TRENDS
2012 YEAR IN REVIEW
2012 YEAR IN REVIEW
If real estate history does repeat and the economists are correct, 2012 was the new 2002. Last year was the return to normal for real estate. With annualized homes sales at 4.6 million nationally in 2012, we are close to 2002’s 5.5 million mark, which has now been defined as the normal level for sustainable real estate sales. Interestingly enough, a look back at 2002 in South Florida looks very similar to 2012. Ten years ago, combined numbers for Miami-Dade and Broward showed an overall inventory level of just over 20,000 residential properties for sale which at the rate of sales represented about 5 months of inventory, very similar to the numbers for 2012. It is when you start evaluating pricing that things really get interesting and the differences start to emerge. The average sales price in both counties combined has risen from $446,000 to $620,000 in the last 10 years, with many peaks and valleys along the way. The most significant growth trend has been in what is referred to as the “super” luxury market. Not a high end grocery store, the super luxury market are those properties that define the top tier of property sales in a market. In the last 10 years, that market has gone from above $5 million to above $20 million. In 2002, 768 residential properties were sold over $1 million in both counties. By 2012, that number had grown to 1,911. The over $5 million market growth was even more pronounced in the same time period, with 4 times as many sales in 2012 as compared to 2002. In the super luxury category, over $10 million, there were no sales in 2002 and 30 sales in 2012. This is clearly an entirely different market now. Rental prices continue to rise as well: 41% of all investors purchased more than one property last year. With rental prices going up, and a continuing strong demand, this too will remain an active segment of the market. 2012 also saw the return of the U.S. Northeast buyer in a very strong way. Income tax changes in many states in the U.S. and countries abroad has been the final impetus to clench that purchase decision in Florida, and South Florida in particular. These are buyers that can claim residency anywhere in the world and choose our backyard. Who can blame them? 2012 was the new 2002, only better! CORAL GABLES Santona Corner 1430 S Dixie Highway, Suite 110 Coral Gables, Florida 33146 René Iglesias ONE Sotheby’s International Realty 305 803 7779 riglesias@onesothebysrealty.com
BRICKELL Helm Bank Building 999 Brickell Avenue, Suite 900 Miami, Florida 33131
YEAR IN REVIEW
2012
2201 Collins Avenue UPH-01, Offered at $16,900,000
MIAMI BEACH South of Fifth 119 Washington Avenue, Suite 102 Miami Beach, Florida 33139
MIAMI BEACH Ocean Drive 1451 Ocean Drive, Suite 104 Miami Beach, Florida 33139
SUNNY ISLES Intracoastal Mall 3873 NE 163 Street N. Miami Beach, Florida 33160
KEY BISCAYNE The Galleria Mall 328 Crandon Boulevard, Suite 222 Key Biscayne, Florida 33149
FORT LAUDERDALE Las Olas 888 E Las Olas Boulevard, Suite 110 Fort Lauderdale, Florida 33301
AVENTURA Northern Trust Building 18901 NE 29 Avenue, Suite 101 Aventura, Florida 33180
Key Observations The rise of the luxury market is the most significant trend of 2012. The growth in the million dollar plus market makes South Florida one of the prime real estate markets in the world. The favorable income tax structure is more attractive than ever to those who want to and are able to relocate.
954 Banyan Drive, Offered at $3,300,000 04
I TRENDS
O N E S O T H E B Y S R E A L T Y. C O M
YEAR IN REVIEW
28%
SUPER LUXURY
With 30 sales over the $10 million mark in Miami-Dade and Broward County, 2012 was certainly the year of the trophy market in South Florida. Look for this trend of the uber sales to continue in 2013. Source: BrokerMetrics
BROWARD BOOMS
2012
72 DEVELOPMENTS RISING
Sales of residential properties in Broward County over $1 million increased a whopping 28% in 2012. The average sales price remained relatively constant.
That’s the total number of new developments popping up across South Florida, from Miami to Fort Lauderdale. These new projects will add a planned 12,307 total units to condo inventory.
Source: Trendgraphix
Source: onesothebysrealty.com/new-developments
“Nationally, we believe that housing has finally turned a corner and is showing signs of a consistent and durable recovery, driven by strong fundamentals such as high affordability; measured either relative to rents or incomes.” Stan Humphries, Chief Economist Zillow
7 LUCKY 7
The number of months supply of waterfront properties in Miami-Dade and Broward Counties. At ONE Sotheby’s International Realty, 60% of our total inventory is waterfront. Source: Trendgraphix
O N E S O T H E B Y S R E A L T Y. C O M
HAPPY BIRTHDAY, YOUTUBE! With 800 million plus unique visitors a month and 4 billion video views, YouTube has a lot to celebrate as it reached its 8th birthday. No wonder the 2013 marketing buzz word is video.
SIGNIFICANT SALES
In 2012, ONE Sotheby’s International Realty participated in 6 out of the top 10 sales in both Miami-Dade and Broward Counties. Source: Southeast Florida Regional MLS
Source: ShortyMedia
TRENDS I
05
333 Las Olas Way #4202, Offered at $4,150,000
At a Glance: 2012 The rise of the super luxury market in South Florida is the break-out story of 2012. While the number of all residential transactions in Broward and Miami-Dade stayed nearly flat from 2011 to 2012, with fewer than 1% more sales year over year, the luxury market took off. Residential properties in Broward and Miami-Dade Counties with a closing price of $1,000,000 or higher saw an increase of 27% in number of units. Those selling for over $5,000,000 increased 46% and the real winner in the luxury market was the ultra-prime properties over $10,000,000. Those properites saw an astronomical doubling of number of transactions (115% to be precise) with 28 properties over $10,000,000 closing in 2012, compared to 13 in 2011 and 10 in 2010. South Florida is still valued tremendously low as far as dollar per square foot in the worldwide luxury real estate market, yet gains prominence and importance, year after year.
Sales Volume: Miami-Dade & Broward Counties Single Family Homes
# OF TRANSACTIONS
Sales Over $1,000,000
Condos
Sales Over $5,000,000
Sales Over $10,000,000
2000
150
30
1500
112.5
22.5
1000
75
15
500
37.5
7.5
0
27%
2011
2012
That’s the percent increase sales over $1M saw from 2011 to 2012.
0
46%
2011
2012
An even more significant increase seen in sales over $5M.
0
2011
115%
2012
Super luxury properties over $10M saw the most impressive increase of all!
Source: Southeast Florida Regional MLS.
06
I TRENDS
O N E S O T H E B Y S R E A L T Y. C O M
YEAR IN REVIEW
Traditional Sales Bank-Owned Properties & Short Sales
2012
Month by Month In 2012, August was the highest sales month for both counties combined based on number of transactions, while 2011 saw the strongest combined sales in March. Together, both counties closed a total of 5,303 units in August 2012, down slightly from the high in March 2011 of 5,680. Broward County
Miami-Dade County
DISTRESSED INVENTORY
Currently, the total number of Bank-Owned (REOs) and Short Sales over $1,000,000 in BOTH Miami-Dade and Broward is less than 10! This makes up only .7% of the market, down from 2% mid-year 2012.
# OF HOMES SOLD
6000 4500 3000 1500 0
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
MONTH
Source: Trendgraphix Source: Southeast Florida Regional MLS.
91%
Average Sales Price South Florida continues to enjoy a healthy real estate recovery. Mid-year 2012 saw residential properties up about 20% from the same time in 2011, and even a more robust increase from January 2012 to December 2012. Sold prices in Miami-Dade were up a whopping 48.2% December 2012 compared to January 2012. Broward enjoyed a 24% increase for the same time period.
Source: Trendgraphix
O N E S O T H E B Y S R E A L T Y. C O M
$500K
PRICE
Some of the main indicators of an improving market are DOM (days on market) and SP/LP Ratio (Sale Price to List Price Ratio). Both Miami-Dade and Broward Counties enjoyed significantly improving statistics. The DOM in Miami-Dade decreased 10.2% from January 2012 to January 2013, from 98 days to 88 days. Broward decreased 5.9% during the same period, from 87 to 82 days on the market. Both counties increased from 88% List to Sales Price ratio to 91% List to Sales Price ratio.
Broward County
Miami-Dade County
MARKET UPSWING
$375K
$250K
$125K
$0
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
MONTH Source: Trendgraphix
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
2913 Natoma Street Offered at $1,830,000
IN DEPTH COMMUNITY PROFILES
OVERVIEW
Coral Gables
Waterfront Properties
Single Family Homes
Condos ($1M+)
# of Transactions
Average Sales Price
Median Sales Price
Average $ / Sq Ft
31
$2,771,226
$2,225,000
$499
2011 2012
47
$3,573,853
$2,635,000
$537
52%
29%
18%
8%
# of Transactions
Average Sales Price
Median Sales Price
Average $ / Sq Ft
2011
6
$1,161,717
$1,191,400
$384
2012
12
$1,624,000
$1,362,500
$460
100%
40%
14%
20%
Change
Change
Coral Gables Waterfront homes saw very strong growth in 2012 with across the board increases: 50% increase in total number of sales, increase in sales price by 19%, and price per square foot ($537) increasing by 7.6%. Especially significant is that there were 5 sales of waterfront homes over $10,000,000 in 2012 compared to none in 2011. Regarding waterfront condos over $1,000,000 there was a doubling of actual sales combined with an amazing 18% increase in price per sf to $460. This resulted in almost a 40% increase in overall average waterfront condominium sales price.
6959 Sunrise Drive, Coral Gables Offered at $8,950,000
OVERVIEW
Coral Gables Coral Gables non-waterfront homes have been affected by a continuing declining inventory as sales have increased. Homes are selling quickly with a 22% decrease in number of days on market. Non-waterfront condos over $500,000 saw similar trends with days on market dramatically decreasing by 50% to the lowest of any category, averaging less than 3 months and reflecting the declining inventory.
Non-Waterfront Properties
Single Family Homes
2225 Segovia Circle, Coral Gables Offered at $950,000 O N E S O T H E B Y S R E A L T Y. C O M
Condos ($500K+)
# of Transactions
Average Sales Price
Median Sales Price
Average $ / Sq Ft
2011
384
$745,692
$574,750
$251
2012
421
$716,129
$609,000
$267
Change
10%
-4%
6%
6%
# of Transactions
Average Sales Price
Median Sales Price
Average $ / Sq Ft
2011
16
$717,188
$640,000
$283
2012
21
$662,683
$660,000
$296
31%
-8%
3%
5%
Change
TRENDS I
09
IN DEPTH COMMUNITY PROFILES
CORAL GABLES
Cocoplum Cocoplum waterfront sales increased in volume by 30% from 2011 to 2012 but decreased 16% in average sales price. Non-waterfront sales declined by 53% in volume and 6% in average sales price. The highest sale in Cocoplum last year closed for $4,216,590 - down from $7,500,000 in 2011.
Waterfront Properties
Single Family Homes
2011 2012 Change
# of Transactions
Average Sales Price
Median Sales Price
Average $ / Sq Ft
10
$3,858,500
$3,500,000
$551
13
$3,259,584
$3,108,000
$533
30%
-16%
-11%
-3%
Non-Waterfront Properties
Single Family Homes
# of Transactions
Average Sales Price
Median Sales Price
Average $ / Sq Ft
2011
17
$1,864,706
$1,700,000
$344
2012
8
$1,743,750
$1,450,000
$319
-53%
-6%
-15%
-7%
Change
280 Carabela Court, Cocoplum Offered at $2,490,000
CORAL GABLES
Snapper Creek Lakes Although sales activity remained at about the same pace in 2012 compared to 2011, prices declined for both waterfront and non-waterfront homes. It is important to note that of the 2 waterfront sales in 2012, one was a property on the lake and the other was on the canal but sold for land value. There are currently 14 homes on the market.
Waterfront Properties
Single Family Homes
# of Transactions
Average Sales Price
Median Sales Price
Average $ / Sq Ft
2011
2
$5,175,000
$5,175,000
$451
2012
2
$3,100,000
$3,100,000
$445
0%
-40%
-40%
-1%
Change
Non-Waterfront Properties
10801 Snapper Creek Road, Snapper Creek Lakes Offered at $5,199,000 10
I TRENDS
Single Family Homes
# of Transactions
Average Sales Price
Median Sales Price
Average $ / Sq Ft
2011
6
$2,807,708
$1,950,000
$419
2012
5
$2,020,000
$1,925,000
$327
-17%
-28%
-1%
-22%
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
All Properties
Single Family Homes
# of Transactions
Average Sales Price
Median Sales Price
Average $ / Sq Ft
2011
3
$5,243,000
$5,150,000
$987
2012
13
$9,982,308
$10,500,000
$1,008
333%
90%
104%
2%
Change
After years of low sales activity, 2012 brought a rebound to Gables Estates with more than 4 times the amount of sales compared to 2011. Sale prices also increased - the median sales price doubled and average sales price nearly doubled. The average sold price per square foot is among the highest in the county, only behind Indian Creek and Key Biscayne waterfront.
555 Arvida Parkway, Gables Estates Offered at $7,995,000
CORAL GABLES
Old Cutler Waterfront Communities
Old Cutler Bay, Hammock Oaks, Journey’s End Sales were strong in 2012 in these communities with a double digit increase in sales activity and sales prices. The median sales price nearly doubled in 2012 compared to 2011. The most active of these neighborhoods were Old Cutler Bay and Hammock Oaks, with 5 and 4 transactions for 2012 respectively.
9570 Journeys End Road, Journey’s End Offered at $8,450,000
Waterfront Properties
Single Family Homes
# of Transactions
Average Sales Price
Median Sales Price
Average $ / Sq Ft
2011
8
$2,755,000
$2,140,000
$441
2012
10
$4,154,625
$4,066,083
$565
25%
51%
90%
28%
Change
Ponce Davis, High Pines
Non-Waterfront Properties
Single Family Homes
# of Transactions
Average Sales Price
Median Sales Price
Average $ / Sq Ft
2011
39
$1,286,000
$925,000
$322
2012
40
$1,446,638
$947,500
$315
Change
3%
12%
2%
-2%
O N E S O T H E B Y S R E A L T Y. C O M
Sales activity remained at about the same pace in 2012 compared to 2011, however, bank owned properties have declined. As bank owned inventory is absorbed, sales prices have risen with a 12% increase in average sales price last year. There are currently 18 homes for sale in the Ponce Davis area, including one with a full size basketball court and squash court.
TRENDS I
11
IN DEPTH COMMUNITY PROFILES
Coconut Grove
Waterfront Properties
Single Family Homes
Condos
# of Transactions
Average Sales Price
Median Sales Price
Average $ / Sq Ft
2011
7
$4,427,000
$3,440,000
$578
2012
5
$3,835,200
$4,100,000
$573
-29%
-13%
19%
-1%
# of Transactions
Average Sales Price
Median Sales Price
Average $ / Sq Ft
2011
88
$706,765
$552,500
$350
2012
101
$823,494
$615,000
$381
Change
15%
17%
11%
9%
Change
Waterfront homes in Coconut Grove slowed some in 2012 and the average price per foot remained relatively unchanged. The real market movement was the increase in waterfront condo sales, which is up 15% from 2011. The new construction project Grove at Bay has sold well and seems to have been the stimuli to get the condo market in the Grove moving again.
Condos 2645 S Bayshore Drive #1600, Coconut Grove Offered at $3,450,000
Coconut Grove The sale of off-water single family homes experienced price gains, while the number of units remain unchanged. Particularly popular, the contemporary homes have sold very well this year. The off-water condos, although a small sector of the market, did post big gains in the number of sales.
4060 Kiaora Street, Coconut Grove Offered at $4,650,000 12
I TRENDS
Non-Waterfront Properties
Single Family Homes
Condos ($500K+)
# of Transactions
Average Sales Price
Median Sales Price
Average $ / Sq Ft
2011
202
$622,320
$510,000
$230
2012
201
$674,923
$519,000
$260
Change
0%
8%
2%
13%
# of Transactions
Average Sales Price
Median Sales Price
Average $ / Sq Ft
2011
18
$720,306
$542,500
$282
2012
28
$729,277
$607,500
$301
56%
1%
12%
7%
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
Pinecrest
North Pinecrest
Single Family Homes
# of Transactions
Average Sales Price
2011
38
2012
55 45%
Change
Median Sales Price
Average $ / Sq Ft
$1,378,000
$1,175,000
$266
$1,312,845
$1,017,000
$269
-5%
-13%
1%
Pinecrest continues to provide good value on a price per square foot basis. North Pinecrest had a significant increase in the number of sales over 2011. Price points in South Pinecrest are moving up in all indicators.
South Pinecrest
Single Family Homes
# of Transactions
Average Sales Price
Median Sales Price
Average $ / Sq Ft
2011
148
$814,055
$630,750
$207
2012
169
$864,986
$675,000
$219
Change
14%
6%
14%
6%
9525 Southwest 69 Avenue, Pinecrest Offered at $1,950,000
Palmetto Bay Palmetto Bay continues to be a very active market with almost 300 sales in 2012. The decline in distressed properties has allowed prices to increase without having any drop off in sales. Overall, prices should continue to increase as inventory now begins to dwindle in Palmetto Bay.
Non-Waterfront Properties
14865 Southwest 87 Court, Palmetto Bay Offered at $349,900 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
Average $ / Sq Ft
2011
264
$397,345
$385,000
$138
2012
290
$404,971
$392,500
$141
Change
10%
2%
2%
2% TRENDS I
13
Miami, Downtown BRICKELL
DOWNTOWN
Photography credit: Kevin Coster
KEY BISCAYNE
IN DEPTH COMMUNITY PROFILES
Brickell What a difference 3 years can make. Known as the Manhattan of the South, Brickell sales are up 116% since 2009 and construction is again underway with Brickell House, My Brickell, 1100 Millecento, and Brickell CitiCentre. Investors saw the value and jumped in early and as a result rental rates are up 59% over 2011 and the overall average price per square foot is up 24% to $331. As more restaurants and retail move in, one can anticipate values to further climb in years to come.
Waterfront Properties # of Transactions
Average Sales Price
Median Sales Price
Average $ / Sq Ft
736
$436,058
$275,000
$278
2012
703
$510,555
$340,000
$345
Change
-4%
17%
24%
24%
2011
Condos
Non-Waterfront Properties # of Transactions
Average Sales Price
Median Sales Price
Average $ / Sq Ft
2011
348
$236,995
$215,000
$240
2012
370
$284,849
$269,000
$303
Change
6%
20%
25%
26%
Condos
465 Brickell Avenue #4901, Miami Offered at $1,700,000
Downtown The urban core experienced an increase in sales by 14% over 2011 with an average price per square foot around $314. Downtown is becoming known not only for its arts and culture but international commerce as well. The new development, One Bayfront Park, is slated to be the tallest building in Miami and scheduled to break ground by 2014. The Museum Park is presently at 50% completion and expected to open in 2015. With improvements like the riverfront walkways and ferrys to and from the beach, downtown is becoming a world-class waterfront city.
200 Biscayne Blvd Way #4807, Miami $1,525,000 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
Average $ / Sq Ft
2011
255
$401,603
$305,000
$293
2012
299
$438,495
$369,000
$339
Change
17%
9%
21%
16%
Non-Waterfront Properties
Condos
# of Transactions
Average Sales Price
Median Sales Price
Average $ / Sq Ft
2011
117
$219,045
$160,000
$214
2012
124
$227,063
$188,500
$253
Change
6%
4%
18%
18% TRENDS I
15
IN DEPTH COMMUNITY PROFILES
Biscayne Corridor, Midtown
Waterfront Properties
Condos
# of Transactions
Average Sales Price
Median Sales Price
Average $ / Sq Ft
2011
351
$187,933
$157,000
$167
2012
373
$275,120
$234,500
$238
Change
6%
46%
49%
43%
Non-Waterfront Properties
Condos
# of Transactions
Average Sales Price
Median Sales Price
Average $ / Sq Ft
2011
210
$136,485
$116,500
$141
2012
202
$213,101
$201,850
$211
Change
-4%
56%
73%
50%
The Biscayne Corridor is rapidly growing with many entertainment venues and fine dining options. Sales were up slightly by 2% and values climbed by 50% as the prices of the downtown market increased and the area’s influx of entertainment and waterfront living skyrocketed, which drove the average price per square foot up to the mid $200 range. As people travel from across the globe to visit the Adrienne Arsht Center, Design District or dine in the Midtown Miami area, one can only anticipate the values to rise along the Biscayne corridor. New development Icon Bay at 28th Street is accepting reservations and has an anticipated completion date of 2015.
View from Opera Tower 1750 N Bayshore Drive, Miami
Key Biscayne Median price for acquiring a waterfront single family home in Key Biscayne in 2012 was about the same as the year before. A few sales with final selling prices much lower than the listing price caused the average and median selling price per square foot to “plunge” by respectively 35% and 23%. That trend will be quickly reversed because the properties offered for sale at the end of 2012 show prices per square feet which are higher than the 2011 prices, reaching as high as $4,455 per square foot. While 6 out of 16 properties sold for under $5,000,000, the asking prices for current offerings in January 2013 ranged from a minimum of $5,200,000 up to a maximum of $22,300,000. Of a total 23 waterfront properties for sale only two are under $1,000 per square foot. Prices are increasing at a fast pace for this luxury market and its exclusive lifestyle. It is also worthwhile to note the total number of transactions in 2012 showed a 78% increase in comparison to the preceding year.
260 Cape Florida Drive, Key Biscayne Offered at $15,900,000 16
I TRENDS
Waterfront Properties
Single Family Homes
2011 2012 Change
# of Transactions
Average Sales Price
Median Sales Price
Average $ / Sq Ft
9
$6,895,556
$6,500,000
$1,662
16
$6,998,625
$6,450,000
$1,278
78%
2%
1%
-23%
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
Waterfront Properties # of Transactions
Average Sales Price
Median Sales Price
Average $ / Sq Ft
165
$1,076,761
$730,000
$493
2012
242
$1,110,426
$751,250
$520
Change
47%
3%
3%
6%
2011
Condos
The median price to acquire a waterfront condo in Key Biscayne was $750,000 in 2012 and the average price is upwards of $1,000,000, at $1,110,426. While the increase in selling prices is minimal, the number of sale transactions has jumped by 47% over 2011. Note that waterfront condos include all buildings that have direct access to the ocean and its beach, but do not necessary mean ocean views, which yields an incredibly wide range of prices: the lowest closed sale in 2012 was as low as $242,000 and the highest reached $5,900,000. Inventory at the time of this publication is very low, representing only 5 months of 2012 sales. Consequently, asking prices are higher and the median asking price per square foot ($690) already shows a 49% increase versus median price per square foot for 2012 closed sales. Without a doubt the market downtrend is over and recovery is well under way. Key Biscayne waterfront will always attract international buyers from all over the world, be it for a residence or an investment.
781 Crandon Boulevard PH-1, Key Biscayne Offered at $3,990,000
Key Biscayne Non-waterfront homes in Key Biscayne have changed drastically in 2012. At time of publication, the lowest available listing is offered at $1,250,000. This sector has shown the shortest number of days on market, with median at 80 days. Prices will no doubt continue to increase, driven by low inventory (representing 6.5 months of 2012 closed sales) and an impressive median price for homes under contract in January 2013: at $2,270,000, it is 104% higher than the median price for pending contracts in January 2012. The most dynamic segment in Key Biscayne in 2012 has been non-waterfront condos. The lowest sale at $62,500 might never be seen again, confirmed by the fact that the lowest offering at the end of 2012 was $245,000, and inventory of properties for sale entering 2013 is low (representing 5 months of 2012 closed sales). 2011 and 2012 will be remembered as years of opportunity for nonwaterfront ownership on the Key, mostly thanks to a series of short sales and foreclosures. While the latter represented 20% of all closed sales in 2012 and 36% of all closed sales in 2011, it is very revealing to notice that there was only one short sale available at the end of 2012.
325 Greenwood Drive, Key Biscayne Offered at $5,700,000 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
Average $ / Sq Ft
2011
57
$1,556,011
$1,300,000
$564
2012
59
$1,778,424
$1,525,000
$610
Change
4%
14%
17%
8%
# of Transactions
Average Sales Price
Median Sales Price
Average $ / Sq Ft
2011
61
$260,603
$215,000
$240
2012
59
$368,785
$319,000
$291
Change
-3%
42%
48%
21% 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
IN DEPTH COMMUNITY PROFILES OVERVIEW
Miami Beach
Waterfront Properties
Single Family Homes
Condos
# of Transactions
Average Sales Price
Median Sales Price
Average $ / Sq Ft
2011
105
$3,116,128
$1,900,000
$584
2012
121
$3,819,953
$2,700,000
$671
Change
15%
23%
42%
15%
# of Transactions
Average Sales Price
Median Sales Price
Average $ / Sq Ft
2011
2,044
$516,538
$260,000
$387
2012
2,031
$624,597
$310,000
$453
-1%
21%
19%
17%
Change
2012 Miami Beach waterfront home market took a 42% increase in median sales price with 29 sales in the $5-10 million price bracket versus only 10 sales in 2011 in that range. Major trend: the tripling of sales in the $5-10 million price band, with days on market down by almost half compared to 2011. Waterfront condos are in stronger demand than ever before. With 7.8 months of inventory active, Miami Beach has not kept up with that of Miami at large. This is no surprise as a resort-community attracting affluent end-users more than investors. What’s next on Miami Beach? A handful of dazzling new developments! The new projects are truly creative and are resetting the bar for luxury condos. No expense is spared as developers are catering to those who demand the best. Our eyes are on the oceanfront stretch between South Beach and Millionaire’s Row, the most up and coming of neighborhoods along Miami Beach.
7725 Atlantic Way, Miami Beach Offered at $14,900,000
OVERVIEW
Miami Beach 2012 saw a 11% increase in non-waterfront home sales in Miami Beach with a modest increase in median sales price and slight decrease of average sales price. REO and short sales also decreased by one third versus 2011. Last year saw only 1 sale above $3 million, while 2011 put a sale over the $4 million mark. 2011 also had 9 sales in $2-3 million price band whereas 2012 had only 5. Last year saw a 44% increase of sales in the $1-2 million range over 2011, balancing out the higher sales seen in 2011. At time of publication, the price range of non-waterfront homes under $1 million is in very short supply in Miami Beach. Nonwaterfront Miami Beach condos continue to offer great values, and most are just a hop-skip-and jump to the beach. REOs in this category are drying up and average price per square foot saw a robust 20% increase. Along with the new street-scape projects currently underway, the neighborhoods are getting better and better. Now if we can only find a parking space.
6085 Alton Road, Miami Beach Offered at $2,995,000 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
Average $ / Sq Ft
2011
172
$779,567
$655,000
$287
2012
191
$775,333
$680,000
$306
Change
11%
-1%
4%
7%
# of Transactions
Average Sales Price
Median Sales Price
Average $ / Sq Ft
2011
1,000
$186,705
$130,000
$217
2012
958
$239,955
$155,000
$261
Change
-4%
29%
19%
20% TRENDS I
19
IN DEPTH COMMUNITY PROFILES MIAMI BEACH
South Beach Active inventory is down about 5% as a whole – though buildings such as the Floridian South Beach and Waverly South Beach are down to about a dozen listings each and pricing is well up. Appreciating market values have returned. What to look out for in 2013? The anticipated launch of the residences at The Perry (formerly Gansevoort South Beach, and expected to be rebranded yet again). Palau will soon launch in the coveted Sunset Harbor. And a luxury retail plus rentals complex is destined to launch at the gateway to South Beach at the foot of the MacArthur Causeway on Alton Road.
1455 Ocean Drive #1603/4, Miami Beach Offered at $6,950,000
Waterfront Properties # of Transactions
Average Sales Price
Median Sales Price
Average $ / Sq Ft
2011
861
$784,753
$375,000
$548
2012
897
$909,405
$430,000
$625
Change
4%
16%
15%
16%
Condos
MIAMI BEACH
Mid Beach
Waterfront Properties
Condos
# of Transactions
Average Sales Price
Median Sales Price
Average $ / Sq Ft
2011
568
$395,510
$260,000
$343
2012
533
$480,337
$300,000
$362
Change
-6%
21%
15%
6%
This is the only condo sector which saw an increase in number of transactions. There were no new buildings introduced in 2012 to influence this. There’s a lot to look out for in 2013. Residences at Marriott Edition and Faena House are both launching with average price per square foot over $2,000/sf. Each will have new structures added on the existing historic buildings. A soon to launch 7 unit (plus Penthouse) boutique property at 36th Street. The Crown at 40th Street was just purchased by one of the Pritzker companies. What does this mean? A boutique oceanfront neighborhood from 45th street south to 29th streets – just a four block jaunt to South Beach.
3801 Collins Avenue PH-1, Miami Beach Offered at $5,490,000
MIAMI BEACH
North Beach Once the most troubled market sectors in Miami Beach, NoBe has clearly stabilized and demonstrates solid footing with a whopping increase in average price per square foot. Available inventory is down 67%. New? The defunct NoBe Bay has been re-branded as Eden House and has SOLD OUT! Just down Indian Creek Drive, Regatta 2 has been re-branded as Peloro, and buyer demand is strong. We are hearing and seeing other signs of new construction along the ocean with new hotel and rental projects.
7330 Ocean Terrace #20C, Miami Beach Offered at $615,000 20
I TRENDS
Waterfront Properties
Condos
# of Transactions
Average Sales Price
Median Sales Price
Average $ / Sq Ft
2011
615
$252,817
$170,000
$211
2012
601
$327,456
$190,000
$275
Change
-2%
30%
12%
30%
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
Waterfront Properties
Condos
# of Transactions
Average Sales Price
Median Sales Price
Average $ / Sq Ft
2011
242
$1,430,640
$906,250
$721
2012
232
$1,796,830
$1,217,500
$835
Change
-4%
26%
34%
16%
SoFi. The little darling of Miami Beach real estate. The inventory here continues to shrink. In some respects, you might even say it is nonexistent! Demand is high. Multiple offers are the norm. If you find something of interest, move on it fast! Looking for an REO listing? Forget it. The average price per square foot in this sector is almost double the overall Miami Beach waterfront average. Looking for something at Apogee? Only 6 units are active at time of press. Continuum South? 15. Continuum North still has a Developer’s inventory – so it has a whopping 29 units. Though even this is well down from end of 2011. Interested in something new? One Ocean opened its doors to reservations in mid2012 to incredible demand and virtually sold out averaging $1,500 per square foot. And the project is not even waterfront!
100 S Pointe Drive #2305, Miami Beach Offered at $6,649,000
MIAMI BEACH
Fisher Island Aside from the exquisite properties and resort island lifestyle the enclave offers, Fisher Island remains lackluster respective to the other Miami Beach market sectors. Average price per square foot remains flat. The number of distressed properties has more than doubled from 2011. However, when you consider there are a few dozen sales on the Island in any given year – these numbers remain small. Inventory down 22% from the end-of-year 2011 level, respective to number of transactions down 9%. All in all, the tides continue to turn in favor of the Seller in one of the most desirable resort islands in the country.
All Properties
5171 Fisher Island Drive #5171, Fisher Island Offered at $12,900,000 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
Average $ / Sq Ft
2011
44
$2,623,898
$1,999,500
$709
2012
40
$2,375,440
$2,000,000
$715
Change
-9%
-9%
0%
1% TRENDS I
21
IN DEPTH COMMUNITY PROFILES MIAMI BEACH
Palm, Star & Hibiscus Islands The highest sale on these prestigious islands in 2012 was $14.325M versus $25.5M in 2011. This drove up average sales price in 2011 but the median price is up 52% in 2012! Predominantly sales in 2012 were between $5-6M while 2011 saw no sales in this range. Important to note: 2011 saw 4 lot sales with 3 on Hibiscus and only 1 on Star; 2012 had 3 lot sales all on Star, selling at $8.59M with 1 home on Star Island selling at land value. This has led to proposed change in zoning ordinances in Miami Beach to prevent buyers from tearing down historically significant homes.
271 N Hibiscus Drive, Miami Beach Offered at $16,500,000
Waterfront Properties
Single Family Condos Homes
# of Transactions
Average Sales Price
Median Sales Price
Average $ / Sq Ft
2011
12
$7,899,000
$3,600,000
$894
2012
11
$7,707,000
$5,483,000
$1,154
-8%
-2%
52%
29%
Change
MIAMI BEACH
Sunset Islands
Waterfront Properties
Single Family Homes
# of Transactions
Average Sales Price
Median Sales Price
Average $ / Sq Ft
2011
6
$7,037,500
$5,000,000
$923
2012
16
$6,811,013
$7,200,000
$986
267%
-3%
44%
7%
Change
Sunset Islands saw a staggering increase in sales in 2012. Last year saw 2 sales over the $10 Million mark, whereas 2011 saw only 1. The major trend is the shift of the majority of sales transacting in the $5-10 Million range (9 in 2012 and only 3 in 2011). The $3-5 Million range saw 4 sales in 2012 versus 1 in 2011. The huge $19.8 Million sale in 2011 caused a slight decrease in average sales price in 2012. Days on market increased significantly but this number was skewed by the fact that homes listed for several years finally sold. Sales were driven by homes on larger, estate sized lots as buyers are recognizing the value of our ever decreasing resource - land!
1821 West 24 Street, Miami Beach Offered at $5,900,000
MIAMI BEACH
Venetians, La Gorce Island The sales volume on the Venetians and La Gorce Island declined slightly from 2011 to 2012. The average and median sales prices saw a 31% and 60% increase respectively as the area saw a price band shift with almost double the sales in the $3-5 and $ 5-10M range in 2012 (11) over 2011 (7). Both years saw equal sales in the $2-3M range but 2012 only had 2 sales in the $1-2M price category versus 7 in 2011.
82 La Gorce Circle, Miami Beach Offered at $14,750,000 22
I TRENDS
Waterfront Properties
Single Family Homes
# of Transactions
Average Sales Price
Median Sales Price
Average $ / Sq Ft
2011
21
$3,196,387
$2,350,000
$704
2012
19
$4,172,816
$3,750,000
$848
-10%
31%
60%
20%
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, Pine Tree Drive
Waterfront Properties
Single Family Homes
# of Transactions
Average Sales Price
Median Sales Price
Average $ / Sq Ft
2011
15
$4,649,621
$4,000,000
$705
2012
12
$6,868,750
$6,800,000
$776
-20%
48%
70%
10%
Change
The Pine Tree Drive and North Bay Road market has seen a marked shift in the price bands of homes sold in 2012. In 2011, 8 sales were between $3-5 Million with the highest sale at $10.6 Million, which pushed the median price up for 2011 in this sector. In 2012 7 sales were in the $5-10 Million range predominantly with 2 sales over the $10 Million mark. There were no 2012 sales in the $3-5 Million range and only 1 in $2-3 Million range. 1 houses sold between $1-2 Million, while 3 sold in this bracket in 2011. This trend drove up the median price for 2012 by a whopping 70% but days on market also increased as higher-priced houses took longer to sell. Average sale price per square foot increased minimally indicating that larger homes sold overall, hence the larer increases in median and average sales prices. Many ultra luxurious homes are under construction on the southern end of North Bay Road.
4424 North Bay Road, Miami Beach Offered at $8,900,000
MIAMI BEACH
Indian Creek 2012 was THE YEAR for Indian Creek Island! Sales transacted more than tripled last year. Two record-breaking sales for Miami-Dade County occurred on the island at $47M and $38M. Indian Creek also saw 4 lot sales and 1 house that sold at land value in 2012: will this bring the construction of new mega luxury estates on the island in 2013 and 2014? We think so!
Waterfront Properties 14 Indian Creek Drive, Miami Beach Sold in March 2012 for $39,400,000 *Buyer and Seller represented by ONE Sotheby’s International Realty O N E S O T H E B Y S R E A L T Y. C O M
# of Transactions Single Family Homes
Average Sales Price
Median Sales Price
Average $ / Sq Ft
2011
2
$14,750,000
$14,750,000
$1,922
2012
7
$23,007,857
$18,555,000
$2,053
350%
56%
26%
7%
Change
TRENDS I
23
North of Miami BAL HARBOUR GOLDEN BEACH AVENTURA SUNNY ISLES
10295 Collins Avenue #1207, Bal Harbour Offered at $5,999,999
BAY HARBOR ISLANDS
IN DEPTH COMMUNITY PROFILES
Bal Harbour
Waterfront Properties # of Transactions Single Family Homes
Average Sales Price
Median Sales Price
Average $ / Sq Ft
[2010]
1
$2,800,000
$2,800,000
$708
2012
2
$6,900,000
$6,900,000
$796
100%
146%
146%
12%
# of Transactions
Average Sales Price
Median Sales Price
Average $ / Sq Ft
2011
144
$837,104
$475,000
$760
2012
136
$923,870
$490,000
$960
Change
-6%
10%
3%
26%
Change
Condos
The Bal Harbour waterfront home market realized 2 sales in 2012: a vacant lot was sold for $5.5 Million and a single family home closed for $8.3 Million, returning the exclusive and distinctive Bal Harbour homes to the real estate map. Within the condo market, there has been evidence of acceleration in the latter half of 2012. Average sale prices increased by 51% and inventory levels are relatively unchanged in recent weeks.
10295 Collins Avenue #1601/2, Bal Harbour Offered at $6,700,000
Bal Harbour The Bal Harbour single family home market kept its positive trend in both waterfront and non-waterfront homes. With the dry-lots we observe a 31% increase in sales price and an 18% increase in the price per square foot, without any distressed property sales.
Non-Waterfront Properties
Single Family Homes O N E S O T H E B Y S R E A L T Y. C O M
# of Transactions
Average Sales Price
Median Sales Price
Average $ / Sq Ft
2011
9
$1,725,778
$1,250,000
$401
2012
6
$2,259,336
$2,120,000
$473
-33%
31%
70%
18%
Change
TRENDS I
25
IN DEPTH COMMUNITY PROFILES
Golden Beach
Waterfront Properties
Single Family Homes
# of Transactions
Average Sales Price
Median Sales Price
Average $ / Sq Ft
2011
17
$3,126,279
$2,275,000
$543
2012
12
$3,435,417
$2,556,000
$693
-29%
10%
12%
28%
Change
Golden Beach has shown signs of an upwardtrending market. Celebrity home sales and the unparalleled beachfront living reflect on the 12% increase in sales price. With nonwaterfront homes, sales transactions have doubled and sales prices increase by 39% . With a considerable increase in demand and fewer homes listed, this has contributed to a relatively long run of increasing prices.
Non-Waterfront Properties
Single Family Homes
# of Transactions
Average Sales Price
Median Sales Price
Average $ / Sq Ft
8
$720,625
$772,500
$221
18
$1,003,550
$930,000
$276
125%
39%
20%
25%
2011 2012 Change
516 N Parkway Street, Golden Beach Offered at $11,000,000
Bay Harbor Islands Three single family homes sales were registered in 2011, with average sales prices in the lower $2 million range. In 2012, sales prices increased by 35% without any distressed property transactions. We currently observe five waterfront homes for sale, with pricing beginning at $1,650,000.
Waterfront Properties
Single Family Homes 26
I TRENDS
# of Transactions
Average Sales Price
Median Sales Price
Average $ / Sq Ft
2011
3
$2,204,000
$2,692,000
$488
2012
1
$2,975,000
$2,975,000
$781
-67%
35%
11%
60%
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 Aventura is positioning itself as one of the most desirable condo markets, offering an attractive price per square foot in large capacity condo units. New development projects such as Bellini Williams Island are elevating Aventura to higher luxury levels with great affordability. According to the sales recorded in 2011 and 2012 there has been a steady 13% increase in sales prices, 12% increase in number of transactions and a dramatic soar of distressed property sales.
Waterfront Properties
Single Family Condos Homes
# of Transactions
Average Sales Price
Median Sales Price
Average $ / Sq Ft
2011
545
$357,569
$280,000
$205
2012
613
$404,334
$320,000
$227
Change
12%
13%
14%
11%
3301 Northeast 183 Street #1004, Aventura Offered at $1,595,000
Sunny Isles The Sunny Isles Beach market continues to climb and become more diverse. With a substantial 21% increase in sales price and a significant reduction in distressed property sales, this waterfront condo market is rolling out the red carpet to some of the most ambitious new projects in South Florida: Regalia, with pricing starting at $6 Million, Porsche Design, Jade Signature, and Aqualina Mansions with a staggering $57 Million Penthouse. 2012 has repositioned Sunny Isles as one of the top players within the South Florida oceanfront condo market.
Waterfront Properties
17001 Collins Avenue #4201, Sunny Isles Offered at $2,799,900 or $9,500/month 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
Average $ / Sq Ft
2011
1,283
$411,280
$201,000
$381
2012
1,412
$495,728
$260,000
$452
Change
10%
21%
29%
19% 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
IN DEPTH COMMUNITY PROFILES
OVERVIEW
Fort Lauderdale Fort Lauderdale waterfront homes saw modest increase in number of transactions although prices were relatively the same for the average sold prices. Median sold prices rose up 11% and number of sold distressed properties fall up to 50% down. With less number of sold waterfront condos in Fort Lauderdale in 2012 we see a substantial increase in market value. Clearly it is a sellers market with a fewer inventory and higher selling perices for this segment of the market.
Waterfront Properties
Single Family Homes
Condos
# of Transactions
Average Sales Price
Median Sales Price
Average $ / Sq Ft
363
$1,046,503
$695,000
$292
2012
388
$1,080,777
$771,750
$272
Change
15%
3%
11%
-6%
# of Transactions
Average Sales Price
Median Sales Price
Average $ / Sq Ft
2011
1,160
$312,638
$225,000
$212
2012
1,082
$370,674
$265,000
$233
Change
-7%
19%
18%
10%
2011
512 Seven Isles Drive, Fort Lauderdale Offered at $8,951,000
OVERVIEW
Fort Lauderdale The most active segment in the Fort Lauderdale market was the sale of non-waterfront homes, with almost 1,400 homes sold in 2012. With most of the lowest price inventory already sold, the average and median price have started to climb.
Non-Waterfront Properties
Single Family Homes
1637 NE 19 Street, Fort Lauderdale Offered at $549,000 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
Average $ / Sq Ft
2011
1,326
$189,193
$110,500
$107
2012
1,365
$228,446
$140,000
$102
3%
21%
27%
-5%
# of Transactions
Average Sales Price
Median Sales Price
Average $ / Sq Ft
2011
1,109
$161,301
$127,000
$127
2012
964
$186,683
$146,300
$132
Change
13%
16%
15%
4%
Change
TRENDS I
29
IN DEPTH COMMUNITY PROFILES
FORT LAUDERDALE
Las Olas Isles
Waterfront Properties
Single Family Homes
2011
# of Transactions
Average Sales Price
Median Sales Price
Average $ / Sq Ft
68
$1,963,524
$1,562,814
$432
61
$1,987,482
$1,552,000
$455
-10%
1%
-1%
5%
2012 Change
Non-Waterfront Properties
Single Family Homes
# of Transactions
Average Sales Price
Median Sales Price
Average $ / Sq Ft
2011
5
$818,000
$725,000
$278
2012
7
$733,643
$685,000
$295
40%
-10%
-6%
6%
Change
Las Olas Isles are located directly off Las Olas Boulevard and include Coral Isles, Idlewyld, Riviera Isles, Navarro Isle, Nurmi Isles, Hendricks Isle, Isle of Venice, Isle of Capri, Coconut Isle, and Las Olas Seven Isles. Most waterfront homes offer dockage. Canal depth varies from 4-12 feet around the area. This exclusive community saw fewer waterfront homes sold in 2012 versus 2011. REO transactions represented less than 1% for waterfront homes sold in 2012, compared to 10% for 2011. Non-waterfront homes saw 2 more transactions last year compared to 2011, with slight dips in both average and median sales prices. It is interesting to note that no REO transactions were observed in non-waterfront homes in this community in both 2011 and 2012.
2500 Delmar Place, Fort Lauderdale Offered at $2,999,000
FORT LAUDERDALE
Harbor Beach Harbor Beach continues to be one of the most sought-after neighborhoods in Fort Lauderdale. Sales of waterfront homes was reduced by 21%, which could be attributed to a signifcant increase in both average and median sales prices, with median sales price jumping a whopping 73%. Price per square foot also saw a large jump in 2012 for waterfront homes. Non-waterfront homes surged in number of transactions with a significant increase versus 2011 and a moderate drop in average price per square foot.
2200 S Ocean Lane #2609/10, Fort Lauderdale Offered at $2,795,000 30
I TRENDS
Waterfront Properties
Single Family Homes
# of Transactions
Average Sales Price
Median Sales Price
Average $ / Sq Ft
2011
19
$2,044,281
$1,412,500
$393
2012
15
$2,742,000
$2,450,000
$509
-21%
34%
73%
30%
Change
Non-Waterfront Properties
Single Family Homes
# of Transactions
Average Sales Price
Median Sales Price
Average $ / Sq Ft
2011
10
$619,336
$585,000
$282
2012
17
$647,735
$575,000
$243
70%
5%
-2%
-14%
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 Sales of waterfront homes in Lauderdale by the Sea more than doubled in 2012. A decrease in sales price started the sales movement, but by year-end the price per square foot was well above the average for the first six months of the year. Off water properties ran slightly ahead of 2011 in prices, but inventory shortages kept the number of sales lower than last year.
Waterfront Properties
Single Family Homes
2011 2012 Change
# of Transactions
Average Sales Price
Median Sales Price
Average $ / Sq Ft
10
$918,100
$935,750
$307
23
$728,413
$675,500
$293
130%
-21%
-28%
-5%
Non-Waterfront Properties
Single Family Homes
# of Transactions
Average Sales Price
Median Sales Price
Average $ / Sq Ft
2011
26
$386,954
$343,500
$190
2012
17
$421,806
$393,500
$199
-35%
9%
15%
5%
Change
1600 S Ocean Blvd #1004, Fort Lauderdale Offered at $1,988,000
FORT LAUDERDALE
Lighthouse Point Still the most active waterfront market in Broward county, Lighthouse Point saw increases in the number of homes sold both on and off water. Waterfront prices dipped below the $1 million mark on average even though the price per square foot remained virtually unchanged. Homes on dry lots posted price increases across all indicators.
Waterfront Properties
Single Family Homes
# of Transactions
Average Sales Price
Median Sales Price
Average $ / Sq Ft
2011
88
$1,018,563
$791,250
$283
2012
95
$893,264
$661,000
$280
Change
8%
-12%
-16%
-1%
Non-Waterfront Properties
Single Family Homes O N E S O T H E B Y S R E A L T Y. C O M
# of Transactions
Average Sales Price
Median Sales Price
Average $ / Sq Ft
2011
72
$305,250
$289,950
$150
2012
83
$346,869
$339,500
$160
Change
15%
14%
17%
7% TRENDS I
31
IN DEPTH COMMUNITY PROFILES
FORT LAUDERDALE
Rio Vista, Lauderdale Harbors
Waterfront Properties
Single Family Homes
# of Transactions
Average Sales Price
Median Sales Price
Average $ / Sq Ft
2011
14
$1,424,600
$1,375,750
$332
2012
14
$1,773,107
$1,218,750
$441
Change
0%
24%
-11%
33%
An exclusive community close to downtown Fort Lauderdale, Rio Vista boasts no bridge access to the ocean - a boater’s dream come true! Total number of sales remained the same both years for waterfront homes, which saw a 24% increase in average sales price.Transactions for non-waterfront homes increased significantly with a small 7% increase in average sales price. Foreclosures for non-waterfront properties increased slightly, representing 9% of sales in 2012 compared to 7% in 2011.
Non-Waterfront Properties
Single Family Homes
# of Transactions
Average Sales Price
Median Sales Price
Average $ / Sq Ft
2011
27
$560,889
$500,000
$249
2012
44
$601,736
$460,000
$259
63%
7%
-8%
4t%
Change
901 Southeast 7 Street, Fort Lauderdale Offered at $1,295,000
FORT LAUDERDALE
Hillsboro Beach This enclave of waterfront homes remains stable in the number of the transactions and shows an outstanding raise in property value of 36% for both average and sold prices.
Waterfront Properties
1063 Hillsboro Mile #508, Hillsboro Beach Offered at $1,650,000 32
I TRENDS
Single Family Homes
# of Transactions
Average Sales Price
Median Sales Price
Average $ / Sq Ft
2011
2
$5,950,000
$5,950,000
$773
2012
2
$8,075,000
$8,075,000
$796
0%
36%
36%
3%
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 shortage of inventory of single family homes in Fort Lauderdale Beach is evident in the decrease in the number of sales. The median waterfront sale moved up considerably, mirroring the overall trend of the more expensive properties moving faster than the rest of the market. The proposed redevelopment of North Beach Village as the up and coming trendy location may bring some higher values and inventory to the market in 2013.
Waterfront Properties
Single Family Homes
2011 2012 Change
# of Transactions
Average Sales Price
Median Sales Price
Average $ / Sq Ft
8
$1,711,750
$950,000
$414
5
$1,778,000
$2,300,000
$351
-38%
4%
142%
-15%
Non-Waterfront Properties
Single Family Homes
101 S Ft Lauderdale Beach Blvd #2801 Offered at $2,899,000
# of Transactions
Average Sales Price
Median Sales Price
Average $ / Sq Ft
2011
14
$721,879
$597,500
$252
2012
11
$731,136
$600,000
$223
-21%
1%
0%
-12%
Change
FORT LAUDERDALE
Victoria Park, Sunrise Key, Colee Hammock Waterfront Properties
Single Family Homes
# of Transactions
Average Sales Price
Median Sales Price
Average $ / Sq Ft
2011
5
$998,000
$1,045,000
$409
2012
23
$1,564,348
$1,356,000
$422
360%
57%
.03%
10%
Change
Non-Waterfront Properties
Single Family Homes
# of Transactions
Average Sales Price
Median Sales Price
Average $ / Sq Ft
2011
50
$385,080
$337,500
$227
2012
84
$551,097
$490,000
$254
68%
43%
45%
11%
Change
O N E S O T H E B Y S R E A L T Y. C O M
A cozy residential neighborhood nestled in the heart of downtown Fort Lauderdale, Victoria Park is a vibrant community that retains its Old Florida charm. This area saw a large increase in the number of transactions in 2012 despite a much lower number of REO sales for the year, with zero REO sales in the waterfront sector and a steady 8% for both years for non-waterfront homes. Both waterfront and non waterfront saw large increases in average sales price.
1110 SE 4 Street, Fort Lauderdale Offered at $3,500,000 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
Average $ / Sq Ft
97
$492,491
$222,000
$180
2012
94
$542,113
$298,500
$138
Change
-3%
10%
34%
-23%
# of Transactions
Average Sales Price
Median Sales Price
Average $ / Sq Ft
2011
1,537
$225,808
$160,500
$363
2012
1,395
$263,247
$187,000
$170
Change
-9%
17%
17%
-53%
2011
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. Waterfront homes saw minimal changes in number of transactions last year, but an impressive 34% increase to median sales price indicates prices are on the rise. Bank owned properies continue to be a strong influence in the Hollywood and Hallandale waterfront condo market, representing 15% of sales in 2012.
1051 S Northlake Drive, Hollywood Offered at $2,295,000
FORT LAUDERDALE
Hollywood Beach, Hallandale Beach The Hollywood-Hallandale beach market is benefiting from the influx of investors chasing deeply-discounted condo resales. Single family homes remain steadily active as average sold prices continue to rise. The very active non-waterfront condo market in this sector is due to widely accessible price ranges. Increased property values and a decrease of the percentage of REO transactions, down to 22% versus 32% in 2011, indicate the absorption of inventor and possible evidence of market improvement.
5369 Southwest 34 Avenue, Hollywood Offered at $449,000 34
I TRENDS
Non-Waterfront Properties
Single Family Homes
Condos
# of Transactions
Average Sales Price
Median Sales Price
Average $ / Sq Ft
2011
1,448
$147,186
$115,750
$96
2012
1,461
$180,569
$130,000
$98
1%
23%
12%
2%
# of Transactions
Average Sales Price
Median Sales Price
Average $ / Sq Ft
2011
1,168
$87,953
$65,000
$79
2012
1,154
$100,052
$74,500
$75
Change
-1%
14%
15%
-5%
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
Coral Ridge, The Landings Coral Ridge and The Landings fared very well in 2012 with sales of waterfront homes doubling and average sales price increasing slightly. Non-waterfront homes also saw a huge increase in number of transactions with a slight increase in both average and median sales price and a substantial 20% decrease in average price per square foot.
Waterfront Properties
Single Family Homes
# of Transactions
Average Sales Price
Median Sales Price
Average $ / Sq Ft
48
$1,050,176
$749,000
$322
2012
102
$1,100,288
$995,000
$326
Change
113%
5%
33%
1%
2011
Non-Waterfront Properties
2616 Northeast 34 Street, Fort Lauderdale Offered at $699,000
Single Family Homes
# of Transactions
Average Sales Price
Median Sales Price
Average $ / Sq Ft
2011
35
$556,157
$525,000
$230
2012
114
$570,676
$535,000
$185
226%
3%
2%
-20%
Change
FORT LAUDERDALE
Bay Colony One of the most exclusive addresses in the area, Bay Colony is one of only two guard gated waterfront communities in Fort Lauderdale. This luxury enclave features wide, deep protected interior canals with no fixed bridges, lush landscaping along its streets, and estate style homes boasting deepwater dockage for avid boaters. In 2011, 4 homes sold and in 2012 that number increased to 6. Interestingly enough, average and median sales prices also both increased significantly.
Waterfront Properties
Single Family Homes
# of Transactions
Average Sales Price
Median Sales Price
Average $ / Sq Ft
2011
4
$1,112,500
$1,112,500
$319
2012
6
$2,000,000
$2,025,000
$313
50%
80%
82%
-2%
Change
O N E S O T H E B Y S R E A L T Y. C O M
TRENDS I
35
THE ONLY OCEANFRONT ESTATES IN MIAMI BEACH
COM M U N I T Y F EATUR E S Direct beach access Private, gated residential community 24-hour security Exquisite landscaping throughout Beachside boardwalk from 63rd - 79th street Minutes from South Beach & Bal Harbour Shops
WWW. ALTOS D E LMA R M IA M IB E AC H.COM
PR IVAT E R E SID E N C E S
$10,900,000 - $14,900,000 BUI LD YOUR OWN BEAC H H OU S E LOTS AVA ILA BLE
$995,000 - $3,999,000
TRENDS IS PROVIDED BY: René Iglesias ONE Sotheby’s International Realty 305 803 7779 riglesias@onesothebysrealty.com
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. ©MMXIII Sotheby’s International Realty Affiliates LLC. All Rights Reserved. An Equal Opportunity Company. Equal Housing Opportunity.