Jorge Fernandez Presents TRENDS: 2011 Year in Review
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Transcript of Jorge Fernandez Presents TRENDS: 2011 Year in Review
2 0 1 1 Y E A R I N R E V I E W
Absorption summarizes 2011 in one word. The inventory of available residential properties for sale dropped by one third, moving the market from a balanced inventory to a shortage. Miami specifically has been on every Top Ten Recovery list published this year and typically leads in the number one position. Prices have increased in almost every market segment. REO inventory was below 1,200 properties by the end of the year, which is equal to the amount of those properties sold in a month. Virtually every measurable indicator signals a strong real estate recovery in spite of the lack of real economic recovery, which points to the fact that the market continues to be bolstered by foreign investment.
Prices are definitely on the rise. Some micro markets have seen as much as a 40% increase in pricing from the same time in 2010. Overall, the average price per square foot is up about 14% in Miami-Dade and 3% in Broward. Although the prices are up from 2010, prices have recovered to 2004 level pricing, still significantly lower than the high prices of 2007. There are still good values in many areas.
The luxury market continues to improve. The number of sales of properties over $1 Million in 2011 is higher than in 2007 and just below 2006, when these properties were trading at an all-time high. The super luxury market continues to evolve with four closed sales over $20 million in 2011.
Looking forward, the real issue is not shadow inventory but more maintaining a cautious eye towards irrational exuberance. Absorption will continue and pricing in some areas will continue to rise as the inventory dwindles. Things are certainly better, but real economic recovery lags behind the real estate recovery.
Jorge Fernandez+1 305 216 0237jfernandez@onesothebysrealty.comwww.distinctivehomesofmiami.com
CORAL GABLESSantona Corner
1430 S Dixie Highway, Suite 110Coral Gables, Florida 33146
MIAMI BEACHSouth of Fifth
119 Washington Avenue, Suite 102Miami Beach, Florida 33139
MIAMI BEACHOcean Drive
1451 Ocean Drive, Suite 104Miami Beach, Florida 33139
KEY BISCAYNEThe Galleria Mall
328 Crandon Boulevard, Suite 222Key Biscayne, Florida 33149
AVENTURANorthern Trust Building
18901 NE 29 Avenue, Suite 101Aventura, Florida 33180
FORT LAUDERDALELas Olas
888 E Las Olas Boulevard, Suite 110Fort Lauderdale, Florida 33301
Y E A R I N R E V I E W 2 0 1 1
Key ObservationsIt seems that the epicenter of the South Florida real estate recovery was Miami Beach, where prices of sold properties in the $1 million plus category ended up 2011 at just over $1,000 a square foot. As prices recovered, other areas began to go through the same cycle. By the end of 2011, all waterfront areas were experiencing increased sales activity and inventory was down significantly with prices starting to move upwards.
0 4 I T R E N D S O N E S O T H E B Y S R E A LT Y. C O M
200BUSINESS FRIENDLY The number of new retail and restaurant establishments added to the Brickell and Downtown Miami area in the last 5 years.
Source: Southeast Florida Regional MLS
62%
SOCIALLY SIGNIFICANTFacebook is currently the single largest publisher of all US display ad impressions, delivering 28% of all display ad impressions - more than Yahoo, Google and AOL combined.Source: The Social Marketer
“Foreign buyers with strong currencies complemented by a scattering of wealthy domestic purchasersacquired more $1 Million+ condos in 2011 than in the last year of the South Florida real estate boom in 2006. The luxury condo revival is Miami-Dade County is not occuring at the same pace in Broward County, where foreign buyers play a somewhat more limited role in transactions.”
THE MIAMI HERALD, January 2012
23LOOKING UP That’s the total number of new construction projects currently planned in Miami-Dade and Broward counties.Source: Condo Vultures, LLC
SIGNIFICANT SALESONE Sotheby’s International Realty sold this Miami Beach penthouse for $21.5 Million in December 2011, making it the highest selling condo ever sold south of New York City.Source: Southeast Florida Regional MLS
SUPER LUXURY In 2011, there were four sales over $20 Million. ONE Sotheby’s International Realty participated in three out of four of these sales. Source: Southeast Florida Regional MLS
REALTOR CONFIDENCE The number of U.S Realtors that believe home prices will increase over the next twelve months. Consider it the real estate equivalent to the consumer confidence index. Source: NAR Research
T R E N D S I 0 5O N E S O T H E B Y S R E A LT Y. C O M
Y E A R I N R E V I E W 2 0 1 1
At a Glance: 2011The sale of $1 Millon dollar homes in Miami-Dade and Broward counties represented 3.2% of the total sales in 2011, up from 2.8% in 2010. Homes over $1 Million were purchased with cash, as opposed to financed, 50% of the time in both 2010 and 2011. For those homes sold under $1 Million, cash sales made up 37% in 2010 and 41% in 2011. Financing continued to have record low rates, yet remained a challenge for many home buyers.
NUMBER OF HOMES
PRIC
E RA
NG
E
0
$10M+
$5M - $10M
$3M - $5M
$1M - $3M
$500K - $1M
500 1000 1500 2000
Under $1 MillionOver $1 Million
Sold 2011On The Market
0 6 I T R E N D S
Source: Southeast Florida Regional MLS.Source: Southeast Florida Regional MLS.
O N E S O T H E B Y S R E A LT Y. C O M
Month by MonthMarch continued to be the highest sale month in both Broward and Miami-Dade County. Together both counties had total homes sold of 5,680 in March, the highest month, compared to 4,081 in November.
SHADOW INVENTORY Short sale and REO properties currently make up only 2.3% of all homes on the market in South Florida for $1M+ homes and condos. This is down slightly from 2.9% at mid year 2011. There are 7 bank owned condos and homes in Miami and Dade, similar to the 6 properties on the market in the middle of 2011.
Source: Southeast Florida Regional MLS.
MARKET SHIFTThe number of months of inventory were extremely low compared to prior years in both Broward and Dade coun-ties. Six to nine months are considered a stable market. Broward enjoyed most months in the 5-6 month range most of 2011. Currently, Broward has a 6.8 month inventory, compared to 8.4 months this time last year. Miami-Dade enjoyed a 6-7 month inventory most of the year, with a current inventory of 8.6 months compared to 10.2 months this time last year. Both counties crested with a 3-4 year supply in 2008.Source: Trendgraphix
T R E N D S I 0 7
Source: Trendgraphix
Average Sales PriceAverage sales prices remained almost the same in Broward and Miami-Dade counties compared to the past two years. The high in Broward in 2011 was $199,000, compared to $197,000 in the previous two years. The high in Miami-Dade peaked at just over $300,000 in July, compared to just under $300,000 for the previous two years.
O N E S O T H E B Y S R E A LT Y. C O M
6.8
Traditional SalesShort SalesBank-Owned Properties
Y E A R I N R E V I E W 2 0 1 1
0Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
1500
3000
4500
6000
MONTH
NUM
BER
OF
HO
MES
SO
LD
Miami-Dade County Broward County
$0Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
$100K
$200K
$300K
MONTH
PRIC
E
Miami-Dade County Broward County
Source: Southeast Florida Regional MLS
CORAL GABLES COCOPLUM SNAPPER CREEK LAKES GABLES ESTATES
OLD CUTLER WATERFRONT PONCE DAVIS, HIGH PINES COCONUT GROVEPINECREST PALMETTO BAY
South of Miami
4845 Southwest 80 Street, Coral GablesOffered at $3,995,000
O N E S O T H E B Y S R E A LT Y. C O M
2010 56 $2,864,871 $2,562,500 11%2011 57 $2,412,753 $1,825,000 4%
Change 2% -16% -29%
Condos($1M+)
# of Transactions
AverageSales Price
MedianSales Price
% of REO Sales
Waterfront Properties
SingleFamily Homes
# of Transactions
AverageSales Price
MedianSales Price
% of REO Sales
C O M M U N I T Y P R O F I L E SI N D E P T H
T R E N D S I 0 9
OVERVIEW
Coral GablesAll indications of a changing market were positive. Transactions, average and median sale price all had double digit increases. Of all sales in Coral Gables, 25% were $1,000,000 or higher, up from 15% in 2010.
OVERVIEW
Coral GablesCoral Gables waterfront homes are one of
the few categories of properties that did not show positive movement in 2011. Number of
transactions were flat while other indicators slipped. The number of foreclosures did
decrease considerably, from 11% in 2010 to 4% in 2011. Along with Coral Gables waterfront single family homes, waterfront condos over
$1,000,000 also experienced downward trends in every indicator including average and median sales prices. 2011 saw no sales over $2,000,000
while 2010 had three.
130 Casuarina Concourse, Coral GablesOffered at $8,495,000
1415 Sevilla Avenue, Coral GablesOffered at $3,875,000
2010 352 $684,131 $512,500 11%2011 419 $793,791 $579,500 8%
Change 19% 16% 13%
Non-Waterfront Properties
SingleFamily Homes
# of Transactions
AverageSales Price
MedianSales Price
% of REO Sales
2010 10 $2,296,000 $1,255,000 -2011 9 $1,218,922 $1,192,800 -
Change -10% -47% -5%
O N E S O T H E B Y S R E A LT Y. C O MO N E S O T H E B Y S R E A LT Y. C O M
I N D E P T H C O M M U N I T Y P R O F I L E S I N D E P T H C O M M U N I T Y P R O F I L E S
1 0 I T R E N D S
CORAL GABLES
CocoplumWaterfront homes in Cocoplum had positive
movement in all indicators other than foreclosures (one in 2011, compared to 0 in 2010) Number of transactions and average
sale price was up over 20% year to year. The highest sold home in 2010 was $3,800,000
compared to $7,500,000 (nearly double) in 2011. Non-waterfront homes in Cocoplum also
saw favorable upward trends, with number of solds increasing by 28%.
Waterfront Properties# of
TransactionsAverage
Sales PriceMedian
Sales Price% of
REO Sales
Single Family Homes
# of Transactions
AverageSales Price
MedianSales Price
% of REO Sales
Single Family Homes
2010 6 $2,194,750 $1,667,500 -2011 6 $2,807,708 $1,950,000 -
Change - 28% 17%
Non-Waterfront Properties
2010 3 2,730,000 2,610,000 -2011 2 $5,175,000 $5,175,000 -
Change -33% 90%% 98%
Although sales activity decreased slightly in 2011 compared to 2010, the average sales price and median sales price in Snapper Creek Lakes nearly doubled. At the time of publication there were several pending sales in Snapper Creek Lakes, suggesting 2012 will demonstrate increases in the number of sales.
CORAL GABLES
Snapper Creek Lakes
Waterfront Properties# of
TransactionsAverage
Sales PriceMedian
Sales Price% of
REO Sales
# of Transactions
AverageSales Price
MedianSales Price
% of REO Sales
Single Family Homes
Single Family Homes
Non-Waterfront Properties
2010 8 $3,146,250 $3,022,500 -2011 10 $3,858,500 $3,500,000 10%
Change 25% 23% 16%
2010 21 $2,507,202 $2,550,000 -2011 27 $2,603,148 $2,230,000 7 %
Change 28% 4% -12%104 Paloma Drive, Cocoplum
Offered at $4,250,000
T R E N D S I 1 1O N E S O T H E B Y S R E A LT Y. C O MO N E S O T H E B Y S R E A LT Y. C O M
I N D E P T H C O M M U N I T Y P R O F I L E S I N D E P T H C O M M U N I T Y P R O F I L E S
# of Transactions
AverageSales Price
MedianSales Price
% of REO Sales
Single Family Homes
2010 3 $5,901,000 $4,150,000 33%2011 3 $5,243,000 $5,150,000 -
Change -11% 24%
All Properties
CORAL GABLES
Gables EstatesAlthough sales activity was the same in 2011 as
in 2010, the average sales price dropped by 11% this year. Median sales price and sales activity is on the rise in Gables Estates. Just as is cited
in other Old Cutler waterfront communities, Gables Estates seemed to rally with several
pending sales in December and January.
197 Leucadendra Drive, Gables EstatesOffered at $5,390,000
Ponce Davis, High PinesPonce Davis and High Pines experienced an 8% increase in transactions in 2011 compared to 2010. The median sales price declined by
20% as the amount of REO activity increased slightly. The Ponce Davis area still yields some
of the highest non-waterfront prices.# of
TransactionsAverage
Sales PriceMedian
Sales Price% of
REO Sales
Single Family Homes
2010 36 $1,243,000 $1,125,000 3%2011 39 $1,286,000 $925,000 5%
Change 8% 3% -18%
Non-Waterfront Properties
7650 Southwest 52 Avenue, Ponce DavisOffered at $2,350,000
CORAL GABLES
Old Cutler Waterfront CommunitiesOld Cutler Bay, Hammock Oaks, Journey’s End
Sales activity experienced a slight decline in 2011 compared to 2010. Although there were no REO transactions, both average and median sales price declined.
# of Transactions
AverageSales Price
MedianSales Price
% of REO Sales
Single Family Homes
2010 9 $3,135,000 $3,097,000 -2011 8 $2,755,000 $2,140,000 -
Change -11% -12% -31%
Waterfront Properties
601 Reinante Avenue, Old Cutler BayPending Sale
1 2 I T R E N D S O N E S O T H E B Y S R E A LT Y. C O M
I N D E P T H C O M M U N I T Y P R O F I L E S
Coconut GroveThe amount of Coconut Grove waterfront
home and condo sales was relatively the same in 2011 versus 2010, however, average sales
price and median sales price declined in both of these sectors. Coconut Grove continues to be a sought after location and the waterfront
homes represent a value purchase when compared to other waterfront locations.
Non-Waterfront Properties# of
TransactionsAverage
Sales PriceMedian
Sales Price% of
REO Sales
Single Family Homes
2010 156 $613,357 $506,750 18%2011 202 $622,320 $510,000 19%
Change 29% 1% 1%
Condos($500K+)
# of Transactions
AverageSales Price
MedianSales Price
% of REO Sales
2010 24 $761,479 $626,250 -2011 18 $720,306 $542,500 5%
Change -25% -5% -13%
Waterfront Properties# of
TransactionsAverage
Sales PriceMedian
Sales Price% of
REO Sales
Single Family Homes
2010 7 $5,496,000 $5,500,000 -2011 7 $4,427,000 $3,440,000 -
Change -19% -37%
Condos
# of Transactions
AverageSales Price
MedianSales Price
% of REO Sales
2010 85 $746,054 $602,500 5%2011 88 $706,765 $552,500 5%
Change 4% -5% -8%
Coconut GroveIn a very active segment of the market, the number of transactions for Coconut Grove non-waterfront homes increased by almost 30% in 2011 compared to 2010. Values remained mostly the same with a slight increase in average and median sales prices. Sales of non-waterfront condos in the area decreased by 25%. Average and median sales prices continued to decline as REO sales remained a portion of sales activity in this category.
2627 S Bayshore Drive #2503, Coconut GroveOffered at $1,999,000
1617 S Bayshore Drive, Coconut GroveOffered at $1,450,000
T R E N D S I 1 3O N E S O T H E B Y S R E A LT Y. C O M
I N D E P T H C O M M U N I T Y P R O F I L E S
North Pinecrest# of
TransactionsAverage
Sales PriceMedian
Sales Price% of
REO Sales
Single Family Homes
2010 51 $1,473,000 $1,300,000 6%2011 38 $1,378,000 $1,175,000 3%
Change -25% -6% -10%
South Pinecrest# of
TransactionsAverage
Sales PriceMedian
Sales Price% of
REO Sales
Single Family Homes
2010 131 $870,407 $650,000 8%2011 148 $814,055 $630,750 8%
Change 13% -6% -3%
O N E S O T H E B Y S R E A LT Y. C O M
I N D E P T H C O M M U N I T Y P R O F I L E S
Non-Waterfront Properties# of
TransactionsAverage
Sales PriceMedian
Sales Price% of
REO Sales
Single Family Homes
2010 220 $394,669 $367,450 21%2011 264 $397,345 $385,000 17%
Change 20% 1% 5%
11840 Southwest 69 Court, PinecrestOffered at $1,295,000
16710 Southwest 82 Avenue, Palmetto BayOffered at $699,000
Palmetto BayPalmetto Bay continues to work through REO inventory, which is keeping the prices relatively low. Sales activity increased by 20% in 2011 compared to 2010. Values remained mostly the same with a slight increase in average and median sales prices as REO transactions declined.
PinecrestIt would appear that the buying activity moved south in Pinecrest when North Pinecrest sales
activity dropped by 25%, with average and median sales prices continuing to decline in this category. South Pinecrest outperformed North
Pinecrest in amount of sales. South Pinecrest sales activity in 2011 increased 13% compared
to 2010, however, average and median sales price declined.
Waterfront Properties
Non-Waterfront Properties
I N D E P T H C O M M U N I T Y P R O F I L E S
T R E N D S I 1 5O N E S O T H E B Y S R E A LT Y. C O M
Waterfront Properties
Non-Waterfront Properties
Condos
# of Transactions
AverageSales Price
MedianSales Price
% of REO Sales
2010 74 $218,611 $165,000 20%2011 105 $224,665 $161,000 16%
Change 42% 3% -2%
Condos
# of Transactions
AverageSales Price
MedianSales Price
% of REO Sales
2010 181 $387,352 $280,000 13%2011 244 $405,852 $310,000 11%
Change 35% 5% 11%
DowntownDowntown experienced an overall increase in sales of 37% as it continues to work through the distressed inventory. Investors continue to drive the market and what is interesting to see is that rental rates are up 25%, which proves it is a good investment with positive cash flow. With the addition of the improvements at Bicentennial Park with the Miami Art Museum and Miami Science Museum along with the planned Resorts World Miami and the established Adrienne Arsht Center, Downtown is solidifying itself as a world-class destination.
Condos
# of Transactions
AverageSales Price
MedianSales Price
% of REO Sales
2010 244 $189,268 $165,000 37%2011 335 $236,779 $215,000 29%
Change 37% 25% 30%
Condos
# of Transactions
AverageSales Price
MedianSales Price
% of REO Sales
2010 624 $410,561 $250,000 21%2011 709 $441,713 $275,000 17%
Change 14% 8% 10%
BrickellAccording to the National Association of
Realtors, Miami is the #1 turn around market in the nation. Brickell is the place to be with
sales up 20% and average sales prices up 8%. The increase in pricing comes from a
reduction in available inventory and in REO properties as investors continue to absorb
the remaining distressed properties. In 2011 the total REO sales were down 4% as the market continues to correct. Since we still have a few condominiums that are Fannie Mae approved, professionals continue to
lease with an increase of 16% more rentals over the past year. This year we see condo
sales continue to exceed new inventory coming to market. As the supply and
demand trends continue, the market moves into the Seller’s zone, and we are likely to see continued upward pressure on pricing. That’s
what developers are banking on today as three new projects are set to break ground in
the Brickell area this year.
495 Brickell Avenue #5409, MiamiOffered at $524,900
1717 N Bayshore Drive #4254-5, Miami$2,495,000
O N E S O T H E B Y S R E A LT Y. C O MO N E S O T H E B Y S R E A LT Y. C O M
I N D E P T H C O M M U N I T Y P R O F I L E S I N D E P T H C O M M U N I T Y P R O F I L E S
# of Transactions
AverageSales Price
MedianSales Price
% of REO Sales
Key BiscayneStill a favorite for extraordinary living, Key
Biscayne waterfront single family homes have performed the best in 2011, with a
healthy 19% increase in average sales price and a 7% increase in median sales price. A
look at prices on a per square foot basis reveals more staggering results, since the
average price per square foot is at $1,662 - a 35% increase from 2010.Waterfront Properties
SingleFamily Homes
# of Transactions
AverageSales Price
MedianSales Price
% of REO Sales
2010 8 $5,774,313 $6,091,250 -2011 9 $6,895,556 $6,500,000 -
Change 13% 19% 7%
Waterfront Properties
Condos2010 144 $1,026,916 $697,500 3%2011 165 $1,076,761 $730,000 4%
Change 15% 5% 5%
Key BiscayneKey Biscayne oceanfront stays very steady and continues to be a sure value. While the total number of transactions has increased, the average and median sales prices have shown less than a 5% variation in 2011 compared to 2010, and the average and median sales prices per square foot have increased by 7%. It is interesting to note that the higher end market is performing best: the closing at the highest price per square foot was at $1,527 in 2011 - 32% higher than the preceding year.
1 6 I T R E N D S
330 Harbor Drive, Key BiscayneOffered at $9,950,000
781 Crandon Boulevard PH-1, Key BiscayneOffered at $4,490,000
T R E N D S I 1 7O N E S O T H E B Y S R E A LT Y. C O M
I N D E P T H C O M M U N I T Y P R O F I L E S
O N E S O T H E B Y S R E A LT Y. C O MO N E S O T H E B Y S R E A LT Y. C O M
I N D E P T H C O M M U N I T Y P R O F I L E S I N D E P T H C O M M U N I T Y P R O F I L E S
# of Transactions
AverageSales Price
MedianSales Price
% of REO Sales
Key BiscayneThe second half of 2011 has seen the last of
the “bargains” for non waterfront Key Biscayne Single Family Homes: the trend is back to
positive with 11% in average sales price and 13% in median sales price with an average sales
price per square foot at $564. Properties on the market at the beginning of 2012 are offered at $100 more per square foot than the 2010
average closing price per square foot, ranging from $1,099,000 to $6,995,000. Inventory
during the first two weeks of 2012 represented less than 10 months compared to 2011
transactions: prices will go further up in 2012.
Non-Waterfront Properties
Condos2010 54 $329,074 $309,000 19%2011 61 $260,603 $215,000 30%
Change 13% -21% -30%
SingleFamily Homes
# of Transactions
AverageSales Price
MedianSales Price
% of REO Sales
2010 58 $1,399,955 $1,143,500 2%2011 57 $1,556,011 $1,300,000 2%
Change -2% 11% 14%
Non-Waterfront Properties
Key BiscayneThe least healthy of the Key Biscayne products, non waterfront condos continue to be plagued by foreclosures, which represent almost 30% of the total transactions in 2011. This is the only category showing a decrease versus 2010. On the bright side, it is worthwhile to note that more than half of REO sales occurred in a single building. With one bank owned unit on the market at the beginning of 2012 and a shrinking total inventory, 2012 is predicted to be trending upwards.
799 Crandon Boulevard #802, Key BiscayneOffered at $3,850,000
561 S Mashta Drive, Key BiscayneOffered at $3,200,000
1 8 I T R E N D S
Miami BeachSOUTH BEACH MID BEACH NORTH BEACH SOUTH OF FIFTHFISHER ISLAND PALM, STAR, & HIBISCUS ISLANDS SUNSET ISLANDSVENETIAN & LA GORCE ISLANDS NORTH BAY ROAD & PINETREE DRIVE
South Pointe Park
T R E N D S I 1 9O N E S O T H E B Y S R E A LT Y. C O M
I N D E P T H C O M M U N I T Y P R O F I L E S
Condos
# of Transactions
AverageSales Price
MedianSales Price
% of REO Sales
Non-Waterfront Properties
SingleFamily Homes
# of Transactions
AverageSales Price
MedianSales Price
% of REO Sales
2010 723 $164,563 $125,000 32%2011 1,000 $186,705 $130,000 30%
Change 38% 13% 4%
2010 134 $748,433 $575,000 12%2011 166 $783,807 $650,000 12%
Change 24% 5% 13%
Waterfront Properties
Condos
SingleFamily Homes
MedianSales Price
AverageSales Price
# of Transactions
# of Transactions
AverageSales Price
MedianSales Price
% of REO Sales
% of REO Sales
2010 1,604 $492,051 $249,000 21%
2011 2,044 $516,538 $260,000 18%Change 27% 5% 4%
2010 72 $2,681,107 $1,625,000 15%
2011 102 $3,218,954 $1,912,503 8%Change 42% 20% 18%
OVERVIEW
Miami BeachNon-waterfront condos continue to be popular and good values. The brunt of both short sale and REO transactions take place in this sector. A 38% increase in the number of transactions demonstrates the highest increase in sales volume in all of the sectors of the Miami Beach condo market. This is an interesting number, as only 1/3 of the number of transactions took place here. Non-waterfront homes in Miami Beach saw positive movement in all indicators other that foreclosures, which remained flat at 12%. Number of transactions increased by 24% while average and median sale price rose as well. The highest sale in 2011 was approximately 25% higher in 2011 than in 2010.
OVERVIEW
Miami Beach2011 proved to be yet another banner year for
the Miami Beach waterfront condo market. Weekend and vacation retreats remain in demand with international and domestic
buyers. Our inventories continue to evaporate while demand remained constant, having a favorable effect on overall price per square
foot. Waterfront homes in Miami Beach were on fire in 2011. The number of transactions was up 42% and both average and median sale prices hovered around 20% increases.
Star Island saw a cash sale of $25,500,000 in 2011, one of only four plus $20,000,000 sales
in 2011.
1000 S Pointe Drive TH-M4, Miami BeachOffered at $5,250,000
2334 Alton Road, Miami BeachOffered at $2,150,000
2 0 I T R E N D S O N E S O T H E B Y S R E A LT Y. C O MO N E S O T H E B Y S R E A LT Y. C O M
I N D E P T H C O M M U N I T Y P R O F I L E S I N D E P T H C O M M U N I T Y P R O F I L E S
# of Transactions
AverageSales Price
MedianSales Price
% of REO Sales
2010 420 $481,240 $280,000 12%2011 568 $395,510 $260,000 16%
Change 35% -18% -7%
Waterfront Properties
Condos
# of Transactions
AverageSales Price
MedianSales Price
% of REO Sales
2010 468 $219,412 $137,000 37%2011 615 $252,817 $170,000 27%
Change 31% 15% 24%
Waterfront Properties
Condos
# of Transactions
AverageSales Price
MedianSales Price
% of REO Sales
2010 716 $680,974 $336,000 16%2011 861 $784,753 $375,000 13%
Change 20% 15% 12%
Waterfront Properties
Condos
MIAMI BEACH
Mid BeachMid-Beach is the only section of Miami Beach where the lion’s-share of condos
are waterfront. The inventory continues to evaporate. This is the only sector where we have seen a decrease in average sale price and price per square foot, and an increase
in the distressed inventory.
MIAMI BEACH
South BeachOwning a waterfront condo on South Beach remains en vogue. Properties priced reasonably sell quickly. The number of options today’s buyer has can be as high as 60% less than those of a year ago - dependent on the building a buyer is considering. Again, we see a shrinking trend in distressed property sales.
MIAMI BEACH
North BeachConsidering this was the most stagnant of all the sectors just two years back - NoBe has come back with a vengeance. The developer inventory at Canyon Ranch continues to sell at a pace quicker than expected, and should dry up in 2012. It is worth noting that the most anticipated hotel opening for 2012 occurred when The St. Regis - Bal Harbour Resort & Residences opened her doors in mid-January, just a few short blocks north of NoBe.
3737 Collins Avenue S-1402, Miami BeachOffered at $3,499,000
The Residences at W South BeachFrom $660,000 to $6,500,000
6365 Collins Avenue Ts-11, Miami BeachOffered at $1,049,000
O N E S O T H E B Y S R E A LT Y. C O M
Staged by TUI Lifestyle
T R E N D S I 2 1O N E S O T H E B Y S R E A LT Y. C O MO N E S O T H E B Y S R E A LT Y. C O M
I N D E P T H C O M M U N I T Y P R O F I L E S I N D E P T H C O M M U N I T Y P R O F I L E S
# of Transactions
AverageSales Price
MedianSales Price
% of REO Sales
2010 35 $1,703,329 $1,800,000 -2011 44 $2,623,898 $1,999,500 7%
Change 26% 54% 11%
All Properties
Condos
# of Transactions
AverageSales Price
MedianSales Price
% of REO Sales
2010 178 $1,318,240 $981,250 8%2011 242 $1,430,640 $906,250 6%
Change 36% 9% -8%
Waterfront Properties
Condos
MIAMI BEACH
Fisher IslandFisher Island emerges from 2011 with flying colors. This private enclave features an amenity rich lifestyle for those choosing to reside there. A 50% increase in average sales price sets a high bar for which it will be interesting to watch how 2012 compares!
MIAMI BEACH
South of FifthCoveted SoFi has yet again demonstrated its strength in the market. Price per square foot at Apogee is competing with Manhattan real
estate values with closed sales nearing $1,800/square foot. Meanwhile, the two
Continuum towers are both up approximately $150/square foot from end of year 2010.
T R E N D S I 2 1
400 S Pointe Drive #2408, Miami BeachOffered at $3,899,000
7161 Fisher Island Drive, Fisher IslandOffered at $5,500,000O N E S O T H E B Y S R E A LT Y. C O M
2 2 I T R E N D S O N E S O T H E B Y S R E A LT Y. C O MO N E S O T H E B Y S R E A LT Y. C O M
I N D E P T H C O M M U N I T Y P R O F I L E S I N D E P T H C O M M U N I T Y P R O F I L E S
O N E S O T H E B Y S R E A LT Y. C O M
I N D E P T H C O M M U N I T Y P R O F I L E S
MIAMI BEACH
Sunset IslandsSunset Islands, while the transaction number
was small, had amazing changes. Every single home sold was twice as high or HIGHER in 2011. Average and median sales prices
increased 385% and 251% respectively and price per square foot rose over 100%.
# of Transactions
AverageSales Price
MedianSales Price
% of REO Sales
Waterfront Properties
Single Family Homes 2001 Lake Avenue, Miami Beach
Offered at $8,650,000
MIAMI BEACH
Palm, Star & Hibiscus IslandsHomes in Palm, Star and Hibiscus Islands showed huge increases on almost every front, from number of transactions to an astounding increase of 73% and 65% respectively in average and median sales price. 2011 had four homes sell for over $10,000,000 compared to one in 2010, a four-fold increase.
Condos2010 9 $4,555,556 $3,250,000 -2011 12 $7,899,584 $5,353,750 -
Change 33% 73% 65%
Waterfront Properties# of
TransactionsAverage
Sales PriceMedian
Sales Price% of
REO Sales
Nora WalzEstate Agent305.582.0579
• Historical Budweiser bayfront estate on guard gated Palm Island• Complete structural updating• Original stained glass windows, floors and moldings intact • Minutes from South Beach, Brickell, downtown, and airport• Elegant 1,200 square foot separat guest house• Award winning rose garden• 150 foot dock• 150 foot dock• Direct ocean access• Gorgeous views of bay and downtown Miami• Minutes from South Beach, Brickell, downtown, and airport.
Offered at $9,875,000
®,™ and SM are licensed trademarks to Sotheby’s International Realty Affiliates LLC. An Equal Opportunity Company. Equal Housing Opportunity. Each Office Is
Independently Owned And Operated.
Single Family Homes
MIAMI BEACH
Venetian,La Gorce Island The Venetian Islands and La Gorce waterfront real estate news was mixed. The number of transactions and median sales price were positive, yet the average sale price was down due in part to a large sale in 2010 that raised the average sales price. Foreclosures also increased three fold from 2010 to 2011.
2010 16 $3,854,813 $2,100,000 6%2011 22 $3,103,096 $2,325,000 18%
Change 38% -20% 11%
2010 2 $1,450,000 $1,450,000 -2011 6 $7,037,500 $5,087,500 -
Change 200% 385% 251%
Waterfront Properties# of
TransactionsAverage
Sales PriceMedian
Sales Price% of
REO Sales
Single Family Homes250 East San Marino Drive, Miami Beach
Offered at $3,360,000 or Rent: $19,900/month
142 Palm Avenue, Miami BeachOffered at $8,200,000 or Rent: $35,000/month
T R E N D S I 2 3O N E S O T H E B Y S R E A LT Y. C O MO N E S O T H E B Y S R E A LT Y. C O M
I N D E P T H C O M M U N I T Y P R O F I L E S I N D E P T H C O M M U N I T Y P R O F I L E S
O N E S O T H E B Y S R E A LT Y. C O M
MIAMI BEACH
North Bay Road, Pinetree Drive
North Bay Road and Pinetree Drive waterfront homes experienced double digit movement in both the average and median sales price
over 25%. Average price per square foot saw a modest increase while both 2010 and 2011 had
zero foreclosures. The only indicator that saw a negative change was the number of transactions,
from 14 in 2010 to 10 in 2011.
MIAMI BEACH
Indian CreekIndian Creek had one sale in 2010 and none in 2011. At an average price per square foot of $1,179, it is the only single family home category priced at over $1,000 per square foot.
2010 14 $4,258,429 $3,467,500 -2011 10 $5,329,431 $4,659,260 -
Change -29% 25% 34%
Waterfront Properties# of
TransactionsAverage
Sales PriceMedian
Sales Price% of
REO Sales
Single Family Homes
Waterfront Properties# of
TransactionsAverage
Sales PriceMedian
Sales Price% of
REO Sales
Single Family Homes
2010 1 $9,300,000 $9,300,000 -2011 0 $0 $0 -
Change -100% -100% -100%
4549 Pinetree Drive, Miami BeachOffered at $12,500,000
17 Indian Creek Drive, Miami BeachOffered at $32,500,000 or Rent: $89,000/month
I N D E P T H C O M M U N I T Y P R O F I L E S
O N E S O T H E B Y S R E A LT Y. C O M
I N D E P T H C O M M U N I T Y P R O F I L E S
MedianSales Price
AverageSales Price
# of Transactions
MedianSales Price
AverageSales Price
# of Transactions
Non-Waterfront Properties# of
TransactionsAverage
Sales PriceMedian
Sales Price% of
REO Sales
T R E N D S I 2 5
SingleFamily Homes
% of REO Sales
% of REO Sales
Condos
Waterfront Properties
2010 121 $796,712 $459,000 8%2011 140 $804,829 $467,500 4%
Change 16% 1% 2%
2010 1 $2,800,000 $2,800,000 -2011 - - - -
Change - - -
SingleFamily Homes
2010 2 $2,250,000 $2,250,000 -2011 9 $1,725,778 $1,250,000 -
Change 350% -23% -44%
Bal HarbourBal Harbour waterfront homes had only one
sale between 2010 and 2011. Bal Harbour waterfront condos had a modest increase
in the number of transactions, yet remained steady in average and median sales prices.
The good news is foreclosures decreased by 50%. One Bal Harbour leads this segment of
the market with 31 sales in 2011.
Bal HarbourAs prices come into line with demand, sales of non-waterfront homes in Bal Harbour increased four fold in 2011.
88 Bal Bay Drive, Bal HarbourOffered at $19,500,000
70 Camden Drive, Bal HarbourOffered at $3,950,000
O N E S O T H E B Y S R E A LT Y. C O M
I N D E P T H C O M M U N I T Y P R O F I L E S
2 6 I T R E N D S
Golden BeachGolden Beach waterfront homes had solid gains in all categories other than price per
square foot, which showed a slight decline. Number of transactions doubled, and both
average and median sales prices were up over 20%. Nnon-waterfront homes stayed mostly
flat from 2010 to 2011 in every indicator.
Non-Waterfront Properties# of
TransactionsAverage
Sales PriceMedian
Sales Price% of
REO Sales
# of Transactions
AverageSales Price
MedianSales Price
% of REO Sales
2010 8 $2,406,500 $1,975,000 -2011 16 $3,311,047 $2,387,000 -
Change 100% 38% 21%
2010 6 $756,667 $732,500 33%2011 6 $755,833 $772,500 -
Change 0% -0.1% 5%
Non-Waterfront Properties
Waterfront Properties
Single Family Homes
Single Family Homes
Bay Harbor Islands2011 was a fantastic year for real estate on Bay Harbor Islands. Every indicator was up substantially including number of transactions and median sales price. Two homes sold for over $2,000,000 compared to none over $1,000,000 in 2010.
AverageSales Price
MedianSales Price
% ofREO Sales
9341 E Bay Harbor Drive PH-B, Bay Harbor IslandsOffered at $299,000
Waterfront Properties# of
Transactions
Single Family Homes
2010 5 $615,600 $630,000 -2011 11 $1,075,632 $687,455 -
Change 120% 75% 9%
O N E S O T H E B Y S R E A LT Y. C O M
I N D E P T H C O M M U N I T Y P R O F I L E S
T R E N D S I 2 7
AventuraActivity continued to be brisk in Aventura with
the number of transactions increasing 25% in 2011. Prices held firm and the # of REOs
remained essentially the same.
Sunny IslesSunny Isles continued to be a strong segment of the overall Miami market with the number of sales increasing 33%. As the developer inventory dwindles, prices at year end remained essentially unchanged. Several new projects are planned for this area.
2010 694 $358,370 $270,000 15%2011 870 $357,819 $264,000 14%
Change 25% -0.2% -2%
Waterfront Properties# of
TransactionsAverage
Sales PriceMedian
Sales Price% of
REO Sales
Single Family HomesCondos
Waterfront Properties# of
TransactionsAverage
Sales PriceMedian
Sales Price% of
REO Sales2010 613 $461,015 $235,000 11%2011 817 $477,939 $240,000 17%
Change 33% 4% 2%
Condos
Bellini Williams Island, AventuraFrom $1,000,000 to $4,000,000
18911 Collins Avenue #3001, Sunny IslesOffered at $2,199,000
2 8 I T R E N D S
LAS OLAS ISLES HARBOR BEACH LAUDERDALE BY THE SEALIGHTHOUSE POINT RIO VISTA HILLSBORO BEACH
FORT LAUDERDALE BEACH VICTORIA PARKHOLLYWOOD & HALLANDALE BEACH CORAL RIDGE BAY COLONY
Fort Lauderdale
512 Seven Isles Drive, Fort LauderdaleOffered at $19,900,000
T R E N D S I 2 9O N E S O T H E B Y S R E A LT Y. C O M
I N D E P T H C O M M U N I T Y P R O F I L E S
Condos
# of Transactions
AverageSales Price
MedianSales Price
% of REO Sales
Waterfront Properties
SingleFamily Homes
# of Transactions
AverageSales Price
MedianSales Price
% of REO Sales
2010 246 $1,238,343 $799,950 10%2011 285 $1,274,695 $900,000 11%
Change 16% 3% 13%
Condos(1M+)
# of Transactions
AverageSales Price
MedianSales Price
% of REO Sales
Non-Waterfront Properties
Single Family Homes
# of Transactions
AverageSales Price
MedianSales Price
% of REO Sales
2010 1,309 $180,207 $110,000 39%
2011 1,309 $190,258 $111,000 35%Change 0% 6% 1%
2010 2 $1,112,500 $1,112,500 -
2011 1 $1,040,000 $1,040,000 -Change -50% -6.5% -6.5%
2010 1,158 $160,468 $125 35%2011 1,103 $161,774 $128,000 28%
Change -5% 1% 2%
OVERVIEW
Fort LauderdaleNon-waterfront property in Fort Lauderdale did not fare as well in 2011 as in 2010. Despite a slight decrease in sales prices for $1 Million+ condos, only one sale took place this year. Non-waterfront homes also did not see much change in 2011, with prices staying relatively the same as this sector continues to be plagued by bank owned properties.
OVERVIEW
Fort LauderdaleFort Lauderdale’s waterfront homes saw
favorable numbers in 2011, with total number of solds up 16% from 2010 despite increases
in both average and median sales prices. The waterfront condo market remained relatively
the same this year, with minimal changes across the board.
625 Poinciana Drive, Fort LauderdaleOffered at $2,800,000
2410 Southwest 29 Way, Fort LauderdaleOffered at $675,000
3 0 I T R E N D S
Waterfront Properties
Single Family Homes
Single Family Homes
Waterfront Properties
Single Family Homes
Single Family Homes
O N E S O T H E B Y S R E A LT Y. C O MO N E S O T H E B Y S R E A LT Y. C O M
I N D E P T H C O M M U N I T Y P R O F I L E S I N D E P T H C O M M U N I T Y P R O F I L E S
Harbor Beach continues to be one of the most sought after neighborhoods in Fort Lauderdale. Sales of waterfront homes jumped 19% while prices remained about the same. The foreclosures are no longer a factor.
FORT LAUDERDALE
Harbor Beach
FORT LAUDERDALE
Las Olas IslesLas Olas Isles are located directly off Las
Olas Boulevard and include Coral Isles, Idlewyld, Riviera Isles, Navarro Isle, Nurmi Isles, Hendricks Isle, Isle of Venice, Isle of Capri, Coconut Isle, and Las Olas Seven
Isles. Most waterfront homes offer dockage. Canal depth varies from 4-12’ around the area.
This exclusive community saw an increase in median sale price compared to 2010. Number of transactions increased significantly in both wagterfront and non-waterfront homes, and
average sales price has stabilized.
Non-Waterfront Properties# of
TransactionsAverage
Sales PriceMedian
Sales Price% of
REO Sales2010 11 $619,336 $585,000 -2011 10 $761,400 $600,000 -
Change -9% 23% 3%
# of Transactions
AverageSales Price
MedianSales Price
% of REO Sales
2010 16 $2,044,281 $1,412,500 6%
2011 19 $2,025,000 $1,800,000 -Change 19% -1% 27%
Non-Waterfront Properties
Waterfront Properties
Single Family Homes
Single Family Homes
# of Transactions
AverageSales Price
MedianSales Price
% of REO Sales
Non-Waterfront Properties# of
TransactionsAverage
Sales PriceMedian
Sales Price% of
REO Sales
Waterfront Properties
Single Family Homes
Single Family Homes
2010 4 $801,925 $637,500 -2011 5 $818,000 $725,000 -
Change 25% 2% 14%
2010 52 $1,988,804 $1,475,00 8%2011 68 $1,963,524 $1,562,814 10%
Change 30% -1% 6%
Non-Waterfront Properties
2536 Lucille Drive, Fort LauderdaleOffered at $5,500,000
1 Pelican Drive, Fort LauderdaleOffered at $6,700,000
O N E S O T H E B Y S R E A LT Y. C O MO N E S O T H E B Y S R E A LT Y. C O M
I N D E P T H C O M M U N I T Y P R O F I L E S I N D E P T H C O M M U N I T Y P R O F I L E S
Waterfront Properties# of
TransactionsAverage
Sales PriceMedian
Sales Price% of
REO Sales2010 43 $995,495 $765,000 5%2011 60 $1,045,678 $837,500 7%
Change 40% 5% 9%
Non-Waterfront Properties# of
TransactionsAverage
Sales PriceMedian
Sales Price% of
REO Sales2010 60 $323,143 $255,500 9%
2011 46 $296,573 $280,900 13%Change -23% -8% 10%
Single Family Homes
Single Family Homes
T R E N D S I 3 1
FORT LAUDERDALE
Lighthouse PointJust minutes away to the Hillsboro inlet, Lighthouse Point is a luxury neighborhood and paradise for boat enthusiasts. Waterfront properties saw a substantial increase in number of sales and slight increase in both average and median sales prices. Non-waterfront properties did not far as well, with a 23% decrease in number of transactions from 2010 to 2011.
FORT LAUDERDALE
Lauderdale by the SeaLauderdale-by-the-Sea is a charming seaside
oasis on the northeastern edge of Broward county. As the number of transactions
increased in both sectors we see a major 93% drop in median sales price for non-waterfront
homes. This downward pricing trend can be attributed to a large amount of REO sales in
2011 - 20% of non-waterfront transactions were bank-owned properties.
# of Transactions
AverageSales Price
MedianSales Price
% of REO Sales
Non-Waterfront Properties# of
TransactionsAverage
Sales PriceMedian
Sales Price% of
REO Sales
Waterfront Properties
Single Family Homes
Single Family Homes
2010 7 $719,714 $775,000 -2011 15 $420,760 $350,000 20%
Change 114% -41% -93%
2010 7 $996,786 $760,000 -2011 8 $997,862 $812,500 13%
Change 14% 0.1% 7%
Non-Waterfront Properties
1460 S Ocean Blvd #1601, Fort LauderdaleOffered at $2,395,000
3930 NE 31 Avenue, Fort LauderdaleOffered at $1,299,000
O N E S O T H E B Y S R E A LT Y. C O MO N E S O T H E B Y S R E A LT Y. C O M
I N D E P T H C O M M U N I T Y P R O F I L E S I N D E P T H C O M M U N I T Y P R O F I L E S
3 2 I T R E N D S
Single Family Homes
Single Family Homes
Single Family Homes
Single Family Homes
O N E S O T H E B Y S R E A LT Y. C O MO N E S O T H E B Y S R E A LT Y. C O M
I N D E P T H C O M M U N I T Y P R O F I L E S I N D E P T H C O M M U N I T Y P R O F I L E S
Waterfront Properties# of
TransactionsAverage
Sales PriceMedian
Sales Price% of
REO Sales2010 11 $1,724,286 $1,475,000 9%2011 14 $1,424,600 $1,375,750 -
Change 27% -17% -7%
Non-Waterfront Properties# of
TransactionsAverage
Sales PriceMedian
Sales Price% of
REO Sales2010 21 $578,095 $415,000 -2011 27 $560,889 $500,000 7%
Change 29% -3% 20%
Single Family Homes
Single Family Homes
FORT LAUDERDALE
Rio VistaAn exclusive community close to downtown Fort Lauderdale, Rio Vista boasts no bridge
access to the ocean - a boater’s dream come true. Between 2010 and 2011, total number of
sales for both waterfront and non-waterfront homes in this neighborhood increased.
Waterfront properties saw the biggest drop in average sales price with a 17% decrease.
FORT LAUDERDALE
Hillsboro BeachThis enclave of waterfront homes has seen a slow down in the total number of sales from 2010 to 2011 along with a slight decline in both the average and median sales prices.
2010 5 $6,430,000 $6,300,000 -2011 2 $5,950,000 $5,950,000 -
Change -60% -7% -6%
Waterfront Properties# of
TransactionsAverage
Sales PriceMedian
Sales Price% ofREO
Single Family Homes
1021 Southeast 8 Street, Fort LauderdaleSold for $1,200,000
T R E N D S I 3 3
Waterfront Properties
Single Family Homes
Single Family Homes
Waterfront Properties
Single Family Homes
Single Family Homes
O N E S O T H E B Y S R E A LT Y. C O MO N E S O T H E B Y S R E A LT Y. C O M
I N D E P T H C O M M U N I T Y P R O F I L E S I N D E P T H C O M M U N I T Y P R O F I L E S
O N E S O T H E B Y S R E A LT Y. C O MO N E S O T H E B Y S R E A LT Y. C O M
I N D E P T H C O M M U N I T Y P R O F I L E S I N D E P T H C O M M U N I T Y P R O F I L E S
Waterfront Properties
# of Transactions
AverageSales Price
MedianSales Price
% of REO Sales
2010 4 $1,507,725 $1,387,950 -2011 5 $998,000 $1,045,000 20%
Change 25% -33% -24%
Non-Waterfront Properties
# of Transactions
AverageSales Price
MedianSales Price
% of REO Sales
2010 58 $396,257 $335,000 17%2011 50 $385,080 $337,500 8%
Change -13% 3% 0.7%
Single Family Homes
Single Family Homes
Non-Waterfront Properties# of
TransactionsAverage
Sales PriceMedian
Sales Price% of
REO Sales2010 10 $559,790 $533,450 30%2011 14 $721,879 $597,500 14%
Change 40% 28% 12%
# of Transactions
AverageSales Price
MedianSales Price
% of REO Sales
2010 4 $3,187,475 $3,137,450 -2011 8 $1,711,750 $950,000 12.5%
Change 100% -46% -70%
Non-Waterfront Properties
FORT LAUDERDALE
Victoria Park, Sunrise Key
A cozy residential neighborhood nestled in the heart of downtown Fort Lauderdale, Victoria
Park is a vibrant community that retains its Old Florida charm. This area saw a slight
decrease in the number of transactions in 2011 despite a lower number of REO sales for the
year. Waterfront properties in Sunrise Key have fared particularly well in 2011 with a 25%
increase in total number of solds.
FORT LAUDERDALE
Fort Lauderdale BeachThe total number of waterfront homes sold in Fort Lauderdale Beach in 2011 has doubled. A nearly 50% decrease in average sales price for waterfront homes could be attributed to the number of REOs being relatively high at 12.5%, compared to no REO waterfront sales in 2010. Non-waterfront homes in this sector have performed particularly well this year, with the number of transactions up 40% and average sales price up 28%.
Waterfront Properties
Single Family Homes
Single Family Homes
1200 Holiday Drive #603, Fort LauderdaleOffered at $1,750,000
431 N Victoria Park Road, Fort LauderdaleOffered at $895,000
Condos
# of Transactions
AverageSales Price
MedianSales Price
% of REO Sales
Non-Waterfront Properties
SingleFamily Homes
# of Transactions
AverageSales Price
MedianSales Price
% of REO Sales
2010 50 $420,654 $382,500 -2011 43 $437,730 $415,000 -
Change -14% 4% 8%
2010 174 $140,154 $108,500 30%2011 203 $151,595 $127,000 27%
Change 17% 8% 17%
Condos
SingleFamily Homes
# of Transactions
AverageSales Price
MedianSales Price
% of REO Sales
Waterfront Properties# of
TransactionsAverage
Sales PriceMedian
Sales Price% of
REO Sales2010 32 $1,072,091 $1,012,500 -2011 23 $1,215,685 $1,170,000 -
Change -28% 13% 16%
2010 1,202 $240,120 $170,000 -2011 1,418 $229,898 $162,350 -
Change 18% -4% -5%
FORT LAUDERDALE
Hollywood Beach,Hallandale BeachThe Hollywood-Hallandale beach market is benefiting from the influx of investors chasing deeply-discounted condo resales. With the increasing number of transactions in this very active condo market, we see a slight decrease in the number of transactions involving bank owned properties, which might be evidence of market improvement. A decrease in available inventory contributed to an overall decrease in sales of non waterfront homes with a marginal increase in pricing.
FORT LAUDERDALE
Hollywood Beach,Hallandale Beach
A gated community of waterfront homes with oversize docks on deepwater canals and no fixed bridges, Golden Isles in Hallandale is
considered a hidden gem among avid boaters. The condo market in this area continues to be very active with an almost 20% increase in the number of sales. Waterfront properties saw a
28% decline in number of transactions this year, most probably because of an increase in both
average and median sales prices.
3 4 I T R E N D S
1800 S Ocean Drive #704, HallandaleOffered at $779,000
207 Holiday Drive, HallandaleOffered at $1,540,000
O N E S O T H E B Y S R E A LT Y. C O M
I N D E P T H C O M M U N I T Y P R O F I L E S
Condos
SingleFamily Homes
T R E N D S I 3 5
FORT LAUDERDALE
Coral Ridge, The LandingsCoral Ridge and The Landings fared well in 2011 with the sales of non-waterfront homes increasing 35% as prices of the homes dropped to meet demand. Waterfront homes experienced upward movement in number of transactions as well, despite only a small 5% decrease in average sales price.
Waterfront Properties
Non-Waterfront Properties# of
TransactionsAverage
Sales PriceMedian
Sales Price% of
REO Sales2010 26 $718,877 $608,000 -2011 35 $556,157 $525,000 3%
Change 35% -23% -14%
# of Transactions
AverageSales Price
MedianSales Price
% of REO Sales
2010 45 $1,050,176 $749,000 8%2011 48 $995,753 $775,000 13%
Change 7% -5% 3%
Non-Waterfront Properties
Single Family Homes
Single Family Homes
2010 5 $2,685,500 $3,000,000 -
2011 4 $1,112,500 $1,112,500 -Change -20% -59% -63%
Waterfront Properties# of
TransactionsAverage
Sales PriceMedian
Sales Price% of
REO Sales
Single Family Homes
FORT LAUDERDALE
Bay ColonyOne of the most exclusive addresses in the area, Bay Colony is one of only two
guard gated waterfront communities in Fort Lauderdale. This luxury enclave features wide,
deep protected interior canals with no fixed bridges, lush landscaping along its streets,
and estate style homes boasting deepwater dockage for avid boaters. Decrease of the total
number of homes available for sale affected both average sales and median prices. A mere
seven residences in Bay Colony were on the market at time of publication.
230 N Compass Drive, Fort LauderdaleOffered at $2,599,000
5431 Northeast 31 Avenue, Fort LauderdaleOffered at $1,595,000
O N E S O T H E B Y S R E A LT Y. C O M
I N D E P T H C O M M U N I T Y P R O F I L E S
Waterfront Properties
Bellini at Williams Island, AventuraFrom $1,000,000 to $4,000,000
COVER PROPERTY: 34 W Dilido Drive, Miami Beach I offered at $11,900,000This material is based upon information that we consider reliable, but because it has been supplied by third parties, we cannot represent that it is accurate or complete, and it should not be relied upon as such. This offering is subject to errors, omissions, changes, including price, or withdrawal without notice. ©MMXII Sotheby’s International Realty Affiliates LLC. All Rights Reserved. An Equal Opportunity Company. Equal Housing Opportunity.
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