cervera real estate's downtown & brickell market update issue three
DESCRIPTION
The market update is a partnership with the Downtown Development Authority designed to provide visitors and residents residential sales information for Downtown Miami and Brickell. In this report you will find valuable data including the number of sales transactions and active listings for the area's top condominium residences.TRANSCRIPT
MARKET UPDATECervera Real Estate Market Update in collaboration with the Miami DDA
Issue 4 | November 2012
Realtors: Join the new eraof Cervera! We offer exceptional sales and marketing training, dynamic locations, innovative marketing and so much more.
For a confidential meeting please [email protected].
See what everyone’s talking about!
What’s inside…• Sales & Leasing Activity Report
• Foreclosure Activity
• New Office in Biscayne Corridor
• Getting Around Downtown
• New Residential Developments
• Downtown Map
Cervera Real Estate1492 S. Miami AvenueMiami, FL 33130
Downtown Miami has become an epicenter of entertainment from athletics to the arts; our area is one of the hottest in the nation! Our 2012 NBA Champions, The Miami Heat, will not disappoint this season with the team’s latest two additions, former Boston Celtic, Ray Allen and Rashard Lewis from the Washington Wizards. Many Miamians are also taking advantage of great performances at the Adrienne Arsht Center, coming soon The Nutcracker and Stomp. New restaurants and lounges have opened throughout downtown and Brickell, including PM Buenos Aires Fish & Steak House located right across from Cervera’s Corporate Office. All of this positive activity certainly facilitates rises in real estate prices as a large number of residents desire the bustling city lifestyle. From this time last year to now, the average sales price per square foot increased 7% and rental rates are up more than 10%. If you’re interested in buying, selling or leasing, stop by or call one of our nine sales offices located within the Miami DDA District (downtown and Brickell.)
Downtown is feeling the Heat!
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www.cervera.com305.374.3434
6/11
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11/11
12/11
1/12
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Average Residen�al Rental Rate Trends
Average Monthly Rental
$2,097
$2,103
$2,211
$2,199
$2,146
$2,300
$2,314
$2,157
$2,247
$2,263
$2,233
$2,075
$2,103
$1,500
$1,600
$1,700
$1,800
$1,900
$2,000
$2,100
$2,200
$2,300
$2,400
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ths
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7/11
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12/11
1/12
2/12
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Units
260398
477298
478380
391316
377308
327275
294337
322335
317235
352430
353359
423375
473338
0100
200300
400500
Sales and Leasing Ac�vity Sales Leases
Mon
ths
6/11
7/11
8/11
9/11
10/11
11/11
12/11
1/12
2/12
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5/12
6/12
Units
4514
4019
2939
3518
5820
4230
5228
3224
3737
5642
4522
3543
4516
0 10 30 605020 40
Foreclosure Ac�vity by Stage of ProcessPreclosure Filings Auc�on
Mon
ths
The information below is taken from a report compiled by Goodkin Consulting, commissioned by the Miami DDA. It is a statistical update of key residential market trends in the Downtown Miami area designed to inform residents and business owners. Information is based on direct research of public records, MLS, and other independent sources. A copy of the full report is available for download at www.miamidda.com.
About the Market Trend Update
Source: MLxchange. Cervera and the Miami DDA make no claims, promises or guarantees about the accuracy, completeness, or adequacy of the contents of this advertisement and expressly disclaims liability for errors and omissions of third-party content.
Downtown Study Area Residen�al SalesJune 2011 - June 2012
Monthly Sales Profile Average Average Units Total Sales TotalMonth $/Sq. Ft. Unit Price Sold Volume ($) Sq. Ft.Jun-11 $321 $384,571 260 $99,998,500 311,948Jul-11 $316 $361,554 298 $132,598,072 341,026Aug-11 $304 $348,942 380 $103,262,481 436,679Sep-11 $299 $326,780 316 $126,035,831 345,110Oct-11 $342 $409,207 308 $101,290,733 368,028Nov-11 $323 $368,330 275 $132,052,800 313,532Dec-11 $343 $391,848 337 $132,052,800 384,934Jan-12 $310 $340,373 335 $114,148,817 367,956Feb-12 $348 $422,993 235 $99,403,342 285,410Mar-12 $332 $383,018 430 $164,697,936 495,921Apr-12 $343 $412,573 359 $148,113,684 431,780May-12 $326 $376,395 375 $141,148,287 432,504Jun-12 $346 $428,462 338 $144,820,259 418,594
Breakdown by Area - 2nd Quarter 2012 Average Average Units Total Sales TotalArea $/Sq. Ft. Unit Price Sold Volume ($) Sq. Ft.Brickell $336 $390,513 536 $209,315,151 622,517CBD $341 $372,936 257 $95,844,659 280,712Arts & Ent. $279 $394,238 65 $22,770,250 81,567Wynwd./Edgwtr. $356 $476,213 214 $106,152,170 298,082Total Q2 $338 $390,630 1,072 $434,082,230 1,282,878
About Cervera’s Numbers40,000 Condominium units sold 250 Licensed Professionals 82 Condominium Projects Represented Exclusively 21 Real Estate Offices 4 Counties with Offices 1 Reputable Brand Known Throughout Key Markets in South Florida, Latin America and Europe.
A Message from the Miami DDA: Downtown Miami Sales and Rental Velocity Continues to Outpace National TrendsDowntown Miami’s residential market continues to grow with sustained velocity for sales and leasing amid rising prices, according to the 2012 Q2 Residential Market Trend Update just released by the Miami Downtown Development Authority (DDA). The report reaffirms Miami’s emergence as an international destination for residents and investors and underscores its strength as one of the country’s fastest growing urban cores. “Downtown Miami stands out as one of the few success stories as we emerge from the recession¬,” said Alyce Robertson, Executive Director of the Miami Downtown Development Authority. “Miami’s urban core will only continue to benefit as the trend towards urbanization and urban living takes hold across the country.”
“Downtown Miami residential sales volume in the first half of 2012 was up 24% over the same period in 2011 with an overall average sales price of $340 per square foot in the second quarter. Rental demand also remained strong with average unit rent climbing to $2,130 per month for rental agreements closed during the second quarter.” (Goodkin)
The Miami Downtown Development Authority DDA Fast Facts:
Miami DDA Area: 1.7 Square Miles
2010 Population: 71,000
2010 Daytime Population: 194,000
2014 Projected Population: 81,100
22,079 Residential Units Built Since 2003
18.6 Million Sq. Ft. of Office Space
6,096 Hotel Rooms
Cervera Corporate Office | 1492 S. Miami Ave. | 305.374.3434
Cervera Brickell Key II Office | 540 Brickell Key Dr. | 305.374.3334
Cervera 50 Biscayne Office | 20 South Biscayne Blvd. | 305.373.3510
Cervera One Miami Office | 325 South Biscayne Blvd. | 305.373.3737
Cervera Marquis Sales Office | 1100 Biscayne Blvd. Way | 305.571.4000
Cervera Epic Office | 270 Biscyane Blvd. Way | 305.400.7399
Cervera BrickellHouse Sales Gallery | 1451 Brickell Ave. | 305.938.5711
Cervera Biscayne Corridor Sales Office | 275 NE 18th Street, #CU2A | 786.527.2858
Miami Downtown Development Authority (DDA) | 200 S Biscayne Blvd.
Miami-Dade College Wolfson Campus | 300 NE 2nd Ave.
FIU Business School | 22 E. Flagler St.
Miami Federal Courthouse | 400 N Miami Ave.
Miami-Dade Public Library & Miami Art Museum | (same address) 101 W Flagler St.
Bayfront Park | 301 N Biscayne Blvd., Miami, FL
Bayside Marketplace | 401 Biscayne Blvd., Miami, FL
Adrienne Arsht Center for the Performing Arts | 1300 Biscayne Blvd., Miami, FL
Museum Park
Downtown Miami
Grove at Grand BayRepresented exclusively by Cervera
Grove at Grand Bay is the new luxury condo project designed in collaboration with the award-winning design firm Bjarke Ingles Group, also known as BIG, and the landscape architecture firm Raymond Jungles. Rising 20 stories on prestigious South Bayshore Drive, Grove at Grand Bay encompasses two towers that will showcase 99 high-end and expansive residences. Residents will be privy to a captivating natural environment of verdant gardens with open-air ambiance, juxtaposed to the building’s breathtaking façade, and panoramic views of Biscayne Bay, Key Biscayne, Coral Gables and downtown Miami. Superior amenities and services private butlers, private elevators and two-car garages, rooftop swimming pools, wellness spa, state-of-the-art fitness center, clubroom, pet spa, and much more. Stop by our Sales Gallery today and view our brand new model unit! Schedule your appointment today by calling 305.929.8646.
Cervera OpensNew Office in
Biscayne Corridor
Cervera Real Estate is excited to announce the opening of our newest branch located on the corner of 18th and Biscayne.
The new office will be the home base for our Commercial
Division and will also include residential associates to service
the increasingly popular Biscayne Corridor. With complimentary
parking in the rear of the building its easy to stop by
and meet our team! For more information, call 786.527.2858.
BrickellHouse Nearly Sold Out!Represented exclusively by Cervera
BrickellHouse, one of the first developments under construction in the Brickell area, is now 95% sold! Earlier in July, the project held a groundbreaking ceremony with Miami Mayor Tomas Regalado, Commissioner Marc Sarnoff, and other community leaders alongside the entire BrickellHouse team. With innovative features including an automated parking garage and environmentally conscious finishes, this building stands to be one of the premier residences in the area. Stop by the Sales Gallery located on the corner of 15th Street and Brickell Avenue, and experience the BrickellHouse lifestyle yourself! For more information, contact the Sales Team at 305.938.5711.
Getting Around DowntownMetro Trolly | FREEThe trolley offers three routes with stops on nearly every block. The Health District/Stadium & Brickell/Biscayne routes operate from Monday thru Saturday 6:30 AM to 11:00 PM while the Overtown/Health District operates Monday thru Friday 6:30 AM to 6:30 PM. For routes, stations and times, visit: www.miamigov.com/trolley
Metro Mover | FREETwenty stations and two loops, riders can get around downtown and Brickell from 5:00AM-Midnight seven days a week. For stations and times, visit: www.miamidade.gov/transit/metromover.asp
Monkey Shuttle | FREEDoor to door service - just give them a call or preschedule a pick-up and jump on board throughout Downtown and Brickell. The shuttle is a six person, battery powered, 100% eco friendly cart. Schedule today at: www.themonkeyshuttle.com
Car2Go | $13.99/hour - $72.99/dayJump in a car whenever you need one! Car2Go has partnered with the Miami Parking Authority to allow parking in residential restricted zones! Rates vary, and include taxes, fuel, insurance, mileage and maintenance, visit: car2go.com/miami
Orange Line | Metrorail to MIA - $2.00Passengers can now ride from Downtown Miami right to Miami International Airport in just 15-20 minutes. Schedules and times vary by day, for more information visit: http://www.miamidade.gov/transit/miami-international-airport-station.asp
Tropical Pedicabs | $1/min per personMiami’s only pedal powered transportation service operating from 11:00 AM to 2:00 AM seven days a week. Visit www.tropicalpedicabs.com
Water Taxi Miami | $12 - $30Take the water-taxi from Downtown Miami to Miami Beach. Rates vary with discounts for children, daily, monthly and annual passes. For more information, visit: www.watertaximiami.com
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Specializing in New Development Sales
FOR SALEAxis Investment
$6.3MM / 8 CAP13,874 SF
FOR LEASEHampton on Brickell
Restaurant/Retailup to 10,000 SF
BUSINESS SALEVice Lounge
Miami Beach-Lincoln RoadNightclub - 7,800 SF
OFFICE LEASECoral Gables
2020 Ponce de LeonBrickell
Latitude One
RESIDENTIALGisele VergaraGabriela Soto
Susanne RohatynskyAmelia Gonzales
Fernando EscuderoBeatriz Carmona
Evon GordonLisa Hayes
COMMERCIALWolfgang Herz
President Commerical Division
Ricardo DupondNancy Cabral
Maggie H SanchezLudovic RocheKristine FlookJanet Crucet
Thinking of buying, selling or leasing? Call today or visit whmiami.com! We serve all of Florida!
Juliana [email protected]
786.271.3966
Evelyn [email protected]
786.486.7650
THE BRICKELL KEY EXPERTSBuying, Selling or Leasing? We are the Brickell Key Experts!
The real estate market is booming. Work with a team that lives, works and understands Brickell Key’s one-of-a-kind lifestyle and market.
Call us today and let our expertise work for you.
Brickell Key Two Active: $416Sold: $300
Cervera Real Estate, Inc. - Stop by our office in Brickell Key 2!540 Brickell Key Drive, Miami, FL 33131 (Lobby level in Brickell Key II Building)
Brickell Key Market Update | Average Price Per Square Foot
Yolanda [email protected]
305.962.8282
Corina [email protected]
305.793.2663
Glika [email protected]
305.773.7768
CarbonellActive: $590Sold: $500
Tequesta IIIActive: $557Sold: $434
The CourtsActive: $460Sold: $355
CALL US FOR OUR LISTINGSVisit our new Sales and Leasing Office at 1800 Biscayne
Brickell A
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S Miami Ave
SW 16th RdSW 3rd AveSW 13th St
SW 8th St
SW 7th St
Brick
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SW 3rd St
W Flagler St
NW 5th St
NW 6th St
NW 8th St
NW
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Ave
SW 2nd StSW 1st St
NE 14th St
NW 20th St
NE
2nd
Ave
NW
2nd
Ave
NW
7th
Ave
NE
1st A
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Mia
mi A
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Brickell Key Dr
N M
iam
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N M
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BicentennialPark
Brickell KeyPark
Port Blvd41
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968
972
90
Vene an Causeway
Bisc
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Blvd
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NE 20th St
NE 19th St
NE 18th St
NE 17th Ter
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MacArthurCauseway
Midtown
NewPublix
Airport
MiamiBeach
AAArena
Brickell
New Sales Center
Now is the time to sell!
Ask me today about these exclusive development projects represented by Cervera:
BrickellHouseBrickell
MarquisDowntown
Ocean HouseSouth Beach
Grove atGrand Bay
Coconut Grove
Evelyn Perez-Larin, P.A.Realtor Associate
Cervera Real Estate786.486.7650
Marquis Residences
Platinum St. RegisBal Harbour
Grove atGrand Bay
BrickellHouse Peloro
FOR SALE
Ocean House #3025 Bed/6.5 Bath | 3,713 sf
Price Upon Request
FOR SALE
Marquis #61064 Bed/4.5 Bath | 3,800 sf
Offered at $2.7MM
Brenda BichiliBroker Associate
Cervera Real Estate, Inc.305.206.5048
Work with a top producer that delivers results.Call me today and find out your property’s market value!
Ask me about Peloro, our new, exclusiveMiami Beach pre-construction project!