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M I D - Y E A R

U P D A T E

2014 KE Y B I S C AY N E BRICKELL DOWNTOWN MIDTOWN


MIAMI-DADE: RESIDENTIAL MARKET PERFORMANCE After a few years of strong growth, the Miami-Dade real estate market is now on a slower, more steady rise, characterized greatly by a high number of all-cash transactions. As an isolated case, waterfront properties overall dropped 25% in price per square foot, from $405 to $305. However, Miami-Dade’s biggest highlight is its median home price, increasing by 34% over two years.

PERCENTAGE CHANGE: From 1 st Half 2013 to 1 st Half 2014 NUMBER OF TRANSACTIONS

AVERAGE SALES PRICE

AVERAGE PRICE PER SQUARE FOOT

SINGLE-FAMILY HOMES

2013

W

CONDOMINIUMS

2014

$406,727

W

8%

$178

$450,328

2013

X

2014

$323,341

2014

X

11%

8,348

$193

2013

W

4%

8,706

2014

11%

6,361

2013

2013

W

2%

6,213

2014

26%

$371,509

$225

$165

CONDOMINIUMS

58+42+F 47++F53 51+49+F 48+52+F 47+53+F 49+51+F 2014

SINGLE-FAMILY HOMES

2013

SPOTLIGHT: THE $500K+ MARKET

% CHANGE: From 1 st Half 2013 to 1 st Half 2014

High-end real estate in Miami-Dade experienced nothing but growth when compared to the same period last year. Overall, average prices are at $1,352,000 so far this year, with prices per square foot averaging $478 (a 6% increase from last year).

number of transactions average sales price average $/sf

single-family homes: W19% condominiums: W11% single-family homes: W5% condominiums: W8% single-family homes: W53% condominiums: W15%


BRICKELL Brickell, a favorite among Miami residents, is experiencing more construction than any other area in the city. Its $500K+ residential market is up 11% in average price per square foot, which closed at $564. Despite increasing prices, these homes are selling at a quicker pace with an avg. 113 days on market, down 35% from the first half of 2013.

1st Half 2013

1st Half 2014

$496,948

1st Half 2013

$572,286

$403

W15%

1st Half 2014

$457

AVERAGE $/SF

AVG. SALES PRICE

470 TOTAL CLOSED SALES | X18%*

W13%

1st Half 2013

$613,896

1st Half 2014

1st Half 2013

$749,685

$463

W22%

1st Half 2014

$511

W10%

AVERAGE $/SF

AVG. SALES PRICE

BRICKELL KEY: 100 TOTAL CLOSED SALES | W5%*

TOP PICKS: NEW DEVELOPMENTS Cranes are overpowering high-rises in Brickell, an area promising to be the indisputable heart of Miami in very little time. With a wide array of new developments to choose from, below are our six picks for Brickell living:

BRICKELL CITY CENTRE 820 Units | 871-4,385 SF Completion 2015

SLS LUX

ECHO BRICKELL

450 Units | 945-1,779 SF Completion 2017

180 Units | 760-5,195 SF Completion 2016

BRICKELL FLATIRON

BRICKELL HEIGHTS

THE BOND

500 Units | 898-2,314 SF Completion 2017

690 Units | 693-3,000 SF Completion 2016

323 Units | 783-1,219 SF Completion 2015

*Compared to first half of 2013


MIDTOWN A relatively new market to watch, Midtown is growing at a fast speed. With new developments coming up in the area, we are seeing more transactions closed at higher prices than ever before. So far this year, four waterfront condos have been sold at an average $471 per square foot, a record in this neighborhood.

NUMBER OF TRANSACTIONS

1st Half 2013

21

63+90

AVERAGE SALES PRICE

AVERAGE PRICE PER SQUARE FOOT

ALL RESIDENCES

1st Half 2014

30

1st Half 2013

$341,102

68+98

1st Half 2014

$489,847

W43%

W44%

30+80

THE $500K+ MARKET

1st Half 2013

3

1st Half 2014

8

1st Half 2013

$592,967

W167%

59+86

1st Half 2013

$324

65+85

1st Half 2014

70+88

1st Half 2014

$424

W31%

1st Half 2014

$864,875

1st Half 2013

$349

W46%

$493

W42%

KEY BISCAYNE

PERCENTAGE CHANGE: From 1 st Half 2013 to 1 st Half 2014 AVERAGE PRICE PER SQUARE FOOT

48+52+F 49++F51 51++F49 46+54+F 47+53+F 45+55+F

2013

2014

2013

W

42

$2,981,514

2014

19%

$3,203,075

2013

X

2014

$806

$1,012,545

2014

W

1%

132

$960

2013

W

1%

2014

W

7%

2013

133

2013

W

20%

35

2014

4%

$1,027,050

$607

$632

CONDOMINIUMS

CONDOMINIUMS

AVERAGE SALES PRICE

SINGLE-FAMILY HOMES

SINGLE-FAMILY HOMES

NUMBER OF TRANSACTIONS


DOWNTOWN With additions such as Museum Park and Miami Worldcenter, Downtown is solidifying itself as the city’s cultural hub. The average price per square foot for waterfront residences in this area is $451, while non-waterfront homes are averaging $333/sf, both the highest they have been in years due in great part to recent developments.

1st Half 2013

$392,598

1st Half 2014

$461,962

1st Half 2013

$360

W18%

1st Half 2014

$408

AVERAGE $/SF

AVG. SALES PRICE

529 TOTAL CLOSED SALES | W9%*

W14%

1st Half 2013

$806,032

1st Half 2014

$873,987

1st Half 2013

$491

W8%

1st Half 2014

$528

W8%

AVERAGE $/SF

AVG. SALES PRICE

153 CLOSED SALES FOR CONDOS OVER $500K | W55%*

TOP PICKS: NEW DEVELOPMENTS Miami is responding to its high demand for the city’s core with over two dozen new developments in the Brickell and Downtown areas alone (currently in different stages). Below are some of our favorite picks from the Downtown inventory:

ONE THOUSAND MUSEUM 83 Units | 4,600-9,800 SF Completion 2016

BISCAYNE BEACH

BAY HOUSE

399 Units | 885-3,789 SF Completion 2016

164 Units | 1,601-1,725 SF Completion 2014

ICON BAY

PARAISO BAY

BALTUS HOUSE

300 Units | 920-1,498 SF Completion 2014

700 Units | 1,055-2,141 SF Completion 2017

167 Units | 520-1,720 SF Completion 2015

*Compared to first half of 2013


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Trends Mid-Year Update - Downtown  
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