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The market update is designed to provide visitors and residents residential sales information for Miami Beach. In this report you will find valuable data including the number of sales transactions and active listings for the area's top condominium residences.
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MARKET UPDATECervera Real Estate Miami Beach Market Update Issue 2 | Second Quarter 2012
What’s inside…
• Get to know Flo!
• Around Town
• Market Trends for Hot Properties
• We’ve got the Heat!
Cervera Real Estate864 Commerce Street Miami Beach, FL 33139
For months now we’ve been feeling it, but it was anecdotal. More people were looking for a place in Miami. More people were buying. And many of them were paying cash. Now it’s official: Miami has recovered from the real estate slump. Robert Shiller, co-creator of the S&O Case-Shiller index of property values, told Bloomberg: “The cities that have done the best have been glamour cities,” and he cited Miami, Las Vegas, and Phoenix. William Rogers, Chief Executive Officer of
Miami real estate has recovered!
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Cervera Miami Beach Office864 COMMERCE STREET
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Swim week has come and gone, don’t miss out next year! July 19-23, 2013
The Miami Beach market continues to lead as South Florida’s highest price per square foot. Most recently, a three-story penthouse unit at the Continuum (located in the exclusive South of Fifth neighborhood) sold for a record $25 million. According to the press, the buyer plans to invest an additional $2 million in upgrades and remodeling. Officials say the price breaks the previous record set in January with the sale of a $21.5MM Miami Beach penthouse.
About the Market Update
ONE List price $725,000 BED Only 1 one bed LP/SQFT $719 TWO Average list price $1,533,500 BED Highest list price $1,669,000 Lowest list price $1,190,000 Average LP/SQFT $904
THREE Average list price $5,841,875BED Highest list price $8,000,000 Lowest list price $2,850,000 Average LP/SQFT $1,882
Sold price $555,000 Only 1 one bed SP/SQFT $460
Average sold price $1,800,000 Highest sold price $2,000,000 Lowest sold price $1,600,000Average SP/SQFT $945
Sold price $2,625,000 Only 1 three bed Average SP/SQFT $1,003
Active Sold
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ONE Average list price $1,500,400 BED Highest list price $1,637,000 Lowest list price $1,150,000 Average LP/SQFT $1,874
TWO Average list price $2,387,500 BED Highest list price $3,599,000 Lowest list price $1,725,000 Average LP/SQFT $1,830
THREE Average list price $7,283,333BED Highest list price $7,950,000 Lowest list price $6,700,000 Average LP/SQFT $2,935
FIVE List price $9,950,000 BED Only 1 five bed LP/SQFT $2,801
Average sold price $1,078,750 Highest sold price $1,200,000 Lowest sold price $957,500Average SP/SQFT $1,406
Average sold price $2,064,000 Highest sold price $2,626,000 Lowest sold price $1,480,000Average SP/SQFT $1,536
Active Sold
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ONE List price $625,000 BED Only 1 one bed LP/SQFT $518
TWO Average list price $1,154,327 BED Highest list price $2,499,999 Lowest list price $749,000 Average LP/SQFT $710
THREE Average list price $1,847,000BED Highest list price $1,895,000 Lowest list price $1,799,000 Average LP/SQFT $878
FOURBED
Average sold price $1,052,140 Highest sold price $1,850,000 Lowest sold price $597,000Average SP/SQFT $590
Average sold price $2,700,000 Highest sold price $2,800,000 Lowest sold price $2,600,000Average SP/SQFT $758
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Miami real estate has recovered!Continued from front cover
Cervera Real Estate makes no claims, promises or guarantees about the accuracy, completeness or adequacy of the contents of this advertise-ment and expressly disclaims liability for errors and omissions of third-party content.
The numbers reflected in the market update represent data provided by the MLXchange during the second quarter of 2012.
SunTrust Banks, told Bloomberg that Miami “was having a remarkably fast recovery.”Numbers prove it. National asking prices were up .3 percent overall in the US, but asking prices in Miami, as of June 2012, were up 16 percent year over year. No other city except Phoenix was close to that. And Phoenix is, let me point out, Phoenix. Enough said.
Because of the weak dollar, a lot of cash buyers are coming in from outside the US, including Mexico, Brazil, Canada, Italy, France, Russia, of course, and even Spain and Greece. (If it looks like your country’s economy is collapsing, people with money will send their money out of the country.) That’s an amazing vote of confidence in Miami’s future.
With 30 year fixed interest rates at 3.66 percent, it’s not just the cash buyers who are shopping. Some customers are buying two condos, one to live and one to rent out with rates like this. (Miami rents are going up as well.) And, because prices have come back up, some of the most desirable condos, which were being held off the market, are now available.
Perhaps this is the time to mention that Cervera Real Estate’s Miami Beach office has agents who are fluent in Italian, Spanish, English, German, Russian, French, Polish, Portuguese, Greek and Mandarin. And, if you speak Bulgarian, we’ll find someone who speaks that too.
ONE Average list price $475,000 BED Highest list price $550,000 Lowest list price $415,000 Average LP/SQFT $629
TWO Average list price $767,000 BED Highest list price $885,000 Lowest list price $650,000 Average LP/SQFT $690
Average sold price $471,667 Highest sold price $510,000 Lowest sold price $430,000Average SP/SQFT $590
Average sold price $607,500 Highest sold price $670,000 Lowest sold price $545,000Average SP/SQFT $549
Active Sold
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ONE Average list price $1,807,000 BED Highest list price $2,895,000 Lowest list price $949,000 Average LP/SQFT $1,680
TWO List price $2,750,000 Only 1 two bed LP/SQFT $1,590
Sold price $1,460,000 Only 1 one bed SP/SQFT $1,268
Active Sold
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THREE Average list price $9,797,600 BED Highest list price $15,000,000 Lowest list price $6,399,000 Average LP/SQFT $2,702
FOUR Average list price $8,050,000 BED Highest list price $9,500,000 Lowest list price $6,150,000 Average LP/SQFT $2,024
Average sold price $7,412,500 Highest sold price $8,825,000 Lowest sold price $6,000,000Average SP/SQFT $2,151
Active Sold
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ONE Average list price $634,633 BED Highest list price $699,900 Lowest list price $579,000 Average LP/SQFT $652
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THREE List price $995,000BED Only 1 three bed LP/SQFT $638
Average sold price $595,000 Highest sold price $725,000 Lowest sold price $465,000Average LP/SQFT $619
Average sold price $771,667 Highest sold price $1,000,000 Lowest sold price $565,000Average LP/SQFT $622
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ONE Average list price $363,441 BED Highest list price $447,000 Lowest list price $299,400 Average LP/SQFT $487
TWO Average list price $613,000 BED Highest list price $699,000 Lowest list price $515,000 Average LP/SQFT $557
Average sold price $346,000 Highest sold price $400,000 Lowest sold price $293,000Average SP/SQFT $447
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ONE Average list price $629,250 BED Highest list price $690,000 Lowest list price $599,000 Average LP/SQFT $669
TWO Average list price $1,514,800 BED Highest list price $1,700,000 Lowest list price $1,275,000 Average LP/SQFT $1,045
THREE Average list price $1,960,000BED Highest list price $2,695,000 Lowest list price $1,590,000 Average LP/SQFT $997
Average sold price $615,000 Highest sold price $650,000 Lowest sold price $580,000Average SP/SQFT $654
Sold price $1,275,000 Only 1 two bed SP/SQFT $833
Active Sold
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ONE Average list price $1,075,000 BED Highest list price $1,150,000 Lowest list price $1,000,000 Average LP/SQFT $785
TWO Average list price $2,020,000 BED Highest list price $2,999,999 Lowest list price $1,000,000 Average LP/SQFT $1,281
THREE Average list price $3,519,800BED Highest list price $4,400,000 Lowest list price $2,500,000 Average LP/SQFT $1,594
Average sold price $1,070,700 Highest sold price $1,346,000 Lowest sold price $795,000Average SP/SQFT $850
Sold price $1,346,000 Only 1 two bed SP/SQFT $1,044
Sold price $5,000,000 Only 1 two bed SP/SQFT $2,165
Active Sold
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ONE List price $349,000 BED Only 1 one bed LP/SQFT $436
TWO Average list price $581,333 BED Highest list price $625,000 Lowest list price $549,000 Average LP/SQFT $540
THREE List price $850,000 BED Only 1 three bed LP/SQFT $572
Sold price $799,000 Only 1 two bed SP/SQFT $521
Active Sold
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ONE Average list price $648,333 BED Highest list price $875,000 Lowest list price $520,000 Average LP/SQFT $712
TWO Average list price $1,377,261 BED Highest list price $2,150,000 Lowest list price $849,000 Average LP/SQFT $835
THREE Average list price $2,825,000BED Highest list price $3,900,000 Lowest list price $1,750,000 Average LP/SQFT $1,315
FIVE List price $5,500,000 BED Only 1 five bed LP/SQFT $1,489
Sold price $650,000 Only 1 one bed SP/SQFT $764
Average sold price $1,082,500 Highest sold price $1,550,000 Lowest sold price $850,000Average SP/SQFT $678
Average sold price $1,812,500Highest sold price $1,825,000Lowest sold price $1,800,000Average SP/SQFT $842
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ONE List price $1,475,000 BED Only 1 three bed LP/SQFT $624
TWO Average list price $5,295,000 BED Highest list price $7,500,000 Lowest list price $2,990,000 Average LP/SQFT $1,244
THREE Average list price $5,997,500BED Highest list price $10,750,000 Lowest list price $1,995,000 Average LP/SQFT $966
THREE Average list price $6,768,750BED Highest list price $8,975,000 Lowest list price $5,900,000 Average LP/SQFT $1,037
FIVE List price $6,500,000 BED Only 1 eight bed LP/SQFT $894
Sold price $2,399,000 Only 1 four bed SP/SQFT $619
Sold price $4,016,200 Only 1 five bed SP/SQFT $965
Average sold price $10,350,000Highest sold price $12,300,000Lowest sold price $8,400,000Average SP/SQFT $1,193
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Since 1969, Miami Based Cervera Real Estate has been South Florida’s industry leader in condominium sales. Cervera doesn’t just sell real estate, Cervera helps create new markets. Our firm has transformed traditionally non-residential markets into urban and resort neighborhoods, such as Brickell and SoFi. Miami Beach was once an abandoned dog track and full of neglected housing that fast became the priciest and most photographed urban resort in the world. Indeed, the area now draws the highest Price/Square Foot ratio in Miami. Our involvement since the mid 90’s has resulted in representing 7 out of the 10 waterfront condominium projects in the area, including Portofino Tower, Yacht Club at Portofino, Apogee, Icon, Murano Grande, Murano at Portofino, The Waverly, W South Beach and most recently, Ocean House
About Cervera Real Estate
Around TownThe reason Miami is so hot again is due in part to all of the exciting things going on here. Two of Miami’s most visionary developers, Craig Robins and Robert Wennett, are each planning new pedestrian areas. They really should be called malls, in the original meaning of the name, a sheltered walk or promenade, not like the malls of Dadeland and Sunset Place (local malls).
Wennet, the man behind the “parking garage” 1111 Lincoln Road, plans to add more shopping, parking, dining and walking to Lincoln Road, along with 36 apartments. How, you might ask? By extending Lincoln Road north to a place dubbed Lincoln Lane, between Alton Road and Michigan. The Norwegian architects Snohetta have come up with a plan that involves canopies to provide shade, and lots of nonlinear paths for wandering.
And then there is Craig Robin’s plan to turn eight square block of the Design District into a pedestrian mall in collaboration with a French investment fund backed by Louis Vuitton Moet Hennessy. LVMH, the luxury behemoth, has elected to build a new Louis Vuitton building in the Design District, Cartier is building a shop on 40th Street, and LVMH’s Dior brand has a gleaming new two-story luxury shop (with
rooftop garden) designed by Terry Riley next to the Moore Building, opening this fall. Now there will be a 30-foot wide pedestrian passageway from 38th to 40th Streets, with plazas at each end and anchor stores like Bloomingdales. The Design District is a quick shot across the causeway from South Beach.
Get to Know Flo!Anyone who is looking for our offices in South of Fifth in Miami Beach should keep an eye out for Flo, our pink flamingo, who migrated down to South Bach from one of those swanky Northern cities. We’ve adopted Flo, and welcome her to 864 Commerce Street. Barely a block long, Commerce Street is tucked between the bottom of Alton Road and Joe’s Stone Crab. Our offices are in a sweet little cottage nicknamed, “La Casita,” with plenty of parking out front in addition to complimentary parking in the back. Stay on the look-out, and “Go with Flo as she makes her way around Miami Beach each issue!”
For some it’s hard to believe that Alicia Cervera Sr. first opened the doors to her real estate firm over four decades ago. Now, the Cervera name has become one of the most widely known real estate brands in South Florida. In the past four years alone, the company has sold billions of dollars in real estate and exclusively represents highly coveted projects, including the St. Regis Bal Harbour, The Grove at Grand Bay and Ocean House in Miami Beach. She was a pioneer, establishing a business formula to exclusively represent development projects, which were historically sold through the developer’s in-house sales team. Ms. Cervera continues to leave an undeniable footprint
on South Florida’s colorful real estate landscape, one that places undying resolve, honesty and integrity, and the constant quest for knowledge at the forefront of success.
The Grand Dame of Real Estate
Downtown Miamiis hot!
• Total sales including new and resale activity during the last 12 months were up approximately 5%
• Average monthly volume of residential sales were up 8.7% from year prior
• Sales in the first quarter of 2012 were up 26.7% from year prior
• Inventory of new, unsold condos declined 11% in the First Quarter 2012 from Fourth Quarter 2011
• Average rent psf in the First Quarter 2012 is up 3% from the Fourth Quarter of 2011
• Average monthly rental rates are up 13% from 2011
We’ve got the Heat!The World Champions Miami Heat Basketball team adds to the allure of our tropical paradise. Miami Beach is home to a number of star players, including Dwayne Wade and Chris Bosch. While there is no shortage of recreational activities in the Magic City, professional sports are definitely major league in South Florida. Home to internationally recognized franchises such as the Marlins, Heat and Dolphins, in addition to impressive college teams and other pro-sporting events, Miami is a hotbed of athletic entertainment. The Marlins Stadium, one of the premier ballparks in the nation, lets spectators enjoy America’s favorite pastime while sipping sexy cocktails at the Clevelander Bar —a South Beach landmark now in a stadium!
If you sleep on it...make it up.If you wear it...hang it up.If you drop it...pick it up.If you eat out of it...wash it.If you spill it...wipe it up.If you turn it on...turn it o�.If you open it...close it.If you move it...put it back.If you break it...repair it.If you empty it...�ll it up.If it rings...answer it.If it howls...feed it.If it cries...love it.
Debi Quade305.401.2169
Thinking of buying, selling or leasing? Call our team of Miami Beach specialists today!
Carlo Dipasquale785.512.5094
Kinga Konsorska954.554.8391
Despina Ikonomidou305.785.5565
Sildy CerveraMiami Beach Sales Director
305.490.7559sildycervera.com
Claudia Dunin-Borkowsky305.790.0511
Adriana Pinto-Torres786.493.1388
Jessica Segatto305.785.0896
Elaine Dos Santos305.748.1105
Sandra Stendel305.502.1754
Facebook.com/CerveraRE
About Cervera’s Numbers40,000 Condominium Units Sold 250 Licensed Professionals 82 Condominium Projects
Represented Exclusively 20 Real Estate Offices 4 Counties with Offices 1 Reputable Brand Known Throughout Key Markets in
South Florida, Latin America and Europe
Cervera’s Services• Pre-construction/Project Sales• Residential Sales• Residential Leasing• Corporate Relocation• Short Term & Vacation Rentals• Commercial Sales• Commercial Leasing• Property Management
Languages SpokenPortuguese, Spanish, French, Italian, Russian, Polish, German, Greek, Mandarin
Miami Beach full service construction and renovation(Apogee, Continuum, Murano Grande, Portofino, Icon, Setai,
Hibiscus, Dilido, San Marco, San Marino Islands, etc.)270 NE 61st Street, Miami, FL 33137, 305-695-9090, www.latourdesign.com
