAL GABLES

Florida Keys

price per square foot

2017 vs. 2016

2017 vs. 5-Year Avg.

number of transactions

2017 vs. 2016

2017 vs. 5-Year Avg.

CGR

$322

$362

$403

$417

$461

g 11%

g 17%

248

220

199

184

185

g 1%

h 11%

CGA

$304

$330

$379

$394

$381

h 3%

g 7%

559

465

457

474

472

h 3%

CCP

$413

$447

$477

$471

$454

h 4%

10

11

17

16

12

h 25%

h 9%

P&H

$373

$401

$459

$438

$484

g 11%

g 12%

56

52

15

17

17

h 46%

SCL

$467

$524

$581

$614

$439

h 29%

h 16%

6

8

6

4

5

g 25%

h 14%

PIN

$256

$292

$316

$331

$334

g 1%

g 9%

250

243

211

212

183

h 14%

h 17%

PBA

$164

$180

$190

$204

$209

g 2%

g 10%

301

308

315

303

272

h 10%

h 9%

2013

2014

2015

2016

2017

%CHG

%CHG

2013

2014

2015

2016

2017

%CHG

%CHG

10


5900 MOSS RANCH ROAD | PINECREST

The Luxury Segment

Calling it Home

top 50% of the market by average sales price

WHY OUR ASSOCIATES

The non-watefront market’s luxury segment came in at a total average sales price of $2.39 million in 2017. Although the segment has performed better in the past, this represents a slight increase from its 2016 average with 4 of 7 submarkets showing positive year-over-year changes. At a 25% increase, Coconut Grove’s luxury homes were undoubtedly the area’s top performance. Snapper Creek Lakes, while presenting the most substantial pricing decrease, is still the most expensive luxury market at an average of $3.65 million, followed very closely by Ponce-Davis & High Pines at $3.62 million.

average sales price

CHOOSE TO LIVE

MIAMI’S SOUTH END:

IN MIAMI’S SOUTH END

LUXURY SEGMENT CHANGE

+ 1%

Coconut Grove, Pinecrest and Coral Gables are niche markets that are always in high demand. Coconut Grove is known for its arty and relaxed atmosphere, great private schools and amazing waterfront properties. It is a favorite choice for unique home buyers. Pinecrest, known for its family appeal, continues to increase in value. 2018 will be a great year for these markets!

IN TOTAL AVERAGE SALES PRICE FROM 2016 TO 2017

CGR

CGA

CCP

SCL

PIN

PBA

P&H

— Jo-Ann Forster Coconut Grove resident

2017 vs. 2016

CGR

$1.61M

$2.01M

g 25%

$4.2M

CGA

$1.57M

$1.38M

h 12%

$ 3 .6 M

CCP

$3.43M

$3.27M

h 5%

$3M

P&H

$3.12M

$3.62M

g 16%

$2.4M

SCL

$4.24M

$3.65M

h 14%

$ 1 .8 M

PIN

$1.94M

$2.09M

g 8%

$1.2M

PBA

$707K

$740K

g 5%

$600K

2016

2017

%CHG

There are so many wonderful things about living in Pinecrest. What makes the neighborhoods so special to me is that you seem to go back in time. Although homes are both modern and older with character, neighbors are friendly to each other. When you walk your dog or ride your bike, people say hi to you by your first name. Pinecrest is a BIG happy family. — Amit Bhuta Pinecrest resident 2016

2017

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11


Miami Beach waterfront single-family homes N E I G H B O R H O O D S A N A LY Z E D

Mid Beach ( M I D ) North Bay Road ( N B R ) Pine Tree Drive ( P T D )

Mid Beach’s most prominent streets

EXPLORE THE AREA

THE CURRENT REAL ESTATE MARKET

A barrier island bordered by the Atlantic Ocean, dolphin-filled Biscayne Bay, Government Cut and the town of Surfside at the island’s northern end, Miami Beach is world-famous for its waterfront living options and round-the-clock entertainment. Sun-kissed from a day spent on the beach or boating, locals dine at one of the city’s renowned restaurants and end at a hot nightclub. It’s the ultimate lifestyle that turned Miami Beach and its famed real estate and condos into a brand.

Mid Beach waterfront homes saw sales decreasing and prices increasing. 2017 pricing approached the 2015 high, at $1,246 per square foot.

BEST FOR...

yachting beach living contemporary estates

^ N

Accounting for half of the Mid Beach sales are the area’s two most prominent, mansion-lined streets: North Bay Road and Pine Tree Drive. While these two submarkets did not reach 2016 pricing levels, their substantial 2017 numbers are still higher than their respective five-year averages and well above most of Miami-Dade’s waterfront home prices. Mid Beach’s non-waterfront market overall is up 11% when compared to its five-year average price of $1,127 per square foot. Miami Beach is widely known for its sprawling, waterfront homes and while sales volume dipped in 2017, demand is likely to stay high for this small market.

Miami’s North End

MID BEACH

Miami’s South End

price per square foot

2017 vs. 2016

2017 vs. 5-Year Avg.

number of transactions

2017 vs. 2016

2017 vs. 5-Year Avg.

MID

$786

$957

$1,463

$1,183

$1,246

g 5%

g 11%

26

32

14

19

16

h 16%

h 25%

NBR

$976

$1,396

$1,957

$1,657

$1,562

h 6%

g 3%

5

10

5

4

5

g 25%

h 14%

PTD

$758

$971

$1,267

$1,354

$1,152

h 15%

g 5%

9

4

5

5

3

h 40%

h 42%

2013

2014

2015

2016

2017

%CHG

%CHG

2013

2014

2015

2016

2017

%CHG

%CHG

12


6 4 4 0 N B AY R O A D | M I A M I B E A C H

The Luxury Segment

Calling it Home

top 50% of the market by average sales price

WHY OUR ASSOCIATES

Miami Beach’s luxury-home market saw a few “firsts” in 2017. Waterfront luxury pricing substantially recovered on Mid Beach, with Pine Tree Drive and North Bay Road both breaking the $20-million barrier — a first for Pine Tree Drive. Pine Tree Drive outperformed North Bay Road for the first time in the five years analyzed, with a mark of $22.58M. The three very high-end sales on these roads helped Mid Beach waterfront luxury reach an all-time high of $15,350,000.

CHOOSE TO LIVE

MIAMI BEACH: LUXURY SEGMENT CHANGE

+ 45% IN TOTAL AVERAGE SALES PRICE

While South Beach remains the predominant entertainment spot in Miami Beach, Mid Beach is developing its own upscale cluster of art venues and nightlife. Developments like Faena District, the Miami Beach EDITION and the wellestablished Soho Beach House are all catalysts in the area’s transformation from a low-key luxury neighborhood to a world-class destination.

average sales price

FROM 2016 TO 2017

Record Number: $15,350,000 MID BEACH LUXURY SEGMENT

IN MIAMI BEACH

I love the beach, warm weather, latin flavor, vibrant culture, art, the white sand, the food and night scene... this is the best city on earth! I could live anywhere but choose to live in the largest historic Art Deco district, which happens to be young, on the ocean and within walking distance to all of the excitement of South Beach. Make each day a beach day! — Ines Flax Miami Beach resident

R E A C H E S A L L-T I M E H I G H

MID

NBR

PTD

2017 vs. 2016

MID

$10.77M

$15.35M

g 43%

$25M

NBR

$16.43M

$20.84M

g 27%

$15M

PTD

$13.35M

$22.58M

g 69%

$5M

2016

2017

%CHG

What could be more heartwarming than waking up to the orange hues of the sun over the mesmerizing ocean and being able to meditate during each enlightening moment? Life is beautiful when you are sun-blessed! The area’s walkability to amazing local restaurants/shops and friendly residents from cultures across the globe make it a great place to live. — Reshma Advani Miami Beach resident

2016

2017

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13


Miami Beach non-waterfront single-family homes N E I G H B O R H O O D S A N A LY Z E D

Mid Beach ( M I D ) North Bay Road ( N B R ) Pine Tree Drive ( P T D ) Alton Road ( A L R ) La Gorce Drive ( L G D )

Mid Beach’s most prominent streets La Gorce Subdivision in Mid Beach

EXPLORE THE AREA

THE CURRENT REAL ESTATE MARKET

The city’s compact, walkable grid is flush with commerce and culture such as Frank Gehry’s New World Symphony, Lincoln Road pedestrian mall, the Wolfsonian and Bass museums and Art Basel, the nation’s top annual art fair. Natural beauty highlights are the Miami Beach Botanical Garden and South Pointe Park, the place to be for a Sunday stroll. Residents enjoy private country clubs, beach clubs, dog parks, playgrounds and Flamingo Park, South Beach’s main park with clay tennis courts.

The Miami Beach single-family home market consists of the Mid Beach submarket and its highperforming North Bay Road, Pine Tree Drive, La Gorce Drive and Alton Road. Those latter four roads contain golf-front homes as well as larger, more luxurious properties than can be found on the side streets, including canalfront and bayfront homes as well as luxury inland estates.

BEST FOR...

golfing beach living small-town feel

A total of 99 non-waterfront homes sold in the Mid Beach submarkets. Although pricing decreased for Mid Beach overall, sales volume increased by 30% to return to 2015 levels. Only Pine Tree Drive saw a pricing increase when compared to 2016 and, while North Bay Road dropped a significant 14%, it remains the most expensive submarket for nonwaterfront single-family homes in Miami Beach.

^ N

Miami’s North End

MIAMI BEACH

Miami’s South End

price per square foot

2017 vs. 2016

2017 vs. 5-Year Avg.

number of transactions

2017 vs. 2016

2017 vs. 5-Year Avg.

MID

$370

$448

$496

$527

$462

h 12%

133

122

95

76

99

g 30%

h 6%

NBR

$406

$502

$632

$695

$601

h 14%

g 6%

13

14

12

10

13

g 30%

g 5%

PTD

$445

$522

$655

$499

$516

g 3%

h 2%

9

12

5

9

6

h 33%

h 27%

ALR

$293

$335

$403

$404

$390

h 3%

g 7%

8

12

23

11

15

g 36%

g 9%

LGD

$426

$578

$460

$618

$422

h 32%

h 16%

17

13

3

7

8

g 14%

h 17%

2013

2014

2015

2016

2017

%CHG

%CHG

2013

2014

2015

2016

2017

%CHG

%CHG

14


7 8 0 1 C O L L I N S AV E N U E | M I A M I B E A C H

The Luxury Segment

Calling it Home

top 50% of the market by average sales price

WHY OUR ASSOCIATES

The luxury segment largely mirrors the state of the total market. Only one submarket, Alton Road, increased in pricing year over year at a slight 4%. Pine Tree Drive remained mostly unchanged and North Bay Road continues to be the most expensive market at an average of $2.68 million for a nonwaterfront home in 2017. La Gorce Drive, which with Alton Road surrounds the exclusive La Gorce Country Club, experienced the steepest drop in the market, both as a whole and as reflected in its luxury segment with a 32% and a 28% decrease in pricing respectively.

CHOOSE TO LIVE IN MIAMI BEACH

MIAMI BEACH: LUXURY SEGMENT CHANGE

-14% IN TOTAL AVERAGE SALES PRICE FROM 2016 TO 2017

Miami Beach is a mini Manhattan: both islands have scarce space, which is one of the many factors why purchasing property in Miami Beach is a strong investment. Nearby airports and seaports make Miami Beach easy to get to from anywhere in the world. The area is special as you have culture, water activities and shopping, all within walking distance. — Minette Schwartz Miami Beach resident

average sales price

MID

NBR

ALR

LGD

PTD

2017 vs. 2016

MID

$2.36M

$1.84M

h 22%

$3M

NBR

$3.19M

$2.68M

h 16%

$ 2.5 M

PTD

$2.51M

$2.48M

h 1%

$2M

ALR

$1.3M

$1.35M

g 4%

$ 1.5 M

LGD

$2.15M

$1.55M

h 28%

$1M

2016

2017

%CHG

We fell in love with Miami Beach on our first trip here over 15 years ago. It’s full of energy and has a very cosmopolitan European feel. We have a little one, and the city has so many gorgeous parks and recreational activities all year long. Not to mention our beautiful beaches. We are very fortunate to call Miami Beach home. — Jamey & Ognjen Prezzi Miami Beach residents

2016

2017

O M I S S I O N S ( N O P R E D O M I N A N T N O N -WAT E R F R O N T, S I N G L E- FA M I LY H O M E M A R K E T ) » S O U T H B E A C H A N D N O R T H B E A C H

15


Miami Islands waterfront single-family homes N E I G H B O R H O O D S A N A LY Z E D

Key Biscayne ( K E Y ) Palm/Star/Hibiscus Islands Venetian Islands ( V E N ) Sunset Islands ( S U N ) La Gorce Island ( L A G ) Indian Creek ( I N D ) Bay Harbor Islands ( B H I ) Normandy Isles ( N O R )

EXPLORE THE AREA

THE CURRENT REAL ESTATE MARKET

From iconic Star Island to peaceful Key Biscayne, the homes of the Miami islands boast stunning water views, luxury finishes and ample dockage just a few minutes from Miami’s main urban hubs and popular beaches. The islands represent quintessential Miami living, with sweeping driveways and stately entrances lining their streets while majestic pools and yachts adorn the expansive backyards. These are undoubtedly some of the most exclusive enclaves in South Florida.

Waterfront pricing generally performed better than non-waterfront pricing in the Miami islands, increasing in Bay Harbor, Key Biscayne and the Venetian Islands (although Key Biscayne’s total was driven by one $19 million transaction and only had two transactions in 2017). Palm/Star/Hibiscus Islands saw both price and volume decrease significantly. On the other end, the Venetian Islands recorded the highest average PPSF in all five years analyzed. With 19 transactions in 2017, this represents a true upward trend for the islands.

BEST FOR...

In contrast to the trend for non-waterfront homes, waterfront homes saw mixed volume performance, with dips in Bay Harbor, Palm/Star/Hibiscus and Normandy; however, Sunset, Venetian and Key Biscayne all saw increases in volume.

(PSH)

raising a family yachting golfing & tennis

^ N

Miami’s North End

INDIAN CREEK

Miami’s South End

price per square foot

2017 vs. 2016

2017 vs. 5-Year Avg.

number of transactions

2017 vs. 2016

2017 vs. 5-Year Avg.

KEY

$1,688

$1,419

$1,722

$1,110

$1,756

g 58%

g 14%

8

9

11

6

2

h 67%

h 72%

PSH

$1,041

$1,244

$1,324

$1,209

$834

h 31%

h 26%

11

19

9

12

5

h 58%

h 55%

VEN

$972

$1,122

$1,413

$1,220

$1,420

g 16%

g 16%

15

18

18

13

19

g 46%

g 14%

SUN

$1,029

$1,463

$1,327

N/A

$1,341

N/A

g 4%

12

10

7

0

2

N/A

h 74%

L AG

$1,658

$2,190

$1,970

$1,422

$662

h 53%

h 58%

2

2

1

1

1

h 29%

IND

N/A

$998

$1,830

N/A

N/A

N/A

N/A

0

2

1

0

0

N/A

N/A

BHI

$642

$720

$1,015

$1,028

$1,111

g 8%

g 23%

4

5

4

3

2

h 33%

h 44%

NOR

$415

$531

$632

$713

$708

h 1%

g 18%

21

9

14

8

6

h 25%

h 48%

2013

2014

2015

2016

2017

%CHG

%CHG

2013

2014

2015

2016

2017

%CHG

%CHG

16


4 0 0 S M A S H T A D R I V E | K E Y B I S C AY N E

The Luxury Segment

Calling it Home

top 50% of the market by average sales price

WHY OUR ASSOCIATES

While with only two total transactions Key Biscayne’s drastic increase does not represent a true trend, the Venetian Islands’ 34% increase reflects its great performance as a total market and not just in the luxury space. Most of these islands are small, exclusive submarkets, which inevitably leads to data volatility and years where no transactions are closed. However, the Miami Islands saw a 41% total increase from 2016 levels in their luxury segment.

average sales price

CHOOSE TO LIVE

MIAMI ISLANDS:

+ 41%

IN MIAMI’S ISLANDS

LUXURY SEGMENT CHANGE

IN TOTAL AVERAGE SALES PRICE FROM 2016 TO 2017

KEY

PSH

VEN

SUN

BHI

NOR

2017 vs. 2016

KEY

$9.1M

$19M

g 109%

$21M

PSH

$8.77M

$6.05M

h 31%

$18M

VEN

$7.42M

$9.93M

g 34%

$15M

SUN

N/A

$16.5M

N/A

$12M

L AG

N/A

N/A

N/A

$9M

IND

N/A

N/A

N/A

$6M

BHI

$8.28M

$7M

h 15%

$3M

NOR

$2.97M

$3.53M

g 19%

$0

2016

2017

%CHG

I moved to Bay Harbor Islands just a year ago. I love being able to walk to the stores and the beach. It’s a very small community and I find it very peaceful and quaint. For those who prefer a small town atmosphere that’s close to all, it’s the perfect spot. From shopping at nearby high-end stores in Bal Harbour to quiet beaches in Surfside, the location can’t be beat. — Robert Evangelista Bay Harbor Islands resident Key Biscayne is truly paradise. One square mile surrounded by pristine beaches, marinas, tennis courts and a world-class golf course. Home to the Miami Tennis Open. Wonderful restaurants and quaint shops, a vibrant but neighborly community where residents greet each other on the streets, top-rated public schools, places of worship... It’s all here. — Carlos Coto Key Biscayne resident

2016

2017

O M I S S I O N S ( N O WAT E R F R O N T, S I N G L E- FA M I LY H O M E M A R K E T ) » F I S H E R I S L A N D

17


Miami Islands non-waterfront single-family homes N E I G H B O R H O O D S A N A LY Z E D

Key Biscayne ( K E Y ) Palm/Star/Hibiscus Islands Venetian Islands ( V E N ) Sunset Islands ( S U N ) La Gorce Island ( L A G ) Bay Harbor Islands ( B H I ) Normandy Isles ( N O R )

EXPLORE THE AREA

THE CURRENT REAL ESTATE MARKET

These small communities offer a paradisal lifestyle to residents in waterfront and non-waterfront homes alike. The manicured golf courses of La Gorce Island and Normandy Isles, the top-rated schools and small-town feel of Key Biscayne/Bay Harbor Islands and the runner-friendly roads of the Venetian Islands are just a few reasons why non-waterfront homes in the area are consistently in demand. Boaters, fret not — several local marinas offer great docking and boating services.

Key Biscayne, Bay Harbor Islands, Sunset Islands, Venetian Islands and Normandy Isles all saw prices decrease, although there was a substantial increase in activity in all of these submarkets except for Bay Harbor Islands. Palm/Star/Hibiscus Islands recovered somewhat after the underperforming year of 2016 and presented the highest increase of all submarkets when compared to their five-year averages, at 17%. It was followed closely by Sunset Islands, which also saw a healthy increase in sales volume to 8 transactions, a significant amount for the small market.

(PSH) BEST FOR...

Overall, the Miami Islands closed the year at an average price of $646 per square foot, the highest total average presented in this report for nonwaterfront homes in Miami-Dade.

golfing & tennis raising a family small-town feel

^ N

Miami’s North End

K E Y B I S C AY N E

Miami’s South End

price per square foot

2017 vs. 2016

2017 vs. 5-Year Avg.

number of transactions

2017 vs. 2016

2017 vs. 5-Year Avg.

KEY

$748

$795

$857

$828

$771

h 7%

h 4%

59

63

48

28

31

g 11%

h 32%

PSH

$379

$499

$692

$598

$662

g 11%

g 17%

5

2

7

3

2

h 33%

h 47%

VEN

$484

$611

$675

$709

$683

h 4%

g 8%

23

19

10

5

7

g 40%

h 45%

SUN

$552

$589

$861

$915

$876

h 4%

g 15%

8

7

7

3

8

g 167%

g 21%

L AG

$469

$613

$740

$914

$790

h 14%

g 12%

2

4

1

1

6

g 500%

g 114%

BHI

$308

$379

$520

$552

$436

h 21%

h 1%

9

19

7

11

6

h 45%

h 42%

NOR

$223

$247

$265

$305

$302

h 1%

g 13%

30

26

45

23

26

g 13%

h 13%

2013

2014

2015

2016

2017

%CHG

%CHG

2013

2014

2015

2016

2017

%CHG

%CHG

18


2 4 7 PA L M AV E N U E | PA L M I S L A N D

The Luxury Segment

Calling it Home

top 50% of the market by average sales price

WHY OUR ASSOCIATES

Luxury pricing decreased in most island submarkets along with overall pricing, but in general these retreats were accompanied by significant increases in sales volume. Palm/Star/Hibiscus Islands were the area’s topperforming submarket with an increase of 64% in average sales price, although its sales volume is too limited to consider it an upward trend. Bay Harbor Islands saw a significant decrease at 49% under 2016 levels, reaching an average of $1.65 million.

average sales price

CHOOSE TO LIVE IN MIAMI’S ISLANDS

MIAMI’S SOUTH END:

-2%

LUXURY SEGMENT CHANGE

For me, the walkability aspect of Bay Harbor Islands is quite unique in Miami, and it is also the reason I chose to live here. Where else in Miami can you avoid traffic and walk to the beach and the bay, fine restaurants, grocery stores, an A-rated school, an elegant mall and are still able to say you live in a tranquil residential area?

IN TOTAL AVERAGE SALES PRICE FROM 2016 TO 2017

KEY

PSH

VEN

L AG

BHI

NOR

SUN

— Alexandra Peters Bay Harbor Islands resident

2017 vs. 2016

KEY

$3.39M

$2.83M

h 17%

$6M

PSH

$2.07M

$3.4M

g 64%

$5M

VEN

$2.96M

$3.06M

g 3%

$4M

SUN

$5.4M

$3.87M

h 28%

$3M

L AG

N/A

$4.67M

N/A

$2M

BHI

$3.21M

$1.65M

h 49%

$1M

NOR

$720K

$744K

g 3%

2016

2017

%CHG

The exclusive island lifestyle in Miami has a laidback beachcomber feel with 'urban' convenience. Key Biscayne, the best-kept secret in Miami, has great beaches with protected natural parks, top-rated schools and convenient shopping. All the islands make Miami a unique choice for those seeking to ally tropical waterfront escapes with city proximity. — Frederique LeForestier Key Biscayne resident

$0 2016

2017

O M I S S I O N S ( N O N O N -WAT E R F R O N T, S I N G L E- FA M I LY H O M E M A R K E T ) » I N D I A N C R E E K A N D F I S H E R I S L A N D

19


Miami’s North End waterfront single-family homes N E I G H B O R H O O D S A N A LY Z E D

Aventura ( AV E ) Golden Beach (G O L ) Bal Harbour ( B A L ) Surfside ( S U R )

EXPLORE THE AREA

THE CURRENT REAL ESTATE MARKET

Miami’s North End is conveniently nestled between Fort Lauderdale and Downtown Miami. Known for its namesake mall, Aventura is home to several residences on the Intracoastal and lakefront communities, while exclusive Golden Beach has some of the few beachfront homes in South Florida. Bal Harbour, mostly a condo market, offers few yet sprawling waterfront homes on Bal Bay Drive. Surfside’s cool-beach-town vibe attracts families looking for a great community to raise their children.

Waterfront sales pricing decreased in Aventura, although it remains higher than it was in 2015. Sales volume increased slightly to 12, but luxury pricing decreased after the very strong year of 2016. No waterfront homes sold in Bal Harbour, not uncommon for the limited waterfront market in the area. Surfside and Golden Beach both saw decreases in waterfront pricing that were offset by a significant acceleration in sale pace, and Golden Beach continues to be the highest priced submarket. Miami’s North End closed the year at a total average price of $594, the lowest recorded in the five years analyzed. Buyers would do well to keep track of Miami’s North End market, as good opportunities may arise to purchase a waterfront home in this peaceful area.

BEST FOR...

beachfront living country club living world-class shopping

^ N

Broward’s South End

AV E N T U R A

Downtown Miami / Miami Beach

price per square foot

2017 vs. 2016

2017 vs. 5-Year Avg.

number of transactions

2017 vs. 2016

2017 vs. 5-Year Avg.

AV E

$327

$356

$324

$493

$344

h 30%

h 7%

31

25

19

10

12

g 20%

h 38%

GOL

$745

$867

$1,375

$950

$829

h 13%

h 13%

14

7

4

6

9

g 50%

g 13%

BAL

$1,287

N/A

N/A

$708

N/A

N/A

N/A

3

0

0

1

0

N/A

N/A

SUR

$713

$607

$635

$779

$608

h 22%

h 9%

2

7

11

2

8

g 300%

g 33%

2013

2014

2015

2016

2017

%CHG

%CHG

2013

2014

2015

2016

2017

%CHG

%CHG

20


4 4 B A L B AY D R I V E | B A L H A R B O U R

The Luxury Segment

Calling it Home

top 50% of the market by average sales price

WHY OUR ASSOCIATES

Golden Beach saw luxury pricing increase modestly to $5,870,000, although this is still below the 2014 and 2015 numbers. Surfside and Aventura decreased sharply, greatly contributing to the area’s total luxury sales price decrease of 26%. Aventura’s decline, however, is more of a return to regular pricing levels, as 2016’s 7-figure average is not as common in this area. In a different price range, the same is seen in Surfside: the area’s luxury segment usually lies around the $3-million mark, and 2016’s $5.49-million average was an exception, not the rule. While Bal Harbour didn’t see waterfront, singlefamily sales, the limited supply of sought-after Bal Bay Drive homes usually trades at a high price.

average sales price

CHOOSE TO LIVE

MIAMI’S SOUTH END:

IN MIAMI’S NORTH END

LUXURY SEGMENT CHANGE

-26% IN TOTAL AVERAGE SALES PRICE FROM 2016 TO 2017

AVERAGE LUXURY SALES PRICE

$3,390,000

AV E

GOL

SUR

2017 vs. 2016

AV E

$2.7M

$992K

h 63%

$6M

GOL

$5.45M

$5.87M

g 8%

$4M

BAL

N/A

N/A

N/A

$2M

SUR

$5.49M

$3.3M

h 40%

2016

2017

%CHG

Aventura has a small-town feel with major international flair; that is what makes the community so special. Its beautiful greenery, cleanliness and safety play a significant part in the city’s appeal. It is within a short drive to the beach and favorably located between South Beach/Downtown Miami and Fort Lauderdale, easily accessible through two major airports. — Jaime Alfie Aventura resident Miami’s North End offers many options for different lifestyles, from magnificent Golden Beach oceanfront homes to Surfside’s laidback atmosphere. New, ultra-luxury condos in Aventura, Sunny Isles and Bal Harbour are also creating lots of demand for the area. The North End offers some of the most luxurious lifestyles and magnificent homes. — Lana Bell Sunny Isles resident

$0 2016

2017

O M I S S I O N S ( N O WAT E R F R O N T, S I N G L E- FA M I LY H O M E M A R K E T ) » S U N N Y I S L E S B E A C H

21


Miami’s North End non-waterfront single-family homes N E I G H B O R H O O D S A N A LY Z E D

Aventura ( AV E ) Golden Beach (G O L ) Bal Harbour ( B A L ) Surfside ( S U R )

EXPLORE THE AREA

THE CURRENT REAL ESTATE MARKET

A delightful mix of old and new, Miami’s North End has something for everyone — from luxury hotels, world-class shopping and diverse restaurants to safe and cozy communities, pristine beaches and even sea turtle nesting. Golf is a popular sport in the area with resorts like Turnberry Isle, which features two Robert Trent Jones, Sr.-designed and Raymond Floyd-revamped championship courses. In any of these markets, you are sure to find friendly neighbors and safe, close-knit communities.

Aventura’s non-waterfront, single-family-home market saw pricing decrease, while Surfside, Bal Harbour and Golden Beach saw growth. All three growing communities saw their highest average pricing to date, while Golden Beach and Surfside have presented nothing but price gains year over year during the five years analyzed. As a whole, the North End area broke the $500 mark for the first time in 2017, reaching an average price of $558 per square foot for non-waterfront homes. Sales volume in Golden Beach was particularly strong, reaching $729 per square foot with a 32% year-over-year increase. Bal Harbour presented one of the highest average prices for non-waterfront homes in the entire county (only topped by Sunset Islands), at $835 per square foot.

BEST FOR...

golfing country club living world-class shopping

^ N

Broward’s South End

MIAMI’S NORTH END

Downtown Miami / Miami Beach

price per square foot

2017 vs. 2016

2017 vs. 5-Year Avg.

number of transactions

2017 vs. 2016

2017 vs. 5-Year Avg.

AV E

$262

$273

$307

$316

$291

h 8%

0%

18

14

14

16

8

h 50%

h 43%

GOL

$417

$429

$483

$554

$729

g 32%

g 40%

6

9

9

4

3

h 25%

h 52%

BAL

$812

$647

$701

$731

$835

g 14%

g 12%

2

2

3

4

5

g 25%

g 56%

SUR

$270

$290

$351

$374

$377

g 1%

g 13%

37

57

43

36

41

g 14%

h 4%

2013

2014

2015

2016

2017

%CHG

%CHG

2013

2014

2015

2016

2017

%CHG

%CHG

22


3 7 0 3 N E 1 9 9 S T R E E T | AV E N T U R A

The Luxury Segment

Calling it Home

top 50% of the market by average sales price

WHY OUR ASSOCIATES

At the higher end, non-waterfront pricing saw mixed performance. Bal Harbour and Golden Beach saw prices increase, while Surfside saw a slight dip and Aventura decreased significantly at 22%. Bal Harbour and Golden Beach are more representative of Miami’s luxury market due to their limited supply of single-family homes. Their average sales price at the luxury level is usually about five times higher than that of Aventura and Surfside, where non-waterfront single-family homes are more common and competition among sellers is higher. Aventura and Surfside both attract young families looking for more suburban communities with proximity to the beach and access to amenities such as sports, restaurants and social clubs.

average sales price

CHOOSE TO LIVE

MIAMI’S SOUTH END:

IN MIAMI’S NORTH END

LUXURY SEGMENT CHANGE

+ 10%

Aventura is known as the City of Excellence and I’m a proud resident. This town offers a great lifestyle with the Aventura Mall, A+ schools, theater, jogging and biking paths and great culinary venues. Aventura is also home to Turnberry Isles, which offers a 300-acre tropical oasis, championship golf courses, award-winning dining experiences and a wellness spa.

IN TOTAL AVERAGE SALES PRICE FROM 2016 TO 2017

AVERAGE LUXURY SALES PRICE

— Adriana Faerman Aventura resident

$3,004,500

AV E

GOL

BAL

2017 vs. 2016

AV E

$1.18M

$925K

h 22%

$6M

GOL

$3.95M

$4.5M

g 14%

$4M

BAL

$4.98M

$5.85M

g 17%

$2M

SUR

$805K

$743K

h 8%

$0

2016

2017

%CHG

SUR

Sunny Isles Beach has many new options for luxury real estate and buyers are now able to choose from the very best, finding great leverage and value. A buyer’s market is an understatement, as we’re securing super deals for those stepping into the South Florida market purchasing premier coastal properties with such discounts only temporary. — Ashton Coleman Sunny Isles resident

2016

2017

O M I S S I O N S ( N O N O N -WAT E R F R O N T, S I N G L E- FA M I LY H O M E M A R K E T ) » S U N N Y I S L E S B E A C H

23


Miami-Dade County

countywide data

condo market index

The condo market remained much maligned in 2017, carrying forward the tradition of pundits and experts predicting the end is near. IRR and ONE Sotheby’s International Realty expressed our confidence in the condo market last year, and the market did, in fact, perform relatively well. Non-waterfront condo pricing in Miami went up 5% in 2017, however, transaction volume is down 3%. Waterfront condo pricing and sales volume are both down a slight 2%. $5M–$10M performed best in the luxury space, with a 23% increase in sales volume to close out 2017 with 54 sales. Inventory, however, has continued to pile up for properties between $1 million and $10 million. This trend is reflected in the total condo market as well, as there has yet to be a decrease in the average number of listings for sale year over year.

waterfront condos 2013

2014

2015

2016

2017

4,326

5,319

6,173

7,883

8,377

listings sold

7,376

6,715

6,078

4,959

4,853

price / sq. ft.

$412

$466

$479

$459

$451

listings for sale (avg./month)

listings sold trendline

h 2% FROM 2016

price / sq. ft. trendline

Fewer new projects came out of the ground in 2017, owing to the headwinds in the resale market as well as capital constraints from traditional lenders. Debt got a lot more expensive for new development in 2017, which slowed the pipeline of new real estate projects dramatically.

h 2% FROM 2016

non-waterfront condos

Our prior prediction for 2017 was that the condo market would remain choppy. The good news as we head into 2018 is that the dollar has been weakening against foreign currencies, and global economic conditions have been improving, which favors a return of foreign buyers to the Miami market. It will remain a buyer’s market in 2018 until more active inventory burns off, but the increase in new inventory coming to market has slowed down. By mid-year, we expect a lot more activity in the new condo category as projects get closer to delivery. There will be fewer new condo options in the year to come as the pipeline under construction dwindles. New construction prices will moderate slightly to get deals closed with an increased pool of buyers, but some newer projects with less direct competition

2013

2014

2015

2016

2017

3,681

5,278

5,561

5,997

6,635

listings sold

10,956

10,760

10,578

9,191

8,870

price / sq. ft.

$156

$173

$181

$193

$203

listings for sale (avg./month)

listings sold trendline

h 3% FROM 2016

may hold pricing. Provided global economic conditions continue their momentum, we could see a return of balance in the number of buyers and sellers in Miami’s condo market towards the end of 2018.

price / sq. ft. trendline

g 5% FROM 2016

24


luxury segment $1m – $5m transactions 2013

2014

2015

2016

$5m – $10m transactions 2017

2013

2014

2015

2016

$10m+ transactions 2017

h

1,027

h

866

listings sold h

683

h

h

647

28

h

h

listings for sale (12-month average) h

965

h

1,141

h

1,490

h

2,172

2016

2017

h

61

h

61

listings sold h

44

h

h

h

h

54

7

listings for sale (12-month average)

2,311

2015

listings sold trendline

h

2014

listings sold trendline

listings sold trendline

listings sold

986

2013

102

h

128

h

171

h

212

GLASS, #1500 | MIAMI BEACH

25

h

10

h

8

h

11

h

8

listings for sale (12-month average)

272

35

h

46

h

64

h

89

h

85


Miami’s South End condo market index N E I G H B O R H O O D S A N A LY Z E D

Coconut Grove Coral Gables Deering Bay

MIAMI’S SOUTH END | 2017 AVERAGES

EXPLORE THE AREA

The condo market in this area is markedly diverse. Coconut Grove is unquestionably bohemian, a laidback village with independent boutiques, eateries and palpable character. Coral Gables condos are mostly lined along Miracle Mile, the city’s vibrant, signature street filled with designer shops and great restaurants. Further south, Deering Bay offers more of a waterfront country club lifestyle with Mediterranean architecture.

Sample Traded

8%

Sales Price

$878k

Square Footage

2,043

Price per Square Foot

BEST FOR...

$431

raising a family boating

^ N

Downtown Miami / Miami Beach GROVENOR HOUSE, #3202 | COCONUT GROVE

Florida Keys

Coconut Grove non-waterfront condos In sharp contrast to Coral Gables, Coconut Grove saw significant improvements in its condo market, bringing it back to 2014 levels with prices approaching $700 per square foot and breaking the million-dollar sales price mark. Coconut Grove was the best-performing market in Miami-Dade County in 2017.

FIVE-YEAR AV E R AG E S

Sample Traded

11%

2013

2014

2015

2016

2017

15%

12%

11%

10%

5%

AV G . S A L E S P R I C E

$1.07M

$1.12M

$852K

$938K

$1.3M

AV G . S Q. F O O TA G E

1,907

1,630

1,721

1,697

1,876

AV G . P R I C E / S Q. F T.

$561

$687

$495

$553

$692

g 22%

h 28%

g 12%

g 25%

from 2013

from 2014

from 2015

from 2016

SAMPLE TRADED

% C H A N G E » AV G . P R I C E / S Q. F T.

Sales Price

$1.06m

Square Footage

1,766

Price per Square Foot

$598

C O N D O S E C T I O N S D O N OT F E AT U R E A LU X U R Y S E G M E N T, A S T H E S A M P L E I S A L R E A DY R E P R E S E N TAT I V E O F T H E H I G H-E N D M A R K E T. M E T H O D O LO G Y: PA G E 8 2

26


Calling it Home WHY OUR ASSOCIATES CHOOSE TO LIVE IN MIAMI’S SOUTH END

Coral Gables is an extraordinary community for young families. The city is home to lush, peaceful neighborhoods and more vibrant, pedestrian-friendly areas fit for every lifestyle. Miracle Mile, one of its main condo hubs, offers lively restaurants and specialty shops along a charming road with Mediterranean Revival-style buildings.

Coral Gables is rich in history and one of the first planned communities in the nation. It’s great to see a clear tribute to the past while looking into the future when it comes to architecture and lifestyle. What makes this neighborhood so special are its residents, as it’s a melting pot of international cultures.

— Gabriela Dajer, South End resident

— Arturo Sosa, South End resident

Coral Gables non-waterfront condos Coral Gables’ non-waterfront condos closed 2017 at $273 per square foot, a 20% decrease from their highest point in 2016. The market was one of several to see significant price declines combined with a sales volume dip, reflecting potential opportunities for condo buyers in the neighborhood.

FIVE-YEAR AV E R AG E S

Sample Traded

10%

2013

2014

2015

2016

2017

12%

13%

10%

8%

7%

AV G . S A L E S P R I C E

$389K

$396K

$367K

$402K

$319K

AV G . S Q. F O O TA G E

1,200

1,135

1,120

1,180

1,167

AV G . P R I C E / S Q. F T.

$324

$349

$328

$341

$273

g 8%

h 6%

g 4%

h 20%

from 2013

from 2014

from 2015

from 2016

SAMPLE TRADED

% C H A N G E » AV G . P R I C E / S Q. F T.

Sales Price

Square Footage

$377k

1,160

Deering Bay waterfront condos Straddling the Coral Gables/Palmetto Bay line, the southernmost luxury condo submarket in Miami-Dade County is the gated enclave of Deering Bay. Deering Bay continued to lag in 2017, with pricing declining sharply to $329 per square foot — a return to 2013 pricing levels after 2015’s high of $472 per square foot.

FIVE-YEAR AV E R AG E S

Sample Traded

10%

Price per Square Foot

$323

2013

2014

2015

2016

2017

12%

6%

10%

12%

11%

AV G . S A L E S P R I C E

$1.07M

$1.35M

$1.39M

$1.26M

$1.02M

AV G . S Q. F O O TA G E

3,303

3,378

2,946

3,027

3,088

AV G . P R I C E / S Q. F T.

$324

$400

$472

$417

$329

g 23%

g 18%

h 12%

h 21%

from 2013

from 2014

from 2015

from 2016

SAMPLE TRADED

% C H A N G E » AV G . P R I C E / S Q. F T.

Sales Price

Square Footage

$1.22m

3,148

Price per Square Foot

$388

O M I S S I O N S ( N O C O N D O M A R K E T ) » P I N E C R E S T , P A L M E T T O B AY , S N A P P E R C R E E K L A K E S , P O N C E - D A V I S & H . P I N E S , C O C O P L U M , G A B L E S E S T A T E S A N D O L D C U T L E R B AY

27


Brickell

BRICKELL | 2017 AVERAGES

EXPLORE THE AREA

condo market index N E I G H B O R H O O D S A N A LY Z E D

Brickell Brickell Key

^ N

Famed condo hub and financial district Brickell is part of Miami’s evolving heart, where young professionals choose to work, live and play. Brickell is home to many new residential and commercial developments set densely along main artery S Miami Avenue, making it an easily walkable urban community. Brickell Key, an exclusive enclave of just over 10 condo buildings, offers the amenities of city living with the desirable privacy of a small town.

Sample Traded

7%

Sales Price

$634k

Square Footage

1,319

Price per Square Foot

BEST FOR...

$470

urban living bay views

Downtown Miami ASIA, #2003 | BRICKELL KEY

Miami’s South End

Brickell waterfront condos Brickell’s waterfront properties saw mixed trends. After their price decrease in 2016, attributable in part to a bulk sale at Icon Brickell, the area’s condos saw an increase in overall price to $722k. Sold condos in 2017 were larger in size, however, and pricing per square foot came in slightly lower than it did in 2016.

FIVE-YEAR AV E R AG E S

Sample Traded

9%

2013

2014

2015

2016

2017

12%

8%

8%

12%

7%

AV G . S A L E S P R I C E

$771K

$885K

$939K

$622K

$722K

AV G . S Q. F O O TA G E

1,405

1,471

1,455

1,126

1,358

AV G . P R I C E / S Q. F T.

$549

$602

$645

$552

$532

g 10%

g 7%

h 14%

h 4%

from 2013

from 2014

from 2015

from 2016

SAMPLE TRADED

% C H A N G E » AV G . P R I C E / S Q. F T.

Sales Price

Square Footage

$788k

1,363

Price per Square Foot

$576

C O N D O S E C T I O N S D O N OT F E AT U R E A LU X U R Y S E G M E N T, A S T H E S A M P L E I S A L R E A DY R E P R E S E N TAT I V E O F T H E H I G H-E N D M A R K E T. M E T H O D O LO G Y: PA G E 8 2

28


Calling it Home WHY OUR ASSOCIATES CHOOSE TO LIVE IN BRICKELL

Brickell is the heart of exuberant downtown Miami. This is the place to live, the financial district, home of many great restaurants, amazing shopping, places to enjoy the bay views and everything minutes from Miami’s top neighborhoods. Brickell City Centre and One Thousand Museum in Downtown are the best new developments in the area.

Living in the Brickell neighborhood is energizing! At first glance, it’s busy and fastmoving but when you’re walking around or taking the Metromover you really get into the stride of this vibrant city! Here’s something that gets overlooked: our beautiful bay walk. It’s so peaceful and to have this just steps away is really magical.

— Maggie Muñoz, Brickell resident

— Elliot Machado, Brickell resident

Brickell non-waterfront condos Non-waterfront condo pricing in Brickell has stabilized, with no meaningful change at $384 per square foot. While the market remained steady compared to 2016, its pricing and sales volume are still lower than the five-year averages of $407 per square foot and 9% of units traded, driven up by its 2013–2014 performance .

FIVE-YEAR AV E R AG E S

Sample Traded

9%

2013

2014

2015

2016

2017

14%

8%

7%

7%

7%

AV G . S A L E S P R I C E

$414K

$433K

$406K

$367K

$364K

AV G . S Q. F O O TA G E

981

989

993

958

948

$422

$438

$409

$383

$384

g 4%

h 7%

h 6%

from 2013

from 2014

from 2015

from 2016

SAMPLE TRADED

AV G . P R I C E / S Q. F T. % C H A N G E » AV G . P R I C E / S Q. F T.

Sales Price

Square Footage

$397k

974

Brickell Key waterfront condos Brickell Key’s spacious units continued a now three-year decline in pricing, coming in at $495 per square foot. Sales volume remained sluggish at 6%, providing room for buyer opportunity. Brickell Key contains a limited supply of condos, usually in high demand due to its small-town feel and proximity to Miami’s main urban hub.

FIVE-YEAR AV E R AG E S

Sample Traded

9%

Price per Square Foot

$407

2013

2014

2015

2016

2017

13%

10%

9%

6%

6%

AV G . S A L E S P R I C E

$974K

$997K

$910K

$826K

$816K

AV G . S Q. F O O TA G E

1,680

1,676

1,571

1,546

1,650

AV G . P R I C E / S Q. F T.

$580

$595

$579

$534

$495

g 3%

h 3%

h 8%

h 7%

from 2013

from 2014

from 2015

from 2016

SAMPLE TRADED

% C H A N G E » AV G . P R I C E / S Q. F T.

Sales Price

Square Footage

$905k

1,625

Price per Square Foot

$557

OMISSIONS (NO CONDO MARKET) » NONE

29


Downtown Miami condo market index N E I G H B O R H O O D S A N A LY Z E D

Downtown Miami

DOWNTOWN MIAMI | 2017 AVERAGES

EXPLORE THE AREA

Downtown Miami is home to beautiful bayfront highrises, the American Airlines Arena and Museum Park, a 30-acre public park with two stateof-the-art museums: PAMM (Pérez Art Museum Miami) and the Frost Museum of Science. The downtown area is now home to transformative developments like One Thousand Museum, designed by Pritzker Prize-winning architect Zaha Hadid and widely considered an engineering feat.

Sample Traded

9.5%

Sales Price

$520k

Square Footage

1,232

Price per Square Foot

BEST FOR...

^ N

$422

urban living arts & culture

Edgewater & Midtown V I Z C AY N E N O R T H , # 4 6 0 3 | M I A M I

Brickell

Downtown Miami waterfront condos Downtown’s waterfront pricing was somewhat weaker than that in non-waterfront buildings, and indeed has fallen below its waterfront neighbors to reach a level of $412. Overall, however, Downtown and Brickell pricing is comparable and implies that the market has reached its lowest level.

FIVE-YEAR AV E R AG E S

Sample Traded

9%

2013

2014

2015

2016

2017

12%

11%

10%

7%

6%

AV G . S A L E S P R I C E

$518K

$587K

$540K

$518K

$503K

AV G . S Q. F O O TA G E

1,139

1,134

1,143

1,156

1,221

AV G . P R I C E / S Q. F T.

$455

$518

$472

$448

$412

g 14%

h 9%

h 5%

h 8%

from 2013

from 2014

from 2015

from 2016

SAMPLE TRADED

% C H A N G E » AV G . P R I C E / S Q. F T.

Sales Price

Square Footage

$533k

1,159

Price per Square Foot

$461

C O N D O S E C T I O N S D O N OT F E AT U R E A LU X U R Y S E G M E N T, A S T H E S A M P L E I S A L R E A DY R E P R E S E N TAT I V E O F T H E H I G H-E N D M A R K E T. M E T H O D O LO G Y: PA G E 8 2

30


Calling it Home WHY OUR ASSOCIATES CHOOSE TO LIVE IN & AROUND DOWNTOWN

Living in the Downtown area, a small city just a short drive from South Beach and Key Biscayne, provides me access to everything. The cosmopolitan life mixed with the city’s water and nature is what makes me so happy to live here. The past five years have made a significant difference in my life, in great part due to the Miami lifestyle.

Something new and exciting happens every week! There are concerts, sports and fitness events, art exhibits and outdoor activities year-round. It never gets dull. The beautiful architecture shaping the Miami skyline, the energy of its people, the art scene, the walkability and the proximity to the water make the area truly special.

— Luiz Santos, Downtown area resident

— Nirka Burns, Downtown area resident

New Development Statistics 2012 – 2022 Construction Cycle

944

8.5%

ACTIVE NEW UNITS IN

PERCENTAGE OF THE TOTAL

NEW UNITS

THE DOWNTOWN MARKET

MIAMI/BROWARD MARKET

ALREADY SOLD

Downtown Miami non-waterfront condos Downtown Miami’s non-waterfront units saw a pricing recovery after two years of decreases, reaching $432 per square foot. In 2017, nonwaterfront prices increased enough to exceed those in the waterfront market for the first time since 2012, although sales volume decreased to its lowest point in the five years studied.

FIVE-YEAR AV E R AG E S

Sample Traded

10%

55% 2013

2014

2015

2016

2017

20%

10%

10%

6%

5%

AV G . S A L E S P R I C E

$487K

$560K

$534K

$459K

$537K

AV G . S Q. F O O TA G E

1,092

1,197

1,212

1,161

1,242

AV G . P R I C E / S Q. F T.

$446

$468

$441

$395

$432

g 5%

h 6%

h 10%

g 9%

from 2013

from 2014

from 2015

from 2016

SAMPLE TRADED

% C H A N G E » AV G . P R I C E / S Q. F T.

Sales Price

Square Footage

$515k

1,181

Price per Square Foot

$436

OMISSIONS (NO CONDO MARKET) » NONE

31


Edgewater & Midtown condo market index N E I G H B O R H O O D S A N A LY Z E D

Edgewater Midtown Miami

EDGEWATER & MIDTOWN | 2017 AVERAGES

EXPLORE THE AREA

Primarily a residential neighborhood, Edgewater is a small condo enclave mostly built around waterfront Margaret Pace Park, just north of Downtown Miami. Edgewater is a popular area among professionals due to its proximity to Downtown and Brickell. Midtown, in high demand as the residential neighbor to trendy Wynwood and Miami’s Design District, is generally home to a younger crowd seeking an art-centric community.

Sample Traded

6%

Sales Price

$512k

Square Footage

1,215

Price per Square Foot

BEST FOR...

^ N

$418

urban living arts & culture

Miami’s North End 2MIDTOWN, #PHX3 | MIDTOWN MIAMI

Downtown Miami

Edgewater waterfront condos Edgewater pricing decreased in 2017 by 8%, falling under its five-year average of $583 per square foot. Pricing is now comparable to what it was in 2013, before the market spiked 31% in 2014 to $660 per square foot. This may reflect the substantial pipeline of pre-construction inventory in the submarket.

FIVE-YEAR AV E R AG E S

Sample Traded

12%

2013

2014

2015

2016

2017

21%

15%

11%

8%

6%

AV G . S A L E S P R I C E

$799K

$1.01M

$926K

$851K

$677K

AV G . S Q. F O O TA G E

1,583

1,531

1,399

1,501

1,300

AV G . P R I C E / S Q. F T.

$505

$660

$662

$567

$521

g 31%

h 14%

h 8%

from 2013

from 2014

from 2015

from 2016

SAMPLE TRADED

% C H A N G E » AV G . P R I C E / S Q. F T.

Sales Price

Square Footage

$853k

1,463

Price per Square Foot

$583

C O N D O S E C T I O N S D O N OT F E AT U R E A LU X U R Y S E G M E N T, A S T H E S A M P L E I S A L R E A DY R E P R E S E N TAT I V E O F T H E H I G H-E N D M A R K E T. M E T H O D O LO G Y: PA G E 8 2

32


Calling it Home WHY OUR ASSOCIATES CHOOSE TO LIVE IN EDGEWATER & MIDTOWN

Being able to walk everywhere is one of the greatest perks when you live in the heart of Miami. On weekends, if I am not working, I don’t ever need to move my car! Midtown is home to new condos and great restaurants. Neighboring Wynwood is packed with art galleries and nightlife options. Both combined offer a great lifestyle.

Edgewater is going through a renaissance because it's super convenient and new buildings provide sumptuous amenities with amazing views of the bay and ocean beyond. I can go five minutes in any direction and I'm in the Design District, Performing Arts District, Wynwood or South Beach experiencing some of the trendiest neighborhoods in all of Miami.

— Madeleyne Sutton, Midtown resident

— Ivan Chorney, Downtown area resident

Edgewater non-waterfront condos Edgewater’s non-waterfront condos experienced three straight years of pricing gains. However, 2017 brought a 10% drop in pricing per square foot that brought it back to 2014–2015 levels. While sales volume did decline, this submarket is almost on par with its five-year average of $353 per square foot.

FIVE-YEAR AV E R AG E S

Sample Traded

9%

2013

2014

2015

2016

2017

17%

11%

8%

5%

6%

AV G . S A L E S P R I C E

$385K

$380K

$399K

$461K

$393K

AV G . S Q. F O O TA G E

1,156

1,106

1,125

1,191

1,132

AV G . P R I C E / S Q. F T.

$333

$344

$355

$387

$347

g 3%

g 3%

g 9%

h 10%

from 2013

from 2014

from 2015

from 2016

SAMPLE TRADED

% C H A N G E » AV G . P R I C E / S Q. F T.

Sales Price

Square Footage

$404k

1,142

Midtown non-waterfront condos Midtown saw an increase in aggregate pricing, although this was driven by the larger size of units selling. Sales pricing increased to $467k, its highest level in all five years analyzed. Much aligned with other condo submarkets in MiamiDade, Midtown saw a decrease in sales volume at only 5% of the condo sample traded.

FIVE-YEAR AV E R AG E S

Sample Traded

14%

Price per Square Foot

$353

2013

2014

2015

2016

2017

23%

23%

13%

8%

5%

AV G . S A L E S P R I C E

$419K

$431K

$455K

$391K

$467K

AV G . S Q. F O O TA G E

1,089

1,125

1,155

1,002

1,214

AV G . P R I C E / S Q. F T.

$385

$383

$394

$390

$385

g 3%

h 1%

h 1%

from 2013

from 2014

from 2015

from 2016

SAMPLE TRADED

% C H A N G E » AV G . P R I C E / S Q. F T.

Sales Price

Square Footage

$433k

1,117

Price per Square Foot

$387

OMISSIONS (NO CONDO MARKET) » NONE

33


Miami Beach

MIAMI BEACH | 2017 AVERAGES

EXPLORE THE AREA

A major destination for tourists from all across the globe, Miami Beach is known for its beautiful beaches, shopping, dining and, of course, sundrenched condos. South Beach is its most popular condo market, including the exclusive South of Fifth community, bordered by South Pointe Park and the Miami Beach Marina. Mid Beach, North Beach and North Bay Village offer quieter areas with great beachfront and bayfront condos.

condo market index N E I G H B O R H O O D S A N A LY Z E D

South Beach Mid Beach North Beach North Bay Village

Sample Traded

5%

Sales Price

$1.41m

Square Footage

1,512

Price per Square Foot

BEST FOR...

$854

luxury condos beach & ocean views

South Beach waterfront condos

AV E R AG E S

2014

2015

2016

2017

14%

12%

8%

7%

5%

AV G . S A L E S P R I C E

$2.37M

$2.66M

$3.1M

$2.85M

$3.03M

AV G . S Q. F O O TA G E

1,967

1,960

2,048

1,960

2,041

$1,205

$1,357

$1,514

$1,454

$1,482

g 13%

g 12%

h 4%

g 2%

from 2013

from 2014

from 2015

from 2016

SAMPLE TRADED

South Beach has remained a popular submarket, attracting local, domestic and international buyers alike. The annual SoFi spotlight for 2016 reported mixed performance among the area’s top buildings. Broader market information suggested a price increase, albeit paired with a volume decrease, in the neighborhood.

FIVE-YEAR

2013

AV G . P R I C E / S Q. F T. % C H A N G E » AV G . P R I C E / S Q. F T.

Sample Traded

Sales Price

9%

Square Footage

$2.8m

Price per Square Foot

1,995

$1,402

South of Fifth Condos

Apogee

Continuum S

Continuum N

Murano Portofino

Portofino

Murano Grande

Icon South Beach

Average PPSF

Average PPSF

Average PPSF

Average PPSF

Average PPSF

Average PPSF

Average PPSF

$2,198

$1,860

$1,829

$1,620

$1,037

$1,063

$880

NO SALES

h 8%

h 9%

g 10%

h 27%

h 10%

h 19%

IN 2016

FROM 2016

FROM 2016

FROM 2016

FROM 2016

FROM 2016

FROM 2016

C O N D O S E C T I O N S D O N OT F E AT U R E A LU X U R Y S E G M E N T, A S T H E S A M P L E I S A L R E A DY R E P R E S E N TAT I V E O F T H E H I G H-E N D M A R K E T. M E T H O D O LO G Y: PA G E 8 2

34


Mid Beach waterfront condos Mid Beach pricing was effectively unchanged, decreasing by 1% total and 4% per square foot. Sales volume was generally level as well. The area’s waterfront condos experienced sharp increases in pricing between 2014 and 2015 reaching around $1,000 per square foot, a value they’ve managed to maintain to this day.

Sample Traded

FIVE-YEAR

8%

AV E R AG E S

2013

2014

2015

2016

2017

11%

11%

8%

5%

5%

AV G . S A L E S P R I C E

$1.12M

$1.19M

$1.21M

$1.24M

$1.23M

AV G . S Q. F O O TA G E

1,436

1,334

1,210

1,244

1,290

AV G . P R I C E / S Q. F T.

$780

$892

$1,000

$997

$953

g 14%

g 12%

h 4%

from 2013

from 2014

from 2015

from 2016

SAMPLE TRADED

% C H A N G E » AV G . P R I C E / S Q. F T.

Sales Price

Square Footage

$1.2m

1,303

North Beach waterfront condos North Beach has shown signs of recovery after the poor performance of 2016, with unit prices increasing 4% to $1.1 million. Sales volume has remained low, however, and it’s well below the 9% average seen in all five years combined. North Beach’s pricing per square foot reflects the same trend as its sales volume.

FIVE-YEAR AV E R AG E S

Sample Traded

9%

After performing well in 2016, North Bay Village’s pricing decreased in 2017. Sales volume, however, has remained more or less constant with about 7% of inventory changing hands each year. North Bay Village mirrors the trends seen across Miami Beach condo markets, albeit at a much lower price range.

FIVE-YEAR AV E R AG E S

Sample Traded

11%

$924

2013

2014

2015

2016

2017

15%

9%

10%

6%

4%

AV G . S A L E S P R I C E

$1.35M

$1.53M

$1.7M

$1.02M

$1.1M

AV G . S Q. F O O TA G E

1,565

1,436

1,488

1,344

1,472

AV G . P R I C E / S Q. F T.

$863

$1,065

$1,142

$760

$747

g 24%

g 7%

h 34%

h 2%

from 2013

from 2014

from 2015

from 2016

SAMPLE TRADED

% C H A N G E » AV G . P R I C E / S Q. F T.

Sales Price

Square Footage

$1.34m

Price per Square Foot

1,461

North Bay Village waterfront condos

Price per Square Foot

$916

2013

2014

2015

2016

2017

12%

19%

10%

7%

7%

AV G . S A L E S P R I C E

$286K

$344K

$320K

$346K

$293K

AV G . S Q. F O O TA G E

1,264

1,249

1,220

1,252

1,246

AV G . P R I C E / S Q. F T.

$226

$275

$262

$276

$235

g 22%

h 5%

g 5%

h 15%

from 2013

from 2014

from 2015

from 2016

SAMPLE TRADED

% C H A N G E » AV G . P R I C E / S Q. F T.

Sales Price

Square Footage

$318k

1,246

Price per Square Foot

$255

OMISSIONS (NO CONDO MARKET) » NONE

35


Miami Islands

MIAMI ISL ANDS | 2017 AVERAGES

EXPLORE THE AREA

condo market index N E I G H B O R H O O D S A N A LY Z E D

Key Biscayne Bay Harbor Islands Fisher Island

Key Biscayne, characterized by its ultra-exclusive single-family homes, offers a more accessible condo market that adds to its old-fashioned, small-town charm. Bay Harbor, featuring mostly mid-century modern architecture, offers amenities like parks, tennis courts, tot lots and dog parks in a village-style setting. Fisher Island is a private enclave of exclusive residences that enjoy amenities including a hotel, an observatory and a marina.

Sample Traded

7%

Sales Price

$2.04m Square Footage

2,596

Price per Square Foot

BEST FOR...

$656

beachfront living small-town atmosphere

^ N

Miami’s North End PA L A Z ZO D E L M A R E , # 7 1 9 2 | F I S H E R I S L A N D

Miami’s South End

Key Biscayne waterfront condos Key Biscayne’s condo pricing fell under the $800 mark for the first time in the five years analyzed, but it was one of the few condo markets in Miami to see an increase in sales volume. Key Biscayne remains a popular market thanks to its large supply of luxury oceanfront condominiums and large average unit size.

FIVE-YEAR AV E R AG E S

Sample Traded

7%

2013

2014

2015

2016

2017

11%

7%

7%

4%

5%

AV G . S A L E S P R I C E

$2.12M

$1.64M

$2.04M

$1.76M

$1.69M

AV G . S Q. F O O TA G E

2,388

2,050

2,359

2,084

2,281

AV G . P R I C E / S Q. F T.

$888

$800

$865

$845

$742

h 10%

g 8%

h 2%

h 12%

from 2013

from 2014

from 2015

from 2016

SAMPLE TRADED

% C H A N G E » AV G . P R I C E / S Q. F T.

Sales Price

Square Footage

$1.85m

2,232

Price per Square Foot

$828

C O N D O S E C T I O N S D O N OT F E AT U R E A LU X U R Y S E G M E N T, A S T H E S A M P L E I S A L R E A DY R E P R E S E N TAT I V E O F T H E H I G H-E N D M A R K E T. M E T H O D O LO G Y: PA G E 8 2

36


Calling it Home WHY OUR ASSOCIATES CHOOSE TO LIVE IN MIAMI’S ISLANDS

I love the fact that families can live in a safe and walkable neighborhood. Key Biscayne is a true village, where everybody knows each other. You get to live in a small island community within 15 minutes of the big city of Miami. It’s a great place to raise a family. Also, where else in Miami can you take your golf cart to the beach or shopping?

Fisher Island is quintessential waterfront living. I love living here because it offers me the lifestyle I enjoy in one secure, exclusive resort with amazing amenities, a beautiful beach that rivals those of the Bahamas and a variety of real estate to choose from. There is no place like it in the US, which is why people from all over the world choose to buy and live here.

— Jerome Arfeli, Key Biscayne resident

— Elena Bluntzer, Fisher Island resident

Bay Harbor Islands waterfront condos After impressive appreciation in 2015 exceeding 30%, Bay Harbor Islands pricing has held steady for the past couple of years. It remains one of the county’s most affordable markets, with unit pricing of only $321k. Considering its ease of living, walkability and A-rated schools, Bay Harbor offers extraordinary value.

FIVE-YEAR AV E R AG E S

Sample Traded

10%

2013

2014

2015

2016

2017

9%

13%

14%

6%

6%

AV G . S A L E S P R I C E

$316K

$258K

$337K

$336K

$321K

AV G . S Q. F O O TA G E

1,412

1,421

1,355

1,422

1,334

AV G . P R I C E / S Q. F T.

$224

$182

$249

$236

$241

h 19%

g 37%

h 5%

g 2%

from 2013

from 2014

from 2015

from 2016

SAMPLE TRADED

% C H A N G E » AV G . P R I C E / S Q. F T.

Sales Price

Square Footage

$314k

1,389

Fisher Island waterfront condos The exclusive private island saw a record sales volume, with 11% of our sample units selling in 2017. However, this increase in volume was accompanied by a slight price decline, as Fisher Island fell below the $1,000 mark in pricing per square foot for the first time since 2013. This is still one of the highest-end markets in Miami.

FIVE-YEAR AV E R AG E S

Sample Traded

9%

Price per Square Foot

$226

2013

2014

2015

2016

2017

10%

6%

9%

8%

11%

AV G . S A L E S P R I C E

$3.61M

$5.42M

$4.67M

$4.7M

$4.11M

AV G . S Q. F O O TA G E

4,028

4,910

3,907

4,672

4,174

AV G . P R I C E / S Q. F T.

$896

$1,104

$1,195

$1,006

$986

g 23%

g 8%

h 16%

h 2%

from 2013

from 2014

from 2015

from 2016

SAMPLE TRADED

% C H A N G E » AV G . P R I C E / S Q. F T.

Sales Price

Square Footage

$4.5m

4,338

Price per Square Foot

$1,037

O M I S S I O N S ( N O C O N D O M A R K E T ) » PA L M / S TA R / H I B I S C U S I S L A N D S, V E N E T I A N I S L A N D S, S U N S E T I S L A N D S, L A G O R C E I S L A N D, I N D I A N C R E E K A N D N O R M A N DY I S L E S

37


Miami’s North End condo market index N E I G H B O R H O O D S A N A LY Z E D

Aventura Bal Harbour Surfside Sunny Isles Beach

MIAMI’S NORTH END | 2017 AVERAGES

EXPLORE THE AREA

Miami’s condo-heavy North End has it all — from country club living to new, beachfront buildings and swanky penthouses by some of the nation’s top shopping destinations. The highrise condo lifestyle offers supreme ocean and Intracoastal views in an area that is undergoing a significant transformation with cutting-edge residential developments rising in communities such as Sunny Isles Beach, Surfside and Bay Harbor Islands.

Sample Traded

6%

Sales Price

$1.62m Square Footage

2,110

Price per Square Foot

BEST FOR...

$768

luxury condos beachfront living

^ N

Fort Lauderdale ST. REGIS RESIDENCES, 1103S | BAL HARBOUR

Downtown Miami / Miami Beach

Aventura waterfront condos Aventura was one of the major underperformers in Miami-Dade County, with pricing falling to only $352 per square foot and under the milliondollar mark. Aventura is heavily targeted by overseas investors who have suffered in recent years with weakening currencies, which undoubtedly impacted its performance.

FIVE-YEAR AV E R AG E S

Sample Traded

9%

2013

2014

2015

2016

2017

11%

10%

7%

8%

7%

AV G . S A L E S P R I C E

$1.11M

$1.02M

$1.05M

$1.05M

$858K

AV G . S Q. F O O TA G E

2,788

2,522

2,636

2,647

2,440

AV G . P R I C E / S Q. F T.

$398

$404

$398

$397

$352

g 2%

h 2%

h 11%

from 2013

from 2014

from 2015

from 2016

SAMPLE TRADED

% C H A N G E » AV G . P R I C E / S Q. F T.

Sales Price

$1.02m

Square Footage

2,607

Price per Square Foot

$390

C O N D O S E C T I O N S D O N OT F E AT U R E A LU X U R Y S E G M E N T, A S T H E S A M P L E I S A L R E A DY R E P R E S E N TAT I V E O F T H E H I G H-E N D M A R K E T. M E T H O D O LO G Y: PA G E 8 2

38


Bal Harbour waterfront condos Bal Harbour’s exclusive waterfront condos reported an increase in sales volume, although pricing decreased somewhat. The area’s condo units remain some of the largest and highest priced in Miami-Dade at an average of 2,257 square feet and a sales price of almost $3 million, resulting in an average of $1,291 per square foot.

FIVE-YEAR AV E R AG E S

Sample Traded

11%

2013

2014

2015

2016

2017

13%

25%

8%

4%

6%

AV G . S A L E S P R I C E

$3.31M

$3.4M

$2.66M

$3.18M

$2.91M

AV G . S Q. F O O TA G E

2,433

1,402

1,945

2,254

2,257

AV G . P R I C E / S Q. F T.

$1,360

$2,425

$1,368

$1,411

$1,291

g 78%

h 44%

g 3%

h 9%

from 2013

from 2014

from 2015

from 2016

SAMPLE TRADED

% C H A N G E » AV G . P R I C E / S Q. F T.

Sales Price

Square Footage

$3.09m

2,058

Surfside waterfront condos With 6% of its sample traded, Surfside saw sales volume improvement over 2016, although prices decreased slightly. The decrease, however, reflects more sales in the lower-priced Spiaggia building rather than weakness overall. Surfside condos soared 63% in pricing during 2014 and have not lowered significantly since.

FIVE-YEAR AV E R AG E S

Sample Traded

7%

Sunny Isles’ average unit pricing decreased slightly, with a larger decrease in pricing per square foot owing to a mix heavy on larger units. At 2,161 average square feet, condos sold in 2017 were the largest in the five years studied. Sales volume changed minimally year over year in the exclusive condo market.

FIVE-YEAR AV E R AG E S

Sample Traded

7%

$1,571

2013

2014

2015

2016

2017

10%

8%

7%

5%

6%

AV G . S A L E S P R I C E

$547K

$1.09M

$1.04M

$1.2M

$1M

AV G . S Q. F O O TA G E

1,385

1,692

1,711

1,684

1,581

AV G . P R I C E / S Q. F T.

$395

$644

$608

$713

$632

g 63%

h 6%

g 17%

h 11%

from 2013

from 2014

from 2015

from 2016

SAMPLE TRADED

% C H A N G E » AV G . P R I C E / S Q. F T.

Sales Price

Square Footage

$975k

Price per Square Foot

1,611

Sunny Isles Beach waterfront condos

Price per Square Foot

$598

2013

2014

2015

2016

2017

12%

9%

7%

5%

4%

AV G . S A L E S P R I C E

$1.43M

$1.79M

$1.81M

$1.77M

$1.72M

AV G . S Q. F O O TA G E

1,727

1,815

1,775

1,753

2,161

AV G . P R I C E / S Q. F T.

$828

$986

$1,020

$1,010

$798

g 19%

g 3%

h 1%

h 21%

from 2013

from 2014

from 2015

from 2016

SAMPLE TRADED

% C H A N G E » AV G . P R I C E / S Q. F T.

Sales Price

Square Footage

$1.7m

1,846

Price per Square Foot

$928

OMISSIONS (NO CONDO MARKET) » GOLDEN BEACH

39


Broward County

countywide data

single-family homes

Single-family homes in Broward County have been in high demand for some time now, as business, retail and restaurants expand from its urban districts to its more suburban areas and real estate continues to offer great value when compared to neighboring counties. Broward is also home to several tight-knit communities with A-rated schools, a big draw for young parents looking for a family-friendly environment. Broward County outperformed Miami-Dade in 2017, with the broader single-family market advancing (a 6% pricing gain in its waterfront market and a 10% gain in its non-waterfront homes). The area’s single-family home pricing has not missed a beat, recording nothing but gains since 2013. However, sales volume decreased by 10% for both waterfront and non-waterfront segments (a first for Broward’s non-waterfront home market in the five years analyzed in this report).

waterfront single-family homes 2013

2014

2015

2016

2017

1,162

1,524

1,623

1,573

1,546

listings sold

3,517

3,614

4,023

3,982

3,594

price / sq. ft.

$201

$215

$217

$227

$241

listings for sale (avg./month)

listings sold trendline

FROM 2016

price / sq. ft. trendline

g 6% FROM 2016

Broward’s luxury product within the $1M–$5M pricing range performed well, with a 12% increase in sales volume. The $5M–$10M market went down substantially, although the 19 sales closed in 2016 were a record for this price range in the area. Broward also saw three transactions over $10 million, which is generally not a typical price point for the area. These sales were a record in a county that typically only has one or two such transactions. Broward’s high-end home market is getting deeper and more mature. The headline variable moving forward in Broward will be the 2018 tax law change, which favors migration from the high-tax states into Florida, of which Broward, a real estate market already heavily targeted by buyers from the northeast, is sure to be a beneficiary. The second variable is the opening of the Brightline train service between Miami and Palm Beach County. IRR and ONE Sotheby’s International Realty predict that, while high-speed rail generally favors more urban locations, this will spill over into much shorter commuter times, which will give Broward’s single-

h 10%

non-waterfront single-family homes 2013

2014

2015

2016

2017

2,376

3,525

3,631

3,190

3,019

listings sold

10,520

10,915

11,894

12,232

11,068

price / sq. ft.

$135

$146

$155

$167

$184

listings for sale (avg./month)

listings sold trendline

h 10% FROM 2016

family homes a big boost. Remaining a market with strong relative housing values compared to neighboring Palm Beach and Miami-Dade, Broward’s single-family homes are likely to keep pace in 2018.

price / sq. ft. trendline g 10% FROM 2016

40


luxury segment $1m – $5m transactions 2013

2014

2015

2016

$5m – $10m transactions 2017

2013

2014

2015

2016

$10m+ transactions 2017

h

460

h

557

listings sold h

509

h

h

572

11

h

h

listings for sale (12-month average) h

545

h

648

h

710

h

820

2016

2017

h

10

h

15

listings sold h

19

h

h

h

h

12

2

listings for sale (12-month average)

843

2015

listings sold trendline

h

2014

listings sold trendline

listings sold trendline

listings sold

432

2013

53

h

53

h

61

h

62

2

h

1

h

2

h

3

listings for sale (12-month average)

62

1600 PONCE DE LEON DRIVE | FORT LAUDERDALE

41

h

16

h

16

h

19

h

23

h

25


Broward’s South End waterfront single-family homes

EXPLORE THE AREA

THE CURRENT REAL ESTATE MARKET

Residents of Hallandale Beach and Hollywood Beach enjoy tree-lined streets, a 2.5-mile beachfront boardwalk, recreational centers and parks throughout the city. These towns are a haven for active residents who enjoy running, skating, biking and snorkeling, with plenty of nature and water views to take in.

The trends in waterfront pricing were the opposite of those for non-waterfront homes. Sales prices increased in Hallandale and decreased in Hollywood, with Hallandale prices reaching a record of $422 per square foot.

BEST FOR...

N E I G H B O R H O O D S A N A LY Z E D

waterfront living beach-town charm

Hollywood Beach ( H O L ) Hallandale Beach ( H A L )

Hollywood Beach saw its lowest pricing per square foot since 2013 and the lowest amount of transactions in the five years analyzed, although numbers have not fluctuated too drastically in this market. The area is targeted by buyers interested in both Broward and Miami due to its location.

^ N

Fort Lauderdale

H A L L A N D A L E & H O L LY W O O D

Miami

price per square foot

2017 vs. 2016

2017 vs. 5-Year Avg.

number of transactions

2017 vs. 2016

2017 vs. 5-Year Avg.

HOL

$277

$338

$373

$371

$333

h 10%

h 2%

21

14

17

14

13

h 7%

h 18%

HAL

$366

$387

$395

$412

$422

g 2%

g 6%

35

27

34

13

15

g 15%

h 40%

2013

2014

2015

2016

2017

%CHG

%CHG

2013

2014

2015

2016

2017

%CHG

%CHG

The Luxury Segment average sales price

top 50% of the market by average sales price

HOL

HAL

2017 vs. 2016

HOL

$2.22M

$1.82M

h 18%

HAL

$2.41M

$1.89M

h 22%

2016

2017

%CHG

$2.5M $1.5M 2016

42

2017

Both Hollywood Beach and Hallandale Beach saw luxury pricing decrease significantly. The average luxury sales price for both submarkets is around $1.8 million, with Hallandale surpassing Hollywood for the first time on record.


Broward’s South End non-waterfront single-family homes

EXPLORE THE AREA

THE CURRENT REAL ESTATE MARKET

The South End’s non-waterfront homes offer a quaint and peaceful lifestyle characteristic of many coastal towns in Florida. For entertainment, stop by the Hollywood Beach theater for free concerts, live music and dancing by the sea. In Hallandale, the Village of Gulfstream offers shopping, dining, gambling and dancing, all available in one place.

2017 brought continued improvement in Hollywood Beach with some weakness in Hallandale Beach. Hollywood Beach has, in fact, seen nothing but gains in the years examined in this report, reflecting a 9% increase over its own five-year average.

running & biking beach-town charm

With 116 homes selling, Hollywood Beach saw a 6% increase in volume and neared its 2015 high of 119. Hallandale Beach, on the other hand, saw its lowest number of transactions so far, at almost half of the 29 transactions closed in 2013.

The view of the ocean, the sound of children laughing at the water parks, the boutiques, hotels and ice cream stands, the mosaic artwork and statues… They all make this a magical place. Hollywood Beach is an oceanfront town with great people, fantastic food, a serene atmosphere and a great sense of community.

We love jogging on the boardwalk, which ranks as one of the top in the nation! It’s relatively new and quietly nestled between the sand, eclectic shops and al fresco dining. Here, you get historic architecture, Young Circle’s Arts Park, the vibrant Downtown Mural Project and trolley transportation, right between Miami and Ft. Lauderdale.

— Meryl Koslow, Hollywood resident

— Marni & David Ledwitz, Hollywood residents

BEST FOR...

N E I G H B O R H O O D S A N A LY Z E D

Hollywood Beach ( H O L ) Hallandale Beach ( H A L )

Calling it Home WHY OUR ASSOCIATES CHOOSE TO LIVE IN BROWARD’S SOUTH END

price per square foot

2017 vs. 2016

2017 vs. 5-Year Avg.

number of transactions

2017 vs. 2016

2017 vs. 5-Year Avg.

HOL

$198

$219

$221

$233

$244

g 5%

g 9%

96

84

119

109

116

g 6%

g 11%

HAL

$246

$267

$278

$252

$234

h 7%

h 8%

29

23

25

17

15

h 12%

h 31%

2013

2014

2015

2016

2017

%CHG

%CHG

2013

2014

2015

2016

2017

%CHG

%CHG

The Luxury Segment average sales price

top 50% of the market by average sales price

HOL

HAL

2017 vs. 2016

HOL

$625K

$636K

g 2%

HAL

$910K

$528K

h 42%

2016

2017

%CHG

Hallandale luxury pricing decreased dramatically in Hallandale due to only one million-dollar home transacting. Luxury pricing nudged up in Hollywood.

$1M $0 2016

2017

O M I S S I O N S ( N O S I N G L E- FA M I LY H O M E M A R K E T ) » N O N E

43


East Fort Lauderdale waterfront single-family homes N E I G H B O R H O O D S A N A LY Z E D

Las Olas Isles ( L O I ) Harbor Beach ( H A R ) Fort Lauderdale Beach ( F L B ) Rio Vista ( R I O ) Victoria Park & Colee Hammock Sunrise Key ( S R K ) Coral Ridge (C O R )

(V&C)

EXPLORE THE AREA

THE CURRENT REAL ESTATE MARKET

Elite private schools, notable hospitals and ample greenery thanks to a large park system make this a top destination for professionals, families and snowbirds. Other attractions are its thriving beachfront and downtown scenes, Las Olas’ shops and restaurants, the Broward Center for the Performing Arts, Museum of Art/Fort Lauderdale, Coral Ridge Country Club, yacht clubs, the historic Bonnet House Museum & Gardens, Hugh Taylor Birch State Park and miles of pristine beaches.

Waterfront sales volume increased quite a bit in Fort Lauderdale Beach and Harbor Beach. Fort Lauderdale Beach pricing decreased, although this was more a correction after its exceptionally high price and low volume in 2016.

BEST FOR...

Moving to the west of the Intracoastal, Rio Vista waterfront pricing decreased by 22% due to one exceptional sale in 2016. Excluding 2016 due to this $17-million transaction, pricing is the highest on record. Victoria Park & Colee Hammock saw a noteworthy price increase but volume decreased slightly, just like in Las Olas Isles.

yachting golfing canalfront living

Waterfront single-family home pricing for East Fort Lauderdale overall closed at $621 per square foot, the second highest in the five years analyzed.

^ N

Broward’s North End

FORT L AUDERDALE

Broward’s South End

price per square foot

2017 vs. 2016

2017 vs. 5-Year Avg.

number of transactions

2017 vs. 2016

2017 vs. 5-Year Avg.

LOI

$550

$539

$583

$589

$626

g 6%

g 8%

75

59

52

67

56

h 16%

h 9%

HAR

$835

$682

$766

$617

$713

g 16%

h 1%

17

19

18

13

21

g 62%

g 19%

FLB

$634

$642

$593

$910

$565

h 38%

h 16%

5

7

11

8

17

g 113%

g 77%

RIO

$551

$552

$610

$798

$624

h 22%

21

19

20

9

13

g 44%

h 21%

V&C

$460

$413

$521

$533

$623

g 17%

g 22%

7

3

6

8

6

h 25%

SRK

$490

$567

$650

$483

$775

g 60%

g 31%

2

6

3

1

3

g 200%

COR

$386

$423

$493

$491

$424

h 14%

h 4%

43

44

22

33

30

h 9%

h 13%

2013

2014

2015

2016

2017

%CHG

%CHG

2013

2014

2015

2016

2017

%CHG

%CHG

44


3 0 0 I S L E O F PA L M S D R I V E | L A S O L A S I S L E S

The Luxury Segment

Calling it Home

top 50% of the market by average sales price

WHY OUR ASSOCIATES

At the top end of the luxury segment, Harbor Beach pricing increased by 40% and reached an average of $6.26 million. Harbor Beach was one of only two communities to present increases at the high end of the market, along with Las Olas Isles. While, at first glance, the biggest under-performer seems to be Rio Vista, its sharp decrease signals more of a return to regular pricing than a sluggish market due to its exceptionally high average of $7.74 million in 2016. Overall, luxury pricing decreased by 21% in East Fort Lauderdale.

average sales price

CHOOSE TO LIVE

MIAMI’S SOUTH END:

IN EAST FORT LAUDERDALE

LUXURY SEGMENT CHANGE

-21%

Wilton Manors is a city within Fort Lauderdale that provides an eclectic lifestyle and is one of the few walkable cities in Broward County. Enjoy Wilton Drive, lined with gourmet restaurants, cafes and a fun nightlife plus unique shopping, art galleries, museums and more. Whether it’s a waterfront home or a condo, Wilton Manors accommodates your needs.

IN TOTAL AVERAGE SALES PRICE FROM 2016 TO 2017

LOI

HAR

FLB

V&C

SRK

COR

RIO

— Frank Vigliotti Fort Lauderdale resident

2017 vs. 2016

LOI

$3.37M

$4.64M

g 38%

$7.5M

HAR

$4.46M

$6.26M

g 40%

$6.5M

FLB

$5.8M

$3.43M

h 41%

$5.5M

RIO

$7.74M

$3.38M

h 56%

$4.5M

V&C

$3.66M

$1.73M

h 53%

$3.5M

SRK

N/A

$6.3M

N/A

$2.5M

COR

$2.41M

$2.16M

h 10%

$1.5M

2016

2017

%CHG

For the past 30+ years I have loved living in Fort Lauderdale. Living here as the city has reinvented itself from a college, Spring Break destination to a luxury travel destination — and now into a bona fide luxury living destination — has been nothing short of thrilling. I love the vibrancy, diversity and ‘joie de vivre’ Fort Lauderdale offers. It’s home. — Jim Cunningham Fort Lauderdale resident 2016

2017

O M I S S I O N S ( N O WAT E R F R O N T, S I N G L E- FA M I LY H O M E M A R K E T ) » N O N E

45


East Fort Lauderdale non-waterfront single-family homes N E I G H B O R H O O D S A N A LY Z E D

Las Olas Isles ( L O I ) Harbor Beach ( H A R ) Fort Lauderdale Beach ( F L B ) Rio Vista ( R I O ) Victoria Park & Colee Hammock Coral Ridge (C O R )

(V&C)

EXPLORE THE AREA

THE CURRENT REAL ESTATE MARKET

Yachting does not require a waterfront home in the Venice of America, as its marinas and yacht clubs allow residents to cruise the peaceful canals and visit waterfront, boater-friendly restaurants without necessarily leaving from a backyard dock.

Sales remained slow in Fort Lauderdale Beach and Harbor Beach, and pricing dipped slightly for nonwaterfront homes. These decreases were driven by weakness in the upper price brackets, with luxury home prices reporting double-digit declines.

The city steadily developed throughout the 20th century for a sweeping overview of architectural styles including Mediterranean Revival, Art Deco, Mid-Century Modern, 1950s ranches and more.

BEST FOR...

Rio Vista, Victoria Park & Colee Hammock are historic single-family neighborhoods surrounding downtown Fort Lauderdale. Rio Vista has seen continued price increases for five consecutive years while Victoria Park & Colee Hammock just dipped a minimal 1% in 2017; both markets indeed managed to see volume improve as well.

golfing yachting small-city living

Coral Ridge remained unchanged at its highest point of $305 per square foot and saw a 10% increase in sales volume.

^ N

Broward’s North End

FORT L AUDERDALE BEACH

Broward’s South End

price per square foot

2017 vs. 2016

2017 vs. 5-Year Avg.

number of transactions

2017 vs. 2016

2017 vs. 5-Year Avg.

LOI

$391

$457

$417

$467

$451

h 3%

g 3%

1

5

6

3

8

g 167%

g 74%

HAR

$268

$312

$339

$398

$348

h 13%

g 5%

7

12

3

8

4

h 50%

h 41%

FLB

$403

$415

$462

$443

$405

h 9%

h 5%

12

14

9

15

13

h 13%

g 3%

RIO

$315

$341

$360

$370

$401

g 8%

g 12%

41

40

29

28

39

g 39%

g 10%

V&C

$297

$326

$329

$348

$345

h 1%

g 5%

120

98

78

64

79

g 23%

h 10%

COR

$201

$246

$275

$305

$305

g 14%

48

45

66

51

56

g 10%

g 5%

2013

2014

2015

2016

2017

%CHG

%CHG

2013

2014

2015

2016

2017

%CHG

%CHG

46


74 5 N V I C TO R I A PA R K R O A D | V I C TO R I A PA R K

The Luxury Segment

Calling it Home

top 50% of the market by average sales price

WHY OUR ASSOCIATES

Four of the six non-waterfront markets experienced a significant gain in luxury segment pricing during 2017. Las Olas Isles saw the largest increase at 19%, reaching an average sales price of $1.6 million and trailing just behind exclusive Harbor Beach, which did not get to break the $2-million mark last year. As a whole, East Fort Lauderdale’s luxury segment remained stable in 2017 and its submarkets all moved closer in terms of pricing, with the lowest at $1.03 million and the highest at $1.75 million.

average sales price

CHOOSE TO LIVE

EAST FORT LAUDERDALE:

IN EAST FORT LAUDERDALE

LUXURY SEGMENT CHANGE

+ 1%

IN TOTAL AVERAGE SALES PRICE FROM 2016 TO 2017

LOI

HAR

FLB

RIO

V&C

COR

2017 vs. 2016

LOI

$1.35M

$1.6M

g 19%

$2.5M

HAR

$2.1M

$1.75M

h 17%

$ 2 .0 M

FLB

$1.74M

$1.4M

h 20%

$1.5M

RIO

$1.3M

$1.5M

g 15%

$1M

V&C

$892K

$1.03M

g 15%

$500K

COR

$898K

$1.04M

g 16%

$0

2016

2017

%CHG

2018 marks my 15th year as a South Florida resident! Of that time, I have spent 13 years living within a couple blocks of downtown Fort Lauderdale and Las Olas Boulevard. I enjoy the walkability of the area — whether along the river or to the restaurants and shops. It’s also exciting to see the growth over that time span and the new projects on the horizon. — Kim Knausz Fort Lauderdale resident Fort Lauderdale is one of the most sought-after locations in the world! It has the most extraordinary waterfront homes and waterways for boaters. There is great golf, excellent restaurants, unique shops and an amazing economy and employment environment. There is a variety of properties and price ranges to fit anyone’s needs. Simply the best! — Rich Masterson Fort Lauderdale resident

2016

2017

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47


Broward’s North End waterfront single-family homes N E I G H B O R H O O D S A N A LY Z E D

Lauderdale-By-The-Sea ( L B S ) Hillsboro Beach ( H I L ) Lighthouse Point ( L P T ) The Landings ( L A N ) Bay Colony ( B AY ) Sea Ranch Lakes ( S R L )

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THE CURRENT REAL ESTATE MARKET

Broward’s northern communities offer plenty of charm and easy living. Residents enjoy strolling down piers, parks, winding paths and the beach, while the more active crowd can experience snorkeling just off the beach.

By far, the North End’s top performer was Bay Colony at an increase of 89%, reaching its highest price point at an average of $685 per square foot. This represents a 44% increase from its combined five-year average.

At the higher end, Hillsboro Beach is home to some of the most prestigious properties in Florida based on geography alone, where residences face the beach and have the Intracoastal as their backyard.

The Landings saw sales volume weakness in 2017 with regards to waterfront transactions, although prices reached a record $486 per square foot. In contrast, Lighthouse Point saw double-digit volume growth and 5% annual price growth to a record $441 per square foot.

BEST FOR...

Sea Ranch Lakes and Hillsboro Beach saw substantial pricing increases, although both are small and, therefore, relatively volatile waterfront single-family home submarkets.

beach-town feel boating quiet communities

^ N

Palm Beach County

LIGHTHOUSE POINT

Fort Lauderdale

price per square foot

2017 vs. 2016

2017 vs. 5-Year Avg.

number of transactions

2017 vs. 2016

2017 vs. 5-Year Avg.

LBS

$370

$553

$469

$517

$447

h 14%

h 5%

20

16

12

16

10

h 38%

h 32%

HIL

N/A

$1,401

$264

$1,143

$1,633

g 43%

g 47%

0

2

1

4

2

h 50%

h 11%

LPT

$337

$381

$420

$419

$441

g 5%

g 10%

59

52

66

60

79

g 32%

g 25%

LAN

$305

$360

$392

$402

$486

g 21%

g 25%

23

29

25

28

14

h 50%

h 41%

B AY

$439

$369

$523

$363

$685

g 89%

g 44%

8

7

9

6

5

h 17%

h 29%

SRL

$325

$456

$327

$408

$580

g 42%

g 38%

3

5

2

5

5

g 25%

2013

2014

2015

2016

2017

%CHG

%CHG

2013

2014

2015

2016

2017

%CHG

%CHG

48


3 7 5 0 N E 3 1 AV E N U E | L I G H T H O U S E P O I N T

The Luxury Segment

Calling it Home

top 50% of the market by average sales price

WHY OUR ASSOCIATES

At the top end, four of the six waterfront submarkets increased much more substantially than the rate at which the two remaining submarkets decreased. Bay Colony’s waterfront homes rose to exceed Sea Ranch Lakes’ pricing levels at $5.72 million. While Hillsboro Beach’s $20-million price point skews the average upward with only two total transactions, Broward’s North End communities combined saw a 72% increase in luxury segment pricing during 2017.

average sales price

CHOOSE TO LIVE IN BROWARD’S NORTH END

BROWARD’S NORTH END: LUXURY SEGMENT CHANGE

+ 72% IN TOTAL AVERAGE SALES PRICE FROM 2016 TO 2017

LBS

HIL

LPT

LAN

B AY

SRL

2017 vs. 2016

LBS

$2.03M

$1.67M

h 18%

$20M

HIL

$8.54M

$20M

g 134%

$16M

LPT

$1.98M

$2.26M

g 14%

$12M

LAN

$1.46M

$1.34M

h 8%

$8M

B AY

$2.6M

$5.72M

g 120%

$4M

SRL

$3.78M

$4.01M

g 6%

2016

2017

%CHG

The Northeast area consists of a number of smaller quaint beachside communities such as Hillsboro Beach, Lighthouse Point and Lauderdale-bythe-Sea. To me, it is wonderful that so many of the recreational activities available revolve around the water, including power boating, sailing, fishing, paddle boarding and simply relaxing on the beach. — Linda Stark North End resident Waterfront residences in Broward's North End are usually very spacious, offering a variety of different docking options and a tranquil atmosphere. Many of these homes are on the Intracoastal Waterway, which boaters can navigate south to Fort Lauderdale's many restaurants and lounges. These areas usually offer direct ocean access for the boating/fishing enthusiast. — Albert Niels Coral Ridge resident

$0 2016

2017

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49


Broward’s North End non-waterfront single-family homes

EXPLORE THE AREA

THE CURRENT REAL ESTATE MARKET

Lauderdale-By-The-Sea’s downtown has retained its small-town feel with buildings that are no more than four stories tall. Locals also enjoy the town’s pier, which shoots almost 900 feet over the ocean. Surrounded by Lauderdale-By-The-Sea is Sea Ranch Lakes, a gated community with just over 200 homes.

Sea Ranch Lakes and Lauderdale-by-the-Sea are adjacent communities north of Fort Lauderdale. Aside from a volume decrease and a luxury price correction to 2014–2015 levels, both submarkets remained largely even after the banner year of 2016.

Further north, Lighthouse Point is home to gorgeous and manicured parks, making it ideal for joggers and bikers of all ages.

N E I G H B O R H O O D S A N A LY Z E D

Lauderdale-By-The-Sea ( L B S ) Lighthouse Point ( L P T ) Sea Ranch Lakes ( S R L )

BEST FOR...

All three non-waterfront submarkets combined closed the year at an average of $301 per square foot, exceeding the $300-per-square-foot mark for the second year in a row.

beach-town feel quiet communities

^ N

Lighthouse Point saw improvement in volume and pricing at $236 per square foot, its highest point in the five years analyzed. This community has seen consistent gains across the board in the time period analyzed in this report.

Palm Beach County

L AUDERDALE-BY-THE-SEA

Fort Lauderdale

price per square foot

2017 vs. 2016

2017 vs. 5-Year Avg.

number of transactions

2017 vs. 2016

2017 vs. 5-Year Avg.

LBS

$256

$262

$279

$319

$294

h 8%

g 4%

21

26

23

24

18

h 25%

h 20%

LPT

$181

$210

$213

$220

$236

g 7%

g 11%

69

54

64

61

62

g 2%

SRL

$238

$227

$304

$370

$374

g 1%

g 24%

3

2

7

8

6

h 25%

g 15%

2013

2014

2015

2016

2017

%CHG

%CHG

2013

2014

2015

2016

2017

%CHG

%CHG

50


3 4 3 3 N E 3 1 AV E N U E | L I G H T H O U S E P O I N T

The Luxury Segment

Calling it Home

top 50% of the market by average sales price

WHY OUR ASSOCIATES

Lighthouse Point, a much larger market than Lauderdale-By-The-Sea and Sea Ranch Lakes, was the only community to see an increase in luxury segment pricing, at 3%. The area has slowly but steadily been presenting price increases since 2015 and is a local favorite due to its beachy, coastal town charm. While Sea Ranch Lakes presented the steepest drop in luxury pricing at 33%, it is still the highest priced of the three communities. Sea Ranch Lakes offers its few residents a private beach club and other resort-like amenities, a notable factor in its price-point difference. Lauderdale-By-The-Sea decreased in both pricing and sales volume. The three non-waterfront, single-family home markets closed the year at a combined 24% decrease in their luxury segments.

average sales price

CHOOSE TO LIVE

BROWARD’S NORTH END:

IN BROWARD’S NORTH END

LUXURY SEGMENT CHANGE

-24% IN TOTAL AVERAGE SALES PRICE FROM 2016 TO 2017

Spotlight: Lighthouse Point O N LY M A R K E T T O I N C R E A S E I N S A L E S

Within Broward's North End, real estate options are diverse enough to meet any budget, from luxury communities with single-family homes to towering condos with first-class amenities. The smalltown living that characterizes these neighborhoods offers residents a peaceful atmosphere without the fear of overdevelopment. — Melanie & David Schrand North End residents

VOLUME & TOTAL + LUXURY PRICING

LBS

LPT

SRL

2017 vs. 2016

LBS

$871K

$678K

h 22%

$2M

LPT

$558K

$575K

g 3%

$1M

SRL

$1.75M

$1.17M

h 33%

$0

2016

2017

%CHG

Lauderdale-by-the-Sea is a unique, 1.5-square-mile town that has seen substantial growth because of its location, the town's thriving downtown area and the many activities available to people of all ages. The town is small, charming and it's truly a thriving boating community. The pedestrianfriendly area features fantastic sidewalk cafes and adorable shops. — Ellen Taracido North End resident

2016

2017

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51


West Broward non-waterfront single-family homes N E I G H B O R H O O D S A N A LY Z E D

Southwest Ranches ( S W R ) Sunrise ( S R S ) Plantation ( P L A ) Weston ( W E S ) Parkland ( P K L )

EXPLORE THE AREA

THE CURRENT REAL ESTATE MARKET

Broward’s western suburbs are becoming increasingly attractive to those working in Fort Lauderdale and Miami. Areas like Weston, which constantly ranks as one of the best places to live in Florida, and Sunrise are ideal for families looking for an exclusive lifestyle just a few miles away from the city. Sunrise is experiencing significant growth with developments such as Metropica, a 65-acre, mixed-use project, and the new, $200-million regional headquarters of American Express.

Weston, Southwest Ranches and Parkland all saw little change in either pricing or volume. These three cities have large and stable single-family home markets and are heavily driven by full-time residents, not second-home buyers. Sunrise and Plantation behaved similarly, with prices increasing and volume decreasing. Although they remain the least expensive submarkets in Broward County, both are at record price levels. In the five years analyzed in this report, West Broward overall has only seen one instance of a pricing decrease: Southwest Ranches in 2014. While appreciation for these non-waterfront homes has been slow, this is the only general market studied with such steady increases.

BEST FOR...

equestrian sports raising a family golfing

^ N

Palm Beach County PA R K L A N D

Broward’s South End

price per square foot

2017 vs. 2016

2017 vs. 5-Year Avg.

number of transactions

2017 vs. 2016

2017 vs. 5-Year Avg.

SWR

$207

$200

$238

$241

$241

g 7%

105

92

109

97

104

g 7%

g 3%

SRS

$109

$125

$135

$152

$170

g 12%

g 23%

700

792

767

841

707

h 16%

h 7%

PLA

$138

$151

$163

$172

$183

g 6%

g 13%

915

863

913

1,015

891

h 12%

h 3%

WES

$188

$194

$196

$205

$214

g 4%

g 7%

857

823

834

840

850

g 1%

g 1%

PKL

$158

$171

$185

$191

$197

g 3%

g 9%

279

250

468

602

565

h 6%

g 31%

2013

2014

2015

2016

2017

%CHG

%CHG

2013

2014

2015

2016

2017

%CHG

%CHG

52


16720 BERKSHIRE COURT | SOUTHWEST RANCHES

The Luxury Segment

Calling it Home

top 50% of the market by average sales price

WHY OUR ASSOCIATES

Broward’s western suburbs all increased in luxury segment pricing except for Parkland, which remained relatively steady at an average sales price of $852k. For the most part, these non-waterfront communities have been consistently appreciating over the years, as mixed-use developments attract out-of-town buyers looking for good opportunities. Sunrise was the area’s top-performing submarket in 2017, although other neighborhoods saw similar increases. Overall, West Broward’s luxury pricing went up 3%, remaining consistent with prior years.

CHOOSE TO LIVE IN WEST BROWARD

WEST BROWARD: LUXURY SEGMENT CHANGE

+ 3%

IN TOTAL AVERAGE SALES PRICE FROM 2016 TO 2017

West Broward is a wonderful place for families. It has excellent schools, parks and lots of outdoors activities. Some towns also have equestrian parks and horse trails to explore. There is a countryside feel but the area is also very close to the city, with easy access from I-595 and I-75. Houses are spacious and land is abundant in the western suburbs of Broward County. — Ana Treter West Broward resident

average sales price

SWR

SRS

WES

PKL

PLA

2017 vs. 2016

SWR

$1.22M

$1.24M

g 2%

$ 1 .6 M

SRS

$303K

$330K

g 9%

$1.2M

PLA

$551K

$577K

g 5%

$800K

WES

$720K

$765K

g 6%

$400K

PKL

$859K

$852K

h 1%

$0

2016

2017

%CHG

It’s an exciting time to be in Plantation. Plantation Walk is under construction and will include retail, luxury rentals and high-end restaurants. West of Plantation, Metropica is becoming one of the most innovative developments in South Florida. From urban centers and outstanding schools to sprawling estates and equestrian parks, Plantation offers something for everyone. — Mark Kravitz Plantation Acres resident

2016

2017

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53


Broward County

countywide data

condo market index

The condominium market in Broward County is materially smaller and less diverse than the MiamiDade condo market. However, Broward’s real estate has long remained the retirement mecca of USbased buyers, with boat-accessible neighborhoods offering quintessential-South Florida open water views and bright homes with resort-like amenities. With an increasing amount of new development expanding throughout Fort Lauderdale and to its western cities and suburbs, the county’s residential market demonstrates promising signs for future, well-balanced growth. This past year was slower on overall resales with a 3% transaction volume decrease in the waterfront market and a 4% decrease in the non-waterfront market, but Broward’s condo pricing increased for both markets. In fact, the only countywide decrease in pricing recorded in the five years studied was that of waterfront condos in 2016. With that exception, Broward’s condo market overall has consistently seen nothing but increases in pricing per square foot.

waterfront condos 2013

2014

2015

2016

2017

2,478

3,021

3,229

3,697

3,498

listings sold

6,337

6,252

6,420

5,991

5,837

price / sq. ft.

$182

$197

$207

$199

$214

listings for sale (avg./month)

listings sold trendline

The new construction market remains slower than developers would like, but the activity in Broward overall supports a continued positive outlook for the region. Like Miami-Dade, the new construction pipeline is slowing and projects in the 2010–2020 cycle are now nearing completion, which will bring some balance to the supply side of the Broward County condo equation.

FROM 2016

price / sq. ft. trendline

g 8% FROM 2016

Luxury condo product in the $1M–$5M category exhibited the opposite trend as the broader market, with significant increases in sales volume (up 21%), but slight declines in pricing. The $5-million-plus condo market saw no activity in 2017, although very few condos have closed at that price range in Broward County in the past. Last year, IRR and ONE Sotheby’s International Realty forecast that 2017 would be a strong year for condo sales in Broward County. The market indeeds recorded strong price gains, but a slight decline in volume. Unlike its southern sister, Broward condo resale inventory has declined year over year (except in the $1M–$5M category).

h 3%

non-waterfront condos 2013

2014

2015

2016

2017

2,903

4,006

4,298

4,143

3,791

listings sold

9,606

9,540

9,823

9,939

9,571

price / sq. ft.

$102

$116

$123

$131

$139

listings for sale (avg./month)

listings sold trendline

h 4% FROM 2016

price / sq. ft. trendline g 6% FROM 2016

54


luxury segment $1m – $5m transactions 2013

2014

2015

2016

$5m – $10m transactions 2017

2013

2014

2015

2016

2017

listings sold h

0

h

0

h

1

h

1

h

0

listings for sale (12-month average) h

3

h

4

listings sold trendline

h

h

192

h

224

2013

198

h

228

h

284

h

13

2014

2015

2016

2017

listings sold h

161

h

h

195

0

h

h

listings for sale (12-month average) h

h

15

$10m+ transactions

listings sold

158

h

9

h

387

h

1

h

0

h

0

h

0

listings for sale (12-month average)

425

1

h

2

T R U M P H O L LY W O O D , # 1 9 0 2 | H O L LY W O O D

55

h

2

h

1

h

1


Broward County

MIAMI’S SOUTH END | 2017 AVERAGES

EXPLORE THE AREA

condo market index N E I G H B O R H O O D S A N A LY Z E D

Hollywood Beach Hallandale Beach Las Olas East Fort Lauderdale

Though less than 25 miles apart, Fort Lauderdale, Hollywood and Hallandale feel a world away from their southern neighbor Miami. Rather than the latter’s position as the supercharged gateway to Latin America, these communities fall more in line with classic Americana and still manage to hold onto their Old Florida heritage. Most activity, from exercising to yacht clubs and dining, takes place on or near the water. It’s a unique setting even within Florida.

Sample Traded

9.5%

Sales Price

$983k

Square Footage

2,073

Price per Square Foot

BEST FOR...

$462

beachfront condos urban living

^ N

Broward’s North End O C E A N PA L M S , # 1 9 0 2 | H O L LY W O O D B E A C H

Miami

Hollywood Beach waterfront condos After a very strong performance in 2016, Hollywood saw prices retreat significantly, in some cases to 2011–2012 levels. This could reflect a breather after the significant increase from $489 PSF to $634 per square foot between 2013 and 2016. Waterfront condos in the area now stand at an average of $1.41 million.

FIVE-YEAR AV E R AG E S

Sample Traded

10%

2013

2014

2015

2016

2017

14%

9%

12%

8%

6%

AV G . S A L E S P R I C E

$1.31M

$1.4M

$1.41M

$1.67M

$1.25M

AV G . S Q. F O O TA G E

2,680

2,575

2,588

2,635

2,693

AV G . P R I C E / S Q. F T.

$489

$544

$545

$634

$462

g 11%

g 16%

h 27%

from 2013

from 2014

from 2015

from 2016

SAMPLE TRADED

% C H A N G E » AV G . P R I C E / S Q. F T.

Sales Price

Square Footage

$1.41m

2,634

Price per Square Foot

$535

C O N D O S E C T I O N S D O N OT F E AT U R E A LU X U R Y S E G M E N T, A S T H E S A M P L E I S A L R E A DY R E P R E S E N TAT I V E O F T H E H I G H-E N D M A R K E T. M E T H O D O LO G Y: PA G E 8 2

56


Hallandale Beach waterfront condos Hallandale Beach saw relatively stable performance, partially attributed to international buyers lured by new condos such as Beachwalk, Apogee and Hyde Beach, which have positioned themselves as a more affordable alternative to Fort Lauderdale, Sunny Isles and Miami’s North Beach neighborhoods.

FIVE-YEAR AV E R AG E S

Sample Traded

11%

2013

2014

2015

2016

2017

15%

12%

12%

8%

9%

AV G . S A L E S P R I C E

$705K

$730K

$670K

$601K

$594K

AV G . S Q. F O O TA G E

1,626

1,613

1,518

1,433

1,503

AV G . P R I C E / S Q. F T.

$434

$453

$441

$419

$395

g 4%

h 2%

h 5%

h 6%

from 2013

from 2014

from 2015

from 2016

SAMPLE TRADED

% C H A N G E » AV G . P R I C E / S Q. F T.

Sales Price

Square Footage

$660k

1,539

Las Olas waterfront condos Condo prices along the Las Olas Corridor recovered over last year, although sales volume went down five percentage points and traded units are smaller in size than they were between 2013 and 2016. At 13% of units changing hands, Las Olas Isles remains among South Florida’s most active condo markets.

FIVE-YEAR AV E R AG E S

Sample Traded

16%

Although sales volume dipped slightly, Fort Lauderdale’s waterfront condos have seen constant appreciation year over year, topping off in 2017 at $580 per square foot. While not the most highly priced, East Fort Lauderdale is one of the top-performing condo markets studied in this year’s report.

FIVE-YEAR AV E R AG E S

Sample Traded

11%

$428

2013

2014

2015

2016

2017

16%

16%

17%

18%

13%

AV G . S A L E S P R I C E

$941K

$1.1M

$1.02M

$672K

$683K

AV G . S Q. F O O TA G E

2,318

2,381

2,182

1,729

1,665

AV G . P R I C E / S Q. F T.

$406

$462

$467

$389

$410

g 14%

g 1%

h 17%

g 6%

from 2013

from 2014

from 2015

from 2016

SAMPLE TRADED

% C H A N G E » AV G . P R I C E / S Q. F T.

Sales Price

Square Footage

$883k

Price per Square Foot

2,055

East Fort Lauderdale waterfront condos

Price per Square Foot

$427

2013

2014

2015

2016

2017

12%

9%

12%

12%

10%

AV G . S A L E S P R I C E

$1.09M

$1.1M

$1.26M

$1.35M

$1.41M

AV G . S Q. F O O TA G E

2,409

2,171

2,360

2,486

2,429

AV G . P R I C E / S Q. F T.

$452

$507

$534

$543

$580

g 12%

g 5%

g 2%

g 7%

from 2013

from 2014

from 2015

from 2016

SAMPLE TRADED

% C H A N G E » AV G . P R I C E / S Q. F T.

Sales Price

Square Footage

$1.24m

2,371

Price per Square Foot

$523

OMISSIONS (NO PREDOMINANT CONDO MARKET) » BROWARD’S NORTH END AND WESTERN BROWARD

57


Palm Beach County

countywide data

single-family homes

This is our first year covering Palm Beach County. Our retrospective look at the countywide singlefamily home market indicates a strong continued trajectory upward from 2013 to 2017, presenting price increases across the board. Waterfront homes in the county increased in average value by 1% in 2017 and 5% in 2016. Transaction volume in the waterfront segment has been relatively consistent, with around 4,200/4,300 home sales per year. The non-waterfront housing values exhibited similar positive trends, with average housing values up in 2017 by 10%, with a slight decline in volume (-5%). The market trends in Palm Beach, both non-waterfront and waterfront, correlate closely with Miami-Dade and Broward counties. When prices are increasing over 5% per year, we see a decline in volume of 4% to 8% as the market adjusts to the new pricing.

waterfront single-family homes 2013

2014

2015

2016

2017

2,353

2,393

2,175

2,343

2,333

listings sold

4,053

4,281

4,322

4,272

4,205

price / sq. ft.

$226

$239

$255

$268

$272

listings for sale (avg./month)

h 2% listings sold trendline

price / sq. ft. trendline

IRR and ONE Sotheby’s International Realty predict another steady year for Palm Beach single-family homes, with price increases in the 1%–3% range and steady sales velocity. Expect a strong start to the year as the snowbirds convert to “residents” in anticipation of coming tax law changes.

g 1% FROM 2016

The first bracket of the Palm Beach single-family home luxury product ($1M–$5M) was up 5% for the year in terms of sales volume, coming in at just under 1,000 sales (the largest $1M–$5M market studied in this report). The $5M–$10M market velocity increased 28%, from 68 sales in 2016 to 87 in 2017. The ultraluxury, $10M+ single-family home segment traded evenly year over year, with 27 total sales per year. This segment of the market has grown substantially over the time period analyzed, considering sales volume in 2013 was almost half of that in 2017. Price increases have been slowing a bit, but overall velocity of sales remains strong. This is reflective of sellers meeting the market to clear inventory, but unlike Broward and Miami-Dade, the single-family home inventory available for sale has been relatively constant over the past five years. This balance of supply and demand is supporting slower price increases (no surplus demand), but also keeping the sales velocity relatively strong.

FROM 2016

non-waterfront single-family homes 2013

2014

2015

2016

2017

4,836

4,577

4,325

4,511

4,281

listings sold

9,845

9,976

11,147

10,633

10,084

price / sq. ft.

$133

$149

$160

$167

$183

listings for sale (avg./month)

listings sold trendline

h 5% FROM 2016

price / sq. ft. trendline g 10% FROM 2016

58


luxury segment $1m – $5m transactions 2013

2014

2015

2016

$5m – $10m transactions 2017

2013

2014

2015

2016

$10m+ transactions 2017

h

860

h

953

listings sold h

944

h

h

995

55

h

h

h

69

listings for sale (12-month average) h

1,748

h

1,589

h

1,746

h

1,978

2016

2017

h

81

listings sold h

68

h

h

87

15

h

h

listings for sale (12-month average)

2,397

2015

listings sold trendline

h

2014

listings sold trendline

listings sold trendline

listings sold

801

2013

166

h

182

h

201

h

234

h

28

h

27

h

27

listings for sale (12-month average)

290

161 BEARS CLUB DRIVE | JUPITER

59

h

24

71

h

73

h

95

h

111

h

133


Palm Beach Gardens Area gated community premium/waterfront home sites

EXPLORE THE AREA

THE CURRENT REAL ESTATE MARKET

Palm Beach Gardens and its surrounding communities offer a lifestyle unmatched in South Florida. Considered to be the “golf capital of the world”, this city is surrounded with pristine golf courses and clubs, and is home to numerous professional golfers and athletes. While only some country clubs offer oceanfront residences, many have lakefront or pondfront lots that are considered premium home sites and tend to sell at a higher price point than their standard homes.

With a large number of predominantly lakefront or canalfront homes, Frenchman’s Creek was the area’s best-performing waterfront market, increasing 30% year over year to end 2017 at $361 per square foot. The community also saw a substantial increase in sales volume, with 27 waterfront homes sold. Highly exclusive Lost Tree Village saw one oceanfront home sale in 2017 along Turtle Beach Road, which fetched a record price of $13.5 million ($2,251 per square foot).

N E I G H B O R H O O D S A N A LY Z E D

Old Palm (O P M ) BallenIsles ( B I S ) Mirasol ( M I R ) Old Marsh (O M A ) Frenchman’s Creek ( F M C ) Frenchman’s Reserve ( F M R ) Lost Tree Village ( LT V )

BallenIsles and Mirasol, the area’s largest waterfront markets, both saw a significant increase in pricing and reached their highest points in the five years analyzed during 2017. Although with a smaller market sample, the same can be said of Frenchman’s Reserve at $383 per square foot.

BEST FOR...

golfing gated communities country club living

^ N

Jupiter M A C A R T H U R B E A C H S TAT E PA R K

Broward’s North End

price per square foot

2017 vs. 2016

2017 vs. 5-Year Avg.

number of transactions

2017 vs. 2016

2017 vs. 5-Year Avg.

OPM

$242

$568

$560

$471

$457

h 3%

h 1%

2

5

6

3

4

g 33%

BIS

$161

$194

$234

$219

$247

g 13%

g 17%

41

49

32

40

35

h 13%

h 11%

MIR

$251

$235

$235

$231

$278

g 20%

g 13%

55

43

52

34

37

g 9%

h 16%

OMA

$358

$325

$350

$392

$365

h 7%

g 2%

7

4

3

4

6

g 50%

g 25%

FMC

$280

$297

$372

$278

$361

g 30%

g 14%

23

19

12

15

27

g 80%

g 41%

FMR

$302

$296

$313

$356

$383

g 8%

g 16%

17

14

9

9

6

h 33%

h 45%

LT V

$713

$1,071

$1,954

N/A

$2,251

N/A

g 50%

4

9

3

0

1

N/A

h 71%

2013

2014

2015

2016

2017

%CHG

%CHG

2013

2014

2015

2016

2017

%CHG

%CHG

60


O L D PA L M

The Luxury Segment

Calling it Home

top 50% of the market by average sales price

WHY OUR ASSOCIATES

With the exception of Old Marsh, every one of these communities saw a year-over-year pricing increase in their luxury segment. Topping the list at over 30% pricing gains are Frenchman’s Creek, Mirasol, Old Palm and BallenIsles. Old Palm led the way in 2016 and 2017 with the highest luxury pricing in the area, at an average of $2.65 million and $3.61 million respectively. Its market is among the smallest, however, which can lead to some data volatility. The communities combined reached a luxury average sales price of $2.26 million, 21% higher than that of 2016.

average sales price

CHOOSE TO LIVE IN & AROUND

PALM BEACH GARDENS AREA:

PALM BEACH GARDENS

LUXURY SEGMENT CHANGE

+ 21%

Palm Beach Gardens is a secret gem in the Northern Palm Beach County area. With easy access to quaint, pristine beaches and an abundance of shopping, entertainment and dining options, Palm Beach Gardens and its surrounding communities are quickly becoming one of the most convenient and sought-after locations in South Florida.

IN TOTAL AVERAGE SALES PRICE FROM 2016 TO 2017

OPM

BIS

FMC

FMR

MIR

OMA

— Franck Prissert Palm Beach Gardens resident

2017 vs. 2016

OPM

$2.65M

$3.61M

g 36%

$ 3 .6 M

BIS

$958K

$1.28M

g 33%

$3M

MIR

$973K

$1.34M

g 37%

$2.4M

OM A

$2.48M

$2.36M

h 5%

$ 1 .8 M

FMC

$1.64M

$2.25M

g 38%

$1.2M

FMR

$2.46M

$2.7M

g 10%

$600K

LT V

N/A

N/A

N/A

2016

2017

%CHG

Palm Beach Gardens consists of a number of gated golf and waterfront communities that are host to some of the finest amenities and courses in the world. Whether you are looking for upscale clubs or a casual community, there are options for everyone’s tastes. The towns of Palm Beach Gardens, Jupiter and Tequesta are the ideal locations for a golfing enthusiast. — David Putnam Palm Beach Gardens resident

$0 2016

2017

O M I S S I O N S ( N O P R E M I U M , S I N G L E- FA M I LY H O M E M A R K E T ) » N O N E

61


Palm Beach Gardens Area gated community standard home sites

EXPLORE THE AREA

THE CURRENT REAL ESTATE MARKET

Due to its golf-centric lifestyle, the price gap between some waterfront and non-waterfront is not as wide as it is in other South Florida counties — many waterfront homes are lakefront or canalfront and are not necessarily designed for residents to live a boating lifestyle. Nonwaterfront homes in the Palm Beach Gardens area can be found at many different price points, with impeccably designed, beautifully landscaped, sprawling estates at the top end.

Two of the three larger markets, Old Palm and Mirasol, saw year-over-year price appreciation in 2017, while BallenIsles dipped slightly to $211 per square foot. Old Palm is the second highest priced community in the area at $615 per square foot, topped only by the exclusive Lost Tree Village at almost $1,000 per square foot. While it's a small market sample, Lost Tree Village saw its highest price point in 2017 and is up 37% when compared to its five-year average.

N E I G H B O R H O O D S A N A LY Z E D

Old Palm (O P M ) BallenIsles ( B I S ) Mirasol ( M I R ) Old Marsh (O M A ) Frenchman’s Creek ( F M C ) Frenchman’s Reserve ( F M R ) Lost Tree Village ( LT V )

Frenchman's Creek is the only non-waterfront market to see five straight years of pricing increases in the Palm Beach Gardens area. Overall, the area closed the year at a combined average of $440 per square foot, a 13% improvement from 2016's $389 and its highest point in the time analyzed.

BEST FOR...

golfing gated communities country club living

^ N

Jupiter O L D PA L M

Broward’s North End

price per square foot

2017 vs. 2016

2017 vs. 5-Year Avg.

number of transactions

2017 vs. 2016

2017 vs. 5-Year Avg.

OPM

$437

$513

$538

$536

$615

g 15%

g 17%

22

18

21

20

32

g 60%

g 42%

BIS

$175

$191

$232

$220

$211

h 4%

g 3%

44

38

42

31

32

g 3%

h 14%

MIR

$268

$286

$278

$290

$314

g 8%

g 9%

30

35

34

32

26

h 19%

h 17%

OMA

$352

$411

$292

$389

$339

h 13%

h 5%

6

5

5

4

7

g 75%

g 30%

FMC

$249

$257

$258

$289

$372

g 29%

g 31%

5

4

7

7

5

h 29%

h 11%

FMR

$295

$258

$289

$296

$297

g 3%

16

17

13

15

10

h 33%

h 30%

LT V

$494

$535

$745

$702

$931

g 33%

g 37%

4

4

4

4

5

g 25%

g 19%

2013

2014

2015

2016

2017

%CHG

%CHG

2013

2014

2015

2016

2017

%CHG

%CHG

62


1 2 2 0 3 T I L L I N G H A S T C I R C L E | O L D PA L M

The Luxury Segment

Calling it Home

top 50% of the market by average sales price

WHY OUR ASSOCIATES

Old Palm saw a substantial increase of 45% in its luxury market, a noteworthy improvement considering it is one of the area's largest nonwaterfront home markets. Unlike its sluggish performance in the waterfront market, Old Marsh's non-waterfront luxury segment did exceptionally well, reaching an average sales price of $2.74 million with more sales. Frenchman's Creek had a great year throughout, with a 43% increase in luxury pricing. BallenIsles and Mirasol remained relatively stable, while Frenchman's Reserve retreated 8% to an average of $1.56 million.

average sales price

CHOOSE TO LIVE IN & AROUND

PALM BEACH GARDENS AREA:

PALM BEACH GARDENS

LUXURY SEGMENT CHANGE

+ 27%

The Palm Beaches have long been synonymous with style, sunshine, shopping and of course wealth. It is the point where the upbeat international flair of South Florida gives way to a more sophisticated lifestyle. Its superb golfing facilities offer incredible homes to enjoy the golfing lifestyle in a location and climate perfectly suited for a leisurely morning of 18 holes.

IN TOTAL AVERAGE SALES PRICE FROM 2016 TO 2017

OPM

BIS

MIR

FMC

FMR

LT V

OMA

— Denise Long Palm Beach County resident

2017 vs. 2016

OPM

$3.44M

$4.98M

g 45%

$5.2M

BIS

$1.07M

$1.067M

h 1%

$4.5M

MIR

$1.52M

$1.57M

g 3%

$ 3 .8 M

OM A

$1.93M

$2.74M

g 42%

$ 3 .1 M

FMC

$1.51M

$2.15M

g 43%

$2.4M

FMR

$1.7M

$1.56M

h 8%

$1.7M

LT V

$3M

$3.95M

g 32%

$1M

2016

2017

%CHG

It comes as no surprise in a place so focused on leisure that there should be a greater density of golf courses here than anywhere else in the United States. From public courses to some of the finest and most esteemed country clubs in the world, you are sure to find the perfect course to enjoy the climate and work on your swing. The Palm Beach Gardens area is simply paradise. — Eva Hirschinger Palm Beach Gardens resident 2016

2017

O M I S S I O N S ( N O S TA N D A R D , S I N G L E- FA M I LY H O M E M A R K E T ) » N O N E

63


Jupiter Area gated community premium/waterfront home sites N E I G H B O R H O O D S A N A LY Z E D

EXPLORE THE AREA

THE CURRENT REAL ESTATE MARKET

Jupiter is known for its peaceful seaside lifestyle. With miles of white beaches and striking blue waters, Jupiter is home to the Jupiter Inlet Lighthouse, Roger Dean Stadium, Busch Wildlife Sanctuary and The Scripps Institute satellite campus. While only some country clubs offer oceanfront residences, many have lakefront or pondfront lots that are considered premium home sites and tend to sell at a higher price point than their standard homes.

Admiral’s Cove and Jonathan’s Landing, two adjacent communities on the Intracoastal, are the largest active waterfront markets in Jupiter. Singlefamily home pricing for waterfront properties in both of these markets has reached record levels in the past two years, albeit with a slight yearover-year decrease. The Bear’s Club closed the year at much higher pricing than its neighboring communities, but with only one waterfront sale. Moving west, The Loxahatchee Club and Jupiter Country Club each saw eight waterfront home sales at averages of $347 and $289 per square foot respectively. The Loxahatchee Club was Jupiter’s top performer in 2017, with an 18% increase in total pricing year over year.

BEST FOR...

Admiral’s Cove ( A D M ) The Bear’s Club ( T B C ) Trump National Jupiter ( T N J ) The Loxahatchee Club ( T L C ) Jupiter Country Club ( J C C ) Jonathan’s Landing ( J O N )

active lifestyles country club living boating

^ N

Martin County ADMIRAL'S COVE

Palm Beach Gardens

price per square foot

2017 vs. 2016

2017 vs. 5-Year Avg.

number of transactions

2017 vs. 2016

2017 vs. 5-Year Avg.

ADM

$547

$550

$569

$626

$622

h 1%

g 7%

25

25

22

21

19

h 10%

h 15%

TBC

$594

N/A

N/A

N/A

$926

N/A

g 22%

1

0

0

0

1

N/A

g 150%

TNJ

$366

$426

$537

$507

N/A

N/A

N/A

4

4

5

5

0

N/A

N/A

TLC

$375

$249

$305

$293

$347

g 18%

g 11%

9

3

12

10

8

h 20%

h 5%

JCC

N/A

$253

$299

$306

$289

h 6%

g 1%

0

4

8

6

8

g 33%

g 54%

JON

$324

$301

$337

$380

$374

h 2%

g 9%

14

21

17

22

19

h 14%

g 2%

2013

2014

2015

2016

2017

%CHG

%CHG

2013

2014

2015

2016

2017

%CHG

%CHG

64


2 3 0 C O M M O D O R E D R I V E | A D M I R A L’ S C O V E

The Luxury Segment

Calling it Home

top 50% of the market by average sales price

WHY OUR ASSOCIATES

Admiral’s Cove, a waterfront golf community with a marina component, is not just the area’s top-performing luxury market, it is also the highest priced, at an average of $5.3 million. The Loxahatchee Club, Jupiter Country Club and Jonathan’s Landing all came in at similar numbers between $1 million and $2 million. Except for the Loxahatchee Club, which saw a slight pricing drop of 1%, these communities experienced double-digit decreases in 2017. Trump National Jupiter did not see sales activity last year and The Bear’s Club had one large waterfront sale.

average sales price

CHOOSE TO LIVE IN JUPITER

JUPITER AREA: LUXURY SEGMENT CHANGE

+ 6%

IN TOTAL AVERAGE SALES PRICE FROM 2016 TO 2017

ADM

TNJ

JCC

JON

TLC

$4.19M

$5.3M

g 26%

$5M

TBC

N/A

N/A

N/A

$4M

TNJ

$2.22M

N/A

N/A

$3M

TLC

$1.76M

$1.73M

h 1%

$2M

JCC

$1.56M

$1.21M

h 23%

$1M

JON

$1.75M

$1.52M

h 13%

$0

2016

2017

%CHG

— Carla Christenson Jupiter resident Jupiter is a small town that has managed to maintain its identity in an area of exploding growth. People feel a connectedness here. We know each other, we say hello. The very best of everything is right here with lifestyle choices from Intracoastal to oceanfront, to the finest golf communities in the world. It is paradise!

2017 vs. 2016

ADM

Fine examples of a serene lifestyle can be found on Jupiter, all with a focus on water and the beautiful landscape. They boast wonderful facilities for the boating enthusiast, the beach goer and the nature lover. Fishing is a favorite pastime in the warm waters of Florida and the Juno Pier is the perfect location to allow Mother Nature to supply both the scenery and perhaps dinner.

— Stacey Ann Bolinger Jupiter resident 2016

2017

O M I S S I O N S ( N O P R E M I U M , S I N G L E- FA M I LY H O M E M A R K E T ) » N O N E

65


Jupiter Area gated community standard home sites

EXPLORE THE AREA

THE CURRENT REAL ESTATE MARKET

With Jack Nicklaus-designed golf courses, tennis courts, impressive clubhouses and perfectly manicured grounds, Jupiter communities offer classic country club living. Divers have access to dozens of artificial reefs such as Breakers Reef, featuring a five- to fifteen-foot ledge with an array of different fish, and King Neptune, a nine-foot statue of King Neptune and his turtles. Jupiter was rated as the 9th Happiest Seaside Town in America by Coastal Living in 2012.

Jupiter's non-waterfront communities mostly experienced a decline in pricing, with only The Bear's Club and Jupiter's Country Club presenting year-over-year gains. The Bear's Club, home of the largest homes and highest prices of any golf community in northern Palm Beach or Martin counties (with the exception of oceanfront properties in Lost Tree) reached an average price per square foot of $597, albeit with only three sales. Jupiter Country Club straddles Indiantown Road just west of I-95 and, unlike most other communities, it still has new homes being developed. Pricing is only slightly higher, but the number of annual sales has increased as new homes have been developed. The communities combined reached an average of $347 per square foot.

N E I G H B O R H O O D S A N A LY Z E D

Admiral’s Cove ( A D M ) The Bear’s Club ( T B C ) Trump National Jupiter ( T N J ) The Loxahatchee Club ( T L C ) Jupiter Country Club ( J C C ) Jonathan’s Landing ( J O N )

BEST FOR...

active lifestyles country club living golfing

^ N

Martin County Palm Beach Gardens

JUPITER

D Ramey Logan

price per square foot

2017 vs. 2016

2017 vs. 5-Year Avg.

number of transactions

2017 vs. 2016

2017 vs. 5-Year Avg.

ADM

$299

$303

$362

$295

$265

h 10%

h 13%

6

6

4

8

9

g 13%

g 36%

TBC

$488

$664

$665

$542

$597

g 10%

g 1%

3

3

3

7

3

h 57%

h 21%

TNJ

$375

$452

$495

$467

$437

h 6%

h 2%

4

4

3

6

1

h 83%

h 72%

TLC

$300

$252

$217

$251

$248

h 1%

h 2%

4

3

8

6

4

h 33%

h 20%

JCC

$242

$268

$264

$282

$287

g 2%

g 7%

2

4

9

5

15

g 200%

g 114%

JON

$182

$214

$241

$276

$247

h 11%

g 6%

17

10

19

12

18

g 50%

g 18%

2013

2014

2015

2016

2017

%CHG

%CHG

2013

2014

2015

2016

2017

%CHG

%CHG

66


5 2 6 B A L D E A G L E D R I V E | T R U M P N AT I O N A L

The Luxury Segment

Calling it Home

top 50% of the market by average sales price

WHY OUR ASSOCIATES

The individual luxury segments show more increases in pricing than the communities' total markets. Admiral's Cove and The Loxahatchee Club both improved on the higher end, reaching $1.19 million and $931k respectively. Jonathan's Landing suffered a significant decline at 34%, although it is not mainly a single-family home market. Homes in Trump National Jupiter have a small number of standardized floor plans and tend to include smaller models along White Pelican Way, although only one sale was recorded in 2017.

average sales price

CHOOSE TO LIVE IN JUPITER

JUPITER AREA: LUXURY SEGMENT CHANGE

+ 48% IN TOTAL AVERAGE SALES PRICE FROM 2016 TO 2017

ADM

TBC

TNJ

TLC

JCC

JON

— Richard Hutton Jupiter resident Running up the Atlantic coast through The Palm Beaches you find a chain of spectacular barrier islands separated from the mainland by the Intracoastal Waterway. Perhaps the most exclusive of these is Jupiter Island. It is home to an intoxicating combination of sandy beaches, extraordinary homes and nature preserves which, in turn, deliver beauty, tranquility and luxury.

2017 vs. 2016

ADM

$1.09M

$1.19M

g 9%

TBC

$2.64M

$7.55M

g 186%

TNJ

$2.62M

N/A

N/A

$4.5 M

TLC

$887K

$931K

g 5%

$3M

JCC

$982K

$1.1M

g 13%

$1.5M

JON

$1.04M

$680K

h 34%

$0

2016

2017

%CHG

The lifestyle and quality of life in Jupiter are absolutely spectacular. Miles of unspoilt beaches, luxury amenities and an easygoing energy make this a truly special place to live. So much so , that over 60 professional golfers choose to call the area home. Whether it be Waterfront, Golf and Country Club, or a Beachfront Condo, your Jupiter home awaits.

$ 7.5 M $6M

— Teena Lovalvo Jupiter resident 2016

2017

O M I S S I O N S ( N O S TA N D A R D , S I N G L E- FA M I LY H O M E M A R K E T ) » N O N E

67


Martin County

countywide data

single-family homes

Located to the north of Palm Beach County, Martin County is a smaller but still vibrant market, and one that’s continued to hit pricing and volume records through 2017. Sales volume in Martin County reached a record for non-waterfront single-family homes at $180 per square foot. These homes have seen a steady rise in pricing throughout the five years analyzed in this market report. Waterfront homes saw a spike in pricing during 2015 at $357 per square foot, but returned to usual levels in 2016 and 2017. Both waterfront and non-waterfront markets have seen a consistent increase in sales volume, with the only exception of a slight 1% drop for non-waterfront homes in 2017. The luxury market in Martin County comprises single-family homes with prices exceeding $1 million; there were over 150 such sales in the county in 2017. The majority of these sales are clustered at the lower end ($1M–$5M) of this price bracket, but three sales over $10 million occurred in 2017. Sales volume was generally even or slightly higher in 2017 vs. 2016, with a much sharper rise when compared to 2013. Martin County's luxury segment has grown in the years analyzed. In 2013, a total of 68 residences sold for over $1 million. Fast-forward to 2017 and that number has increased to 164 — a market 2.5 times larger than it was just five years ago. The area's worldclass golfing facilities, quiet waterways, peaceful beaches, high-end country clubs and idyllic setting continue to attract those seeking the quintessential South Florida lifestyle. The political temperament in Martin County has been to avoid high-end development and growth from external demand. As a result, the county tends to focus on core local demand. However, the quality of life and lifestyle amenities are attracting attention and capital, and the near-term outlook for Martin remains strong despite its general antigrowth stance. The consequence of slowing growth through regulation or political means is that supply is nominal, but demand increases disproportionately. This favors an outlook of pricing increases throughout all residence classes in the county.

waterfront single-family homes 2013

2014

2015

2016

2017

394

591

688

863

941

listings sold

235

416

588

726

771

price / sq. ft.

$313

$263

$357

$276

$280

listings for sale (avg./month)

listings sold trendline g 6% FROM 2016

g 1%

price / sq. ft. trendline

FROM 2016

non-waterfront single-family homes 2013

2014

2015

2016

2017

819

1,145

1,356

1,615

1,859

listings sold

752

1,181

1,850

2,115

2,087

price / sq. ft.

$139

$147

$155

$164

$180

listings for sale (avg./month)

listings sold trendline h 1% FROM 2016

price / sq. ft. trendline

g 10% FROM 2016

68


luxury segment $1m – $5m transactions 2013

2014

2015

2016

$5m – $10m transactions 2017

2013

2014

2015

2016

$10m+ transactions 2017

h

67

h

115

listings sold h

149

h

h

147

3

h

h

listings for sale (12-month average) h

170

h

232

h

268

h

333

2016

2017

h

5

h

9

listings sold h

16

h

h

h

h

14

2

listings for sale (12-month average)

377

2015

listings sold trendline

h

2014

listings sold trendline

listings sold trendline

listings sold

63

2013

15

h

23

h

25

h

28

h

2

h

0

h

3

listings for sale (12-month average)

27

9 0 0 S W B AY P O I N T E C I R C L E | M A R T I N C O U N T Y

69

h

0

5

h

5

h

6

h

10

h

18


Treasure Coast gated community premium/waterfront home sites

EXPLORE THE AREA

THE CURRENT REAL ESTATE MARKET

A cluster of towns built around boating and fishing, South Florida's Treasure Coast includes areas such as Hobe Sound, Stuart and Jensen Beach. With abundant coral reefs, beaches and nature preserves, the area draws those seeking an active lifestyle in the sunny outdoors with water views at every turn. While only some country clubs offer oceanfront residences, many have lakefront or pondfront lots that are considered premium home sites and tend to sell at a higher price point than their standard homes.

Piper's Landing and Harbour Ridge stand out as having far lower pricing than other luxury markets. However, these communities both have mandatory membership fees for their golf clubs that can exceed $1,500 per month with a substantial initial contribution of $85,000 for Harbour Ridge and $70,000 for Piper’s Landing. Pricing in these communities is, therefore, not comparable with other projects in Martin and Palm Beach counties. Sailfish Point is Martin County’s most expensive community, owing in part to its substantial ocean frontage and its location on a peninsula. Most homes in Sailfish are waterfront and command prices that average $574 per square foot. Prices have increased substantially from 2010–2011, when they were below $400 per square foot.

N E I G H B O R H O O D S A N A LY Z E D

Jupiter Hills ( J H S ) Harbour Ridge ( H A R ) Piper’s Landing ( P I P ) The Medalist ( M E D ) Sailfish Point ( S P T )

BEST FOR...

golfing small-town feel easy living

^ N

Fort Pierce HOBE SOUND

Jupiter

price per square foot

2017 vs. 2016

2017 vs. 5-Year Avg.

number of transactions

2017 vs. 2016

2017 vs. 5-Year Avg.

JHS

$273

$339

N/A

N/A

N/A

N/A

N/A

3

1

0

0

0

N/A

N/A

HAR

$93

$62

$179

$203

$128

h 37%

h 4%

1

1

1

14

20

g 43%

g 170%

PIP

$110

N/A

N/A

N/A

$65

N/A

h 26%

1

0

0

0

4

N/A

g 300%

MED

$177

$276

$288

$330

N/A

N/A

N/A

1

1

2

2

0

N/A

N/A

SPT

$512

N/A

$434

$484

$574

g 19%

g 15%

6

0

5

25

25

g 105%

2013

2014

2015

2016

2017

%CHG

%CHG

2013

2014

2015

2016

2017

%CHG

%CHG

70


SAILFISH POINT

The Luxury Segment

Calling it Home

top 50% of the market by average sales price

WHY OUR ASSOCIATES

The two communities with a significant amount of premium home sales in 2017 were Harbour Ridge and Sailfish Point. While these submarkets trade at drastically different levels (Harbour Ridge's average sales pricing came in at $626k while Sailfish Point's is $5.7 million), both experienced a pricing decrease when compared to their respective numbers in 2016. Piper's Landing, a product similar to Harbour Ridge in terms of pricing, saw four premium sales, which is unusually high for the area. Jupiter Hills and The Medalist saw no sales of premium/ waterfront residences in 2017.

CHOOSE TO LIVE IN MARTIN COUNTY

TREASURE COAST: LUXURY SEGMENT CHANGE

-25%

We searched all of South Florida in the late 1990s, in search of the ‘just perfect’ location. Perfection discovered — the warmth, charm of a small town with no traffic congestion, best schools and all the conveniences expected are here. The beauty is unmatched, with waterfront locations everywhere. ‘Close to everything, but away from it all’.

IN TOTAL AVERAGE SALES PRICE FROM 2016 TO 2017

— Blaine “Doc” Ellingson Martin County resident

average sales price

HAR

JHS

N/A

N/A

N/A

$8M

HAR

$983K

$626K

h 36%

$6M

N/A

$750K

N/A

$4M

MED

$1.7M

N/A

N/A

$2M

SPT

$6.7M

$5.7M

h 15%

2016

2017

%CHG

PIP

PIP

MED

2017 vs. 2016

SPT

Stuart is known as the Sailfish Capital of the world. It is frequently cited as one of the best small towns to visit in the United States due to its unique location. With a quaint downtown, you have access to beautiful beaches, golf and water by way of multiple marinas. It's a great community to live in — happy, peaceful and picturesque. — Christine Grieco Stuart resident

$0 2016

2017

O M I S S I O N S ( N O P R E M I U M , S I N G L E- FA M I LY H O M E M A R K E T ) » N O N E

71


Treasure Coast gated community standard home sites

EXPLORE THE AREA

THE CURRENT REAL ESTATE MARKET

A relaxed, small-town charm with beautiful beaches, low-density living with very few homes per acre, breathtaking oceanfront estates and beautiful golf course communities are all characteristics of Martin County's quaint coastal neighborhoods. Country club living perfect for golfing enthusiasts is available in a wide array of price ranges, making the Treasure Coast a top choice in South Florida for those looking for a leisurely lifestyle with ideal weather year-round.

Located only a couple blocks north of the Palm Beach County line, Jupiter Hills has the most expensive standard/non-waterfront residences in Martin County as of 2017, with prices averaging $1.3 million ($305 per square foot). After four consecutive years of pricing decreases, standard homes in The Medalist saw a 25% increase in pricing during 2017 — the highest among the studied communities in Martin County. With three sales averaging $1.05 million in 2017, The Medalist currently has among the most expensive non-waterfront homes in the county. On the other end of the spectrum, Harbour Ridge and Piper's Landing closed the year at $82 and $84 per square foot respectively, leading to potential buyer opportunities.

N E I G H B O R H O O D S A N A LY Z E D

Jupiter Hills ( J H S ) Harbour Ridge ( H A R ) Piper’s Landing ( P I P ) The Medalist ( M E D ) Sailfish Point ( S P T )

BEST FOR...

golfing small-town feel easy living

^ N

Fort Pierce JUPITER HILLS

Jupiter

price per square foot

2017 vs. 2016

2017 vs. 5-Year Avg.

number of transactions

2017 vs. 2016

2017 vs. 5-Year Avg.

JHS

$251

$292

$368

$270

$305

g 13%

g 3%

8

18

4

3

5

g 67%

h 34%

HAR

$70

$100

$80

$118

$82

h 31%

h 9%

8

6

9

16

21

g 31%

g 75%

PIP

$36

N/A

$107

$72

$84

g 17%

g 12%

1

0

2

6

7

g 17%

g 119%

MED

$326

$269

$247

$220

$275

g 25%

g 3%

2

6

1

5

3

h 40%

h 12%

SPT

$207

$285

$264

$286

$265

h 7%

g 1%

3

4

6

12

8

h 33%

g 21%

2013

2014

2015

2016

2017

%CHG

%CHG

2013

2014

2015

2016

2017

%CHG

%CHG

72


11936 SE BIRKDALE RUN | JUPITER HILLS

The Luxury Segment

Calling it Home

top 50% of the market by average sales price

WHY OUR ASSOCIATES

Approaching the $2-million mark, Jupiter Hills experienced the highest luxury segment increase at 109%, overtaking the top performer in 2016, Sailfish Point. The Medalist also, yet slightly, surpassed Sailfish Point in terms of pricing with an increase of 42% to an average sales price of $1.35 million. Harbour Ridge and Piper's Landing both saw decreases in pricing, coming in at $357k and $390k respectively. Along with some of Broward County's western suburbs, these communities offer the best value per square foot in this report.

CHOOSE TO LIVE IN MARTIN COUNTY

TREASURE COAST: LUXURY SEGMENT CHANGE

+17%

The natural beauty of Hutchinson Island supplies miles of quiet sandy beaches, beautiful homes, as well as wonderful oceanfront restaurants. The southern tip of the island is the exclusive gated community of Sailfish Point, where luxury homes and wonderful leisure facilities combine to deliver an uncompromising ocean lifestyle.

IN TOTAL AVERAGE SALES PRICE FROM 2016 TO 2017

— Mike Galleher Martin County resident

average sales price

JHS

HAR

MED

SPT

Martin County is the quintessential mix of the finest points of the Florida lifestyle. Crystal clear waters give endless recreation plus easy access to the cities of Palm Beach, Fort Lauderdale and Miami. It is a place where you can still connect with mostly unaltered nature, which provides a bucolic setting for residents of all ages to enjoy.

PIP

2017 vs. 2016

JHS

$925K

$1.94M

g 109%

$2M

HAR

$565K

$357K

h 37%

$1.5M

PIP

$420K

$390K

h 7%

$1M

MED

$950K

$1.35M

g 42%

$500K

SPT

$1.65M

$1.26M

h 23%

$0

2016

2017

%CHG

— Cindy Capwell Palm City resident 2016

2017

O M I S S I O N S ( N O S TA N D A R D , S I N G L E- FA M I LY H O M E M A R K E T ) » N O N E

73


2012 – 2022 Development Cycle luxury condo market conditions The 2009–2010 real estate market correction was mostly brought on by a condo oversupply of 10,111 units delivered in 2010 in the Downtown Miami area alone. Between 2001 and 2011, 22,875 new condo units were developed in Miami-Dade and Broward Counties. While the total supply for our current, 10-year development cycle (2012-2022) is at 21,163 units, the current inventory is more geographically diverse with a well-distributed delivery timeline, allowing for a much more balanced supply and demand. Needless to say, real estate developers and lenders learnt from previous mistakes, spurring a more stable and mature market that allows for a steadier absorption rate. New development market pricing is now similar to 2008 levels, which were the peak of the 2001– 2011 development cycle, although it's significantly lower in real terms (adjusting for inflation). As a consequence, real estate in South Florida is relatively undervalued when compared with other asset classes such as stocks, bonds, cryptocurrencies, among others that had significant appreciation in the last 10 years. Southeast Florida's real estate market has shown significant progress due to improvements in the city’s infrastructure; employment and tourism growth; expansion of art & culture offerings, retail, entertainment and dining alternatives. With 2,334 units completed in 2017, developer-owned completed units in this development cycle are now 92% sold. Last year, six projects were canceled or postponed and 13 new projects were launched to market, causing new development supply to remain fairly stable year over year. Developers competed aggressively to sell their last remaining units by lowering deposits and offering an array of incentives for buyers and brokers. In addition, completion risk has decreased significantly since most projects have obtained construction loans or are already under construction. Pre- and under-construction inventory pending completion represents 11,158 units, from which 70% is sold. The remaining unsold inventory adds up to 4,147 units, averaging 830 unit sales per year until sell-out (2018 – 2022), which is well below the annual historical absorption rate of 2,500 units. 2018 presents the only exception with a large number of projects being delivered, adding pressure to the resale and leasing markets — especially in Brickell and Edgewater. With new inventory being launched, 2018 will represent the beginning of a new development cycle. This new cycle will be characterized, on one hand, by more realistic pricing, an increase in boutique projects, more focus on the end user and hyperlocal positioning. On the other, larger projects with small or micro-units will launch with lower nominal pricing, mainly targeting investors and foreign nationals. Construction delays, project cancellations/postponements and the launch of new projects have pushed back the delivery profile of new inventory to the end of 2022. This will allow for a more comfortable absorption rate once the 2018 inventory is sold. The limited availability of waterfront development sites is creating significant scarcity value, therefore widening the pricing gap with non-waterfront projects. The macroeconomic environment has improved significantly for South Florida’s real estate. The recently announced tax reform will be a catalyst in the relocation of high-net-worth individuals to Florida, fueling the luxury segment. The performance of the US economy, the appreciation of the stock market during 2017 and the relative devaluation of the US dollar against currencies of key feeder markets, combined with historically low interest rates, will set a strong foundation for the growth of the local real estate market in upcoming years. – Fernando de Nuñez y Lugones | Executive Vice President, Development Division 74

FT. L AU DE RDA LE » AVG. $ 78 9 / S F

HOLLYWOOD & HAL. » AVG. $825/SF

AV E N T U RA » AVG . $ 6 88 / S F

S U N N Y IS LE S » AVG . $ 1 , 24 3 / S F

BAY H A RBO R » AVG . $ 56 7/ S F

M IA M I BE AC H » AVG . $ 1,2 6 3 / S F

E DG E WAT E R » AVG . $ 6 74 / S F DOWN TOWN M IA M I » AVG . $ 9 8 8 / S F S O U T H BE AC H » AVG . $ 1 ,3 75 / S F BRIC KE L L » AVG . $ 6 47 / SF

CO CO N U T G ROV E » AVG. $ 9 8 8 / S F CO RA L G A BLE S » AVG . $ 6 5 3 / S F


COMPLETION PROFILE (2010–2022)

TOTAL UNITS PER QUARTER

2,521

2,500

2,376

1,975

2,000

1,935

1,500 1,180 990

1,000

843

776 637

628 500

402

2022 Q4

2022 Q3

2022 Q2

2022 Q1

2021 Q4

2021 Q3

2021 Q2

2019 Q4

2019 Q3

2019 Q2

2019 Q1

2018 Q4

2018 Q3

2018 Q2

2018 Q1

2017 Q4

2017 Q3

2017 Q2

2017 Q1

2016 Q4

2016 Q3

2016 Q2

2016 Q1

2015 Q4

2015 Q3

70 % S O L D

2015 Q2

2015 Q1

2014 Q4

2014 Q3

2014 Q2

2014 Q1

2013 Q4

2013 Q3

2013 Q2

2013 Q1

2012 Q4

2012 Q3

2012 Q2

2012 Q1

92 % S O LD

2010 Q2

149

68

48

2021 Q1

0

391 249

220

167

342

102

25

432

2020 Q4

126 142

449

2020 Q3

192

171

548

638

2020 Q2

324

415

2020 Q1

500

496

706

PRE- & UNDER-CONSTRUCTION GEOGRAPHIC BREAKDOWN (2018-2022) Area

Units

% of Total Units

% Sold

AVE NT U R A

2 91

2 .6 %

69%

B AY H A R B O R I S L A N D S

126

1.1%

56%

B R I C KE LL

1 ,1 49

10 . 3 %

7 7%

CO R A L G A B LE S

259

2.3%

57%

CO CO NU T G R OVE

381

3 . 4%

74%

DO R A L

41 2

3.7%

7 7%

DOWNTOWN M I A MI

94 4

8.5%

55%

E D G E WAT E R

2 ,4 2 6

2 1. 7 %

85%

F O R T L AU DE R DA LE

784

7%

56%

H O LLY WO O D/ H A LL A N DA L E

406

3 .6 %

67%

M I A M I B E AC H

1 47

1. 3 %

69%

M I A M I R I VE R

41 8

3.7%

25%

M I DTOWN

9 61

8 .6 %

87%

NO R M A NDY S H O R ES

43

0 . 4%

70 %

SO U T H B E AC H

19

0.2%

84%

SU NNY I SLE S B E AC H

1 ,5 67

14%

76%

SU R F S I DE

70

0 .6 %

60 %

SU NR I SE

2 63

2 . 4%

62%

SWE E T WAT E R

492

4. 4%

25%

TOTA L

11,15 8

10 0 %

70%

Information based on projects’ sales centers’ information, news articles, press announcements, phone surveys, online search, among other sources. Data gathered January, 2018. Information is deemed accurate but not guaranteed. Availability and prices are subject to change without notice.

75


Completed Developments P ROJECT NAME

LO CAT IO N

D E V E LO P E R

ARC H I T EC T

COMPLETION

AVG. $/SF

# UNITS

1.

Bellini

Aventura

Martin Margulies

CFE Architects

2013 Q4

$650

70

67

96%

2.

Marina Palms Tower I

Aventura

Plaza Group | DevStar

Slattery & Associates

2015 Q3

$475

234

234

100%

3.

Marina Palms Tower II

Aventura

Plaza Group | DevStar

Slattery & Associates

2015 Q3

$640

234

202

86%

4.

ECHO

Aventura

PMG

Carlos Ott | Yabu Pushelberg

2015 Q1

$575

190

190

100%

5.

Ocean Seven

Bal Harbour

PMG

Shapiro & Associates

2013 Q4

$1,400

7

3

43%

6.

Château Ocean

Bal Harbour

Château Group

Arquitectonica

2016 Q3

$1,400

60

60

100%

7.

Oceana Bal Harbour

Bal Harbour

Consultatio

Arquitectonica

2016 Q2

$1,850

239

191

80%

8.

Riva Bay Harbor

Bay Harbor Islands

Epelboim Dev. Group

Markus Frankel

2013 Q1

$600

25

25

100%

9.

Harbour Park

Bay Harbor Islands

ART+TEC Dev. | HOGG

Markus Frankel

2014 Q3

$500

20

15

75%

10.

Club At Bay Harbor

Bay Harbor Islands

BH US Investments

Frankel Benayoun Architects

2014 Q3

$430

42

42

100%

11.

Kai Residences

Bay Harbor Islands

Equipo 18 | 3D Dev.

Arquitectonica

2016 Q2

$560

57

49

86%

12.

O Residences

Bay Harbor Islands

S2 Dev. | BH-LK Inv.

Charles H. Benson

2017 Q3

$750

41

41

100%

13.

Ivory

Bay Harbor Islands

Brick O. Development

Frankel Benayoun | BMA

2016 Q2

$700

41

30

73%

14.

Sereno

Bay Harbor Islands

Integra Investments

Corwil Architects

2017 Q1

$725

40

40

100%

15.

My Brickell

Brickell

Related Group

Arquitectonica

2013 Q3

$408

192

192

100%

16.

Millecento

Brickell

Related Group

Carlos Ott

2014 Q3

$390

382

382

100%

17.

SLS Residences

Brickell

Related Group

Arquitectonica

2016 Q2

$753

450

450

100%

18.

Echo Brickell

Brickell

PMG

Carlos Ott

2017 Q2

$1,850

160

154

96%

19.

1010 Brickell

Brickell

Key International

Sieger Suarez

2016 Q3

$500

376

374

99%

20.

Brickell Heights East (BH2)

Brickell

Related Group

Arquitectonica

2017 Q1

$557

367

367

100%

21.

Brickell Heights West (BH2)

Brickell

Related Group

Arquitectonica

2017 Q1

$610

332

332

100%

22.

Brickell City Centre | Reach

Brickell

Swire Properties

Arquitectonica

2016 Q2

$675

390

371

95%

23.

Brickell City Centre | Rise

Brickell

Swire Properties

Arquitectonica

2016 Q3

$650

390

214

55%

24.

Bond

Brickell

Rilea Group

Nichols Brosch Wurst Wolfe

2016 Q2

$625

328

310

95%

25.

Brickell TEN

Brickell West

Waterstone Cap. | IB Corp.

BC Architects

2016 Q1

$425

155

155

100%

26.

Cassa Brickell

Brickell West

TSG Paragon

Carlos Ponce de Leon

2016 Q2

$480

81

71

88%

27.

Le Parc at Brickell

Brickell West

ALTA Developers

Luis Revuelta | Archiplan USA

2016 Q1

$678

128

122

95%

28.

Grove at Grand Bay

Coconut Grove

Terra Group

Bjarke Ingels

2016 Q2

$1,050

96

96

100%

29.

Paseo 5252

Doral

Codina Partners

Sieger Suarez

2015 Q4

$335

203

203

100%

30.

Midtown Doral Phase I

Doral

Century Homebuilders

PPK Architects

2016 Q2

$325

306

306

100%

31.

Centro

Downtown

Newgard Dev. Group

Sieger Suarez

2016 Q2

$415

352

346

98%

32.

Icon Bay

Edgewater

Related Group

Arquitectonica

2015 Q2

$475

300

300

100%

33.

Baltus House

Edgewater

Related Group

Cohen Freedman Encinosa

2015 Q2

$470

167

167

100%

34.

Bay House

Edgewater

Melo Group

Melo Architecture

2015 Q4

$503

175

175

100%

35.

Crimson

Edgewater

Mckafka Dev. Group

Idea Architects

2016 Q1

$587

90

90

100%

36.

250 Wynwood

Edgewater

Fortis Development Group

Laith Sayigh (DFA)

2016 Q2

$535

11

11

100%

Information based on projects’ sales centers’ information, news articles, press announcements, phone surveys, online search, among other sources.

76

# SOLD

% S OLD


PROJECT NAME

LO CAT IO N

D E V E LOP ER

ARC H I T EC T

COMPLETION

AVG. $/SF

# UNITS

37.

Biscayne Beach

Edgewater

Eastview Dev. | GTIS

WHLC Arch. | BC Architects

2017 Q2

$685

399

395

99%

38.

Ocean Resort Res. at Conrad

Fort Lauderdale

Heafey Group

Garcia Stromberg

2014 Q4

$960

290

116

40%

39.

Res. at W Fort Lauderdale

Fort Lauderdale

Related Group

Adache Group Architects

2010 Q2

$859

171

89

52%

40.

Adagio on the Bay

Fort Lauderdale

Grupo Alco

Garcia Stromberg

2015 Q2

$527

12

12

100%

41.

Vela Vista

Fort Lauderdale

Oak Construction Co.

Tuthill Architecture

2015 Q4

$500

10

10

100%

42.

Aqualuna

Fort Lauderdale

Ocean Land Investments

Adache Group Architects

2016 Q4

$549

16

16

100%

43.

Aquavita

Fort Lauderdale

Ocean Land Investments

Adache Group Architects

2015 Q3

$565

22

22

100%

44.

Aquamar

Fort Lauderdale

Ocean Land Investments

Adache Group Architects

2017 Q4

$750

20

20

100%

45.

Paramount Ft. Lauderdale

Fort Lauderdale

Falcone Group

Luis Revuelta

2017 Q4

$875

95

92

97%

46.

Apogee Beach

Hollywood Beach

Related Group

Carlos Ott

2013 Q4

$585

49

49

100%

47.

Costa Hollywood

Hollywood Beach

Liberty Sites (M. Bensusan)

Hamed Rodriguez

2017 Q1

$420

307

276

90%

48.

Sage Beach

Hollywood Beach

PMG (NY) | TDG Florida

Carlos Ott

2017 Q2

$740

24

22

92%

49.

Hyde Resort & Residences

Hollywood Beach

Related | Fortune

Cohen Freedman Encinosa

2016 Q3

$650

40

40

100%

50.

Oceana Key Biscayne

Key Biscayne

Consultatio

Arquitectonica

2014 Q1

$1,250

142

138

97%

51.

101 Key Biscayne

Key Biscayne

Eric Soulavy | Oscar Segall

Gabriel Lopez

2015 Q1

$950

11

11

100%

52.

Peloro

Miami Beach

SMG Management

Luis Revuelta

2014 Q4

$450

114

114

100%

53.

Faena House

Miami Beach

Faena

Foster & Partners

2014 Q4

$2,800

47

47

100%

54.

Edition

Miami Beach

Ian Schrager

John Pawson

2014 Q4

$2,400

26

23

88%

55.

1 Hotel & Homes

Miami Beach

Starwood Capital | LeFrak

HKS - Kobi Karp

2015 Q3

$1,850

163

149

91%

56.

Beach House 8

Miami Beach

Morabito Properties

Arquitectonica

2016 Q2

$1,700

8

8

100%

57.

Louver House

Miami Beach

Mast Capital

Rene Gonzalez

2017 Q2

$1,375

12

8

67%

58.

Terrazas

Miami River

Related Group

Shapiro & Associates

2012 Q2

$325

324

248

77%

59.

Palau

South Beach

SMG Management

Kobi Karp

2014 Q4

$984

45

40

89%

60.

Glass

South Beach

Terra Group

Rene Gonzalez

2015 Q1

$2,450

10

10

100%

61.

One Ocean

South Beach

Related Group

Enrique Norten

2017 Q2

$1,850

50

50

100%

62.

321 Ocean

South Beach

Aria Development Group

Enrique Norten

2015 Q2

$1,700

21

21

100%

63.

Marea

South Beach

Related Group

Sieger Suarez

2015 Q4

$1,200

32

31

97%

64.

1215 West

South Beach

Domus Group

RE Chisholm Architects

2016 Q4

$846

45

45

100%

65.

400 Sunny Isles Beach

Sunny Isles Beach

Key International

Chad Oppenheim

2015 Q3

$650

230

230

100%

66.

Ch창teau Beach

Sunny Isles Beach

Ch창teau Group

Kobi Karp

2014 Q4

$1,100

81

78

96%

67.

Porsche Tower

Sunny Isles Beach

Dezer Development

Sieger Suarez

2016 Q3

$1,450

132

129

98%

68.

Mansions at Aqualina

Sunny Isles Beach

The Trump Group

Cohen Freedman Encinosa

2014 Q4

$1,400

79

79

100%

69.

Regalia

Sunny Isles Beach

Regalia Beach Developers

Arquitectonica

2015 Q1

$1,800

39

36

92%

70.

Fendi Ch창teau

Surfside

Ch창teau Group

Arquitectonica

2016 Q4

$1,750

58

57

98%

71.

The Surf Club, Four Seasons

Surfside

Fort Capital

Richard Meier

2018 Q1

$2,200

150

120

80%

10,005

9,208

92%

TOTAL Data gathered January, 2018. Information is deemed accurate but not guaranteed. Availability and prices are subject to change without notice.

77

# S OLD

% S OLD


Developments Under Construction & Pre-Construction P ROJECT NAME

LO CAT IO N

D E V E LO P E R

ARC H I T EC T

COMPLETION

AVG. $/SF

# UNITS

# SOLD

% S OLD

1.

Aventura ParkSquare

Aventura

Integra Investments

Zyscovich Architects

2017 Q4

$550

131

88

67%

2.

Prive

Aventura

BH3 Mgmt. | Gary Cohen

Sieger Suarez

2016 Q4

$825

160

112

70%

3.

Bijou

Bay Harbor Islands

Ability by Acierto

Luis Revuelta

2017 Q4

$750

41

27

66%

4.

Palm Villas

Bay Harbor Islands

BH TH1 | LDG | Team 18

Shapiro & Associates

2017 Q3

$400

14

4

29%

5.

Le Jardin

Bay Harbor Islands

Verzasca Group

Frankel Benayoun Architects

2017 Q3

$500

30

20

67%

6.

The Waters

Bay Harbor Islands

The Congress Group

Bermello, Ajamil & Partners

2019 Q4

$850

9

0

0%

7.

Pearl House

Bay Harbor Islands

Verzasca Group

Frankel Benayoun Architects

2017 Q3

$400

15

13

87%

8.

ONE by Tross

Bay Harbor Islands

Tross International

Frankel Benayoun Architects

2017 Q3

$500

17

7

41%

9.

Smart Brickell

Brickell

Habitat Development

Arquitectonica

2020 Q3

$567

150

30

20%

10.

SLS LUX

Brickell

Related Group

Arquitectonica

2017 Q3

$703

450

445

99%

11.

Flatiron

Brickell

CMC Group

Luis Revuelta

2018 Q2

$670

549

406

74%

12.

Biltmore Parc Condo

Coral Gables

MG Developer Miami

Bellini & Pratt Architects

2017 Q2

$730

32

16

50%

13.

Merrick Manor

Coral Gables

The Astor Companies

Behar Font & Partners

2018 Q1

$575

227

131

58%

14.

Arbor

Coconut Grove

Urban Atl. | Oak Ventures

Behar Font & Partners

2019 Q1

$575

52

21

40%

15.

Glasshaus

Coconut Grove

GD8 | Element Dev.

Varabyeu Partners

2018 Q4

$680

23

7

30%

16.

One Park Grove

Coconut Grove

Related | Terra

Oma. Rem Koolhaas

2018 Q2

$1,600

54

22

41%

17.

Two Park Grove

Coconut Grove

Related | Terra

Rem Koolhaas

2017 Q3

$1,200

72

70

97%

18.

Park Grove Club Residences

Coconut Grove

Related | Terra

Oma. Rem Koolhaas

2017 Q3

$900

154

148

96%

19.

Fairchild

Coconut Grove

ROVR Development

Max Strang

2019 Q2

$970

26

13

50%

20.

Paseo 5300

Doral

Codina Partners

Sieger Suarez

2016 Q1

$445

232

139

60%

21.

Modern

Doral

Terra Group

PPK Architects

2018 Q1

$275

180

180

100%

22.

Aston Martin

Downtown

G&G Business Devs.

Bodas Miani Anger

2022 Q1

$900

391

137

35%

23.

Paramount Worldcenter

Downtown

Royal Palm (Daniel Kodsi)

Elkus Manfredi

2018 Q4

$650

470

330

70%

24.

One Thousand Museum

Downtown

G. Covin & L. Birdman

Zaha Hadid

2018 Q4

$1,415

83

50

60%

25.

Elysee

Edgewater

Two Roads Developers

Arquitectonica

2019 Q3

$715

100

48

48%

26.

Gran Paraiso

Edgewater

Related Group

Arquitectonica

2018 Q1

$720

317

287

91%

27.

Paraiso Bay TI

Edgewater

Related Group

Arquitectonica

2018 Q2

$700

360

360

100%

28.

Aria on the Bay

Edgewater

Melo Group

Arquitectonica

2018 Q1

$500

647

576

89%

29.

One Paraiso

Edgewater

Related Group

Arquitectonica

2017 Q3

$775

279

276

99%

30.

Paraiso Bay View

Edgewater

Related Group

Arquitectonica

2017 Q3

$550

388

378

97%

31.

26 Edgewater

Edgewater

Stripey Development

Mods Architects

2017 Q1

$560

86

76

88%

32.

Missoni Baia

Edgewater

OKO | OB | Cain Hoy

Asymptote | Revuelta

2019 Q4

$875

249

55

22%

33.

Galleria Lofts

Fort Lauderdale

SobelCo

Developer

2018 Q3

$500

48

29

60%

34.

The Gale Residences

Fort Lauderdale

Newgard Dev. Group

Garcia Stromberg

2018 Q1

$635

129

129

100%

Information based on projects’ sales centers’ information, news articles, press announcements, phone surveys, online search, among other sources.

78


PROJECT NAME

LO CAT IO N

D E V E LOP ER

ARC H I T EC T

COMPLETION

AVG. $/SF

# UNITS

# S OLD

% S OLD

35.

Auberge | South Tower

Fort Lauderdale

Fortune | Related

Nichols Brosch Wurst Wolfe

2018 Q2

$1,000

114

60

53%

36.

Auberge | North Tower

Fort Lauderdale

Fortune | Related

Nichols Brosch Wurst Wolfe

2018 Q1

$1,200

57

54

95%

37.

Aquablu

Fort Lauderdale

Ocean Land Investments

Borges + Associates

2018 Q2

$600

35

21

60%

38.

The Wave in Bay Shore

Fort Lauderdale

Oaktree Management

A.S. Bengochea Architects

2018 Q1

$650

18

12

67%

39.

Four Seasons Residences

Fort Lauderdale

Fort Partners

Kobi Karp

2019 Q3

$1,500

90

22

24%

40.

Riva Fort Lauderdale

Fort Lauderdale

Premier Developers

FSMY

2017 Q3

$567

100

65

65%

41.

33 Intracoastal

Fort Lauderdale

Kerry Marsh

Nest Plans

2017 Q4

$730

11

9

82%

42.

Aquavue

Fort Lauderdale

Ocean Land Investments

Adache Group Architects

2018 Q2

$545

8

5

63%

43.

Adagio Ft. Lauderdale Beach

Fort Lauderdale

ALCO

Garcia Stromberg

2019 Q2

$830

31

10

32%

44.

321 At Water’s Edge

Fort Lauderdale

SobelCo

Adache Group Architects

2019 Q1

$850

23

5

22%

45.

100 Las Olas

Fort Lauderdale

The Kolter Group

Illustrious SB Architects

2018 Q4

$650

120

16

13%

46.

Hyde Beach House

Hollywood/Hal.

Related | Key Intl.

CFE Architects

2018 Q2

$600

342

268

78%

47.

2000 Ocean

Hollywood/Hal.

Enrique Norten

Ten Arquitectos

2020 Q1

$1,200

64

2

3%

48.

The Ritz-Carlton Residences

Miami Beach

Lionheart | Elliott Mgmt.

Piero Lissoni

2017 Q3

$1,200

111

77

69%

49.

L’Atelier

Miami Beach

SMG Mgmt. | W Capital

Luis Revuelta

2018 Q4

$1,825

25

23

92%

50.

Eleven on Lenox

Miami Beach

Shoma Group

Zyscovich Architects

2018 Q2

$700

11

2

18%

51.

One River Point

Miami River

Kar Properties

Rafael Viñoly

2020 Q3

$875

418

105

25%

52.

Hyde Midtown

Midtown/Design

Related | Dezer

Arquitectonica

2018 Q4

$550

410

380

93%

53.

One Bay

Midtown/Design

Guzmán & Larraín

Idea Architects

2018 Q1

$463

38

19

50%

54.

Canvas

Midtown/Design

NRI Investments

CFE Architects

2018 Q2

$520

513

433

84%

55.

Iris on the Bay

Normandy Shores

Braddock | Spear Group

Beilinson Gomez Architects

2019 Q1

$420

43

30

70%

56.

Three Hundred Collins

South Beach

JMH Development

Thomas Juul-Hansen

2018 Q2

$1,375

19

16

84%

57.

The Harbour

Sunny Isles Beach

13th Floor Inv. | Key Intl.

Corwil Architects

2018 Q2

$650

425

403

95%

58.

Estates at Acqualina

Sunny Isles Beach

The Trump Group

Rafael Portuondo

2020 Q2

$1,300

149

82

55%

59.

Aurora

Sunny Isles Beach

Verzasca Group

Luis Revuelta

2019 Q4

$720

61

31

51%

60.

Armani Casa

Sunny Isles Beach

Related | Dezer

Cesar Pelli

2019 Q4

$1,200

308

215

70%

61.

Ritz-Carlton Sunny Isles

Sunny Isles Beach

Fortune | Château Group

Arquitectonica

2019 Q2

$1,475

210

155

74%

62.

Turnberry Ocean Club

Sunny Isles Beach

Turnberry Associates

Carlos Zapata

2019 Q4

$1,350

154

74

48%

63.

Jade Signature

Sunny Isles Beach

Fortune International

Herzog & De Meuron

2018 Q1

$1,500

192

184

96%

64.

Muse

Sunny Isles Beach

PMG

Carlos Ott / Sieger Suarez

2018 Q1

$1,750

68

49

72%

65.

Metropica

Sunrise

Trillist | KGH Intl. Dev.

Oppenheim Architecture

2018 Q4

$476

263

164

62%

66.

Eighty Seven Park

Surfside

Terra | Bizzi Partners

Renzo Piano

2019 Q3

$1,975

70

42

60%

67.

University Bridge

Sweetwater

University Developments

Arquitectonica

2020 Q2

$550

492

123

25%

11,158

7,786

70%

TOTAL

Data gathered January, 2018. Information is deemed accurate but not guaranteed. Availability and prices are subject to change without notice.

79


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81


Methodology Following the methodology first applied in our 2015 TRENDS market report, the current model abandons the variable minimum price threshold view used in prior reports so that averages over time are not skewed by elimination of transactions beyond a threshold and changes in market conditions do not skew the directionality of the real estate market averages. The most significant change in methodology is the development of the condominium index. The difficulty in comparing existing condominium project average pricing is that the pricing averages have no control over penthouse units, waterview versus waterfront or age and market position of the product. ONE Sotheby’s International Realty and IRR Miami developed an index of relevant condominium towers that comprise what we consider to be a representative sample of the luxury projects within each submarket. The inclusion of each project was vetted by brokerage and appraisal staff from the respective firms and the sampling reflects the center of the luxury market as it relates to the specific submarket. Average pricing data was then calculated for each of the relevant years by submarket and unique units were excluded from the sample to avoid skewing the average price indicators, making the report as accurate and impartial as it can be. The implementation of project samples also helped control the variability brought about by merely averaging all condo projects within a specific submarket, which when comparing multiple years was less reflective of changing market conditions. While this methodology only reflects a “sample� of the condo market, the number of projects and number of units in the sample are considered representative of the market. The sample pool does not include pre-construction projects. Therefore, the averages and indicators reflect contemporary existing peers and are not meant to reflect pricing of the newest projects coming to market. This methodology will also allow us future analytical capability to project floor premiums, view premiums and penthouse premiums since the data will be isolated for direct and discrete comparison on these function points. We hope this will clarify directionality of the market and allow for deeper analysis in future reports. This report is not meant to replace property analysis by a qualified broker and should not be applied to specific properties without consultation with a professional. The report is meant to inform on broader trends and to facilitate comparison and forecasting at the macro market level.

82


©MMXVIII ONE Sotheby’s International Realty, licensed real estate broker. Sotheby’s International Realty® is a licensed trademark to Sotheby’s International Realty Affiliates LLC. An Equal Opportunity Company. Equal Housing Opportunity. Each Office is Independently Owned and Operated. Statistics provided by Integra Realty Resources – Miami\Palm Beach. The information contained herein is deemed accurate but not guaranteed.


2018 TRENDS Market Report  
2018 TRENDS Market Report