2016 Trends Annual Report
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Transcript of 2016 Trends Annual Report
Western Broward Southwest Ranches Plantation Sunrise Weston ParklandBroward | North End Lauderdale-by-the-Sea Hillsboro Beach Lighthouse Point Bay Colony Sea Ranch The LandingsEast Fort Lauderdale Las Olas Isles Harbor Beach Fort Lauderdale Beach Rio Vista Victoria Park & Colee Hammock Sunrise Key Coral Ridge / C.R. Country ClubBroward | South End Hollywood Beach Hallandale Beach
Miami | North End Aventura Golden Beach Bal Harbour Surfside Sunny IslesThe Islands Bay Harbor Islands Indian Creek Normandy Isles La Gorce Sunset Islands Venetian Islands Palm/Hibiscus/Star Islands Fisher Island Key BiscayneMiami Beach South Beach Mid Beach North BeachDowntown Miami Midtown Edgewater Downtown Miami BrickellWestern Miami DoralMiami | South End Coconut Grove Coral Gables Pinecrest Palmetto Bay CocoPlum Gables Estates Snapper Creek Lakes Ponce-Davis & High Pines Old Cutler Bay
BR
OW
ARD
CO
UN
TYM
IAMI-D
ADE C
OU
NTY
CONDOS
57
38 – 39
56
36 – 37
34 – 35
26 – 27
28 – 33
SF HOMES
52 – 53
48 – 51
44 – 47
20 – 23
42 – 43
16 – 19
12 – 15
8 – 11
SPOTLIGHT ON PAGE 6
58 – 61
62 – 81
CONTENTS
2010 – 2020 Development Cycle
ONE SIR Development Portfolio
DANIEL DE LA VEGA President & Managing Partner ONE Sotheby’s International Realty
Of all the exciting developments in 2015, perhaps the most exciting was how engaged consumers and market
players were in trying to decide whether the market could get any better than it was in 2014. Would 2015 hold all
the same promise as the prior record year? Despite a fairly persistent drumbeat of the media painting a picture of
a market bubble, the market did not act bubble-like. In fact, it showed signs of maturity much the same way, and
for the same reasons, that the region has matured into a more diversified and vibrant economy.
On pure analytical terms, Miami-Dade County only had six markets retreat on overall average value gains, with 38
markets advancing, some in the double digits. The winners outnumbered the losers by six to one in the single-
family markets throughout Miami-Dade. In Broward County, only five markets retreated while 23 advanced year-
over-year gains from 2014, winners beating losers by a measure of five to one.
It is with no less enthusiasm that the condo market stats are presented. While Miami-Dade lost ground in 10
markets and gained in 13, the market supply of new projects has slowed resale price appreciation, which has been
spiking for the past two years. Broward’s condo market was more stable, but also faces much less competition
from new projects. What is evident throughout the market is that buyers have more opportunity, but the best-in-
class, newer projects still represent good long-term value.
Luxury pricing is stabilizing, especially in the $1 million – $5 million price class. The year brought fewer overall
trades in this price class and, as a result of higher inventory, price appreciation slowed. Some of this is also tied
to sellers’ lofty price expectations, which is causing inventory to be mispriced and, therefore, stay on the market
longer. The $5 million – $10 million class showed remarkable resiliency and the $10 million+ class registered
strong, with 22 transactions in Miami-Dade averaging $17 million, and a single sale in Broward at $27 million.
Broward and Miami-Dade continued their march forward and, despite some retrenching of condo resale pricing
in downtown Miami, the overall average pricing and velocity was strong. The forward forecast into 2016 is that
sellers will see more competition and buyers will be more selective. Continued economic momentum in the South
Florida region, and continued strength in the overall economy will determine the direction of 2016 pricing.
We hope the report is useful as you explore the dynamics of this exciting market. Our partnership with Integra
Realty Resources (IRR) continues to provide important third-party insights and research into the market. At ONE
Sotheby’s International Realty, we strive to be your real estate advisors of choice as we shape the market together.
ANTHONY M. GRAZIANO, MAI, CRE
Senior Managing DirectorIntegra Realty Resources
MIAMI-DADE & BROWARD:CONTINUED MOMENTUM IN A ROBUST MARKET
5
METHODOLOGY
Following the methodology first applied in last year’s TRENDS market report, the current model abandons the
variable minimum price threshold view used in prior reports so that averages over time are not skewed by
elimination of transactions beyond a threshold and changes in market conditions do not skew the directionality
of the real estate market averages.
The most significant change in methodology is the development of the condominium index. The difficulty in
comparing existing condominium project average pricing is that the pricing averages have no control over
penthouse units, waterview versus waterfront or age and market position of the product. ONE Sotheby’s
International Realty and IRR Miami developed an index of relevant condominium towers that comprise what
we consider to be a representative sample of the luxury projects within each submarket. The inclusion of each
project was vetted by brokerage and appraisal staff from the respective firms and the sampling reflects the
center of the luxury market as it relates to the specific submarket.
Average pricing data was then calculated for each of the relevant years by submarket and unique units were
excluded from the sample to avoid skewing the average price indicators, making the report as accurate and
impartial as it can be. The implementation of project samples also helped control the variability brought about
by merely averaging all condo projects within a specific submarket, which when comparing multiple years was
less reflective of changing market conditions.
While this methodology only reflects a “sample” of the condo market, the number of projects and number
of units in the sample are considered representative of the market. The sample pool does not include pre-
construction projects. Therefore, the averages and indicators reflect contemporary existing peers and are not
meant to reflect pricing of the newest projects coming to market.
This methodology will also allow us future analytical capability to project floor premiums, view premiums
and penthouse premiums since the data will be isolated for direct and discrete comparison on these function
points. We hope this will clarify directionality of the market and allow for deeper analysis in future reports.
This report is not meant to replace property analysis by a qualified broker and should not be applied to specific
properties without consultation with a professional. The report is meant to inform on broader trends and to
facilitate comparison and forecasting at the macro market level.
©MMXVI 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.
6
Miami-Dade has remained the most sought-after,
most populous, most active and most expensive
county in South Florida, with continued, stable
price growth and somewhat even transaction
numbers in 2015, compared to 2014.
Concerns about the so-called “affordability gap”
abated, to some extent as the result of a wave of
new rental and homeownership development.
Pricing has predominantly maintained or even
exceeded its levels over the prior year, while
transaction volume in some property segments,
such as $1M+ condos and waterfront homes and
condos, ebbed somewhat.
In 2015, Miami-Dade County had six single-family
submarkets experiencing price reversals and 38
submarkets that saw year-over-year gains. The
winners, hence, outnumbered the losers six to
one and, by appreciation measures, 2015 was
a strong year in the Miami-Dade single-family
category. Non-waterfront pricing only declined in
one community in the single-family market.
The land crunch continues to be a defining factor
in Miami’s real estate evolution, as are global
economic trends, foreign currency fluctuations,
and Miami-Dade’s attractiveness among foreign
buyers from Latin America and beyond.
FEATURED: DORAL
In addition to the core submarkets, new luxury
neighborhoods are emerging in Miami. A new
concentration of single-family residences can be
found in the suburb of Doral. Home to the Trump
Doral golf resort, two malls and two emerging
downtown areas, as well as upscale single-family
developments such as the Mansions at Doral,
Doral is the most significant and among the
fastest-growing luxury submarkets west of US-1.
WATERFRONTSINGLE-FAMILY HOMES
NON-WATERFRONTSINGLE-FAMILY HOMES
# For Sale b(avg./month)
# Sold b
PPSF b
# For Sale b(avg./month)
# Sold b
PPSF b
MIAMI-DADESINGLE-FAMILY HOMES
AN OVERVIEW OF CURRENT MARKET CONDITIONS
TOTAL MARKET
804
966$317
5,573
10,335$126
2011
2011
735
1,103$472
4,801
13,194$182
2015
2015
680
1,116$450
4,905
12,988$172
2014
2014
619
1,131$377
3,954
12,481$157
2013
2013
676
1,036$398
3,908
10,998$134
2012
2012
PPSF Trendline b g 49% FROM 2011
# Sold Trendline bg 14% FROM 2011
PPSF Trendline b g 44% FROM 2011
# Sold Trendline b g 28% FROM 2011
7
$1M TO $5M TRANSACTIONS
$5M TO $10M TRANSACTIONS
$10M+ TRANSACTIONS
h
493
h
877
# Sold
# For Sale (avg./month)
h
798
h
749
h
918
h
848
h
890
h
1,031
h
582
h
742
h
30
h
98
# Sold
# For Sale (avg./month)
h
48
h
104
h
57
h
110
h
63
h
137
h
46
h
114
h
11
h
57
# Sold
# For Sale (avg./month)
h
16
h
67
h
19
h
84
h
22
h
97
h
21
h
65
# Sold Trendlineh
# Sold Trendlineh
# Sold Trendlineh
LUXURY MARKET
2011 2011 20112013 2013 20132012 2012 20122014 2014 20142015
IN 2015,
975OF MIAMI-DADE’S SINGLE-FAMILY HOME SALES
WERE CLOSED FOR OVER $1 MILLION.
IN 2011,
534OF MIAMI-DADE’S SINGLE-FAMILY HOME SALES
WERE CLOSED FOR OVER $1 MILLION.
REPRESENTING A 83% RISE IN LUXURY MARKET SALES FROM 2011 TO 2015
2015 2015
4730 N BAY ROAD, MIAMI BEACH
8
2011
$987
$599
$551
$551
$459
$164
GABLES ESTATES
CORAL GABLES
OLD CUTLER BAY
PALMETTO BAY
COCOPLUM
COCONUT GROVE
2012
$1,095
$693
$553
$533
$518
$188
GABLES ESTATES
COCONUT GROVE
OLD CUTLER BAY
PALMETTO BAY
CORAL GABLES
COCOPLUM
2013
$806
$671
$564
$531
$483
$191
GABLES ESTATES
COCONUT GROVE
OLD CUTLER BAY
PALMETTO BAY
COCOPLUM
CORAL GABLES
2014
$1,329
$698
$690
$657
$656
$203
GABLES ESTATES
COCOPLUM
OLD CUTLER BAY
PALMETTO BAY
COCONUT GROVE
CORAL GABLES
2015 (% change from 2014)
$932 (h 30%)
$824 (g 18%)
$737 (g 12%)
$705 (g 2%)
$639 (h 3%)
$250 (g 23%)
COCOPLUM
OLD CUTLER BAY
PALMETTO BAY
CORAL GABLES
COCONUT GROVE
TOTAL MARKET:NEIGHBORHOOD TO WATCH
CORAL GABLES
MIAMI | SOUTH END: WATERFRONT, SINGLE-FAMILY HOMES
COCONUT GROVE
CORAL GABLES
PALMETTO BAY
COCOPLUM
GABLES ESTATES
OLD CUTLER BAY
TOTAL MARKET: AVERAGE PRICE PER SQUARE FOOT
$1,400
$1,200
$1,000
$800
$600
$400
$200
$0
THE NEIGHBORHOODS
“Due to the natural, unaltered beauty of their land,
the neighborhoods east of Old Cutler Road have
been in high demand since the road first opened in
1883. Some of Miami’s most peaceful residences
can be found in the area, which, on top of offering
boutique shopping options and a robust school
system, features great accesibility to Biscayne Bay
and an abundance of boat docking alternatives.”
— Claudia Fernandez, Estate Agent
THE RESIDENCES
“The lush, canopied thoroughfare of Old Cutler
Road is flanked mostly by guard-gated enclaves
that are made up of many one-acre-plus estates;
numerous are waterfront. This is where the South
End’s true essence resides, where chic and tropical
merge into a brilliantly tangible feeling of luxury.
Experiencing it firsthand, you understand why this
is where you want to be.”
— Mauricio J. Barba, Estate Agent
Omissions due to low transaction numbers or absence of market: Pinecrest, Snapper Creek Lakes, Deering Bay and Ponce-Davis & High Pines
TOTAL MARKET: NUMBER OF TRANSACTIONS
COCONUT GROVE
CORAL GABLES
PALMETTO BAY
COCOPLUM
GABLES ESTATES
OLD CUTLER BAY
11
66
7
6
9
4
2015
4
77
25
16
8
6
2013
10
76
25
12
8
9
2014
8
86
23
13
12
5
2012
8
57
20
10
3
4
2011
GABLES ESTATES
2015 AVG. PRICE / SQUARE FOOT: $737
INCREASE OVER 2014 PERFORMANCE
INCREASE OVER 2011 PERFORMANCE
12% 61%
LEG
END
9
South End waterfront markets consist of a number of small subdivisions
in the southern part of Coral Gables, as well as parts of Palmetto Bay and
Coconut Grove. Palmetto Bay luxury pricing underperformed the prior year,
although this reflects a scarcity of sales in the bayfront eastern half of the
submarket and, therefore, a predominance of canalfront sales. Old Cutler
Bay saw an 18% increase in total market PPSF with a total of four sales.
Values increased a modest 2% in Coconut Grove and 12% in Coral Gables
over the prior year. Luxury in Coral Gables reached an avg. of $7,039,324,
up from $6,452,708 in 2014. Both total and luxury pricing were up in Coral
Gables and Coconut Grove, although pricing dipped in Cocoplum. Gables
Estates saw a total market decrease, but a 40% increase in luxury pricing.
OVERALL MARKET INSIGHTSLUXURY MARKET:NEIGHBORHOOD TO WATCH
GABLES ESTATES
Cocoplum, Gables Estates and Old Cutler Bay are subsections of Coral Gables.
LUXURY MARKET: THE TOP 50% OF EACH MARKET IN 2015 (BY AVERAGE HOME PRICE)
GABLES ESTATES
$12,993,750
g 40% FROM 2014
WITH 4 TRANSACTIONS
CORAL GABLES
$7,039,324
g 9% FROM 2014
WITH 33 TRANSACTIONS
OLD CUTLER BAY
$8,350,000
g 102% FROM 2014
WITH 1 TRANSACTION
COCOPLUM
$4,343,333
h 17% FROM 2014
WITH 3 TRANSACTIONS
PALMETTO BAY
$1,022,131
h 74% FROM 2014
WITH 13 TRANSACTIONS
COCONUT GROVE
$7,062,500
g 31% FROM 2014
WITH 5 TRANSACTIONS
2015 AVG. HOME PRICE: $13 MILLION
INCREASE OVER 2014 PERFORMANCE
40% Despite a 30% drop in its total market, Gables Estates’ top half of homes sold, considered ultra-luxury, shows a tremendous increase in pricing during 2015.
485 LEUCADENDRA DRIVE, GABLES ESTATES
10
2011
$412
$346
$318
$252
$244
$222
$136
S. CREEK LAKES
COCONUT GROVE
COCOPLUM
PINECREST
P. DAVIS H. PINES
PALMETTO BAY
CORAL GABLES
2012
$368
$319
$310
$263
$260
$235
$142
S. CREEK LAKES
COCONUT GROVE
COCOPLUM
PINECREST
P. DAVIS H. PINES
PALMETTO BAY
CORAL GABLES
2013
$467
$413
$373
$322
$304
$256
$164
S. CREEK LAKES
CORAL GABLES
COCOPLUM
PINECREST
P. DAVIS H. PINES
PALMETTO BAY
COCONUT GROVE
2014
$524
$447
$401
$362
$330
$292
$180
S. CREEK LAKES
CORAL GABLES
COCOPLUM
PINECREST
P. DAVIS H. PINES
PALMETTO BAY
COCONUT GROVE
2015 (% change from 2014)
$581 (g 11%)
$477 (g 7%)
$459 (g 14%)
$403 (g 11%)
$379 (g 15%)
$316 (g 8%)
$190 (g 5%)
CORAL GABLES
COCOPLUM
PINECREST
P. DAVIS H. PINES
PALMETTO BAY
COCONUT GROVE
TOTAL MARKET:NEIGHBORHOOD TO WATCH
COCONUTGROVE
MIAMI | SOUTH END: NON-WATERFRONT, SINGLE-FAMILY HOMES
$600
$500
$400
$300
$200
$100
$0
THE NEIGHBORHOODS
“From Coconut Grove to Palmetto Bay, the South End
is home to many family-friendly communities. Coral
Gables and Coconut Grove are lush and vibrant,
offering an array of restaurants and entertainment
options. Further south, neighborhoods become
quieter and more rural. As different as one area is
from the next, these neighborhoods are home to
some of the county’s best schools.”
— Al Arostegui, Estate Agent
THE RESIDENCES
Omissions due to low transaction numbers or absence of market: Gables Estates, Old Cutler Bay and Deering Bay
TOTAL MARKET: NUMBER OF TRANSACTIONS
COCONUT GROVE
CORAL GABLES
PINECREST
PALMETTO BAY
COCOPLUM
P. DAVIS H. PINES
S. CREEK LAKES
199
457
211
315
17
15
6
2015
248
559
250
301
10
56
6
2013
220
465
243
308
11
52
8
2014
200
465
215
284
8
46
7
2012
200
419
191
263
19
37
9
2011
S. CREEK LAKES
2015 AVG. PRICE / SQUARE FOOT: $403
INCREASE OVER 2014 PERFORMANCE
INCREASE OVER 2011 PERFORMANCE
11% 65%
“This area’s strong communities have spacious
lots that allow for amenities such as gardens,
pools and entertaining areas without constraining
living space. Styles range from midcentury modern
homes and classic ranches to new construction
with all the latest trends and technology. Due to
the region’s outstanding public school system,
South End residences tend to retain their value.”
— Jill Penman, Estate Agent
COCONUT GROVE
CORAL GABLES
PINECREST
PALMETTO BAY
COCOPLUM
SNAPPER CREEK LAKES
PONCE-DAVIS & HIGH PINES
LEG
ENDTOTAL MARKET:
AVERAGE PRICE PER SQUARE FOOT
11
The historic live-work-play community of Coral Gables experienced
robust single-family home sales on both volume and pricing in 2015,
with average pricing per square foot increasing 15%. Coconut Grove,
home to the prestigious Ransom Everglades School as well as Miami’s
city hall, delivered 11% annual gains for non-waterfront single-family
homes. More infill redevelopment and renovations in the “Old” Grove will
most likely drive sale prices this year.
Pinecrest and Palmetto Bay saw price “restraint”, each staying under
the 10% appreciation marker at 8% and 5% respectively, after last year’s
appreciation of 14% and 10%. Cocoplum posted 7% PSF gains while
Snapper Creek and Ponce Davis posted 11% and 14% average price gains.
OVERALL MARKET INSIGHTSLUXURY MARKET:NEIGHBORHOOD TO WATCH
SNAPPER CREEKLAKES
S. CREEK LAKES
$5,221,667
h 2% FROM 2014
WITH 3 TRANSACTIONS
COCONUT GROVE
$1,553,456
h 5% FROM 2014
WITH 99 TRANSACTIONS
P. DAVIS H. PINES
$3,698,286
g 26% FROM 2014
WITH 7 TRANSACTIONS
CORAL GABLES
$1,512,874
NO CHANGE FROM 2014
WITH 229 TRANSACTIONS
PALMETTO BAY
$659,369
g 1% FROM 2014
WITH 157 TRANSACTIONS
COCOPLUM
$3,143,125
g 14% FROM 2014
WITH 8 TRANSACTIONS
PINECREST
$1,845,321
h 22% FROM 2014
WITH 102 TRANSACTIONS
2015 AVG. HOME PRICE: $5.2 MILLION
HIGHER THAN P. DAVIS & H. PINES
41% Despite its decrease in pricing compared to 2014, SCL remains the highest priced luxury, non-waterfront market in Miami-Dade and Broward combined.
5801 MOSS RANCH ROAD, PINECREST
LUXURY MARKET: THE TOP 50% OF EACH MARKET IN 2015 (BY AVERAGE HOME PRICE)
Cocoplum and Snapper Creek Lakes are subsections of Coral Gables.
12
2011
$775
$628
$566
N BAY ROAD
MID BEACH
PINE TREE DR
2012
$964
$598
$589
N BAY ROAD
MID BEACH
PINE TREE DR
2013
$976
$786
$758
N BAY ROAD
MID BEACH
PINE TREE DR
2014
$1,396
$971
$957
N BAY ROAD
PINE TREE DR
MID BEACH
2015 (% change from 2014)
$1,957 (g 40%)
$1,463 (g 53%)
$1,267 (g 30%)
MID BEACH
PINE TREE DR
TOTAL MARKET:NEIGHBORHOOD TO WATCH
MID BEACH
MIAMI BEACH: WATERFRONT, SINGLE-FAMILY HOMES
$2,000
$1,500
$1,000
$500
$0
THE NEIGHBORHOODS
“Miami Beach, a large island with several distinct
neighborhoods, celebrated its 100-year anniversary
in 2015. It has become a world-renowned vacation
destination as well as a cultural melting pot, with
pristine beaches stretching from South Pointe Park
to Millionaire’s Row. Mid Beach particularly is home
to spectacular waterfront homes, sitting on some of
the state’s most prestigious roads.”
— Roy Benmeir, Estate Agent
THE RESIDENCES
“Waterfront residences in Miami Beach are usually
large and built for outdoor living, with pools and
boat dockage as some of their main features.
These homes retain their value well due to the
limited land supply around the Mid Beach area
and their close proximity to world-class dining and
entertainment options, making Miami Beach one
of the most desirable areas to live in Miami.”
— David Harroch, Estate Agent
Omissions due to low transaction numbers or absence of market: La Gorce Subdivision (Alton Road and La Gorce Drive), South Beach and North Beach
TOTAL MARKET: NUMBER OF TRANSACTIONS
MID BEACH
NORTH BAY ROAD
PINE TREE DRIVE
14
5
5
2015
26
5
9
2013
32
10
4
2014
31
6
6
2012
21
10
5
2011
N BAY ROAD
2015 AVG. PRICE / SQUARE FOOT: $1,463
INCREASE OVER 2014 PERFORMANCE
INCREASE OVER 2011 PERFORMANCE
53% 133%
MID BEACH
LEG
ENDTOTAL MARKET:
AVERAGE PRICE PER SQUARE FOOT
NORTH BAY ROAD
PINE TREE DRIVE
13
Mid Beach waterfront single-family pricing saw double-digit increases,
with a 53% average increase for waterfront pricing in Miami Beach (to
$1,463/SF), a 30% increase on Pine Tree and a 40% increase on North
Bay Road; there were no transactions of waterfront single-family homes
on Alton or La Gorce Drive, as in last year. In the three submarkets with
both waterfront and non-waterfront transactions (North Bay, Pine Tree
and Mid Beach overall), the waterfront premium increased as waterfront
homes out-appreciated non-waterfront homes.
These numbers were driven by a robust performance in the luxury sector,
which reached double-digit year-over-year increase at 27% in Mid Beach
overall, 89% on Pine Tree, and 49% along North Bay Road.
OVERALL MARKET INSIGHTSLUXURY MARKET:NEIGHBORHOOD TO WATCH
NORTH BAY ROAD
N BAY ROAD
$25,750,000
g 49% FROM 2014
WITH 2 TRANSACTIONS
PINE TREE DR
$12,126,667
g 89% FROM 2014
WITH 3 TRANSACTIONS
2015 AVG. HOME PRICE: $26 MILLION
INCREASE OVER 2014 PERFORMANCE
49% N. Bay Road has the highest luxury market pricing in this report (aside from Indian Creek, which had one sale in 2015 and is, therefore, subject to volatility).
MID BEACH
$13,271,429
g 27% FROM 2014
WITH 7 TRANSACTIONS
LUXURY MARKET: THE TOP 50% OF EACH MARKET IN 2015 (BY AVERAGE HOME PRICE)
2050 NORTH BAY ROAD, MIAMI BEACH
North Bay Road and Pine Tree Drive are subsections of Mid Beach.
14
2011
$379
$335
$319
$298
$272
LGS ALTON
MID BEACH
N BAY ROAD
LGS LA GORCE
PINE TREE DR
2012
$349
$324
$318
$308
$304
N BAY ROAD
MID BEACH
LGS LA GORCE
LGS ALTON
PINE TREE DR
2013
$445
$426
$406
$370
$293
PINE TREE DR
LGS ALTON
LGS LA GORCE
N BAY ROAD
MID BEACH
2014
$578
$522
$502
$448
$335
LGS LA GORCE
LGS ALTON
PINE TREE DR
N BAY ROAD
MID BEACH
2015 (% change from 2014)
$655 (g 25%)
$632 (g 26%)
$496 (g 11%)
$460 (h 20%)
$403 (g 20%)
LGS ALTON
N BAY ROAD
MID BEACH
LGS LA GORCE
TOTAL MARKET:NEIGHBORHOOD TO WATCH
NORTH BAYROAD
MIAMI BEACH: NON-WATERFRONT, SINGLE-FAMILY HOMES
$800
$600
$400
$200
$0
THE NEIGHBORHOODS
“Miami Beach’s wide, tree-lined roads make the
perfect setting for some of this neighborhood’s
most spectacular homes. North Bay Road and Pine
Tree Drive offer an intimate, quieter environment
next door to the vibrant energy that has made the
Beach world-famous, while La Gorce Subdivision
is home to spacious, non-waterfront residences
sitting directly on the golf course.”
— Sladja Stantic, Estate Agent
THE RESIDENCES
“Non-waterfront, single-family residences in Miami
Beach are generally considered part of the luxury
market due to their top-tier location, walkability and
coveted amenities. Their close proximity to the
beach and the Miami Beach marina makes them
a worthy alternative to waterfront homes in the
area, particularly considering the substantial price
discount that comes with a non-waterfront home.”
— Anna Sherrill, Estate Agent
Omissions due to low transaction numbers or absence of market: South Beach and North Beach
TOTAL MARKET: NUMBER OF TRANSACTIONS
MID BEACH
NORTH BAY ROAD
PINE TREE DRIVE
LGS – LA GORCE DR.
LGS – ALTON RD.
95
12
5
3
23
2015
133
13
9
17
8
2013
122
14
12
13
12
2014
95
14
11
7
11
2012
100
6
12
7
3
2011
PINE TREE DR
2015 AVG. PRICE / SQUARE FOOT: $632
INCREASE OVER 2014 PERFORMANCE
INCREASE OVER 2011 PERFORMANCE
26% 89%
MID BEACH
LEG
ENDTOTAL MARKET:
AVERAGE PRICE PER SQUARE FOOT
NORTH BAY ROAD
PINE TREE DRIVE
LA GORCE SUBDIV. – ALTON RD.
LA GORCE SUBDIV. – LA GORCE DR.
15
The Miami Beach single-family home market is concentrated in Mid
Beach, which includes the high-performing North Bay Road, Pine Tree
Drive, La Gorce Drive and Alton Road. These four roads contain homes on
the golf course as well as large, luxurious properties on the side streets,
including canalfront and bayfront homes as well as luxury inland estates.
Pricing in Mid Beach as a whole increased 11% year-over-year to $496,
with 95 homes sold. Pricing on the prestige corridors varied; Pine Tree
increased 25%, La Gorce decreased 20%, Alton increased 20%, and North
Bay Road increased by 26%. The most active luxury corridors (Alton and
North Bay) saw little change in pricing, as did Miami Beach as a whole with
an average price of $1,890,890, largely unchanged from 2014.
OVERALL MARKET INSIGHTSLUXURY MARKET:NEIGHBORHOOD TO WATCH
PINE TREEDRIVE
PINE TREE DR
$3,900,000
g 48% FROM 2014
WITH 1 TRANSACTION
N BAY ROAD
$2,365,000
NO CHANGE FROM 2014
WITH 6 TRANSACTIONS
LGS ALTON
$1,549,727
h 2% FROM 2014
WITH 11 TRANSACTIONS
LGS LA GORCE
$2,295,000
h 4% FROM 2014
WITH 1 TRANSACTION
2015 AVG. HOME PRICE: $3.9 MILLION
INCREASE OVER 2014 PERFORMANCE
48% Although with only one sale, Pine Tree Drive saw great price growth and is now leading the non-waterfront, single-family home category in Miami Beach.
MID BEACH
$1,890,890
h 4% FROM 2014
WITH 46 TRANSACTIONS
LUXURY MARKET: THE TOP 50% OF EACH MARKET IN 2015 (BY AVERAGE HOME PRICE)
1200 W 63 STREET, MIAMI BEACH
North Bay Road, Pine Tree Drive and La Gorce Subdivision (Alton Road and La Gorce Drive) are subsections of Mid Beach.
16
2011
$1,747
$924
$922
$909
$653
$488
$437
N/A
KEY BISCAYNE
VENETIAN
SUNSET
BAY HARBOR
PALM/STAR/HI.
NORMANDY
LA GORCE
INDIAN CREEK
2012
$1,986
$1,278
$1,195
$967
$908
$855
$781
$352
INDIAN CREEK
LA GORCE
KEY BISCAYNE
VENETIAN
PALM/STAR/HI.
BAY HARBOR
SUNSET
NORMANDY
2013
$1,688
$1,658
$1,041
$1,029
$972
$642
$415
N/A
KEY BISCAYNE
VENETIAN
LA GORCE
BAY HARBOR
PALM/STAR/HI.
NORMANDY
SUNSET
INDIAN CREEK
2014
$2,190
$1,463
$1,419
$1,244
$1,122
$998
$720
$531
LA GORCE
VENETIAN
SUNSET
INDIAN CREEK
KEY BISCAYNE
BAY HARBOR
PALM/STAR/HI.
NORMANDY
2015 (% change from 2014)
$1,970 (h 10%)
$1,830 (g 83%)
$1,722 (g 21%)
$1,413 (g 27%)
$1,327 (h 9%)
$1,324 (g 6%)
$1,015 (g 41%)
$632 (g 19%)
SUNSET
INDIAN CREEK
PALM/STAR/HI.
KEY BISCAYNE
BAY HARBOR
VENETIAN
NORMANDY
TOTAL MARKET:NEIGHBORHOOD TO WATCH
BAY HARBORISLANDS
THE ISLANDS: WATERFRONT, SINGLE-FAMILY HOMES
$2,500
$2,000
$1,500
$1,000
$500
$0
THE NEIGHBORHOODS
“The islands are home to some of the most lavish
residences in the country. From family-friendly Key
Biscayne to Indian Creek, home of the recently
rated “most expensive street in America”, there is
no shortage of extravagant, waterfront properties.
Most islands are just a short bridge away from
the plethora of entertainment options Miami and
Miami Beach have to offer.”
— Mirce Curkoski and Albert Justo, Estate Agents
THE RESIDENCES
“Homes in the islands tend to be built with open,
bright spaces that allow the ocean and skyline
views to be the residences’ focal point. Deep-water
docking is available in most properties, which,
paired with Miami’s predominantly sunny, warm
weather, makes this city’s version of island living
ideal for the boating enthusiast who chooses to
enjoy the lifestyle year-round.”
— Alina de la Vega MacLean, Estate Agent
Omissions due to low transaction numbers or absence of market: Fisher Island
TOTAL MARKET: NUMBER OF TRANSACTIONS
KEY BISCAYNE
PALM/STAR/HI.
VENETIAN ISLANDS
SUNSET ISLANDS
LA GORCE ISLAND
BAY HARBOR
INDIAN CREEK
NORMANDY ISLES
11
9
18
7
1
4
1
14
2015
8
11
15
12
2
4
0
21
2013
9
19
18
10
2
5
2
9
2014
16
12
17
17
2
1
3
15
2012
9
12
20
6
2
3
0
8
2011
LA GORCE
2015 AVG. PRICE / SQUARE FOOT: $1,015
INCREASE OVER 2014 PERFORMANCE
INCREASE OVER 2011 PERFORMANCE
41% 108%
KEY BISCAYNE
PALM/STAR/HIBISCUS
VENETIAN ISLANDS
SUNSET ISLANDS
LA GORCE ISLAND
INDIAN CREEK
BAY HARBOR ISLANDS
NORMANDY ISLES
LEG
ENDTOTAL MARKET:
AVERAGE PRICE PER SQUARE FOOT
17
Key Biscayne and the northern islands of Normandy, Bay Harbor and
Indian Creek saw substantial appreciation both in their total markets and
in their luxury segments. 2015 marks the second consecutive year of
double-digit price increases for several of these islands, with Bay Harbor
being the big winner with appreciation of 41%. The Venetian Islands and
Sunset Islands also saw waterfront appreciation, as did Indian Creek,
although there was only one sale there.
Sunset and Palm/Star/Hibiscus experienced luxury price decreases,
although in the latter case the lack of Star Island transactions in 2015
depressed pricing. Normandy, Bay Harbor, Key Biscayne, Indian Creek,
Venetian Islands and La Gorce Island all saw luxury pricing increases.
OVERALL MARKET INSIGHTSLUXURY MARKET:NEIGHBORHOOD TO WATCH
VENETIANISLANDS
KEY BISCAYNE
$13,658,286
g 45% FROM 2014
WITH 7 TRANSACTIONS
BAY HARBOR
$6,550,000
g 51% FROM 2014
WITH 2 TRANSACTIONS
VENETIAN
$9,218,850
g 31% FROM 2014
WITH 10 TRANSACTIONS
NORMANDY
$2,195,000
g 59% FROM 2014
WITH7 TRANSACTIONS
SUNSET
$9,146,667
h 34% FROM 2014
WITH 3 TRANSACTIONS
LA GORCE
$19,700,000
g 38% FROM 2014
WITH1 TRANSACTION
PALM/STAR/HI.
$8,075,000
h 54% FROM 2014
WITH 4 TRANSACTIONS
INDIAN CREEK
$30,000,000
g 42% FROM 2014
WITH1 TRANSACTION
2015 AVG. HOME PRICE: $9.2 MILLION
INCREASE OVER 2014 PERFORMANCE
31% The Venetian Islands saw more luxury transactions than any other island and are one of only four luxury markets (above) to increase in luxury home pricing.
LUXURY MARKET: THE TOP 50% OF EACH MARKET IN 2015 (BY AVERAGE HOME PRICE)
260 CAPE FLORIDA DRIVE, KEY BISCAYNE
18
2011
$547
$532
$428
$385
$383
$256
$154
KEY BISCAYNE
PALM/STAR/HI.
LA GORCE
BAY HARBOR
SUNSET
NORMANDY
VENETIAN
2012
$612
$538
$497
$454
$413
$331
$179
KEY BISCAYNE
PALM/STAR/HI.
LA GORCE
BAY HARBOR
SUNSET
NORMANDY
VENETIAN
2013
$748
$552
$484
$469
$379
$308
$223
KEY BISCAYNE
PALM/STAR/HI.
SUNSET
BAY HARBOR
VENETIAN
NORMANDY
LA GORCE
2014
$795
$613
$611
$589
$499
$379
$247
KEY BISCAYNE
PALM/STAR/HI.
LA GORCE
BAY HARBOR
VENETIAN
NORMANDY
SUNSET
2015 (% change from 2014)
$861 (g 46%)
$857 (g 8%)
$740 (g 21%)
$692 (g 39%)
$675 (g 10%)
$520 (g 37%)
$265 (g 7%)
VENETIAN
KEY BISCAYNE
BAY HARBOR
LA GORCE
NORMANDY
PALM/STAR/HI.
TOTAL MARKET:NEIGHBORHOOD TO WATCH
SUNSET ISLANDS
THE ISLANDS: NON-WATERFRONT, SINGLE-FAMILY HOMES
$1,000
$800
$600
$400
$200
$0
THE NEIGHBORHOODS
“Although significantly more luxurious than most,
lined with towering royal palms and conveniently
located just a short distance from the dynamic
environments found in Miami and Miami Beach,
the Islands have managed to maintain that small-
community, neighbor-friendly atmosphere that’s so
difficult to find in other neighborhoods.”
— Bragi Sigurdsson, Estate Agent
THE RESIDENCES
“Non-waterfront residences in the islands are still
some of the most luxurious homes in the county
due to their coveted, exclusive location, just minutes
away from Downtown Miami and Miami Beach.
They are generally built with high-end finishes and
designed to include top-tier amenities, with private,
outdoor spaces for entertaining.”
— Adriana Faerman, Estate Agent
Omissions due to low transaction numbers or absence of market: Indian Creek and Fisher Island
TOTAL MARKET: NUMBER OF TRANSACTIONS
KEY BISCAYNE
PALM/STAR/HI.
VENETIAN ISLANDS
SUNSET ISLANDS
LA GORCE ISLAND
NORMANDY ISLES
BAY HARBOR
48
7
10
7
1
45
7
2015
59
5
23
8
2
30
9
2013
63
2
19
7
4
26
19
2014
63
6
19
6
2
36
7
2012
63
5
14
4
5
17
8
2011
SUNSET
2015 AVG. PRICE / SQUARE FOOT: $861
INCREASE OVER 2014 PERFORMANCE
INCREASE OVER 2011 PERFORMANCE
46% 101%
TOTAL MARKET: AVERAGE PRICE PER SQUARE FOOT
KEY BISCAYNE
PALM/STAR/HIBISCUS
VENETIAN ISLANDS
SUNSET ISLANDS
LA GORCE ISLAND
BAY HARBOR ISLANDS
NORMANDY ISLES
LEG
END
19
The Islands of Miami Beach and Key Biscayne remain exclusive and
generally sell well, especially for non-waterfront properties. Key Biscayne
performed well in 2015, with an 8% price increase. Single-family home
performance was excellent in the southern islands of Miami Beach, with
double-digit appreciation in the Venetian Islands and on Palm/Star/
Hibiscus Islands, as well as on Bay Harbor, which appreciated 37% PSF.
The Sunset Islands and La Gorce Island also saw strong appreciation.
Luxury non-waterfront pricing was more varied, level in Key Biscayne and
the Venetian Islands, increasing strongly in Bay Harbor and the Sunset
Islands, rising 78% in Palm/Star/Hibiscus and dipping in La Gorce Island,
although there was only one transaction in this submarket.
OVERALL MARKET INSIGHTSLUXURY MARKET:NEIGHBORHOOD TO WATCH
PALM, STAR ANDHIBISCUS ISLANDS
SUNSET
$3,855,583
g 42% FROM 2014
WITH3 TRANSACTIONS
VENETIAN
$2,135,000
h 3% FROM 2014
WITH 5 TRANSACTIONS
KEY BISCAYNE
$3,235,288
h 2% FROM 2014
WITH 25 TRANSACTIONS
BAY HARBOR
$1,831,333
g 34% FROM 2014
WITH 3 TRANSACTIONS
NORMANDY
$646,881
g 3% FROM 2014
WITH 21 TRANSACTIONS
PALM/STAR/HI.
$2,833,333
g 78% FROM 2014
WITH3 TRANSACTIONS
2015 AVG. HOME PRICE: $2.8 MILLION
INCREASE OVER 2014 PERFORMANCE
78% Palm, Star and Hibiscus Islands may not have the highest pricing, but they did see the highest increase in luxury, non-waterfront prices during 2015.
LA GORCE
$2,880,000
h 56% FROM 2014
WITH 1 TRANSACTION
LUXURY MARKET: THE TOP 50% OF EACH MARKET IN 2015 (BY AVERAGE HOME PRICE)
200 E RIVO ALTO, VENETIAN ISLANDS
20
2011
$552
$353
$256
N/A
GOLDEN BEACH
SURFSIDE
AVENTURA
BAL HARBOUR
2012
$796
$791
$338
$330
BAL HARBOUR
GOLDEN BEACH
SURFSIDE
AVENTURA
2013
$1,287
$745
$713
$327
BAL HARBOUR
GOLDEN BEACH
SURFSIDE
AVENTURA
2014
$867
$607
$356
N/A
GOLDEN BEACH
SURFSIDE
AVENTURA
BAL HARBOUR
2015 (% change from 2014)
$1,375 (g 59%)
$635 (g 5%)
$324 (h 9%)
N/A
SURFSIDE
AVENTURA
BAL HARBOUR
TOTAL MARKET:NEIGHBORHOOD TO WATCH
SURFSIDE
MIAMI | NORTH END: WATERFRONT, SINGLE-FAMILY HOMES
$1,600
$1,200
$800
$400
$0
THE NEIGHBORHOODS
“From Bal Harbour’s elegant lifestyle to Golden
Beach’s oceanfront estates and Surfside’s laidback
atmosphere, Miami’s North End consistently sees
great demand and is currently under a significant
transformation. These neighborhoods, along with
Aventura (a city in itself) offer a convenient location
between Downtown Miami, Miami Beach and East
Fort Lauderdale, just a few miles from all three.”
— Eduard Zavulunov, Estate Agent
THE RESIDENCES
“With miles of water frontage, Miami’s North
End offers a diverse range of architectural
styles and impressive views. Residences
in these neighborhoods are available in all
price ranges, from more modest waterfront
properties under the million-dollar mark,
to lavish, multimillion dollar, oceanfront
mansions set on a private beach.”
— Samantha Elenson, Estate Agent
Omissions due to low transaction numbers or absence of market: Sunny Isles
TOTAL MARKET: NUMBER OF TRANSACTIONS
AVENTURA
GOLDEN BEACH
SURFSIDE
BAL HARBOUR
19
4
11
0
2015
31
14
2
3
2013
25
7
7
0
2014
22
11
3
1
2012
15
16
4
0
2011
GOLDEN BEACH
2015 AVG. PRICE / SQUARE FOOT: $635
INCREASE OVER 2014 PERFORMANCE
INCREASE OVER 2011 PERFORMANCE
5% 80%
TOTAL MARKET: AVERAGE PRICE PER SQUARE FOOT LE
GEN
D BAL HARBOURAVENTURA
SURFSIDEGOLDEN BEACH
21
There were no sales in Bal Harbour and Aventura saw a slight drop for
waterfront as opposed to non-waterfront homes in 2015, as most of its
waterfront sales last year were located on lagoons and other artificial
water features. The most informative waterfront markets were therefore
Surfside, which saw a 5% year-over-year increase among 11 sales, and
Golden Beach, which saw a 59% increase, albeit among only four sales.
Thanks to the larger size of homes, Aventura saw a luxury price bump
of 2%, even though total market pricing decreased. A significantly larger
increase, however, was realized in Golden Beach. With an average luxury
home price of $13,275,000, Golden Beach’s luxury market is roughly 15
times more expensive than Aventura’s.
OVERALL MARKET INSIGHTSLUXURY MARKET:NEIGHBORHOOD TO WATCH
GOLDEN BEACH2015 AVG. HOME PRICE: $13.3 MILLION
INCREASE OVER 2014 PERFORMANCE
41%Golden Beach almost doubled both its total market pricing and its luxury market pricing in 2015 compared to the prior year.
LUXURY MARKET: THE TOP 50% OF EACH MARKET IN 2015 (BY AVERAGE HOME PRICE)
88 BAL BAY DRIVE, BAL HARBOUR
GOLDEN BEACH
$13,275,000
g 41% FROM 2014
WITH 2 TRANSACTIONS
AVENTURA
$901,444
g 2% FROM 2014
WITH 9 TRANSACTIONS
SURFSIDE
$3,646,000
g 3% FROM 2014
WITH 5 TRANSACTIONS
22
2011
$401
$221
$208
$193
BAL HARBOUR
GOLDEN BEACH
AVENTURA
SURFSIDE
2012
$473
$298
$235
$226
BAL HARBOUR
GOLDEN BEACH
AVENTURA
SURFSIDE
2013
$812
$417
$270
$262
BAL HARBOUR
GOLDEN BEACH
SURFSIDE
AVENTURA
2014
$647
$429
$290
$273
BAL HARBOUR
GOLDEN BEACH
SURFSIDE
AVENTURA
2015 (% change from 2014)
$701 (g 8%)
$483 (g 13%)
$351 (g 21%)
$307 (g 12%)
GOLDEN BEACH
SURFSIDE
AVENTURA
TOTAL MARKET:NEIGHBORHOOD TO WATCH
BALHARBOUR
MIAMI | NORTH END: NON-WATERFRONT, SINGLE-FAMILY HOMES
$1,000
$800
$600
$400
$200
$0
THE NEIGHBORHOODS THE RESIDENCES
Omissions due to low transaction numbers or absence of market: Sunny Isles
TOTAL MARKET: NUMBER OF TRANSACTIONS
AVENTURA
GOLDEN BEACH
SURFSIDE
BAL HARBOUR
14
9
43
3
2015
18
6
37
2
2013
14
9
57
2
2014
13
6
51
6
2012
9
7
46
9
2011
BAL HARBOUR
2015 AVG. PRICE / SQUARE FOOT: $701
INCREASE OVER 2014 PERFORMANCE
INCREASE OVER 2011 PERFORMANCE
8% 75%
TOTAL MARKET: AVERAGE PRICE PER SQUARE FOOT LE
GEN
D BAL HARBOURAVENTURA
SURFSIDEGOLDEN BEACH
“These communities offer a refreshing blend of
city-like amenities with a small-town atmosphere.
Their selection of spacious homes coupled with
their shopping and dining options, as well as their
proximity to lively, downtown areas, make these
neighborhoods a great fit for those looking for a
balanced city/suburb lifestyle.”
— Ana Ordaz, Estate Agent
“Non-waterfront homes in Miami’s North End are
most commonly found in Surfside, the southermost
neighborhood in this section. Surfside residents
can walk to the ocean from relatively anywhere in
the community, a huge benefit for non-waterfront
home owners wanting to take advantage of their
sought-after surroundings.”
— Janine Mills, Estate Agent
23
The North End submarkets saw a mixed but generally good performance
in 2015. Surfside saw excellent performance among its single-family
homes, with 21% non-waterfront appreciation. Bal Harbour saw three
sales in 2015, with an 8% price increase PSF. Luxury performance in
Surfside was also positive, although Bal Harbour’s pricing cannot be
compared year-over-year with only one luxury sale at $2,100,000.
Non-waterfront pricing performed well in Aventura, reaching a 12% year-
over-year increase on a PSF basis. There was some weakness at the
high end in Aventura, perhaps reflecting currency fluctuations involving
the Russian ruble. Although there were only nine sales, Golden Beach
had an excellent year with 13% PSF and 68% luxury price growth.
OVERALL MARKET INSIGHTSLUXURY MARKET:NEIGHBORHOOD TO WATCH
GOLDEN BEACH2015 AVG. HOME PRICE: $3 MILLION
INCREASE OVER 2014 PERFORMANCE
68% Throughout the time period analyzed in this market report, Golden Beach has managed to outperform its own numbers year after year.
LUXURY MARKET: THE TOP 50% OF EACH MARKET IN 2015 (BY AVERAGE HOME PRICE)
21217 NE 31 PLACE, AVENTURA
GOLDEN BEACH
$3,025,000
g 68% FROM 2014
WITH 4 TRANSACTIONS
SURFSIDE
$754,550
g 14% FROM 2014
WITH 20 TRANSACTIONS
AVENTURA
$1,023,143
h 15% FROM 2014
WITH 7 TRANSACTIONS
BAL HARBOUR
$2,100,000
h 46% FROM 2014
WITH 1 TRANSACTION
24
Miami-Dade’s diverse condominium market has
remained fairly resilient to recent macroeconomic
fluctuations, particularly at the higher end. The
supply overhang from the 2007–2009 downturn
was absorbed quicker than many analysts had
expected and, indeed, Miami is once again in
a major development cycle, particularly in the
mainland urban core (Coconut Grove to Midtown/
Edgewater) and parts of Miami Beach.
Although the resale condo market did not fare as
well as single-family homes, with 10 condo market
declines and 13 markets showing appreciation,
the market overall continued to realize price
appreciation in most price segments. Despite a
mixed year for same-building sales countywide,
Miami Beach hit 12% condo appreciation overall,
with Bay Harbor Islands registering an impressive
38% appreciation rate.
Important constraints on condo market growth
going into 2016 include yield concerns for renter-
occupied investment units as well as foreign
currency exchange rates. The impressive rental
rate growth of recent years has led to an increase
in new conventional rental product that could
moderate future rent increases. However, the
conventional rental growth is in response to a
growing demand downtown, which is a strong
indicator for long-term stability.
Price drops for resale condos in the urban core
correlated with new construction in the CBD,
Coconut Grove, inland Brickell and waterfront
Edgewater, reflecting substantial new supply.
Simultaneously, fluctuations in many currencies
as compared to the USD have weakened the
buying power of foreign investors and constrained
overall pricing. The next 12 months will likely
reflect a return to a more balanced market where
buyers have more choice and buying power.
WATERFRONTCONDOS
NON-WATERFRONTCONDOS
# For Sale b(avg./month)
# Sold b
PPSF b
# For Sale b(avg./month)
# Sold b
PPSF b
MIAMI-DADECONDOS
AN OVERVIEW OF CURRENT MARKET CONDITIONS
TOTAL MARKET
5,676
6,806$310
4,838
10,727$105
2011
2011
6,173
6,078$479
5,561
10,578$181
2015
2015
5,319
6,715$466
5,278
10,760$173
2014
2014
4,326
7,376$412
3,681
10,956$156
2013
2013
4,314
7,284$359
2,937
10,225$130
2012
2012
PPSF Trendline b g 55% FROM 2011
# Sold Trendline b
h 11% FROM 2011
PPSF Trendline b g 72% FROM 2011
# Sold Trendline b
h 1% FROM 2011
25
$1M TO $5M TRANSACTIONS
$5M TO $10M TRANSACTIONS
$10M+ TRANSACTIONS
h
573
h
1,002
# Sold
# For Sale (avg./month)
h
986
h
965
h
1,027
h
1,141
h
866
h
1,490
h
797
h
969
h
24
h
67
# Sold
# For Sale (avg./month)
h
28
h
102
h
61
h
128
h
61
h
171
h
30
h
85
h
3
h
18
# Sold
# For Sale (avg./month)
h
7
h
35
h
10
h
46
h
8
h
64
h
5
h
23
# Sold Trendlineh
# Sold Trendlineh
# Sold Trendlineh
LUXURY MARKET
2011 2011 20112013 2013 20132012 2012 20122014 2014 20142015
IN 2015,
935OF MIAMI-DADE’S CONDO SALES
WERE CLOSED FOR OVER $1 MILLION.
IN 2011,
600OF MIAMI-DADE’S CONDO SALES
WERE CLOSED FOR OVER $1 MILLION.
REPRESENTING A 56% RISE IN LUXURY MARKET SALES FROM 2011 TO 2015
2015 2015
19575 COLLINS AVENUE – #37, SUNNY ISLES
26
% CHANGE (YEAR-OVER-YEAR): AVG. PRICE / SQUARE FOOT g 23%% CHANGE (FROM 2011 TO 2015):
AVG. PRICE / SQUARE FOOT
FROM AN EXPERT’S PERSPECTIVE: TODAY’S MARKET CONDITIONS AND THEIR DEVELOPMENT
PERCENTAGE OF SAMPLE TRADED
AVERAGESALES PRICE
AVERAGESQUARE FOOTAGE
AVERAGE PRICEPER SQ. FOOT
g 23%from 2011
g 8%from 2012
g 18%from 2013
h 28%from 2014
9% 10% 15% 12% 11%
$620K $963K $1.07M $1.12M $852K
1,546 1,853 1,907 1,630 1,721
$401 $519 $563 $686 $495
2011 2012 2013 2014 2015
MIAMI | SOUTH END: CONDO MARKET INDEX
COCONUT GROVE | NON-WATERFRONT CONDOS
The Coconut Grove market saw an apparent price
decline, although this reflects abnormally high 2014
pricing that included a penthouse transaction at over $8
million, as well as supply growth from Park Grove and Grove
at Grand Bay, rather than true market weakness. Coconut
Grove remains a highly desirable neighborhood for young
professionals and families alike, and achieves a significant
PSF premium to any other South End submarket.
Omissions due to low transaction numbers or absence of market: Pinecrest, Palmetto Bay, CocoPlum, Gables Estates, S. Creek Lakes, P. Davis & H. Pines and Old Cutler Bay
2627 S BAYSHORE DRIVE – #3201, COCONUT GROVE
“Miami’s South End condo and townhouse market continues to be in demand. It is particularly alluring to
locals who recently downsized and those who wish to maintain their city lifestyle with the added bonus of
having access to excellent school districts. South End condos and townhomes are located in a broad and
highly desirable area, with a steady inventory and an equally steady purchase force, both for average and
luxury units. While living in Coconut Grove and Coral Gables provides entertainment, shopping and dining at a
walking distance, the Deering Bay Country Club lifestyle also remains very attractive to homebuyers.”
— Cristina Soler, Estate Agent
LEG
END
COCONUT GROVE
DEERING BAY
CORAL GABLES
27
% CHANGE (YEAR-OVER-YEAR): AVG. PRICE / SQUARE FOOT g 1%% CHANGE (FROM 2011 TO 2015):
AVG. PRICE / SQUARE FOOT
PERCENTAGE OF SAMPLE TRADED
AVERAGESALES PRICE
AVERAGESQUARE FOOTAGE
AVERAGE PRICEPER SQ. FOOT
h 36%from 2011
h 6%from 2012
g 19%from 2013
g 18%from 2014
2% 8% 12% 6% 10%
$1.1M $1.1M $1.07 $1.35M $1.39M
2,353 3,216 3,303 3,378 2,946
$467 $343 $324 $401 $472
2011 2012 2013 2014 2015
DEERING BAY | WATERFRONT CONDOS
Straddling the Coral Gables / Palmetto Bay line, the
southernmost luxury condominium submarket in
Miami-Dade County is the gated community of Deering Bay.
Deering Bay condominiums appreciated slightly but saw
substantial PPSF increases (18%) owing to a smaller resale
unit mix relative to the year prior, although unit sizes remain
among the largest in South Florida at nearly 3,000 square
feet. Pricing per square foot has returned to 2011 levels.
COCONUT GROVE
Condo sections do not contain a “Luxury Market” page, since the product sample is already representative of the high-end market. For details on methodology, see page 5.
% CHANGE (YEAR-OVER-YEAR): AVG. PRICE / SQUARE FOOT g 48%% CHANGE (FROM 2011 TO 2015):
AVG. PRICE / SQUARE FOOT
PERCENTAGE OF SAMPLE TRADED
AVERAGESALES PRICE
AVERAGESQUARE FOOTAGE
AVERAGE PRICEPER SQ. FOOT
g 2%from 2011
g 30%from 2012
g 7%from 2013
h 7%from 2014
6% 9% 12% 13% 10%
$244K $260K $389K $396K $367K
1,098 1,147 1,200 1,135 1,120
$222 $226 $324 $348 $328
2011 2012 2013 2014 2015
CORAL GABLES | NON-WATERFRONT CONDOS
Coral Gables condo pricing reverted to 2013 pricing
after a spike in 2014, but the Gables resale condo
market remains relatively healthy at average pricing of
$328/SF. New, infill duplex and small, attached condo end
unit prices are trading well above the average resale pricing,
contributing to new boutique luxury infill development. Coral
Gables condos earn Miami South End’s top spot for 2011 –
2015 PPSF performance improvement, at 48%.
28
% CHANGE (YEAR-OVER-YEAR): AVG. PRICE / SQUARE FOOT g 50%% CHANGE (FROM 2011 TO 2015):
AVG. PRICE / SQUARE FOOT
FROM AN EXPERT’S PERSPECTIVE: TODAY’S MARKET CONDITIONS AND THEIR DEVELOPMENT
PERCENTAGE OF SAMPLE TRADED
AVERAGESALES PRICE
AVERAGESQUARE FOOTAGE
AVERAGE PRICEPER SQ. FOOT
g 16%from 2011
g 7%from 2012
g 9%from 2013
g 7%from 2014
27% 8% 12% 8% 8%
$506K $799K $771K $885K $939K
1,177 1,556 1,405 1,471 1,455
$430 $513 $549 $602 $645
2011 2012 2013 2014 2015
BRICKELL: CONDO MARKET INDEX
BRICKELL | WATERFRONT CONDOS
Highly active and very much in demand, Brickell is
currently one of the most coveted condo markets
in Miami. Waterfront properties in Brickell saw roughly
constant sales volume as well as a 7% increase in pricing
to a historic high of almost $650 per square foot. Average
pricing in waterfront Brickell condos is approaching $1
million, up 6% year-over-year and 7% on a per-square-foot
basis, making it the most expensive submarket in Brickell.
Omissions due to low transaction numbers or absence of market: None
“From the start of its metamorphosis, Brickell has been dramatically changing to become the center of Miami.
As the hub of one of the country’s largest financial institution concentrations, Brickell, now more than ever, offers
the work/live/play all-in-one that Miami has been in search of. This year, most of the construction boom will slow
down, allowing the area to take its own shape while the most anticipated $1 billion, mixed-used development
Brickell City Centre opens later this year. Already hosting high-end culinary spots and hotels, nightlife and the
largest density of young professionals in the city, Brickell promises to become the hottest part of town.”
— Jonathan Garcia, Estate Agent
LEG
END BRICKELL
BRICKELL KEY
901 BRICKELL KEY DRIVE – #3401, BRICKELL KEY
29
% CHANGE (YEAR-OVER-YEAR): AVG. PRICE / SQUARE FOOT g 20%% CHANGE (FROM 2011 TO 2015):
AVG. PRICE / SQUARE FOOT
PERCENTAGE OF SAMPLE TRADED
AVERAGESALES PRICE
AVERAGESQUARE FOOTAGE
AVERAGE PRICEPER SQ. FOOT
g 3%from 2011
g 14%from 2012
g 2%from 2013
h 3%from 2014
6% 10% 13% 10% 9%
$775K $810K $974K $997K $910K
1,607 1,629 1,680 1,676 1,571
$482 $498 $580 $595 $579
2011 2012 2013 2014 2015
BRICKELL KEY | WATERFRONT CONDOS
An intimate island only accesible through Brickell
Avenue, Brickell Key has a number of luxury condo
towers as well as some Class-A office and retail space. While
pricing per square foot dropped slightly in 2015 compared
to 2014, the $579/SF it recorded sets it at a 20% increase
from average pricing in 2011. Overall, Brickell Key remains a
highly desirable, quiet enclave just a short bridge away from
one of Miami’s most vibrant neighborhoods.
Condo sections do not contain a “Luxury Market” page, since the product sample is already representative of the high-end market. For details on methodology, see page 5.
% CHANGE (YEAR-OVER-YEAR): AVG. PRICE / SQUARE FOOT g 25%% CHANGE (FROM 2011 TO 2015):
AVG. PRICE / SQUARE FOOT
PERCENTAGE OF SAMPLE TRADED
AVERAGESALES PRICE
AVERAGESQUARE FOOTAGE
AVERAGE PRICEPER SQ. FOOT
g 5%from 2011
g 19%from 2012
g 4%from 2013
h 7%from 2014
10% 18% 14% 8% 7%
$314K $341K $414K $433K $406K
963 994 981 989 993
$326 $343 $422 $438 $409
2011 2012 2013 2014 2015
BRICKELL | NON-WATERFRONT CONDOS
Perhaps reflecting the increased competition from
new non-waterfront products like 1100 Millecento
and Nine at Mary Brickell, as well as a price ceiling imposed
by more rental-oriented buyers concerned about yield,
non-waterfront pricing in Brickell retreated 7%. As in Coconut
Grove, this drop reflects an increase in supply more than
a decrease in demand, as two towers delivered in 2015 and
two more (MyBrickell and BrickellHouse) delivered in 2014.
901 BRICKELL KEY BOULEVARD – #1104, BRICKELL KEY
30
% CHANGE (YEAR-OVER-YEAR): AVG. PRICE / SQUARE FOOT g 17%% CHANGE (FROM 2011 TO 2015):
AVG. PRICE / SQUARE FOOT
FROM AN EXPERT’S PERSPECTIVE: TODAY’S MARKET CONDITIONS AND THEIR DEVELOPMENT
PERCENTAGE OF SAMPLE TRADED
AVERAGESALES PRICE
AVERAGESQUARE FOOTAGE
AVERAGE PRICEPER SQ. FOOT
g 6%from 2011
g 6%from 2012
g 12%from 2013
h 9%from 2014
17% 11% 12% 11% 10%
$475K $524K $518K $587K $540K
1,177 1,224 1,139 1,134 1,143
$403 $428 $455 $518 $472
2011 2012 2013 2014 2015
DOWNTOWN MIAMI: CONDO MARKET INDEX
DOWNTOWN MIAMI | WATERFRONT CONDOS
Downtown Miami’s waterfront units lost ground in
2015. Average pricing per square foot dipped by 9%,
and about 10% of the total luxury inventory traded. These
decreases are occurring in spite of, or perhaps because of,
the wave of new condominium development in downtown,
Brickell, Edgewater and Midtown. While Downtown Miami’s
growth has been slower than most, the area’s pricing is still
17% higher than it was in 2011.
Omissions due to low transaction numbers or absence of market: None
DOWNTOWN & PORT OF MIAMI FROM ONE THOUSAND MUSEUM
“Downtown has positioned itself as Miami’s “innovator”. It possesses many unique amenities such as the
Perez Art Museum, the American Airlines Arena, Bayside Marketplace and the Metromover, establishing itself
as Miami’s first true cultural hub. In the midst of it all, with breathtaking views of South Beach and Biscayne
Bay, Downtown Miami is also known as the home of some of the city’s most prolific businesses, the future,
mixed-use Miami World Center and the ultra-luxury One Thousand Museum by Zaha Hadid Architects. The
redevelopment of Flagler Street and the opening of the Patricia and Phillip Frost Museum of Science, along
with the All Aboard Florida transportation hub, will cement Downtown Miami as the place to live and invest.”
— Florian Jouin, Estate Agent
LEG
END
DOWNTOWN MIAMI
31
CULTURAL DEVELOPMENT
Condo sections do not contain a “Luxury Market” page, since the product sample is already representative of the high-end market. For details on methodology, see page 5.
% CHANGE (YEAR-OVER-YEAR): AVG. PRICE / SQUARE FOOT g 23%% CHANGE (FROM 2011 TO 2015):
AVG. PRICE / SQUARE FOOT
PERCENTAGE OF SAMPLE TRADED
AVERAGESALES PRICE
AVERAGESQUARE FOOTAGE
AVERAGE PRICEPER SQ. FOOT
g 21%from 2011
h 2%from 2012
g 5%from 2013
h 6%from 2014
10% 14% 20% 10% 10%
$512K $535K $487K $560K $534K
1,423 1,180 1,092 1,197 1,212
$359 $454 $446 $468 $440
2011 2012 2013 2014 2015
DOWNTOWN MIAMI | NON-WATERFRONT CONDOS
Downtown Miami’s non-waterfront condos mirror
its waterfront market. The retreats in the downtown
market are occurring after over 1,200 units were delivered in
Greater Downtown in 2015 (Icon Bay, Bay House, Millecento,
and Nine at Mary Brickell Village). Over 6,000 more units are
under construction according to the IRR/Miami DDA report
dated August 2015, including 773 units at Brickell City Centre
and 647 at Edgewater’s Aria on the Bay.
MICROSOFT INNOVATION CENTERFirst MIC to be set in the U.S.
MIAMI WORLD CENTERTen-Block Mega-Project
FROST MUSEUM OF SCIENCEby Grimshaw Architects
PÉREZ ART MUSEUM MIAMIby Herzog & de Meuron
32
% CHANGE (YEAR-OVER-YEAR): AVG. PRICE / SQUARE FOOT g 58%% CHANGE (FROM 2011 TO 2015):
AVG. PRICE / SQUARE FOOT
FROM AN EXPERT’S PERSPECTIVE: TODAY’S MARKET CONDITIONS AND THEIR DEVELOPMENT
PERCENTAGE OF SAMPLE TRADED
AVERAGESALES PRICE
AVERAGESQUARE FOOTAGE
AVERAGE PRICEPER SQ. FOOT
g 18%from 2011
g 2%from 2012
g 31%from 2013
NO CHANGE
from 2014
12% 36% 21% 15% 11%
$645K $758K $799K $1.01M $926K
1,543 1,529 1,583 1,531 1,399
$418 $495 $505 $660 $662
2011 2012 2013 2014 2015
EDGEWATER & MIDTOWN: CONDO MARKET INDEX
EDGEWATER | WATERFRONT CONDOS
Edgewater’s waterfront condo market, appealing due
to its convenient location and unobstructed views,
remained largely unchanged, with slight decreases in total
pricing and no change in pricing per square foot, although
it experienced a 58% increase when compared to its 2011
performance. Edgewater’s waterfront real estate market has
also seen a number of new condo developments, with Icon
Bay and Bay House delivering in 2015.
Omissions due to low transaction numbers or absence of market: None
2020 N BAYSHORE DRIVE – #901, EDGEWATER
“Edgewater and Midtown have seen an increase in attraction in part due to the evolution of Wynwood and
The Design District, and as a result of the neighboring urban core’s rapid expansion. With the development of
Brickell and Downtown, areas like Edgewater and Midtown become more attractive to those seeking a slightly
calmer lifestyle with easy access to the hype. Edgewater still presents the best value for waterfront condos in
the area. Even as the market corrects, Edgewater and Midtown will likely maintain a healthy level of resilience
with the addition of cultural attractions unavailable in other areas. Wynwood’s growing art scene and Design
District’s grand shopping expansion are creating a lifestyle that will steadily draw a strong local audience.”
— Jesse Spencer, Estate Agent
LEG
END EDGEWATER
MIDTOWN
33
% CHANGE (YEAR-OVER-YEAR): AVG. PRICE / SQUARE FOOT g 20%% CHANGE (FROM 2011 TO 2015):
AVG. PRICE / SQUARE FOOT
PERCENTAGE OF SAMPLE TRADED
AVERAGESALES PRICE
AVERAGESQUARE FOOTAGE
AVERAGE PRICEPER SQ. FOOT
h 3%from 2011
g 17%from 2012
h 1%from 2013
g 3%from 2014
4% 17% 23% 23% 13%
$385K $342K $419K $431K $455K
1,172 1,072 1,089 1,125 1,155
$329 $319 $385 $383 $394
2011 2012 2013 2014 2015
MIDTOWN | NON-WATERFRONT CONDOS
Midtown was the best-performing of the submarkets
north of Miami’s downtown, with a 3% increase in
pricing per square foot. This part of Miami is seeing fast
development growth, both in terms of new condominiums
and in terms of lifestyle drivers like the Miami Design
District, the Wynwood Art District, and the ongoing buildout
of the Midtown Miami development. In the five-year span
analyzed in this report, Midtown PPSF went up 20%.
Condo sections do not contain a “Luxury Market” page, since the product sample is already representative of the high-end market. For details on methodology, see page 5.
% CHANGE (YEAR-OVER-YEAR): AVG. PRICE / SQUARE FOOT g 7%% CHANGE (FROM 2011 TO 2015):
AVG. PRICE / SQUARE FOOT
PERCENTAGE OF SAMPLE TRADED
AVERAGESALES PRICE
AVERAGESQUARE FOOTAGE
AVERAGE PRICEPER SQ. FOOT
h 22%from 2011
g 18%from 2012
g 3%from 2013
g 3%from 2014
9% 10% 17% 11% 8%
$364K $310K $385K $380K $399K
1,100 1,142 1,156 1,106 1,125
$331 $272 $333 $344 $354
2011 2012 2013 2014 2015
EDGEWATER | NON-WATERFRONT CONDOS
In 2011, Edgewater’s non-waterfront condo market
rose 27% from $242/SF in 2010, only to drop 22% in
2012 and come back up the following year. Since 2013, this
submarket has stabilized, with slight increases in pricing
per square foot bringing us to $354/SF in 2015. Edgewater,
next to the Central Business District and significantly less
congested, will likely remain a well-liked residential area
among young professionals in Miami
2020 N BAYSHORE DRIVE – #PH4702, EDGEWATER
34
% CHANGE (YEAR-OVER-YEAR): AVG. PRICE / SQUARE FOOT g 47%% CHANGE (FROM 2011 TO 2015):
AVG. PRICE / SQUARE FOOT
PERCENTAGE OF SAMPLE TRADED
AVERAGESALES PRICE
AVERAGESQUARE FOOTAGE
AVERAGE PRICEPER SQ. FOOT
h 9%from 2011
g 22%from 2012
g 11%from 2013
g 12%from 2014
10% 13% 14% 12% 8%
$2.02M $1.89M $2.37M $2.66M $3.1M
1,964 2,005 1,967 1,960 2,048
$1,029 $942 $1,204 $1,355 $1,515
2011 2012 2013 2014 2015
SOUTH BEACH | WATERFRONT CONDOS
LUXURY HIGHLIGHT: SOUTH OF FIFTH CONDOS
South Beach, with the exclusive South of Fifth area,
has remained a popular submarket, attracting local,
domestic, and international buyers alike. Pricing at sought-
after South Beach condos such as the Apogee and Murano
Grande has continued to steadily increase. Average resale
pricing for waterfront condos broke the $3 million average
price and the SoFi waterfront submarket represents the
highest average pricing per square foot at $1,200 – $2,600.
FROM AN EXPERT’S PERSPECTIVE: TODAY’S MARKET CONDITIONS AND THEIR DEVELOPMENT
MIAMI BEACH: CONDO MARKET INDEX
Omissions due to low transaction numbers or absence of market: None
“In today’s market, Miami Beach is world-famous due to its first-class, waterfront penthouse living. Year after
year, the general condo market in Miami Beach outdoes itself in terms of pricing, drawing more international
demand and generating interest in not just the residences, but the business potential as well. Due to this
potential, Miami Beach consistently sees an expansion in dining and entertainment options that, in turn, make
the area more appealing to the luxury home buyer. Of note is the South of Fifth area, an exclusive enclave
marking the southermost tip of Miami Beach, which includes seven ultra-luxury condo developments built
before the current construction cycle. These condos all experienced double-digit growth in pricing per square
foot from 2014 to 2015, reflecting continued strong demand for the area’s luxury product.”
— Daniela Bonetti, Estate Agent
Apogee
AveragePPSF
$2,578
g 11% since 2014
AveragePPSF
$2,259
g 13% since 2014
AveragePPSF
$1,877
g 14% since 2014
AveragePPSF
$1,547
g 14% since 2014
AveragePPSF
$1,273
g 14% since 2014
AveragePPSF
$1,205
g 14% since 2014
Continuum South Continuum North Murano Portofino Murano Grande Icon South Beach
AveragePPSF
$1,345
g 30% since 2014
Portofino Tower
LEG
END
SOUTH BEACH
NORTH BEACH
MID BEACH
NORTH BAY VILLAGE
35
% CHANGE (YEAR-OVER-YEAR): AVG. PRICE / SQUARE FOOT g 79%% CHANGE (FROM 2011 TO 2015):
AVG. PRICE / SQUARE FOOT
PERCENTAGE OF SAMPLE TRADED
AVERAGESALES PRICE
AVERAGESQUARE FOOTAGE
AVERAGE PRICEPER SQ. FOOT
g 8%from 2011
g 19%from 2012
g 19%from 2013
g 7%from 2014
12% 18% 15% 9% 10%
$1.01M $1.17M $1.35M $1.53M $1.7M
1,584 1,685 1,565 1,436 1,488
$638 $695 $862 $1,066 $1,143
2011 2012 2013 2014 2015
NORTH BEACH | WATERFRONT CONDOS
North Beach averages posted still-impressive gains
of 7% per square foot and 11% overall. While not
as robust as Mid Beach and SoFi, average pricing in North
Beach at $1,143 PSF outperformed the Mid Beach average,
and also outperformed Mid Beach on average pricing due to
larger average unit sizes. New condo development has also
resumed in North Beach, with the proposal of much higher-
end condominium towers at 8701 and 6901 Collins Avenue.
% CHANGE (YEAR-OVER-YEAR): AVG. PRICE / SQUARE FOOT g 60%% CHANGE (FROM 2011 TO 2015):
AVG. PRICE / SQUARE FOOT
PERCENTAGE OF SAMPLE TRADED
AVERAGESALES PRICE
AVERAGESQUARE FOOTAGE
AVERAGE PRICEPER SQ. FOOT
g 12%from 2011
g 18%from 2012
g 18%from 2013
h 5%from 2014
10% 10% 12% 19% 10%
$209K $240K $286K $344K $320K
1,275 1,287 1,264 1,249 1,220
$164 $186 $227 $275 $262
2011 2012 2013 2014 2015
NORTH BAY VILLAGE | WATERFRONT CONDOS
North Bay Village retreated 5% in 2015, reflecting the
lowest pricing of all waterfront condos in the county,
at $262/SF. The submarket’s waterfront average pricing is
hampered by the lack of oceanfront product relative to other
peers, but average pricing is also a reflection of the product
age and area pricing trends. The submarket also attracts
a larger share of the rental pool, which serves to moderate
pricing since buyers tend to be investment/yield driven.
Condo sections do not contain a “Luxury Market” page, since the product sample is already representative of the high-end market. For details on methodology, see page 5.
% CHANGE (YEAR-OVER-YEAR): AVG. PRICE / SQUARE FOOT g 83%% CHANGE (FROM 2011 TO 2015):
AVG. PRICE / SQUARE FOOT
PERCENTAGE OF SAMPLE TRADED
AVERAGESALES PRICE
AVERAGESQUARE FOOTAGE
AVERAGE PRICEPER SQ. FOOT
g 20%from 2011
g 12%from 2013
10% 8% 11% 11% 8%
$778K $959K $1.12M $1.19M $1.21M
1,422 1,404 1,436 1,334 1,210
$547 $683 $782 $893 $1,002
2011 2012 2013 2014 2015
MID BEACH | WATERFRONT CONDOS
The Mid Beach submarket experienced continued
appreciation as home buyers were attracted further
north by new developments such as the Edition, One and
Thompson hotels, as well as to new condominiums such as
Beach House 8. Existing Mid Beach condos saw double-digit
appreciation on pricing per square foot, reflecting the area’s
increasing desirability as average pricing on waterfront
condos exceeds $1,000 per SF average.
g 12%from 2014
g 13%from 2012
36
% CHANGE (YEAR-OVER-YEAR): AVG. PRICE / SQUARE FOOT g 47%% CHANGE (FROM 2011 TO 2015):
AVG. PRICE / SQUARE FOOT
FROM AN EXPERT’S PERSPECTIVE: TODAY’S MARKET CONDITIONS AND THEIR DEVELOPMENT
PERCENTAGE OF SAMPLE TRADED
AVERAGESALES PRICE
AVERAGESQUARE FOOTAGE
AVERAGE PRICEPER SQ. FOOT
g 11%from 2011
g 26%from 2012
h 11%from 2013
g 8%from 2014
7% 7% 11% 7% 7%
$1.47M $1.57M $2.12M $1.64M $2.04M
2,496 2,375 2,388 2,050 2,359
$589 $659 $887 $799 $864
2011 2012 2013 2014 2015
THE ISLANDS: CONDO MARKET INDEX
KEY BISCAYNE | WATERFRONT CONDOS
The condo market in Key Biscayne performed well,
reaching $864 per square foot — an 8% increase over
2014 numbers — and experiencing comparable sales volume
to the prior year. This particular submarket has limited new
development space owing to its many public parks, nature
reserves and spacious single-family homes, although one
new luxury development, Oceana, was delivered during the
current construction cycle.
Omissions due to low transaction numbers or absence of market: Palm/Star/Hibiscus, Venetian Islands, Sunset Islands, La Gorce Island, Indian Creek and Normandy Isles
KAI AT BAY HARBOR ISLANDS
“The Islands’ condo market is comprised of Key Biscayne, Bay Harbor Islands and Fisher Island. Key Biscayne,
a classic, family-friendly neighborhood, is always in high demand due to its robust school system and tight-knit
community. Bay Harbor Islands is undergoing a large transformation as numerous boutique developments are
being built in the area. Bay Harbor is experiencing higher demand than ever before, as waterfront condos can
be acquired at a significantly lower price than in most waterfront markets and it is just a short drive away from
Miami Beach and its surroundings. Fisher Island, the quintessential luxury condo market only accessible via
ferry, has seen nothing but price increases in the latest years and regulary records top prices per square foot.”
— Elena Bluntzer, Estate Agent
LEG
END
KEY BISCAYNE
FISHER ISLAND
BAY HARBOR ISLANDS
37
% CHANGE (YEAR-OVER-YEAR): AVG. PRICE / SQUARE FOOT g 99%% CHANGE (FROM 2011 TO 2015):
AVG. PRICE / SQUARE FOOT
% CHANGE (YEAR-OVER-YEAR): AVG. PRICE / SQUARE FOOT g 51%% CHANGE (FROM 2011 TO 2015):
AVG. PRICE / SQUARE FOOT
PERCENTAGE OF SAMPLE TRADED
AVERAGESALES PRICE
AVERAGESQUARE FOOTAGE
AVERAGE PRICEPER SQ. FOOT
g 12%from 2011
g 37%from 2012
h 24%from 2013
g 38%from 2014
10% 6% 9% 13% 14%
$174K $214K $316K $258K $337K
1,395 1,515 1,412 1,421 1,355
$125 $141 $224 $181 $249
2011 2012 2013 2014 2015
BAY HARBOR ISLANDS | WATERFRONT CONDOS
The condo champion of the islands is Bay Harbor,
which saw 14% of the sample trade in 2015 (the
most traded in the five years analyzed) and underwent
appreciation of 27% overall and 38% PSF, the highest in
Miami-Dade County. The majority of condominiums here
are small in size; pricing is somewhat volatile because the
sample is small and consists of a diverse mix of buildings.
Pricing per square foot increased 99% compared to 2011.
PERCENTAGE OF SAMPLE TRADED
AVERAGESALES PRICE
AVERAGESQUARE FOOTAGE
AVERAGE PRICEPER SQ. FOOT
g 11%from 2011
g 1%from 2012
g 19%from 2013
g 8%from 2014
7% 8% 10% 6% 9%
$3.57M $3.78M $3.61M $5.42M $4.67M
4,520 4,254 4,028 4,910 3,907
$789 $887 $897 $1,105 $1,195
2011 2012 2013 2014 2015
FISHER ISLAND | WATERFRONT CONDOS
Only fifteen condos sold in Fisher Island, the private
island just off the MacArthur Causeway, and those
sold at a historically high price of $1,195 per square foot on
average. Fisher Island has seen very limited development
because it is tightly planned. The exclusive community has
some of the largest units in South Florida and achieves
among the highest prices, which have been increasing year
over year without exception during the five years analyzed.
FISHER ISLAND
Condo sections do not contain a “Luxury Market” page, since the product sample is already representative of the high-end market. For details on methodology, see page 5.
38
% CHANGE (YEAR-OVER-YEAR): AVG. PRICE / SQUARE FOOT g 34%% CHANGE (FROM 2011 TO 2015):
AVG. PRICE / SQUARE FOOT
% CHANGE (YEAR-OVER-YEAR): AVG. PRICE / SQUARE FOOT g 48%% CHANGE (FROM 2011 TO 2015):
AVG. PRICE / SQUARE FOOT
PERCENTAGE OF SAMPLE TRADED
AVERAGESALES PRICE
AVERAGESQUARE FOOTAGE
AVERAGE PRICEPER SQ. FOOT
g 6%from 2011
g 20%from 2012
g 2%from 2013
h 2%from 2014
13% 12% 11% 10% 7%
$746K $868K $1.11M $1.02M $1.05M
2,513 2,741 2,788 2,522 2,636
$297 $316 $397 $405 $399
2011 2012 2013 2014 2015
AVENTURA | WATERFRONT CONDOS
Home of the popular Aventura Mall and the Turnberry
golf resort, Aventura saw a little weakness in the
condominium market, likely reflecting competition with new
product as well as fluctuations in the Russian currency.
Total average pricing increased but pricing per square foot
declined. Total average sales pricing exceeded $1 million;
Aventura has one of the largest unit sizes in the market at
2,636 square feet on average.
FROM AN EXPERT’S PERSPECTIVE: TODAY’S MARKET CONDITIONS AND THEIR DEVELOPMENT
PERCENTAGE OF SAMPLE TRADED
AVERAGESALES PRICE
AVERAGESQUARE FOOTAGE
AVERAGE PRICEPER SQ. FOOT
g 31%from 2011
g 44%from 2013
6% 18% 13% 25% 8%
$2.5M $3.48M $3.31M $3.4M $2.66M
2,701 2,586 2,433 1,402 1,945
$925 $1,344 $1,362 $2,419 $1,370
2011 2012 2013 2014 2015
MIAMI | NORTH END: CONDO MARKET INDEX
BAL HARBOUR | WATERFRONT CONDOS
The Bal Harbour condominium market represents
one of the two northern communities on Miami
Beach’s barrier island. After the massive sale of the St.
Regis Hotel condominiums in 2014 that created a 44% year-
over-year price per square foot increase, the condominium
resale market in Bal Harbour returned to par pricing in the
$1,300 – $1,400 PSF range. Even at par pricing, the Bal
Harbour market has grown 48% (PPSF) since 2011.
Omissions due to low transaction numbers or absence of market: Golden Beach
h 44%from 2014
g 1%from 2012
“Miami’s ‘North End’, encompassing Sunny Isles Beach, Aventura and Surfside, has seen a market shift (mid-
2015) as we move into what is now a strong buyer’s market. Condo inventory is on the rise and we see an ever-
increasing selection of high-end inventory. With new developments such as 400 Sunny Isles, Chateau Beach,
Mansions at Acqualina, Porsche Design Tower, Echo Aventura, FENDI Chateau and Surf Club Four Seasons
gaining their certificate of occupancy, we find additional resales adding to this equation. Price per square foot
is trending downward and we attribute this to the strong US dollar, along with the previously mentioned trends.
Sellers continue to get top dollar and yet many enter the market to find proper pricing ever so important.
Record-high sales are occurring with unique penthouses in contract from $15M to over $21M.”
— Ashton Coleman, Estate Agent
LEG
END
AVENTURA
SURFSIDE
BAL HARBOUR
SUNNY ISLES
39
% CHANGE (YEAR-OVER-YEAR): AVG. PRICE / SQUARE FOOT g 79%% CHANGE (FROM 2011 TO 2015):
AVG. PRICE / SQUARE FOOT
% CHANGE (YEAR-OVER-YEAR): AVG. PRICE / SQUARE FOOT g 56%% CHANGE (FROM 2011 TO 2015):
AVG. PRICE / SQUARE FOOT
PERCENTAGE OF SAMPLE TRADED
AVERAGESALES PRICE
AVERAGESQUARE FOOTAGE
AVERAGE PRICEPER SQ. FOOT
g 22%from 2011
h 11%from 2012
g 39%from 2013
h 6%from 2014
6% 10% 10% 8% 7%
$535K $748K $547K $1.09M $1.04M
1,575 1,711 1,385 1,692 1,711
$340 $437 $395 $647 $608
2011 2012 2013 2014 2015
SURFSIDE | WATERFRONT CONDOS
Surfside was somewhat weaker than its neighbors
Bal Harbour and Aventura in 2015, although pricing
in this neighborhood continues to exceed $1 million on
average since 2014. Existing condos in Surfside are also
facing competition from new development, including the
Four Seasons Surf Club and Fendi Château Residences. As
one of the areas experiencing the most growth from 2011 to
2015, Surfside’s pricing per square foot has increased 79%.
PERCENTAGE OF SAMPLE TRADED
AVERAGESALES PRICE
AVERAGESQUARE FOOTAGE
AVERAGE PRICEPER SQ. FOOT
g 9%from 2011
g 14%from 2012
g 16%from 2013
g 4%from 2014
11% 11% 12% 9% 7%
$1.25M $1.2M $1.43M $1.79M $1.81M
1,909 1,675 1,727 1,815 1,775
$653 $716 $830 $985 $1,019
2011 2012 2013 2014 2015
SUNNY ISLES BEACH | WATERFRONT CONDOS
Sunny Isles saw a slight turn towards smaller units in
2015, as well as pricing exceeding $1,000/SF. These
numbers do not reflect the wave of new luxury development
occurring in the area, such as the Mansions at Acqualina,
Château Beach and the billionaire-friendly Porsche Design
Tower. Although this market has been affected by fluctuations
with the Russian ruble in the past, Sunny Isles continues to
see price increases in contrast to Surfside and Aventura.
18201 COLLINS AVENUE – #TS6, SUNNY ISLES BEACH
Condo sections do not contain a “Luxury Market” page, since the product sample is already representative of the high-end market. For details on methodology, see page 5.
40
Although some submarkets along the coast (and
Weston) are popular among European and Latin
American investors, Broward County tends to
have a diverse, more heavily US-based buyer pool.
As a result, Broward is better shielded against
global economic fluctuations that impact foreign
investors’ buying power.
Broward had five single-family submarkets that
saw price reversals and 23 submarket which saw
year-over-year gains. The winners outnumbered
the losers by almost five to one, even though
average appreciation trailed Miami-Dade. Unlike
Miami-Dade, Broward saw significant increases
in sales volume for both waterfront and non-
waterfront residences, in addition to the luxury
market segments ($1M to $5M, $5M to $10M).
ONE Sotheby’s International Realty’s recent sale
of a waterfront residence in Fort Lauderdale’s
Harbor Beach for over $27 million was not only
the highest sale in 2015, but the only sale above
$10M in Broward’s real estate market that year.
These statistics reflect Broward’s resilience to
overseas economic risk as well as its relative
affordability and attractiveness compared to
Miami-Dade County. Sales volume has benefited
from the substantial concentrations of suburban
new developments in Parkland in particular, as
well as infill and redevelopment in the popular
urban neighborhoods east of Interstate 95.
A number of Broward’s submarkets have become
very popular among overseas buyers, including
Weston, Hallandale Beach and Hollywood Beach.
We can expect this trend to continue throughout
2016, as Broward’s relative affordability remains
attractive. However, the core domestic markets
(the Northeast and the Midwest) will contribute
more heavily to Broward’s real estate market in
the years to come.
WATERFRONTSINGLE-FAMILY HOMES
NON-WATERFRONTSINGLE-FAMILY HOMES
# For Sale b(avg./month)
# Sold b
PPSF b
# For Sale b(avg./month)
# Sold b
PPSF b
BROWARDSINGLE-FAMILY HOMES
AN OVERVIEW OF CURRENT MARKET CONDITIONS
TOTAL MARKET
1,652
2,897$173
4,075
8,884$110
2011
2011
1,623
4,023$217
3,631
11,894$155
2015
2015
1,524
3,614$215
3,525
10,915$146
2014
2014
1,162
3,517$201
2,376
10,520$135
2013
2013
1,284
3,240$178
2,730
9,669$116
2012
2012
# Sold Trendline b
PPSF Trendline b
# Sold Trendline b
PPSF Trendline b
g 39% FROM 2011
g 25% FROM 2011
g 34% FROM 2011
g 41% FROM 2011
41
$1M TO $5M TRANSACTIONS
$5M TO $10M TRANSACTIONS
$10M+ TRANSACTIONS
h
272
h
555
# Sold
# For Sale (avg./month)
h
432
h
545
h
460
h
648
h
557
h
710
h
306
h
521
h
6
h
50
# Sold
# For Sale (avg./month)
h
11
h
53
h
10
h
53
h
15
h
61
h
9
h
48
h
0
h
9
# Sold
# For Sale (avg./month)
h
2
h
16
h
2
h
16
h
1
h
19
h
0
h
15
# Sold Trendlineh
# Sold Trendlineh
# Sold Trendlineh
LUXURY MARKET
2011 2011 20112013 2013 20132012 2012 20122014 2014 20142015
IN 2015,
573OF BROWARD’S SINGLE-FAMILY HOME SALES
WERE CLOSED FOR OVER $1 MILLION.
IN 2011,
278OF BROWARD’S SINGLE-FAMILY HOME SALES
WERE CLOSED FOR OVER $1 MILLION.
REPRESENTING A 106% RISE IN LUXURY MARKET SALES FROM 2011 TO 2015
2015 2015
2900 NE 37 STREET, FORT LAUDERDALE
42
2011
$304
$298
HOLLYWOOD
HALLANDALE
2012
$355
$185
HALLANDALE
HOLLYWOOD
2013
$366
$277
HALLANDALE
HOLLYWOOD
2014
$387
$338
HALLANDALE
HOLLYWOOD
2015 (% change / 2014)
$395 (g 2%)
$373 (g 10%)
HOLLYWOOD
2015 saw a significant increase in sales volume for waterfront
homes in Hollywood, as well as strong price increases in both
metrics (10% PSF and an impressive 31% in the luxury market).
Hallandale also had a solid year of waterfront appreciation at
2% PSF in its total market and 67% at the top end.
These submarkets, as with some other coastal neighborhoods,
have seen an increase in the waterfront vs. non-waterfront
pricing gap. Waterfront pricing increased (with waterfront
luxury in particular doing very well) while inland pricing was
stagnant or even decreasing. Luxury waterfront pricing in the
two communities is now essentially equal at $1.85 million.
OVERALL MARKET INSIGHTS
BROWARD | SOUTH END: WATERFRONT, SINGLE-FAMILY HOMES
$400
$300
$200
$100
$0
THE NEIGHBORHOODS THE RESIDENCES
Omissions due to low transaction numbers or absence of market: None
TOTAL MARKET: NUMBER OF TRANSACTIONS
HOLLYWOOD BEACH
HALLANDALE BEACH
17
34
2015
21
35
2013
14
27
2014
12
25
2012
12
22
2011
HALLANDALE
HOLLYWOOD
$1,848,750
g 31% FROM 2014
WITH 8 TRANSACTIONS
HALLANDALE
$1,847,974
g 67% FROM 2014
WITH 17 TRANSACTIONS
LEG
END
TOTAL MARKET: AVERAGE PRICE PER SQUARE FOOT
LUXURY MARKET: THE TOP 50% OF EACH MARKET IN 2015 (BY AVERAGE HOME PRICE)
HOLLYWOOD BEACH
HALLANDALE BEACH
HOLLYWOOD BEACH
HALLANDALE BEACH
“With one of the country’s best boardwalks and
miles of pristine beaches, Hallandale Beach and
Hollywood Beach are two classic, charming beach
towns nestled between the cities of Fort Lauderdale
and Miami. Residents enjoy close proximity to both
MIA and FLL airports, the Port of Miami and Port
Everglades, providing convenient access to and
from any destination.”
— Victoria Cooney, Estate Agent
“While mostly a condo market, those looking for
a single-family home can find multimillion dollar
estates with panoramic water views or smaller
homes driving distance to the beach in Broward’s
South End. Most waterfront homes can be found
by the area’s beautiful canals, which are directly
connected to the Intracoastal for easy navigation to
neighboring communities and the Atlantic Ocean.”
— Blanca Garazi Schoonover, Estate Agent
43
2011
$208
$170
HALLANDALE
HOLLYWOOD
2012
$253
$226
HOLLYWOOD
HALLANDALE
2013
$246
$198
HALLANDALE
HOLLYWOOD
2014
$267
$219
HALLANDALE
HOLLYWOOD
2015 (% change / 2014)
$278 (g 4%)
$221 (g 1%)
HOLLYWOOD
2015 was a banner year for single-family sales in Hollywood,
with 119 inland sales vs. 84 in 2014. Pricing held steady at $221
PSF for inland homes, although luxury pricing dipped because
of a scarcity of million-dollar sales over last year. Hallandale
saw an increase in non-waterfront pricing of 4% PSF, although,
as in Hollywood, luxury pricing decreased.
Hallandale Beach and Hollywood Beach are the submarkets
closest to the Miami-Dade County line, which makes them
attractive to many international buyers who would otherwise
focus in Miami-Dade County. Currency fluctuations may play a
part in the pricing decreases.
OVERALL MARKET INSIGHTS
$400
$300
$200
$100
$0
THE NEIGHBORHOODS THE RESIDENCES
Omissions due to low transaction numbers or absence of market: None
TOTAL MARKET: NUMBER OF TRANSACTIONS
HOLLYWOOD BEACH
HALLANDALE BEACH
119
25
2015
96
29
2013
84
23
2014
114
25
2012
84
14
2011
HALLANDALE
HALLANDALE
$1,102,104
h 42% FROM 2014
WITH 12 TRANSACTIONS
HOLLYWOOD
$587,886
h 7% FROM 2014
WITH 60 TRANSACTIONS
LEG
END
TOTAL MARKET: AVERAGE PRICE PER SQUARE FOOT
LUXURY MARKET: THE TOP 50% OF EACH MARKET IN 2015 (BY AVERAGE HOME PRICE)
HOLLYWOOD BEACH
HALLANDALE BEACH
BROWARD | SOUTH END: NON-WATERFRONT, SINGLE-FAMILY HOMES
HOLLYWOOD BEACH HIGHLIGHTS HALLANDALE BEACH HIGHLIGHTS
“Hollywood Beach and Hallandale Beach are two
neighborhoods experiencing significant change,
with several new residential projects currently being
built or in pre-construction. These developments
will offer new amenities such as trendy restaurants
and state-of-the-art spas, and will help strengthen
the area’s identity as one of South Florida’s great,
paradisiacal destinations.”
— Alla Zavulunov, Estate Agent
“Non-waterfront single-family homes in Hollywood
and Hallandale can be found at many price points,
often more affordable than comparable homes in
northern neighbor Fort Lauderdale, or southern
neighbor Miami. With a range of different parks,
coral reefs and beachfront entertainment options,
Broward’s South End is an active yet peaceful place
to live in the heart of it all.”
— Louise Richer, Estate Agent
- Seven miles of pristine beaches- Lively, 2.5-mile boardwalk- Abundant parks and coral reefs- Multi-million-dollar estates
- Premiere parks and race tracks- Vibrant, beachfront community- Retail, dining and water sports- World-class, waterfront homes
44
2011
$733
$557
$491
$428
$377
$318
$307
FT. LAUD. BEACH
RIO VISTA
V. PARK & C. H.
SUNRISE KEY
HARBOR BEACH
CORAL RIDGE
LAS OLAS ISLES
2012
$534
$514
$463
$440
$334
$307
$200
HARBOR BEACH
CORAL RIDGE
V. PARK & C. H.
SUNRISE KEY
LAS OLAS ISLES
FT. LAUD. BEACH
RIO VISTA
2013
$835
$634
$551
$550
$490
$460
$386
HARBOR BEACH
SUNRISE KEY
FT. LAUD. BEACH
V. PARK & C. H.
RIO VISTA
CORAL RIDGE
LAS OLAS ISLES
2014
$682
$642
$567
$552
$539
$423
$413
HARBOR BEACH
LAS OLAS ISLES
FT. LAUD. BEACH
CORAL RIDGE
SUNRISE KEY
V. PARK & C. H.
RIO VISTA
2015 (% change from 2014)
$766 (g 12%)
$650 (g 15%)
$610 (g 10%)
$593 (h 8%)
$583 (g 8%)
$521 (g 26%)
$493 (g 17%)
LAS OLAS ISLES
SUNRISE KEY
V. PARK & C. H.
RIO VISTA
CORAL RIDGE
FT. LAUD. BEACH
TOTAL MARKET:NEIGHBORHOOD TO WATCH
SUNRISEKEY
EAST FORT LAUDERDALE: WATERFRONT, SINGLE-FAMILY HOMES
$1,000
$800
$600
$400
$200
$0
THE NEIGHBORHOODS THE RESIDENCES
Omissions due to low transaction numbers or absence of market: None
TOTAL MARKET: NUMBER OF TRANSACTIONS
LAS OLAS ISLES
HARBOR BEACH
FT. LAUD. BEACH
RIO VISTA
V. PARK & C. HAMM.
CORAL RIDGE
SUNRISE KEY
52
18
11
20
6
22
3
2015
75
17
5
21
7
43
2
2013
59
19
7
19
3
44
6
2014
66
13
2
9
10
53
6
2012
69
15
2
14
8
40
3
2011
HARBOR BEACH
2015 AVG. PRICE / SQUARE FOOT: $650
INCREASE OVER 2014 PERFORMANCE
INCREASE OVER 2011 PERFORMANCE
15% 104%
LAS OLAS ISLES
HARBOR BEACH
FT. LAUDERDALE BEACH
RIO VISTA
VICTORIA PARK & COLEE HAMMOCK
SUNRISE KEY
CORAL RIDGE / C.R. COUNTRY CLUBLE
GEN
DTOTAL MARKET: AVERAGE PRICE PER SQUARE FOOT
“East Fort Lauderdale’s many stunning waterways
strike newcomers the most. The Atlantic Ocean,
Intracoastal Waterway, New River and vast canal
network offer great opportunities for avid boaters
or those who simply appreciate the serenity of
the view. The downtown area is home to many
thriving businesses and young professionals. It’s a
truly unique setting even within Florida.”
— Mary Forman, Estate Agent
“Waterfront residences in East Fort Lauderdale
are usually spacious and built for outdoor living,
mostly set on the Intracoastal or one of the city’s
many luxury-home-lined canals. Waterfront homes
usually include high-end amenities and top-tier
finishes. In addition, a pool and boat dockage are
considered standard in this market, aptly called
‘The Venice of America’ due to its many waterways.”
— Jill L. Brown, Estate Agent
45
The single-family market saw PPSF appreciation of 8% for waterfront
homes in Las Olas Isles and 15% in Sunrise Key, although luxury pricing at
the top end did not increase in these submarkets thanks to competition
from new condominium developments. Waterfront PSF prices dipped
somewhat in Fort Lauderdale Beach but increased in Harbor Beach.
However; these trends were reversed at the high end.
Moving west of the Intracoastal, Rio Vista waterfront PPSF increased
by 10%, but luxury pricing dipped slightly, as it did in Coral Ridge. Total
sales volume in Coral Ridge suffered a 50% drop. In contrast, both PSF
and luxury pricing increased sharply in Victoria Park/Colee Hammock,
and total sales velocity doubled, albeit only to six sales.
OVERALL MARKET INSIGHTSLUXURY MARKET:NEIGHBORHOOD TO WATCH
FORT LAUDERDALEBEACH
HARBOR BEACH
$7,043,294
h 11% FROM 2014
WITH 9 TRANSACTIONS
RIO VISTA
$2,936,482
h 4% FROM 2014
WITH 10 TRANSACTIONS
FT. LAUD. BEACH
$4,036,000
g 32% FROM 2014
WITH 5 TRANSACTIONS
CORAL RIDGE
$2,384,545
h 13% FROM 2014
WITH 11 TRANSACTIONS
V. PARK & C. H.
$1,908,333
g 94% FROM 2014
WITH 3 TRANSACTIONS
SUNRISE KEY
$3,450,000
h 21% FROM 2014
WITH 1 TRANSACTION
LAS OLAS ISLES
$3,044,990
h 12% FROM 2014
WITH 26 TRANSACTIONS
2015 AVG. HOME PRICE: $4 MILLION
32% In 2015, Fort Lauderdale Beach presented one of only two luxury home market increases in East Fort Lauderdale and the higher sales price of the two.
341 ROYAL PLAZA DRIVE, LAS OLAS ISLES
LUXURY MARKET: THE TOP 50% OF EACH MARKET IN 2015 (BY AVERAGE HOME PRICE)
INCREASE OVER 2014 PERFORMANCE
46
2011
$308
$284
$274
$259
$228
$219
LAS OLAS ISLES
V. PARK & C. H.
FT. LAUD. BEACH
CORAL RIDGE
HARBOR BEACH
RIO VISTA
2012
$327
$295
$273
$259
$253
$199
FT. LAUD. BEACH
HARBOR BEACH
LAS OLAS ISLES
CORAL RIDGE
RIO VISTA
V. PARK & C. H.
2013
$403
$391
$315
$297
$268
$201
FT. LAUD. BEACH
HARBOR BEACH
LAS OLAS ISLES
CORAL RIDGE
RIO VISTA
V. PARK & C. H.
2014
$457
$415
$341
$326
$312
$246
LAS OLAS ISLES
HARBOR BEACH
FT. LAUD. BEACH
CORAL RIDGE
RIO VISTA
V. PARK & C. H.
2015 (% change from 2014)
$462 (g 11%)
$417 (h 9%)
$360 (g 6%)
$339 (g 9%)
$329 (g 1%)
$275 (g 12%)
V. PARK & C. H.
LAS OLAS ISLES
CORAL RIDGE
RIO VISTA
HARBOR BEACH
TOTAL MARKET:NEIGHBORHOOD TO WATCH
CORAL RIDGE
EAST FORT LAUDERDALE: NON-WATERFRONT, SINGLE-FAMILY HOMES
LAS OLAS ISLES
HARBOR BEACH
FT. LAUDERDALE BEACH
RIO VISTA
VICTORIA PARK & COLEE HAMMOCK
CORAL RIDGE / C.R. COUNTRY CLUB
TOTAL MARKET: AVERAGE PRICE PER SQUARE FOOT
THE NEIGHBORHOODS THE RESIDENCES
Omissions due to low transaction numbers or absence of market: Sunrise Key
TOTAL MARKET: NUMBER OF TRANSACTIONS
LAS OLAS ISLES
HARBOR BEACH
FT. LAUD. BEACH
RIO VISTA
V. PARK & C. HAMM.
CORAL RIDGE
6
3
9
29
78
66
2015
1
7
12
41
120
48
2013
5
12
14
40
98
45
2014
7
7
11
41
80
54
2012
5
6
11
27
52
34
2011
FT. LAUD. BEACH
2015 AVG. PRICE / SQUARE FOOT: $275
INCREASE OVER 2014 PERFORMANCE
INCREASE OVER 2011 PERFORMANCE
12% 26%
LEG
END
“Fort Lauderdale’s exclusive communities are not
strictly suited for waterfront property buyers. The
area is home to a marina, yacht clubs, the Coral
Ridge Country Club and famed restaurants and
boutiques, all close to the beach. This makes the
East Fort Lauderdale neighborhoods a great option
for water lovers, even in a non-waterfront home.”
— Zorka Dobreva, Estate Agent
“From Old Colonial, to Spanish Revival, Modern
and Art Deco, East Fort Lauderdale homes come
in a variety of architectural styles. Landscaping
is generally lush and tropical, with stately banyan
trees and palm trees lining streets and backyards.
Fort Lauderdale’s lively downtown area is just a
few blocks away from most of these communities.”
— Lori Novello, Estate Agent
$600
$500
$400
$300
$200
$100
$0
47
There were 3 sales in Harbor Beach and 9 sales in Fort Lauderdale Beach,
reflecting a slight year-over-year decrease. Prices increased in spite of the
decrease in sales, exceeding $330 PSF in Harbor Beach and $460 PSF in
Fort Lauderdale Beach. The market saw a pricing decrease in Las Olas
Isles thanks to increased competition from boutique condo developments.
Coral Ridge, which contains the Coral Ridge Country Club, saw strong
appreciation, although top-end prices did compress somewhat. Rio
Vista, Victoria Park and Colee Hammock are historic neighborhoods
surrounding downtown Fort Lauderdale, where PPSF has continued to
increase. Luxury pricing was varied, reflecting a smaller home size and
less of a bias towards super-luxury home sales in Rio Vista.
OVERALL MARKET INSIGHTSLUXURY MARKET:NEIGHBORHOOD TO WATCH
RIOVISTA
LUXURY MARKET: THE TOP 50% OF EACH MARKET IN 2015 (BY AVERAGE HOME PRICE)
LAS OLAS ISLES
$1,779,167
h 13% FROM 2014
WITH 3 TRANSACTIONS
RIO VISTA
$1,262,712
g 19% FROM 2014
WITH 15 TRANSACTIONS
HARBOR BEACH
$1,600,000
g 10% FROM 2014
WITH 1 TRANSACTION V. PARK & C. H.
$874,257
g 11% FROM 2014
WITH 42 TRANSACTIONS
CORAL RIDGE
$848,370
h 13% FROM 2014
WITH 33 TRANSACTIONS
FT. LAUD. BEACH
$1,387,500
h 30%FROM 2014
WITH 4 TRANSACTIONS
2015 AVG. HOME PRICE: $1.3 MILLION
INCREASE OVER 2014 PERFORMANCE
19% Rio Vista, although fourth out of six in terms of luxury home pricing, increased the most out of the six compared to 2014, at 19% to reach a $1.3M average.
744 NE 16 AVENUE, FORT LAUDERDALE
48
TOTAL MARKET:NEIGHBORHOOD TO WATCH
BAYCOLONY
BROWARD | NORTH END: WATERFRONT, SINGLE-FAMILY HOMES
LAUDERDALE-BY-THE-SEA
HILLSBORO BEACH
LIGHTHOUSE POINT
THE LANDINGS
BAY COLONY
SEA RANCH LAKES
TOTAL MARKET: AVERAGE PRICE PER SQUARE FOOT
THE NEIGHBORHOODS
“Northern Broward includes a variety of intimate
communities, including gated enclaves with boat
dockage as well as resident beach access. These
properties may be lakefront, on navigable canals,
on the intracoastal or oceanfront, providing the
best of all possible options for waterfront access.
There is a small town atmosphere with world-class
dining, shopping and entertainment nearby.”
— Linda Stark, Estate Agent
THE RESIDENCES
Omissions due to low transaction numbers or absence of market: None
TOTAL MARKET: NUMBER OF TRANSACTIONS
LAUD.-BY-THE-SEA
HILLSBORO BEACH
LIGHTHOUSE POINT
THE LANDINGS
BAY COLONY
SEA RANCH LAKES
12
1
66
25
9
2
2015
20
0
59
23
8
3
2013
16
2
52
29
7
5
2014
22
0
56
18
10
6
2012
14
0
59
21
7
4
2011
2015 AVG. PRICE / SQUARE FOOT: $523
INCREASE OVER 2014 PERFORMANCE
INCREASE OVER 2011 PERFORMANCE
42% 38%
LEG
END
“Waterfront residences in Broward’s North End are
usually very spacious, offering a variety of different
docking options and a tranquil atmosphere. Many
of these homes are located on the Intracoastal
Waterway, which boaters can navigate south to
Fort Lauderdale’s many waterfront restaurants and
lounges. These neighborhoods usually offer direct
ocean access for the boating/fishing enthusiast.”
— Albert Niels, Estate Agent
2011
$391
$379
$303
$297
$284
NO SALES
LAUD.-B.T.S.
LIGHTHOUSE PT.
BAY COLONY
HILLSBORO
THE LANDINGS
S. RANCH LAKES
2012
$336
$332
$329
$321
$294
NO SALES
BAY COLONY
LIGHTHOUSE PT.
LAUD.-B.T.S.
HILLSBORO
THE LANDINGS
S. RANCH LAKES
2013
$439
$370
$337
$325
$305
NO SALES
BAY COLONY
THE LANDINGS
LAUD.-B.T.S.
HILLSBORO
LIGHTHOUSE PT.
S. RANCH LAKES
2014
$1,401
$466
$443
$381
$369
$360
HILLSBORO
BAY COLONY
S. RANCH LAKES
THE LANDINGS
LAUD.-B.T.S.
LIGHTHOUSE PT.
2015 (% change from 2014)
$523 (g 42%)
$469 (h 15%)
$420 (g 10%)
$392 (g 9%)
$327 (h 28%)
$264 (h 81%)
S. RANCH LAKES
LAUD.-B.T.S.
HILLSBORO
LIGHTHOUSE PT.
THE LANDINGS
BAY COLONY
g$600
$500
$400
$300
$200
$100
$0
49
Sea Ranch Lakes and Lauderdale-by-the-Sea are adjacent, oceanfront
communities north of Fort Lauderdale. Waterfront prices in Lauderdale-by-
the-Sea dropped because most sales were canal-front, not Intracoastal-
front. There were two sales in Sea Ranch Lakes; these underperformed
the handful of transactions closed during 2014.
Bay Colony and The Landings are two adjacent, oceanfront communities
located just west of the Intracoastal Waterway, north of Fort Lauderdale.
Both of these neighborhoods saw strong PPSF appreciation. Only one
house (a townhouse with no ocean frontage) sold in Hillsboro Beach,
making year-over-year comparisons uninformative. Lighthouse Point
saw 10% appreciation in PPSF but a luxury decrease.
OVERALL MARKET INSIGHTSLUXURY MARKET:NEIGHBORHOOD TO WATCH
BAY COLONY
LUXURY MARKET: THE TOP 50% OF EACH MARKET IN 2015 (BY AVERAGE HOME PRICE)
BAY COLONY
$3,400,000
g 44% FROM 2014
WITH 4 TRANSACTIONS
S. RANCH LAKES
$1,800,000
h 53% FROM 2014
WITH 1 TRANSACTION
LAUD.-B.T.S.
$2,119,167
h 24%FROM 2014
WITH 6 TRANSACTIONS
THE LANDINGS
$1,401,306
g 5% FROM 2014
WITH 13 TRANSACTIONS
HILLSBORO
$905,000
h 93% FROM 2014
WITH 1 TRANSACTION
LIGHTHOUSE PT.
$2,007,415
h 11% FROM 2014
WITH 34 TRANSACTIONS
2015 AVG. HOME PRICE: $3.4 MILLION
INCREASE OVER 2014 PERFORMANCE
44% In an area where pricing changes were mostly negative during 2015, Bay Colony is the definitive leader with double-digit increases throughout.
935 HILLSBORO MILE, HILLSBORO BEACH
50$199
$175
$146
LAUD.-B.T.S.
S. RANCH LAKES
LIGHTHOUSE PT.
$249
$226
$158
S. RANCH LAKES
LAUD.-B.T.S.
LIGHTHOUSE PT.
$256
$238
$181
LAUD.-B.T.S.
S. RANCH LAKES
LIGHTHOUSE PT.
$262
$227
$210
LAUD.-B.T.S.
S. RANCH LAKES
LIGHTHOUSE PT.
$304 ( g 34%)
$279 (g 6%)
$213 (g 1%)
LAUD.-B.T.S.
LIGHTHOUSE PT.
TOTAL MARKET:NEIGHBORHOOD TO WATCH
LAUDERDALE-BY-THE-SEA
BROWARD | NORTH END: NON-WATERFRONT, SINGLE-FAMILY HOMES
$400
$300
$200
$100
$0
THE NEIGHBORHOODS THE RESIDENCES
TOTAL MARKET: NUMBER OF TRANSACTIONS
LAUD.-BY-THE-SEA
LIGHTHOUSE POINT
SEA RANCH LAKES
23
64
7
2015
21
69
3
2013
26
54
2
2014
12
58
9
2012
12
48
2
2011
S. RANCH LAKES
2015 AVG. PRICE / SQUARE FOOT: $279
INCREASE OVER 2014 PERFORMANCE
INCREASE OVER 2011 PERFORMANCE
6% 40%
TOTAL MARKET: AVERAGE PRICE PER SQUARE FOOT
LAUDERDALE-BY-THE-SEA
LIGHTHOUSE POINT
SEA RANCH LAKES
LEG
END
“The North End is home to charming, small-town,
slow-paced communities designed for easy living.
From Lighthouse Point’s jogger-friendly parks and
13 miles of bike paths to Lauderdale-by-the-Sea’s
900-foot pier, the North End neighborhoods offer
that attractive beach-town lifestyle minutes away
from the amenity-filled city of Fort Lauderdale.”
— Ellen Taracido, Estate Agent
“Within Broward’s North End, real estate options are
diverse enough to meet any budget, from luxury
communities with single-family homes to towering
condominiums with first-class amenities. The small-
town living characterizing these neighborhoods
offers residents a peaceful atmosphere without the
fear of overdevelopment.”
— Melanie and David Schrand, Estate Agents
2011 2012 2013 2014 2015 (% change from 2014)
Omissions due to low transaction numbers or absence of market: Hillsboro Beach, The Landings and Bay Colony
51
Sea Ranch Lakes and Lauderdale-by-the-Sea, a charming beach village
nicknamed “the Shore Diving Capital of Florida” because of its unique
snorkel trail, are adjacent communities north of Fort Lauderdale. Non-
waterfront pricing increased in Lauderdale-by-the-Sea by 6% in its
total non-waterfront, single-family home market and 21% in the luxury
segment. In contrast to 2014, with only two non-waterfront sales, seven
non-waterfront homes sold in Sea Ranch Lakes in 2015, at an average
price per square foot of $304.
Lighthouse Point saw modest total non-waterfront market appreciation
at 1% in pricing per square foot in 2015, but a consolidation of top-end
pricing, continuing the trend seen during 2014.
LUXURY MARKET:NEIGHBORHOOD TO WATCH
SEA RANCHLAKES2015 AVG. HOME PRICE: $1.1M
LUXURY MARKET: THE TOP 50% OF EACH MARKET IN 2015 (BY AVERAGE HOME PRICE)
LIGHTHOUSE POINT
INCREASE OVER 2014 PERFORMANCE
16%
S. RANCH LAKES
$1,100,000
g 16% FROM 2014
WITH 3 TRANSACTIONS
LIGHTHOUSE PT.
$518,227
h 17% FROM 2014
WITH 32 TRANSACTIONS
LAUD.-B.T.S.
$757,500
g 21% FROM 2014
WITH 12 TRANSACTIONS
Sea Ranch Lakes luxury home pricing was 45% higher than Lauderdale-by-the-Sea’s and 112% higher than Lighthouse Point’s in 2015.
52
2011
$178
$165
$146
$121
$89
SW RANCHES
SUNRISE
WESTON
PARKLAND
PLANTATION
2012
$176
$165
$149
$121
$92
SW RANCHES
SUNRISE
WESTON
PARKLAND
PLANTATION
2013
$207
$188
$158
$138
$109
SW RANCHES
SUNRISE
WESTON
PARKLAND
PLANTATION
2014
$200
$194
$171
$151
$125
SW RANCHES
SUNRISE
WESTON
PARKLAND
PLANTATION
2015 (% change from 2014)
$238 (g 19%)
$196 (g 1%)
$185 (g 8%)
$163 (g 8%)
$135 (g 8%)
SUNRISE
WESTON
PARKLAND
PLANTATION
TOTAL MARKET:NEIGHBORHOOD TO WATCH
SOUTHWEST RANCHES
WESTERN SUBURBS: NON-WATERFRONT, SINGLE-FAMILY HOMES
$300
$200
$100
$0
THE NEIGHBORHOODS
“The western cities of Broward boast five of the top
10 wealthiest zip codes in South Florida. They offer
meticulously planned, affluent family communities,
characterized by wide, tree-lined streets with gated
communities, excellent schools, recreation areas,
lakes, restaurants, country clubs, golf courses and
equestrian lifestyles. Only minutes to international
airports, shopping and white-sand beaches.”
— Eileen Kedersha, Broker Associate
THE RESIDENCES
Omissions due to low transaction numbers or absence of market: None
TOTAL MARKET: NUMBER OF TRANSACTIONS
SW RANCHES
SUNRISE
PLANTATION
PARKLAND
WESTON
109
767
913
468
834
2015
105
700
915
279
857
2013
92
792
863
250
823
2014
104
699
816
230
815
2012
105
661
644
196
705
2011
SW RANCHES
2015 AVG. PRICE / SQUARE FOOT: $238
INCREASE OVER 2014 PERFORMANCE
INCREASE OVER 2011 PERFORMANCE
19% 34%
SOUTHWEST RANCHES
LEG
ENDTOTAL MARKET:
AVERAGE PRICE PER SQUARE FOOTSUNRISE
PLANTATION
WESTON
PARKLAND
“Set along the edge of Everglades National Park are
family-oriented residences with a broad spectrum
of architectural styles without space constraints.
French-Colonial styled estates in peaceful, equestrian
communities such as Southwest Ranches and ultra-
contemporary residences being built in Plantation
and Weston provide you ample room to entertain
and enjoy exceptional quality of life.”
— Miguel Espinoza, Estate Agent
53
Weston and Southwest Ranches both saw continued price increases
at 1% year-over-year in Weston and 19% year-over-year in Southwest
Ranches, to a new high of $238. Since Weston is a popular destination
for Venezuelan nationals, appreciation was likely constrained by the
weakening Venezuelan currency. Plantation and Sunrise saw healthy
total market appreciation reaching 8% PSF year-over-year, combined
with a retrenchment of luxury pricing in Plantation.
Nestled against Boca Raton, Parkland has an average price of $185
PSF, a discount to Weston or Southwest Ranches. There was a record
sales velocity of 468 sales, nearly double that in the previous year, which
reflects the new construction in the northern part of the city.
OVERALL MARKET INSIGHTSLUXURY MARKET:NEIGHBORHOOD TO WATCH
PARKLAND
SW RANCHES
$1,362,093
h 18% FROM 2014
WITH 54 TRANSACTIONS
PARKLAND
$819,303
g 4% FROM 2014
WITH 239 TRANSACTIONS
SUNRISE
$283,601
g 8% FROM 2014
WITH 389 TRANSACTIONS
WESTON
$696,128
h 15% FROM 2014
WITH 426 TRANSACTIONS
2015 AVG. HOME PRICE: $819K
INCREASE OVER 2014 PERFORMANCE
4%Parkland’s communities are increasingly popular among young families due to their highly rated school system.
PLANTATION
$523,053
h 13% FROM 2014
WITH 471 TRANSACTIONS
LUXURY MARKET: THE TOP 50% OF EACH MARKET IN 2015 (BY AVERAGE HOME PRICE)
7352 STONEGATE BOULEVARD, PARKLAND
54
Unlike Miami-Dade County, Broward County is
predominantly dependent on the strength of the
domestic economy. The US economy has shown
signs of a continued, robust expansion that is
manifesting in job and wage growth and planned
retirement. These factors are highly promising for
residential real estate at all price ranges.
Broward County’s luxury condominium market is
significantly concentrated in two locations: Fort
Lauderdale (downtown and the beaches) and the
Hollywood/Hallandale area. Hallandale Beach
has proven to be attractive to overseas buyers as
an alternative to Miami-Dade County’s oceanfront
submarkets. Outside of these neighborhoods,
top-tier condominium product is very rare and is
scattered. Most new luxury condo development
is also located within these two clusters.
Broward County’s resale condominium market
does not encounter the same delivery pipeline
as Miami’s resale condo market, so prices held
steady with nominal change. With the delivery
of the Margaritaville Hotel in Hollywood Beach
and a continued pricing discount over other
waterfront condo markets in South Florida, the
East Fort Lauderdale, Hollywood Beach and
Hallandale Beach condo inventory, currently set
at approximately $450/SF – $600/SF, remains an
attractive real estate investment.
Broward County’s condominium market is stable
and has reached a state of equilibrium. Its total
condo market performance (waterfront and non-
waterfront) is encouraging, as overall pricing per
square foot is up 53% compared to 2011. Both
pricing and transaction volume have remained
positive, with increased sales activity meaning
that waterfront condo sales volume in Broward
(6,420 units) surpassed that of Miami-Dade
County (6,078 units) in 2015.
WATERFRONTCONDOS
NON-WATERFRONTCONDOS
# For Sale b(avg./month)
# Sold b
PPSF b
# For Sale b(avg./month)
# Sold b
PPSF b
BROWARDCONDOS
AN OVERVIEW OF CURRENT MARKET CONDITIONS
TOTAL MARKET
3,326
6,074$144
3,901
9,797$71
2011
2011
3,229
6,420$207
4,298
9,823$123
2015
2015
3,021
6,252$197
4,006
9,540$116
2014
2014
2,478
6,337$182
2,903
9,606$102
2013
2013
2,576
6,007$160
2,801
9,387$84
2012
2012
# Sold Trendline b g 6% FROM 2011
PPSF Trendline b g 44% FROM 2011
# Sold Trendline b NO CHANGE FROM 2011
PPSF Trendline b
g 73% FROM 2011
55
$1M TO $5M TRANSACTIONS
$5M TO $10M TRANSACTIONS
h
75
h
211
# Sold
# For Sale (avg./month)
h
158
h
198
h
192
h
228
h
224
h
284
h
118
h
198
h
0
h
4
# Sold
# For Sale (avg./month)
h
0
h
3
h
0
h
4
h
1
h
9
h
0
h
3
# Sold Trendlineh
LUXURY MARKET
2011 20112013 20132012 20122014 20142015
IN 2015,
225OF BROWARD’S CONDO SALES
WERE CLOSED FOR OVER $1 MILLION.
IN 2011,
75OF BROWARD’S CONDO SALES
WERE CLOSED FOR OVER $1 MILLION.
REPRESENTING A 200% RISE IN LUXURY MARKET SALES FROM 2011 TO 2015
2015
2200 S OCEAN LANE – #2809-0, FORT LAUDERDALE
$10M+ TRANSACTIONS
h
0
h
0
# Sold
# For Sale (avg./month)
h
0
h
1
h
1
h
2
h
0
h
1
h
0
h
0
2011 20132012 2014 2015
56
PERCENTAGE OF SAMPLE TRADED
AVERAGESALES PRICE
AVERAGESQUARE FOOTAGE
AVERAGE PRICEPER SQ. FOOT
% CHANGE (YEAR-OVER-YEAR): AVG. PRICE / SQUARE FOOT
% CHANGE (YEAR-OVER-YEAR): AVG. PRICE / SQUARE FOOT
g 12%from 2011
h 3%from 2012
g 10%from 2013
g 1%from 2014
g 22%
g 45%
21% 18% 14% 9% 12%
$1.2M $1.5M $1.31M $1.4M $1.41M
2,742 2,959 2,680 2,575 2,588
$447 $505 $489 $543 $546
2011 2012 2013 2014 2015
HOLLYWOOD BEACH | WATERFRONT CONDOS
Hollywood prices increased slightly (1% both in total
and PSF), but the transaction volume of 76 sales
was a substantial increase from 2014. As with Hallandale,
Hollywood has seen new development interest and a large
contingent of overseas buyers in properties like the Costa
Hollywood condo-hotel. Hollywood remains more expensive
than Hallandale, both by PPSF and by total pricing. Both
markets saw brisk sales exceeding 12% of total inventory.
FROM AN EXPERT’S PERSPECTIVE: TODAY’S MARKET CONDITIONS AND THEIR DEVELOPMENT
“When Shopping for a luxury waterfront condo in South Florida, you can look from South Beach to Palm Beach,
but the best value currently available is in Hollywood Beach, Hallandale Beach and Fort Lauderdale. All three
areas, including the vibrant Las Olas Boulevard, have the best pricing per square foot, the best pricing for new
construction developments and some of the best deals in the market. All three neighborhoods have different
lifestyles to offer, from Hollywood and Hallandale’s laidback beach living to Downtown Fort Lauderdale’s
small-city atmosphere filled with young professionals. However, from the beautiful beaches to the boating
lifestyle, the first-class dining, the top golf courses and so much more that these neighborhoods all have in
common, anyone can live their waterfront dream in these condo markets.”
— Susan Rindley, Estate Agent
PERCENTAGE OF SAMPLE TRADED
AVERAGESALES PRICE
AVERAGESQUARE FOOTAGE
AVERAGE PRICEPER SQ. FOOT
g 14%from 2011
g 4%from 2013
11% 11% 15% 12% 12%
$492K $557K $705K $730K $670K
1,610 1,573 1,626 1,613 1,518
$305 $354 $434 $453 $441
2011 2012 2013 2014 2015
BROWARD: CONDO MARKET INDEX
HALLANDALE BEACH | WATERFRONT CONDOS
Hallandale Beach, which borders Miami-Dade, saw
stable overall performance, partially attributed to
international buyers lured by new condos such as Beachwalk
and Hyde Beach, that have positioned themselves as a more
affordable alternative to Sunny Isles and North Beach. Its
condo pricing was down slightly in 2015 and transaction
volume remained stable. Comparing 2011 to 2015, Hallandale
has seen the highest PPSF increase for condos in Broward.
Omissions due to low transaction numbers or absence of market: North End and Western Suburbs
h 2%from 2014
g 18%from 2012
% CHANGE (FROM 2011 TO 2015): AVG. PRICE / SQUARE FOOT
% CHANGE (FROM 2011 TO 2015): AVG. PRICE / SQUARE FOOT
LEG
END
HOLLYWOOD BEACH
LAS OLAS
HALLANDALE BEACH
EAST FT. LAUDERDALE
57
% CHANGE (YEAR-OVER-YEAR): AVG. PRICE / SQUARE FOOT
% CHANGE (YEAR-OVER-YEAR): AVG. PRICE / SQUARE FOOT
g 40%
g 35%
% CHANGE (FROM 2011 TO 2015): AVG. PRICE / SQUARE FOOT
% CHANGE (FROM 2011 TO 2015): AVG. PRICE / SQUARE FOOT
PERCENTAGE OF SAMPLE TRADED
AVERAGESALES PRICE
AVERAGESQUARE FOOTAGE
AVERAGE PRICEPER SQ. FOOT
g 9%from 2011
g 10%from 2012
g 12%from 2013
g 1%from 2014
7% 12% 16% 16% 17%
$778K $907K $941K $1.1M $1.02M
2,329 2,483 2,318 2,381 2,182
$334 $365 $406 $462 $466
2011 2012 2013 2014 2015
LAS OLAS | WATERFRONT CONDOS
Condo prices along Las Olas improved modestly per
square foot, but total pricing decreased slightly as
smaller units sold. This submarket is seeing a relatively high
amount of new development, mostly in boutique buildings
with less than 100 units and, in many cases, less than ten.
These new developments will compete at the higher end
with existing inventory. Las Olas scored #1 in South Florida
in terms of sales velocity, with 17% of its units trading in 2015.
PERCENTAGE OF SAMPLE TRADED
AVERAGESALES PRICE
AVERAGESQUARE FOOTAGE
AVERAGE PRICEPER SQ. FOOT
g 5%from 2011
g 8%from 2012
g 11%from 2013
g 6%from 2014
6% 10% 12% 9% 12%
$846K $929K $1.09M $1.1M $1.26M
2,142 2,243 2,409 2,171 2,360
$395 $414 $452 $506 $534
2011 2012 2013 2014 2015
EAST FORT LAUDERDALE | WATERFRONT CONDOS
Significantly better performance than in Las Olas
was observed in other Fort Lauderdale submarkets
not directly on the Las Olas corridor. Sales pricing here
increased 15% and 6% per square foot as a number of large
residences sold. Its year-over-year performance hasn’t
missed a beat since 2011, with prices increasing every year.
The Fort Lauderdale and Las Olas condo markets have among
the highest sales velocity of any market in South Florida.
3055 HARBOR DRIVE – #1903, FORT LAUDERDALE
Condo sections do not contain a “Luxury Market” page, since the product sample is already representative of the high-end market. For details on methodology, see page 5.
58
GEOGRAPHIC BREAKDOWN:
The urban corridor formed by Brickell, Downtown,
Edgewater and Midtown has led the ranking of
new inventory hitting the market between 2016
and 2018, with 9,050 units (56%) of the active
projects in the market. In the Beaches, the most
active markets are Sunny Isles (1,711 units) and
Hollywood Beach (1,080 units), scheduled to be
completed in the same period. Their expansion
path in the beach is clearly towards the north
due to the scarcity of development sites in South
Beach, Miami Beach, Surfside and Bal Harbour.
GRAPH DELIVERY PROFILE:
In the new cycle (2010 – 2020), we have seen 39
luxury projects completed, totaling 5,114 units,
with a high concentration between 2013 and 2015.
In this segment, approximately 90% were sold by
December 2015. There are another 82 projects in
the pre-construction stage or under construction
with 16,215 units to be delivered between 2016 and
2019, of which 67% is already sold. The remaining
inventory is very controllable, with only 5,197 units
for sale. Only 26 projects are in pre-construction,
reflecting the underlying market strength.
The strengthening of the US dollar has triggered
a considerable devaluation of several currencies
in some key South Florida feeder markets such
as Canada, Brazil, Mexico, Colombia, Venezuela
and the European continent. This causes lower
absorption from international markets, which
is partially compensated by the strength of the
domestic market, especially the Northeast. This
trend has led some developers to postpone the
launch of planned projects, allowing the market
to better absorb the inventory.
9,050 units representing
56%of the active market
1,711 units
1,080 units
2010 – 2020:DEVELOPMENT CYCLE
AN OVERVIEW OF CURRENT MARKET CONDITIONS
DOWNTOWN MIAMI URBAN CORRIDOR
SUNNY ISLES
HOLLYWOOD BEACH
TOP NEW-DEVELOPMENT MARKETS2016 – 2018 DELIVERY PROJECTION
59
AVENTURA
BAL HARBOUR
BAY HARBOR
BRICKELL
WEST BRICKELL
COCONUT GROVE
DORAL
DOWNTOWN MIAMI
EDGEWATER
FORT LAUDERDALE
HOLLYWOOD
HOLLYWOOD BEACH
MIAMI BEACH
MIAMI RIVER
MIDTOWN
MIMO DISTRICT
SOUTH BEACH
SUNNY ISLES
SURFSIDE
SUNRISE
TOTAL
AREA TOTAL UNITS UNITS SOLD % SOLD% TOTAL UNITS
525
299
251
3,900
364
376
771
905
2,908
598
247
1,080
230
400
973
105
31
1,711
278
263
16,215
342
187
183
3,148
306
331
394
547
2,172
299
65
738
108
20
578
N/A
16
1,092
180
132
10,838
3.2%
1.8%
1.5%
24.1%
2.2%
2.3%
4.8%
5.6%
17.9%
3.7%
1.5%
6.7%
1.4%
2.5%
6%
0.6%
0.2%
10.6%
1.7%
1.6%
100%
65%
63%
73%
81%
84%
88%
51%
60%
75%
50%
26%
68%
47%
5%
59%
N/A
52%
64%
65%
50%
67% (AVG.)
ACTIVE DEVELOPMENTSBY AREA
ESTIMATED DELIVERY PROFILEUNITS PER QUARTER
3,500
3,000
2,500
2,000
1,500
1,000
500
0
Q1 ‘16
1,343
Q1 ‘17
966
Q1 ‘18
1,422
Q1 ‘19
0
Q2 ‘16
3,000
Q2 ‘17
1,262
Q2 ‘18
1,440
Q2 ‘19
264
Q3 ‘16
986
Q3 ‘17
1,529
Q3 ‘18
500
Q3 ‘19
0
Q4 ‘16
1,337
Q4 ‘17
1,909
Q4 ‘18
257
Q4 ‘19
0
Information based on projects’ sales centers’ information, news articles, press announcements, phone surveys, online search, among other sources. Data gathered January, 2016. Information is deemed accurate but not guaranteed. Availability and prices are subject to change without notice.
COMPLETED DEVELOPMENTS
UNDER CONSTRUCTION & PRE-CONSTRUCTION DEVELOPMENTSh
Information based on projects’ sales centers’ information, news articles, press announcements, phone surveys, online search, among other sources.
PROJECT NAME LOCATION DEVELOPER ARCHITECT COMPLETION AVG. $/SF # UNITS # SOLD % SOLD
RIVA Bay Harbor Islands Epelboim Dev. Group Sam Robin Mar 2013 $475 25 22 88%
MY BRICKELL Brickell Related Group Arquitectonica Sep 2013 $285 188 188 100%
BELLINI Aventura Martin Margulies CFE Architects Oct 2013 $650 70 63 90%
MARINA PALMS TOWER I Aventura Plaza Group / DevStar Slattery & Associates Jul 2015 $440 234 232 99%
APOGEE BEACH Hollywood Beach Related Group Carlos Ott Oct 2013 $585 49 49 100%
OCEAN SEVEN Miami Beach PMG Shapiro & Associates Dec 2013 $1,400 7 3 43%
OCEANA KB Key Biscayne Consultatio Arquitectonica Mar 2014 $1,250 142 133 94%
HARBOUR PARK Bay Harbor Islands ART+TEC Dev. / HOGG N/A Jul 2014 $350 20 18 90%
CLUB AT BAY HARBOR Bay Harbor Islands BH US Investments Franquel Benayon Sep 2014 $375 42 37 88%
MILLECENTO Brickell Related Group Carlos Ott Sep 2014 $390 384 384 100%
400 SUNNY ISLES Brickell Key Interntational Chad Oppenheim Sep 2014 $650 230 230 100%
PELORO Miami Beach SMG Management Luis Revuelta Dec 2014 $450 114 114 100%
FAENA HOUSE Miami Beach Faena Foster & Partners Dec 2014 $2,800 47 47 100%
EDITION Miami Beach Ian Schrager John Pawson Nov 2014 $2,400 26 21 81%
1 HOTEL & HOMES Miami Beach Le Frak / Starwood HKS - Kobi Karp Sep 2015 $1,850 163 133 82%
PALAU South Beach SMG Management Kobi Karp Nov 2014 $775 45 45 100%
MANSIONS AT AQUALINA Sunny Isles The Trump Group Cohen Freedman Encinosa Dec 2014 $1,400 79 79 100%
PASEO 5252 Doral Codina Sieger-Suarez Dec 2015 $335 203 203 100%
CHÂTEAU BEACH Sunny Isles Château Group Kobi Karp Dec 2014 $1,100 81 72 89%
ECHO Aventura PMG (NY) Carlos Ott Mar 2015 $575 190 171 90%
MERRICK MANOR Coral Gables The Astor Companies Behar Font & Associates Feb 2015 $411 170 164 96%
TERRAZAS Miami River Related / Ladder Capital Shapiro & Associates Jul 2012 $325 324 215 66%
BEACH WALK Hallandale Beach Related Group CFE Architects Jan 2015 $375 300 290 97%
101 KEY BISCAYNE Key Biscayne Eric Soulavy / Oscar Segall Gabriel Lopez Mar 2015 $950 11 10 91%
IRIS ON THE BAY Normandy Shores Braddock / Spear Group Beilinson Gomez Architects Jan 2015 $460 43 43 100%
GLASS South Beach Terra Group Rene Gonzalez Mar 2015 $2,300 10 10 100%
BALTUS HOUSE Edgewater Related Group Cohen Freedman Encinosa Jun 2015 $470 167 167 100%
BAY HOUSE Edgewater Melo Group Melo Architecture Dec 2015 $465 175 175 100%
ADAGIO ON THE BAY Ft. Lauderdale Grupo Alco Garcia Stromberg Apr 2015 $527 12 12 100%
ONE OCEAN South Beach Related Group Enrique Norten Jun 2015 $1,650 50 50 100%
321 OCEAN South Beach Arditi Enrique Norten Apr 2015 $1,600 21 20 95%
OCEAN Ft. Lauderdale Orchid Hotel LLC Garcia Stromberg Feb 2015 $850 298 12 4%
NINE Brickell LYND / ST Capital Behar Font & Associates May 2015 $520 390 390 100%
ICON BAY Edgewater Related Group Arquitectonica Jun 2015 $475 300 300 100%
VELA VISTA Ft. Lauderdale Oak Construction Tuthill Architecture Oct 2015 $500 10 9 90%
REGALIA Sunny Isles Regalia Beach Dev. Arquitectonica Jan 2015 $1,800 39 36 92%
MAREA South Beach Related Group Sieger-Suarez Nov 2015 $1,600 32 30 94%
1215 WEST South Beach Domus Group RE Chisholm Architects Dec 2015 $725 48 40 83%
BRICKELL HOUSE Brickell Newgard Dev. Group Sieger-Suarez Dec 2015 $315 375 375 100%
TOTAL $894 5,114 4,592 90% (Avg.)
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PROJECT NAME LOCATION DEVELOPER ARCHITECT COMPLETION AVG. $/SF # UNITS # SOLD % SOLD
AVENTURA PARK SQUARE Aventura Integra Zyscovich Dec 2017 $550 131 60 46%
MARINA PALMS TOWER II Aventura Plaza Group & DevStar Slattery and Associates Jun 2016 $440 234 202 86%
PRIVÉ Aventura BH3 Sieger-Suarez Dec 2016 $825 160 80 50%
CHÂTEAU OCEAN Bal Harbour Groskopf Arquitectonica Aug 2016 $1,400 60 10 17%
OCEANA BAL HARBOR Bal Harbour Consultatio Arquitectonica Jun 2016 $1,600 239 177 74%
IVORY Bay Harbor Islands Bricko BMA & Frankel Benayoun Jun 2016 $700 41 30 73%
BIJOU Bay Harbor Islands Ability by Acierto Luis Revuelta Oct 2017 $725 41 16 39%
PALM VILLAS Bay Harbor Islands Estudio 18 Shapiro & Associates Aug 2017 $400 14 0 0%
BAY BREEZE Bay Harbor Islands ART+TEC Development N/A Feb 2016 $435 17 10 59%
KAI RESIDENCES Bay Harbor Islands Estudio 18 Arquitectonica Apr 2016 $650 57 47 82%
O RESIDENCES Bay Harbor Islands S2 Developers / BH-LK Inv. Charles Benson Sep 2017 $750 41 41 100%
SERENO Bay Harbor Islands Integra Corwill Architects Jan 2017 $625 40 39 98%
FLATIRON Brickell Ugo Colombo / Capital Group Luis Revuelta May 2018 $650 548 250 46%
BOND Brickell Rilea Group Nichols Brosch Wurst Wolfe Jun 2016 $650 328 310 95%
ECHO BRICKEL Brickell Developer Carlos Ott Jun 2017 $1,100 180 167 93%
1010 BRICKELL Brickell Key International Sieger-Suarez Aug 2016 $650 387 375 97%
SLS RESIDENCES Brickell Related Group Arquitectonica Jun 2016 $550 453 453 100%
UNDER CONSTRUCTION & PRE-CONSTRUCTION DEVELOPMENTS (CONTINUED)
Data gathered January, 2016. Information is deemed accurate but not guaranteed. Availability and prices are subject to change without notice.
PROJECT NAME LOCATION DEVELOPER ARCHITECT COMPLETION AVG. $/SF # UNITS # SOLD % SOLD
BRICKELL HEIGHTS Brickell Related Group Arquitectonica Apr 2017 $643 358 330 92%
SLS LUX Brickell Related Group Arquitectonica Aug 2017 $703 534 508 95%
BR. CITY CENTRE / REACH Brickell Swire Arquitectonica Mar 2016 $650 390 330 85%
BR. CITY CENTRE / RISE Brickell Swire Arquitectonica May 2016 $675 390 157 40%
BRICKELL HEIGHTS II (BH2) Brickell Related Group Arquitectonica Feb 2017 $643 332 268 81%
LE PARC AT BRICKELL Brickell West AXA / Strategic Prop. Group Luis Revuelta & Archiplan Mar 2016 $540 128 116 91%
BRICKELL TEN Brickell West Waterstone Capital / IB Corp. BC Architects Jan 2016 $425 155 127 82%
CASSA BRICKELL Brickell West TSG Paragon Carlos Ponce de Leon Jun 2016 $480 81 63 78%
GROVE AT GRAND BAY Coconut Grove Terra Group Bjarke Ingels Apr 2016 $875 96 96 100%
ONE PARK GROVE Coconut Grove Related Group / Terra Group Rem Koolhaas Jun 2018 $1,600 54 17 31%
TWO PARK GROVE Coconut Grove Related Group / Terra Group Rem Koolhaas Aug 2017 $1,200 72 70 97%
PARK GROVE CLUB RES. Coconut Grove Related Group / Terra Group Rem Koolhaas Aug 2017 $900 154 148 96%
PASEO 5300 Doral Codina Sieger-Suarez Feb 2016 $360 219 100 46%
MIDTOWN DORAL PHASE I Doral Optimus PPK Architects Jun 2016 $325 306 255 83%
MANSIONS AT DORAL Doral Century / JC Dev. PPK Architects Mar 2017 $375 66 39 59%
MODERN Doral Terra Group PPK Architects Jan 2018 $275 320 164 51%
PARAMOUNT DOWNTOWN Downtown Royal Palm Cies. (D. Kodsi) Elkus Manfredi Jan 2018 $675 470 187 40%
CENTRO Downtown Newgard Sieger-Suarez May 2016 $415 352 320 91%
ONE THOUSAND MUSEUM Downtown Gregg Covin / Louis Birdman Zaha Hadid Jun 2018 $1,350 83 40 48%
ELYSEE Edgewater Two Roads Developers Arquitectonica Sep 2018 $750 100 30 30%
GRAN PARAISO Edgewater Related Group Arquitectonica Dec 2017 $750 317 205 65%
BENTLEY RES. & HOTEL Edgewater Heafey Group Kobi Karp Mar 2018 $650 242 75 31%
CRIMSON Edgewater McKafka IDEA Architects Mar 2016 $600 90 66 73%
PARAISO BAY TI Edgewater Related Group Arquitectonica Nov 2016 $575 360 360 100%
BISCAYNE BEACH Edgewater East View Dev. & GTIS WHLC Arch. / BC Arch. Nov 2016 $700 399 393 98%
ARIA ON THE BAY Edgewater Melo Group Arquitectonica Dec 2017 $500 647 342 53%
ONE PARAISO Edgewater Related Group Arquitectonica Sep 2017 $775 279 278 100%
PARAISO BAY VIEW Edgewater Related Group Arquitectonica Sep 2017 $550 388 350 90%
26 EDGEWATER Edgewater Stripey Real Estate Dev. Mods Architects Jan 2017 $473 86 73 85%
AUBERGE / SOUTH TOWER Ft. Lauderdale Fortune Intl. / Related Group Nichols Brosch Wurst Wolfe Nov 2017 $1,100 114 16 14%
THE GALE RESIDENCES Ft. Lauderdale Newgard Garcia Stromberg Apr 2017 $625 124 71 57%
AQUABLU Ft. Lauderdale OceanLand Investments Borges + Associates Sep 2017 $600 35 19 54%
THE WAVE IN BAY SHORE Ft. Lauderdale Oaktree Management LTD A.S. Bengochea Architects Oct 2017 $500 18 7 39%
FOUR SEASONS Ft. Lauderdale Fort Partners Kobi Karp Nov 2018 $1,300 42 6 14%
AUBERGE / NORTH TOWER Ft. Lauderdale Fortune Intl. / Related Group Nichols Brosch Wurst Wolfe Nov 2017 $1,100 70 53 76%
RIVA FT LAUDERDALE Ft. Lauderdale Premier Developers FSMY Mar 2017 $525 100 60 60%
PARAMOUNT FT LAUDERDALE Ft. Lauderdale Falcone Group Luis Revuelta Jan 2017 $850 95 67 71%
H3 Hollywood FINKA Kobi Karp Jan 2017 $250 247 65 26%
COSTA HOLLYWOOD Hollywood Beach Liberty Sites (M. Bensusan) Hamed Rodriguez Jun 2016 $500 307 173 56%
HYDE BEACH HOUSE Hollywood Beach Related Group / Key Intl. CFE Architects Apr 2018 $600 342 155 45%
SAGE BEACH Hollywood Beach PMG (NY) / TDG Florida Carlos Ott Jan 2016 $730 24 20 83%
HYDE BEACH Hollywood Beach Related Group / Fortune Cohen Freedman Encinosa Jul 2016 $650 407 390 96%
RITZ-CARLTON RESIDENCES Miami Beach Lionheart Capital / Elliott Lissoni Dec 2016 $1,250 126 67 53%
THE SHORE CLUB / FASANO Miami Beach HFZ Capital Isay Weinfeld Nov 2017 $2,300 75 22 29%
L’ATELIER Miami Beach SMG Manag. / W Capital Enzo Enea Dec 2017 $1,400 21 11 52%
BEACH HOUSE 8 Miami Beach Moravito Properties Arquitectonica Apr 2016 $1,700 8 8 100%
ONE RIVER POINT Miami River Kar Properties Rafael Vignoli Sep 2018 $800 400 20 5%
HYDE MIDTOWN Midtown Related Group / Dezer Arquitectonica Mar 2018 $550 460 300 65%
CANVAS Midtown NRI Investments CFE Architects May 2017 $450 513 278 54%
BOULEVARD 57 MiMo District Unitas Developments Sieger-Suarez Apr 2018 $650 105 0 0%
THREE HUNDRED COLLINS South Beach JMH Development Thomas Juul-Hansen Jun 2017 $1,400 19 11 58%
LOUVER HOUSE South Beach Mast Capital Rene Gonzalez Jul 2017 $1,400 12 5 42%
ESTATES AT AQUALINA Sunny Isles The Trump Group Rafael Portuondo Jun 2019 $1,550 264 81 31%
AURORA Sunny Isles Verzasca Group Luis Revuelta Dec 2018 $680 61 12 20%
ARMANI CASA Sunny Isles Gil Dezer / Related Group Cesar Pelli Jun 2018 $1,400 308 190 62%
RITZ-CARLTON SUNNY ISLES Sunny Isles Fortune International Arquitectonica Nov 2017 $1,500 212 115 54%
TURNBERRY OCEAN CLUB Sunny Isles Turnberry Associates Carlos Zapata Nov 2018 $1,450 154 44 29%
PORSCHE TOWER Sunny Isles Gil Dezer Porsche Design / S.-Suarez Sep 2016 $1,700 132 128 97%
JADE SIGNATURE Sunny Isles Fortune International Herzog & de Meuron Jun 2016 $1,650 192 168 88%
PARQUE TOWERS Sunny Isles J.Milton & Associates Edward Castallera Feb 2016 $500 320 290 91%
MUSE Sunny Isles PMG (NY) Carlos Ott / Sieger-Suarez Jun 2017 $1,900 68 64 94%
EIGHTY SEVEN PARK Surfside Terra Group / Bizzi Partners Renzo Piano Jan 2018 $2,500 70 17 24%
SURF CLUB - FOUR SEASONS Surfside Fort Capital Richard Meyer May 2016 $2,200 150 120 80%
FENDI CHATEÂU Surfside Château Group Arquitectonica Nov 2016 $1,800 58 43 74%
METROPICA Sunrise Trillist Companies / KGH Intl. Oppenheim Architecture Nov 2017 $404 263 132 50%
TOTAL 16,215 10,838 67% (Avg.)
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P R E S E N T S
S O U T H F L O R I D A ’ S
M O S T P R E S T I G I O U S
N E W R E S I D E N C E S
METROPICA | SUNRISE
RIVA | FORT LAUDERDALE
GALE RESIDENCES | FORT LAUDERDALE
TURNBERRY OCEAN CLUB RESIDENCES | SUNNY ISLES
KAI | BAY HARBOR ISLANDS
PALM VILLAS | BAY HARBOR ISLANDS
L’ATELIER | MIAMI BEACH
BOULEVARD 57 | MIAMI
THE RITZ-CARLTON RESIDENCES | MIAMI BEACH
THE RESIDENCES AT W SOUTH BEACH | MIAMI BEACH
1414 WEST BEACH | MIAMI BEACH
ELEVEN ON LENOX | MIAMI BEACH
THREE HUNDRED COLLINS | MIAMI BEACH
LOUVER HOUSE | MIAMI BEACH
ONE THOUSAND MUSEUM | MIAMI
BRICKELL CITY CENTRE | MIAMI
THE MANSIONS AT DORAL | MIAMI
LAGUNA HOUSE | CORAL GABLES
O N L Y W I T H ONE
TURNBERRY OCEAN CLUB RESIDENCESSUNNY ISLES BEACH
When you find a residence that feels right, you just know it. When you
enter a residence at Turnberry Ocean Club, you instantly appreciate the
superb architectural thought and creativity. A luxury tower must contain
more than just efficient floor plans and an innovative design; it must
have a soul and provide a lifestyle and a level of service that is unrivaled.
154 RESIDENCES
3 – 6 BEDROOMS
$4M STARTING PRICE
2018 COMPLETION
ONE THOUSAND MUSEUMDOWNTOWN MIAMI
Pritzker Prize-winning architect Zaha Hadid has become internationally
renowned for her designs of sensuous, soaring buildings that push the
limits of innovation and blur the lines between art and architecture.
One Thousand Museum, her first residential development in the
Western Hemisphere, is set to be Miami’s most prestigious new tower.
86 RESIDENCES
4 – 6 BEDROOMS
$5.8M STARTING PRICE
2018 COMPLETION
O N L Y W I T H ONE
780 RESIDENCES
1 – 3 BEDROOMS
$595K STARTING PRICE
2016 COMPLETION
BRICKELL CITY CENTREMIAMI
Combining ahead-of-the-curve, environmentally friendly design with retail
development savoir-faire, Brickell City Centre is the singularly innovative,
$1.05-billion project setting a new urban pulse in Miami. Reach and Rise,
its residential towers with 390 residences each, will offer extraordinary,
cosmopolitan residences tailored for global citizens.
BOULEVARD 57MIAMI
Boulevard 57 is the new landmark in Miami’s Upper Eastside, where
residents can experience a distinctively unique lifestyle. World-class
comforts are abundant in every facet, in a home that offers the best of
everything. From the high ceilings, to the custom designed European
closets, every detail has been crafted for excellence.
105 RESIDENCES
1 – 4 BEDROOMS
$640K STARTING PRICE
2018 COMPLETION
O N L Y W I T H ONE
23 RESIDENCES
2 – 4 BEDROOMS
$4M STARTING PRICE
2017 COMPLETION
L’ATELIERMIAMI BEACH
Designed as complete, flow-through residences, L’Atelier offers captivating
views in every direction. A Miami Beach masterpiece, it is set on the
grounds of the historic Golden Sands Hotel, intimate from a rich past
yet open to a brilliant tomorrow. This one-of-a-kind residence is the first
development by acclaimed interior designer, Holly Hunt.
THE RITZ-CARLTON RESIDENCESMIAMI BEACH
111 RESIDENCES
2 – 5 BEDROOMS
$2M STARTING PRICE
2017 COMPLETION
Elegant. Simple. Understated. A home where windows and doors open to
let the sounds and essence of nature float inside with the breeze. This is
a home where incredible meals are prepared and enjoyed with incredible
views. At the end of a busy day, oversized bathrooms create a retreat from
the world, and master suites offer privacy and comfort to the extreme.
O N L Y W I T H ONE
66 RESIDENCES
4 – 9 BEDROOMS
$1.2M STARTING PRICE
2016 COMPLETION
THE MANSIONS AT DORALMIAMI
Situated on magnificent lots, The Mansions at Doral is a gated enclave
of ultra-luxurious, modern homes that brings new life to the City of
Doral’s most prestigious area. With close proximity to major highways,
Miami International Airport, fine retailers and boutiques, and much
more, a stimulating lifestyle is right at your fingertips.
GALE RESIDENCESFORT LAUDERDALE
128 RESIDENCES
1 – 3 BEDROOMS
$495K STARTING PRICE
2017 COMPLETION
A landmark restored. A village reborn. A lifestyle revealed. 128 extraordinary
residences deliver elegant, contemporary living with exquisite views over
the North village to the beach and the downtown skyline. Intimate scale
and nostalgic charm joins elevated services and amenities for a luxury
experience Fort Lauderdale hasn’t seen in decades.
O N L Y W I T H ONE
263 RESIDENCES
1 – 3 BEDROOMS
$350K STARTING PRICE
2017 COMPLETION
METROPICASUNRISE
The vision behind Metropica was to completely reimagine and redefine
today’s modern urban lifestyle. Metropica combines luxury, technology,
top-of-the-line amenities, enviable views and more, creating a dynamic
community where life takes place in its many forms. Metropica offers
a place where work, play and life all happen seamlessly.
RIVAFORT LAUDERDALE
100 RESIDENCES
2 – 3 BEDROOMS
$695K STARTING PRICE
2017 COMPLETION
Located in Fort Lauderdale along the banks of the Middle River and
within steps of the Galleria Mall on Sunrise Boulevard, this development,
infused with contemporary Italian design, consists of 15 floors and 100
elegantly designed residences overlooking the river, Las Olas Boulevard
and Downtown Fort Lauderdale.
O N L Y W I T H ONE
19 RESIDENCES
1 – 4 BEDROOMS
$1.2M STARTING PRICE
2017 COMPLETION
THREE HUNDRED COLLINSMIAMI BEACH
At Three Hundred Collins, residents can leave the sights and sounds of
South Beach behind and discover a sanctuary between the city and the
sea. These residences offer the ultimate balance of city living and cool
tranquility. A unique blend of its natural environment and sophisticated
design, Three Hundred Collins is a modern retreat in the heart of it all.
LOUVER HOUSEMIAMI BEACH
12 RESIDENCES
3 BEDROOMS
$2.5M STARTING PRICE
2017 COMPLETION
Within this boutique property, spacious residences accessed by private
elevators feature the finest interior design. Airy and contemporary, yet
beautifully private, Louver House captures the spirit of South of Fifth.
The neighborhood’s tree-lined streets and lush gardens are reimagined
in private terraces as well as a rooftop pool terrace and dining areas.
O N L Y W I T H ONE
11 RESIDENCES
4 BEDROOMS
$3.8M STARTING PRICE
2017 COMPLETION
ELEVEN ON LENOXMIAMI BEACH
These townhomes combine the independent spirit of the beach house with the
style and prestige of an exclusive property. Each of these homes, developed by
Shoma Group, is designed to offer a more fluid, more individual way of living.
From your own garage to your very own pool, let Charles Allem’s seamless
interiors take you into a private world of uninhibited luxury.
KAI BAY HARBORBAY HARBOR ISLANDS
57 RESIDENCES
1 – 4 BEDROOMS
$645K STARTING PRICE
2016 COMPLETION
Suitably located just a few minutes from the beach, Bay Harbor Shops
and the Indian Creek golf course, Kai offers beautiful surroundings
and leisure at your immediate reach. This boutique gem consists of
57 spacious and luminous residences. Staying true to its boutique
fashion, Kai features innovative architecture and world-class design.
O N L Y W I T H ONE
2017 COMPLETION
13 RESIDENCES
3 – 4 BEDROOMS
$1.5M STARTING PRICE
LAGUNA HOUSEMIAMI
Laguna House is a 10-story tower that delivers a modern lifestyle with
luxurious interiors. Designed with only 13 residential units, including
one penthouse spanning the entire 10th floor, this stunning tower
incorporates privacy and exclusivity along with elements of the area’s
fashionable character, contemporary design focus, and upscale lifestyle.
408 RESIDENCES
0 – 3 BEDROOMS
$995K STARTING PRICE
COMPLETE
THE RESIDENCES AT W SOUTH BEACHMIAMI BEACH
Exquisitely finished and furnished oceanfront residences offering
world-class service and the ultimate resort lifestyle. Enjoy an enviable
300 feet of frontage along one of the finest stretches of white-sand
beach. Each residence is situated at a 25-degree angle to maximize
the spellbinding majesty of panoramic ocean and Miami views.
O N L Y W I T H ONE
14 RESIDENCES
3 – 5 BEDROOMS
$990K STARTING PRICE
PALM VILLASBAY HARBOR ISLANDS
Palm Villas offers a place in paradise to live with openness, privacy
and elegance. A gated community in Bay Harbor Islands, these
four-story, contemporary villas feature a family-friendly place to
experience luxury in an island paradise. 2017 COMPLETION
1414 WEST BEACHMIAMI BEACH
10 RESIDENCES
2 – 3 BEDROOMS
$1.1M STARTING PRICE
2017 COMPLETION
At 1414 West Beach you will find 10 beautifully crafted designer
residences by Charles Allem. Located in the vibrant community of
West beach, this boutique luxury development is steps away from
luxury shopping, elite training facilities and top restaurants. These
fully finished residences will be the ultimate private culture.
Since 1744, the Sotheby’s name has become renowned as a marketer for many of the
world’s most treasured possessions. Sotheby’s International Realty, in keeping with this
extraordinary reputation, has become a global leader in the representation of distinctive
real estate. In essence, Sotheby’s International Realty is synonymous with quality and
service and is the most interconnected luxury real estate brokerage network in the world.
In working collaboratively with our global Sotheby’s International Realty affiliates, ONE
Sotheby’s International Realty executes intelligent, innovative and strategic sales and
marketing programs, delivering maximum results and an exceptional level of service. By
utilizing the Sotheby’s brand’s in-house partnerships and resources, and by drawing upon
the immense experience of our associates, ONE Sotheby’s International Realty is uniquely
positioned to present real estate opportunities to an international, qualified client base.
ABOUT ONE SOTHEBY’S INTERNATIONAL REALTY
©MMXVI 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.