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South Florida Market Trends1
Miami Real Estate P R O P E R T Y S H O W C A S E & M A R K E T T R E N D S
South Florida Market Trends2
Preface
In recent years, South Florida has regained traction and has become one of the most sought after markets for
investors and homebuyers. With a quarter of the calendar year remaining, our team is emerging as an industry
leader, breaking sales records and reaching new heights. Led by Joseph Zichelle, one of the most proven agents
in the field over the past fifteen years, our group has quickly become a go-to resource for both buyers and sellers.
Combining our vast knowledge of the area and our members’ diverse skill sets, our team’s reach extends to
every corner of the market, including, but not limited to, high-end luxury, new construction, income-producing
properties, hospitality, retail, shovel-ready developments, and property management. Notably, we have closed over
$45M,have $90M pending, and over $700M in the pipeline. We have expanded our network and touch nearly every
niche in South Florida.
Our team goes above and beyond the industry standards regarding any and all transactions, and our end-to-end
services are immeasurable. Particularly, we have formulated a marketing strategy that remains incomparable,
allowing us to remain a significant step ahead of the elevated level of contest in the region. For instance, one of
our newest endeavors, The Brickell Scoop, has pumped dynamic energy into the Brickell community, one of the
most rapidly expanding segments of the market.
Our cohesive group continues to grow with immeasurable potential, sprouting with a plethora of skills, experience,
and a competitive edge that enables us to remain a sought after resource. Each team member’s specialty,
combined with a group-wide focus and discipline, allows us to maintain our goal of consistently remaining the
most successful team in the field, a trajectory on which we already find ourselves due to incoming investor capital
and our unmatched ability to navigate others through the South Florida market, which remains as accelerated and
flourishing as ever.
The following pages offer a clear indication of the year’s market trends, as well as opportunities that still exist in
the current market. We hope you find South Florida Real Estate Trends an informative and stimulating glimpse
into the state of the marketplace and helpful as you chart your own path in South Florida.
Joseph ZichellePrincipal | The Zichelle TeamOne Sotheby’s International Realty
South Florida Market Trends3
M A P O F S O U T H F L O R I D A N E I G H B O R H O O D S 4
M I A M I-D A D E R E S I D E N T I A L S TAT S 5
B R I C K E L L C O N D O M A R K E T 6
T H E B R I C K E L L S C O O P 7
S O U T H B E A C H C O N D O M A R K E T 8
S O U T H B E A C H L I S T I N G S 9
W H E R E W O U L D Y O U L I V E ? 10 -11
O N E S I R C O M M E R C I A L D I V I S I O N 12
Z I C H E L L E T E A M S I G N I F I C A N T S A L E S & P R O P E R T I E S U N D E R C O N T R A C T 13
C O M M E R C I A L S E R V I C E S 14
T H E Z I C H E L L E T E A M 15
TableOf Contents
South Florida Market Trends4
Western Suburbs Southwest Ranches Plantation Sunrise Weston ParklandBroward | North End Lauderdale-by-the-Sea Hillsboro Beach Lighthouse Point Bay Colony Sea Ranch The Landings Coral Ridge / C.R. Country Club East Fort Lauderdale Las Olas Isles Harbor Beach Fort Lauderdale Beach Rio Vista Victoria Park & Colee Hammock Sunrise KeyBroward | South End Hollywood Beach Hallandale Beach
Miami | North End Aventura Golden Beach Bal Harbour Surfside Sunny IslesThe Islands Bay Harbor Islands Indian Creek Normandy Isles La Gorce Sunset Islands Venetian Islands Palm/Hibiscus/Star Islands Fisher Island Key BiscayneMiami Beach South Beach Mid Beach North BeachDowntown Miami Midtown Edgewater Downtown Miami BrickellMiami | South End Coconut Grove Coral Gables Pinecrest Palmetto Bay CocoPlum Gables Estates Snapper Creek Lakes Ponce-Davis & High Pines Old Cutler Bay
Broward County
Miam
i-Dade County
South Florida Market Trends5
Miami-Dade County’s housing market offers a broad variety of single-family, townhome and condominium
properties. From 10-million-dollar-plus mansions in exclusive waterfront enclaves like Indian Creek Village and
Golden Beach to downtown Miami skyscrapers and historic Coral Gables properties, Miami-Dade’s luxury market
is substantial and diverse. Miami has a vibrant and growing condominium market of both new and resale homes
and a strong luxury, single-family market, reflecting its emergence as a globally significant property market that
attracts buyers from throughout the Americas and beyond.
Number of Transactions (YTD)
Average Price per Square Foot (YTD) 1
935
$445
Luxury Spotlight (YTD)
$1M to $5M Transactions
$5M to $10M Transactions
$10M+ Transactions
Avg. Home Price
$2,058,176Avg. Home Price
$6,834,424Avg. Home Price
$15,966,667
# Sold
37239.8% of total transactions
# Sold
414.3% of total transactions
# Sold
151.6% of total transactions
# Listed
996# Listed
128# Listed
91
* Numbers include only the county’s most prominent neighborhoods.
Miami-DadeResidential Stats
South Florida Market Trends6
BrickellCondo Market
Two of Brickell’s three submarkets (Brickell Waterfront, Brickell Non-Waterfront and Brickell Key) saw strong
appreciation, with waterfront properties leading the increase at 11%. Brickell has become one of the most popular
condo submarkets in the current development cycle, and resale prices of $450 PSF to $670 PSF are supporting
pricing on new developments. The highly anticipated Brickell City Centre (to be delivered next year) will be the
bellwether for Brickell’s non-waterfront market moving forward.
The Condo Market: Brickell (YTD)1,2 The Condo Market: Brickell Key (YTD)1,2
% Sample Traded † % Sample Traded †Avg. Sales Price Avg. Sales PriceAvg. S.F. Avg. S.F.Avg. $/S.F. Avg. $/S.F.% Change ($/S.F.) % Change ($/S.F.)
NWF ‡ 2% g 7%$450979$440,097
WF ‡
WF ‡
2%
1%
$670
$565
1,612
1,658
$1,080,039
$936,611
g 11%
h 4%
3 bedrooms 3 full, 1 half bathrooms 2,457 square feet
1 bedrooms 2 full, 3 half bathrooms starting at 1,100 sf
4 bedrooms 4 full, 1 half bathrooms 4,260 square feet
3 bedrooms 3 full, 1 half bathrooms 2,418 square feet
The Epic, Miami | $2,999,900
Brickell Flatiron, Miami | Starting at $600/ S.F
Jade Brickell, Miami | $4,199,000
The Plaza, Miami | $1,675,000
200 S. Biscayne Boulevard, Suite 5001
1001 South Miami Avenue
1331 Brickell Bay Drive, Suite PH4506
951 Brickell Avenue
South Florida Market Trends7
A Miami social club created by ONE Sotheby’s Relators Elliot Machado and
Joseph Zichelle.
The Brickell neighborhood located near downtown Miami is arguably one
of the hottest locations in South Florida right now, boasting a host of brand
new luxury high rise condominiums, a thriving foodie scene, and soon to
be world class shopping and entertainment within Brickell City Center.
Elliot and Joseph perceived this as a unique opportunity to cultivate a
community of ‘Brickellites’ through social media by keeping fans updated
on the people, places and things they need to know to navigate the good
life in Brickell. With this goal in mind, they used the platform to connect
fans with Brickell venues by hosting two monthly social events ranging
from happy hour, health and fitness, shopping and other community friendly
gatherings to bring together real people that live, work, and play here.
This social aspect gives Elliot and Joseph the opportunity to reach people
they would never get the chance to meet or get in front of. The friendly and
professional reputation of The Brickell Scoop has created quite the stir in
the Miami social scene, inspiring brands like CitiBank to align themselves
with the group in sponsoring most of their events.
South Florida Market Trends7
South Florida Market Trends8
South BeachCondo Market
Spotlight: South of Fifth (YTD)1
Apogee
AverageSales Price ^
$8.00M
AveragePPSF^
$2,578
No changefrom
1st Half 2014
Continuum South
Continuum North
Murano Portofino
Portofino Tower
Murano Grande
Icon South Beach
AverageSales Price ^
$2.80M
AveragePPSF^
$1,279
g 24%
from 1st Half 2014
AverageSales Price ^
$4.73M
AveragePPSF^
$1,891
h 13%
from 1st Half 2014
AverageSales Price ^
$2.30M
AveragePPSF^
$1,877
g 15%
from 1st Half 2014
AverageSalesPrice ^
$3.35M
AveragePPSF^
$1,454
g 1%
from 1st Half 2014
AverageSales Price ^
$3.00M
AveragePPSF^
$1,345
g 35%
from 1st Half 2014
AverageSales Price ^
$1.54M
AveragePPSF^
$1,012
h 5%
from 1st Half 2014
The Condo Market (YTD)1,2
% Sample Traded † Avg. Sales Price Avg. S.F. Avg. $/S.F. % Change ($/S.F.)
NWF‡ 1% g 5%$6711,158$776,750
WF‡ 2% $1,5641,900$2,971,102 g 7%
1. All percentage changes were calculated comparing 1st Half 2015 to 1st Half 2014.
South Beach has remained an undoubtedly popular submarket, attracting local, domestic
and international buyers alike. Pricing at the sought-after South Beach condominiums
Continuum North, Portofino Tower and Apogee has continued to steadily increase, at an
average of 15%–35% per square foot. New mid- and high-rise condominiums such as Marea
and Glass sold very well, reflecting untapped demand in the submarket, particularly in the
exclusive South of Fifth area.
5004 N Bay Road, Miami Beach7 bedrooms 10 full bathrooms
17,055 sf living 5004NBayRoad.com
Asking price: $35,900,000
30 Palm Avenue, Miami Beach8 bedrooms 8 full, 1 half bathrooms
14,000 sf living 30PalmAv.com
Asking price: $32,000,000
4730 N Bay Road, Miami Beach7 bedrooms 9 full, 2 half bathrooms
14,000 sf living 4730nbayroad.com
Asking price: $31,950,000
South Florida Market Trends9
The Zichelle TeamSignificant Luxury Sales
Under Contract
Sold
Sold
Sold
Fisher Island, FL 331097066 Fisher Island Drive
Miami Beach, FL 33139425 E Dilido Drive
Key Biscayne, FL 33149350 Ocean Drive, Unit 503-N
Miami Beach, FL 33139445 E Dilido Drive
Offered at: $8,100,000
Sold at: $3,650,000
Sold at: $4,450,000
Sold at: $3,750,000
South Florida Market Trends10
PROUDLY REPRESENTING SOUTH FLORIDA’SMOST PRESTIGIOUS NEW RESIDENCES
Brickell City Centre, Miami One Thousand Museum, Miami
L’Atelier, Miami Beach The Residences at W South Beach, Miami Beach
Riva, Fort Lauderdale Metropica, Sunrise
Starting at $595,000 / Completion: 2015 Starting at $5.5M / Completion: 2017
Starting at $4M / Completion: 2017 Starting at $995,000 / Completed
Starting at $645,000 / Completion: 2017 Starting at $290,000 / Completion: 2017
Where would you live?
South Florida Market Trends11
The Ritz-Carlton Residences, Miami Beach Oceana, Bal Harbour
Three Hundred Collins, Miami Beach Louver House, Miami Beach
Kai at Bay Harbor, Bay Harbor Islands Gale, Fort Lauderdale
Starting at $2M / Completion: 2016 Starting at $1.8M / Completion: 2017
Starting at $1.2M / Completion: 2017 Starting at $2.5M / Completion: 2017
Starting at $612,000 / Completion: 2016 Starting at $400,000 / Completion: 2016
South Florida Market Trends12
ONE Sotheby’s International RealtyCommercial Division
ONE Sotheby’s International Realty continues to receive worldwide
recognition delivering on exceptional service and financial performance.
The reason for its success is simple: consistently providing clients with
exceptional service and results is our priority. Meeting the client’s demand
for additional assistance while maintaining the outstanding service
synonymous with the Sotheby’s brand has led the firm to expand its
offerings to include the Development Division in 2012 and the Commercial
Division in 2015. ONE Sotheby’s International Realty’s Commercial Division
offers a full platform of commercial real estate services providing brokerage
as well as advisory expertise. Delivering on the legacy of exceptional service
and results consistent with the firm, our client’s needs are proudly served
throughout South Florida with over 450 sales associates in eight offices.
The ONE Sotheby’s International Realty Commercial Division provides
commercial real estate solutions with the singular objective of helping its
clients achieve their business goals. Our team of Commercial Property
Specialists are dedicated to providing exceptional service while maximizing
value for the properties we represent. This is accomplished by developing
professional relationships with local and global industry leaders, providing
strategic exposure for our listings and keeping current with market trends.
South Florida Market Trends12
South Florida Market Trends13
Zichelle TeamSignificant Sales & Under Contract Properties
Multi-Family:
Retail & Office Space:
Sold Under Contract
3630 NE 1st Court 1516 Ponce De Leon:
Sold at: $7,000,000 Offered at: $4,000,000
Sold Sold
1023 SW 6th Street 435 SW 12th Avenue
Sold at: $10,700,000 Sold at: $6,700,000
Cap rate: 4.5% Cap rate: 4%
Under Contract Under Contract
120 SW 8th Avenue 1430 SW 1st Street
Offered at: $14,950,000 Offered at: $12,000,000
Cap rate: 3.5% New Construction
South Florida Market Trends14
• Strategic leasing program• Financial analysis• Marketing program• Lease negotiations• Market analysis• Target tenant analysis• Increased asset value through occupancy
• Property acquisition • Property disposition• Investment analysis• Sales/leaseback• Portfolio strategy• Development opportunities
• Investment objective analysis and portfolio strategy• Target market analysis (clientele)• Logistics assessment• Property and asset availabilities survey• Competitive site analysis • Identify potential development opportunities • Property assessment and valuation for acquisition
• Property assessment and valuation for disposition • Competitive property analysis • Target market analysis (investor/occupier)• Sales/Leaseback option analysis• Development opportunity evaluation• Marketing program
• Strategic leasing program focused on tenant retention• Financial analysis of asset to drive value• Marketing program showcasing unique asset profile• Lease negotiations of current and new tenants• Market analysis factoring current trends, availabilities, competing assets
and future inventory• Target tenant analysis securing credit- worthy tenants, while attracting
desired businesses• Increased asset value by maximizing occupancy
• Partner with business owners and leaders to fully understand the goals
• Building and space requirement assessment • Zoning and special use required assessment• Budget objective and occupancy costs• Target market analysis for maximum exposure• Competitive site and lease analysis• Market availabilities and survey report
• Building and space requirements assessment• Zoning and special use required assessment• Budget objective and occupancy costs adherence • Target market identification and analysis• Competitive site analysis• Market surveys• Retail data analysis• Demographic research and reports• Aerial site mapping/co-tenancy analysis• Letter of Intent• Lease negotiations (relocations, renewals, expansions,
downsizing and extensions)
• Investment sales and acquisitions • Hospitality sales • Multi-family and mixed-use sales• Land sales and acquisitions• Retail sales and leasing• Office sales and leasing• Industrial/distribution center sales and leasing • Healthcare sales and leasing• Education sales and leasing• Legal sales and leasing• Senior Housing sales and leasing• Non-profit sales and leasing
We partner with our clients to understand their objectives. Our professionals strive to deliver optimal solutions and to ensure their clients achieve their
business goals. Our Commercial Division offers a variety of services, including:
End-to-EndCommercial Services
Brokerage and Advisory Services:
Landlord Representation:
Purchase:
Sale:
Landlord Representation:
Tenant Representation:
Tenant Representation:
Investment Sales and Acquisition:
South Florida Market Trends15
For nearly 15 years, Joseph Zichelle has built a reputation in real estate
for breaking records and delivering results.
Recognizing that no man is an island unto himself, Mr. Zichelle sought
out professionals that shared his passion for excellence. The Zichelle
Team is the result of his search and curation of the best talent in the
industry. The Zichelle Team members currently include Ani Sierra, Elliot
Machado, Mehmet Cereb, Jesse Spencer Ashley Davis and Oren Katz.
Team members were each hand selected, and inclusion in the team
requires a belief in a culture of meritocracy and collaboration. Invitation
to join the team is extended by Mr. Zichelle only once per annum, with
less than 2% of applicants approved to join.
The Zichelle TeamMeet Our Members
“Technology is, by definition, the application of knowledge. Using technology in real estate is not about making pretty websites, it’s about applying a depth of rich knowledge that leads to results. A good looking website can complement such expertise, but it can never be a substitute.”
While The Zichelle Team members maintain a diverse range of skill sets, all
are adept at utilizing technology with an early adopter mentality. This goes
well beyond the industry standards and is part of Mr. Zichelle’s personal
philosophy, which views technology as follows:
— Joseph Zichelle
Joseph ZichellePrincipal
310.623.7017jzichelle@onesothebysrealty.com
Elliot MachadoSales AssociateCo-founder of The Brickell Scoop
305.898.4429emachado@onesothebysrealty.com
Jesse SpencerDirector of OperationsSales Associate
305.632.7195jspencer@onesothebysrealty.com
Ashley DavisExecutive Assistant to Joseph ZichelleLeasing Associate
305.389.5161adavis@onesothebysrealty.com
Ani SierraCommercial DirectorPartner
786.427.9662asierra@onesothebysrealty.com
Mehmet CerebSales AssociateRelocation Specialist
305.215.2899mcereb@onesothebysrealty.com
Oren KatzMarketing Coordinator
305.505.7995zichelleteam@gmail.com
The Zichelle Team delivers:
• Bi-coastal coverage of strategic opportunities in South Florida and Southern California, with local level presence Miami and Los Angeles.
• Transactional depth spanning commercial and residential markets, as well as their respective sub-sectors.
• Curated personal network of international buyers and sellers that excel at closing deals.
Many people say the sky’s the limit, but at The Zichelle Team, the motto is
different- raise the bar and break the sky.
South Florida Market Trends16
YOUR TOP RESOURCE FOR SOUTH FLORIDA REAL ESTATE.
*Data by BrokerMetrics, past 12 months.
53Percent
Growth in totalsales volume
from 2013 to 2014
Number One
Leader in local luxury condo sales
(over $500k)*
$3 Billion
Amount in new, luxury developments represented by ONE
$1.3 Million
Average listing price in millions
(highest in South Florida)*
©MMXV ONE Sotheby’s International Realty, licensed real estate broker. Sotheby’s International Realty® is a licensed trademark to Sotheby’s International Realty Affiliates LLC. An Equal Opportunity Company. Equal Housing Opportunity. Each Office is Independently Owned and Operated. The information contained herein is deemed accurate but not guaranteed. Prices are subject to change without notice.
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