A N I N - D E P T H A N A L Y S I S O F S O U T H F L O R I D A ’ S N E W C O N D O M I N I U M M A R K E T
D E C E M B E R 2 0 1 4
MIAMIRise Of A GlObAl City
INTE
RN
ATIO
NAL
ART
CULTURE
TECHNOLOGY
ENTERTAINMEN
T
EDUCATION
FINANCE
FILM&FASH
ION
REAL ESTATE
PERCEPTIONvs. REALITY
RENTAL TRENDS
arts&cultureInternatIonal report
ISG CITY WATCH
Cover Credit:
Welcome to the ISG Miami Report, we are honored to present our current research on the state of the South Florida market. This edition is the most extensive and in-depth Miami Report to date.
The speed at which the South Florida Market is evolving is breathtaking.
Our intention these last five years has been to define the state of the market and to inform our fellow business associates how these dynamics affect our business environment and define our region.
In this report, we have once again assembled all of the recent data on our current market conditions. We have examined new and pre-construction developments sub market by sub market, studied MLS trends, and have included (for the first time) an analysis of the rental market, which is playing such a big part in our economic growth.
Our latest edition covers more than statistics. We have diligently charted the many influences that propel Miami’s emergence as a Global City. The future is both exciting and dynamic. In this issue we feature the various areas that demonstrate the evolution of Miami.
In this regard, we have also examined the subjective factors that are impacting the worldwide surge of interest in South Florida. In the course of our research, one theme begins to emerge “MIAMI IS THE REASON”. The rationale may vary and be as diverse as the people looking to settle here. It may be the politics, security, culture, economic stability, education, climate or simply the lifestyle, but it is MIAMI as a whole that is the star.
Has Miami already achieved the status of “Global City”? Perhaps, not yet. We have much to do in areas like infrastructure, transportation and education before we can rightly take our place as a Global City. However, no one can deny that we are certainly on the right track to distinction.
We, at ISG, invite you to follow us as we chronicle the journey of a city on the rise to global prominence.
We hope that you will find our material helpful in telling our story to a global audience and useful in promoting your business interests. ISG is committed to continuing to produce the high level of marketing information for which the Miami Report is known.
Sincerely,
Craig Studnicky & Philip Spiegelman ISG Principals
FROM THE ISG PRINCIPALS
Michael Ambrosio ISG President
T A B LE O FC O N TE N T S
4. FEATURED STORY
6. WEALTH REPORT
8. FINANCIAL
12. NEW CONSTRUCTION
24. WORLD CLASS PENTHOUSES
26 . MLS RESALE INVENTORY
32. RENTAL TRENDS
40. POPULATION STATISTICS
42. INTERNATIONAL MARKET
48. TRANSPORTATION
54. CULTURAL AND ECONOMIC GROWTH
68. ISG CITY WATCH
70. SOUTH FLORIDA 2020
82. ON THE GROUND REPORT
PERCEPTION REALITYExamining the Difference Between “Proposed” and “For Sale” in the South Florida New Condo Market Once again, buzz is brewing about the number of proposed new condos set to hit the Miami / South Florida market. Concern comparisons are even being made to the bubble stories of 2005. The Miami Herald published an article in May of 2005, “PROJECTING”, that 62,000 condos were planned for development within the Brickell Ave. / Downtown Miami corridor. In actuality, just 17,502 of those proposed 62,000 condos were developed...less than 40% of what was projected. In tracking the data of Miami / South Florida’s current cycle, we found that the number of proposed new condos is, once again, different from the number of condos that have actually been brought to market for sale thus far. Additionally, proposed condo projects may, eventually, be brought to market, once various governmental and business issues get resolved. But it is critical to note the
difference between a condo project released to market (“For Sale”) versus a proposed project that remains subject to the following: - Land Use Approvals - Zoning Approvals - Entitlement Approvals - Backing of Reputable Developer - Suitable Financing - Changing Business Plans Currently, the estimated number of new “Proposed” condos East of I-95, in Miami-Dade, Broward, and Palm Beach is 38,000 (according to the South
Florida Business Journal, October, 2014). Of those, 16,033 have been brought to market for sale, since the last business quarter of 2011 (42% of the 38,000 “Proposed”). To date over 62% of this inventory has been sold. With less than 6,200 new condo units remaining to be sold, South Florida currently has less than 18 months of new condo inventory for sale according to historical absorption patterns.
FEATURED STORY
ISG MIAMI REPORT4
“Generally speaking, the market has continued a slow and steady recoverythat is markedly different from pastdown cycle recoveries. History would suggest a more vertical recovery especially given the severity of the economic decline. This recovery has been a decidedly different experience as the slope of recovery has been shallow and the expected acceleration has not materialized.”
Stuart A. Miller QuoteChairman of Lennar ChairmanMiami Herald, Monday October 13, 2014
sources: multiple listing service (mls), tax records and on-site sales
CONSTRUCTIONSTATUS
Delivered 8 1,133 1,046 93% 84
Under Construction 44 8,540 7,209 84% 1,331
Pre-Construction 35 6,360 1,745 27% 4,615
Totals 87 16,033 10,000 62% 6,030
TOTALTOWERS
TOTALUNITS
TOTALSOLD
PERCENTSOLD
TOTALUNSOLD
2014 NEW CONSTRUCTION CONDO OVERVIEWSouth Florida Condominium Analysis East of Interstate 95
2 0 0 5
62,000PROPOSED
17,502A C T U A L
2 0 1 4
38,000PROPOSED
16,033A C T U A L
DOWNTOWN MIAMI AND BRICKELL ONLY
MIAMI-DADE, BROWARD & PALM BEACH COUNTY EAST OF I-95
62% SOLDSOLD
FOR SALEFOR SALE
ISG MIAMI REPORT 5
WEALTH REPORT
1. London $6,000 psf
7. Miami $800 psf
2. New York $4,000 psf (NYC / Manhattan)
5. Geneva $3,000 psf
10. Paris $4,400 psf
Sources: Knight Frank Wealth Report Forbes, June 2014, Business Insider March 2014
For the past eight years, Knight Frank distributes an annual Wealth Report - a collection of data about the Global “UHNWI” community (ultra high-net-worth individuals), defined as those with US $30 million or more in net assets.
ISG MIAMI REPORT6
2014 Miami Ranking: 7
2013 Miami Ranking: 8
2011 Miami Ranking: 29
2009 Miami Ranking: 29
The Cities that matter to UHNWI’s - Global SurveyMOST IMPORTANT NOW
3. Singapore $1,500 psf
4. Hong Kong $4,500 psf
6. Shanghai $2,000 psf
8. Dubai $2,500 psf
9. Beijing $1,500 psf
1. New York
2. Miami3. Washington, D.C.
4. San Francisco
5. Toronto
T O P 5 C I T I E SN O R T H A M E R I C A
When exAmininG nORth AmeRiCAn Cities Of impORtAnCe tO UhnWi, miAmi COmes in At #2 – seCOnd Only tO neW yORk City.
ISG MIAMI REPORT 7
“ 53 banking offices hold $12 billion in domestic deposits and $6.7 billion in non-resident alien deposits on Brickell Avenue, and nearly $7 billion in foreign money sits on the balance sheets of Greater Miami banks.”
Miami Today, Dec. 11th, 2013
ISG MIAMI REPORT8
Miami is the second most popular banking hub in the U.S. after New York City. Currently home to over 60 international banks and nearly 100 alternative investment companies*, Miami’s thriving financial district is attracting financial institutions from around the world. Additionally, many of the nation’s wealthy financial leaders are heading to the Sunshine State – with their clients’ funds - to semi-retire while they work, live, and play. So why are banks and hedge funds setting up shop in Miami and investors from around the worlddepositing their millions here? One major reason are the tax breaks– no individual state income tax or estate tax exists in Florida. Another reason is Miami’s obvious connection to Latin
America. As the gateway to the rest of the country, Miami and its financial center on Brickell Ave. is at the center of Latin American investments. Mark Spitznagel, founder and CIO of Universal Investments – the largest Hedge Fund to move to Miami in recent years, said to Florida.gov, “Florida and Miami Dade County’s business-friendly policies offer the perfect environment for Universal as we expand.” Even the financial tycoons who aren’t bringing their actual businesses to Miami are bringing their money here in a major way – through large real estate purchases. Goldman Sachs CEO Lloyd Blankfein and Apollo Global Management’s Leon Blac have both reportedly purchased eight-figure residences in Miami Beach.
W A L L S T R E E T O F T H E S O U T H
“Miami Is Wall Street South”Business Insider, February, 2014
Rendering of proposed new Fairholme Capital HQ,
designed by Arquitectonica
ISG MIAMI REPORT 9
*Miami Downtown Development Authority (DDA)
A S A M P L I N G O F H E D G E F U N D S & F I N A N C I A L I N S T I T U T I O N S
W I T H H E A D Q UA RT E R S I N M I A M I
Banco Colpatria Red Multibanca
Colpatria SA
Banco Davivenda SA
Banco de Bogata SA
Banco de Credito del Peru
Banco de Nacion Argentina
Banco de Brasil
Banco Industrial de Venezuela
ESL Fund
Fairholme Capital
Bayview Asset Management
Encore Housing Opportunity Fund
WE Family Offices
Atyant Capital (Boca)
FINSER International Group
Riverloft Capital Management
Universa
City National Bank
USB
TotalBank
US Century Bank
ISG MIAMI REPORT10
“ Downtown Miami is home to the second largest concentration of international banks that manage $26 billion worth of international bank assets and finances $54 billion worth of trade.”
August, 2014
In addition to the aforementioned banks and hedge funds that have added offices or relocated to Miami, the state of Florida has seen quite a bit of corporate growth in a number of other areas as well. Once again taking advantage of our tax breaks, proximity to Latin America, and ideal climate, numerous corporations are relocating to the Sunshine State. According to Enterprise Florida, since 2013, 21 companies have announced locations, relocations or expansions of corporate headquarters in Florida, accounting for nearly 3,000 jobs
and more than $209 million in capital investment. There are currently 16 Fortune 500 companies located in Florida including the international rental car conglomerate Hertz, which recently moved their operations here. Additionally, Miami serves as the international hub for many large corporations. Global Trade Magazine points out that 1,400 multinational corporations use Miami as their Latin American headquarters including Exxon, AIG, Microsoft, Visa, Walmart and many more.
M A J O R C O R P O R A T I O N S
ISG MIAMI REPORT 11
ISG MIAMI REPORT12
NEWCONSTRUCTION
ISG MIAMI REPORT 13
B r i c k e l lTotal New Construction Condo Units Available for Sale since Jan. 2012
5,608 Units total • 3,815 Units Sold • 1,793 UnsoldAvg. Absorption: 1,900 Units Annually over the last 10 years
1100 Millecento
1010 Brickell
Brickell city centre tower i - reach
Brickell city centre tower ii - rise
Brickell heights east
Brickell heights west
Brickell house
Brickellten
Brickell Flatiron
cassa Brickell
the edge on Brickell
echo Brickell
le Parc
nine at Mary Brickell Village
MyBrickell
sls
sls lux
the Bond
Developer Units solD Developer Units UnsolD
382 Total Units100% SOLD
352 Total Units90% SOLD
390 Total Units70% SOLD
390 Total UnitsCOMING SOON
358 Total Units90% SOLD
332 Total UnitsCOMING SOON
374 Total Units100% SOLD
548 Total Units30% SOLD
180 Total Units86% SOLD
390 Total Units85% SOLD
192 Total Units100% SOLD
453 Total Units100% SOLD
450 Total Units55% SOLD
323 Total Units86% SOLD
81 Total Units60% SOLD
130 Total Units35% SOLD
BRICKELL
128 Total Units85% SOLD
155 Total Units60% SOLD
ISG MIAMI REPORT14
Developer Units solD Developer Units UnsolD
96 Total Units100% SOLD
399 Total Units82% SOLD
90 Total Units72% SOLD
300 Total Units100% SOLD
330 Total Units25% SOLD
153 Total UnitsCOMING SOON
368 Total Units95% SOLD
B i s c a y n e C o r r i d o rConsists of Wynwood, Design District, Edgewater, Midtown & Downtown MiamiTotal New Construction Condo Units Available for Sale since Jan. 2012
5,198 Units total • 2,590 Units Sold • 2,608 UnsoldAvg. Absorption: 1,300 Units Annually over the last 10 years
250 wynwood
Baltus house
23 Biscayne Bay
Bay house
Biscayne Beach
the criMson
icon on the Bay
ion
one Paraiso
Paraiso BayViews
Paraiso Bay tower i
hyde Midtown
1000 MuseuM
aria
canVas
centro
krystal towers
ParaMount, MiaMi worldcenter signature tower
11 Total Units82% SOLD
164 Total Units98% SOLD
167 Total Units97% SOLD
83 Total Units40% SOLD
647 Total Units34% SOLD
350 Total Units85% SOLD
513 Total Units5% SOLD
466 Total UnitsCOMING SOON
276 Total Units97% SOLD
388 Total Units55% SOLD
WYNWOOD
DESIGN DISTRICT
EDGEWATER
MIDTOWN
DOWNTOWN MIAMI
397 Total UnitsCOMING SOON
ISG MIAMI REPORT 15
T h e B e a c h e s
2,970 Units total • 2,228 Units Sold • 742 UnsoldAvg. Absorption: 1,300 Units Annually over the last 10 years
Consists of South Beach, Miami Beach, Surfside, Bal Harbour, Sunny Isles, Hallandale and Hollywood BeachTotal New Construction Condo Units Available for Sale since Jan. 2012
Developer Units solD Developer Units UnsolD
239 Total Units50% SOLD
58 Total Units45% SOLD
150 Total Units60% SOLD
BAL HARBOUR
SURFSIDE
47 Total Units100% SOLD
30 Total Units93% SOLD
50 Total Units100% SOLD
114 Total Units100% SOLD
321 ocean
the Bath cluB estates
Beach house 8
edition residences
Faena house
glass
Marea south Beach
one ocean
Peloro on the Bay
ritz-carlton residences
*1 hotel and hoMes
Fendi chateau
surF cluB Four seasons
PriVate residences
oceana Bal harBour
21 Total Units95% SOLD
8 Total Units100% SOLD
MIAMI BEACH /SOUTH BEACH
13 Total Units15% SOLD
10 Total Units90% SOLD
26 Total Units88% SOLD
111 Total Units45% SOLD
159 Total Units61% SOLD
*New Construction Standing Inventory
ISG MIAMI REPORT16
*Condo Residences Only
Developer Units solD Developer Units UnsolD
400 sunny isles
arMani casa
chateau Beach
Jade signature
Muse
Parque towers
Mansions at acqualina
Porsche design tower
regalia
turnBerry ocean cluB
*Beachwalk
gulFstreaM Park towers
aPogee Beach
*hyde resort and residences
sage Beach
230 Total Units100% SOLD
250 Total Units80% SOLD
84 The Total Units98% SOLD
139 Total Units93% SOLD
40 Total Units100% SOLD
49 Total Units100% SOLD
192 Total Units80% SOLD
68 Total Units50% SOLD
320 Total Units80% SOLD
79 Total Units96% SOLD
39 Total Units90% SOLD
10% SOLD 154 Total Units
24 Total Units71% SOLD
SUNNY ISLESBEACH
HALLANDALEBEACH
HOLLYWOODBEACH
84 Total Units100% SOLD
182 Total Units80% SOLD
ISG MIAMI REPORT 17
A v e n t u r aTotal New Construction Condo Units Available for Sale since Jan. 2012
N o r t h M i a m i B e a c h , K e y B i s c a y n e& C o c o n u t G r o v eTotal New Construction Condo Units Available for Sale since Jan. 2012
echo aVentura
Bellini
PriVe
Developer Units solD Developer Units UnsolD
190 Total Units85% SOLD
the harBour
Marina PalMs towers i & ii
oceana
groVe at grand Bay
one Park groVe
two Park groVe
Park groVe cluB residences
Developer Units solD Developer Units UnsolD
154 Total Units100% SOLD
330 Total Units60% SOLD
468 Total Units79% SOLD
97 Total Units100% SOLD
152 Total Units50% SOLD
40 Total UnitsCOMING SOON
420 Units total • 274 Units Sold • 146 UnsoldAvg. Absorption: 265 Units Annually over the last 10 years
1,314 Units total • 941 Units Sold • 373 UnsoldAvg. Absorption: 200 Units Annually over the last 10 years
AVENTURA
NORTHMIAMIBeach
KEY BISCAYNE
COCONUTGROVE
70 Total Units70% SOLD
160 Total Units40% SOLD
73 Total Units65% SOLD
ISG MIAMI REPORT18
F o r t L a u d e r d a l eTotal New Construction Condo Units Available for Sale since Jan. 2012
N e w C o n s t r u c t i o n S u m m a r yToTal New CoNsTruCTioN CoNdo uNiTs To be builT, sold aNd CurreNTly available for sale iN briCkell, bisCayNe Corridor (dowNTowN MiaMi, edgewaTer, wyNwood, MidTowN & desigN disTriCT), The beaChes (souTh beaCh, MiaMi beaCh, surfside, bal harbour, suNNy isles, hallaNdale, hollywood) aveNTura, NorTh MiaMi beaCh, CoCoNuT grove & key bisCayNe siNCe JaN. 2012.
Developer Units solD Developer Units UnsolD
16 Total UnitsCOMING SOON
1800 las olas
adagio on the Bay
aquaBlu Fort lauderdale
aqualuna las olas
aquaMar las olas
aquaVita las olas
auBerge
BellaVita las olas
ParaMount Fort lauderdale
PriVage
riVa
4 Total Units75% SOLD
45 Total UnitsCOMING SOON
22 Total Units7% SOLD
FORTLAUDERDALE 22 Total Units100% SOLD
16 Total Units50% SOLD
523 Units total • 152 Units Sold • 371 UnsoldAvg. Absorption: 470 Units Annually over the last 10 years
12 Total Units83% SOLD
20 Total Units90% SOLD
95 Total Units50% SOLD
100 Total Units40% SOLD
Developer Units solD
Developer Units UnsolD
project Units total
16,033Total 6,003
Unsold
10,000
62% SOLDAS OF OCT 2014
171 Total UnitsCOMING SOON
ISG MIAMI REPORT 19
95
1
A1A
FLO
RID
A’S
TURN
PIKE
1
1
95
595
75
1
A1A
A1A
COCONUT GROVE
WYNWOOD EDGEWATER
DESIGN DISTRICT
MIDTOWN
KEY BISCAYNE
BRICKELL
DOWNTOWN MIAMI
MIAMI BEACH / SOUTH BEACH
NORTH MIAMI BEACH
SURFSIDE
BAL HARBOUR
SUNNY ISLES BEACH
HALLANDALE BEACH
AVENTURA
HOLLYWOOD BEACH
FORT LAUDERDALE
BISCAYNE CORRIDOR
ISG MIAMI REPORT20
fORt lAUdeRdAle 29% SOLD
hOllyWOOd beACh 94% SOLD
hAllAndAle beACh 84% SOLD
sUnny isles beACh 80% SOLD
bAl hARbOUR 50% SOLD
sURfside 56% SOLD
nORth miAmi beACh 70% SOLD
miAmi beACh / sOUth beACh 82% SOLD
bisCAyne CORRidOR 75% SOLD
dOWntOWn miAmi 40% SOLD
bRiCkell 80% SOLD
COCOnUt GROve 67% SOLD
key bisCAyne 100% SOLD
75% - 99% SOLD
50% - 74% SOLD
100% SOLD
UNDER 50% SOLD
N e w C o n s t r u c t i o n % S O L D S u m m a r y b y S u b M a r k e t s
AventURA 65% SOLD
Based off of current buildings on the market for sale
ISG MIAMI REPORT 21
1 0 Y e a r A n n u a l A b s o r p t i o n A n a l y s i sFor Condos built from 2004 - 2014
Submarkets consist of Brickell, Biscayne Corridor (Downtown Miami, Edgewater, Midtown &
Design District), The Beaches, (South Beach, Miami Beach, Surfside, Bal Harbour, Sunny Isles,
Hallandale & Hollywood Beach), Fort Lauderdale, Aventura, North Miami Beach, Coconut Grove
& Key Biscayne.
Brickell
Biscayne corridor
the Beaches
north MiaMi Beach, key Biscayne, coconut groVe
aVentura
Fort lauderdale
ToTal
AverAge YeArlY Condo InventorY AbsorptIon from 2004-2014
1,300 PER YEAR
1,300 PER YEAR
200 PER YEAR
265 PER YEAR
470 PER YEAR
Sources: Integrated Realty Information System (Irsi); Miami-Dade & Broward County Property Appraiser and Multiple Listing Service (MLS)
ISG MIAMI REPORT22
4,700 PER YEAR
ISG MIAMI REPORT 23
1,900 PER YEAR
Miami Pen thouses. S ta r s A re Bo rn .As the ultra-luxury market continues to grow in South Florida, buyers are seeking spacious, one-of-a kind residences like never before, and nothing fills this prerequisite more than the unrivaled penthouses being brought to market. With sizes ranging from 8,000 to 16,000 square feet, fully equipped outdoor living spaces, expansive roof decks, and amenities such as personal fitness rooms, private spas & pools, in-residence parking, and advanced technology. With price points up to $60 million, these “mansions in the sky” are aligning themselves with the stars.
BALHARBOUR
DOWNTOWNMIAMI
BRICKELL
ISG MIAMI REPORT24
MANSIONS AT ACQUALINAArchitect: Cohen, Freedman, Encinosa & Assoc.AC Area: 15,219 Price: $55,000,000 Price PSF: $3,614
MUSE SUNNY ISLESArchitect: Carlos Ott / Sieger + SuarezAC Area: 6,106 Price: $18,554,000 Price PSF: $3,039
JADE SIGNATUREArchitect: Herzog & de MeuronAC Area: 16,915 Price: $32,500,000 Price PSF: $1,921
FENDI CHATEAUArchitect: Bernardo Fort-BresciaAC Area: 6,861 Price: $24,500,000 Price PSF: $3,571
RITZ CARLTON RESIDENCESArchitect: Piero LissoniAC Area: 10,000 Price: $32,000,000 Price PSF: $3,200
THE BATH CLUB ESTATESArchitect: Bernardo Fort-BresciaAC Area: 9,044 Price: $50,000,000 Price PSF: $5,529
FAENA Architect: Norman FosterAC Area: 8,273 Price: $60,000,000 Price PSF: $7,252
ONE THOUSAND MUSEUMArchitect: Zaha HadidAC Area: 15,738 Price: $45,000,000 Price PSF: $2,859
ECHO BRICKELLArchitect: Carlos OttAC Area: 10,305 Price: $37,500,000 Price PSF: $3,639
SURFSIDE
SUNNYISLES BEACH
MIAMI BEACH / SOUTH BEACH
mAnsiOns At ACqUAlinA mUse sUnny isles
JAde siGnAtURe fendi ChAteAU
the bAth ClUb estAtes eChO bRiCkell
Ritz CARltOn ResidenCes
One thOUsAnd mUseUm fAenA
ISG MIAMI REPORT26
MLS-RESALEINVENTORY
ISG MIAMI REPORT 27
B r i c k e l lNew Condos built Since 2006 & Available for Sale 18 months Ago, 12 Months ago,
6 Months Ago, and Currently Active
B i s c a y n e C o r r i d o rConsists of Downtown Miami, Edgewater, Midtown & the Design DistrictNew Condos built Since 2006 & Available for Sale 18 months Ago, 12 Months ago,
6 Months Ago, and Currently Active
ACtIve lIstIng
prICe psf
200
400
600
800
1,000
1,200
$100
$200
$300
$400
$500
$600
18 Months Ago 12 Months Ago 6 Months Ago Currently Active
$425
$470$510 $527
1,049
804
698
556
200
400
600
800
1,000
1,200
$100
$200
$300
$400
$500
$600
18 Months Ago 12 Months Ago 6 Months Ago Currently Active
$437
$488$532 $564
1,071
814
660
420
Source: Multiple Listing Service
Source: Multiple Listing Service
ACtIve lIstIng
prICe psf
ISG MIAMI REPORT28
A v e n t u r aNew Condos built Since 2006 & Available for Sale 18 months Ago, 12 Months ago,
6 Months Ago, and Currently Active
T h e B e a c h e sConsists of South Beach, Miami Beach, Surfside, Bal Harbour, Sunny Isles, Hallandale & Hollywood BeachNew Condos built Since 2006 & Available for Sale 18 months Ago, 12 Months ago,
6 Months Ago, and Currently Active
100
200
300
400
500
600
$390
$400
$410
$420
$430
$440
18 Months Ago 12 Months Ago 6 Months Ago Currently Active
$402$409
$417
$427
436387
255194
400
600
800
1,200
1,600
2,000
$860
$880
$900
$940
$980
$1,020
18 Months Ago 12 Months Ago 6 Months Ago Currently Active
$907
$933
$957
$1,011
1,717
1,332
890
623
$1,000
$960
$920
1,800
1,400
1,000
Source: Multiple Listing Service
Source: Multiple Listing Service
ACtIve lIstIng
prICe psf
ACtIve lIstIng
prICe psf
ISG MIAMI REPORT 29
G r e a t e r F o r t L a u d e r d a l e
E a s t P a l m B e a c hConsists of Delray Beach, Boynton Beach and West Palm BeachNew Condos built Since 2006 & Available for Sale 18 months Ago, 12 Months ago,
6 Months Ago, and Currently Active
Consists of Sunrise, Plantation and East Fort LauderdaleNew Condos built Since 2006 & Available for Sale 18 months Ago, 12 Months ago,
6 Months Ago, and Currently Active
100
200
300
500
700
900
$100
$150
$200
$300
$400
$500
18 Months Ago 12 Months Ago 6 Months Ago Currently Active
$353$379
$405 $439844
610
372
240
$450
$350
$250
800
600
400
100
200
300
400
500
600
$200
$210
$220
$230
$240
$270
18 Months Ago 12 Months Ago 6 Months Ago Currently Active
$215
$231$242
$257
485
330
202161
$250
$260
Source: Multiple Listing Service
Source: Multiple Listing Service
ACtIve lIstIng
prICe psf
ACtIve lIstIng
prICe psf
ISG MIAMI REPORT30
D a y s o n t h e M a r k e t ( D O M )2012 vs 2014 MLS Analysis for Closed SalesNew Condos built Since 2006
2012 Avg. dom2014 Avg. dom
Brickell
Biscayne Corridor
Aventura
The Beaches
Greater Fort Lauderdale
East Palm Beach
32120
30160
31110
3590
37160
35147
Source: Multiple Listing Service
ISG MIAMI REPORT 31
ISG MIAMI REPORT32
RENTALTRENDS
ISG MIAMI REPORT 33
Source: Marcus & Millichap, 2014
Miami vacancy rates are still currently the third lowest in the nation.
ISG MIAMI REPORT34
B r i c k e l lJan 2013 - Oct 2014New Construction Condos Built since 2006
$3,000
$2,500
$2,000
$1,500
$1,000
$500
Jan/13
$2,140
$3.00
$2.50
$2.00
$1.50
$1.00
$0.50
Mar/13 May/13 Jul/13 Sept/13 Nov/13 Jan/14 Mar/14 May/14 Jul/14 Sept/14 Oct/14
$2,250$2,370
$2,460 $2,475$2,510 $2,590
$2,610 $2,638 $2,650$2,700 $2,790
$2.31 $2.33 $2.36 $2.36 $2.38 $2.42 $2.45 $2.55 $2.61 $2.68$2.73 $2.82
avg. price avg. price psF
2006 Vacancy Rate 2010 Vacancy Rate 2014 Vacancy Rate
18%
82%
9%
91% 99%
1%
Source: Multiple Listing Service
occUpancy rate
vacancy rate
JAN 2006 - OCT 2014
ISG MIAMI REPORT 35
B i s c a y n e C o r r i d o rJan 2013 - Oct 2014Consists of Wynwood, Design District, Edgewater, Midtown & Downtown Miami
New Construction Condos Built since 2006
$2,800
$2,700
$2,600
$2,500
$2,400
$2,300
$2,200
$2,100
Jan/13
$2,250
$3.00
$2.50
$2.00
$1.50
$1.00
$0.50
Mar/13 May/13 Jul/13 Sept/13 Nov/13 Jan/14 Mar/14 May/14 Jul/14 Sept/14 Oct/14
$2,287$2,298 $2,302 $2,315
$2,341
$2,444
$2,504
$2,578$2,600
$2,628
$2675$2.20 $2.20 $2.25 $2.27 $2.29$2.40 $2.42 $2.41 $2.45 $2.48
$2.69$2.78
avg. price avg. price psF
2014 Vacancy Rate
97%
3%
Source: Multiple Listing Service
occUpancy rate
vacancy rate
2010 Vacancy Rate
10%
90%
2006 Vacancy Rate
13%
87%
JAN 2006 - OCT 2014
ISG MIAMI REPORT36
T h e B e a c h e sJan 2013 - Oct 2014Consists of South Beach, Miami Beach, Surfside, Bal Harbour, Sunny Isles, Hallandale &
Hollywood Beach New Construction Condos Built since 2006
$7,000
$6,000
$5,000
$4,000
$3,000
$2,000
$1,000
Jan/13
$3,851
$4.50
$4.00
$3.50
$3.00
$2.50
$2.00
$1.50
$1.00
$.50
Mar/13 May/13 Jul/13 Sept/13 Nov/13 Jan/14 Mar/14 May/14 Jul/14 Sept/14 Oct/14
$3,927
$4,327 $4,376$4,611
$4,716 $4,685 $4,709$4,893
$5,380$5,620
$5,813
$2.67 $2.72 $2.76$2.91 $3.06 $3.12
$3.34 $3.35 $3.36$3.59
$3.76$4.21
avg. price avg. price psF
14%
86%
2006 Vacancy Rate
20%
80%
2010 Vacancy Rate 2014 Vacancy Rate
98%
2%
Source: Multiple Listing Service
occUpancy rate
vacancy rate
JAN 2006 - OCT 2014
ISG MIAMI REPORT 37
14%
86%
99%
1%
99%
1%
A v e n t u r a
$3,500
$3,000
$2,500
$2,000
$1,500
$1,000
$500
Jan/13
$2,320
$2.50
$2.00
$1.50
$1.00
$0.50
Mar/13 May/13 Jul/13 Sept/13 Nov/13 Jan/14 Mar/14 May/14 Jul/14 Sept/14 Oct/14
$2,415 $2,480$2,502 $2,517 $2,525 $2,617 $2,621 $2,679
$2,720 $2,750 $2,961$1.64 $1.69 $1.70 $1.72 $1.74 $1.76 $1.77 $1.80 $1.85 $1.88 $1.98 $2.02
avg. price avg. price psF
2006 Vacancy Rate 2010 Vacancy Rate 2014 Vacancy Rate
Source: Multiple Listing Service
occUpancy rate
vacancy rate
99%
1%
JAN 2006 - OCT 2014
Jan 2013 - Oct 2014New Construction Condos Built since 2006
ISG MIAMI REPORT38
10%
90%
13%
87% 94%
6%
F o r t L a u d e r d a l e
$3,000
$2,500
$2,000
$1,500
$1,000
$500
Jan/13
$1,785
$2.50
$2.00
$1.50
$1.00
$0.50
Mar/13 May/13 Jul/13 Sept/13 Nov/13 Jan/14 Mar/14 May/14 Jul/14 Sept/14 Oct/14
$1,920 $2,035$2,149 $2,234 $2,329 $2,363 $2,422 $2,484
$2,656 $2,680 $2,720
$1.54$1.66
$1.70 $1.73$1.75
$1.60
$1.76 $1.88 $1.92$1.96 $1.96 $1.98
avg. price avg. price psF
2006 Vacancy Rate 2010 Vacancy Rate 2014 Vacancy Rate
Source: Multiple Listing Service
occUpancy rate
vacancy rate
JAN 2006 - OCT 2014
Jan 2013 - Oct 2014New Construction Condos Built since 2006
ISG MIAMI REPORT 39
P o p u l a t i o nA great source of demand for South Florida real estate both now and in the future is the ever-increasing population of the state. In the last one hundred years, Florida’s population ranking in the U.S. has gone from 33rd to 4th. By 2015, Florida is projected to become third in population – overtaking New York.
2040*
2020*
2015*
2006
1967
1914
400 MIL
336 MIL
321,360,000 MIL
300 MIL
200 MIL
100 MIL
United States Population Growth
= 10 Mil
*Est. Projection
ISG MIAMI REPORT40
2040*
2020*
2015*
2006
1967
1914
26 MIL
21.2 MIL
20,297,000 MIL
18 MIL
6.6 MIL
882K
Florida Population Growth
= 1 Mil
State Population Growth
1914
1. new york 5. texas
12. caliFornia
33. Florida
1967
1. new york 2. caliFornia
6. texas
15. Florida
2006
1. caliFornia
2. texas
3. new york
4. Florida
2020*
1. caliFornia
2. texas
3. Florida
4. new york
Source: US Census Bureau
2040*
1. caliFornia
2. texas
3. Florida
4. new york
2015*
1. caliFornia
2. texas
3. Florida
4. new york
ISG MIAMI REPORT 41
ISG MIAMI REPORT42
INTERNATIONALMARKETREPORT
ISG MIAMI REPORT 43
South America Report
PeruWith the emergence of an increasing segment of young and wealthy Peruvians with disposable income, interest in the South Florida lifestyle continues to grow. Additionally, Peruvian families are purchasing homes here in order to enroll their children in well diversified universities. South Florida is more than a financial investment for this community, it a lifestyle investment.
In the 21 years that ISG has been selling South Florida real estate, a constant shift in the patterns and motivations of International buyers has become apparent. In the early 1990’s, buyers consisted of wealthy families looking for vacation homes, mainly from the large cities of São Paulo, Brazil, and Buenos Aires, Argentina. By the late 1990’s, the buyer profile shifted to Bogota, Colombia, Caracas, Venezuela, and Mexico City, Mexico. These buyers were not only looking for vacation homes, but for investment properties as well. Fast forward to 2014, and we see that buyers from every South American country and most cities, are buying real estate in Miami and South Florida. ISG has witnessed two decades of South American real estate purchases in Miami, creating a concentration of new residents and families from these countries unlike any other city in the U.S. This critical mass of South American property owners now compares with property owners from the Northeast US and Canada, making Miami the playground for families from both Americas. Today, the motivating factors behind the decision of many South Americans to buy in South Florida include:
• Tropical Weather
• Security
• Nightlife
• Growing Cultural Center
• Prestige
• World Class Shopping
Within different regions of South America, specific patterns are emerging that explain, in better detail, motivating factors for South Florida real estate purchases:
BrazilBrazilians have always been attracted to the U.S., particularly South Florida. One of the greatest appeals South Florida offers to Brazilians is the world-class shopping - the prices are substantially lower than in Brazil. Additionally, we are seeing a steady increase of direct flights from Brazil to Miami, which is an absolute reflection of the influx of Brazilian visitors. According to CNN, Florida is the top U.S. vacation destination for Brazilians.Source: CNN.com February, 2012
ColombiaColombia has changed in recent years; the economy is now soaring, and the country has almost doubled its population of millionaires in only five years. Colombians are visiting South Florida in large numbers, buying homes for pleasure rather than just as an investment. Colombians are now looking to invest their wealth in a secure and enjoyable environment. Source: Fundspeople.ci, October, 2013
by Liliana Gomez - Director of International Sales & ISG’s International Division
ISG MIAMI REPORT44
MexicoSouth Florida has long been a “backyard playground” for wealthy Mexicans. Buying a second home in South Florida means enjoying all the amenities that the city has to offer, while investing in a nearby and secure area. Mexican buyers tend to select coastal waterfront communities and large apartments.
ArgentinaArgentinians have had a long love affair with South Florida. Families who own property in Miami have witnessed an amazing cultural transformation firsthand. The Miami real estate market provides consistent long- term stability to this growing community.
VenezuelaVenezuela has been characterized as a rich country due to its main source of income – petroleum. In the past decade, the changing political landscape of Venezuela has motivated many families to purchase both investment properties and second homes in South Florida (to be converted to permanent homes as part of a long-term strategy).
Mexico
coloMbia
Venezuela
brazilPeru
argenTina
ISG MIAMI REPORT 45
in response to the continUally growing DeManD For soUth FloriDa real estate FroM oUr neighbors in soUth aMerica, isg has oFFices in Most oF soUth aMerica’s Major cities. São Paulo
Rio
Buenos Aires
Bogotá
Caracas
Panama
on tHe groUnd
A new market is emerging for South Florida real estate - China. According to the National Association of Realtors, China has become the largest real estate buyer in the US overall, and those buyers are now beginning to shift their focus to Miami. “Until this year, Chinese investors were not among the top international buying groups in the Miami market. But through the first six months of
2014, Chinese buyers represented about 1.6 percent of properties sold in Miami-Dade County” according to the Miami Association of Realtors. We will continue to see an increase in interest from China with the expansion of the Panama Canal underway and the Port of Miami positioning itself to benefit from the new trade opportunities.
MOTIVATING FACTORS FOR THE EMERGING CHINESE REAL ESTATE BUYERS:
1
China
ISG MIAMI REPORT46
CLIMATE, ENVIRONMENT & LIFESTYLEMiami’s low pollution (our city was named “America’s Cleanest City” by Forbes Magazine), it’s year-round air quality, vast green spaces, and clean drinking water. make it an attractive city to live in. The tropical climate is inviting for all types of outdoor lifestyle activities and events.
CHINA’S LIMITS ON REAL ESTATE INVESTMENTSThe real estate market in China has seen a golden decade of fast growth. Today, the Chinese government has imposed a limit on the number of properties allowed to be owned by a single household, inside China. This policy is driving many wealthy people to look over-seas for investment opportunities,.In South Florida, pre-construction properties sell for less than 50% of the equivalent in Beijing.
TRADEThe completion of the Panama Canal will make Miami aninternational trading center, connecting North America, South America, and Asia. Currently, China is Florida’s largest importer, it’s third largest merchan-dising partner, and the Port of Miami’s number one customer in overall tonnage. Most experts agree, with the opening of the Panama Canal, Chinese businesses will begin opening regional offices throughout South Florida, affecting all sectors of real estate (industrial, commercial, and residential).
2 3
ISG MIAMI REPORT 47
5 soUtH florIdA
2 lOs AnGeles
1 san Francisco
4 seattle
3neW yORk
Asian Capital into U.S. Multifamily2 0 1 4 T O P 5 M E T R O S
2004
1. new york 2. washington, d.c.3. los angeles
4. san Francisco
5. seattle
10. SouTh Florida
Source: CBRE CapitalMarkets, Assets, Real EstateIndustry and Trends,December, 2004 survey
2010
1. new york 2. washington, d.c.3. Boston
4. san Francisco
5. los angeles
8. SouTh Florida
Source: Business Wire,January, 2011
2014
1. los angeles 2. san Francisco
3. new york
4. seattle
5. SouTh Florida
Source: CBRE Capital Markets, Real Capital Analytics,October, 2014
ISG MIAMI REPORT48
TRANSPORTATION
ISG MIAMI REPORT 49
Miami International Airport (MIA) is one of the fastest growing airport hubs in the world. Last year (2013), MIA set a new all-time record for annual passenger traffic with 40.5 million passengers, an increase of 3% over 2012. Of the total passengers that traveled through MIA, 50% were international, which is one of the highest international to domestic passenger percentages of any US airport. During 2013, MIA handled 49% of the U.S. to South American passenger market, and was the largest connecting point for flights between the Americas, and for flights between the Americas and Europe. MIA has recently completed a $6.4 billion Capital Improvements Program (CIP), the largest components of which are the new South and North Terminals. The Terminal expansion has increased gates by 23% and there are now 29 more gates with international and domestic capability.
AIR
20,200,000MIA INTERNATIONAL PASSENGERS 2014
Ranking of Major US Airports - 2014International Passengers
5 MIL 10 MIL 15 MIL 20 MIL 25 MIL
2014 Total Passengers to/fromLatin America & Caribbean
MiaMi (Mia)new york (JFk)
hartsField atlant (atl)
houston (iah)
Fort lauderdale (Fll)
newark (ewr) 1.8 MIL
2.5 MIL
2.7 MIL
3.8 MIL
7 MIL
15.1 MIL
Source: Miami International Airport Gateway to Miami, to Florida & to the Americas 2014-2015 Report.
Miami-Dade Aviation Department
2014 WEEKLY TO/FROMLATIN AMERICAN/CARIBBEAN FLIGHTS: 1,120
Source: Miami International Airport Gateway to Miami,to Florida & to the Americas 2014 / 2015 Miami DadeAviation Department
new york (JFk)
MiaMi (Mia)
los angeles (lax)
newark (ewr)
hartsField atlanta (atl)
chicago o’hare (ord)
san Francisco (sFo)
houston (iah)
washington dulles (iad)
dallas Fort worth - (dFw)
20.2 MIL 2
2014 Ranking: 2 20.2 Mil
2010 Ranking: 3 14.7 Mil
2004 Ranking: 4 9.8 Mil
By u.s. gateway
10
8
7
5
4
3
1
6
9
ISG MIAMI REPORT50
Chile27
Argentina42
Uruguay7
Paraguay4
Brazil110
Bolivia7
Peru35
San Francisco 252
Colombia76
Venezuela66
Guyana2
Surinam5
MIAMI
Ecuador35
Los Angeles700
Chicago602
Dallas560
Houston476
Atlanta903
WashingtonD.C784
New Jersey392 New York
1,708
Mexico296
2014 Weekly Direct Flights
DoMestic
latin aMerica
Source: Miami-Dade Aviation Department Marketing Division
ISG MIAMI REPORT 51
*Caribbean Region Not Included
All Aboard Florida is a high-quality, express intercity passenger rail that will connect Miami to Fort Lauderdale to West Palm Beach to Orlando. This rail service will provide Floridians and visitors a viable transportation alternative and will be the first privately owned, operated and maintained passenger rail system in the United States.
LANDALL ABOARD FACTSMiamiCentral, All Aboard Florida’s multimodal hub station in Miami is set to break ground early 2015 and will serve as the flagship of the intercity passenger rail service operation. MiamiCentral will:
• Connect with existing public transit systems—MetroRail, MetroMover & MetroBus, through the new terminal • Create approximately 3.5 million square feet of office, retail, residential and hospitality space • Feature a mix of premier and unique dining and shopping options as well as entertainment venues
“ All Aboard Florida has officially begun construction to the Fort Lauderdale station... the station is expected to create about 800 construction jobs and have an economic impact of $333 million through 2021.”
Source: South Florida Business Journal - 10/14
$6 BillionIN DIRECT ECONOMIC IMPACTTO FLORIDA’S ECONOMY OVERTHE NEXT 8 YEARS
Over 10,000 JobsON AVERAGE PER YEAR THROUGH
THE RAIL LINE CONSTRUCTION(FALL 2014-FALL 2015)
3 MillionVEHICLES REMOVED FROM THE
ROADS EACH YEAR
UPTO
Fort Lauderdale- Approx. 25 min.
Miami
West Palm Beach- Approx. 1 Hour
Orlando- Approx. 3 Hours
MiamiCentral Station
ISG MIAMI REPORT52
Source: All Aboard Florida
PANAMA CANAL / PORT OF MIAMI The $5.25 billion Panama Canal Expansion is now 80% complete. The expansion will allow the passage of bigger vessels – called Post-Panamax, which will double the canal’s capacity and change the face of global marine transit. In response to this major event, PortMiami began their own $1.3 billion expansion – positioning itself to be the first port of call for the post-Panamax ships. The largest element of this undertaking - deepening PortMiami’s harbor from 44 feet to 50-52 feet and widening part of its shipping channel, is set to be complete in 2015, while other elements such as a new underwater tunnel and rail link are already up and running. The deepening of the PortMiami channel, could be the boost needed here to allow it to gain more relative importance with China. China is PortMiami’s No. 1 trade partner, more than doubling it’s numbers in a short time. A decade ago, China accounted for 11.44% of all PortMiami trade while today that market share is up to 26.43%, according to WorldCity analysis of U.S. Census Bureau.
SEA
COMMERCE EXPANSION TRACKINGFORECASTFlorida East Coast Railway (FECR) $50 Millionin upgrades to the 351 miles of track fromMiami to Jacksonville COMPLETED
Port Tunnel opens for traffic COMPLETED
Government cut dredging SCHEDULED 2015
Panama Canal Expansion Completion SCHEDULED SUMMER 2016
“ The countdown is on! The Panama Canal project is two-thirds completed. A wider and deeper canal means shippers will have new options for all water routes from Asia to markets on the East Coast, PortMiami, the first U.S. port of call from Panama, is well positioned to benefit from the new trade opportunities.”
Bill Johnson, Director of PortMiami
Source: Miami Today, Panama Canal Authority
Post Panamax: 136’Super Post Panamax: 176’
Panamax: 106’50’PortMiami
ISG MIAMI REPORT 53
2014: 26.43%2004: 11.44%
PORTMIAMI / CHINA TRADE %
arts&cultureentertainment
FASHIO
N C
UIS
INE H
OSP
ITALIT
Y
T E C H N O L O G YSPORTS
Education f ilmIn the scope of our country and even more so
the world, Miami is a very young city. Which
is precisely why the explosive business and
cultural growth that has overtaken the Magic
City in recent years has been so exciting to
watch. From art to entertainment to business,
every aspect of this rising city is being cultivated.
ISG MIAMI REPORT54
arts&cultureentertainment
FASHIO
N C
UIS
INE H
OSP
ITALIT
Y
T E C H N O L O G YSPORTS
Education f ilmCULTURAL &ECONOMICGROWTH
ISG MIAMI REPORT 55
“ Show me a city that does not promote the arts, and I will show you a city without an identity. It is the one piece of humanity that transcends time and ties us all together as the human race. Art is the soul and the spirit of each generation, to be passed along to the next and beyond. Through paintings, sculpture, books, architecture, music, dance, we show our creativity, our expression, who we are – it is how we remain alive. Art connects us to the past, and is a legacy we leave for the future.”
Former Miami Mayor Manny Diaz at the 2014 Mayor’s Ball in Sunny Isles
ISG MIAMI REPORT56
Miami and The Arts have never been more connected. The relationship has flourished in recent years, and is growing stronger by the day. With the Perez Art Museum (PAMM) officially open and breaking records (attendance levels hit over 150,000 visitors in its first four months, original estimates were for 200,000 visitors in its first year) and the Patricia and Phillip Frost Museum of Science well into construction (MiaSci), Museum Park in Downtown Miami is now a reality. Additionally, the progression of Miami’s local artists – from Wynwood to Coconut Grove to Design District – continues to gain immense international praise.
“Every great city needs a great museum”
Jorge PerezChairman, President & CE0 - RelatedGroupForbes 400 Summit On Philanthropy
ISG MIAMI REPORT 57
The world’s premier interna-tional art show, Art Basel, a four day event displays an estimated $3 billion worth of paintings, photographs and sculptures. The show has been break-ing records since its inception in 2002. Last year, Art Basel Miami Beach – reported over $100 million in sales. But Art Basel goes well beyond art. The week leading up to and during the fair encompasses
fashion shows, dozens of additional art fairs such as Scope, ArtMiami and the Brazilian Art Fair, major food
and dining events, pop-up bars,
music con-certs, film premieres, and stars at every turn. The economic
impact on Miami of this
weeklong cultural event has
been estimated at $500 million, with 75,000 attendees from around the world.
4 DAYS
ECONOMIC IMPACTEstimated
VISITORSEach YearSource: artbasel.com, 2014
$500 MIL75,000
Source: nbcmiami.com, 2013
Sources: Los Angeles Times, 2002,Art Basel 2014
ENTERTAINMENTMIAMI’S ENTERTAINMENT OFFERINGS ARE SOME OF THE BEST IN THE WORLD. FROM THEATER TO MUSIC TO SPORTS TO FILM, THE CURRENT OPTIONS ARE LIMITLESS, AND THE EVOLUTION OF THIS EXCITING INDUSTRY IS BOUNDLESS.
After a large renovation that was completed in 2006, the Adrienne Arsht Center for the Performing Arts of Miami-Dade County is now one of the largest performing arts centers in the world. Each year, the Arsht Center presents new and exciting programming in its 570,000 square feet of downtown performance space including Broadway musicals, World Music & Dance Series Comedy Planet, Florida Grand Opera, the Miami City Ballet, the New World Symphony and more.
South Florida is host to dozens of additional performance centers, hosting the largest music acts in the world. From American Airlines Arena to Cruzan Amphitheater, Bank Atlantic Center, Jackie Gleason Theater, Revolution Ft. Lauderdale, and Seminole Hard Rock, our region offers amusements of all kinds for all tastes, every day and night of the year.
Adrienne Arsht Center for the Performing Arts
“Second only to the Lincoln Center”
Travel and Leisure.com, Nov. 2011
ISG MIAMI REPORT58
South Florida plays host to some of the best sporting teams and venues in the world. With the world-champion Miami Heat playing at AAA, the brand new Marlins Park, the Florida Panthers at Bank Atlantic, and Sun Life Stadium now hosting the Dolphins as well as the Miami Hurricanes, sports enthusiasts have no shortage of options.
As if South Florida weren’t already bursting with things to do, 20th Century Fox just announced plans to build a theme park near Zoo Miami. The as-yet-approved plan for “Miami Wilds” would feature characters from 20th Century Fox Animation movies such as Rio in addition to a water park, a 400-room hotel, a performance space, a movie theater, a bowling alley, restaurants, and retail shops.
“ It can’t be that the most Latin city in this country doesn’t have a soccer team, my job is to make sure to change this.”
David BeckhamDespierta America Sept 2014
Miami has world championship football, basketball and baseball, but one professional sport has been missing for the city’s legions of fans – soccer. Enter David Beckham. He and his business group, Beckham Miami United, have announced plans to start a Miami MLS soccer team and build a 20,000 seat stadium using 100% private funding.
Marlins Park
Miami Wilds - Proposed
eUe/sCreen gems stUdIos fIlm Complex - openIng fAll, 2015Film studio EUE/Screen Gems Studios has just signed a multi-million dollar lease for a large-scale production studio in Downtown Miami. The company will build out and operate two sound stages of 15,000 square feet each. “Miami is so unique, it fits readily into our production portfolio,” said Chris Cooney, EUE Screen Gems chief operating officer. “All of Latin America wants to come here. India and China want to do business here, as well as countries in Europe, including Turkey and Spain.” Source: Miami Today, March, 2014
lUxUrY dIne-In tHeAtersHigh-end movie theaters are taking Miami head-on. From Swire Properties’ planned world-class theater at Brickell City Centre to the dine-in Silverspot at Met 3 Downtown to the luxury Ipic theater coming to North Miami Beach to the planned luxury theater for the Bal Harbor Shops expansion, seeing a flick in Miami is moving way past just popcorn and candy.
film “ Miami offers a seasoned film community and experienced crew, the locations here are like no other in the country, and the Hollywood community is very aware of the assets Florida offers.”
For decades, Miami has served as the backdrop for a variety of film and television productions. In recent years, Florida’s film industry has extended beyond the background and moved into the foreground of development, promotion and exhibition.
Chris Cooney, EUE Screen Gems COOMiami Today, March 2014
3,000LOCAL FILM &
ENTERTAINMENT COMPANIES
$2 BillionFILM & ENTERTAINMENT INDUSTRY
ANNUAL ECONOMIC IMPACT ON SOUTH FLORIDA
70,000 attendees2014 FESTIVAL
ISG MIAMI REPORT60
Sources: MiamiWalkofFame.com
FASHION
Miami plays host to three major fashion weeks: Mercedes- Benz Fashion Week Swim, Miami Beach International Fashion Week and Funkshion Fashion Week. The largest of the three, Mercedes-Benz Fashion Week Swim, is an international event on the calendar of every editor and fashionista, celebrating the sexiest swimwear designs and resort wear of the year.
While South Florida has always been the capital of beautiful models and breathtaking photo shoots, the city has been establishing itself in the coveted world of high fashion for years. Thanks to a new crop of trendsetters receiving attention from the likes of Vogue’s Anna Wintour, this feat has finally been accomplished. One reason the city has received so much fashion attention of late is the birth of an impressive stable of fashion bloggers who have made themselves known around the world. These writers keep their thousands of followers engaged through inventive styles, witty anecdotes, front-row access, celebrity friendships, and robust social media outreach.
“Miami Beach International Fashion Week has become the largest latin american and international fashion festival in the United States”.
Source: Elite Traveler
Elisea Holt of HOLT Swimwear, theholtstore.com
Courtesy of Mara HoffmanISG MIAMI REPORT 61
Mega-designer Tommy Hilfiger recently named Miami his new home and will be working on a large-scale design project here.
Source: cnn.com, 2014
DON’T MESS WITH TECH
2014 Highest % Growth and Most New Positions Added in the Tech IndustryAugust 4, 2014 | Shravan Goli
Source: Bureau of Labor Statistics
ISG MIAMI REPORT62
1. TEXAS ................................. 5.99%
2. FLORIDA ............................. 5.64%
3. NORTH CAROLINA ............. 3.80%
4. OREGON ..............................3.57%
5. WASHINGTON ......................3.53%
6. NEW YORK ......................... 3.08%
7. MASSACHUSETTS ............... 2.91%
8. NEW JERSEY ..................... 2.84%
9. MICHIGAN ........................... 2.72%
10. MISSOURI ........................... 2.10%
Miami has seen substantial recent growth in the financial and corporate sectors, but almost nothing can compare to the technology boom that has taken over South Florida. Now nicknamed “Silicon Beach,” The Magic City has birthed over 1,000 startups in the last few years including rising stars STS, Open English and Live Ninja. The city has also established co-working spaces to support tech growth such as The Lab Miami, Venture Hive, Rokk3r Labs - a technology portfolio company, The Launch Pad Tech Accelerator at the University of Miami, Pipeline Brickell, the Micro Venture Capital Club, and the Miami Entrepreneurship Center. Many of these startups and tech support companies have their own funding sources as well such as Endeavor’s venture capital fund, Catalyst. Additionally, organizations such as The Miami Economic Development Council, Florida International University and the Knight Foundation are investing major backing and funding in an effort to grow and support Miami’s tech boom. Most recently, the mysterious South Florida tech firm Magic Leap received over $500 million in funding from Google to develop their high-tech product. In May of 2014, the Technology Foundation of the Americas hosted thousands of attendees at eMerge Americas - the pre-eminent technology conference of The Americas. The second annual eMerge Americas event will take place in May 2015, where 10,000 attendees are expected. European-based Sime - Northern Europe’s largest conference on Internet and digital opportunities, jumped on the Miami tech wagon last year with Sime MIA. This year, they’ll do it again in December 2014. Besides the financial backing available to South Florida startups, the region is clearly the gateway to South America – where the amount of Internet users has doubled in the past ten years*. This gateway is not simply a cultural perception, rather in tech terms, it’s a matter of speed – the link from Miami to South America is a matter of milliseconds, whereas it would take much longer from other areas.
S I L I C O N S O U T H
“...recently moved to Miami to expand his nonprofit LaunchCode, which helps train and place programmers. “We’re particularly excited about [Miami coding school] Wyncode”, McKelvey told the South Florida Business Journal, and he even discussed working with a team from Harvard here, saying, “My guess is that the Harvard team could be convinced to come to Miami, especially when the temperature starts dropping in Boston next month.”
SQUARE CO-FOUNDER: HOW I PLAN TO BOOST MIAMI’S TECH TALENTJIM MCKELVEY, SQUARE FOUNDER (VALUED AT $6 BILLION)
Source: Business Journal, 2014
ISG MIAMI REPORT 63
“ We are the logical point to be the technology capital of Latin America,” said Manuel Medina, founder of Terremark, a Miami data-services company acquired by Verizon Communications for $1.4 billion in 2011.
WOULD YOU BELIEVE IT?MIAMI HAS A REAL TECH SCENE NOWTECH COMPANIES FLOCK TO MIAMI TO REACH LATIN AMERICA.
May 30, 2014 | Arian Campo-Flores
- Bringing Microsoft in is part of the broader goal of “bringing the world to Miami.”
MICROSOFT PICKS MIAMI FOR1ST US INNOVATION CENTERMICROSOFT VICE PRESIDENT SANET AKERKARTOLD THE ASSOCIATED PRESS THE COMPANYLOOKED AT MIAMI AS A GREAT HUB FOR TECH INTHE SOUTHERN UNITED STATES.
May 30, 2014 | Arian Campo-Flores
*Pingdom.com, 2012
HOTELSSOUTH FLORIDA’S HOSPITALITY SCENE IS HOTTER AND MORE PROFITABLE THAN EVER.
CELEBRATED HOTEL BRANDS ARE JOINING MIAMI’S ALREADY WORLD-CLASS
OFFERINGS BY THE DAY, FURTHER CEMENTING OUR REGION’S ROLE AS ONE OF THE
BEST TOURIST DESTINATIONS ON THE PLANET.
ISG MIAMI REPORT64
2,500 MORE HOTEL ROOMS DUEIN MIAMI IN 2015Greater Miami Convention & Visitors Bureau
5-Star Hotel Analysis over the Past 20 YearsSouth Florida Hotels Located East of Interstate 95
Source: GREATER MIAMI CONVENTION& VISITORS BUREAU
A N T I C I PAT E D H O T E L O P E N I N G S
The Edition - Miami Beach Aloft South Beach The Thompson - Miami Beach
nUMber oF hotel rooMs
nUMber oF hotels
1994 2004 20141,254
7
5,643
14
10,281
45
Sampling of South Florida’s5-Star Hotels
The always-hot Miami has introduced some exciting newcomers recently such as Tongue & Cheek, Il Mulino, Bar Crudo, Naked Taco, 1826, Ceviche 105, Lure, a new chef at The Forge, Traymore, and Top Chef’s Fabio Viviani’s Siena Tavern.
These are in addition to mainstays such as Prime 112, Joe’s Stone Crab, Makoto, Cecconi’s at Soho Beach House, Khong River House, the numerous
delectable restaurants at the Fontainebleau, Yardbird, the
Pubbelly chain and many more.
CU I S I NEWHILE THE EXPLOSION OF NEW HOTELS NATURALLY BRINGS WITH IT A CROP OF TOP-NOTCH
RESTAURANTS, SOUTH FLORIDA’S DINING SCENE TODAY IS MORE INVENTIVE, MORE THRILLING
AND MORE LUCRATIVE THAN EVER BEFORE.
DOWNTOWNBRICKELL
DESIGN DISTRICT, EDGEWATER, WYNWOOD & MIDTOWN
CORAL GABLES & SOUTH MIAMI
Miami’s restaurant scene has exploded in the past few years...
The melting pot of residents and visitors has brought an array of sophisticated, tasty cuisine.”
A S A M P L I N G O F N E I G H B O R H O O D E A T E R I E S
ISG MIAMI REPORT 65
ISG MIAMI REPORT66
In any city, there are developments that serve a singular purpose such as housing, retail, hospitality, or office space, and then there are projects that change the landscape of the city as a whole. Three current examples of such grand undertakings in Miami are the Flagler Streetscape project, the Grand Pedestrian Promenade Plan along Biscayne Blvd., and the futuristic, thousand-foot tall observation deck that is Skyrise Miami.
Grand Pedestrian Promenade - Biscayne Blvd.• Replace median parking with a pedestrian oriented green median• Bicycle Lanes: Two Dedicated Bike Lanes• Original Sidewalk: Expanded• Total Cost from NE 8th St. to Biscayne Blvd. Way = $24 MIL
Skyrise Miami• $430 MIL Project• 3 Observation Decks• Restaurant, Nightclub, Ballroom, Meeting Room, Interactive Exhibit• Estimated 3.2 MIL visitors per year
East Flagler Street Redevelopment• $13 MIL Project• Portions of historic street to be transformed into pedestrian-friendly promenade
Landscape of the Future
Source: SkyriseMiami.com
Source: Miami Today, October 2014
Source: MiamiDDA, May 2014
Dr. Eduardo Padrón is the President of Miami Dade College, a national model of student achievement and the largest institution of higher education in America. In 2009, Time Magazine included him among the “10 Best College Presidents” in the United States. Dr. Padrón’s pace-setting work at Miami Dade College has been hailed as a model of innovation in higher education. He is credited with engineering a culture of success that has produced impressive results in student access, retention, graduation, and overall achievement.
Time Magazine included President of Miami Dade College, Dr. Eduardo Padrón, among “10 Best College Presidents” in the United States
Named one of the top 50 National Universities byU.S. News & World Report: Best Colleges Rankings 2014
University of Miami – one of the top private colleges in the country - hosts more than 15,000 students from around the world, almost 30% of which are Hispanic. Every year, approximately 3,000 international students (undergraduate and graduate) and scholars (professors and researchers) from 115 countries representing every region of the world study, teach, and conduct research at the University of Miami.
Educat ion
# 1 IN NATIONAWARDING BACHELOR’S AND MASTER’S DEGREES TO HISPANIC STUDENTS
On the University front, Florida International University (FIU) is the largest school in South Florida and is #5 on the list of largest public universities by enrollment in the country, #11 among international business programs in the nation and #1 in the nation in awarding bachelor’s and master’s degrees to Hispanic students. Additionally, FIU has students from 142 countries, most notably Colombia, Venezuela, Jamaica, China, Peru, The Bahamas, and Trinidad & Tobago.
In 2014, Miami-Dade County Public Schools Superintendent Alberto Carvalho was named National Superintendent of the Year thanks to his efforts in turning around the Miami-Dade Pubic School system.
SUPERINTENDENT OF THE YEAR
ISG MIAMI REPORT 67
PoPulation growth
50,000
40,000
30,000
20,000
10,000
*Projected
2003 2012 2014
26,438
47,534 50,000+*
Doral• Business Week ranked Doral as the number one city in Florida to start a business.• Amazon.com signs Doral distribution center lease, to create 500 jobs.
Nationally Ranked #2“25 Best Cities in the United States toLive Well”
May, 2009
Trump National DoralBlue Monster Course
DowntownMiami
20 Min.Brickell22 Min.
MiamiInternational
Airport10 Min.
DoralDesignDistrict
oVerall Value assessed ProPerty
$10 Billion
$5 Billion
*Projected
2003 2012 2024-34
$4.9 BIL
$8.4 BIL
$12 BIL*
Source: Miami Today, 2014 City Planning & Zoning Dept.
ISG CITY WATCH
Source: South Florida Business, November 21, 2014
ISG MIAMI REPORT68
“ Doral is a great place to live and work... with every school in the city – public, private, charter – rated A”
Nathan KogonDirector of the City’s Planning & Zoning DepartmentMiami Today, February, 2014
Downtown Doral Charter School
• Kindergarten to 12th Grade
• School opens summer 2015
• English with additional Spanish and Portuguese language classes.
• More than 50% of the registration is set aside for Downtown Doral Residents
• First time a Public and Private sector partner to manage charter school
• College preparatory focused, teaching high standards for academics and character
• Faculty made up of committed and talented leaders and teachers
• New Deluxe Guestrooms designed By Ivanka Trump • Complete Redesign of Golf Course scheduled to be completed Fall 2014 • New Meeting and Event spaces totaling over 100,000 sq. ft. • Addition of BLT Prime, a modern American Steakhouse
• Resort Clubhouse (includes dining venues and retail shops) undergoing comprehensive makeover • The New Royal Palm Pool featuring all new landscape and patio design with expanded seating capacity • New State-Of-The-Art Fitness Center
THE TRANSFORMATION
Trump National Doral Purchased by the Trump Organization in June 2012, the Doral Golf Resort & Spa has been undergoing a $250 million “Return to Grandeur.” Every aspect of the 800-acre resort has been or is being completely transformed including a completely re-designed clubhouse, new deluxe accommodations, luxurious event spaces, new restaurant concepts, redesigned championship golf courses, plus all new re-imagined recreational amenities and retail shops for guests and members to enjoy.
ISG MIAMI REPORT 69
Photo Credit:
ISG MIAMI REPORT70
SOUTH FLORIDA2020With the extensive construction and expansion taking place in our region, what will Greater Miami actually look like by the end of this decade? The following pages illustrate a variety of “2020’s”, broken down by neighborhood.
ISG MIAMI REPORT 71
EPIC
MIAMI RIVER
MET
TO SOUTH BEACH
CRUISE SHIP PORT
BAYFRONT PARK BAYSIDE MARINA
MIAMI DADE COLLEGE
BISCAYNE BAY
VICEROY
DOWNTOWN MIAMI: $11 BILLION IN NEW DEVELOPMENT THROUGHOUT 20 BLOCKSDowntown Miami 2020
One Bayfront Plaza (FECR)
4.2 million sq. ft. 72 Story Tower
Mixed-use, Office, Hotel, Retail
$2 Billion
VizcayneTwo 49 Story Towers
849 Condos55,000 s.f. Retail
$265 Million
Biscayne Boulevard Beautification
Grand Boulevard Landscaping & Baywalk Links Streets,
Parks and Bay
MET (MDM)JW Marriott Hotel Beaux Arts Hotel
MET Square470 Hotel Rooms
1,700 Seat Theatre4 Story Retail,
41,000 Sq. Ft. Restaurant Whole Foods
GUSMAN CENTER
Skyrise Miami Tower (Berkowitz)
1000 Ft. Observation TowerMixed Use Retail and
Hospitality$400 Million
CENTRO (Newgard)
37 Stories350 Loft Style Condos
$90 Million
Flagler on the River(MELO)32 Stories300 Condo Residences
All Aboard Florida(Florida East Coast Industries)Mixed use 9 Acres1.5 Million Sq. Ft. Office, Residential, Retail , and Hotel
Krystal Tower(Rodolfo Ishak)35 Stories153 Condos
300 Biscayne(PMG)Residential and Commercial
AMOUNTS ARE AN ESTIMATE
ISG MIAMI REPORT72
PERFORMING ARTS CENTER
WATSON ISLAND MARINA
STAR ISLAND
MIAMI INTERNATIONAL AIRPORT
BISCAYNE BAY
I-395AMERICAN AIRLINES ARENA
MARLINS STADIUM
Omni (Genting)1.5 million sq.ft.Hilton Hotel, Office, Retail & Potential Casino$400 Million
Resorts World Miami (Genting)14 acres
Destination Resort Hotels & Residences
$3 BillionProposed
Port of Miami Tunnel Connects I-395 and
Watson Island to Port$607 Million
Museum Park 29 acres. Perez Art Museum MiamiPatricia & Phillip Frost Museum of Science$500 Million
Miami World Center (Falcone)12 million sq. ft., 27 AcresHotel, Retail, Civic Space, Office, Residential $4 Billion
Adrienne Arsht Center48,000 sq. ft.
Film Production Studio$13.6 Million
FREEDOM TOWER
1000 Museum(Covin)63 Stories83 CondosDesign by Zaha Hadid$300 Million
MIAMI RIVER DISTRICT
Overtown Gateway (Peebles)2 Phases150 Staybridge Hotel Room Suites635 Apartment Units60,000 Sq. Ft. Retail100,000 Sq. Ft. Office$200 MillionProposed
ParamountMiami World Center749 Ft. Signature Tower466 Condos
Canvas(NR Investments)37 Stories513 Condos
600 BiscayneTBD
ISG MIAMI REPORT 73
Landscape ParkPublic
Bayfront Park Proposed
Echo Brickell (PMG & JDS)
180 Luxury Residences
57 StoriesCollaboration by
Carlos Ott + yoo Studio
Le Parc (ALTA & Strategic)
128 Boutique Condos
12 Stories
Brickell House (New Guard)
374 Condos46 Stories
SLS Brickell (Related)
453 Condos120 Hotel Rooms
52 StoriesDesign by
Phillipe Stark
BISCAYNE BAY
CORAL GABLES
Atton Hotel270 Rooms
12 StoriesDesign by
Luis Revuelta
Panorama Tower(Florida East Coast)821 Condos 128 Hotel Rooms81 Stories82,000 Sq. Ft. Retail38,000 Sq. Ft. Office
1100 Millecento (Related)382 Condos42 StoriesDesign by Carlos Ott + Pininfarina
Cassa Brickell(TSG)
10 Stories81 Condos
AMOUNTS ARE AN ESTIMATE
BRICKELL: $6 BILLION IN NEW DEVELOPMENTBrickell 2020
ISG MIAMI REPORT74
The Bond(MDR)
323 Condos43 Stories
1010 Brickell (Key International)352 Condos47 StoriesDesign by Sieger Suarez
NINE at Mary Brickell(Starwood Capital & Lynd)390 Condos 48 StoriesDesign by ADD
Brickell City Centre(Swire)5.4 million Sq. Ft. 9 Acres780 Condos 93 Apartments243 Hotel Rooms 520,000 Sq. Ft. Retail240,000 Sq. Ft. Office
Brickell Heights (Related)2 Towers690 Condos 48 StoriesDesign by Arquitectonica
My Brickell (Related)
192 Condos 27 Stories
One Brickell(Related) 3 Towers80 Stories70 Stories55 Stories1,200 Condos200 Hotel Rooms200,000 Sq. Ft. RetailProposed
BISCAYNE BAY
MARLIN’S STADIUM
DOWNTOWN
BRICKELL KEY
MIAMI RIVERDISTRICT
BrickellTen (IBGroup)155 Condos22 Stories
Brickell Flatiron(Ugo Colombo)548 Condos65 StoriesDesignBy Luis Revuelta
SLS Lux(Related)450 Condos85 Hotel Suites57 StoriesDesign by Arquitectonica
Edge on Brickell
(Grupo Habitat)130 Condos
58 StoriesDesign by
Luis Revuelta
ISG MIAMI REPORT 75
National Young Arts Foundation Proposed New Campus
Designed by Frank Gehry at Historic Bacardi Building
Biscayne LinePublic Bay Walk
Proposed from Venetian Cswy to Julia Tuttle Cswy
Mbay (Hyperion)129 Condos
39 StoriesProposed
MARLIN’S STADIUM
VENETIAN CAUSEWAY
TO MIAMI BEACH
ADRIENNE ARSHT PERFORMING ARTS CENTER
Wynwood Art District Walls
On-going Art Movement
PÉREZ ART MUSEUM
AMERICAN AIRLINES ARENA
The Filling Station(FLS Development)
81 CondosProposed
MACARTHUR CAUSEWAY
TO MIAMI BEACH
DOWNTOWN MIAMI
MIAMI INTERNATIONALAIRPORT
MIAMI RIVER DISTRICT
Aria on the Bay(Melo)
647 Condos50 Stories
40,000 SF Commercial Space
250 Wynwood (Fortis)
11 Condos6 Stories
Mixed-Use Retail
EDGEWATER, MIDTOWN AND DESIGN DISTRICT: $3.5 BILLION IN NEW DEVELOPMENT
Biscayne Corridor 2020
AMOUNTS ARE AN ESTIMATE
ISG MIAMI REPORT76
Bay House (Melo)164 Condos38 Stories
NEW PUBLIC& PRIVATE PARK
1/2 ACRE
Icon on the Bay (Related)300 Condos42 Stories
Biscayne Beach Club(Eastview)399 Condos51 Stories
Paraiso Bay (Related)2 Towers720 Condos55 Stories
LUXURY BAYFRONTRESTAURANT
Hyde Midtown (Related)40 Hotel Units397 Condos 31 Stories*Midtown
The District 36 (Terra)
60,000 Sq. Ft.High-End Home
Furnishing RetailProposed
Dacra Project (Craig Robins)540,000 Sq. Ft. Luxury Retail*Design DistrictProposed
JULIA TUTTLE CAUSEWAY
TO MIAMI BEACH
New Public & Private Bayfront Marina and Park
MIAMIDESIGN DISTRICT
The Crimson(Mckafka)90 Condos20 Stories
Baltus House(Related)
167 Condos15 Stories
Ion(Sakor)330 Condos36 StoriesDesign by Arquitectonica
WYNWOOD SHOPS AT MIDTOWN
Paraiso Bayviews (Related)388 Condos44 Stories
One Paraiso(Related)276 Condos53 Stories
ISG MIAMI REPORT 77
The IVI Doral64 Condos12-acre development
Vintage Estates (Terra)28-acre gated community110 ResidencesSingle Family
DOWNTOWN MIAMI
Modern Doral (Terra)3 Phases316 CondosLuxury Single Family27-acre development150,000 Retail Space
Isles at Grand Bay(Lennar)672 CondosLuxury Single Family
Midtown Doral (Optimus)3 PhasesPhase I + II509 CondosPhase III TBD150,000 Sq. Ft. Retail90-acres
DORAL: $2 BILLION IN NEW DEVELOPMENTDoral 2020
MIAMI INTERNATIONAL AIRPORT
AMOUNTS ARE AN ESTIMATE
ISG MIAMI REPORT78
Downtown Doral5252 Paseo + 5300 Paseo
(Cordina)Mixed-use Community1 Million Sq. Ft. (Office)180,000 Sq. Ft. (Retail)
2,840 Condos
Bel Air Doral(ZOM)
249 Condos Luxury Rental Complex
Groundbreaking Aug. 20134.2-acres Lakefront
City Place Doral(Related)48-acres
22 Million Sq. Ft.300,000 Sq. Ft. Retail280,000 Sq. Ft. Office
1,000 Residences
Oasis Park(Optimus)150 CondosSingle Family
Trump National Doral$250 Million Renovation100,000 Sq. Ft. Event SpaceNew BLT Prime Restaurant
ISG MIAMI REPORT 79
RIVA(Premier)14 Stories100 Condos
2nd Street Residences(Ellis Diversified)
30 Stories398 Condos
2,200 Sq. Ft. RetailProposed
Elan 16Forty(Greystar)10 Stories261 Condos6,000 Sq. Ft. Gym2,300 Sq.Ft. RetailProposed
Paramount (Encore Housing and Kodsi)18 Stories95 Condos
AquavitaLas Olas
(Roy & Eisinger)Two Waterfront Buildings
22 Condos
The Pearl at Flagler Village (Morgan)7 Stories331 CondosHenry Square (Related)6 Stories382 Residences25,000 Sq. Ft. Retail
BROWARD CENTER FOR THE PERFORMING ARTS
MUSEUM OF DISCOVERY AND SCIENCE
DOWNTOWN FORT LAUDERDALE
BROW
ARD
BOUL
EVAR
D
AquaBlueFt. Lauderdale(Roy & Eisinger)45 Condos
AquaLunaLas Olas
(Roy & Eisinger)Two Waterfront
Buildings16 Condos
AquaMarLas Olas
(Roy & Eisinger)Three Waterfront
Buildings20 Condos
AdagioOn the Bay(Grupo Alco, Garcia Stromberg + GS4 Studio Architects)12 Condos
Privage(Roy & Eisinger)22 Condos
BellaVitaLas Olas
(Roy & Eisinger)16 Condos
FORT LAUDERDALE: $3 BILLION IN NEW DEVELOPMENTFt. Lauderdale 2020
Auberge Beach Residences(Related)Two Towers17 - 22 Stories171 Condos
AMOUNTS ARE AN ESTIMATE
ISG MIAMI REPORT80
Gale Hotel &Residences (Neward Development &Menin Hospitality)128 Condos
W Hotel & Residences (Related NY)171 Condos
Crocker Tower(Crocker)
42 Stories395 Condos
Proposed
Marina Lofts(Asi Cymbal)2 Towers28 - 30 Stories856 Condos29,000 Sq. Ft. Retail & RestaurantDesigned by Bjarke InglesProposed
South Andrews Tower(Fred Kern)37 StoriesOffice, Hotel &ResidencesProposed
New River Yacht Club (Related)26 Stories249 Condos$36 Million
8th Avenue Residences(Rockefeller)262 Condos2,500 Sq. Ft. Retail
New RiverVillage III(American Land Ventures)15 Stories209 Condos2,245 Sq. Ft. Restaurant
Airport and I-595$42.5 Million Expansion to I-595$791 Million runway renovation atFt. Lauderdale Airport
RIVER FRONT
LAS
OLA
S BO
ULE
VARD
SOUTH FEDERAL HIGHWAY
1800Las Olas
(Roy & Eisinger)4 Condos
ISG MIAMI REPORT 81
ICON Las Olas(Related)272 ResidencesUnder Construction
ON THE GROUND REPORT
QA&The State of South Florida General Realty
Q: What kind of single-family homes are people buying in South Florida now?
A: We are now seeing a shift from people buyingless expensive homes and paying for private schools to people buying more expensive homes in areas with stronger Public School systems.
Q: What reasons are foreign buyers giving your agents for buying in South Florida?
A: I would have to say that the major reason foreign buyers are buying is for security - both personal and financial presently.
Q: That addresses demand. What is the status of supply right now for single-family homes?
A: As in the old cliche: Location, Location, Location. Seriously, the supply in the re-sale single family market, especially in neighborhoods east of I-95 is very tight and there is very little inventory of homes in desirable neighborhoods.
Q: What do you see as the big differences between the market now and the boom of 2005?
A: Night and Day. In 2005, the market was driven by a predominantly speculative fever fueled by the “easy credit” provided by the financial community. In today’s market, the credit markets remain “tight”, eliminating speculation. Today, we have buyers who are looking for the financial security, stability or simply a second home in Miami.
Q: What neighborhoods are the hottest right now for new properties?
A: Brickell, Downtown, Edgewater, the Beaches, East Fort Lauderdale and Doral area (the one “western” neighborhood drawing major interest) are all very active. Interestingly enough, with the exception of Doral, these are all high-rise areas with little single-family home activity. Actually, most of the new construction in single family homes is concentrated in the western fringes of the tri-county area.
Q: Given the current market dynamic, have you changed the type of agent you are currently recruiting?
A: That is an interesting question. Our recruiting philosophy at RelatedISG is probably somewhat different than the industry norm especially in this new cycle. Our focus has been to recruit seasoned agents who specialize in pre-construction sales. The tightness of the resale market coupled with the demand for new Condominiums makes that type of agent the most sought after. In addition, RelatedISG is the joining of two of the most prominent South Florida companies in the new construction market. This certainly gives our agents a distinct advantage in competing in the new construction sector, which is by far the most active and the most lucrative in terms of commissions paid.
Alex VidalMANAGING DIRECTORRelatedISG International Realty
ISG MIAMI REPORT82
VCelebrat ing 5 Years of ISG’s Miami Report .
The Miami Report is produced for general interest only; it is not definitive and is not intended to give advice. It must not be relied upon in any way. Although high standards have been used in the preparation of the information, analysis and views presented in The Miami Report, no responsibility or liability whatsoever can be accepted by ISGWorld for the contents. We make no express or implied warranty or guarantee of the accuracy of any of the contents. As far as applicable laws allow, we do not accept responsibility for errors, inaccuracies or omissions, nor for loss or damage that may result directly or indirectly from reliance on or use of its contents. The Miami Report does not necessarily reflect the view of ISGWorld in any respect. Readers should not take or omit to take any action as a result of information in The Miami Report.
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