2016 Q2 Condo Update PAUL HWANG | RANKED #1 IN SOUTH BEACH 415.216.8746 | PAUL@SKYBOXREALTY.COM
MILLENNIUM TOWER | 14 - 15
THE INFINITY | 8 - 9
LUMINA | 22 - 23
THE METROPOLITAN | 10 - 11 THE WATERMARK | 18 - 19 THE HARRISON | 24 - 25 ONE RINCON HILL | 12 - 13 ONE HAWTHORNE | 16 - 17
72 TOWNSEND | 26 - 27
5
Dear Neighbors, It was a strange Q2. The Warriors won 73 games, but lost in the NBA Finals, Trump or Hillary may become President, and the UK decided to get a divorce from the European Union. At the end of Q2 there were 59 units for sale per MLS, and 25 Pending in South Beach. 52 units Sold in Q2, an average of 17.3 units sold per month, which would imply 3.4 months of inventory currently on the market (Active/Solds per Month). It is also worth noting that there were 32 Withdrawn and Cancelled units during this period, diverging disfavorably from Q2 2015 which saw 76 transactions completed and only 13 Withdrawn / Cancelled. Average days on the market for Sold properties increased to 47 days in Q2 2016 from 35 days in Q2 2015. Albeit year over year price per square foot did increase to $1212/sf in 2016 from $1179/sf in 2015. There is a large shadow inventory of new construction that seems to be stalling out, with several high profile developers beginning to make concessions. What does this mean? Will there be an economic Apocalypse? No. More likely than not it means a return to a normal market. On the bright side, the uncertainty should give the Fed an excuse to delay quantitative easing. What does Paul see for the remainder of 2016? An opportunity to enter the market under compelling conditions for educated buyers.
Best Regards, Paul Hwang | Principal Broker Ranked #1 in South Beach 415.216.8746 This document has been prepared by Skybox Realty for advertising and general information only. Skybox Realty makes no guarantees, representations or warranties of any kind, expressed or implied, regarding the information including, but not limited to, warranties of content, accuracy and reliability. Any interested party should undertake their own inquiries as to the accuracy of the information. Skybox Realty excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this document and excludes all liability for loss and damages arising there from.
SOUTH BEACH
2016 Q2 FAST FACTS # SOLD
AVG $/SF
AVG SALE PRICE
52 $1,212 $1,412,519 CUMULATIVE $/SF DATA FOR PAST YEAR
$1300 $1200 $1100 $1000
2015 Q2
2015 Q3
2015 Q4
2016 Q1
7
YERBA BUENA
2016 Q2 FAST FACTS # SOLD
AVG $/SF
AVG SALE PRICE
22 $1,423 $1,826,114 CUMULATIVE $/SF DATA FOR PAST YEAR $1400 $1300 $1200 2015 Q2
2015 Q3
2015 Q4
2016 Q1
$1100
All Data From SFARMLS
301 / 333 MAIN | 318 / 338 SPEAR
THE INFINITY SOLD ACTIVE ACTIVE CONTINGENT PENDING D37E | $2,750,000 (2BR) $2052/sf D37F | $2,120,000 (3BR) $1313/sf D36C | $5,250,000 (3BR) $3031/sf D35E | $2,699,000 (2BR) $2014/sf
D31B | $3,275,000 (3BR) $2032/sf D30H | $1,999,999 (2BR) $1512/sf
D20C | $1,495,000 (1BR) $1975/sf
D17B | $2,600,000 (2BR) $1965/sf D15H | $1,595,000 (2BR) $1206/sf D14B | $2,095,000 (2BR) $1569/sf
D10G | $949,000 (2BR) $1180/sf
D6E | $1,325,000 (2BR) $1155/sf D5B | $1,495,000 (2BR) $1129/sf A4C | $998,000 (1BR) $1226/sf
# SOLD
10
AVG $/SF
AVG SALE PRICE
$1,601 $2,126,600
AVG DOM
55
COMPARED TO 2015 Q2 7
$1,361
$1,406,429
28
B37B | $7,995,000 (3BR) $2364/sf
B32E | $2,950,000 (3BR) $1757/sf B32A | $2,399,000 (2BR) $1892/sf
B27E | $1,700,000 (2BR) $1441/sf B26E | $1,680,000 (2BR) $1424/sf B24C | $1,500,950 (1BR) $1855/sf
B21F | $1,800,000 (2BR) $1377/sf
B18A | $1,599,000 (2BR) $1351/sf
B11A | $1,495,000 (2BR) $1285/sf B9C | $885,000 (1BR) $1106/sf
C8E | $749,000 (0BR) $1319/sf C7G | $893,000 (1BR) $1067/sf
C7K | $950,000 (1BR) $1147/sf
C5L | $929,000 (2BR) $1102/sf
B5C | $1,999,888 (2BR) $1141/sf All Data From SFARMLS
C2B | $1,199,000 (1BR) $1062/sf
9
333 / 355 1ST
THE METROPOLITAN SOLD ACTIVE ACTIVE CONTINGENT PENDING
N1904 | $1,853,000 (3BR) $1290/sf
N807 | $375,798 (2BR) bmr
# SOLD
5
AVG $/SF
AVG SALE PRICE
$1,197 $1,469,250
AVG DOM
32
COMPARED TO 2015 Q2 6
$1,238
$1,107,500
31
S2703 | $2,100,000 (2BR) $1419/sf S2306 | $899,000 (1BR) $1230/sf S2305 | $1,595,000 (2BR) $1194/sf S2201 | $1,675,000 (2BR) $1190/sf S2002 | $1,550,000 (2BR) $1153/sf S1807 | $1,595,000 (2BR) $1368/sf
S905 | $799,000 (1BR) $1156/sf
S303 | $729,000 (1BR) $1283/sf All Data From SFARMLS
11
425 1ST | 489 HARRISON
ONE RINCON HILL SOLD ACTIVE ACTIVE CONTINGENT PENDING # SOLD
2
AVG $/SF
AVG SALE PRICE
$1,643 $1,795,000
AVG DOM
33
COMPARED TO 2015 Q2 10
$1,447
$1,823,500
507 | $2,350,000 (2BR) $1558/sf
49
13 6002 | $3,349,000 (3BR) $2195/sf 5803 | $3,595,000 (3BR) $2144/sf
5106 | $2,495,000 (2BR) $1968/sf
4504 | $899,000 (1BR) $1486/sf 4402 | $2,498,000 (2BR) $1908/sf 4202 | $2,399,999 (2BR) $1833/sf
2708 | $1,149,000 (1BR) $1522/sf 2507 | $1,190,000 (1BR) $1453/sf
1903 | $1,699,000 (2BR) $1329/sf
1402 | $1,895,000 (2BR) $1448/sf 1306 | $1,595,000 (2BR) $1288/sf
All Data From SFARMLS
301 MISSION
MILLENNIUM SOLD ACTIVE ACTIVE CONTINGENT PENDING
41E | $2,695,000 (2BR) $1572/sf
31A | $2,250,000 (2BR) $1483/sf
704 | $2,100,000 (2BR) $1414/sf
303 | $1,980,000 (2BR) $1419/sf
6D | $1,080,000 (1BR) $1369/sf
# SOLD
7
AVG $/SF
AVG SALE PRICE
$1,624 $3,085,000
AVG DOM
140
COMPARED TO 2015 Q2 6
$1,847
$3,515,833
70
49B | $8,000,000 (3BR) $2413/sf 48B | $3,750,000 (2BR) $2254/sf 45D | $3,900,000 (2BR) $1900/sf
41C | $3,995,000 (3BR) $1841/sf 38B | $2,700,000 (2BR) $1634/sf 36A | $2,295,000 (2BR) $1513/sf
31E | $2,300,000 (2BR) $1342/sf 30D | $3,900,000 (2BR) $1998/sf 27E | $2,300,000 (2BR) $1342/sf 24H | $1,125,000 (2BR) $1455/sf 23E | $1,695,000 (2BR) $1492/sf
19A | $1,799,000 (2BR) $1225/sf 18E | $1,545,000 (2BR) $1407/sf 17A | $1,799,000 (2BR) $1216/sf
7C | $1,050,000 (1BR) $1261/sf 6A | $1,650,000 (2BR) $1116/sf 4E | $1,499,000 (2BR) $1320/sf
All Data From SFARMLS
15
1 HAWTHORNE LANE
ONE HAWTHORNE SOLD ACTIVE ACTIVE CONTINGENT PENDING
25D | $3,995,000 (2BR) $2042/s
sf
# SOLD
3
AVG $/SF
AVG SALE PRICE
$1,165 $1,185,000
AVG DOM
70
COMPARED TO 2015 Q2 2
$1,240
$1,337,000
22
25C | $3,950,000 (3BR) $1980/sf
12E | $1,650,000 (2BR) $1327/sf 11A | $1,025,000 (1BR) $1120/sf
2C | $880,000 (1BR) $1048/sf
17
501 BEALE
WATERMARK SOLD ACTIVE ACTIVE CONTINGENT PENDING
# SOLD
1
AVG $/SF
AVG SALE PRICE
$1,013 $1,275,000
AVG DOM
51
COMPARED TO 2015 Q2 3
$1,469
$1,850,000
10
4C | $1,275,000 (2BR) $1013/sf
All Data From SFARMLS
19
SOUTH BEACH & YERBA BUENA CONDOS
SOLD UNITS IN Q2 2016 Address
BR
BA
Status
Status Date
333 1st 807 (bmr)
2
2
Sold
4.13.16
355 1st 905
1
1
Sold
4.29.16
1 Hawthorne 2C
1
1
Sold
4.21.16
333 Main 7G
1
1
Sold
6.20.16
333 Main 7K
1
1
Sold
6.6.16
318 Spear 4C 1 Hawthorne 11A
1 1
1 1
Sold Sold
5.12.16 4.29.16
301 Mission 7C
1
1
Sold
5.23.16
425 1st 2507
1
1
Sold
4.11.16
501 Beale 4C
2
2
Sold
6.3.16
301 Mission 18E
2
2
Sold
6.27.16
355 1st 2002
2
2
Sold
4.27.16
1 Hawthorne 12E
2
2
Sold
6.21.16
355 1st 2201
2
2
Sold
4.29.16
301 Main 26E
2
301 Main 27E
2
2 2
Sold Sold
6.30.16 6.6.16
301 Main 21F
2
2
Sold
5.18.16
333 1st 1904
3
2
Sold
6.15.16
301 Mission 704
2
2
Sold
4.20.16
338 Spear 37F
3
2
Sold
6.3.16
301 Mission 31E 425 1st 4202
2 2
2 2
Sold Sold
4.19.16 4.29.16
338 Spear 17B
2
2
Sold
5.11.16
301 Mission 38B
2
2
Sold
4.18.16
338 Spear 31B
3
2
Sold
5.6.16
301 Mission 45D
2
3
Sold
4.14.16
338 Spear 36C
3
3
Sold
4.25.16
301 Mission 49B
3
3.5
Sold
4.29.16
* Only showing sold units in buildings featured in this book. Does not include new construction.
21
DOM
SF
List Price
Sold Price
$/SF
55
950
$375,798
$375,798
$396
1
691
$799,000
$799,000
$1156
141
840
$1,100,000
$880,000
$1048
70
837
$899,000
$893,000
$1067
1
829
$959,000
$950,000
$1146
40 47
828 915
$998,000 $1,095,000
$998,000 $1,025,000
$1205 $1120
49
833
$1,100,000
$1,050,000
$1261
5
819
$1,199,000
$1,190,000
$1453
51
1259
$1,299,000
$1,275,000
$1013
72
1098
$1,675,000
$1,545,000
$1407
18
1344
$1,595,000
$1,550,000
$1153
23
1243
$1,650,000
$1,650,000
$1327
67
1408
$1,950,000
$1,675,000
$1190
103 7
1180 1180
$1,699,000 $1,765,000
$1,680,000 $1,700,000
$1424 $1441
172
1307
$2,100,000
$1,800,000
$1377
41
1436
$1,995,000
$1,853,000
$1290
212
1485
$2,835,000
$2,100,000
$1414
57
1615
$2,395,000
$2,120,000
$1313
260 60
1714 1309
$3,300,000 $2,495,000
$2,300,000 $2,399,999
$1342 $1833
49
1323
$2,850,000
$2,600,000
$1965
64
1652
$2,895,000
$2,700,000
$1634
0
1612
$2,995,000
$3,275,000
$2032
251
2053
$4,675,000
$3,900,000
$1900
1
1732
$5,250,000
$5,250,000
$3031
71
3315
$8,995,000
$8,000,000
$2413
All Data From SFARMLS
318 / 338 MAIN | 333 BEALE | 201 FOLSOM
LUMINA SOLD ACTIVE ACTIVE CONTINGENT PENDING
D5B | $1,425,000 (2BR) D4H | $1,060,000 (1BR)
D4B | $1,415,000 (2BR)
# UNITS
656
# SOLD / IN CONTRACT
2BR LIST PRICE
450+
1BR LIST PRICE
$1,050,000+
3BR LIST PRICE
$1,445,000+ $3,200,000+
B25A | $2,460,000 (2BR)
B19F | $1,745,000 (2BR)
B15B | $1,950,000 (2BR)
C8C | $1,250,000 (1BR)
B7A | $1,650,000 (2BR) B5C | $1,545,000 (2BR)
C2B | $1,245,000 (1BR)
Only showing listings marketed on SFARMLS
23
401 HARRISON
THE HARRISON SOLD ACTIVE ACTIVE CONTINGENT PENDING
# UNITS
298
1BR LIST PRICE
$780K+
2BR LIST PRICE
$1.2M+
3BR LIST PRICE
$4M+
5F | $1,200,000 (2BR) $968/sf
25
33C | $2,468,000 (2BR) $1850/sf
16F | $1,827,000 (2BR) $1473/sf 14G | $1,217,000 (1BR) $1486/sf
6B | $782,000 (1BR) $1051/sf 5D | $786,000 (1BR) $1297/sf
Only showing listings marketed on SFARMLS
72 TOWNSEND
72 TOWNSEND SOLD ACTIVE ACTIVE CONTINGENT PENDING
PH4 | $2,890,000 (2BR) $2001/sf
603 | $1,025,000 (1BR) $1306/sf
704 | $1,799,000 (2BR) $1522/sf
611 | $1,525,000 (2BR) $1379/sf
610 | $1,549,000 (2BR) $1271/sf
601 | $999,000 (1BR) $1268/sf
509 | $1,449,000 (2BR) $1276/sf
# UNITS
# SOLD / IN CONTRACT
67
42+
2BR LIST PRICE
$1.45M+
1BR LIST PRICE
$999K+
3BR LIST PRICE
$3.15M+
PH2 | $4,064,798 (3BR) $2361/sf
PH1 | $3,549,000 (3BR) $2040/sf
807 | $1,975,000 (2BR) $1620/sf
805 | $1,490,000 (1BR) $2317/sf
706 | $1,880,000 (2BR) $1725/sf
702 | $1,799,999 (2BR) $1485/sf
608 | $1,299,000 (1BR) $1293/sf
609 | $1,449,000 (2BR) $1320/sf
504 | $1,565,000 (2BR) $1242/sf
510 | $1,555,000 (2BR) $1276/sf
302 | $1,449,000 (2BR) $1210/sf
308 | $1,199,000 (1BR) $1262/sf
Only showing listings marketed on SFARMLS
27
SOUTH BEACH CONDO APPRECIATION
MEDIAN CONDO PRICES $1400000 $1300000
MEDIAN PRICE
$1200000 $1100000 $1000000 $900000 $800000 $700000
Q1 ‘12
Q2 ‘12
Q3 ‘12
Q4 ‘12
Q1 ‘13
Q2 ‘13
Q3 ‘13
Median sales price is the price at which half the sales occurred at higher prices and half for lower. It is a general statistic that is affected by factors other than changes in fair market value, such as seasonal trends and changes in new construction. Paul Hwang | 415.216.8746
Q4 ‘1
13
29
Q1 ‘14
Q2 ‘14
Q3 ‘14
Q4 ‘14
Q1 ‘15
Q2 ‘15
Q3‘15
Q4 ‘15
Q1 ‘16 Q2 ‘16
All Data From SFARMLS
SOUTH BEACH CONDO ACTIVITY
CONDO SALES 120
NUMBER OF SOLD CONDOS
110 100 90 80 70 60 50 40 Q1 ‘13
Q2 ‘13
Q3 ‘13
Q4 ‘13
Q1 ‘14
Q2 ‘14
31
Q3 ‘14
Q4 ‘14
Q1 ‘15
Q2 ‘15
Q3‘15
Q4 ‘15
Q1 ‘16
Q2 ‘16
All Data From SFARMLS
PAUL HWANG
RANKED #1 IN SOUTH BEACH bre 01371169 | 415.216.8746 paul@skyboxrealty.com
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