Market TRENDS Luxury Miami&Fort Lauderdale mid year 2011

7/31/2019 Market TRENDS Luxury Miami&Fort Lauderdale mid year 2011

1/36

TRENDS

2011MID-YEARUPDATE


2/36

2 0 1 1THE FIRST 6 MONTHSBasic economic theory tells us that as supply alls and demand rises, prices should increase.

The real estate market in South Florida or the rst six months o 2011 is representative o

this basic economic theory.

Spurred by oreign buyers with cash ofers, inventory o properties or sale had dropped

to 5 year low by June 2011. Waterront property sales led the way with price increases,

bolstering an overall increase in the average sales price in both counties to a two year high

point. Cash buyers continue to uel the very high and very low end markets. Financing,

although more available, is still slowing real recovery in the middle o the market.

Will this last? Talk o the shadow inventory and the possibility o a uture correction

seem to be the caveat to all o the apparent, and now indisputable, good news about the

market. Most experts eel that there will be some increased inventory released by banks

either through short sale or oreclosure sales coming in the next ew months now that

supply is low and prices are improved. While the inventory is needed, most agree that

there is not enough shadow inventory to create any signicant backsliding momentum in

most o our market areas.

It is our privilege to share our Mid-Year 2011 Real Estate Market Trends with you and hope

that you nd the inormation useul about the market in South Florida.

CORAL GABLESSantona Corner1430 S Dixie Highway, Suite 110Coral Gables, Florida 33146

Beth Butler

President & COO

ONE Sothebys International Realty

+1 305 666 9322

onesothebysrealty.com


3/36

MIAMI BEACHAtlantic Center Building119 Washington AvenueMiami Beach, Florida 33139

KEY BISCAYNEThe Galleria Mall328 Crandon Boulevard, Suite 222Key Biscayne, Florida 33149

FORT LAUDERDALELas Olas888 E Las Olas Boulevard, SuiteFort Lauderdale, Florida 33301

M I D - Y E A R U P D A T E 2 0


4/36

Key ObservationsInstant gratication is on the rise with South Florida real estate buyers. Properties in tip-top shape are garnering disproportionatelhigher prices than those that need work. Buyers are no longer attached to decorator ready and are looking not only or nishe

properties but are attracted to well-designed urniture packages that can be delivered within a short time o closing.

0 4 I T R E N D S O N E S O T H E B Y S R E A L T Y . C O


5/36

90%ULTRA LUXURY The pricedierential on average between theAsking Price and Sales Price orresidential properties over $1 million inMiami Dade County.

Source: Terradatum

41%

ON THE MOVEDid you know that one hal o all localsearches are perormed on mobiledevices? ONE Sothebys remains theonly local iPad app in South Florida.

Source: Agent Genius

While oreign purchasers make up about 7% o the U.S. residential real-estate market, their numbers havswelled: According to the National Association o Realtors, 18% o Realtors in the U.S. market reporteselling a home to at least one international buyer in 2010, up rom 12% in 2009. In the Greater Miami arenearly 60% o all sales last year were to buyers rom overseas. For sales o newly built condos downtowthat gure jumps to 90%, says the group.

THE WALL STREET JOURNAL, MAY 20

155LOOKING UP Thats the numbero $1 million+ homes that closed inJune 2011 in Miami Dade and Browardcounties, making it the highest closing

month in this price range so ar this ye

Source: Terradatum

SIGNIFICANT SALESONE Sothebys International Realtysold this property on the Sunset Islandin Miami beach or a record-breaking$19.8 Million in June 2011.Source: Southeast Florida Regional MLS

SCORCHING ZIPS With 89closed sales in excess o $1 millionthrough the end o June 2011, 33160continues to be the hottest highend market in South Florida. Weveupgraded the sales status rom hot toscorching since the number o sales istwice what they were this time last year.Source: Southeast Florida Regional MLS

SHRINKING INVENTORYOn June 30, 2011 the inventory o $1million plus homes in Miami Dade andBroward counties had dropped to thelowest point in ve years. With justunder 3,000 homes and condos on the

market in this price range, inventory isdown 41% since June 2006.Source: Southeast Florida Regional MLS

T R E N D S I


O N E S O T H E B Y S R E A L T Y . C O M


6/36

At a Glance: Mid-Year 2011The sale o $1 million homes in Miami-Dade and Broward counties represented 8% o the total sales thus ar in 2011In 2010, just 2.4% o all sales were over that price point. With limited nancing resources still available in the market

the high-end market grows as an overall percentage due to the large number o cash buyers in this price range.

NUMBER OF HOMES

PRICERANGE

0

$10M+

$5M - $10M

$3M - $5M

$1M - $3M

$500K - $1M

1250 2500 3750 5000

Under $1 Million

Over $1 Million

Sold Mid-Year 2011

On 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 L T Y . C O


7/36

Month by MonthOverall sales in all price ranges in Miami-Dade and Broward counties show a 15%increase in the number o sales over the same time period last year. The marketis still showing some seasonality as March continues to be the month when the

most properties closed in both counties.

SHADOW INVENTORYShort Sale and REO properties now

represent only 2.9% o the homes andcondos or sale in South Florida above$1 million. There are only 6 Bank-ownedproperties currently on the market witha Listing Price over $1 million.

Source: Southeast Florida Regional MLS. Active inventory count currentas o June 30,2011.

MARKET SHIFTNo longer a buyers market, inventorylevels have dropped to a 5.2 monthsupply in Broward County. Six tonine months is considered a balancedmarket. Miami-Dade comes in at 7.7months and alling. Both countiescrested with 3-4 years supply in 2008.June 2011 is the lowest level in 5 years.Source: Terradatum

0Jan Feb Mar Apr May Jun

3000

6000

MONTH

NUMBER

OFHOMESSOLD

Miami-Dade County Broward County

T R E N D S I

Source: Southeast Florida Regional MLS

Average Sales PriceShowing slow signs o recovery, the Average Sales Price in both counties is on anupward swing. The Average Sales Price in Broward County seems to show a slowand steady increase since dropping slightly in January and ending in June 2011with a 2 year high o $197,000. Miami-Dades Average Sales Price shows a moredramatic climb this year, ending in June 2011 at a high o just under $300,000.

$0Jan Feb Mar Apr May JunJul Aug Sep Oct Nov Dec

$100K

$200K

$300K

MONTH

PRICE

Miami-Dade County Broward County

Source: Southeast Florida Regional MLS



5.2

Traditional Sales

Short Sales

Bank-Owned Properties


8/36

CORAL GABLES COCOPLUM SNAPPER CREEK LAKES GABLES ESTATES

OLD CUTLER WATERFRONT PONCE DAVIS, HIGH PINES COCONUT GROVE

PINECREST PALMETTO BAY

South o Miami

5935 Moss Ranch Road, PinecrestOfered at $4,149,000


9/36O N E S O T H E B Y S R E A L T Y . C O M

C O M M U N I T Y P R O F I L E SI N D E P T H

Mid-Year 2010 29 $2,989,259 $2,500,000 10%

Mid-Year 2011 20 $1,892,975 $1,282,250 -

Change -31% -37% -49%

T R E N D S I

Waterfront Properties

SingleFamilyHomes

# oTransactions

AverageSales Price

MedianSales Price

% oREO Sales

Mid-Year 2010 186 $693,932 $525,000 10%

Mid-Year 2011 212 $788,259 $575,000 11%

Change 14% 14% 10%

Condos($1M+)

# oTransactions

AverageSales Price

MedianSales Price

% oREO Sales

Non-Waterfront Properties

SingleFamilyHomes

# oTransactions

AverageSales Price

MedianSales Price

% oREO Sales

Mid-Year 2010 7 $1,357,500 $1,262,500 -

Mid-Year 2011 12 $2,101,455 $1,245,000 -

Change 71% 55% -1%

OVERVIEW

Coral Gables

Showing better sales this year, non-waterrontproperties in the Gables are moving at a briskclip. The inventory o Single Family Homes hasdropped below the 6 month mark, signalinga sellers market and attributing to the priceincreases. The high-end condo market is up as

well, with a signicant increase in the numbero sales and the Average Sales Price.

OVERVI

Coral Gable

One o the ew areas to show a slowdown othis time a year ago, single amily waterr

homes in Coral Gables languished a bit in trst hal o the year. The Average Asking Pr

in this market is still at just under $5 milliPending sales increased in May and June aoretell a better summer sales season. It is a

interesting to note that the REO inventhas been absorbed, leaving no waterro

oreclosures let to purcha

10 Edgewater Drive #12A/C, Coral GabOfered at $6,500,000 or $30,000/mon

3200 Granada Boulevard, Coral GablesOfered at $3,900,000


10/36O N E S O T H E B Y S R E A L T Y . C O

I N D E P T H C O M M U N I T Y P R O F I L E

1 0 I T R E N D S

CORAL GABL

Cocoplum

Cocoplum is one o the most prestigious gugated communities in Coral Gables, oer

24 hour roving security patrol, clubhougym, playground, tennis courts, basketbcourts and marina. Sales o non-waterr

homes increased a dramatic 175% in trst hal o 2011 compared to 2010. Outthe 11 homes sold, only 1 was a bank own

oreclosure. On the other hand, only owaterront sale closed in the rst hal o 2compared to the 3 sales in 2010, despite

average sales price dropping over 20


# o

Transactions

Average

Sales Price

Median

Sales Price

% o

REO Sales

Single FamilyHomes

# oTransactions

AverageSales Price

MedianSales Price

% oREO Sales

Single FamilyHomes

Mid-Year 2010 4 $2,874,750 $2,925,000 -

Mid-Year 2011 2 $2,450,000 $2,450,000 -

Change -50% -15% -16%


Mid-Year 2010 - - - -

Mid-Year 2011 1 $2,350,000 $2,350,000 -

Change 100% 100% 100%

The ull-service marina with ull-time dockmaster and security is just one o the reasonsSnapper Creek Lakes is a viable choice orluxury home buyers. The average price orlisted homes is over $4.5 Million, showing thatthe most expensive properties are slower tosell. One waterront home has sold in SnapperCreek Lakes thus ar in 2011 with an impressivesales price o $2.35 Million. At time opublication, two non-waterront homes closedin Snapper Creek Lakes, a 50% decrease intransactions rom the same time period in 2010.

CORAL GABLES

Snapper Creek Lakes


# oTransactions

AverageSales Price

MedianSales Price

% oREO Sales

# oTransactions

AverageSales Price

MedianSales Price

% oREO Sales

Single FamilyHomes

Single FamilyHomes

Mid-Year 2010 4 $2,012,500 $1,975,000 -

Mid-Year 2011 11 $1,735,909 $1,500,000 9%

Change 175% -14% -24%


Mid-Year 2010 3 $2,865,000 $2,950,000 -

Mid-Year 2011 1 $2,225,000 $2,225,000 -

Change -67% -22% -25%

190 Paloma Drive, CocopluOfered at $5,600,0


11/36T R E N D S IO N E S O T H E B Y S R E A L T 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

# oTransactions

AverageSales Price

MedianSales Price

% oREO Sales

Single FamilyHomes

Mid-Year 2010 0 - - -

Mid-Year 2011 0 - - -

Change

All Properties

CORAL GABL

Gables Estate

Designed by Arvida in the 1960s, GabEstates remains a prestigious and priv

community. No transactions had taken placeGables Estates at time o publication or dur

the same time period last year, but there pending sales, signalling some activity to lo

orward to in the next six mont

400 Arvida Parkway, Gables EstaOfered at $16,975,0

Ponce Davis, High Pine

One o the astest-growing, non-waterrneighborhoods, Ponce Davis sits direc

between Coral Gables and South Miami. Mimpressively, the average sales price increas

by 25% - a gure which did not keep number o transactions in Ponce Davis/HPines rom increasing slightly during the

six months o 20# oTransactions

AverageSales Price

MedianSales Price

% oREO Sales

Single FamilyHomes

Mid-Year 2010 14 $1,208,036 $1,155,000 -

Mid-Year 2011 16 $1,514,000 $1,225,000 -

Change 14% 25% 6%


4845 Southwest 80 Street, Ponce DaOfered at $3,995,0

CORAL GABLES

Old Cutler WaterrontCommunitiesOld Cutler Bay, Hammock Oaks, Journeys End

This years 2 transactions during this timeperiod both occurred in Old Cutler Bay.There was the same amount o sales in OldCutler Bay during the rst six months o 2010.However, average and median sales pricein Old Cutler Bay decreased. No sales in

Hammock Oaks or Journeys End had takenplace at time o publication.

# oTransactions

AverageSales Price

MedianSales Price

% oREO Sales

Single FamilyHomes

Mid-Year 2010 5 $4,047,500 $4,047,500 -

Mid-Year 2011 2 $2,275,000 $2,275,000 -

Change -60% -44% -44%


601 Reinante Avenue, Old Cutler BayOfered at $5,750,000


12/361 2 I T R E N D S O N E S O T H E B Y S R E A L T Y . C O


Coconut Grov

The Coconut Grove waterront single amhome market continued to show signs

improvement in the rst hal o 2011, withincrease in the amount o transactions a

Average Sales Price. Our company holds record or the highest priced single am

home sale in Coconut Grove with the salea waterront home at 3500 Curtis Lane

$13 Million in April 2011. Waterront conddropped in the amount o transaction a

prices as REO sales increased in this catego

Although waterront condo average amedian sales prices decreased, prices h

better than non-waterront cond


# oTransactions

AverageSales Price

MedianSales Price

% oREO Sales

Single FamilyHomes

Mid-Year 2010 75 $532,172 $499,999 16%

Mid-Year 2011 101 $610,650 $510,000 25%

Change 35% 15% 2%

Condos

# oTransactions

AverageSales Price

MedianSales Price

% oREO Sales

Mid-Year 2010 98 $289,979 $209,450 33%

Mid-Year 2011 119 $216,755 $150,000 34%

Change 21% -25% -28%


# oTransactions

AverageSales Price

MedianSales Price

% oREO Sales

Single Family

Homes

Mid-Year 2010 3 $5,216,667 $5,500,000 -

Mid-Year 2011 4 $5,354,874 $3,175,000 -

Change 33% 3% -42%

Condos

# oTransactions

AverageSales Price

MedianSales Price

% oREO Sales

Mid-Year 2010 55 $779,448 $640,000 2%

Mid-Year 2011 36 $764,738 $539,000 6%

Change -35% -2% -16%

Coconut Grove

The Coconut Grove non-waterront singleamily home market was active comparedto the rst hal o 2010 with a 35% increase

in the amount o transactions. There wasalso an increase in average and mediansales price despite the act that 25% otransactions were REO sales. The amounto Coconut Grove non-waterront condotransactions increased as both averageand median sales price decreased. REOtransactions continue to be a signicantpercentage o sales in this category.

3618 Matheson Avenue, Coconut GroOfered at $2,975,0

3601 Matheson Avenue, Coconut GroveOfered at $2,495,000


13/36T R E N D S I O N E S O T H E B Y S R E A L T Y . C O M


North Pinecrest

# oTransactions

AverageSales Price

MedianSales Price

% oREO Sales

Single FamilyHomes

Mid-Year 2010 46 $1,318,902 $1,020,000 2%

Mid-Year 2011 37 $1,329,797 $915,000 5%

Change -20% 1% -10%South Pinecrest

# oTransactions

AverageSales Price

MedianSales Price

% oREO Sales

Single FamilyHomes

Mid-Year 2010 43 $861,060 $675,000 9%

Mid-Year 2011 56 $711,530 $586,750 9%

Change 30% -17% -13%




# oTransactions

AverageSales Price

MedianSales Price

% oREO Sales

Single FamilyHomes

Mid-Year 2010 102 $383,939 $362,500 22%

Mid-Year 2011 130 $391,965 $385,000 18%

Change 27% 2% 6%

6500 Southwest 98 Street, PinecrOfered at $4,999,9

6755 Southwest 152 Street, Palmetto BayOfered at $6,499,000

Palmetto Bay

Palmetto Bay has had a avorable year thusar. The amount o transactions or the rstsix months o 2011 has increased by 27% romthis time last year despite increased salesprices. With REO transactions making up asmaller portion o the whole than in 2010, thisneighborhood is experiencing avorable trendsacross the board.

Pinecre

The amount o transactions in North Pinecrdecreased compared to 2010, as did

Median Sales Price. However, the Average SaPrice increased despite an increase in RE

transactions. South Pinecrest outperormNorth Pinecrest in quantity o transactio

which could be attributed to a decrease in boaverage and median sales pric


14/361 4 I T R E N D S

BRICKELL DOWNTOWN KEY BISCAYNE

Miami, Downtown


15/36




T R E N D S I O N E S O T H E B Y S R E A L T Y . C O M



Condos

# oTransactions

AverageSales Price

MedianSales Price

% oREO Sales

Mid-Year 2010 27 $210,566 $140,000 37%

Mid-Year 2011 44 $238,620 $155,000 23%

Change 63% 13% 11%

Condos

# oTransactions

AverageSales Price

MedianSales Price

% o

REO SalesMid-Year 2010 89 $385,498 $280,000 10%

Mid-Year 2011 108 $436,232 $325,000 13%

Change 21% 13% 16%

Downtown

Just like Brickell, the Downtown area isabsorbing its inventory and developers areset to begin construction with condo/hotelsand a possible gaming resort. Over the 6month comparison, there were 31% more unitssold with an average sales price increase o10%. The non-waterront area with the most

REO had the largest number o sales, drivingthe REO inventory down by 14%. At time opublication the amount o active REO wasa mere 1% o the inventory and short salesrepresented 7%. Rental rates on averageare up 21% over last year, providing urtherproo that the downtown area remains a goodinvestment with positive cash fow.

Condos

# oTransactions

AverageSales Price

MedianSales Price

% oREO Sales

Mid-Year 2010 107 $201,384 $165,000 28%

Mid-Year 2011 156 $222,249 $200,250 38%

Change 46% 10% 21%

Condos

# oTransactions

AverageSales Price

MedianSales Price

% oREO Sales

Mid-Year 2010 307 $410,785 $245,000 19%

Mid-Year 2011 334 $430,022 $275,000 21%

Change 9% 5% 12%

Bricke

Brickell continues to absorb its invent

primarily with international buyers, whdevelopers are poised to begin build

again later this year, adding more conretail and mixed-use buildings. Over

18% more units sold and the average saprice continues an upward climb as we he

in to the second hal o 2011. There wan increase o REO sales that helped wthe inventory absorption. The distres

inventory is depleting with only 2% o actREO and 7% Short Sales remaining

time o publication. With investors takadvantage o this buyers market and t

infux o proessionals seeking the live w

environment, rental rates in the area hdriven up by an average o 12% over same peri

1425 Brickell Avenue #48E, MiaOfered at $3,400,0

Mint at Riverront, MiamiFrom $240,000 to $1,250,000




# oTransactions

AverageSales Price

MedianSales Price

% oREO Sales

Key Biscayn

Still a avorite or extraordinary living, KBiscayne waterront homes continue to

well with a whopping 133% increase in numbo transactions and a steady average price p

square oot at $1,626.91. Despite impressnumbers, the rst REO sale or this type

property occurred in the rst hal o 20


SingleFamilyHomes

# oTransactions

AverageSales Price

MedianSales Price

% oREO Sales

Mid-Year 2010 3 $6,887,333 $6,750,000 -

Mid-Year 2011 7 $6,972,857 $6,200,000 14%

Change 133% 1% -8%


Condos

Mid-Year 2010 74 $1,040,926 $697,500 1%

Mid-Year 2011 74 $982,357 $705,000 5%

Change 0% -6% 1%

Key Biscayne

The beautiul oceanront buildings in thevillage o Key Biscayne are continuing tohold their value, with the same number oclosings or about the same median price inboth the rst six months o 2010 and 2011.

It is worthwhile to note that so ar this year,depending on views and building location,price per square oot ranges largely rom$223.46 all the way up to $1,058.61.

1 6 I T R E N D S

330 Harbor Drive, Key BiscayOfered at $9,950,0

455 Grand Bay Drive #1025, Key BiscayneOfered at $550,000






# oTransactions

AverageSales Price

MedianSales Price

% oREO Sales

Key Biscayn

While the number o closings increasin quantity, the average selling price h

decreased by almost 20% - a trend justied12 sales under $1 Mill ion or the rst semes

o 2011 versus only 5 or the rst semeso 2010. Current property oerings st

at $1,100,000, which should result in higaverage selling prices in the utu


Condos

Mid-Year 2010 27 $357,519 $365,000 11%

Mid-Year 2011 34 $230,994 $207,500 41%

Change 26% -35% -43%

SingleFamilyHomes

# oTransactions

AverageSales Price

MedianSales Price

% oREO Sales

Mid-Year 2010 25 $1,551,128 $1,252,207 4%

Mid-Year 2011 29 $1,258,159 $1,095,000 3%

Change 16% -19% -13%


Key Biscayne

Live in Key Biscayne or $200,000? Yes, that waspossible this year with non-waterront closingsnearly dominated by oreclosures, representing42% o total and causing a 43% drop in mediansales price. On a more optimistic note, 17

pending contracts at the time o publicationindicate a slight upward trend, with lessoreclosures in the mix.

1121 Crandon Boulevard #F302, Key BiscayneOfered at $1,595,000

462 Ridgewood Road, Key BiscayOfered at $3,333,333 or $20,000/mon


18/361 8 I T R E N D S

Miami BeachSOUTH BEACH MID BEACH NORTH BEACH SOUTH OF FIFTH

FISHER ISLAND PALM, STAR, & HIBISCUS ISLANDS SUNSET ISLANDSVENETIAN & LA GORCE ISLANDS NORTH BAY ROAD & PINETREE DRIVE

7331 Belle Meade Island, Miami BeachOfered at $2,900,000




Condos

# oTransactions

AverageSales Price

MedianSales Price

% oREO Sales


SingleFamilyHomes

# oTransactions

AverageSales Price

MedianSales Price

% oREO Sales

Mid-Year 2010 332 $171,555 $130,000 24%

Mid-Year 2011 489 $173,423 $123,000 37%

Change 47% 1% -5%

Mid-Year 2010 75 $764,000 $542,000 13%

Mid-Year 2011 60 $757,000 $648,000 13%

Change -20% -1% -5%


Condos

SingleFamilyHomes

MedianSales Price

AverageSales Price

# oTransactions

# oTransactions

AverageSales Price

MedianSales Price

% oREO Sales

% oREO Sales

Mid-Year 2010 738 $600,573 $309,500 13%

Mid-Year 2011 981 $596,792 $293,000 23%

Change 33% -1% -5%

Mid-Year 2010 43 $3,503,333 $2,959,000 5%

Mid-Year 2011 56 $2,912,833 $1,999,000 14%

Change 30% -17% -32%

OVERVIEW

Miami Beach

The number o non-waterront homes or salein Miami Beach has dropped to the lowestpoint in the last 5 years. Although the numbero sales is down, the Median Sales Price isup 20%. On the other hand, non-waterront

condos show a substantial increase in numbero sales a good portion due to the distressedinventory being depleted. Pricing has beenmodestly hit as a result.

OVERVI

Miami BeacWaterront sales in Miami Beach rose 3

year over year. The Average Sales Price aoreclosures are leading indicators or t

increase. Waterront condos continue to mawaves with a robust increase in the number

sales. Despite the fushing out o the distresscondos inventory, a small 1% increase in pr

per square oot demonstrates stabilizatalong the American Rivie

1000 S Pointe Drive PH-4, Miami BeaOfered at $5,750,0

2110 Lucerne Avenue, Miami BeachOfered at $2,299,000




# oTransactions

AverageSales Price

MedianSales Price

% oREO Sales

Mid-Year 2010 228 $516,630 $300,000 10%

Mid-Year 2011 279 $439,760 $300,000 19%

Change 22% -15% 0%


Condos

# oTransactions

AverageSales Price

MedianSales Price

% oREO Sales

Mid-Year 2010 124 $289,110 $239,000 26%

Mid-Year 2011 201 $318,112 $222,500 25%

Change 62% 10% -7%


Condos

# oTransactions

AverageSales Price

MedianSales Price

% oREO Sales

Mid-Year 2010 367 $684,755 $340,000 12%

Mid-Year 2011 472 $749,501 $345,000 14%

Change 29% 9% 1%


Condos

MIAMI BEA

Mid Beac

Waterront Mid-Beach and MillionaiRow have been the most stagnant o t

Miami Beach markets, but still showincrease in number o transactions so

Price per square oot pricing was dropping 14% perhaps a unction o t

distressed inventory being deplet

MIAMI BEACH

South Beach

While 2009 to 2010 statistics were relativelyfat, 2011 is o to an impressive start with the

number o transactions closing just short o a30% increase. Meanwhile, price per square ootpricing has begun an uphill climb, with a 7%increase rom mid-year 2010.

In the month o June 2011, ONE SothebysInternational Realty closed $25,000,000 insales at The Residences at W South Beach.

MIAMI BEACH

North Beach

Canyon Ranch Resort and Akoya are thestrong players in the North Beach Market,eeding a robust 62% sales volume increasein this sector. Interesting to note: 9 distressedsales closed at Akoya during the rst hal o2011, while only 2 are active at the time o thispost as the distressed inventory dries up.

5757 Collins Avenue #605, Miami BeaOfered at $1,226,0

The Residences at W South BeachFrom $660,000 to $6,500,000

6365 Collins Avenue #TS-01, Miami BeachOfered at $30,000/month





# oTransactions

AverageSales Price

MedianSales Price

% oREO Sales

Mid-Year 2010 21 $1,936,325 $1,975,000 -

Mid-Year 2011 26 $2,503,460 $2,000,000 4%

Change 24% 29% 1%

All Properties

Condos

# oTransactions

AverageSales Price

MedianSales Price

% oREO Sales

Mid-Year 2010 137 $1,007,315 $611,750 7%

Mid-Year 2011 204 $1,179,740 $660,000 9%

Change 49% 17% 8%

All Properties

Condos

MIAMI BEACH

Fisher Island

The typical sale on prestigious Fisher Islandremains a 3 bedroom, 3 bathroom residencewith approximately 3,000 square eet and a

waterront view. Number o closed transactionsand price per square oot pricing are bothup considerably, with price per square ootincreasing by an impressive 19%.

MIAMI BEA

South o Fit

With just short o a whopping 50% growin number o transactions closed, inventdown, and a 9% increase in price per squ

oot pricing - the most coveted condominineighborhood o Miami Beach continues

demonstrate its popularity with todays buye

T R E N D S I

300 S Pointe Drive PH-4004, Miami BeaOfered at $4,700,0

7161 Fisher Island Drive, Fisher IslandOfered at $5,500,000







MIAMI BEA

Sunset Island

Waterront sales remain strong in the SunIslands. Although waterront homes sold at tsame pace in the rst hal o 2011 as in the

hal o 2010, both Average and Median SaPrices have nearly doubled. A home on Sun

Island I went under contract during the hal o 2011, closing in July or $19.8 milli

This was second highest sale in Miami-DaCounty at time o publicati

# oTransactions

AverageSales Price

MedianSales Price

% oREO Sales


Single FamilyHomes 1647 North View Drive, Miami Bea

Ofered at $10,750,0

MIAMI BEACH

Palm, Star &Hibiscus Islands

Only Star and Hibiscus have seen waterrontsales during the rst six months o 2011. Theamount o sales in Star Island tripled andAverage Sales Price more than doubled. ThisApril, the sale o 13 Star Island or $25.5 millionbecame the highest sale or a Single Familyhome in Miami-Dade County in over 5 years.

Condos

Mid-Year 2010 6 $6,091,666 $7,175,000 -

Mid-Year 2011 6 $9,707,000 $9,707,500 -

Change 0% 59% 35%


# oTransactions

AverageSales Price

MedianSales Price

% oREO Sales

Single FamilyHomes211 N Coconut Lane, Palm Island

Ofered at $3,495,000

MIAMI BEACH

Venetian,

La Gorce IslandAlthough there were no waterront sales onLa Gorce Island during the rst hal o 2011,the Venetian Islands saw an increase in activitycompared to the rst hal o 2010. Not onlydid sales increase by 30% on the Venetians,but Average Sales Price increased by 16% andMedian Sales Price increased by 28%.

Mid-Year 2010 11 $5,751,500 $5,200,000 -

Mid-Year 2011 9 $2,507,000 $2,500,000 -

Change -18% -56% -52%

Mid-Year 2010 2 $2,400,000 $2,400,000 -

Mid-Year 2011 2 $4,625,000 $4,625,000 -

Change 0% 93% 93%


# oTransactions

AverageSales Price

MedianSales Price

% oREO Sales

Single FamilyHomes94 la Gorce Circle, Miami Beach

Ofered at $12,900,000





MIAMI BEAC

North Bay RoadPinetree Driv

Although the amount o sales dropped by 27prices have signicantly increased on North BRoad and Pinetree Drive. Average and Med

Sales Prices increased by over 20% on North BRoad. Pinetree Drive prices had the most growin the rst hal o 2011, with Average and Med

Sales Prices more than doubli

MIAMI BEACH

Indian Creek

There have been no sales at Indian Creekduring the rst hal o 2011. There were 3homes on the market in this private island attime o publication.

Mid-Year 2010 11 $3,128,000 $3,133,500 -

Mid-Year 2011 8 $5,035,000 $4,921,000 -

Change -27% 61% 57%


# oTransactions

AverageSales Price

MedianSales Price

% oREO Sales

Single FamilyHomes


# oTransactions

AverageSales Price

MedianSales Price

% oREO Sales

Single FamilyHomes

Mid-Year 2010 1 $9,300,000 $9,300,000 -

Mid-Year 2011 0 $0 $0 -

Change -100% -100% -100%

4580 North Bay Road, Miami BeaOfered at $18,975,0

17 Indian Creek Drive, Miami BeachOfered at $32,500,000



24/362 4 I T R E N D S

BAL HARBOUR GOLDEN BEACH BAY HARBOR ISLANDS

AVENTURA SUNNY ISLES

North o Miami

10295 Collins Avenue #1706, Bal HarbourOfered at $1,750,000




MedianSales Price

AverageSales Price

# oTransactions

MedianSales Price

AverageSales Price

# oTransactions


SingleFamilyHomes

# oTransactions

AverageSales Price

MedianSales Price

% oREO Sales

Mid-Year 2010 1 $3,000,000 $3,000,000 -

Mid-Year 2011 5 $1,982,500 $1,250,000 -

Change 400% -34% -58%

T R E N D S I

SingleFamilyHomes

% oREO Sales

% oREO Sales

Condos


Mid-Year 2010 49 $970,462 $600,000 6%

Mid-Year 2011 82 $810,287 $465,000 5%

Change 67% -17% -23%

Mid-Year 2010 1 $2,800,000 $2,800,000 -

Mid-Year 2011 - - - -

Change - - -

Bal Harbou

One o Miamis most elegant neighborhooBal Harbour is not only known or high-eshopping and gourmet dining, but also

its luxury condo-hotels and ull amencondominiums. While the number o s

transactions and Average Sales Pricewaterront homes has decreased, Bal Harb

always has and continues to sell extremwell, with the number o waterront cond

sold increasing by 67

Bal Harbour

The exclusive gated community o BalHarbour Village is the crowning jewel osingle amily homes in this highly desirablecommunity. Real estate activity in the areahad a great rst hal o 2011, with the number

o sales o non-waterront homes increasingby a staggering 400%. This years success ismost probably due to an overall decrease o34% and 58% or average and median salesprices, respectively.

10295 Collins Avenue #208, Bal HarboOfered at $3,495,0

70 Camden Drive, Bal HarbourOfered at $3,950,000




2 6 I T R E N D S

Golden Beac

With the Atlantic on one side and tintracoastal on the other, the exclusive Gold

Beach is the only Miami-Dade Coucommunity oering direct oceanront lux

residences. With asking prices between $6 a$20 million, transactions o such properties

scarce. However, there has been a signicincrease (133%) in the number o intracoas

waterront properties sold since 2010spite o an increase o 90% or average saprice price . Transactions o non-waterr

properties have increased by 50% while prihave remained relatively stable. There h

been no REO sales this year in Golden Bea

while the rst hal o 2010 the area saw 2 REsales o non-waterront hom


# oTransactions

AverageSales Price

MedianSales Price

% oREO Sales

Mid-Year 2010 2 $725,000 $725,000 2

Mid-Year 2011 3 $783,333 $890,000 0

Change 30% -3% -7%

# oTransactions

AverageSales Price

MedianSales Price

% oREO Sales

Mid-Year 2010 3 $1,900,000 $1,950,000 -

Mid-Year 2011 7 $3,614,286 $2,500,000 -

Change 133% 90% 28%



Single FamilyHomes

Single FamilyHomes

Bay Harbor Islands

Located directly west o Bal Harbour and northo the Indian Creek Island, separated only bysmall waterways, Bay Harbor consists o twoseparate islands. The west island contains

single amily homes, some with stunning openbay views, while the east island contains a smallbusiness district, an A-rated public school, andprimarily multi-amily housing. While therewere no sales o waterront homes in the rsthal o 2010, there were 2 sales over $1 Millionin the area in the rst hal o 2011.

AverageSales Price

MedianSales Price

% oREO Sales

650 Golden Beach Drive, Golden BeaOfered at $2,750,0

10350 W Bay Harbor Drive, Bay Harbor IslandsOfered at $357,000


# oTransactions

Single FamilyHomes

Mid-Year 2010 0 $0 $0 -

Mid-Year 2011 2 $2,946,000 $2,946,000 -

Change 100% 100% 100%




T R E N D S I

Aventur

With inventory o waterront condoAventura dipping to just below 800, t

supply o condos is at a 5-year low. In rst 6 months o 2011, the number o clostransactions increased by an impressive 3

versus the same time period in 2010, despitminor 3% decrease in Average Sales Pri

Sunny Isles

Sunny Isles Beach has been the topdestination or condo buyers in the last 2years. Velocity continues to grow even whileprices increase. Waterront condominiums inthe Sunny Isles area have shown an increasedactivity in the rst semester o 2011, with thenumber o transactions increasing by almostone third rom the same time period in 2010.

Mid-Year 2010 336 $376,796 $290,000 12%

Mid-Year 2011 436 $366,510 $270,000 15%

Change 30% -3% -7%


# oTransactions

AverageSales Price

MedianSales Price

% oREO Sales

Single FamilyHomesCondos


# oTransactions

AverageSales Price

MedianSales Price

% oREO Sales

Mid-Year 2010 305 $472,033 $290,000 13%

Mid-Year 2011 403 $505,047 $250,000 18%

Change 32% 7% -14%

Condos

Bellini at Williams Island, AventFrom $950,000 to $3,700,0

16047 Collins Avenue PH-3704, Sunny IslesOfered at $5,450,000


28/362 8 I T R E N D S

LAS OLAS ISLES HARBOR BEACH LAUDERDALE BY THE SEA

LIGHTHOUSE POINT RIO VISTA HILLSBORO BEACH

FORT LAUDERDALE BEACH VICTORIA PARK

HOLLYWOOD & HALLANDALE BEACH CORAL RIDGE BAY COLONY

Fort Lauderdale

209 N Birch Road #1601, Fort LauderdaleOfered at $9,750,000




Condos

# oTransactions

AverageSales Price

MedianSales Price

% oREO Sales


SingleFamilyHomes

# oTransactions

AverageSales Price

MedianSales Price

% oREO Sales

Mid-Year 2010 172 $992,063 $631,650 12%

Mid-Year 2011 190 $1,098,336 $782,500 9%

Change 10% 11% 24%

Condos(1M+)

# oTransactions

AverageSales Price

MedianSales Price

% oREO Sales


Single FamilyHomes(1M+)

# oTransactions

AverageSales Price

MedianSales Price

% oREO Sales

Mid-Year 2010 5 $1,277,540 $1,125,000 -

Mid-Year 2011 7 $1,464,286 $1,300,000 -

Change 40% 15% 16%

Mid-Year 2010 2 $1,112,500 $1,112,500 -

Mid-Year 2011 0 $0 $0 -

Change -100% -100% -100%

Mid-Year 2010 651 $347,965 $247,000 13%

Mid-Year 2011 734 $315,225 $230,000 13%

Change 13% -9% -7%

OVERVIEW

Fort Lauderdale

Sales o homes in this sector are up by 40%.Average and median sales prices have alsoincreased by 15% and 16%, respectively. Onthe other hand, non-waterront condos in thisprice range have seen no activity at all thus arin 2011.

OVERVI

Fort Lauderda

There has been a furry o activity or FLauderdales waterront homes. Numbers

sales have increased by 10% over the saperiod in 2010. Averages sales prices have a

increased by 11%. The median sales prices haincreased by 24% and REOs have decreas

which paints a bright picture or the remaino 2011. Sales o waterront condos h

increased by 13% over the same time last yewhile both Average and Median Sales Pri

have decreas

4342 El Mar Drive #2, Fort LauderdOfered at $2,450,0

2798 NE 37 Drive, Fort LauderdaleOfered at $1,150,000


30/363 0 I T R E N D S


Single FamilyHomes

Single FamilyHomes


Single FamilyHomes

Single FamilyHomes



The exclusive community o HarborBeach, boasting deep water dockage anda private beach club, has seen an increasein sales o 38% in the rst 6 months o2011. The Average Sales Price was down

18%, while Median Sales Price was up 9%.Transactions o non-waterront propertiesin Harbor Beach have more than doubledsince 2010. Average Sales Price is up 26%and Median Sales Price is up 18%.

FORT LAUDERDALE

Harbor Beach

FORT LAUDERDA

Las Olas Isle

These exclusive waterront nger isles Las Olas Boulevard have seen an incre

o 60% in sales, which may be due to tprime location and attractive prices. Avera

Sales Price is down by 11%. The numbernon waterront home sales o Las Olas h

maintained rom this time last year. Averaprice is down 12% and median price is up 26


# oTransactions

AverageSales Price

MedianSales Price

% oREO Sales

Mid-Year 2010 3 $691,667 $585,000 -

Mid-Year 2011 7 $874,286 $693,000 -

Change 133% 26% 18%

# o

Transactions

Average

Sales Price

Median

Sales Price

% o

REO SalesMid-Year 2010 8 $2,353,875 $1,462,500 -

Mid-Year 2011 11 $1,923,182 $1,600,000 -

Change 38% -18% 9%



Single FamilyHomes

Single FamilyHomes

# oTransactions

AverageSales Price

MedianSales Price

% oREO Sales


# oTransactions

AverageSales Price

MedianSales Price

% oREO Sales


Single FamilyHomes

Single FamilyHomes

Mid-Year 2010 3 $835,900 $575,000 -

Mid-Year 2011 3 $731,667 $725,000 -

Change 0% -12% 26%

Mid-Year 2010 25 $2,091,952 $1,450,000 4%

Mid-Year 2011 40 $1,852,074 $1,460,000 13%

Change 60% -11% 1%


2550 Del Lago Drive, Fort LauderdaleOfered at $12,000,000

540 Lido Drive, Fort LauderdOfered at $2,495,0





# o

Transactions

Average

Sales Price

Median

Sales Price

% o

REO SalesMid-Year 2010 23 $779,217 $707,000 9%

Mid-Year 2011 39 $939,806 $755,000 5%

Change 70% 21% 7%


# oTransactions

AverageSales Price

MedianSales Price

% oREO Sales

Mid-Year 2010 18 $298,419 $310,000 11%

Mid-Year 2011 18 $330,972 $327,500 11%

Change - 11% 6%

Single FamilyHomes

Single FamilyHomes

T R E N D S I

FORT LAUDERDALE

Lighthouse Point

As we move to the north o Fort Lauderdale,Lighthouse Point sales are up 70%, AverageSales Prices have seen increases o 21% andMedian Sales Prices are up 7%. The number o

non-waterront sales have remained consistentwith the mid-year 2010 sales, despite AverageSales Prices increasing by 11% and MedianSales Prices up by 6%.

FORT LAUDERDA

Lauderdale by the Se

The number o sales are down on this barisland. Average Sales Price has increasby 158%. The number o REO sales ha

increased in waterront and non-waterrmarkets. Non-waterront property sales

down 25% in the area. Overall Average SaPrices are down 62% and Median Sales Pri

are down 58

# oTransactions

AverageSales Price

MedianSales Price

% oREO Sales


# oTransactions

AverageSales Price

MedianSales Price

% oREO Sales


Single FamilyHomes

Single FamilyHomes

Mid-Year 2010 8 $987,187 $855,000 13%

Mid-Year 2011 6 $373,400 $355,450 33%

Change -25% -62% -58%

Mid-Year 2010 11 $452,045 $431,000 -

Mid-Year 2011 5 $1,167,378 $860,000 20%

Change -55% 158% 100%


1600 S Ocean Blvd #1001, Fort LauderdOfered at $1,590,0

3930 NE 31 Avenue, Fort LauderdaleOfered at $1,299,000




3 2 I T R E N D S

Single FamilyHomes

Single FamilyHomes

Single FamilyHomes

Single FamilyHomes




# o

Transactions

Average

Sales Price

Median

Sales Price

% o

REO Sales

Mid-Year 2010 10 $1,364,215 $1,277,950 10%

Mid-Year 2011 8 $1,062,863 $1,076,450 -

Change -20% -22% -16%


# oTransactions

AverageSales Price

MedianSales Price

% oREO Sales

Mid-Year 2010 15 $440,667 $390,000 13%

Mid-Year 2011 11 $572,455 $570,000 18%

Change -27% 30% 46%

Single FamilyHomes

Single FamilyHomes

FORT LAUDERDA

Rio Vist

With easy access to the ocean, Rio Vista one o the most desirable neighborhood

Fort Lauderdale. Number o transactions down 20% thus ar in 2011, with Average Sa

Price down 22%. Non-waterront properthave also seen a decrease in sales, w

Average Sales Price increasing by 30% aMedian Sales Prices up by 46

FORT LAUDERDALE

Hillsboro Beach

This enclave o waterront homes has seen nochange in the total number o sales thus arin 2011 but has seen a 10% decline in both theAverage and Median Sales Prices. There was asingle oreclosure sale in the rst hal o 2011,which was the rst in 2 years.

Mid-Year 2010 2 $6,600,000 $6,600,000 -

Mid-Year 2011 2 $5,950,000 $5,950,000 50%

Change 0% -10% -10%


# oTransactions

AverageSales Price

MedianSales Price

% oREO

Single FamilyHomes

1716 Southeast 9 Street, Fort LauderdOfered at $3,195,0


33/36T R E N D S I


Single FamilyHomes

Single FamilyHomes


Single FamilyHomes

Single FamilyHomes






# o

Transactions

Average

Sales Price

Median

Sales Price

% o

REO SalesMid-Year 2010 1 $955,000 $955,000 -

Mid-Year 2011 - - - -

Change - - -


# oTransactions

AverageSales Price

MedianSales Price

% oREO Sales

Mid-Year 2010 32 $368,107 $315,500 22%

Mid-Year 2011 25 $399,297 $330,000 4%

Change -22% 8% 5%

Single FamilyHomes

Single FamilyHomes


# oTransactions

AverageSales Price

MedianSales Price

% oREO Sales

Mid-Year 2010 6 $581,483 $533,450 -

Mid-Year 2011 8 $715,162 $539,000 13%

Change 33% 23% 1%

# oTransactions

AverageSales Price

MedianSales Price

% oREO Sales

Mid-Year 2010 222 $400,134 $310,000 7%

Mid-Year 2011 232 $369,144 $247,500 9%

Change 5% -8% -20%


FORT LAUDERDA

Victoria Par

There have been no sales o waterrhomes so ar this year in Victoria Park

non-waterront homes, sales are down by 22with Average Sales Price up 8% and Med

Sales Price up 5%. The non-waterront hom

continue to be active with a decrease in saover this same time period last year, but REinventory has been absorbed and prices

now on the r

FORT LAUDERDALE

Fort Lauderdale BeachThe total number o waterront homes soldin Fort Lauderdale Beach in mid-year 2011has increased by 5%. Average Sales Price isdown 8% and Median Sales Price is down 20%,which could be due to the number o REOsbeing slightly higher than this time last year.Non-waterront homes in this sector haveperormed well this year, with the number otransactions up 33% and Average Sales Priceup 23%.


Single FamilyHomes

Single FamilyHomes

101 S Ft Lauderdale Bch #2801, Fort LauderdaleOfered at $2,999,000

431 N Victoria Park Road, Fort LauderdOfered at $979,0


34/36

Condos

# oTransactions

AverageSales Price

MedianSales Price

% oREO Sales


SingleFamilyHomes

# oTransactions

AverageSales Price

MedianSales Price

% oREO Sales

Mid-Year 2010 764 $152,444 $120,250 40%

Mid-Year 2011 734 $148,366 $111,000 39%

Change -4% -3% -8%

Mid-Year 2010 450 $86,578 $66,000 36%

Mid-Year 2011 605 $85,650 $63,000 37%

Change 34% -1% -5%

Condos

SingleFamilyHomes

# oTransactions

AverageSales Price

MedianSales Price

% oREO Sales


# oTransactions

AverageSales Price

MedianSales Price

% oREO Sales

Mid-Year 2010 18 $1,206,042 $1,227,500 -

Mid-Year 2011 12 $1,357,806 $1,247,444 -

Change -33% 13% 2%

Mid-Year 2010 634 $228,072 $170,000 21%

Mid-Year 2011 760 $223,789 $158,000 26%

Change 20% -2% -7%

FORT LAUDERDALE

Hollywood Beach,

Hallandale Beach

Non waterront condos in Hollywood andHallandale Beach saw a 34% increase in activity,while single amily homes witnessed a 4%

decrease in transactions between the rst halo 2010 and the rst hal o 2011. Bank ownedproperties still represent a large percentageo the sold properties in the area. The highestprice sold on an REO single amily home was$350,000, closing in 29 days rom the timeit came on the market. For non-waterronthomes, 569 residences sold under $200,000 inthe rst 6 months o 2011.

FORT LAUDERDA

Hollywood Beach

Hallandale BeacA gated community o waterront homes w

oversize docks on deepwater canals andxed bridges, Golden Isles in Hallandal

considered a hidden gem among avid boateIn Hollywood, Harbour Island oers t

best resort living, with homes ranging rcharming cottages to luxurious mansio

Bank-owned properties remain a strong oin the waterront condo market, with an RE

sale taking place in 1 out o every 4 condThe highest price sold on an REO condo w

$950,000, but low numbers pull the avera

sales price down to $223,789 and median saprice to an even lower $158,000. Bank-own

condos in this area are snatched up quicspending an average o 36 days on the mark

3 4 I T R E N D S

1000 Washington Street, HollywoodOfered at $1,375,000

643 Palm Drive, HallandOfered at $3,500,0



Condos

SingleFamilyHomes


35/36T R E N D S I

FORT LAUDERDALE

Coral Ridge,

The Landings

The numbers o homes sold in Coral Ridgeand The Landings has increased signicantlyby 59% and prices have seen an upward trend.Non-waterront homes have kept pace withtheir waterront counterparts, also experiencingincreased number o sales and increasedAverage and Median Sales Prices.



# oTransactions

AverageSales Price

MedianSales Price

% oREO Sales

Mid-Year 2010 33 $538,693 $480,000 9%

Mid-Year 2011 41 $606,341 $470,000 17%

Change 24% 13% -2%

# oTransactions

AverageSales Price

MedianSales Price

% oREO Sales

Mid-Year 2010 27 $919,933 $705,000 11%

Mid-Year 2011 43 $1,018,573 $875,000 12%

Change 59% 11% 24%


Single FamilyHomes

Single FamilyHomes

Mid-Year 2010 4 $2,606,875 $2,601,250 -

Mid-Year 2011 0 0 0 -

Change -100% - -


# oTransactions

AverageSales Price

MedianSales Price

% oREO Sales

Single FamilyHomes

FORT LAUDERDA

Bay Colon

This rst hal o 2011 has been quiet in tprivate enclave o waterront homes, with

properties on the market at time o publicati

30 N Compass Drive, Fort LauderdOfered at $1,750,0

5961 Bayview Drive, Fort LauderdaleOfered at $875,000





36/36

Bellini at Williams Island, AventuraFrom $950,000 to $3,700,000

Everything about Belliniis the best there is.

RENDS IS PROVIDED BY:

onesothebysrealty.com

Market TRENDS Luxury Miami&Fort Lauderdale mid year 2011

Documents

Transcript of Market TRENDS Luxury Miami&Fort Lauderdale mid year 2011