Page 1

TRENDS

2011 MID-YEAR

UPDATE


2011 THE FIRST 6 MONTHS

Basic economic theory tells us that as supply falls and demand rises, prices should increase. The real estate market in South Florida for the first six months of 2011 is representative of this basic economic theory. Spurred by foreign buyers with cash offers, inventory of properties for sale had dropped to 5 year low by June 2011. Waterfront property sales led the way with price increases, bolstering an overall increase in the average sales price in both counties to a two year high point. Cash buyers continue to fuel the very high and very low end markets. Financing, although more available, is still slowing real recovery in the middle of the market. Will this last? Talk of the shadow inventory and the possibility of a future correction seem to be the caveat to all of the apparent, and now indisputable, good news about the market. Most experts feel that there will be some increased inventory released by banks either through short sale or foreclosure sales coming in the next few months now that supply is low and prices are improved. While the inventory is needed, most agree that there is not enough shadow inventory to create any significant backsliding momentum in most of our market areas. It is our privilege to share our Mid-Year 2011 Real Estate Market Trends with you and hope that you find the information useful about the market in South Florida.

Beth Butler President & COO ONE Sotheby’s International Realty +1 305 666 9322 onesothebysrealty.com

CORAL GABLES Santona Corner 1430 S Dixie Highway, Suite 110 Coral Gables, Florida 33146


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

MIAMI BEACH Atlantic Center Building 119 Washington Avenue Miami Beach, Florida 33139

KEY BISCAYNE The Galleria Mall 328 Crandon Boulevard, Suite 222 Key Biscayne, Florida 33149

2011

FORT LAUDERDALE Las Olas 888 E Las Olas Boulevard, Suite 110 Fort Lauderdale, Florida 33301


Key Observations Instant gratification is on the rise with South Florida real estate buyers. Properties in tip-top shape are garnering disproportionately higher prices than those that need work. Buyers are no longer attached to “decorator ready� and are looking not only for finished properties but are attracted to well-designed furniture packages that can be delivered within a short time of closing.

04

I TRENDS

O N E S O T H E B Y S R E A L T Y. C O M


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

SCORCHING ZIPS With 89

41%

closed sales in excess of $1 million through the end of June 2011, 33160 continues to be the hottest high end market in South Florida. We’ve upgraded the sales status from “hot” to “scorching” since the number of sales is twice what they were this time last year.

Source: Southeast Florida Regional MLS

2011

155

SHRINKING INVENTORY

On June 30, 2011 the inventory of $1 million plus homes in Miami Dade and Broward counties had dropped to the lowest point in five years. With just under 3,000 homes and condos on the market in this price range, inventory is down 41% since June 2006.

LOOKING UP That’s the number of $1 million+ homes that closed in June 2011 in Miami Dade and Broward counties, making it the highest closing month in this price range so far this year.

Source: Southeast Florida Regional MLS

Source: Terradatum

“While foreign purchasers make up about 7% of the U.S. residential real-estate market, their numbers have swelled: According to the National Association of Realtors, 18% of Realtors in the U.S. market reported selling a home to at least one international buyer in 2010, up from 12% in 2009. In the Greater Miami area, nearly 60% of all sales last year were to buyers from overseas. For sales of newly built condos downtown, that figure jumps to 90%, says the group.” THE WALL STREET JOURNAL, MAY 2011

90% ULTRA LUXURY The price

ON THE MOVE

SIGNIFICANT SALES

Source: Terradatum

Source: Agent Genius

Source: Southeast Florida Regional MLS

differential on average between the Asking Price and Sales Price for residential properties over $1 million in Miami Dade County.

O N E S O T H E B Y S R E A L T Y. C O M

Did you know that one half of all local searches are performed on mobile devices? ONE Sotheby’s remains the only local iPad app in South Florida.

ONE Sotheby’s International Realty sold this property on the Sunset Islands in Miami beach for a record-breaking $19.8 Million in June 2011.

TRENDS I

05


At a Glance: Mid-Year 2011 The sale of $1 million homes in Miami-Dade and Broward counties represented 8% of the total sales thus far in 2011. In 2010, just 2.4% of all sales were over that price point. With limited financing resources still available in the market, the high-end market grows as an overall percentage due to the large number of cash buyers in this price range.

Under $1 Million Over $1 Million

Sold Mid-Year 2011 On The Market

$500K - $1M

PRICE RANGE

$1M - $3M

$3M - $5M

$5M - $10M

$10M+ 0

1250

2500

3750

5000

NUMBER OF HOMES Source: Southeast Florida Regional MLS.

06

I TRENDS

Source: Southeast Florida Regional MLS.

O N E S O T H E B Y S R E A L T Y. C O M


M I D -Y E A R U P D A T E Traditional Sales Short Sales Bank-Owned Properties

2011

Month by Month Overall sales in all price ranges in Miami-Dade and Broward counties show a 15% increase in the number of sales over the same time period last year. The market is still showing some seasonality as March continues to be the month when the most properties closed in both counties. Broward County

Miami-Dade County

SHADOW INVENTORY

Short Sale and REO properties now represent only 2.9% of the homes and condos for sale in South Florida above $1 million. There are only 6 Bank-owned properties currently on the market with a Listing Price over $1 million.

NUMBER OF HOMES SOLD

6000

3000

0

Source: Southeast Florida Regional MLS. Active inventory count current as of June 30,2011.

Jan

Feb

Mar

Apr

May

Jun

MONTH Source: Southeast Florida Regional MLS

Average Sales Price

5.2

Showing slow signs of recovery, the Average Sales Price in both counties is on an upward swing. The Average Sales Price in Broward County seems to show a slow and steady increase since dropping slightly in January and ending in June 2011 with a 2 year high of $197,000. Miami-Dade’s Average Sales Price shows a more dramatic climb this year, ending in June 2011 at a high of just under $300,000. Broward County

Miami-Dade County

$300K

MARKET SHIFT

Source: Terradatum

$200K

PRICE

No longer a buyer’s market, inventory levels have dropped to a 5.2 month supply in Broward County. Six to nine months is considered a balanced market. Miami-Dade comes in at 7.7 months and falling. Both counties crested with 3-4 years’ supply in 2008. June 2011 is the lowest level in 5 years.

$100K

$0

Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

Jun

MONTH Source: Southeast Florida Regional MLS

O N E S O T H E B Y S R E A L T Y. C O M

TRENDS I

07


South of Miami CORAL GABLES COCOPLUM SNAPPER CREEK LAKES GABLES ESTATES OLD CUTLER WATERFRONT PONCE DAVIS, HIGH PINES COCONUT GROVE PINECREST PALMETTO BAY

5935 Moss Ranch Road, Pinecrest Offered at $4,149,000


IN DEPTH COMMUNITY PROFILES

OVERVIEW

Coral Gables One of the few areas to show a slowdown over this time a year ago, single family waterfront homes in Coral Gables languished a bit in the first half of the year. The Average Asking Price in this market is still at just under $5 million. Pending sales increased in May and June and foretell a better summer sales season. It is also interesting to note that the REO inventory has been absorbed, leaving no waterfront foreclosures left to purchase.

Waterfront Properties

Single Family Homes

# of Transactions

Average Sales Price

Median Sales Price

% of REO Sales

Mid-Year 2010

29

$2,989,259

$2,500,000

10%

Mid-Year 2011

20

$1,892,975

$1,282,250

-

-31%

-37%

-49%

Change

10 Edgewater Drive #12A/C, Coral Gables Offered at $6,500,000 or $30,000/month

OVERVIEW

Coral Gables Showing better sales this year, non-waterfront properties in the Gables are moving at a brisk clip. The inventory of Single Family Homes has dropped below the 6 month mark, signaling a seller’s market and attributing to the price increases. The high-end condo market is up as well, with a significant increase in the number of sales and the Average Sales Price.

Non-Waterfront Properties

Single Family Homes

3200 Granada Boulevard, Coral Gables Offered at $3,900,000 O N E S O T H E B Y S R E A L T Y. C O M

Condos ($1M+)

# of Transactions

Average Sales Price

Median Sales Price

% of REO Sales

Mid-Year 2010

186

$693,932

$525,000

10%

Mid-Year 2011

212

$788,259

$575,000

11%

Change

14%

14%

10%

# of Transactions

Average Sales Price

Median Sales Price

% of REO Sales

Mid-Year 2010

7

$1,357,500

$1,262,500

-

Mid-Year 2011

12

$2,101,455

$1,245,000

-

71%

55%

-1%

Change

TRENDS I

09


IN DEPTH COMMUNITY PROFILES

CORAL GABLES

Cocoplum Waterfront Properties

Single Family Homes

Mid-Year 2010 Mid-Year 2011 Change

# of Transactions

Average Sales Price

Median Sales Price

% of REO Sales

3

$2,865,000

$2,950,000

-

1

$2,225,000

$2,225,000

-

-67%

-22%

-25%

Non-Waterfront Properties

Single Family Homes

# of Transactions

Average Sales Price

Median Sales Price

% of REO Sales

Mid-Year 2010

4

$2,012,500

$1,975,000

-

Mid-Year 2011

11

$1,735,909

$1,500,000

9%

175%

-14%

-24%

Change

Cocoplum is one of the most prestigious guard gated communities in Coral Gables, offering 24 hour roving security patrol, clubhouse, gym, playground, tennis courts, basketball courts and marina. Sales of non-waterfront homes increased a dramatic 175% in the first half of 2011 compared to 2010. Out of the 11 homes sold, only 1 was a bank owned foreclosure. On the other hand, only one waterfront sale closed in the first half of 2011 compared to the 3 sales in 2010, despite the average sales price dropping over 20%.

190 Paloma Drive, Cocoplum Offered at $5,600,000

CORAL GABLES

Snapper Creek Lakes The full-service marina with full-time dock master and security is just one of the reasons Snapper Creek Lakes is a viable choice for luxury home buyers. The average price for listed homes is over $4.5 Million, showing that the most expensive properties are slower to sell. One waterfront home has sold in Snapper Creek Lakes thus far in 2011 with an impressive sales price of $2.35 Million. At time of publication, two non-waterfront homes closed in Snapper Creek Lakes, a 50% decrease in transactions from the same time period in 2010.

Waterfront Properties

Single Family Homes

I TRENDS

Average Sales Price

Median Sales Price

% of REO Sales

Mid-Year 2010

-

-

-

-

Mid-Year 2011

1

$2,350,000

$2,350,000

-

100%

100%

100%

Change

Non-Waterfront Properties

Single Family Homes 10

# of Transactions

# of Transactions

Average Sales Price

Median Sales Price

% of REO Sales

Mid-Year 2010

4

$2,874,750

$2,925,000

-

Mid-Year 2011

2

$2,450,000

$2,450,000

-

-50%

-15%

-16%

Change

O N E S O T H E B Y S R E A L T Y. C O M


IN DEPTH COMMUNITY PROFILES

CORAL GABLES

Gables Estates Designed by Arvida in the 1960s, Gables Estates remains a prestigious and private community. No transactions had taken place in Gables Estates at time of publication or during the same time period last year, but there are pending sales, signalling some activity to look forward to in the next six months.

All Properties

Single Family Homes

# of Transactions

Average Sales Price

Median Sales Price

% of REO Sales

Mid-Year 2010

0

-

-

-

Mid-Year 2011

0

-

-

-

400 Arvida Parkway, Gables Estates Offered at $16,975,000

Change

CORAL GABLES

Old Cutler Waterfront Communities

Old Cutler Bay, Hammock Oaks, Journey’s End This year’s 2 transactions during this time period both occurred in Old Cutler Bay. There was the same amount of sales in Old Cutler Bay during the first six months of 2010. However, average and median sales price in Old Cutler Bay decreased. No sales in Hammock Oaks or Journey’s End had taken place at time of publication.

Waterfront Properties

Single Family Homes

601 Reinante Avenue, Old Cutler Bay Offered at $5,750,000

# of Transactions

Average Sales Price

Median Sales Price

% of REO Sales

Mid-Year 2010

5

$4,047,500

$4,047,500

-

Mid-Year 2011

2

$2,275,000

$2,275,000

-

-60%

-44%

-44%

Change

Ponce Davis, High Pines

Non-Waterfront Properties

Single Family Homes

# of Transactions

Average Sales Price

Median Sales Price

% of REO Sales

Mid-Year 2010

14

$1,208,036

$1,155,000

-

Mid-Year 2011

16

$1,514,000

$1,225,000

-

14%

25%

6%

Change

O N E S O T H E B Y S R E A L T Y. C O M

One of the fastest-growing, non-waterfront neighborhoods, Ponce Davis sits directly between Coral Gables and South Miami. Most impressively, the average sales price increased by 25% - a figure which did not keep the number of transactions in Ponce Davis/High Pines from increasing slightly during the first six months of 2011.

4845 Southwest 80 Street, Ponce Davis Offered at $3,995,000 TRENDS I

11


IN DEPTH COMMUNITY PROFILES

Coconut Grove

Waterfront Properties

Single Family Homes

Condos

# of Transactions

Average Sales Price

Median Sales Price

% of REO Sales

Mid-Year 2010

3

$5,216,667

$5,500,000

-

Mid-Year 2011

4

$5,354,874

$3,175,000

-

33%

3%

-42%

# of Transactions

Average Sales Price

Median Sales Price

% of REO Sales

Mid-Year 2010

55

$779,448

$640,000

2%

Mid-Year 2011

36

$764,738

$539,000

6%

-35%

-2%

-16%

Change

Change

The Coconut Grove waterfront single family home market continued to show signs of improvement in the first half of 2011, with an increase in the amount of transactions and Average Sales Price. Our company holds the record for the highest priced single family home sale in Coconut Grove with the sale of a waterfront home at 3500 Curtis Lane for $13 Million in April 2011. Waterfront condos dropped in the amount of transaction and prices as REO sales increased in this category. Although waterfront condo average and median sales prices decreased, prices held better than non-waterfront condos.

3618 Matheson Avenue, Coconut Grove Offered at $2,975,000

Coconut Grove The Coconut Grove non-waterfront single family home market was active compared to the first half of 2010 with a 35% increase in the amount of transactions. There was also an increase in average and median sales price despite the fact that 25% of transactions were REO sales. The amount of Coconut Grove non-waterfront condo transactions increased as both average and median sales price decreased. REO transactions continue to be a significant percentage of sales in this category.

3601 Matheson Avenue, Coconut Grove Offered at $2,495,000 12

I TRENDS

Non-Waterfront Properties

Single Family Homes

Condos

# of Transactions

Average Sales Price

Median Sales Price

% of REO Sales

Mid-Year 2010

75

$532,172

$499,999

16%

Mid-Year 2011

101

$610,650

$510,000

25%

Change

35%

15%

2%

# of Transactions

Average Sales Price

Median Sales Price

% of REO Sales

Mid-Year 2010

98

$289,979

$209,450

33%

Mid-Year 2011

119

$216,755

$150,000

34%

Change

21%

-25%

-28% O N E S O T H E B Y S R E A L T Y. C O M


IN DEPTH COMMUNITY PROFILES

Pinecrest

North Pinecrest

Single Family Homes

# of Transactions

Average Sales Price

Median Sales Price

Mid-Year 2010

46

$1,318,902

$1,020,000

2%

Mid-Year 2011

37

$1,329,797

$915,000

5%

-20%

1%

-10%

Change

% of REO Sales

The amount of transactions in North Pinecrest decreased compared to 2010, as did the Median Sales Price. However, the Average Sales Price increased despite an increase in REO transactions. South Pinecrest outperformed North Pinecrest in quantity of transactions, which could be attributed to a decrease in both average and median sales prices.

South Pinecrest

Single Family Homes

# of Transactions

Average Sales Price

Median Sales Price

% of REO Sales

Mid-Year 2010

43

$861,060

$675,000

9%

Mid-Year 2011

56

$711,530

$586,750

9%

30%

-17%

-13%

Change

6500 Southwest 98 Street, Pinecrest Offered at $4,999,999

Palmetto Bay Palmetto Bay has had a favorable year thus far. The amount of transactions for the first six months of 2011 has increased by 27% from this time last year despite increased sales prices. With REO transactions making up a smaller portion of the whole than in 2010, this neighborhood is experiencing favorable trends across the board.

Non-Waterfront Properties

6755 Southwest 152 Street, Palmetto Bay Offered at $6,499,000 O N E S O T H E B Y S R E A L T Y. C O M

Single Family Homes

# of Transactions

Average Sales Price

Median Sales Price

% of REO Sales

Mid-Year 2010

102

Mid-Year 2011

130

$383,939

$362,500

22%

$391,965

$385,000

18%

Change

27%

2%

6% TRENDS I

13


Miami, Downtown BRICKELL

14

I TRENDS

DOWNTOWN

KEY BISCAYNE


IN DEPTH COMMUNITY PROFILES

Brickell

Waterfront Properties # of Transactions Condos

Average Sales Price

Median Sales Price

% of REO Sales

Mid-Year 2010

307

$410,785

$245,000

19%

Mid-Year 2011

334

$430,022

$275,000

21%

Change

9%

5%

12%

Non-Waterfront Properties

Condos

# of Transactions

Average Sales Price

Median Sales Price

% of REO Sales

Mid-Year 2010

107

$201,384

$165,000

28%

Mid-Year 2011

156

$222,249

$200,250

38%

Change

46%

10%

21%

Brickell continues to absorb its inventory primarily with international buyers, while developers are poised to begin building again later this year, adding more condo, retail and mixed-use buildings. Overall, 18% more units sold and the average sales price continues an upward climb as we head in to the second half of 2011. There was an increase of REO sales that helped with the inventory absorption. The distressed inventory is depleting with only 2% of active REO and 7% Short Sales remaining at time of publication. With investors taking advantage of this buyer’s market and the influx of professionals seeking the live work environment, rental rates in the area have driven up by an average of 12% over the same period.

1425 Brickell Avenue #48E, Miami Offered at $3,400,000

Downtown Just like Brickell, the Downtown area is absorbing its inventory and developers are set to begin construction with condo/hotels and a possible gaming resort. Over the 6 month comparison, there were 31% more units sold with an average sales price increase of 10%. The non-waterfront area with the most REO had the largest number of sales, driving the REO inventory down by 14%. At time of publication the amount of active REO was a mere 1% of the inventory and short sales represented 7%. Rental rates on average are up 21% over last year, providing further proof that the downtown area remains a good investment with positive cash flow.

Mint at Riverfront, Miami From $240,000 to $1,250,000 O N E S O T H E B Y S R E A L T Y. C O M

Waterfront Properties

Condos

# of Transactions

Average Sales Price

Median Sales Price

% of REO Sales

Mid-Year 2010

89

$385,498

$280,000

10%

Mid-Year 2011

108

$436,232

$325,000

13%

Change

21%

13%

16%

Non-Waterfront Properties

Condos

# of Transactions

Average Sales Price

Median Sales Price

% of REO Sales

Mid-Year 2010

27

$210,566

$140,000

37%

Mid-Year 2011

44

$238,620

$155,000

23%

63%

13%

11%

Change

TRENDS I

15


IN DEPTH COMMUNITY PROFILES

Key Biscayne Still a favorite for extraordinary living, Key Biscayne waterfront homes continue to fare well with a whopping 133% increase in number of transactions and a steady average price per square foot at $1,626.91. Despite impressive numbers, the first REO sale for this type of property occurred in the first half of 2011.

Waterfront Properties

Single Family Homes

# of Transactions

Average Sales Price

Median Sales Price

% of REO Sales

Mid-Year 2010

3

$6,887,333

$6,750,000

-

Mid-Year 2011

7

$6,972,857

$6,200,000

14%

133%

1%

-8%

Change

330 Harbor Drive, Key Biscayne Offered at $9,950,000

Key Biscayne The beautiful oceanfront buildings in the village of Key Biscayne are continuing to hold their value, with the same number of closings for about the same median price in both the first six months of 2010 and 2011. It is worthwhile to note that so far this year, depending on views and building location, price per square foot ranges largely from $223.46 all the way up to $1,058.61.

Waterfront Properties

455 Grand Bay Drive #1025, Key Biscayne Offered at $550,000 16

I TRENDS

Condos

# of Transactions

Average Sales Price

Median Sales Price

% of REO Sales

Mid-Year 2010

74

$1,040,926

$697,500

1%

Mid-Year 2011

74

$982,357

$705,000

5%

Change

0%

-6%

1% O N E S O T H E B Y S R E A L T Y. C O M


IN DEPTH COMMUNITY PROFILES

Key Biscayne While the number of closings increased in quantity, the average selling price has decreased by almost 20% - a trend justified by 12 sales under $1 Million for the first semester of 2011 versus only 5 for the first semester of 2010. Current property offerings start at $1,100,000, which should result in higher average selling prices in the future.

Non-Waterfront Properties

Single Family Homes

# of Transactions

Average Sales Price

Median Sales Price

% of REO Sales

Mid-Year 2010

25

$1,551,128

$1,252,207

4%

Mid-Year 2011

29

$1,258,159

$1,095,000

3%

Change

16%

-19%

-13%

462 Ridgewood Road, Key Biscayne Offered at $3,333,333 or $20,000/month

Key Biscayne Live in Key Biscayne for $200,000? Yes, that was possible this year with non-waterfront closings nearly dominated by foreclosures, representing 42% of total and causing a 43% drop in median sales price. On a more optimistic note, 17 pending contracts at the time of publication indicate a slight upward trend, with less foreclosures in the mix.

Non-Waterfront Properties

1121 Crandon Boulevard #F302, Key Biscayne Offered at $1,595,000 O N E S O T H E B Y S R E A L T Y. C O M

Condos

# of Transactions

Average Sales Price

Median Sales Price

% of REO Sales

Mid-Year 2010

27

$357,519

$365,000

11%

Mid-Year 2011

34

$230,994

$207,500

41%

26%

-35%

-43%

Change

TRENDS I

17


Miami Beach SOUTH BEACH MID BEACH NORTH BEACH SOUTH OF FIFTH FISHER ISLAND PALM, STAR, & HIBISCUS ISLANDS SUNSET ISLANDS VENETIAN & LA GORCE ISLANDS NORTH BAY ROAD & PINETREE DRIVE

7331 Belle Meade Island, Miami Beach 1Offered 8 I T R at E N$2,900,000 DS


IN DEPTH COMMUNITY PROFILES

OVERVIEW

Miami Beach

Waterfront Properties

Single Family Homes

Condos

# of Transactions

Average Sales Price

Median Sales Price

% of REO Sales

43

$3,503,333

$2,959,000

5% 14%

Mid-Year 2010 Mid-Year 2011

56

$2,912,833

$1,999,000

30%

-17%

-32%

# of Transactions

Average Sales Price

Median Sales Price

% of REO Sales

Mid-Year 2010

738

$600,573

$309,500

13%

Mid-Year 2011

981

$596,792

$293,000

23%

Change

33%

-1%

-5%

Change

Waterfront sales in Miami Beach rose 30% year over year. The Average Sales Price and foreclosures are leading indicators for the increase. Waterfront condos continue to make waves with a robust increase in the number of sales. Despite the flushing out of the distressed condos inventory, a small 1% increase in price per square foot demonstrates stabilization along the American Riviera.

1000 S Pointe Drive PH-4, Miami Beach Offered at $5,750,000

OVERVIEW

Miami Beach The number of non-waterfront homes for sale in Miami Beach has dropped to the lowest point in the last 5 years. Although the number of sales is down, the Median Sales Price is up 20%. On the other hand, non-waterfront condos show a substantial increase in number of sales – a good portion due to the distressed inventory being depleted. Pricing has been modestly hit as a result.

2110 Lucerne Avenue, Miami Beach Offered at $2,299,000 O N E S O T H E B Y S R E A L T Y. C O M

Non-Waterfront Properties

Single Family Homes

Condos

# of Transactions

Average Sales Price

Median Sales Price

% of REO Sales

Mid-Year 2010

75

$764,000

$542,000

13%

Mid-Year 2011

60

$757,000

$648,000

13%

-20%

-1%

-5%

# of Transactions

Average Sales Price

Median Sales Price

% of REO Sales

Mid-Year 2010

332

$171,555

$130,000

24%

Mid-Year 2011

489

$173,423

$123,000

37%

Change

47%

1%

-5%

Change

TRENDS I

19


IN DEPTH COMMUNITY PROFILES

MIAMI BEACH

South Beach While 2009 to 2010 statistics were relatively flat, 2011 is off to an impressive start with the number of transactions closing just short of a 30% increase. Meanwhile, price per square foot pricing has begun an uphill climb, with a 7% increase from mid-year 2010.

Waterfront Properties

In the month of June 2011, ONE Sotheby’s International Realty closed $25,000,000 in sales at The Residences at W South Beach.

Condos

The Residences at W South Beach From $660,000 to $6,500,000

# of Transactions

Average Sales Price

Median Sales Price

% of REO Sales

Mid-Year 2010

367

$684,755

$340,000

12%

Mid-Year 2011

472

$749,501

$345,000

14%

Change

29%

9%

1%

MIAMI BEACH

Mid Beach Waterfront Mid-Beach and Millionaire’s Row have been the most stagnant of the Miami Beach markets, but still show an increase in number of transactions sold. Price per square foot pricing was hit, dropping 14% – perhaps a function of the distressed inventory being depleted.

Waterfront Properties

Condos

# of Transactions

Average Sales Price

Median Sales Price

% of REO Sales

Mid-Year 2010

228

$516,630

$300,000

10%

Mid-Year 2011

279

$439,760

$300,000

19%

Change

22%

-15%

0%

5757 Collins Avenue #605, Miami Beach Offered at $1,226,000

MIAMI BEACH

North Beach Canyon Ranch Resort and Akoya are the strong players in the North Beach Market, feeding a robust 62% sales volume increase in this sector. Interesting to note: 9 distressed sales closed at Akoya during the first half of 2011, while only 2 are active at the time of this post as the distressed inventory dries up.

6365 Collins Avenue #TS-01, Miami Beach Offered at $30,000/month 20

I TRENDS

Waterfront Properties

Condos

# of Transactions

Average Sales Price

Median Sales Price

% of REO Sales

Mid-Year 2010

124

$289,110

$239,000

26%

Mid-Year 2011

201

$318,112

$222,500

25%

Change

62%

10%

-7% O N E S O T H E B Y S R E A L T Y. C O M


IN DEPTH COMMUNITY PROFILES

MIAMI BEACH

South of Fifth With just short of a whopping 50% growth in number of transactions closed, inventory down, and a 9% increase in price per square foot pricing - the most coveted condominium neighborhood of Miami Beach continues to demonstrate its popularity with today’s buyers.

All Properties

Condos

# of Transactions

Average Sales Price

Median Sales Price

% of REO Sales

Mid-Year 2010

137

$1,007,315

$611,750

7%

Mid-Year 2011

204

$1,179,740

$660,000

9%

Change

49%

17%

8%

300 S Pointe Drive PH-4004, Miami Beach Offered at $4,700,000

MIAMI BEACH

Fisher Island The typical sale on prestigious Fisher Island remains a 3 bedroom, 3 bathroom residence with approximately 3,000 square feet and a waterfront view. Number of closed transactions and price per square foot pricing are both up considerably, with price per square foot increasing by an impressive 19%.

All Properties

7161 Fisher Island Drive, Fisher Island Offered at $5,500,000 O N E S O T H E B Y S R E A L T Y. C O M

Condos

# of Transactions

Average Sales Price

Median Sales Price

% of REO Sales

Mid-Year 2010

21

$1,936,325

$1,975,000

-

Mid-Year 2011

26

$2,503,460

$2,000,000

4%

24%

29%

1%

Change

TRENDS I

21


IN DEPTH COMMUNITY PROFILES MIAMI BEACH

Palm, Star & Hibiscus Islands Only Star and Hibiscus have seen waterfront sales during the first six months of 2011. The amount of sales in Star Island tripled and Average Sales Price more than doubled. This April, the sale of 13 Star Island for $25.5 million became the highest sale for a Single Family home in Miami-Dade County in over 5 years.

Waterfront Properties

Single Family Condos Homes

211 N Coconut Lane, Palm Island Offered at $3,495,000

# of Transactions

Average Sales Price

Median Sales Price

% of REO Sales

Mid-Year 2010

6

$6,091,666

$7,175,000

-

Mid-Year 2011

6

$9,707,000

$9,707,500

-

0%

59%

35%

Change

MIAMI BEACH

Sunset Islands

Waterfront Properties

Single Family Homes

# of Transactions

Average Sales Price

Median Sales Price

% of REO Sales

Mid-Year 2010

2

$2,400,000

$2,400,000

-

Mid-Year 2011

2

$4,625,000

$4,625,000

-

0%

93%

93%

Change

Waterfront sales remain strong in the Sunset Islands. Although waterfront homes sold at the same pace in the first half of 2011 as in the first half of 2010, both Average and Median Sales Prices have nearly doubled. A home on Sunset Island I went under contract during the first half of 2011, closing in July for $19.8 million. This was second highest sale in Miami-Dade County at time of publication.

1647 North View Drive, Miami Beach Offered at $10,750,000

MIAMI BEACH

Venetian, La Gorce Island Although there were no waterfront sales on La Gorce Island during the first half of 2011, the Venetian Islands saw an increase in activity compared to the first half of 2010. Not only did sales increase by 30% on the Venetians, but Average Sales Price increased by 16% and Median Sales Price increased by 28%.

94 la Gorce Circle, Miami Beach Offered at $12,900,000 22

I TRENDS

Waterfront Properties

Single Family Homes

# of Transactions

Average Sales Price

Median Sales Price

% of REO Sales

Mid-Year 2010

11

$5,751,500

$5,200,000

-

Mid-Year 2011

9

$2,507,000

$2,500,000

-

-18%

-56%

-52%

Change

O N E S O T H E B Y S R E A L T Y. C O M


IN DEPTH COMMUNITY PROFILES

MIAMI BEACH

North Bay Road, Pinetree Drive Although the amount of sales dropped by 27%, prices have significantly increased on North Bay Road and Pinetree Drive. Average and Median Sales Prices increased by over 20% on North Bay Road. Pinetree Drive prices had the most growth in the first half of 2011, with Average and Median Sales Prices more than doubling.

Waterfront Properties

Single Family Homes

# of Transactions

Average Sales Price

Median Sales Price

% of REO Sales

Mid-Year 2010

11

$3,128,000

$3,133,500

-

Mid-Year 2011

8

$5,035,000

$4,921,000

-

-27%

61%

57%

Change

4580 North Bay Road, Miami Beach Offered at $18,975,000

MIAMI BEACH

Indian Creek There have been no sales at Indian Creek during the first half of 2011. There were 3 homes on the market in this private island at time of publication.

Waterfront Properties

17 Indian Creek Drive, Miami Beach Offered at $32,500,000 O N E S O T H E B Y S R E A L T Y. C O M

Single Family Homes

# of Transactions

Average Sales Price

Median Sales Price

% of REO Sales

Mid-Year 2010

1

$9,300,000

$9,300,000

-

Mid-Year 2011

0

$0

$0

-

-100%

-100%

-100%

Change

TRENDS I

23


North of Miami BAL HARBOUR GOLDEN BEACH AVENTURA SUNNY ISLES

10295 Collins Avenue #1706, Bal Harbour 2Offered 4 I T Rat E N$1,750,000 DS

BAY HARBOR ISLANDS


IN DEPTH COMMUNITY PROFILES

Bal Harbour

Waterfront Properties

Single Family Homes

Condos

% of REO Sales

# of Transactions

Average Sales Price

Median Sales Price

Mid-Year 2010

1

$2,800,000

$2,800,000

-

Mid-Year 2011

-

-

-

-

Change

-

-

-

# of Transactions

Average Sales Price

Median Sales Price

% of REO Sales

Mid-Year 2010

49

$970,462

$600,000

6%

Mid-Year 2011

82

$810,287

$465,000

5%

67%

-17%

-23%

Change

One of Miami’s most elegant neighborhoods, Bal Harbour is not only known for high-end shopping and gourmet dining, but also for its luxury condo-hotels and full amenity condominiums. While the number of sale transactions and Average Sales Price of waterfront homes has decreased, Bal Harbour always has and continues to sell extremely well, with the number of waterfront condos sold increasing by 67%.

10295 Collins Avenue #208, Bal Harbour Offered at $3,495,000

Bal Harbour The exclusive gated community of Bal Harbour Village is the crowning jewel of single family homes in this highly desirable community. Real estate activity in the area had a great first half of 2011, with the number of sales of non-waterfront homes increasing by a staggering 400%. This year’s success is most probably due to an overall decrease of 34% and 58% for average and median sales prices, respectively.

Non-Waterfront Properties

70 Camden Drive, Bal Harbour Offered at $3,950,000 O N E S O T H E B Y S R E A L T Y. C O M

Single Family Homes

# of Transactions

Average Sales Price

Median Sales Price

% of REO Sales

Mid-Year 2010

1

$3,000,000

$3,000,000

-

Mid-Year 2011

5

$1,982,500

$1,250,000

-

400%

-34%

-58%

Change

TRENDS I

25


IN DEPTH COMMUNITY PROFILES

Golden Beach

Waterfront Properties

Single Family Homes

# of Transactions

Average Sales Price

Median Sales Price

% of REO Sales

Mid-Year 2010

3

$1,900,000

$1,950,000

-

Mid-Year 2011

7

$3,614,286

$2,500,000

-

133%

90%

28%

Change

Non-Waterfront Properties

Single Family Homes

# of Transactions

Average Sales Price

Median Sales Price

% of REO Sales

Mid-Year 2010

2

$725,000

$725,000

2

Mid-Year 2011

3

$783,333

$890,000

0

30%

-3%

-7%

Change

With the Atlantic on one side and the intracoastal on the other, the exclusive Golden Beach is the only Miami-Dade County community offering direct oceanfront luxury residences. With asking prices between $6 and $20 million, transactions of such properties are scarce. However, there has been a significant increase (133%) in the number of intracoastal waterfront properties sold since 2010, in spite of an increase of 90% for average sales price price . Transactions of non-waterfront properties have increased by 50% while prices have remained relatively stable. There have been no REO sales this year in Golden Beach, while the first half of 2010 the area saw 2 REO sales of non-waterfront homes.

650 Golden Beach Drive, Golden Beach Offered at $2,750,000

Bay Harbor Islands Located directly west of Bal Harbour and north of the Indian Creek Island, separated only by small waterways, Bay Harbor consists of two separate islands. The west island contains single family homes, some with stunning open bay views, while the east island contains a small business district, an A-rated public school, and primarily multi-family housing. While there were no sales of waterfront homes in the first half of 2010, there were 2 sales over $1 Million in the area in the first half of 2011.

10350 W Bay Harbor Drive, Bay Harbor Islands Offered at $357,000 26

I TRENDS

Waterfront Properties

Single Family Homes

# of Transactions

Average Sales Price

Median Sales Price

% of REO Sales

Mid-Year 2010

0

$0

$0

-

Mid-Year 2011

2

$2,946,000

$2,946,000

-

100%

100%

100%

Change

O N E S O T H E B Y S R E A L T Y. C O M


IN DEPTH COMMUNITY PROFILES

Aventura With inventory of waterfront condos in Aventura dipping to just below 800, the supply of condos is at a 5-year low. In the first 6 months of 2011, the number of closed transactions increased by an impressive 30% versus the same time period in 2010, despite a minor 3% decrease in Average Sales Price.

Waterfront Properties

Single Family Condos Homes

# of Transactions

Average Sales Price

Median Sales Price

% of REO Sales

Mid-Year 2010

336

$376,796

$290,000

12%

Mid-Year 2011

436

$366,510

$270,000

15%

Change

30%

-3%

-7%

Bellini at Williams Island, Aventura From $950,000 to $3,700,000

Sunny Isles Sunny Isles Beach has been the top destination for condo buyers in the last 2 years. Velocity continues to grow even while prices increase. Waterfront condominiums in the Sunny Isles area have shown an increased activity in the first semester of 2011, with the number of transactions increasing by almost one third from the same time period in 2010.

Waterfront Properties

16047 Collins Avenue PH-3704, Sunny Isles Offered at $5,450,000 O N E S O T H E B Y S R E A L T Y. C O M

Condos

# of Transactions

Average Sales Price

Median Sales Price

% of REO Sales

Mid-Year 2010

305

$472,033

$290,000

13%

Mid-Year 2011

403

$505,047

$250,000

18%

Change

32%

7%

-14% TRENDS I

27


Fort Lauderdale LAS OLAS ISLES HARBOR BEACH LAUDERDALE BY THE SEA LIGHTHOUSE POINT RIO VISTA HILLSBORO BEACH FORT LAUDERDALE BEACH VICTORIA PARK HOLLYWOOD & HALLANDALE BEACH CORAL RIDGE BAY COLONY

209 N Birch Road #1601, Fort Lauderdale 2Offered 8 I T Rat E N$9,750,000 DS


IN DEPTH COMMUNITY PROFILES

OVERVIEW

Fort Lauderdale

Waterfront Properties

Single Family Homes

Condos

# of Transactions

Average Sales Price

Median Sales Price

% of REO Sales

172

$992,063

$631,650

12%

Mid-Year 2011

190

$1,098,336

$782,500

9%

Change

10%

11%

24%

# of Transactions

Average Sales Price

Median Sales Price

% of REO Sales

Mid-Year 2010

651

$347,965

$247,000

13%

Mid-Year 2011

734

$315,225

$230,000

13%

Change

13%

-9%

-7%

Mid-Year 2010

There has been a flurry of activity for Fort Lauderdale’s waterfront homes. Numbers of sales have increased by 10% over the same period in 2010. Averages sales prices have also increased by 11%. The median sales prices have increased by 24% and REOs have decreased, which paints a bright picture for the remainder of 2011. Sales of waterfront condos have increased by 13% over the same time last year, while both Average and Median Sales Prices have decreased.

4342 El Mar Drive #2, Fort Lauderdale Offered at $2,450,000

OVERVIEW

Fort Lauderdale Sales of homes in this sector are up by 40%. Average and median sales prices have also increased by 15% and 16%, respectively. On the other hand, non-waterfront condos in this price range have seen no activity at all thus far in 2011.

Non-Waterfront Properties

Single Family Homes (1M+)

2798 NE 37 Drive, Fort Lauderdale Offered at $1,150,000 O N E S O T H E B Y S R E A L T Y. C O M

Condos (1M+)

# of Transactions

Average Sales Price

Median Sales Price

% of REO Sales

Mid-Year 2010

5

$1,277,540

$1,125,000

-

Mid-Year 2011

7

$1,464,286

$1,300,000

-

40%

15%

16%

# of Transactions

Average Sales Price

Median Sales Price

% of REO Sales

Mid-Year 2010

2

$1,112,500

$1,112,500

-

Mid-Year 2011

0

$0

$0

-

-100%

-100%

-100%

Change

Change

TRENDS I

29


IN DEPTH COMMUNITY PROFILES

FORT LAUDERDALE

Las Olas Isles Waterfront Properties

Single Family Homes

# of Transactions

Average Sales Price

Median Sales Price

% of REO Sales

25

$2,091,952

$1,450,000

4%

40

$1,852,074

$1,460,000

13%

60%

-11%

1%

Mid-Year 2010 Mid-Year 2011 Change

These exclusive waterfront finger isles off Las Olas Boulevard have seen an increase of 60% in sales, which may be due to the prime location and attractive prices. Average Sales Price is down by 11%. The number of non waterfront home sales off Las Olas has maintained from this time last year. Average price is down 12% and median price is up 26%.

Non-Waterfront Properties

Single Family Homes

# of Transactions

Average Sales Price

Median Sales Price

% of REO Sales

Mid-Year 2010

3

$835,900

$575,000

-

Mid-Year 2011

3

$731,667

$725,000

-

0%

-12%

26%

Change

540 Lido Drive, Fort Lauderdale Offered at $2,495,000

FORT LAUDERDALE

Harbor Beach The exclusive community of Harbor Beach, boasting deep water dockage and a private beach club, has seen an increase in sales of 38% in the first 6 months of 2011. The Average Sales Price was down 18%, while Median Sales Price was up 9%. Transactions of non-waterfront properties in Harbor Beach have more than doubled since 2010. Average Sales Price is up 26% and Median Sales Price is up 18%.

Waterfront WaterfrontProperties Properties

Single SingleFamily Family Homes Homes

# of Transactions

Average Sales Price

Median Sales Price

% of REO Sales

Mid-Year 2010

8

$2,353,875

$1,462,500

-

Mid-Year 2011

11

$1,923,182

$1,600,000

-

38%

-18%

9%

Change

Non-Waterfront Properties

2550 Del Lago Drive, Fort Lauderdale Offered at $12,000,000 30

I TRENDS

Single SingleFamily Family Homes Homes

# of Transactions

Average Sales Price

Median Sales Price

% of REO Sales

Mid-Year 2010

3

$691,667

$585,000

-

Mid-Year 2011

7

$874,286

$693,000

-

133%

26%

18%

Change

O N E S O T H E B Y S R E A L T Y. C O M


IN DEPTH COMMUNITY PROFILES

FORT LAUDERDALE

Lauderdale by the Sea Waterfront Properties

Single Family Homes

# of Transactions

Average Sales Price

Median Sales Price

% of REO Sales

11

$452,045

$431,000

-

5

$1,167,378

$860,000

20%

-55%

158%

100%

Mid-Year 2010 Mid-Year 2011 Change

The number of sales are down on this barrier island. Average Sales Price has increased by 158%. The number of REO sales have increased in waterfront and non-waterfront markets. Non-waterfront property sales are down 25% in the area. Overall Average Sales Prices are down 62% and Median Sales Prices are down 58%.

Non-Waterfront Properties

Single Family Homes

# of Transactions

Average Sales Price

Median Sales Price

% of REO Sales

Mid-Year 2010

8

$987,187

$855,000

13%

Mid-Year 2011

6

$373,400

$355,450

33%

-25%

-62%

-58%

Change

1600 S Ocean Blvd #1001, Fort Lauderdale Offered at $1,590,000

FORT LAUDERDALE

Lighthouse Point As we move to the north of Fort Lauderdale, Lighthouse Point sales are up 70%, Average Sales Prices have seen increases of 21% and Median Sales Prices are up 7%. The number of non-waterfront sales have remained consistent with the mid-year 2010 sales, despite Average Sales Prices increasing by 11% and Median Sales Prices up by 6%.

Waterfront Properties

Single Family Homes

# of Transactions

Average Sales Price

Median Sales Price

Mid-Year 2010

23

$779,217

$707,000

9%

Mid-Year 2011

39

$939,806

$755,000

5%

70%

21%

7%

Change

% of REO Sales

Non-Waterfront Properties

3930 NE 31 Avenue, Fort Lauderdale Offered at $1,299,000 O N E S O T H E B Y S R E A L T Y. C O M

Single Family Homes

# of Transactions

Average Sales Price

Median Sales Price

% of REO Sales

Mid-Year 2010

18

$298,419

$310,000

11%

Mid-Year 2011

18

$330,972

$327,500

11%

Change

-

11%

6% TRENDS I

31


IN DEPTH COMMUNITY PROFILES

FORT LAUDERDALE

Rio Vista

Waterfront Properties

Single Family Homes

# of Transactions

Average Sales Price

Median Sales Price

% of REO Sales

Mid-Year 2010

10

$1,364,215

$1,277,950

10%

Mid-Year 2011

8

$1,062,863

$1,076,450

-

-20%

-22%

-16%

Change

With easy access to the ocean, Rio Vista is a one of the most desirable neighborhoods in Fort Lauderdale. Number of transactions are down 20% thus far in 2011, with Average Sales Price down 22%. Non-waterfront properties have also seen a decrease in sales, with Average Sales Price increasing by 30% and Median Sales Prices up by 46%.

Non-Waterfront Properties

Single Family Homes

# of Transactions

Average Sales Price

Median Sales Price

Mid-Year 2010

15

$440,667

$390,000

13%

Mid-Year 2011

11

$572,455

$570,000

18%

-27%

30%

46%

Change

% of REO Sales 1716 Southeast 9 Street, Fort Lauderdale Offered at $3,195,000

FORT LAUDERDALE

Hillsboro Beach This enclave of waterfront homes has seen no change in the total number of sales thus far in 2011 but has seen a 10% decline in both the Average and Median Sales Prices. There was a single foreclosure sale in the first half of 2011, which was the first in 2 years.

SingleFamily Family Single Homes Homes Waterfront Properties

Single SingleFamily Family Homes Homes 32

I TRENDS

# of Transactions

Average Sales Price

Median Sales Price

% of REO

Mid-Year 2010

2

$6,600,000

$6,600,000

-

Mid-Year 2011

2

$5,950,000

$5,950,000

50%

0%

-10%

-10%

Change

O N E S O T H E B Y S R E A L T Y. C O M


IN DEPTH COMMUNITY PROFILES

FORT LAUDERDALE

Fort Lauderdale Beach The total number of waterfront homes sold in Fort Lauderdale Beach in mid-year 2011 has increased by 5%. Average Sales Price is down 8% and Median Sales Price is down 20%, which could be due to the number of REOs being slightly higher than this time last year. Non-waterfront homes in this sector have performed well this year, with the number of transactions up 33% and Average Sales Price up 23%.

Waterfront WaterfrontProperties Properties

Single SingleFamily Family Homes Homes

# of Transactions

Average Sales Price

Median Sales Price

% of REO Sales

Mid-Year 2010

222

$400,134

$310,000

7%

Mid-Year 2011

232

$369,144

$247,500

9%

Change

5%

-8%

-20%

Non-Waterfront Properties

101 S Ft Lauderdale Bch #2801, Fort Lauderdale Offered at $2,999,000

SingleFamily Family Single Homes Homes

# of Transactions

Average Sales Price

Median Sales Price

% of REO Sales

Mid-Year 2010

6

$581,483

$533,450

-

Mid-Year 2011

8

$715,162

$539,000

13%

33%

23%

1%

Change

FORT LAUDERDALE

Victoria Park Waterfront Properties

Single Family Homes

# of Transactions

Average Sales Price

Median Sales Price

% of REO Sales

Mid-Year 2010

1

$955,000

$955,000

-

Mid-Year 2011

-

-

-

-

Change

-

-

-

There have been no sales of waterfront homes so far this year in Victoria Park. In non-waterfront homes, sales are down by 22%, with Average Sales Price up 8% and Median Sales Price up 5%. The non-waterfront homes continue to be active with a decrease in sales over this same time period last year, but REO inventory has been absorbed and prices are now on the rise.

Non-Waterfront Properties

Single Family Homes

# of Transactions

Average Sales Price

Median Sales Price

% of REO Sales

Mid-Year 2010

32

$368,107

$315,500

22%

Mid-Year 2011

25

$399,297

$330,000

4%

-22%

8%

5%

Change

O N E S O T H E B Y S R E A L T Y. C O M

431 N Victoria Park Road, Fort Lauderdale Offered at $979,000 TRENDS I

33


IN DEPTH COMMUNITY PROFILES

FORT LAUDERDALE

Hollywood Beach, Hallandale Beach

Waterfront Properties

Single Family Homes

Condos

# of Transactions

Average Sales Price

Median Sales Price

Mid-Year 2010

18

$1,206,042

$1,227,500

-

Mid-Year 2011

12

$1,357,806

$1,247,444

-

-33%

13%

2%

# of Transactions

Average Sales Price

Median Sales Price

% of REO Sales

Mid-Year 2010

634

$228,072

$170,000

21%

Mid-Year 2011

760

$223,789

$158,000

26%

Change

20%

-2%

-7%

Change

% of REO Sales

A gated community of waterfront homes with oversize docks on deepwater canals and no fixed bridges, Golden Isles in Hallandale is considered a hidden gem among avid boaters. In Hollywood, Harbour Island offers the best resort living, with homes ranging from charming cottages to luxurious mansions. Bank-owned properties remain a strong force in the waterfront condo market, with an REO sale taking place in 1 out of every 4 condos. The highest price sold on an REO condo was $950,000, but low numbers pull the average sales price down to $223,789 and median sales price to an even lower $158,000. Bank-owned condos in this area are snatched up quickly, spending an average of 36 days on the market.

643 Palm Drive, Hallandale Offered at $3,500,000

FORT LAUDERDALE

Hollywood Beach, Hallandale Beach Non waterfront condos in Hollywood and Hallandale Beach saw a 34% increase in activity, while single family homes witnessed a 4% decrease in transactions between the first half of 2010 and the first half of 2011. Bank owned properties still represent a large percentage of the sold properties in the area. The highest price sold on an REO single family home was $350,000, closing in 29 days from the time it came on the market. For non-waterfront homes, 569 residences sold under $200,000 in the first 6 months of 2011.

1000 Washington Street, Hollywood Offered at $1,375,000 34

I TRENDS

Non-Waterfront Properties

Single Family Homes

Condos

# of Transactions

Average Sales Price

Median Sales Price

% of REO Sales

764

$152,444

$120,250

40%

Mid-Year 2011

734

$148,366

$111,000

39%

Change

-4%

-3%

-8%

# of Transactions

Average Sales Price

Median Sales Price

Mid-Year 2010

450

$86,578

$66,000

36%

Mid-Year 2011

605

$85,650

$63,000

37%

Change

34%

-1%

-5%

Mid-Year 2010

% of REO Sales

O N E S O T H E B Y S R E A L T Y. C O M


IN DEPTH COMMUNITY PROFILES

FORT LAUDERDALE

Coral Ridge, The Landings The numbers of homes sold in Coral Ridge and The Landings has increased significantly by 59% and prices have seen an upward trend. Non-waterfront homes have kept pace with their waterfront counterparts, also experiencing increased number of sales and increased Average and Median Sales Prices.

Waterfront Properties

Single Family Homes

Mid-Year 2010 Mid-Year 2011 Change

# of Transactions

Average Sales Price

Median Sales Price

% of REO Sales

27

$919,933

$705,000

11%

43

$1,018,573

$875,000

12%

59%

11%

24%

Non-Waterfront Properties

Single Family Homes

5961 Bayview Drive, Fort Lauderdale Offered at $875,000

# of Transactions

Average Sales Price

Median Sales Price

% of REO Sales

Mid-Year 2010

33

$538,693

$480,000

9%

Mid-Year 2011

41

$606,341

$470,000

17%

24%

13%

-2%

Change

FORT LAUDERDALE

Bay Colony This first half of 2011 has been quiet in this private enclave of waterfront homes, with 11 properties on the market at time of publication.

Waterfront Properties

Single Family Homes

# of Transactions

Average Sales Price

Median Sales Price

% of REO Sales

Mid-Year 2010

4

$2,606,875

$2,601,250

-

Mid-Year 2011

0

0

0

-

-100%

-

-

Change

O N E S O T H E B Y S R E A L T Y. C O M

30 N Compass Drive, Fort Lauderdale Offered at $1,750,000 TRENDS I

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Everything about Bellini is the best there is.

Bellini at Williams Island, Aventura From $950,000 to $3,700,000

TRENDS IS PROVIDED BY:

onesothebysrealty.com

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

TRENDS Mid-Year 2011  

A comprehensive real estate market study of the first 6 months of 2011 for Miami-Dade and Broward Counties.

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