Miami Beach Market Report 2014 by Virsocom

MIAMI BEACH Market Report 2014

South of Fifth

BRINGING THE WORLD TO MIAMI AND MIAMI TO THE WORLD Worldwide Properties is a full-service residential and commercial brokerage firm located in South Beachâ&#x20AC;&#x2122;s chic South of Fifth neighborhood. Our world-class sales and marketing teams of brokers and associates represent the most elegant and luxurious private homes, condominiums and commercial projects in South Florida and the Caribbean.

Our vast international network of contacts and clients in the United States, Caribbean, Europe, Asia and South America can depend upon our highly experienced, multi-lingual sales teams to plan and execute strategic acquisitions of the most exclusive and exquisite real estate worldwide.

Our Mission The mission of Worldwide Properties and Worldwide Development Services is to deliver unparalleled value to our clients, agents and brokers through engaged excellence in service; a vast international network of buyers and brokers; multilingual agents who are integrated into the communities where they work and live; and through turnkey solutions for portfolio and property management throughout the lifecycle of a property and its buyers, sellers and investors.

South Beach

South Pointe Park

Meet the Founders With their fingers firmly on the multinational pulse of Miami and Miami Beach, J. Eddy Martinez and Roland Ortiz have turned Worldwide Properties into a highly successful real estate practice with a strong international footprint. As avid admirers of art, interior design, architecture and culture, Eddy and Roland have a keen sense for bringing together inspiring lives with inspired properties. Worldwide Properties is dedicated to marketing and selling the most unique and exceptional real estate worldwide, and to bringing a new level of experience and

J. “Eddy” Martinez

style to international listings.

Founder, Broker & CEO Through their brokerage’s global reach, Eddy and Roland have closed several hundred million dollars in global real estate transactions, both residential and commercial, including multimillion-dollar bulk transactions and record-breaking dollar-per-square-foot sales. The firm also offers residential property management services with turnkey solutions for both individual owners and institutional investors with large real estate holdings. With their expert insights and affable personalities, Eddy and Roland have become noted – and quotable – media resources on real estate trends, and have

Roland Ortiz Co-Founder & Director of Sales

been featured in such publications as The Wall Street Journal, The New York Times, The Miami Herald, Miami Today, Florida Investor and many more.

A Glimpse of Miami Beach Miami Beach is a Manhattan-shaped barrier island just across Biscayne Bay from Downtown Miami and fronting the Atlantic Ocean. It is world-famous for its historic Art Deco district, miles of white sand beaches, iconic lifeguard stands, beautiful people and 24/7 international atmosphere. The area draws travelers and seasonal residents from around the globe – especially Europe and South America – and is also home to a vibrant year-round community of locals. Today, it’s a thriving center of outdoor culture, nightlife, retail, dining and a powerhouse of luxury real estate. At the south end of Miami Beach is South Beach. From the tip of South Pointe Park at 1st Street to 22nd Street you’ll find sensational condominiums, luxury townhouses, historic Art Deco apartments, hidden estates, and world-class hotels and resorts.

A world of contrasts and intrigue, everyone on Miami Beach coexists comfortably – Ferraris sharing space with cyclists, retirees and weekend warriors, plus everyone in between all lured together by the island’s magnetic appeal and electric sunshine.

Ocean Drive

Miami Beach

Current vs. Prev Month

January 2014 - December 2014

For Sale

Dec

Nov

2238 181

Sold

Current vs. 9 Months Ago

% Change

Dec

Jan

% Change

2216

2238

2122

5.5%

156

16%

181

232

-22%

Pended

221

197

12.2%

221

292

-24.3%

Avg. Sq. Ft. Price ($)

905

704.8

28.4%

905

667.4

35.6%

Months of Inventory (Closed Sales)

12.4

14.2

-12.7%

12.4

9.1

36.1%

Date

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

For Sale

2122

2150

2101

2081

2039

2031

2054

2079

2127

2176

2216

2238

New Listing

666

524

518

604

484

417

464

496

481

515

433

457

Sold

232

188

273

293

274

262

214

193

218

225

156

181

Pended

292

327

371

294

223

221

218

215

243

197

221

Months of Inventory (Closed Sales)

9.1

11.4

7.7

7.1

7.4

7.8

9.6

10.8

9.8

9.7

14.2

12.4

Months of Inventory (Pended Sales)

7.3

7.4

6.4

5.6

6.9

9.1

9.3

9.5

9.9

11.2

10.1

Absorption Rate (Closed Sales) %

10.9

8.7

14.1

13.4

12.9

10.4

9.3

10.2

10.3

8.1

Absorption Rate (Pended Sales) %

13.8

13.6

15.6

17.8

14.4

10.8

10.5

10.1

11.2

8.9

9.9

Avg. Active Price

1559

1547

1537

1525

1503

1536

1561

1534

1517

1544

1550

1632

Avg. Sold Price

894

640

943

867

1027

781

860

990

659

759

877

1331

Avg. Sq. Ft. Price

667

564

704

677

716

650

618

696

568

642

705

905

Sold/List Diff. %

Sold/Orig LP Diff. %

Days on Market

104

101

111

110

122

Median

355

344

385

350

428

331

408

390

363

325

344

432

Number of Residences on the Market

For Sale Sold Pended

2,238 2,216 2,176

2,150 2,127

2,122 2,101

2,081 2,039

2,031

2,054

2,079

371 327 292

293

292 273

294 274

262 223

232

188

221 214

218 193

218 215

243 225

221 197

181

156

JAN

FEB

MAR APR

MAY JUN

JUL

AUG SEP

OCT NOV DEC

*All data on this page courtesy of Trendgraphix, 1/1/2014-12/31/2014.

Months of Inventory (Closed Sales)

14.2 12.4

11.4 10.8 9.6

9.1 7.4

7.1

FEB

9.7

7.8

7.7

JAN

9.8

MAR APR

MAY JUN

JUL

AUG SEP

OCT NOV DEC

Average Price Per Square Foot ($) 905

704 667

716 677

650

FEB

642

618 568

564

JAN

705

696

MAR APR

MAY JUN

JUL

AUG SEP

OCT NOV DEC

Activity on South Beach remained fairly consistent throughout the year, with high season coming between March and May. An average of 485 residences sold or were under contract for sale per month, compared to an average of 610 between March-May 2014. Buyers had some wiggle room when it came to negotiating the final sales price; on average, sales prices ranged from a low of 88% in July to a high of 93% in December. The year ended on a strong note, with average active prices and sales prices at their highest in December, at $1,632,000 and $1,331,000 respectively. Also a sign of increasing market strength, the average price per square foot was $905 in December, up nearly 36% over the average of $667 in January. *All data on this page courtesy of Trendgraphix, 1/1/2014-12/31/2014.

South of Fifth Condominiums

Current vs. Prev Month

January 2014 - December 2014

Dec

Nov

For Sale

Sold

Pended

Current vs. 9 Months Ago

% Change

Dec

Jan

% Change

1.1%

105

-16.2%

125%

-25%

-44.4%

-58.3%

Avg. Sq. Ft. Price ($)

2063

701.3

194.2%

2063

1076.9

91.6%

Months of Inventory (Closed Sales)

9.8

21.8

-55.2%

9.8

8.8

11.4%

Date

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

For Sale

105

110

New Listing

Sold

Pended

Months of Inventory (Closed Sales)

8.8

8.3

5.9

6.1

4.9

10.8

28.3

11.6

9.1

21.8

9.8

Months of Inventory (Pended Sales)

8.8

8.5

8.3

5.9

6.1

10.5

28.7

14.2

11.6

16.4

9.7

17.6

Absorption Rate (Closed Sales) %

11.4

4.5

12.1

16.3

20.2

9.3

3.5

8.6

4.6

10.2

Absorption Rate (Pended Sales) %

11.4

11.8

12.1

16.3

9.5

3.5

7.1

8.6

6.1

10.3

5.7

Avg. Active Price

2956

3019

3352

3315

3543

3688

3874

3975

4017

3997

4134

3939

Avg. Sold Price

1853

2390

2851

1929

1267

1852

1190

3016

1471

1931

859

4546

Avg. Sq. Ft. Price

1077

1440

1620

1210

990

1091

991

1529

1007

1105

701

2063

Sold/List Diff. %

Sold/Orig LP Diff. %

101

Days on Market

102

106

115

111

167

151

137

163

151

Median

1430

1740

1500

1743

954

1500

889

3050

758

1450

809

1080

Number of Residences on the Market

For Sale Sold Pended

110 105 99 94 86

85 81

12 12

16 16

FEB

MAR APR

9 5

17 8

JAN

14 14

MAY JUN

8 3

JUL

6 3

7 7

AUG SEP

9 5

OCT NOV DEC

*All data on this page courtesy of Trendgraphix, 1/1/2014-12/31/2014.

Months of Inventory (Closed Sales)

28.3

22 8.8

JAN

21.8 8.3

FEB

6.1

5.9

MAR APR

10.8

11.6

JUL

AUG SEP

9.8

9.1

4.9

MAY JUN

OCT NOV DEC

Average Price Per Square Foot ($) 2,063 1,620 1,440

1,529 1,210

1,077

990

1,091

991

1,007

1,105

701

JAN

FEB

MAR APR

MAY JUN

JUL

AUG SEP

OCT NOV DEC

Although small in area, South of Fifth remains one of the most desirable and in demand neighborhoods in all of Miami. With many luxury condominiums offering privacy, spectacular views, and unbeatable views. Average prices per square foot hit a yearly high in December of $2,063, higher than any other month by more than $400, and a 91% over prices in January. Sales and units under contract for sale were busier during the first half of 2014, and available inventory showed a slight decline over 2014 from beginning to end. Prices per square foot showed a marked rise year-over-year, with average prices going from $991 in 2013 to $1,226 in 2014, a nearly 24% increase at these luxury SoFi condominiums. *All data on this page courtesy of Trendgraphix, 1/1/2014-12/31/2014.

PREMIER SOUTH BEACH LUXURY CONDOMINIUMS Activity & Analysis

Continuum (North Tower) 50 South Pointe Drive, Miami Beach, FL 33139 Built in 2007 Continuum is a two-tower complex on some of the most coveted Miami Beach property. It occupies the oceanfront space overlooking South Pointe Park and boasts a 37-story North Tower home to 203 residences. The South Tower offers 318 luxury condos in a variety of floor plans. The complex is hangout for celebrities and international elite, with spectacular pools, gardens, tennis courts, walking paths, 1,000 feet of white sand beach, and world-class spa and fitness center.

To view a list of currently available inventory, click here.

Pending Sales

Unit

List Date

Sq. Ft.

Orig. List $

List $

$/SF

1905

2/3/14

2.5

1698

3,250,000

1,914.02

At the close of 2014, there was only 1 unit under contract for sale.

Active Sales

Unit

List Date

Sq. Ft.

Orig. List $

List $

$/SF

801

12/31/14

6.2

7200

27,800,000

3,861.11

1402/3

7/22/14

3497

13,900,000

12,800,000

3,660.28

3502

11/7/14

3.5

3030

10,450,000

3,448.84

1101/8

11/21/14

3497

9,950,000

2,845.30

2401

7/3/14

4.5

2872

9,500,000

3,307.80

2704

9/17/14

3.5

3,244

8,900,000

2,743.53

2801

12/2/14

3.5

2621

6,500,000

2,479.97

2803

6/30/14

3.5

2306

6,000,000

2,601.91

2603

10/29/14

2.5

1862

5,400,000

2,900.11

TH-3

4/16/14

3.5

2556

4,500,000

5,000,000

1,956.18

1007

8/5/14

2.5

1443

3,175,000

2,200.78

707

9/29/14

2.5

1443

2,750,000

2,749,000

1,905.06

Loft 4

6/30/14

1.5

1667

2,199,000

2,400,000

1,439.71

601

8/5/14

742

1,195,000

1,610.51

CAB-9

7/23/14

435

1,100,000

2,528.74

607

6/30/14

747

895,000

1,090,000

1,459.17

512

7/16/14

747

952,875

1,275.60

One of the newer buildings in SoFi, demand is always high. Expect to pay anywhere from $1,275-$3,800+/SF here. Prices generally increase as you move up the building, with views at the Continuum North being placed at a premium.

Closed Sales

Unit

Closed Date

Sq. Ft.

Orig. List $

List $

Sold $

SP/OLP %

Days/Mkt

$/SF

2601

4/18/14

4.5

3,457

12,600,000

9,051,000

9,500,000

75.40

271

2,748.05

TH7

2/15/14

4.5

3,341

4,883,000

4,600,000

94.20

1,383

1,376.83

702

6/30/14

2,190

4,900,000

4,459,000

4,150,000

84.69

192

1,894.98

3104

2/28/14

3.5

2306

3,975,000

4,300,000

108.18

1,864.70

3403

1/31/14

2.5

1,903

3,699,000

3,350,000

90.57

183

1,760.38

2605

3/19/14

2.5

1862

3,699,000

3,600,000

97.32

1,933.40

1605

5/1/14

2.5

1,606

3,060,000

2,500,000

81.70

112

1,556.66

1705

10/15/14

2.5

1606

2,875,000

2,800,000

97.39

121

1,743.46

1505

8/1/14

2.5

1,698

2,700,000

2,600,000

2,450,000

90.74

1,442.87

703

9/11/14

2.5

1491

2,600,000

2,450,000

94.23

1,643.19

1406

4/21/14

2.5

1,698

2,650,000

2,550,000

2,375,000

89.62

119

1,398.70

1007

3/7/14

2.5

1443

2,200,000

2,085,000

94.77

1,444.91

610

3/11/14

1.5

909

1,300,000

1,200,000

92.31

1,320.13

611

3/15/14

1.5

992

1,100,000

1,050,000

95.45

1,386

1,058.47

507

7/15/14

760

955,000

1,050,000

1,040,000

108.90

1,595

1,368.42

615

12/30/14

747

952,875

935,000

98.12

139

1,251.67

616

7/15/14

640

850,000

935,000

905,000

106.47

1,582

1,414.06

514

8/1/14

638

800,000

880,000

872,000

109.00

1,594

1,366.77

601

7/15/14

760

790,000

770,000

97.47

1,013.16

Be prepared to pay close to asking price for units at Continuum North. With demand so high, sellers received an average of 95% of the original list price. Average prices per square foot in 2014 were $1,552, down $50 from 2013 - closed prices were quite close year-over-year.

Continuum (South Tower) 100 South Pointe Drive, Miami Beach, FL 33139 Built in 2002 Continuum is a two-tower complex on some of the most coveted Miami Beach property. It occupies the oceanfront space overlooking South Pointe Park and boasts a 37-story North Tower home to 203 residences. The South Tower offers 318 luxury condos in a variety of floor plans. The complex is hangout for celebrities and international elite, with spectacular pools, gardens, tennis courts, walking paths, 1,000 feet of white sand beach, and world-class spa and fitness center.

To view a list of currently available inventory, click here.

Pending Sales

Unit

List Date

Sq. Ft.

Orig. List $

List $

$/SF

401

10/30/14

n/a

999,000

n/a

Just as with Continuum North, only one unit - a studio, was under contract for sale at the end of 2014, with an original list price of $999,999.

Active Sales

Unit

List Date

Sq. Ft.

Orig. List $

List $

$/SF

3003

1/31/13

3.5

3500

19,500,000

5,571.43

2405

10/9/14

2847

9,995,000

3,510.71

2008

4/19/14

3353

9,000,000

7,950,000

2,371.01

TH-6

6/19/14

4.5

2365

6,500,000

2,748.41

510

6/4/14

2122

4,950,000

4,850,000

2,285.58

704

2/25/14

2.5

2292

5,495,000

4,795,000

2,092.06

3106

10/6/14

2.5

2048

5,100,000

4,600,000

2,246.09

810

12/10/14

3.5

2122

4,600,000

2,167.77

1610

10/21/14

2122

4,499,000

2,120.17

905

11/18/14

2.5

1869

4,250,000

3,990,000

2,134.83

1801

12/17/14

2.5

1591

3,579,000

2,249.53

701

10/23/14

2.5

1591

3,200,000

2,011.31

703

11/3/14

1.5

1365

1,950,000

1,428.57

Built before its North counterpart, units at the Continuum South are just as expensive. At the close of 2014, prices ranged from $1,428-$5,571/SF, although average prices for most units fell within $2,000-$2,500/SF. The most expensive units are not necessarily the ones on the top floors. Amenities, views and finishes can affect price dramatically.

Closed Sales

Unit

Closed Date

Sq. Ft.

Orig. List $

List $

Sold $

SP/OLP %

Days/Mkt

$/SF

3602/3/4

12/17/14

6.5

8,229

29,900,000

27,500,000

91.97

392

3,341.84

2904

12/31/14

3.5

2985

9,995,000

9,600,000

96.05

3,216.08

3307

3/26/14

3.5

2954

8,995,000

8,400,000

93.39

2,843.60

1104

9/9/14

2.5

2292

5,950,000

5,400,000

90.76

102

2,356.02

1006

4/7/14

3.5

2508

6,200,000

5,850,000

5,550,000

89.52

547

2,212.92

1404

7/18/14

2.5

2292

5,400,000

5,175,000

95.83

2,257.85

TH-7

6/27/14

3.5

2365

5,100,000

4,250,000

83.33

1,797.04

3706

5/15/14

2.5

2048

4,600,000

4,500,000

97.83

2,197.27

2706

4/29/14

2.5

1870

4,400,000

3,900,000

88.64

2,085.56

1510

1/14/14

2122

4,244,000

4,200,000

98.96

1,979.26

2607

8/18/14

2.5

1757

4,200,000

3,600,000

85.71

2,048.95

1608

4/8/14

2.5

1757

3,975,000

3,650,000

91.82

285

2,077.40

2506

1/7/14

2.5

1870

3,500,000

3,800,000

3,700,000

105.71

124

1,978.61

1405

2/7/14

2.5

1869

3,275,000

3,000,000

91.60

1,605.14

3001

7/17/14

1438

3,200,000

3,075,000

2,950,000

92.19

2,051.46

809

7/3/14

2.5

1595

2,850,000

2,750,000

96.49

105

1,724.14

902

10/6/14

1.5

1201

1,950,000

1,925,000

1,775,000

91.03

173

1,477.94

802

10/15/14

1.5

1201

1,899,000

1,725,000

90.84

358

1,436.30

CAB-9

5/2/14

400

1,500,000

1,300,000

1,200,000

80.00

3,000.00

Buyers at the Continuum South have a little bit more flexibility to negotiate price than at Continuum North. Sales here ranged from 80-96% of the original list price, depending on the unit. Sales prices made a dramatic increase from 2013, with average prices per square foot rising from $1,592 to $2,182 in 2014, a 37% increase.

Portofino Tower 300 South Pointe Drive, Miami Beach, FL 33139 Built in 1997 Portofino Tower Miami Beach is the tallest building in South Beach and one of the first major luxury towers to hit the area, making it an iconic South of Fifth structure. Features and services come in equal measure at Portofino Tower, with extravagant penthouses, flourishing landscapes, a mammoth four-story lobby, swimming pools, tennis courts, fully equipped spa and movie theater, and 200 units with outdoor terraces and nine-foot ceilings.

To view a list of currently available inventory, click here.

Active Sales

Unit

List Date

Sq. Ft.

Orig. List $

List $

$/SF

PH-3

5/13/14

5.5

5680

14,900,000

13,750,000

2,420.77

LP4004

12/24/14

4100

10,000,000

2,439.02

3105

7/16/13

4.5

5450

7,100,000

6,000,000

1,100.92

305

11/17/14

2.5

2340

4,700,000

2,008.55

1505

3/4/14

2.5

2340

4,350,000

4,600,000

1,965.81

1501

10/23/14

2.5

2340

4,299,000

1,837.18

2005

5/6/14

2.5

2340

3,900,000

3,899,000

1,666.24

2101

10/15/14

2.5

2340

3,500,000

1,495.73

2004

12/22/14

2.5

2040

3,150,000

1,544.12

403

11/10/14

2.5

2340

2,900,000

1,239.32

2506

11/17/14

2.5

2040

2,725,000

1,335.78

402

5/19/14

1500

1,550,000

1,700,000

1,133.33

704

8/4/14

1.5

1160

975,000

970,000

836.21

One of the most iconic buildings South of Fifth, Portofino offers units for sale ranging from less than $1M to the penthouse, offered at $13,750,000. Most units, however, ask between $2,500,000-$5,000,000. Buyers here can generally expect to pay between $1,000-$2000/SF for a residence here.

Closed Sales

Unit

Closed Date

Sq. Ft.

Orig. List $

List $

Sold $

SP/OLP %

Days/Mkt

$/SF

1203

4/23/14

2.5

2340

3,450,000

3,250,000

94.20

1,388.89

2806

9/25/14

2.5

2040

3,395,000

3,395,000 2,900,000

85.42

186

1,421.57

301

1/3/14

2.5

2340

2,800,000 2,800,000 2,500,000

89.29

189

1,068.38

2502

12/9/14

2.5

2040

2,790,000

2,590,000

92.83

1,269.61

1102

4/10/14

2.5

2040

2,495,000 2,495,000 2,000,000

80.16

214

980.39

1604

6/11/14

2.5

2040

2,450,000 2,450,000 2,300,000

93.88

1,127.45

1104

7/15/14

2.5

2040

2,400,000 2,250,000 2,050,000

85.42

205

1,004.90

1406

3/14/14

2.5

2040

2,199,000

1,850,000

84.13

906.86

1204

1/31/14

2.5

2040

2,120,000

2,050,000

1,900,000

89.62

247

931.37

908

6/20/14

1.5

1090

1,095,000

980,000

900,000

82.19

113

825.69

2,790,000

Buyers here have a little more flexibility when it comes to purchase price. Closed sales averaged from 82-94% of the list price. Closed sales reflect a trend that higher prices are found on higher floors, as views get better the higher one gets. Average prices per square foot closed at $1,072 in 2014, a modest 6% jump from 2013 ($1,012/SF).

Apogee 800 South Pointe Drive, Miami Beach, FL 33139 Built in 2007 Set oceanfront, adjacent to Collins Park, the W South Beach Hotel & Residences puts you right in the middle of the excitement. Every private residence at this stunning tower is fully finished and designed to meet your every need. Owners can choose from a range of floor plans â&#x20AC;&#x201C; including to-die-for penthouses â&#x20AC;&#x201C; and enjoy full access to the world of W luxury, with concierge services, beach club membership, tennis, basketball, spa and gym, fine restaurants and more.

To view a list of currently available inventory, click here.

Active Sales

Unit

List Date

Sq. Ft.

Orig. List $

List $

$/SF

2001

6/8/14

3.5

4,154

16,250,000

3,911.89

1201

8/27/14

3.5

4,154

14,995,000

3,609.77

1203

12/4/14

3.5

3,103

8,950,000

2,884.31

603

10/1/14

3,103

8,700,000

2,803.74

With only 67 residences in the building, units come available somewhat infrequently. There were only four listings active at the close of 2014. Average prices per square foot range from $2,800 to more than $3,900, depending on the size and floor of the unit.

Closed Sales

Unit

Closed Date

Sq. Ft.

Orig. List $

1403

1/17/14

3.5

3,103

1203

10/31/14

3.5

3,103

List $

SP/OLP %

Days/Mkt

$/SF

8,250,000 8,250,000 8,000,000

96.97

173

2,578.15

7,000,000

103.43

418

2,333.23

8,000,000

Sold $

7,240,000

Two units closed in 2014, both identical in size and view, with the unit on the higher floor closing for an average of $245/SF more. The purchasers of both units paid 97% and 103.4% of the original asking price, respectively. Four units closed in 2013 at the Apogee at an average of $2,504/SF, just above the $2,455/SF average in 2014.

Murano at Portofino 1000 South Pointe Drive, Miami Beach, FL 33139 Built in 2002 Murano at Portofino is an affluent, 37-story waterfront residential development in Miami Beach, and a pioneering tower in what has become the ultra-trendy South of Fifth (SoFi) district. Built in 2001, Murano at Portofino is located directly on Biscayne Bay adjacent to the Miami Beach Marina. The complex has three tiers spread over 4.5 acres and 600 feet of bayfront.

To view a list of currently available inventory, click here.

Active Sales

Unit

List Date

Sq. Ft.

Orig. List $

List $

$/SF

3501

5/23/12

3.5

3,365

8,000,000

7,100,000

2,109.96

TH-M4

10/1/14

4.5

3,100

7,000,000

2,258.06

3702

10/16/14

3.5

2,618

5,450,000

4,995,000

1,907.95

1802

9/24/13

3.5

2,618

4,199,000

4,975,000

1,900.31

2602

11/1/14

3.5

2,618

4,700,000

1,795.26

2402

10/10/14

3.5

2,618

4,299,000

1,642.09

1408

6/25/14

1,791

3,100,000

2,495,000

1,393.08

808

11/3/14

2.5

1,791

2,295,000

1,281.41

506

1/21/14

1.5

1,008

1,095,000

899,000

891.87

There are nine active units at the close of 2014, with listing prices increasing as the floor gets higher. One of the most expensive listings, TH-M4, is a 3-story townhouse larger in size than other available units but still offering the same building amenities.

Closed Sales

Unit

Closed Date

Sq. Ft.

1101

4/9/14

4.5

PH-4

1/24/14

3002

3/14/14

3.5

2802

6/17/14

1804

12/8/14

PH-3

Orig. List $

List $

Sold $

SP/OLP %

Days/Mkt

$/SF

3,365 6,200,000 5,950,000 5,500,000

88.71

140

1,634.47

2,850 4,600,000

4,600,000

4,125,000

89.67

243

1,447.37

2,618

4,000,000 3,999,000

3,850,000

96.25

1,470.59

3.5

2,618

3,950,000 3,950,000 3,850,000

97.47

125

1,470.59

2,190

3,449,000

3,499,000

3,200,000

92.78

192

1,461.19

10/16/14

2.5

2,008 3,699,000

3,499,000

3,250,000

87.86

224

1,618.53

804

10/20/14

2,190

2,950,000 2,950,000 2,600,000

88.14

1,187.21

1405

5/7/14

2.5

1,407

2,100,000

2,000,000

95.24

1,421.46

1107

4/18/14

2.5

1,390

1,995,000

1,850,000

92.73

1,330.94

1605

10/16/14

2.5

1,407

2,300,000

1,995,000

1,750,000

76.09

1,243.78

1507

2/25/14

2.5

1,390

1,950,000

1,740,000

89.23

1,251.80

1606

12/22/14

1.5

1,008

999,000

980,000

98.10

972.22

TH-A3

11/20/14

1.5

1,207

995,000

965,000

96.98

196

799.50

Closed units ranged in price from $799-1,634/SF, with variances due to unit floor, views, size and finishes. Generally speaking, certain sellers appeared motivated to close quickly by accepting reduced offers. Buyers paid anywhere from 76-98% of the original asking price in 2014. Compared to 2013, average prices per square foot were nearly identical in 2014, with a modest increase from $1,291 to $1,297/SF.

Murano Grande 400 Alton Road, Miami Beach, FL 33139 Built in 2003 Murano Grande is a large complex of three connected towers containing 270 residences and penthouses in a variety of floor plans. The waterfront building towers over the South of Fifth neighborhood, providing residents with magnificent views of the ocean and the city. Units are modern and ultra-luxurious, with gourmet-style kitchens, indulgent baths, spacious living areas and designer fittings throughout.

To view a list of currently available inventory, click here.

Pending Sales

Unit

List Date

Sq. Ft.

Orig. List $

List $

$/SF

1109

8/12/14

1,437

1,299,000

903.97

Active Sales

Unit

List Date

Sq. Ft.

Orig. List $

List $

$/SF

PH-B

10/13/14

4,379

12,900,000

10,950,000

2,500.57

2501

11/20/14

4.5

3,979

8,900,000

2,236.74

2106/7

11/23/14

3.5

3,772

7,600,000

2,014.85

2101

10/20/14

4.5

3,990

6,250,000

5,995,000

1,502.51

LPH3

4/2/14

3.5

3,284

5,900,000

1,796.59

2804

12/10/14

3.5

2,974

5,750,000

1,933.42

3403

10/31/14

3.5

3,284

5,495,000

1,673.26

2306

11/5/14

2,024

3,250,000

1,605.73

701

12/5/14

2.5

2,003

2,595,000

1,295.56

2207

2/7/14

1,658

1,999,000

1,998,000

1,205.07

2607

10/7/14

1,759

1,825,000

1,750,000

994.88

2407

5/27/14

1,658

1,595,000

962

604

10/29/14

2.5

1,425

1,595,000

1,119.30

1010

6/6/14

2.5

1,548

1,599,000

1,549,000

1,000.65

505

12/19/14

1,400

1,495,000

1,067.86

2209

8/19/14

1,437

1,395,000

970.77

1007

11/25/14

1,658

1,475,000

889.63

709

10/13/14

1,437

1,199,000

834.38

Murano Grande was one of the busier buildings South of Fifth, with 18 active listings at the close of 2014. Active units range in size from 2 bedrooms and up, and with listings ranging from $830-$2500/SF, although most listings range from $960-$1,500/SF.

Closed Sales

Unit

Closed Date

Sq. Ft.

Orig. List $

List $

Sold $

SP/OLP %

Days/Mkt

$/SF

3401

10/21/14

3.5

3,990

6,920,000

7,100,000

6,500,000

93.93

387

1,629.07

PH06

10/27/14

2,183

4,395,000

3,950,000

3,700,000

84.19

268

1,694.92

2104

6/20/14

2,974

3,900,000

3,400,000

87.18

210

1,143.24

2303

4/22/14

3.5

3,058

3,895,000

3,516,000

90.27

1,149.77

2103

6/26/14

3.5

3,058

3,650,000

3,500,000

95.89

1,144.54

1706

9/29/14

2,024

3,000,000

2,775,000

92.50

1,371.05

1906

7/13/14

2,024

2,650,000

2,950,000

2,700,000

101.89

297

1,333.99

1201

6/27/14

2.5

2,003

2,550,000

2,250,000

88.24

160

1,123.32

1001

7/30/14

2.5

2,003

2,799,000

2,499,000

2,400,000

85.74

218

1,198.20

2208

6/12/14

2.5

1,600

2,395,000

2,200,000

91.86

1,375.00

1708

4/30/14

2.5

1,600

1,850,000

1,700,000

91.89

1,062.50

1204

5/28/14

2.5

1,425

1,735,000

1,715,000

98.85

1,203.51

PH7

10/10/14

1,759

1,699,999

1,650,000

97.06

128

938.03

1610

4/1/14

2.5

1,548

1,600,000

1,699,000

1,625,000

101.56

1,049.74

1004

5/29/14

2.5

1,425

1,690,000

1,695,000

100.30

1,189.47

2607

2/14/14

1,658

1,650,000

100.00

995.17

1607

5/30/14

1,658

1,450,000

1,385,000

95.52

835.34

2207

3/31/14

1,658

1,600,000

1,400,000

1,350,000

84.38

139

814.23

602

10/20/14

2.5

1,874

1,395,000

1,270,000

91.04

277

677.69

1011

10/8/14

1,649

1,355,000

1,270,000

93.73

770.16

810

1/15/14

2.5

1,548

1,300,000

1,075,000

82.69

694.44

505

1/6/14

1,400

1,298,000

1,150,000

88.60

821.43

504

5/2/14

1,425

1,290,000

1,060,000

82.17

743.86

TH-4M

3/24/14

1.5

1,310

1,195,000

1,150,000

96.23

877.86

809

4/21/14

1,437

1,100,000

1,030,000

93.64

716.77

Closed sales averaged more than one transaction per month at the Murano Grande. Generally speaking, buyers paid anywhere from 82% to slightly more than the original asking price for residences here. Average closed prices showed a slight uptick from 2013, with average prices per square foot going from $960 to $1,065 in 2014.

Icon South Beach 450 Alton Road, Miami Beach, FL 33139 Built in 2005 ICON South Beach is a 40-story high-rise perched over Biscayne Bay, greeting you as you enter South Beach from the MacArthur Causeway. The beautiful tower was created by Philippe Starck and the Related Group, and delivers a lavish lifestyle for 289 condos, all of which include luxurious features such as walk-in closets, European cabinetry, high ceilings and large terraces.

To view a list of currently available inventory, click here.

Active Sales

Unit

List Date

Sq. Ft.

Orig. List $

List $

$/SF

1901-2

12/2/14

3.5

4,078

9,800,000

2,403.14

1801-3

4/3/14

4.5

4,303

6,300,000

1,464.09

3503

n/a

2,158

3,700,000

1,714.55

2202

9/19/12

2.5

1,933

2,189,000

3,589,000

1,856.70

2302

7/30/14

2.5

1,933

3,250,000

1,681.32

2302

7/30/14

2.5

1,933

3,250,000

1,681.32

1903

7/15/14

2,158

3,300,000

3,200,000

1,482.85

2902

11/17/14

2.5

1,933

2,995,000

1,549.41

3207

4/22/14

2.5

1,815

2,985,000

1,644.63

2002

4/19/14

2.5

1,933

2,699,000

1,396.28

3410

8/20/14

1,370

2,250,000

1,642.34

3004

5/14/14

1,536

1,800,000

2,100,000

1,367.19

705

11/11/14

2.5

1,750

2,100,000

1,200

902

12/30/14

2.5

1,933

2,100,000

1,995,000

1,032.07

3206

2/17/14

1,452

1,900,000

1,308.54

1610

9/10/14

1,370

1,800,000

1,313.87

3504

n/a

1,536

2,050,000

1,799,000

1,171.22

2206

6/30/14

1,452

1,800,000

1,750,000

1,205.23

1810

9/29/14

1,370

1,750,000

1,277.37

1910

9/22/14

1,370

1,730,000

1,262.77

2910

9/30/14

1,370

1,995,000

1,729,000

1,262.04

3106

8/13/14

1,452

1,695,000

1,167.36

2006

5/2/14

1,452

1,690,000

1,163.91

1406

5/21/14

1,452

1,425,000

981.4

1506

10/1/13

1,452

1,300,000

1,450,000

998.62

806

11/10/14

1,452

1,375,000

1,299,000

894.63

2208

1/17/14

1.5

851

659,000

699,000

821.39

1508

8/26/14

1.5

851

695,000

816.69

1608

9/12/14

1.5

851

695,000

816.69

Icon closed 2014 with more active units than any other SoFi building, with 28 currently active listings. The two most expensive listings are the result of owners combining multiple units into one, providing unique ownership opportunities. Average prices per square foot ranged from $816-$2403, although buyers can generally expect to pay between $1,100 and $1,650/SF.

Icon South Beach (cont.) 450 Alton Road, Miami Beach, FL 33139 Built in 2005 ICON South Beach is a 40-story high-rise perched over Biscayne Bay, greeting you as you enter South Beach from the MacArthur Causeway. The beautiful tower was created by Philippe Starck and the Related Group, and delivers a lavish lifestyle for 289 condos, all of which include luxurious features such as walk-in closets, European cabinetry, high ceilings and large terraces.

To view a list of currently available inventory, click here.

Closed Sales

Unit

Closed Date

Sq. Ft.

Orig. List $

List $

Sold $

SP/OLP %

Days/Mkt

$/SF

3302/4

4/10/14

3.5

3,469

5,200,000

4,950,000

4,800,000

92.31

124

1,383.68

2201

1/6/14

3.5

2,145

3,750,000

3,450,000

92.00

124

1,608.39

3603

9/15/14

2,158

3,525,000

3,475,000

3,000,000

85.11

1,390.18

2503

8/4/14

2,158

3,380,000

3,050,000

90.24

175

1,413.35

3502

9/16/14

2.5

1,933

2,700,000

2,630,000

97.41

1,360.58

2805

5/30/14

2.5

1,750

2,690,000

2,496,000

2,100,000

78.07

305

1,200.00

2907

10/20/14

2.5

1,815

2,450,000

2,400,000

97.96

1,322.31

907

4/2/14

2.5

1,815

2,300,000

2,140,000

93.04

110

1,179.06

2102

3/24/14

2.5

1,933

2,299,000

2,200,000

95.69

101

1,138.13

1507

4/30/14

2.5

1,815

1,295,000

2,295,000

1,850,000

142.86

132

1,019.28

2407

5/2/14

2.5

1,815

2,150,000

2,100,000

97.67

1,157.02

3507

6/18/14

2.5

1,815

2,150,000

100.00

595

1,184.57

1705

3/24/14

2.5

1,750

1,875,000

1,800,000

96.00

113

1,028.57

2004

4/23/14

1,536

1,150,000

1,800,000

1,600,000

139.13

753

1,041.67

3310

3/19/14

1,370

1,800,000

1,750,000

97.22

1,277.37

2206

3/17/14

1,452

1,490,000

1,450,000

97.32

998.62

610

1/15/14

1,370

1,250,000

1,110,000

88.80

810.22

3308

3/17/14

851

715,000

100.00

840.19

1708

9/5/14

1.5

851

650,000

699,000

672,500

103.46

384

790.25

2708

4/28/14

1.5

851

674,900

660,000

97.79

775.56

2508

1/17/14

1.5

851

648,000

643,000

99.23

755.58

1008

3/13/14

1.5

851

599,000

570,000

95.16

176

669.80

Closed sales ranged from $669-$1,608/SF, although most units range in price from $1,000-$1320/SF. Buyers looking to purchase at the Icon need to be vigilant: five of the units that closed at the Icon did so in 18 days or less. Prices increased dramatically from 2013, where closed sales averaged $737/SF.

Ocean House 125 Ocean Drive, Miami Beach, FL 33139 Built in 2008 One of South Beachâ&#x20AC;&#x2122;s most exclusive properties, Ocean House is a magnificent revamp of the historic Walburne Hotel. Located in the chic South of Fifth district, the complex comprises only 28 units: nine lofts, 10 condominiums, three penthouses, three cabanas and three two-story beach houses. All of the units feature stunning, unobstructed ocean views, private elevator and spacious floor plans from 1,300 to 6,200 square feet.

To view a list of currently available inventory, click here.

Active Sales

Unit

List Date

Sq. Ft.

Orig. List $

List $

$/SF

BH203

1/9/14

7.5

6,600

15,000,000

2,272.72

U-0204

7/8/14

2.2

2,800

5,900,000

5,750,000

2,053.57

Located toward the tip of South Beach, units at the Ocean house are not often available. At the end of the year, there were only 2 active listings. With prices at more than $2,000/SF, these residences are for the most discerning buyers.

Pending Sales

Unit

List Date

Sq. Ft.

Orig. List $

List $

$/SF

L-0104

11/28/14

2.5

1,644

2,790,000

1,697.08

Only one residence was under contract for sale at the end of 2014, a 2-bedroom unit originally listed at $2.79M.

Closed Sales

Unit

Closed Date

Sq. Ft.

Orig. List $

F-0204

6/23/14

1.5

1,219

L-0201

4/30/14

1.5

1,598

List $

Sold $

SP/OLP %

Days/Mkt

$/SF

2,200,000 2,200,000

1,950,000

88.6

1,599.67

1,550,000

1,103,989

71.2

690.86

1,550,000

Two 1-bedroom units close during 2014. The buyers of these units were able to negotiate on the sales price. Both units closed in 52 and 42 days respectively, indicating that all negotiations were handled quickly prior to closing. Only one unit closed in 2013 at $1,331/SF, which was higher than the two units in 2014 by approximately $247/SF.

Il Villaggio 1455 Ocean Drive, Miami Beach, FL 33139 Built in 1999 Il Villaggio is an ultra-luxury Miami Beach condo set right on the water, featuring a stunning collection of residences that come standard with floor-to-ceiling windows, large terraces, marble floors, Miele kitchen appliances, Kohler bathrooms and more. Residents also enjoy concierge, valet, 24-hour security, a sauna, private beach and heated infinity-edge pool, plus panoramic views and a quiet, lushly landscaped setting.

To view a list of currently available inventory, click here.

Active Sales

Unit

List Date

Sq. Ft.

Orig. List $

List $

$/SF

709

12/24/14

3.5

2,250

4,299,000

1,910.67

609

12/20/14

3.5

2,250

3,900,000

3,995,000

1,775.56

602

12/24/14

2.5

1,700

2,599,000

1,528.82

1110

4/29/14

2.5

1,450

2,199,000

1,516.55

606

5/25/13

1,270

1,850,000

1,950,000

1,535.43

1511

9/19/14

1,370

1,750,000

1,277.37

1611

6/30/14

1,370

1,650,000

1,204.38

811

9/22/14

1,370

1,500,000

1,094.89

There were eight active listings at the end of 2014, with all active listings being offered at $1,000/SF or more. The highest prices were not not necessarily on the highest floors, although size and unit line are factors in the price.

Closed Sales

Unit

Closed Date

Sq. Ft.

Orig. List $

1603/4

12/1/14

4.5

3,210

6,900,000 6,800,000 6,500,000

1008

3/7/14

3.5

2,820 4,600,000

4,400,000

1109

5/2/14

4.5

2,250

4,175,000

809

2/28/14

4.5

2,250 3,850,000

1207

5/28/14

2.5

1203

6/11/14

1607

1/27/14

503

List $

Sold $

SP/OLP %

Days/Mkt

$/SF

94.20

2,024.92

4,050,000

88.04

242

1,436.17

4,175,000

3,850,000

92.22

475

1,711.11

3,850,000

100.00

1,711.11

1,810

3,200,000 3,299,500

3,100,000

96.88

1,712.71

2.5

1,550

2,900,000 2,900,000 2,850,000

98.28

1,838.71

1,810

2,799,000

2,850,000

2,700,000

96.46

231

1,491.71

4/11/14

2.5

1,550

2,799,000

2,499,000 2,500,000

89.32

347

1,612.90

910

2/24/14

2.5

1,450

2,300,000 2,300,000

2,125,000

92.39

1,465.52

1110

4/11/14

2.5

1,450

2,199,000

1,800,000

81.86

108

1,241.38

611

5/30/14

1,370

1,295,000

1,199,500

1,150,000

88.80

152

839.42

Closed sales ranged anywhere from 82%-100% of the original list price, with those units taking the longest to close generally accepting lower than list price. Closed prices showed a healthy increase in 2014 at $1,685/SF compared with $1,335/SF in 2013, a 34% increase.

The Setai 101 20th Street, Miami Beach, FL 33139 Built in 2004 Soaring 40 stories tall, the Setai Miami Beach was built in 2004 and defines posh living. It contains 163 modern residences with spectacular panoramic views, as well as a five-star hotel. The hotel portion consists of an eight-story building with 88 guestrooms and some of the regionâ&#x20AC;&#x2122;s most acclaimed cuisine. The residences come in floor plans, from one to five bedrooms, with deep private terraces and breathtaking views of the Atlantic Ocean.

To view a list of currently available inventory, click here.

Pending Sales

Unit

List Date

Sq. Ft.

Orig. List $

List $

$/SF

1905

10/27/14

1.5

821

$3,500,000

4,263.09

Only one unit was under contract for sale at the close of 2014, a 1-bedroom unit asking more than $4,000/SF.

Active Sales

Unit

List Date

Sq. Ft.

Orig. List $

List $

$/SF

3307

7/8/13

4.2

5,400

25,000,000

22,500,000

4,166.67

TH-A

10/20/14

3,627

17,900,000

4,935.21

3609

9/26/14

2,521

15,000,000

5,950.02

2308

4/21/14

3.5

2,558

10,900,000

4,261.14

3501

12/3/12

2,411

8,000,000

9,800,000

4,064.70

2802

12/29/14

3.5

2,354

7,950,000

3,377.23

3603

9/26/14

1,588

7,500,000

4,813.86

1908

10/14/14

1,279

6,500,000

5,082.10

2108

10/15/14

1,242

5,950,000

4,790.66

TH-B

1/31/13

2.5

1,818

5,900,000

5,399,000

2,969.75

2607

9/19/14

1,279

5,750,000

4,495.70

3506

8/15/14

1,316

5,600,000

4,255.32

2801

9/10/14

1,198

5,250,000

4,382.30

2706

8/1/14

1,316

4,900,000

3,723.40

2204

5/7/14

1,247

4,199,000

3,367.28

1801

11/6/14

1,198

3,900,000

3,255.43

3202

5/10/14

1,213

3,350,000

2,761.75

2602

4/30/14

1,213

3,200,000

2,638.09

2404

10/27/14

1,141

2,999,000

2,628.40

1802

10/2/14

1,331

2,950,000

2,216.38

2304

11/27/14

1,141

2,950,000

2,585.45

2503

12/16/14

767

2,490,000

3,246.41

1803

8/25/14

1.5

767

1,989,000

2,593.22

One of the most exclusive buildings on Miami Beach, the Setai offers exclusivity and a price to match. The cheapest unit comes at more than $2,200/SF and ranging as high as $5,950/SF, dramatically higher than almost any other building on Miami Beach. The most expensive listings are also the largest in the building, with 3-bedroom residences asking $7,500,000 or more.

Closed Sales

Unit

Closed Date

Sq. Ft.

Orig. List $

List $

Sold $

SP/OLP %

Days/Mkt

$/SF

3509

5/21/14

2,521

15,000,000

12,000,000

80.00

234

4,760.02

3601

3/13/14

3,552

8,490,000

11,900,000

10,800,000

127.21

691

3,040.54

2501/2

1/27/14

2,600

6,800,000

7,250,000

5,850,000

86.03

223

2,250.00

2708

12/15/14

1,141

5,750,000

5,250,000

91.30

4,601.23

2008

4/11/14

1,242

4,995,000

4,775,000

95.60

3,844.61

2806

5/12/14

1,316

4,750,000

4,400,000

92.63

3,343.47

3404

8/15/14

1,141

3,200,000

2,900,000

90.63

2,541.63

2201

1/9/14

1,198

3,200,000

3,000,000

2,775,000

86.72

191

2,316.36

2102

2/18/14

1,213

2,900,000

2,400,000

82.76

146

1,978.57

1902

4/17/14

1,331

3,000,000

2,900,000

2,500,000

83.33

131

1,878.29

2402

10/24/14

1,213

2,900,000

2,750,000

94.83

2,267.11

1904

5/2/14

1,247

2,900,000

2,850,000

98.28

244

2,285.49

1705

6/27/14

1.5

821

1,850,000

2,000,000

1,975,000

106.76

244

2,405.60

Expect to have a some wiggle room in asking price. Buyers generally closed anywhere from 8396% of the original list price. Closed sales ranged anywhere from $2,285 to a high of $4,760/SF, with ranges due to views, floor level and finishes. 17 units closed in 2013 at an average of $2,841/ SF, and 13 units closed in 2014 at an average of $2,833, a mere $8 difference year-over-year.

W Hotel & Residences 2201 Collins Avenue, Miami Beach, FL 33139 Built in 2008 Set oceanfront, adjacent to Collins Park, the W South Beach Hotel & Residences puts you right in the middle of the excitement. Every private residence at this stunning tower is fully finished and designed to meet your every need. Owners can choose from a range of floor plans â&#x20AC;&#x201C; including to-die-for penthouses â&#x20AC;&#x201C; and enjoy full access to the world of W luxury, with concierge services, beach club membership, tennis, basketball, spa and gym, fine restaurants and more.

To view a list of currently available inventory, click here.

Active Sales

Unit

List Date

Sq. Ft.

Orig. List $

List $

$/SF

P26/28

7/16/14

3,595

18,000,000

19,900,000

5,535.47

PH28

7/16/14

2,960

17,999,000

17,900,000

6,047.30

UPH01

3/6/14

3.5

2,752

12,900,000

4,687.50

1628

5/23/14

3.5

2,960

9,250,000

3,125.00

1428

1/2/14

3.5

2,960

9,900,000

8,950,000

3,023.65

828

6/17/14

2.5

1,906

5,995,000

5,750,000

3,106.79

1804

10/14/14

1,543

5,400,000

3,499.68

1428

1/2/14

1,350

3,950,000

2,925.93

1022

10/31/14

1.5

1,026

2,400,000

2,339.18

1014

5/8/14

1,026

2,350,000

2,290.45

711

12/18/13

2.5

1,121

3,350,000

2,300,000

2,051.74

PH26

7/16/14

635

2,000,000

3,149.61

329

2/20/13

948

2,050,000

1,945,000

2,051.69

1019

7/17/14

1.5

1,151

1,900,000

1,650.74

1015

4/12/14

1.5

1,026

1,899,000

1,850.88

1219

1/19/14

1.5

1,151

1,975,000

1,885,000

1,637.71

815

10/20/14

1,026

1,900,000

1,699,000

1,655.95

810

5/3/13

546

1,500,000

2,747.25

1626

5/23/14

635

1,500,000

2,362.20

1726

12/2/14

635

1,595,000

1,495,000

2,354.33 2,188.98

1126

10/11/14

635

1,490,000

1,390,000

1808

3/4/14

574

1,250,000

2,177.70

1507

10/14/14

490

1,200,000

2,448.98

1807

10/14/14

490

1,200,000

2,448.98

802

7/28/14

490

1,180,000

2,408.16

1023

11/6/14

490

1,150,000

2,346.94

1113

7/28/14

493

1,125,000

2,281.95 1,925.09

723

8/11/14

574

1,105,000

336

9/20/13

793

1,100,000

1,387.14

803

12/25/14

574

1,100,000

1,916.38

330

2/20/13

574

1,199,000

1,045,000

1,820.56

523

11/17/14

1.5

490

999,999

2,040.81 1,689.90

708

8/29/14

574

970,000

403

12/23/14

490

925,000

1,887.76

327

2/20/13

574

975,000

895,000

1,559.23

The W was one of the most active buildings analyzed in this brochure with 28 listing active at the end of 2014. Thanks to high demand and the ability to enjoy the hotelâ&#x20AC;&#x2122;s amenities, expect to pay between $1,550-$6,000+/SF, although most units range from $1,550-$3,000/SF.

W Hotel & Residences (cont.) 2201 Collins Avenue, Miami Beach, FL 33139 Built in 2008 Set oceanfront, adjacent to Collins Park, the W South Beach Hotel & Residences puts you right in the middle of the excitement. Every private residence at this stunning tower is fully finished and designed to meet your every need. Owners can choose from a range of floor plans â&#x20AC;&#x201C; including to-die-for penthouses â&#x20AC;&#x201C; and enjoy full access to the world of W luxury, with concierge services, beach club membership, tennis, basketball, spa and gym, fine restaurants and more.

To view a list of currently available inventory, click here.

Closed Sales

Unit

Closed Date

Sq. Ft.

Orig. List $

List $

Sold $

SP/OLP %

Days/Mkt

$/SF

1619

4/4/14

2.5

1,151

2,045,000

1,999,000

1,888,000

92.32

140

1,640.31

514

1/7/14

1.5

1,151

1,895,000

1,800,000

94.99

1,563.86

1208

8/20/14

493

1,360,000

900,000

66.18

202

1,825.56

826

9/25/14

635

1,295,000

1,200,000

92.66

467

1,889.76

1520

6/13/14

490

1,295,000

1,275,000

1,120,000

86.49

354

2,285.71

726

6/27/14

563

1,150,000

1,100,000

95.65

1,953.82

812

9/23/14

564

1,080,000

930,000

86.11

301

1,648.94

1008

5/5/14

493

1,050,000

900,000

85.71

101

1,825.56

503

10/3/14

490

1,000,000

900,000

90.00

1,836.73

1103

4/11/14

574

1,045,000

999,000

905,000

86.60

323

1,576.66

1125

6/4/14

574

995,000

900,000

90.45

225

1,567.94

1003

4/11/14

490

945,000

875,000

92.59

1,785.71

607

8/11/14

574

999,000

935,000

875,000

87.59

299

1,524.39

325

12/30/14

574

975,000

865,000

779,000

79.90

645

1,357.14

425

10/8/14

1.5

574

839,000

828,000

98.69

102

1,442.51

Many studio units closed at the W during 2014, ranging from $1,357/SF to $2,285/SF, although most units sold from $1,500-$1,900/SF. Units that did close spent more time on the market than at many other buildings, ranging from 40 up to 645 days. Prices per square foot closed in 2013 at an average of $1,625 in 2013 and $1,722 in 2014, a modest increase of 6% year-over-year.

South of Fifth (HQ) 225 Collins Avenue Suite 101 Miami Beach, FL 33139 USA

Flamingo Office 1500 Bay Road Lobby Two Miami Beach, FL 33139 USA

T: +1 305-531-3100 | F: +1 305-532-7935 www.worldwideproperties.com Exclusive sales and marketing by

ÂŠ 2015 Worldwide Properties I, Inc., a Florida-based corporation. We do not warrant any of the information contained herein to be accurate. Buyer should conduct his or her own due-diligence and verify the accuracy of the content herein provided by the seller. All artistâ&#x20AC;&#x2122;s or architectural renderings, sketches, graphic materials, prices, plans, specifications, terms, conditions, statements, features, dimensions, amenities, existing or future views and photos depicted or otherwise described herein are proposed and conceptual only. They should not be relied upon as representations, express or implied, of the final detail of the proposed improvements.