TRENDS 2017 Condos Mid-Year Update Miami-Dade

2017 MID-YEAR UPDATE CONDOS IN MIAMI-DADE’S MOST PROMINENT NEIGHBORHOODS

MIAMI-DADE The condo market was much maligned in 2016, but we remained bullish primarily because we saw no distress in the capital markets or lending arenas.

Our annual report predicted that the condo market would remain a bit choppy in 2017 and that has proven correct but with some hope for stabilization.

While there was greater inventory in the first half of 2017 than the same period in 2016, total transactions remained very close demonstrating a stronger absorption rate. Available units in the waterfront market in Miami increased by about 9% and about 11% in the non-waterfront market. However, as predicted, pricing dropped from 2016 which offered great buying opportunities in Miami’s resale condo market. Much of this could be attributed to the launch of several pre-construction projects and a readjustment of pricing.

While decreases were experienced largely throughout the Miami condo market, a few areas did continue to thrive. Coconut Grove offered less inventory and a 14% increase in pricing. Surfside also witnessed the same slimming of inventory with a 24% increase in pricing. But the strongest market in this time period was Bal Harbour with a slight increase in inventory and 28% higher prices. This only further proves that proximity to the ocean serves as a good sign for long-term investments.

COUNTYWIDE STATISTICS | CONDOS

TOTAL MARKET WATERFRONT CONDOS

NON-WATERFRONT CONDOS

# FOR SALE

# SOLD

AVG. $/SF

# FOR SALE

# SOLD

AVG. $/SF

8,473

2,494

$388

6,501

4,457

$164

LUXURY MARKET

(THE TOP 50% BY AVERAGE HOME PRICE)

# FOR SALE

# SOLD

AVG. $/SF

$1M – $5M

2,306

345

$621

$5M – $10M

283

29

$1,446

$10M+

88

6

$1,282

FOR MORE GUIDES AND REPORTS, PLEASE VISIT http://issuu.com/tejeragroup ©MMXVII ONE Sotheby’s International Realty, licensed real estate broker. Sotheby’s International Realty® is a licensed trademark to Sotheby’s International Realty Affiliates LLC. An Equal Opportunity Company. Equal Housing Opportunity.

Each Office is Independently Owned and Operated. Statistics provided by Integra Realty Resources – Miami\Palm Beach.

The information contained herein is deemed accurate but not guaranteed.

Enrique Tejera, P.A. - 305-814-4686 info@sobeone.com

DISCOVER OUR WORLD. #ONLYWITHONE

MIAMI / SOUTH END

DOWNTOWN MIAMI

WATERFRONT CONDOS

NON-WATERFRONT CONDOS

WATERFRONT CONDOS

NON-WATERFRONT CONDOS

AVG. $/SF

% SAMPLE TRADED

AVG. $/SF

% SAMPLE TRADED

AVG. $/SF

% SAMPLE TRADED

AVG. $/SF

% SAMPLE TRADED

COCONUT GROVE

No waterfront condo market available

No waterfront condo market available

$625/SF

3%

$494/SF

3%

$368/SF

3%

g 14%

h from 6%

h 7%

no change

h 9%

h from 4%

CORAL GABLES

No waterfront condo market available

No waterfront condo market available

$354/SF

2%

h 6%

h from 4%

No non-waterfront condo market available

DEERING BAY

$306/SF

4%

h 36%

h from 6%

No robust history of a condo market available to index

No robust history of a condo market available to index

AVG. SALES PRICE VS. AVG. CONDO SIZE

DEERING BAY

3,000

BRICKELL

2,000

2,000

1,500

1,500

1,000

1,000

500

500

2%

g 8%

h from 3%

DOWNTOWN MIAMI

$408/SF

2%

$386/SF

3%

h 7%

h from 4%

h 5%

no change

$584/SF

3%

$354/SF

4%

g 14%

h from 4%

h 10%

g from 3%

No waterfront condo market available

No waterfront condo market available

$398/SF

3%

0.5%

h from 4%

MIDTOWN

3,000 2,500

$604/SF

EDGEWATER

AVG. SALES PRICE VS. AVG. CONDO SIZE

2,500

BRICKELL KEY

No non-waterfront condo market available

AVG. SALES PRICE vs. AVG. CONDO SIZE COCONUT GROVE

BRICKELL KEY

1,600

1,400

CORAL GABLES

1,400

1,200

$2M

$1.2M

SF g $b

$400K $600K $800K

$2M

SF g $b

$1.2M

DOWNTOWN EDGEWATER

BRICKELL 1,000

DOWNTOWN

1,000 $400K $600K $800K

MIDTOWN

EDGEWATER

1,200

SF g $b

AVG. SALES PRICE vs. AVG. CONDO SIZE

$400K

$600K

BRICKELL

800

$800K

$1M

SF g $b

$300K

$400K

$500K

$600K

MIAMI BEACH LUXURY HIGHLIGHT: SOUTH OF FIFTH WATERFRONT CONDOS AVG. $/SF

% SAMPLE TRADED

SOUTH BEACH

$1,293/SF

2%

h 20%

h from 4%

MID BEACH

$853/SF

3%

h 13%

no change

NORTH BEACH

$825/SF

1%

g 6%

h from 3%

NORTH BAY VILLAGE

$239/SF

5%

h 7%

g from 2%

AVG. $/SF

PRICE PER SQUARE FOOT

CONTINUUM SOUTH

CONTINUUM NORTH

MURANO PORTOFINO

$1,768/SF

$2,095/SF

$1,639/SF

h 28%

g 3%

h 30%

PORTOFINO TOWER

MURANO GRANDE

ICON SOUTH BEACH

$924/SF

$1,086/SF

$1,078/SF

h 54%

h 14%

h 11%

AVG. SALES PRICE vs. AVG. CONDO SIZE 1,800

SOUTH BEACH 1,600

NORTH BEACH 1,400

N. BAY V. MID BEACH AVG. $/SF

1,200

1,000 SF g $b

$500K

$1.5M

$2.5M

300 S POINTE DRIVE | #LPH2, MIAMI BEACH

Apogee: No sales to date

THE ISLANDS

MIAMI / NORTH END

WATERFRONT CONDOS

WATERFRONT CONDOS

AVG. $/SF

% SAMPLE TRADED

AVG. $/SF

% SAMPLE TRADED

KEY BISCAYNE

$817/SF

2%

$364/SF

2%

0%

no change

FISHER ISLAND

$911/SF

5%

h 19%

h from 7%

BAY HARBOR ISLANDS

$246/SF

5%

g 12%

h from 8%

AVENTURA

BAL HARBOUR

h from 4%

3%

SURFSIDE

AVG. SALES PRICE vs. AVG. CONDO SIZE 4,000

h 6%

$1,313/SF

SUNNY ISLES BEACH

g 28%

g from 2%

$696/SF

4%

g 24%

h from 5%

$753/SF

2%

h 22%

h from 3%

FISHER ISLAND AVG. SALES PRICE vs. AVG. CONDO SIZE

3,000

2,500

AVENTURA

BAL HARBOUR

KEY BISCAYNE 2,000

2,000

1,500

BAY HARBOR 1,000 SF g $b

SURFSIDE 1,000 $0

$1M

$2M

$3M

VIEW FROM 20155 NE 38 COURT | #TS-03, AVENTURA

$4M 500 SF g $b

To access our full 2017 TRENDS report, please visit http://issuu.com/tejeragroup. Detailed methodology is found on page 66 (condo data is based on luxury tower indices).

All % changes reflect a comparison of current numbers vs. numbers during the same time period last year (January through June).

SUNNY ISLES

$500K

$1.5M

$2.5M

$3.5M