HoW - RedStones · 2012. 9. 24. · • Lecran Lagoa • Alvear Tower • Madero Harbour •...

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miami report

JANUARY 2012

An in-depth AnAlysis of south fl oridA’s new developer Condominium inventory

u p d A t e d t h r o u g h d e C e m B e r 3 1 s t 2 0 1 1

Also: pre-ConstruCtion sAles Are BACK (pg 10)

HoW A LOOK At HOW

MIAMI PRICES MEASURE UP DoeS it

Compare?SAO PAOLO

BUENOSAIRES

tORONtO

MIAMI

RIO DE JANEIRO

BOGOtÁ

PRINT EDITION

In The NewsIn The NewsMiami Herald – January 30th, 2012

SOUtH FLORIDA HOUSING CRISIS IN ONE CHARt the Miami Herald - January 11, 2012

Miami-Dade’s luxury condo resale market surges

Foreign buyers with strong currencies complemented by a scattering of wealthy

domestic purchasers acquired more $1 million condos in 2011 than in the last

year of the South Florida real estate boom in 2006,

World Property Channel - January 23, 2012

International Buyers Help Miami Break All-time Sales Record in

2011, Condo Prices Spike 31% in December

Miami was the fastest rebounding residential property market in US in 2011 as they enjoyed a new record-setting

year in sales velocity, beating out prior 2005 sales record set during the height of the South Florida condo boom era.

HEAD LINES

Real Estate Bis Now - December 15, 2011

RELAtED’S GROUNDBREAKING PROJECtLast week, The Related Group broke ground on South Florida’s first

condo start in four years with its 22-story oceanfront tower Apogee

Beach project.

32

BY DOUGLAS HANKSSouth Florida’s housing crash may be old news, but recent data offer some valuable perspective.

The Federal Housing Finance Agency maintains appreciation indices for metropolitan areas, which are similar to the famous Case-Shiller index but more local. By stacking up Broward and Miami-Dade’s indices to the nation’s, the warning signs are hard to miss.

The chart anchors all three indices to the first quarter of 2000, so the numbers show appreciation since then. Real estate got out of hand across the country, with appreciation peaking nationally at 166 percent in 2007. But in Broward, values soared 272 percent. Miami-Dade did even better, up 283 percent.

It’s easy to see how quickly values collapsed, but the chart also points out something that tends to be overlooked amid the wreckage of real estate. Home values are still ahead of where they were in 2003.

But perhaps more surprising, local property has actually held its value better than the average home in the United States. According to the FHFA, the average U.S. home is worth about 40 percent more than it was at the start of 2000. In Broward, the average home is worth 49 percent more. In Miami-Dade, it’s 56 percent more valuable.

tHE ECONOMIC tIME MACHINE

South Florida really should have seen this coming: a look back at how our housing bubble compared to the nation’s.

U.S.BrowardMiami-Dade Miami today - January 19, 2012 Construction Industry Rebound Likely, with Prices Rising too

While ISG strived to make the information in this Report as timely and accurate as possible, third party sources were used and ISG therefore makes no claims, promises, or guarantees about the accuracy, completeness, or adequacy of the contents of this report and expressly disclaims liability for errors and omissions in its contents.

As of May 2005, 62,000 condo units were proposed to be built in Downtown Miami and Brickell.

May 2005As of May 2005, 62,000 condo units were proposed

to be built in Downtown Miami and Brickell.

In reality, only 17,502 units were built and finished

54

GREATER FORT LAUDERDALE

REMAININGAS OF JANUARY

2012


2009

TOTALINVENTORY BUILT

SINCE 2005

5,135

1,681

142

Available Developer Inventory of Condos built from 2005-2009


SINCE 2004


2012


2007

Sources: Integrated Realty Information System (IRIS); Miami-Dade County Property Appraiser; Multiple Listing Service (MLS); Florida Division of Corporations; Google Map and Streets; Internet; project specific Developer owned websites; on-site sales staff (if available) and field visits to each building or site.

2,9382,076

493

DAYTONA BEAch Total Available Developer Inventory

for New Condominiums Built From 2004-2010

DOwNTOwN MIAMI & BRIckELL


SINCE 2005

REMAININGAS OFJANUARY

2009

17,50210,130

2,497


2012



SINCE 2005

ThE MIAMI BEAchEs(South Beach, Miami Beach, Bal Harbour, Sunny Isles, Aventura, Hallandale/Hollywood Beach)


10,0015,009

1,020REMAINING

AS OF JANUARY 2012

REMAININGAS OFJANUARY

2009

76 Sources: Integrated Realty Information System (IRIS); Miami-Dade County Property Appraiser; Multiple Listing Service (MLS); Florida Division of Corporations; Google Map and Streets; Internet; project specific Developer owned websites; on-site sales staff (if available) and field visits to each building or site.

DoeS itHoW A LOOK

At HOW MIAMI PRICES

MEASURE UP

Compare?

SAO PAOLORIO DE JANEIRO

BUENOSAIRES

tORONtO

MIAMI

BOGOtÁ

$400 PSF

DOWNtOWNMIAMI

tORONtO

$1000 PSF• The Hazelton

• Republic 70 Roehampton • Casa

• One St. Thomas • Quantum 2

$700 PSF

BOGOtÁ

• Piedras Blancas• Parque Rosales

• Sindamanoy• Montearroyo

$1000 PSF $550 PSF$900 PSF

SAO PAULO RIO DE JANEIRO BUENOS AIRES

• Vila Nova Reserved• Diogo Vila Nova Conceicao

• Vila Nuova• Concept Anália Franco

• Cenário da Vila

• Majestic Barra• Wave Ipanema• Maayan Barra

• Floris Bosque Residencial• Lecran Lagoa

• Alvear Tower• Madero Harbour

• Zencity• El Aleph

98 *Representing Buildings Built within the last 5 years.

total Pre-Construction Units Available For Sale

tHE PRE-CONStRUCtION PIPELINE

Apogee Beach - 49 units [Under Construction]

Bellini Aventura - 70 units [Under Construction]

0 - N/A

0 - N/A

211 39

300

374

743

23

49

96

70

192

Regalia - 39 units [Under Construction]

Mansions at Acqulina - 79 unitsPorsche Design tower - 132 units

23 Biscayne - 96 units [Under Construction]

mybrickell - 192 units [Under Construction]

Sky Palace at Mary Village - 369 unitsBrickell House - 374 unitsmybrickell 2 - 400 units

occupied

vacant

93%

7%

Downtown Miami and Brickell Occupancy Status for New Condos Built Between 2005-2010 and Available for Rent from January 1, 2011 - December 31st, 2011

Occupied Rentals Vacant Rentals

Downtown Miami and Brickell Occupancy Status for New Condos

Built Between 2005-2010

Available for rent from January 1, 2011 - december 31st, 2011

DOWNtOWN MIAMI RENtAL tRENDS

Pre-selling Pre-Selling And Under Construction

Beach Walk - 300 Units

0

600

1200

1800

2400

3000

$1,728$1,816

$2,051

$2,195$2,284

$2,347

Downtown Miami and Brickell Average Residental Rental Rate trends as of December 31, 2011 for New Condos Built betwen 2005-2010

DECE

MBE

R 20

09 MAY

201

0

SEPt

EMBE

R 20

10

AUGU

St 2

011

OCtO

BER

2011

DECE

MBE

R 20

11

1110

0 300 600 900 1200 1500

Brickell

Downtown Miami

South Beach / Miami Beach

Aventura

Sunny Isles

Hallandale

Hollywood

Greater Ft. Lauderdale

29

3 4

5

96 78

1011

1314

1512

16

18

17

20

21 222423

2526 27

28

30

31

32 33

34

35

36

37

38

39

4243

4445

40 41 4846 47

50 5451 52 53 55

56 57 58 59 60 61

19

49

62

21

BRICKELL1. 500 Brickell East - 500 Brickell Ave.2. 500 Brickell West - 55 SE 6 St.3. 1060 Brickell - 1050 Brickell Ave.4. 1050 Brickell - 1060 Brickell Ave.5. Asia Brickell Key - 900 Brickell Key Blvd.6. Axis South - 79 SW 12 St.7. Axis North - 1111 SW 1st Ave.8. Brickell on the River North - 31 SE 5th St.9. Brickell on the River South - 41 SE 5th St.10. Brickell Station Villas - 100 SW 10th St.11. Brickell View West - 1723 SW 2nd Ave.12. Habitat One - 1701 SW 2nd Ave.13. Icon Brickell Tower I - 465 Brickell Ave.14. Icon Brickell Tower II - 495 Brickell Ave.15. Infinity on Brickell Condo - 60 SW 13th St.16. Latitude on the River - 185 SW 7th St.17. Lofts on Brickell I - 1528 Brickell Ave.18. Lofts on Brickell II - 1650 Biscayne Blvd.19. Los Suenos De Brickell - 145 SW 11th St.20. Neo Vertika - 690 SW 1st Ct.21. One Plaza West Brickell - 1800 SW 1st Ave.22. Park View Towers - 115 SW 11 St.23. Plaza on Brickell North - 950 Brickell Bay Dr.24. Plaza on Brickell South - 951 Brickell Bay Ave.25. Solaris Condo Brickell Miami - 186 SE 12th Terr.26. The Emerald Condo Brickell - 218 SE 14th St.27. The Sail on Brickell - 170 SE 14th St.28. Viceroy Icon Brickell - 485 Brickell Ave.CENTRAL BUSINESS DISTRICT29. 50 Biscayne - 50 Biscayne Blvd.30. Capital Lofts - 117 NE 2nd St.31. Epic West - 200 Biscayne Way32. Vizcayne South - 253 NE 2nd St.33. Vizcayne North - 244 Biscayne Blvd.34. Flagler First Condo - 101 E. Flagler St.35. Ivy Miami Condo - 90 SW 3rd St.36. Met One Condo - 300 S. Biscayne Blvd.37. Mint Condo - 92 SW 3rd St.38. The Loft Downtown II - 133 NE 2nd Ave.39. Wind by Neo - 350 S. Miami Ave.MEDIA & ENTERTAINMENT40. City 24 - 350 NE 24th St.41. Opera Tower - 1750 N. Bayshore Dr.PARK WEST42. 900 Biscayne - 900 Biscayne Blvd.43. Marina Blue - 888 Biscayne Blvd.44. Marquis Condo - 1100 Biscayne Blvd.45. Ten Museum Park - 1040 Biscayne Blvd.WYNWOOD-EDGEWATER46. Cynergi - 2700 N. Miami Ave.47. Edgewater Lofts - 2200 NE 4th Ave.48. Gallery Art - 333 NE 24th St.49. Midblock - 3250 NE 1st St.50. Midtown II (Mid-rise) - 3451 NE 1st Ave.51. Midtown II (Mews) - 3449 NE 1st Ave.52. Midtown II (High-rise) - 3470 E. Coast Ave.53. Midtown IV - 3301 NE 1st Ave.54. Moon bay - 520 NE 29th St.55. New Wave - 725 NE 22nd St.56. Onyx on the Bay - 665 NE 25th St.57. Palermo - 425 NE 30th St.58. Paramount Bay - 2066 N Bayshore Dr.59. Platinum - 480 NE 30 St.60. Quantum on the Bay - 1900 N Bayshore Dr.61. Star Lofts on the Bay - 712 NE 25th St.62. The 1800 Club - 1800 N Bayshore Dr.

29

3 4

5

96 78

1011

1314

1512

16

18

17

20

21 222423

2526 27

28

30

31

32 33

34

35

36

37

38

39

4243

4445

40 41 4846 47

50 5451 52 53 55

56 57 58 59 60 61

19

49

62

21


dowNtowN miAmi & BRiCKELL - BuiLdiNg By BuiLdiNg THE REALITY IS: 62 BUILDINGS. 80% SOLD. ONLY 2,497 UNITS REMAIN.

*Representing Buildings Built From Mid 2005 through Dec. 31, 2009While ISG strived to make the information in this Report as timely and accurate as possible, third party sources were used and ISG therefore makes no claims, promises, or guarantees about the accuracy, completeness, or adequacy of the contents of this Report and expressly disclaims liability for errors and omissions in its contents.

13

100% SOLD OUT

75%- 99% SOLD OUT

50%- 74% SOLD OUT

Under 50% SOLD OUT

Rental

29

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96 78

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HoW - RedStones · 2012. 9. 24. · • Lecran Lagoa • Alvear Tower • Madero Harbour •...

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