Miami report 2020 - AN IN-DEPTH ANALYSIS OF SOUTH FLORIDA'S NEW CONDOMINIUM MARKET - New Miami Blog
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miami report
AN IN-DEPTH ANALYSIS OF SOUTH FLORIDA’S NEW CONDOMINIUM MARKET
2020
NEW MIAMI
THE
“MIAMI IS ENTERING
A NEW GOLDEN AGE
OF GROWTH.”
- ISG PRINCIPALS
PHOTOGRAPH BY GLEASON WAITE ROMER
MIAMI, FL | CIRCA 1950
WEALTH REPORT
THE CITIES THAT MATTER TO HNWI’S - GLOBAL SURVEY
MOST IMPORTANT NOW
1
2
AS SEEN IN London
3
New York
Singapore
THE WEALTH REPORT A GLOBAL PERSPECTIVE ON PRIME PROPERTY AND WEALTH 2012
4
5
Hong Kong
Geneva
6
7
Shanghai
89
Dubai
Miami
THE GLoBAL PERSPECTIVE oN PRIME
Paris
10
PRoPERTy AND WEALTH
Beijing
WWW.THEWEALTHREPORT.NET
HNWI – High Net Worth Individuals US $30 MIL +
NEW CONSTRUCTION
PIPELINE
AS OF FEBRUARY 2014
BRICKELL
TOTAL NEW CONSTRUCTION CONDO UNITS AVAILABLE FOR SALE SINCE JAN. 2012
DeveloperDEVELOPER
Units UNITS
SoldSOLD Developer
DEVELOPER UNITS UNSOLD Units Unsold
1010 Brickell 50% SOLD 900
BRICKELL 352 UNITS
Bond 60% SOLD
BRICKELL 323 UNITS
Brickell CityCentre I & II 820 UNITS
BRICKELL (release date TBD)
*Brickell Heights 50% SOLD
BRICKELL
358 UNITS
Brickell House 100% SOLD 374 UNITS
BRICKELL
Echo Brickell 70% SOLD 180 UNITS
BRICKELL
62% SOLD 128 UNITS
Le Parc
BRICKELL
390 UNITS
Nine at Mary Brickell 55% SOLD
BRICKELL
382 UNITS
Millecento 100% SOLD
BRICKELL
192 UNITS
100% SOLD
MyBrickell
BRICKELL
450 UNITS
SLS Brickell 100% SOLD
BRICKELL
*Tower 1 only (other tower currently unavailable) 3,949 UNITS TOTAL • 2,367 UNITS SOLD • 1,581 UNSOLD
AVG ABSORPTION : 1,900 UNITS ANNUALLY OVER THE LAST 10 YEARS
BISCAYNE CORRIDOR
DOWNTOWN MIAMI, EDGEWATER, MIDTOWN & DESIGN DISTRICT
TOTAL NEW CONSTRUCTION CONDO UNITS AVAILABLE FOR SALE SINCE JAN. 2012
Developer Units
DEVELOPER UNITSSold
SOLD Developer Units Unsold
DEVELOPER UNITS UNSOLD
Baltus House 93% SOLD
800
DESIGN DISTRICT
167 UNITS
23 Biscayne Bay 100% SOLD 96 UNITS
EDGEWATER
Bay House 65% SOLD 164 UNITS
EDGEWATER
Biscayne Beach Club 55% SOLD 399 UNITS
EDGEWATER
The Crimson 50% SOLD 90 UNITS
EDGEWATER
Icon on the Bay 100% SOLD 300 UNITS
EDGEWATER
Paraiso Bay 33% SOLD 720 UNITS
EDGEWATER
*Hyde Midtown 400 UNITS
(release date TBD)
MIDTOWN
85 UNITS
1000 Museum 18% SOLD
DOWNTOWN MIAMI
Centro 70% SOLD 350 UNITS
DOWNTOWN MIAMI
*CONDO UNITS ONLY - RELEASE DATE TBD 2,771 UNITS TOTAL • 1,416 UNITS SOLD • 1,355 UNSOLD
AVG ABSORPTION : 1,300 UNITS ANNUALLY OVER THE LAST 10 YEARS
NEW CONSTRUCTION
SUMMARY
TOTAL NEW CONSTRUCTION CONDO UNITS TO BE BUILT, SOLD AND CURRENTLY AVAILABLE FOR SALE IN BISCAYNE CORRIDOR (DOWNTOWN MIAMI,
EDGEWATER, MIDTOWN & DESIGN DISTRICT), THE MIAMI BEACHES (SOUTH BEACH, MIAMI BEACH, SURFSIDE, BAL HARBOUR, SUNNY ISLES, HALLANDALE
& HOLLYWOOD BEACH), FORT LAUDERDALE, AVENTURA, NORTH MIAMI, COCONUT GROVE, & KEY BISCAYNE SINCE JAN. 2012
Project Units (Total) Developer Units Sold Developer Units
TOTAL NEW NEW CONSTRUCTION NEW CONSTRUCTION
CONSTRUCTION SOLD UNITS UNSOLD UNITS
UNITS 10000
Project Units (Total) 10,329
Developer Units Sold 6,065 60%
SOLD
SINCE JAN. 2012
Developer Units Unsold 4,264
AVG ABSORPTION: 4,615 UNITS ANNUALLY OVER THE LAST 10 YEARS
10 YEAR ANNUAL ABSORPTION ANALYSIS
FOR CONDOS BUILT FROM 2003-2013
SUBMARKETS CONSIST OF BISCAYNE CORRIDOR ( DOWNTOWN MIAMI, EDGEWATER, MIDTOWN & DESIGN DISTRICT), THE MIAMI BEACHES (SOUTH
BEACH, MIAMI BEACH, SURFSIDE, BAL HARBOUR, SUNNY ISLES, HALLANDALE
Average & HOLLYWOOD BEACH), FORT LAUDERDALE, AVENTURA, NORTH
Yearly Absorption
MIAMI, COCONUT GROVE & KEY BISCAYNE SINCE JAN. 2012
4,615
PER YEAR
AVERAGE YEARLY CONDO INVENTORY ABSORPTION FROM 2003-2013
1,900
PER YEAR
1,300 1,300
PER YEAR PER YEAR 215 200 350
PER YEAR PER YEAR PER YEAR
Brickell Biscayne Corridor The Beaches Aventura Fort Lauderdale Total
North Miami \ Key Biscayne
& Coconut Grove
Sources: Integrated Realty Information Systems (Iris); Miami-Dade & Broward County Property Appraiser And Multiple Listing Service (MLS).
STARCHITECTS
Car Sieg
lo er +
sO
Sua
tt
rez
Echo Aventura 1010 Brickell
A NEW STANDARD OF ARCHITECTURE Sage Beach Brickell House
RU Echo Brickell A
U
Marea Beach
US
GU +C
AY UBA
*Muse *Muse
e ls er 1100 Millecento
Ing Mei
Prive
d
ke
Bjar
ar
Rich
Marina Lofts Rem s c ia
The Surf Club K -Bre
ort
ool
Grove at
F
has
do
Grand Bay
U.S
Berna
NM
DE
AR A. ARQUITECTONICA
.
K Faena Arts Center SLS Brickell
r
oste Faena Bazaar
nF SkyRise Miami
NE
& Artists-in-
Herzo ER
TH
a
PE
Norm
g & LAN Residence Port Of Miami
DS Tunnel Gateways RU
de
Faena Park
Meu
Brickell Heights
ron
Faena House Miami Beach
Convention Center One Brickell City
Jade Signature
EN
Center
AN
GL
Perez Art D Icon Bay
SW
ZE Museum
IT
Enri RLA Hyde Midtown
que
ND
Parasio Bay
Nor
Nicho
did
ten
las Ha Chateau Ocean
a
Gri
Zah
msh
Bath Club Estates
Design 41
aw
Resorts World Miami
One Ocean 1000 Museum
Frost Museum
ME
ICO 321 Ocean of Science Collins Park
X
IRA
Garage Q
GL
EN
AND
STARCHITECTS MAKE STAR ARCHITECTS LEAVE ARCHITECTS ART BASEL -- AND REAL
THEIR MARK IN MIAMI A MARK ON MIAMI TRANSFORMING ESTATE PROJECTS -- BRING
SOUTH FLORIDA STAR ARCHITECTS TO MIAMImls-resale
inventory
AS OF FEBRUARY 2014BRICKELL
New Condos Built Since 2006 & Available for Sale 18 Months Ago, 12 Months Ago, 6 Months Ago and Currently Active
Brickell MLS Inventory Analysis
New Condos Built Since 2006 & Available for Sale 18 Months Ago,
12 Months Ago, 6 Months Ago, and Currently Active
Active Listings Price PSF
$501
900 $485
$430 $600
800 $401
700 $500
600 $400
500
$300
400 805
690 $200
300
525
200 391 $100
100
$0
0
18 Months Ago 12 Months Ago 6 Months Ago Currently ActiveBISCAYNE CORRIDOR
DOWNTOWN MIAMI, EDGEWATER, MIDTOWN & DESIGN DISTRICT
New Condos Built Since 2006 & Available for Sale 18 Months Ago, 12 Months Ago, 6 Months Ago and Currently Active
Downtown Miami & Edgewater MLS Inventory Analysis
New Condos Built Since 2006 & Available for Sale 18 Months Ago,
12 Months Ago, 6 Months Ago, and Currently Active
Active Listings Price PSF
1,000 $526
$540
900
$501
800 $520
700
$475 $500
600 $450 $480
500
927
400
860 $460
300 651 $440
200 425 $420
100 $400
0
18 Months Ago 12 Months Ago 6 Months Ago Currently ActiveDAYS ON MARKET(DOM)
Days On Market (DOM)
2011 vs 2013 MLS Analysis for Closed Sales
ANALYSIS
MLS ANALYSIS FOR CLOSED SALES IN 2011 & 2013
2011 AVG DOM 2013 AVG DOM
Brickell 150 32
Biscayne Corridor 180 30
Aventura 115 34
The Beaches 120 39
Greater Fort Lauderdale
174
East Palm Beach 39
147
35SOUTH AMERICAN MARKET REPORT
As Politics Continue To Shift, South Americans Are Moving To Miami
Venezuela, Argentina, Brazil, MEXICO
Colombia, Peru and Mexico
continue to fuel the South Florida
Real Estate market revival over the
past two years. VENEZUELA
COLOMBIA
Once again we see all Latin
American Markets performing at
the same time. As Miami continues BRAZIL
to embrace the cultures and flavor PERU
of our neighbors to the South,
Miami Real Estate will continue
to grow and prosper as we truly ARGENTINA
become an International Gateway
and World Class City.MIAMITROPOLIS Miami’s growth in the world of the arts, dining, high-end retail and overall neighborhood transformations has officially placed the city within the ranks of the most culturally rich locales in the world. Here are just a few of Miami’s exciting new additions... PEREZ ART MUSEUM MIAMI
SHOPPING, DINING, & NEIGHBORHOOD GROWTH ADRIENNE ARSHT CENTER BRICKELL CITYCENTRE
PANAMAEFFECT COMMERCE EXPANSION
TRACKING FORCAST
Miami has commenced its $220
million dredge project combined Florida East Coast Railway (FECR) $50
with a $2 billion infrastructure Million in upgrades to the 351 miles of COMPLETED
upgrade, that will make Miami track from Miami to Jacksonville
one of the first and only U.S.
ports capable of housing the new
larger “Post-Panamax” ships Government cut dredging SCHEDULED SUMMER OF 2014
Port Tunnel opens for traffic SCHEDULED SUMMER OF 2014
Panama Canal Expansion Completion SCHEDULED SUMMER OF 2015AS SEEN IN
Bank of America Merrill Bank of America Merrill Lynch Article
Lynch Article
“It will likely reshape global
imports, exports and trade
flows for years to come, May 2013
affecting nearly every sector Get Ready
Get Ready
for the Big Ships
of the American economy.”
for the Big Ships
Contents
Executive summary
Panama Canal,
In 2015, a little more than a century after the dramatic opening of the Targeting 2015 completion . . 2
“In Florida, the Port of Miami
ports from
cargo ships the size of aircraft carriers will begin steaming toward American Expanding logistics . . . . . . . . . 2
East Coast
Miami to New York. The expansion effort represents a potential boon to The role of finance . . . . . . . . . 3
has partnered with the U.S. businesses and industries. Infrastructure investments . . 3
New gateways . . . . . . . . . . . . . 4
Army Corps of Engineers Capitalizing on strengths . . . . 4
Executive summary The takeaway . . . . . . . . . . . . . . 5
to dredge its harbors and Panama Canal,
In 2015, a little more than a century after the dramatic opening of the
channels to a depth of 50 n ports from
cargo ships the size of aircraft carriers will begin steaming toward America
feet to accommodate new
East Coast
Miami to New York. The expansion effort represents a potential boon to
big ships”
businesses and industries.PORT OF MIAMI TUNNEL PROJECT
I-395
TUNNEL
RAILROAD
DEEP DREDGE
WHARVES INTERMODAL YARD
STRENGTHENING
The new tunnel, a $1 billion investment, is prepared to open
next year and will allow daily business traffice to double.J AC KS O N V I L L E
PROPOSED ROUTE
• All Aboard Florida is
the nation’s first privately
owned, operated and
maintained intercity
ORLANDO passenger rail system
A P R OX . 3 H O U R S
TA M PA • Passengers traveling
PROPOSED from South Florida
ROUTE to Orlando will
have a commute of
approximately 3 hours
W E ST PA L M B E AC H • Service is expected
A P P R OX . 1 H O U R
to begin by the end of
FO RT L AU D E R DA L E 2015.
A P P R OX . 2 5 M I N
FROM MIAMIVINTAGE
MIAMI BRICK
ELL A
VENU
E
CURRENT LOCATION
FOUR
SEASONS
BRICKELL | MIAMI, FL | CIRCA 1917AMERICAN
AIRLINES
ARENA
D
B O U L E VA R
B I S C AY N E
I-39 5
1997
MIAMISOUTH FLORIDA
2020
Over $25 Billion in new construction,
government expansions and upgrades from
Greater Miami to Fort Lauderdale
ISG MIAMI REPORT | 24BRICKELL 2020
OVER $5 BILLION IN
B R I C K E L L NEW DEVELOPMENT
2 0 2 0
*
B R I C K E L L : $ 5 B I L L I O N I N N E W D E V E L O P M E N T *
Landscape Echo Brickell Le Parc Atton Hotel Brickell House SLS Brickell Panorama Millecento The Bond 1010 Brickell NINE Brickell Brickell My One Brickell
Park (PMG & JDS) (ALTA & Strategic) 270 Rooms (New Guard) (Related) Tower (Related) (MDR) (Key International) at Mary Brickell Heights City Centre Brickell (Related)
Public 180 Luxury 128 Boutique 12 Stories 374 Condos 450 Condos (Florida East Coast) 382 Condos 328 Condos 352 Condos (Starwood (Related) (Swire) (Related) 3 Towers
Bayfront Park Residences Condos Design by 46 Stories 120 Hotel Rooms 821 Condos 42 Stories 43 Stories 47 Stories Capital & Lynd) 690 Condos 5.4 million sq. ft. 192 Condos 80 Stories
Proposed 57 Stories 12 Stories Luis Revuelta 52 Stories 128 Hotel Rooms Design by Design by 420 Condos 48 Stories 2 Towers - 9 Acres 27 Stories 70 Stories
Collaboration by Design by 81 Stories Carlos Ott + Sieger Suarez 48 Stories Design by 800 Condos 55 Stories
Carlos Ott + Phillipe Stark 82,000 Sq. Ft. Retail Pininfarina Design by ADD Arquitectonica 93 Apartments 1,200 Condos
yoo Studio 38,000 Sq. Ft. Office 243 Hotel Rooms 200 Hotel Rooms
520,000 Sq Ft. Retail 200,000 Sq.Ft.
240,000 Sq. Ft. Office Retail
Proposed
CORAL GABLES
MARLIN’S STADIUM
MIAMI RIVER DISTRICT
DOWNTOWN
BISCAYNE BAY BRICKELL KEY
BISCAYNE BAY
While ISG strives to make the information in this Report as timely and accurate as possible, third party sources were used and ISG therefore makes no claims, promises, or guarantees about the accuracy, completeness, or adequacy of the contents of this
report and expressly disclaims liability for errors and omissions in its contents. *AMOUNTS ARE AN ESTIMATEDOWNTOWN MIAMI 2020
$10 BILLION
D O W N T O W NIN NEW DEVELOPMENT
M I A M I
*
2 0 2 0
D O W N T O W N M I A M I : $ 1 0 B I L L I O N I N N E W D E V E L O P M E N T *
MET (MDM) One Bayfront Plaza Biscayne Boulevard Skyrise Miami Vizcayne CENTRO Port of Miami World 1000 Museum Museum Park Adrienne Arsht Resorts World Omni
JW Marriott Hotel (FECR) Beautification Tower (Berkowitz) Two 49 Story Towers (Newgard) Miami Center (Covin) 29 acres. Center Miami (Genting)
Beaux Arts Hotel 4.2 million sq. ft. Grand Boulevard 1,000 Ft. Observation 849 Condos 37 Stories Expansion (Falcone) 60 Stories Perez Art Museum Miami 48,000 Sq. Ft. (Genting) 1.5 Million
MET Square 72 Story Tower Landscaping & Baywalk Tower 55,000 Sq. Ft. Retail 352 Loft Style & Tunnel 12 Million Sq. Ft., 85 Condos Patricia & Phillip Frost Film Production Studio 14 acres Sq. Ft.
470 Hotel Rooms Mixed-use, Links Streets, Parks & Bay Mixed Use Retail and Condos 27 Acres 100 Single Floor Museum of Science Destination Resort Hilton Hotel,
1,700 Seat Theatre Office, Hotel, Retail Hospitality Connects I-395 Hotel, Retail, Condos Hotels & Residences Office, Retail
4 Story Retail, and Civic Space, Design by &
41,000 Sq. Ft. Watson Island Office, Residential Zaha Hadid Overtown Gateway Potential
Restaurant All Aboard Florida to Port (Peebles) Casino
Whole Foods Flagler on (Florida East Coast 2 Phases
the River Industries) 150 Staybridge Hotel Room
(MELO) Mixed use 9 Acres Suites
32 Stories 1.5 Million Sq. Ft. 635 Condos
300 Condos Office, Residential 60,000 Sq. Ft. Retail
Residences Retail, and Hotel. 100,000 Sq. Ft. Office
MARLINS MIAMI RIVER DISTRICT
STADIUM
GUSMAN
CENTER
MIAMI DADE
COLLEGE
FREEDOM TOWER
BAYSIDE MARINA AMERICAN AIRLINES
ARENA
BISCAYNE BAY BISCAYNE BAY
WATSON ISLAND MARINA
CRUISE SHIP PORT
PORT OF MIAMI
While ISG strives to make the information in this Report as timely and accurate as possible, third party sources were used and ISG therefore makes no claims, promises, or guarantees about the accuracy, completeness, or adequacy of the contents of this
report and expressly disclaims liability for errors and omissions in its contents. *AMOUNTS ARE AN ESTIMATEBISCAYNE CORRIDOR 2020
OVER $2.5 BILLION
D O W N T O W N IN NEW DEVELOPMENT
M I A M I
*
2 0 2 0
D O W N T O W N M I A M I : $ 1 0 B I L L I O N I N N E W D E V E L O P M E N T *
MET (MDM) One Bayfront Plaza Biscayne Boulevard Skyrise Miami Vizcayne CENTRO Port of Miami World 1000 Museum Museum Park Adrienne Arsht Resorts World Omni
JW Marriott Hotel (FECR) Beautification Tower (Berkowitz) Two 49 Story Towers (Newgard) Miami Center (Covin) 29 acres. Center Miami (Genting)
Beaux Arts Hotel 4.2 million sq. ft. Grand Boulevard 1,000 Ft. Observation 849 Condos 37 Stories Expansion (Falcone) 60 Stories Perez Art Museum Miami 48,000 Sq. Ft. (Genting) 1.5 Million
MET Square 72 Story Tower Landscaping & Baywalk Tower 55,000 Sq. Ft. Retail 352 Loft Style & Tunnel 12 Million Sq. Ft., 85 Condos Patricia & Phillip Frost Film Production Studio 14 acres Sq. Ft.
470 Hotel Rooms Mixed-use, Links Streets, Parks & Bay Mixed Use Retail and Condos 27 Acres 100 Single Floor Museum of Science Destination Resort Hilton Hotel,
1,700 Seat Theatre Office, Hotel, Retail Hospitality Connects I-395 Hotel, Retail, Condos Hotels & Residences Office, Retail
4 Story Retail, and Civic Space, Design by &
41,000 Sq. Ft. Watson Island Office, Residential Zaha Hadid Overtown Gateway Potential
Restaurant All Aboard Florida to Port (Peebles) Casino
Whole Foods Flagler on (Florida East Coast 2 Phases
the River Industries) 150 Staybridge Hotel Room
(MELO) Mixed use 9 Acres Suites
32 Stories 1.5 Million Sq. Ft. 635 Condos
300 Condos Office, Residential 60,000 Sq. Ft. Retail
Residences Retail, and Hotel. 100,000 Sq. Ft. Office
MARLINS MIAMI RIVER DISTRICT
STADIUM
GUSMAN
CENTER
MIAMI DADE
COLLEGE
FREEDOM TOWER
BAYSIDE MARINA AMERICAN AIRLINES
ARENA
BISCAYNE BAY BISCAYNE BAY
WATSON ISLAND MARINA
CRUISE SHIP PORT
PORT OF MIAMI
While ISG strives to make the information in this Report as timely and accurate as possible, third party sources were used and ISG therefore makes no claims, promises, or guarantees about the accuracy, completeness, or adequacy of the contents of this
report and expressly disclaims liability for errors and omissions in its contents. *AMOUNTS ARE AN ESTIMATEYou can also read
