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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, [email protected]
305-468-7010
Lynda Fernandez, [email protected]
305-468-7040
