Miami … A Global Perspective. Highest Number of Sales In our 94 Year History 2011 2012 2013

Miami …A Global

Perspective

Highest Number of Sales

In our 94 Year History

2011

2012

2013

Number of Sales2008 - 2013

2008 2009 2010 2011 2012 2013 -

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

7,728

11,182 11,519

12,636

13,475

14,914

2008 2009 2010 2011 2012 2013 -

5,000

10,000

15,000

20,000

25,000

8,215

11,994

15,331

18,198 18,395 19,153

Condos8,215 … 19,153

Single Family7,728 … 14,914

Single Family

Median $225,000+16%

Condos

$186,000+24.4%

% Increase over Jan 2013

January 2014 Sales Prices

Sales Prices

Peak 2007-55% for SF-58% for Condos

Bottom 2011+27% for SF+49% Condos

Currently at2003 Prices

Miami Sales Prices Increase

Since December 2011 … Double-Digit Appreciation

Condominiums – 31 Months of increases

Single-Family – 26 Months of increases

Prices still equal to 10 years ago - 2004

Sales Price Comparison

Miami Florida U. S.

SF $225,000 $162,500 $188,900

Condo $186,000 $131,000 $188,700

Active Listing Inventory

43,000 in August 2008

16,443 in January 2014

30,000 Less

64% Decrease

SF = 5.6 Months of Inventory

Condos = 7 months

MIAMI Real Estate Market is Excellent …

% of List Price Days on Market (LP) (DOM)

Single Family 95.4% LP 46 DOM Condos 96.1% LP 56 DOM

Cash SalesNational

33% Cash Sales

Miami

62% Cash Sales

47.3% Single Family72.4% Condos_____________

New Construction 90%

Traditional Sales Increasing Over Distressed Sales

Miami-Dade

January 2014

62% Traditional38% Distressed

Down from 49% previous year

U.S.January 2014

85% Traditional15% Distressed

#2 Miami

Internationally

Speaking …

119 Global Partnerships Worldwide

International Buyer Profiles Prepared by the National Association of Realtors

National – June 2013Florida – Sept 2013Miami – Oct 2013

Top 8 States in US

Florida 23%California 17%Arizona/Texas 9%NY/Virginia 3%GA/Nevada 2%

- Nationally -Top Buyers

Canada 23%China 12% Mexico 8%India/UK 5%Argentina/

Germany 3%

Profile of InternationalHome Buyers In Florida

August 2013

80% of International Clients

View FloridaReal Estate as

LESS ExpensiveThan Their Own

Profile of Int’lHome Buyers

In FloridaAugust 2013

17% areOver

$500,000

7% areOver $1M

Profile of Int’lHome Buyers

In FloridaAugust 2013

International Buyers84% Cash

Profile of Int’lHome Buyers

In FloridaAugust 2013

32% Latin America30% Canada27% Europe

7% Asia3.5% Middle East

71% ofVenezuelans

Buy inMiami – Ft. L

Profile of Int’lHome Buyers

In FloridaAugust 2013

Venezuelans

33% BuyOver $500,000

15% Over $1M

Profile of Int’lHome Buyers

In FloridaAugust 2013

Brazilians

46% Buy inMiami – Ft. L

Profile of Int’lHome Buyers

In FloridaAugust 2013

Profile of Int’lHome Buyers

In FloridaAugust 2013

Brazilians

27% ofSales are

Over $500k

Latin America/ Caribbean

(Exc Brazil/Venezuela)

56% Buy In Miami – Ft. L

Profile of Int’lHome Buyers

In FloridaAugust 2013

Profile of Int’lHome Buyers

In FloridaAugust 2013

Latin America/Caribbean

75% of SalesAre Under$400,000

Western Europe(Exc UK)

#1 Miami/Ft. Lauderdale#2 Cape Coral/Ft Myers

#3 Orlando

Profile of Int’lHome Buyers

In FloridaAugust 2013

Profile of Int’lHome Buyers

In FloridaAugust 2013

Western EuropeExcept UK

10% BuyOver $1M

Profile of Int’lHome Buyers

In FloridaAugust 2013

Miami#1 Latin America

#2 Western Europe

#3 Canada#4 Asia

#5 Eastern/Cent Europe#6 Middle East

Profile of Int’lHome Buyers

In FloridaAugust 2013

#1 Venezuela#2 Argentina

#3 Brazil#4 Peru

#5 Canada/Colombia

Ft. Lauderdale

Added:China

GermanyStronger:Australia

AsiaCanada

Palm Beach

The MOST International Business in US

1 in 4 in Florida

Nearly 1 in 3 in Florida is Miami/Ft.L

Miami/Ft. Lauderdale combined … 30%

Profile of Int’lHome Buyers

In FloridaAugust 2013

29.6%Miami/Ft Laud

Condominiums: The Major ChoiceDetached Single-Family of Increased Interest

Detached single-family Townhouse/row house Condo/apt Time-share Commercial Property

2011 0.157684630738523 0.0878243512974052 0.708582834331337 0 0.0459081836327345

2012 0.202 0.116 0.635 0 0.047

2013 0.23 0.094 0.64 0 0.037

5%

15%

25%

35%

45%

55%

65%

75%

Type of Property Purchased by Typical Client

NAR Surveyfor Miami-Broward

October 2013

73% Condos/Townhomes

Commercial Purchases Concentrated in Retail and Multi-Family Properties

Office Industrial Retail Hotel Land Multi-family

2011 0.170731707317073 0.182926829268293 0.23780487804878 0.0853658536585366 0.0182926829268293 0.304878048780488

2012 0.206 0.165 0.17 0.028 0.037 0.394

2013 0.207 0.112 0.235 0.045 0.056 0.346

3%

8%

13%

18%

23%

28%

33%

38%

43%

Type of Commercial Property Purchased by Typical Client

NAR Surveyfor Miami-Broward

October 2013

For 70 Percent of Miami-Dade-Broward REALTORS®, Mortgage Sales Account for Less than 10% of Int’l Transactions

0 - 9 % 10 - 19% 20 - 29% 30 - 39% 40 - 49% 50 - 59% 60 - 69% 70 - 79% 80 - 89% 90 - 100%

2012 0.721 0.064 0.039 0.037 0.022 0.05 0.013 0.02 0.007 0.028

2013 0.695 0.073 0.046 0.039 0.027 0.043 0.011 0.016 0.011 0.039

5%

15%

25%

35%

45%

55%

65%

75%

Percent of Transactions With a Mortgage

Perc

ent o

f Res

pond

ents

NAR Survey for Miami-Broward October 2013

The Top Tier Countries of Client OriginMiami Survey

Venezuela

Argentina

Brazil

Colombia

Canada

France

Mexico

Italy

0% 2% 4% 6% 8% 10% 12% 14% 16%

14%

11%

11%

8%

8%

5%

4%

4%

Top Tier Countries of Origin of International Clients Who Purchased Property

20132012

NAR Surveyfor Miami-Broward

October 2013

The Second Tier Countries of Client Origin

Peru

Russia

Spain

Dominican Republic

United Kingdom

Chile

Ecuador

Germany

China, People's Republic

Costa Rica

Honduras

Nicaragua

India

Panama

Other

0% 1% 2% 3% 4% 5% 6% 7%

3%

3%

3%

3%

2%

2%

2%

2%

2%

1%

1%

1%

1%

1%

6%

Second Tier Countries of Origin of International Clients Who Purchased Property

20132012

Peru 3%Russia 3%Spain 3%D.R. 3%U.K. 2%Chile 2%Ecuador 2%Germany 2%China 2%Costa Rica 1%Honduras 1%Nicaragua 1%India 1%Panama 1% Other 6%

Who’s looking at Miami properties…

Source: Unigroup Relocation as reported in RISMedia 2-14

Realtor.com/international December 2013Most searched U.S. cities:

1. Los Angeles, CA

2. Miami, FL3. New York, NY4. Detroit, MI5. Las Vegas, NV6. Orlando, FL7. Fort Lauderdale, FL8. Houston, TX9. Chicago, IL10. San Diego, CA

Realtor.com

Where are Int’l Buyers Searching?

Top 5 MarketsFor Each Country

Miami = 12 Countries1st in 5 Markets

December 2013

Canada: Detroit, Las Vegas, Fort Lauderdale, Los Angeles, MiamiUnited Kingdom: Los Angeles, Houston, Orlando, New York, AtlantaAustralia: Detroit, Los Angeles, New York, Las Vegas, San FranciscoIreland: Washington, Los Angeles, New York, Chicago, Las VegasBrazil: Miami, Orlando, Los Angeles, Fort Lauderdale, Miami BeachIndia: New York, Los Angeles, Dallas, Chicago, Las VegasGermany: Los Angeles, Colorado Springs, Miami, San Antonio, DetroitJapan:  San Diego, Honolulu, Los Angeles, Jacksonville, OahuMexico: San Diego, San Antonio, Laredo, Miami, El PasoFrance:  Miami, Los Angeles, Detroit, Miami Beach, New YorkChina: Los Angeles, Detroit, San Francisco, Irvine, ChicagoItaly: Miami, Detroit, New York, Los Angeles, Miami BeachNetherlands: Detroit, Los Angeles, New York, Miami, Las VegasPhilippines: Ashland (AL), Las Vegas, Los Angeles, Houston, Beverly HillsSouth Korea: Los Angeles, Irvine, Las Vegas, San Antonio, AtlantaSpain: Miami, New York, Los Angeles, Detroit, ChicagoRussian Federation: Miami, New York, Los Angeles, Detroit, ChicagoSweden: Los Angeles, New York, Miami, Fort Lauderdale, DetroitSwitzerland: Miami, Los Angeles, Detroit, Fort Lauderdale, NaplesPoland: Detroit, Los Angeles, New York, Chicago, Miami

Top 10 Visitors by Country on Miamire.com - Feb 2014

2013

1. Brazil2. Colombia3. Canada4. Venezuela5. Argentina6. France7. Spain8. Peru9. U. K.10. India

1. Brazil2. Colombia3. Canada4. India5. Argentina6. Venezuela7. Bolivia8. France9. U. K.10. Russia

2014Who is Covering

Miami Real Estate

1. U. K.2. Venezuela3. Canada4. China5. Italy6. Argentina7. Spain8. Australia9. New Zealand10.Brazil

11. Germany12. France13. Hong Kong14. India15. Mexico16. Bahamas17. Philippines18. Singapore19. South Korea

Top 10 Visitors by STATE on Miamire.comFeb 2014

2013

1. Illinois2. Tennessee3. California4. Pennsylvania5. New York6. Texas7. Georgia8. Connecticut9. Michigan10. Maryland

1. California2. Georgia3. Texas4. New York5. Illinois6. Michigan7. Pennsylvania8. Virginia9. New Jersey10. North Carolina

2014 Who is Covering Miami Real Estate

1. California2. Texas3. New York4. Connecticut5. Michigan6. New Hampshire7. Ohio8. Georgia9. Illinois

Moving In … Moving Out

Moving OutThe top outbound states

for 2013 were:

New JerseyIllinois

New YorkWest VirginiaConnecticut

UtahKentucky

MassachusettsNew Mexico

Moving InThe top inbound states of

2013 were:

OregonSouth CarolinaNorth Carolina

District of ColumbiaSouth Dakota

NevadaTexas

Colorado

1. Monaco 15.0

2. Hong Kong 20.6

3. London 25.2

4. Singapore 32.6

5. Geneva 34.7

6. New York 40.2

7. Sydney 41.2

8. Paris 41.7

9. Moscow 43.0

10. Shanghai 46.2

SQ M that US$1M will buy

11. Beijing 52.6

12. Rome 60.8

13. Los Angeles 64.3

14. Miami 65.1

15. Tokyo 75.5

16. Mumbai 95.7

17. Istanbul 97.1

18. Sao Paulo 136.1

19. Dubai 146.0

20. Cape Town 215.1

Amount (SQ M) of LuxuryProperty US$1M Will Buy

Study by Knight Frank with research firm Wealthinsight ranks cities by attractiveness to the rich on

4 criteria:

• Economic activity• Quality of life• Knowledge/influence• Political power

2 cities basically tied: London/NYC(like the Gates & Buffet of rich cities)

Projection: NY will take the lead(gaining edge from political power

and economic activity)

Only 2 US Cities in Top 10: New York and Miami

North America

1. New York

2. Miami

3. D. C.

4. San Francisco

5. Toronto

Europe

6. London

7. Geneva

8. Paris

9. Zurich

10.Moscow

Latin America

1. Sao Paulo

2. Rio

3. Buenos Aires

4. Mexico City

5. Santiago

Asia Pacific

6. Singapore

7. Hong Kong

8. Shanghai

9. Beijing

10.Sydney

Middle East

1. Dubai

Top 5 Cities by Region And Top 5 Future Hotspots

Knight Frank Wealth Report 2014

HNWIs by the $Millions

# People … % Increase (since 2003)

• 167,000 worth $30M+ (+59%)• 37,104 worth $100M+ (+62%)• 1,682 Billionaires (+82%)

10 Year - 2023 Projections

• 215,113 (+29%)• 48,473 (+31%)• 2,315 (+38%)

Asia and emerging markets will drive much of the growth

U. S. is still expected to have the most multimillionaires by far in 2023 with 47,468 worth $30M+ (+21%)

Largest HNWI PopulationsWorld Wealth Report 2013

Forecast 10-year Global Growth by Wealth BracketSource: WealthInsight and Knight Frank Wealth Report 2014

Forecast 10-year Global Growth by Wealth BracketSource: WealthInsight and Knight Frank Wealth Report 2014

Asia and emerging markets will drive much of the growth

10 most affluent neighborhoods in

America(measured by mean household income)

#4 - Old Cutler-Hammock

Coral Gables48% Latino

2/3 of Latinos are Cuban

Mostly owners/entrepreneurs

The new neighborhood list, called the Higley Elite 100, is compiled by Stephen R. Higley

The Top 25 Real Estate Markets in the U.S.According to the experts at Moneyjournal.com

#1Miami, Florida:With the expectation of a 13.4 percent increase in their real estate market, Miami comes in as the leader in all real estate markets according to the experts at moneyjournal.com. The median sales price for homes in Miami is $164,450, which is an increase of 1.5 percent from the previous year.

#2 Phoenix#3 Palo Alto#4 Orange County#5 Houston#6 San Francisco

#7 San Jose#8 Williston, ND#9 Tampa#10 Tucson

Is The China Real Estate Bubble Real?

• In Beijing the average price of a home is 34.38 times the average household income. • In Shanghai the ratio is 28.57 times; • Hangzou, 27.7 times; • Guangzhou is 26.74 times.

• Compare that to New York City where the ratio is 7.85• San Francisco at 7.43 times

• Or compare to London at 14.76• Paris with a ratio of 15.87 - cities where foreign money tends to prop prices higher

Miami … $43,464 = 5.18 SF 4.28 Condo

Launched South Florida Market Intelligence PageSFMarketIntel.com

• All Market & Industry-Related Information in One Place

• Miami-Dade & Broward

119 Global Partnerships Worldwide

http://www.miamire.com/International/miami-partner-organizations

119 Global Partnerships Worldwide

This Presentationhttp://www.miamire.com/market

International Reportshttp://www.miamire.com/international/international-resources

Our Gift: Online Resources

www.miamire.com

Teresa King Kinney, CEOtkinney@miamire.com

305-468-7010

Lynda Fernandez, SVPlynda@miamire.com

305-468-7040