Miami report 2020 - AN IN-DEPTH ANALYSIS OF SOUTH FLORIDA'S NEW CONDOMINIUM MARKET - New Miami Blog
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WEALTH REPORT THE CITIES THAT MATTER TO HNWI’S - GLOBAL SURVEY MOST IMPORTANT NOW 1 2 AS SEEN IN London 3 New York Singapore THE WEALTH REPORT A GLOBAL PERSPECTIVE ON PRIME PROPERTY AND WEALTH 2012 4 5 Hong Kong Geneva 6 7 Shanghai 89 Dubai Miami THE GLoBAL PERSPECTIVE oN PRIME Paris 10 PRoPERTy AND WEALTH Beijing WWW.THEWEALTHREPORT.NET HNWI – High Net Worth Individuals US $30 MIL +
BRICKELL TOTAL NEW CONSTRUCTION CONDO UNITS AVAILABLE FOR SALE SINCE JAN. 2012 DeveloperDEVELOPER Units UNITS SoldSOLD Developer DEVELOPER UNITS UNSOLD Units Unsold 1010 Brickell 50% SOLD 900 BRICKELL 352 UNITS Bond 60% SOLD BRICKELL 323 UNITS Brickell CityCentre I & II 820 UNITS BRICKELL (release date TBD) *Brickell Heights 50% SOLD BRICKELL 358 UNITS Brickell House 100% SOLD 374 UNITS BRICKELL Echo Brickell 70% SOLD 180 UNITS BRICKELL 62% SOLD 128 UNITS Le Parc BRICKELL 390 UNITS Nine at Mary Brickell 55% SOLD BRICKELL 382 UNITS Millecento 100% SOLD BRICKELL 192 UNITS 100% SOLD MyBrickell BRICKELL 450 UNITS SLS Brickell 100% SOLD BRICKELL *Tower 1 only (other tower currently unavailable) 3,949 UNITS TOTAL • 2,367 UNITS SOLD • 1,581 UNSOLD AVG ABSORPTION : 1,900 UNITS ANNUALLY OVER THE LAST 10 YEARS
BISCAYNE CORRIDOR DOWNTOWN MIAMI, EDGEWATER, MIDTOWN & DESIGN DISTRICT TOTAL NEW CONSTRUCTION CONDO UNITS AVAILABLE FOR SALE SINCE JAN. 2012 Developer Units DEVELOPER UNITSSold SOLD Developer Units Unsold DEVELOPER UNITS UNSOLD Baltus House 93% SOLD 800 DESIGN DISTRICT 167 UNITS 23 Biscayne Bay 100% SOLD 96 UNITS EDGEWATER Bay House 65% SOLD 164 UNITS EDGEWATER Biscayne Beach Club 55% SOLD 399 UNITS EDGEWATER The Crimson 50% SOLD 90 UNITS EDGEWATER Icon on the Bay 100% SOLD 300 UNITS EDGEWATER Paraiso Bay 33% SOLD 720 UNITS EDGEWATER *Hyde Midtown 400 UNITS (release date TBD) MIDTOWN 85 UNITS 1000 Museum 18% SOLD DOWNTOWN MIAMI Centro 70% SOLD 350 UNITS DOWNTOWN MIAMI *CONDO UNITS ONLY - RELEASE DATE TBD 2,771 UNITS TOTAL • 1,416 UNITS SOLD • 1,355 UNSOLD AVG ABSORPTION : 1,300 UNITS ANNUALLY OVER THE LAST 10 YEARS
NEW CONSTRUCTION SUMMARY TOTAL NEW CONSTRUCTION CONDO UNITS TO BE BUILT, SOLD AND CURRENTLY AVAILABLE FOR SALE IN BISCAYNE CORRIDOR (DOWNTOWN MIAMI, EDGEWATER, MIDTOWN & DESIGN DISTRICT), THE MIAMI BEACHES (SOUTH BEACH, MIAMI BEACH, SURFSIDE, BAL HARBOUR, SUNNY ISLES, HALLANDALE & HOLLYWOOD BEACH), FORT LAUDERDALE, AVENTURA, NORTH MIAMI, COCONUT GROVE, & KEY BISCAYNE SINCE JAN. 2012 Project Units (Total) Developer Units Sold Developer Units TOTAL NEW NEW CONSTRUCTION NEW CONSTRUCTION CONSTRUCTION SOLD UNITS UNSOLD UNITS UNITS 10000 Project Units (Total) 10,329 Developer Units Sold 6,065 60% SOLD SINCE JAN. 2012 Developer Units Unsold 4,264 AVG ABSORPTION: 4,615 UNITS ANNUALLY OVER THE LAST 10 YEARS
10 YEAR ANNUAL ABSORPTION ANALYSIS FOR CONDOS BUILT FROM 2003-2013 SUBMARKETS CONSIST OF BISCAYNE CORRIDOR ( DOWNTOWN MIAMI, EDGEWATER, MIDTOWN & DESIGN DISTRICT), THE MIAMI BEACHES (SOUTH BEACH, MIAMI BEACH, SURFSIDE, BAL HARBOUR, SUNNY ISLES, HALLANDALE Average & HOLLYWOOD BEACH), FORT LAUDERDALE, AVENTURA, NORTH Yearly Absorption MIAMI, COCONUT GROVE & KEY BISCAYNE SINCE JAN. 2012 4,615 PER YEAR AVERAGE YEARLY CONDO INVENTORY ABSORPTION FROM 2003-2013 1,900 PER YEAR 1,300 1,300 PER YEAR PER YEAR 215 200 350 PER YEAR PER YEAR PER YEAR Brickell Biscayne Corridor The Beaches Aventura Fort Lauderdale Total North Miami \ Key Biscayne & Coconut Grove Sources: Integrated Realty Information Systems (Iris); Miami-Dade & Broward County Property Appraiser And Multiple Listing Service (MLS).
STARCHITECTS Car Sieg lo er + sO Sua tt rez Echo Aventura 1010 Brickell A NEW STANDARD OF ARCHITECTURE Sage Beach Brickell House RU Echo Brickell A U Marea Beach US GU +C AY UBA *Muse *Muse e ls er 1100 Millecento Ing Mei Prive d ke Bjar ar Rich Marina Lofts Rem s c ia The Surf Club K -Bre ort ool Grove at F has do Grand Bay U.S Berna NM DE AR A. ARQUITECTONICA . K Faena Arts Center SLS Brickell r oste Faena Bazaar nF SkyRise Miami NE & Artists-in- Herzo ER TH a PE Norm g & LAN Residence Port Of Miami DS Tunnel Gateways RU de Faena Park Meu Brickell Heights ron Faena House Miami Beach Convention Center One Brickell City Jade Signature EN Center AN GL Perez Art D Icon Bay SW ZE Museum IT Enri RLA Hyde Midtown que ND Parasio Bay Nor Nicho did ten las Ha Chateau Ocean a Gri Zah msh Bath Club Estates Design 41 aw Resorts World Miami One Ocean 1000 Museum Frost Museum ME ICO 321 Ocean of Science Collins Park X IRA Garage Q GL EN AND STARCHITECTS MAKE STAR ARCHITECTS LEAVE ARCHITECTS ART BASEL -- AND REAL THEIR MARK IN MIAMI A MARK ON MIAMI TRANSFORMING ESTATE PROJECTS -- BRING SOUTH FLORIDA STAR ARCHITECTS TO MIAMI
mls-resale inventory AS OF FEBRUARY 2014
BRICKELL New Condos Built Since 2006 & Available for Sale 18 Months Ago, 12 Months Ago, 6 Months Ago and Currently Active Brickell MLS Inventory Analysis New Condos Built Since 2006 & Available for Sale 18 Months Ago, 12 Months Ago, 6 Months Ago, and Currently Active Active Listings Price PSF $501 900 $485 $430 $600 800 $401 700 $500 600 $400 500 $300 400 805 690 $200 300 525 200 391 $100 100 $0 0 18 Months Ago 12 Months Ago 6 Months Ago Currently Active
BISCAYNE CORRIDOR DOWNTOWN MIAMI, EDGEWATER, MIDTOWN & DESIGN DISTRICT New Condos Built Since 2006 & Available for Sale 18 Months Ago, 12 Months Ago, 6 Months Ago and Currently Active Downtown Miami & Edgewater MLS Inventory Analysis New Condos Built Since 2006 & Available for Sale 18 Months Ago, 12 Months Ago, 6 Months Ago, and Currently Active Active Listings Price PSF 1,000 $526 $540 900 $501 800 $520 700 $475 $500 600 $450 $480 500 927 400 860 $460 300 651 $440 200 425 $420 100 $400 0 18 Months Ago 12 Months Ago 6 Months Ago Currently Active
DAYS ON MARKET(DOM) Days On Market (DOM) 2011 vs 2013 MLS Analysis for Closed Sales ANALYSIS MLS ANALYSIS FOR CLOSED SALES IN 2011 & 2013 2011 AVG DOM 2013 AVG DOM Brickell 150 32 Biscayne Corridor 180 30 Aventura 115 34 The Beaches 120 39 Greater Fort Lauderdale 174 East Palm Beach 39 147 35
SOUTH AMERICAN MARKET REPORT As Politics Continue To Shift, South Americans Are Moving To Miami Venezuela, Argentina, Brazil, MEXICO Colombia, Peru and Mexico continue to fuel the South Florida Real Estate market revival over the past two years. VENEZUELA COLOMBIA Once again we see all Latin American Markets performing at the same time. As Miami continues BRAZIL to embrace the cultures and flavor PERU of our neighbors to the South, Miami Real Estate will continue to grow and prosper as we truly ARGENTINA become an International Gateway and World Class City.
MIAMITROPOLIS Miami’s growth in the world of the arts, dining, high-end retail and overall neighborhood transformations has officially placed the city within the ranks of the most culturally rich locales in the world. Here are just a few of Miami’s exciting new additions... PEREZ ART MUSEUM MIAMI
SHOPPING, DINING, & NEIGHBORHOOD GROWTH ADRIENNE ARSHT CENTER BRICKELL CITYCENTRE
PANAMAEFFECT COMMERCE EXPANSION TRACKING FORCAST Miami has commenced its $220 million dredge project combined Florida East Coast Railway (FECR) $50 with a $2 billion infrastructure Million in upgrades to the 351 miles of COMPLETED upgrade, that will make Miami track from Miami to Jacksonville one of the first and only U.S. ports capable of housing the new larger “Post-Panamax” ships Government cut dredging SCHEDULED SUMMER OF 2014 Port Tunnel opens for traffic SCHEDULED SUMMER OF 2014 Panama Canal Expansion Completion SCHEDULED SUMMER OF 2015
AS SEEN IN Bank of America Merrill Bank of America Merrill Lynch Article Lynch Article “It will likely reshape global imports, exports and trade flows for years to come, May 2013 affecting nearly every sector Get Ready Get Ready for the Big Ships of the American economy.” for the Big Ships Contents Executive summary Panama Canal, In 2015, a little more than a century after the dramatic opening of the Targeting 2015 completion . . 2 “In Florida, the Port of Miami ports from cargo ships the size of aircraft carriers will begin steaming toward American Expanding logistics . . . . . . . . . 2 East Coast Miami to New York. The expansion effort represents a potential boon to The role of finance . . . . . . . . . 3 has partnered with the U.S. businesses and industries. Infrastructure investments . . 3 New gateways . . . . . . . . . . . . . 4 Army Corps of Engineers Capitalizing on strengths . . . . 4 Executive summary The takeaway . . . . . . . . . . . . . . 5 to dredge its harbors and Panama Canal, In 2015, a little more than a century after the dramatic opening of the channels to a depth of 50 n ports from cargo ships the size of aircraft carriers will begin steaming toward America feet to accommodate new East Coast Miami to New York. The expansion effort represents a potential boon to big ships” businesses and industries.
PORT OF MIAMI TUNNEL PROJECT I-395 TUNNEL RAILROAD DEEP DREDGE WHARVES INTERMODAL YARD STRENGTHENING The new tunnel, a $1 billion investment, is prepared to open next year and will allow daily business traffice to double.
J AC KS O N V I L L E PROPOSED ROUTE • All Aboard Florida is the nation’s first privately owned, operated and maintained intercity ORLANDO passenger rail system A P R OX . 3 H O U R S TA M PA • Passengers traveling PROPOSED from South Florida ROUTE to Orlando will have a commute of approximately 3 hours W E ST PA L M B E AC H • Service is expected A P P R OX . 1 H O U R to begin by the end of FO RT L AU D E R DA L E 2015. A P P R OX . 2 5 M I N FROM MIAMI
VINTAGE MIAMI BRICK ELL A VENU E CURRENT LOCATION FOUR SEASONS BRICKELL | MIAMI, FL | CIRCA 1917
AMERICAN AIRLINES ARENA D B O U L E VA R B I S C AY N E I-39 5 1997 MIAMI
SOUTH FLORIDA 2020 Over $25 Billion in new construction, government expansions and upgrades from Greater Miami to Fort Lauderdale ISG MIAMI REPORT | 24
BRICKELL 2020 OVER $5 BILLION IN B R I C K E L L NEW DEVELOPMENT 2 0 2 0 * B R I C K E L L : $ 5 B I L L I O N I N N E W D E V E L O P M E N T * Landscape Echo Brickell Le Parc Atton Hotel Brickell House SLS Brickell Panorama Millecento The Bond 1010 Brickell NINE Brickell Brickell My One Brickell Park (PMG & JDS) (ALTA & Strategic) 270 Rooms (New Guard) (Related) Tower (Related) (MDR) (Key International) at Mary Brickell Heights City Centre Brickell (Related) Public 180 Luxury 128 Boutique 12 Stories 374 Condos 450 Condos (Florida East Coast) 382 Condos 328 Condos 352 Condos (Starwood (Related) (Swire) (Related) 3 Towers Bayfront Park Residences Condos Design by 46 Stories 120 Hotel Rooms 821 Condos 42 Stories 43 Stories 47 Stories Capital & Lynd) 690 Condos 5.4 million sq. ft. 192 Condos 80 Stories Proposed 57 Stories 12 Stories Luis Revuelta 52 Stories 128 Hotel Rooms Design by Design by 420 Condos 48 Stories 2 Towers - 9 Acres 27 Stories 70 Stories Collaboration by Design by 81 Stories Carlos Ott + Sieger Suarez 48 Stories Design by 800 Condos 55 Stories Carlos Ott + Phillipe Stark 82,000 Sq. Ft. Retail Pininfarina Design by ADD Arquitectonica 93 Apartments 1,200 Condos yoo Studio 38,000 Sq. Ft. Office 243 Hotel Rooms 200 Hotel Rooms 520,000 Sq Ft. Retail 200,000 Sq.Ft. 240,000 Sq. Ft. Office Retail Proposed CORAL GABLES MARLIN’S STADIUM MIAMI RIVER DISTRICT DOWNTOWN BISCAYNE BAY BRICKELL KEY BISCAYNE BAY While ISG strives 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. *AMOUNTS ARE AN ESTIMATE
DOWNTOWN MIAMI 2020 $10 BILLION D O W N T O W NIN NEW DEVELOPMENT M I A M I * 2 0 2 0 D O W N T O W N M I A M I : $ 1 0 B I L L I O N I N N E W D E V E L O P M E N T * MET (MDM) One Bayfront Plaza Biscayne Boulevard Skyrise Miami Vizcayne CENTRO Port of Miami World 1000 Museum Museum Park Adrienne Arsht Resorts World Omni JW Marriott Hotel (FECR) Beautification Tower (Berkowitz) Two 49 Story Towers (Newgard) Miami Center (Covin) 29 acres. Center Miami (Genting) Beaux Arts Hotel 4.2 million sq. ft. Grand Boulevard 1,000 Ft. Observation 849 Condos 37 Stories Expansion (Falcone) 60 Stories Perez Art Museum Miami 48,000 Sq. Ft. (Genting) 1.5 Million MET Square 72 Story Tower Landscaping & Baywalk Tower 55,000 Sq. Ft. Retail 352 Loft Style & Tunnel 12 Million Sq. Ft., 85 Condos Patricia & Phillip Frost Film Production Studio 14 acres Sq. Ft. 470 Hotel Rooms Mixed-use, Links Streets, Parks & Bay Mixed Use Retail and Condos 27 Acres 100 Single Floor Museum of Science Destination Resort Hilton Hotel, 1,700 Seat Theatre Office, Hotel, Retail Hospitality Connects I-395 Hotel, Retail, Condos Hotels & Residences Office, Retail 4 Story Retail, and Civic Space, Design by & 41,000 Sq. Ft. Watson Island Office, Residential Zaha Hadid Overtown Gateway Potential Restaurant All Aboard Florida to Port (Peebles) Casino Whole Foods Flagler on (Florida East Coast 2 Phases the River Industries) 150 Staybridge Hotel Room (MELO) Mixed use 9 Acres Suites 32 Stories 1.5 Million Sq. Ft. 635 Condos 300 Condos Office, Residential 60,000 Sq. Ft. Retail Residences Retail, and Hotel. 100,000 Sq. Ft. Office MARLINS MIAMI RIVER DISTRICT STADIUM GUSMAN CENTER MIAMI DADE COLLEGE FREEDOM TOWER BAYSIDE MARINA AMERICAN AIRLINES ARENA BISCAYNE BAY BISCAYNE BAY WATSON ISLAND MARINA CRUISE SHIP PORT PORT OF MIAMI While ISG strives 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. *AMOUNTS ARE AN ESTIMATE
BISCAYNE CORRIDOR 2020 OVER $2.5 BILLION D O W N T O W N IN NEW DEVELOPMENT M I A M I * 2 0 2 0 D O W N T O W N M I A M I : $ 1 0 B I L L I O N I N N E W D E V E L O P M E N T * MET (MDM) One Bayfront Plaza Biscayne Boulevard Skyrise Miami Vizcayne CENTRO Port of Miami World 1000 Museum Museum Park Adrienne Arsht Resorts World Omni JW Marriott Hotel (FECR) Beautification Tower (Berkowitz) Two 49 Story Towers (Newgard) Miami Center (Covin) 29 acres. Center Miami (Genting) Beaux Arts Hotel 4.2 million sq. ft. Grand Boulevard 1,000 Ft. Observation 849 Condos 37 Stories Expansion (Falcone) 60 Stories Perez Art Museum Miami 48,000 Sq. Ft. (Genting) 1.5 Million MET Square 72 Story Tower Landscaping & Baywalk Tower 55,000 Sq. Ft. Retail 352 Loft Style & Tunnel 12 Million Sq. Ft., 85 Condos Patricia & Phillip Frost Film Production Studio 14 acres Sq. Ft. 470 Hotel Rooms Mixed-use, Links Streets, Parks & Bay Mixed Use Retail and Condos 27 Acres 100 Single Floor Museum of Science Destination Resort Hilton Hotel, 1,700 Seat Theatre Office, Hotel, Retail Hospitality Connects I-395 Hotel, Retail, Condos Hotels & Residences Office, Retail 4 Story Retail, and Civic Space, Design by & 41,000 Sq. Ft. Watson Island Office, Residential Zaha Hadid Overtown Gateway Potential Restaurant All Aboard Florida to Port (Peebles) Casino Whole Foods Flagler on (Florida East Coast 2 Phases the River Industries) 150 Staybridge Hotel Room (MELO) Mixed use 9 Acres Suites 32 Stories 1.5 Million Sq. Ft. 635 Condos 300 Condos Office, Residential 60,000 Sq. Ft. Retail Residences Retail, and Hotel. 100,000 Sq. Ft. Office MARLINS MIAMI RIVER DISTRICT STADIUM GUSMAN CENTER MIAMI DADE COLLEGE FREEDOM TOWER BAYSIDE MARINA AMERICAN AIRLINES ARENA BISCAYNE BAY BISCAYNE BAY WATSON ISLAND MARINA CRUISE SHIP PORT PORT OF MIAMI While ISG strives 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. *AMOUNTS ARE AN ESTIMATE
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