Revolutionizing New Development Sales: A Conversation with Tim Ng, Founder of Blackline

Blackline is a cutting-edge real estate sales platform designed to streamline new development sales through technology. Founded by industry veteran Tim Ng who has over 16 years of experience, the platform has already facilitated the sale of 80,000 units in Canada and is now expanding into Miami. Blackline offers tools like interactive floorplans, inventory management, and custom reporting, helping developers and sales teams work more efficiently and make data-driven decisions.

Give us your background, how did you get involved in the real estate industry?

I come from a real estate family… literally. Both my parents were in the industry on the brokerage and developer side, so it’s been a part of my life for as long as I can remember. Watching them navigate the market and sell real estate was an inspiration and it felt natural to follow in their footsteps. What I didn’t want to do was go the traditional route. I wanted to combine my passion for technology with real estate. So 16 years ago, straight out of university, I started our parent company, Adhoc Studio, which focused on creating award-winning renderings and building interactive sales gallery software.

Why did you decide to set out on your own to launch a real estate software?

Working closely with developers and sales teams for over 16 years, I saw firsthand the challenges and inefficiencies within the new development sales and marketing process. These experiences sparked my interest in finding solutions that could streamline operations and create efficiencies that will bring this segment of the industry into the digital age. My process for the research phase was anything but Adhoc. I conducted focus groups with industry change-makers and thought leaders, and after a year of listening and understanding the needs of my future clients, I realized what we can offer is going to be a game-changer.  

Tell us about Blackline? Who is it for and what services does the Blackline offer? 

Blackline is an industry-leading sales platform built to accelerate new development sales. Ideal for developers, sales agencies and brokerages, the platform brings a very antiquated process of new development sales into the digital age. Utilizing robust features like the interactive floorplan module, inventory management, custom reporting and suite stacking plans enables our clients to sell faster and more efficiently, resulting in higher profits and data driven insights.

What inspired you to expand Blackline to Miami? What factors did you consider when choosing Miami as the next market for expansion?

After establishing Blackline as a market leader selling over 80,000 units across Canada on the platform in our first 4 years, I wanted to strategically expand to the US. South Florida, particularly Miami fit the bill as their sales and marketing programs are similar to Toronto. Additionally, Miami’s dynamic and diverse real estate landscape, combined with the lifestyle appeal of condo living, made it an ideal entry point that aligned with our mission to provide cutting-edge tools that meet the needs of a fast-paced, evolving market.

What value does Blackline add for the developers and sales teams?

The Blackline platform combines innovation and sophistication to deliver features developers and sales teams can utilize to propel their new development sales programs. From the realtor portal to writing up final contracts, everything is branded and customized to the specific project. The platform has been built for realtor engagement, maximizing operational efficiency while also capturing the highest revenue. By using Blackline, clients also get access to real-time insights on their projects that show demand, activity and over 100 reports that can help inform them in making data-driven decisions. This data can help inform marketing strategies and planning of multi-phased selling programs. With all the tools you need, developer and brokerages save time and money while maximizing revenue.

How has the software evolved since you first launched? What new features or services can users expect in the near future?

Part of our corporate mission is to always be innovating. We stay closely connected to industry trends and experts to inform us of new pain points and the evolving needs. We recently launched two new features, Blackline Cast and Blackline Realm. Both cater towards enhancing the experience for realtors and buyers in sales galleries and tie into the Blackline software seamlessly. At the five year mark for the company, we are working to launch Blackline V2 which will have a lot more customization and control for clients while further creating efficiencies for their sales programs. Also, we are excited to be working on building a CRM into the platform which will make Blackline a front to back, full-service solution for New development sales.

What sets Blackline apart from other real estate sales software or CRM systems? 

We pride ourselves on Blackline being a platform that is built for the industry, by the industry. We spent over a year meeting with leading developers and sales companies to deeply understand the complexities, needs, and pain points of the sales and marketing process. Our mission was clear: to digitize and streamline the manual processes that sales teams, realtors, contract administrators, and marketing teams handle daily, making their workflows more efficient and seamless. 

How do you plan to integrate Blackline into the Miami market and what unique opportunities do you see there?

Miami is an exciting market right now. With the plethora of branded residences and high profile projects, Blackline is ideal for developers looking to maintain brand value through the sales process while being efficient and easy to use. Our platform is being utilized by CMC Group and Fort Partners for the Four Seasons Coconut Grove and we are excited to have other branded residences adopt the platform for their sales programs.

What challenges do you anticipate facing when expanding Blackline to Miami and how do you plan to overcome them?

The localized nuances of a new market will always be one of the biggest challenges. Each real estate market has a tried and true way of doing things and not everyone is open to change. Blackline also has an educational component to understanding how it can take your sales program to the next level. The challenges we face right now are trying to introduce it on a large scale to the Miami industry players. We’ve been fortunate to develop close relationships and align with some of the industry’s top sales and marketing leaders early on in our expansion and they have been mentors to us providing their invaluable guidance as we expand into the South Florida market. 

You have built out quite a team at Blackline, tell us about the team and how you plan to expand in Miami?

Our product, engineering, and customer success teams are made up of seasoned vets who have been at the forefront of real estate technologies and innovation for the past 16 years. Many of our team members have firsthand experience working for developers and new development brokerages, so they truly understand the industry - we really ‘get it’. Before we decided to expand into the Miami market, we spent 6 months learning the local market - engaging with new development realtors, listening sessions with sales managers and contract administrators at sales galleries. We also have our team there monthly, meeting with developers and brokerages, educating about the product whenever possible and attending industry events to stay connected to our clients. 

How do you envision Blackline making a positive impact on the Miami community?

Miami is ready for change and I feel Blackline is perfectly suited to complement the current lineup of large residential projects in the pipeline. Miami real estate is also being watched on a global stage and using Blackline gives developer and sales team the ability to connect with clients anywhere, anytime. The ability for everyone involved with a pre-construction transaction (developer, sales team, outside realtor, purchaser, lawyer) to interact with a single ecosystem will streamline their experience, maintain brand value and result in a more efficient sales process. 

What long-term goals do you have for Blackline in Miami and beyond and how do you plan to achieve them?

Miami is a primary market we’re focused on in the US but we have our sights set on going global. There is a real appetite to integrate technology into the new development sales process and Blackline is suited ideally for those looking to accelerate their sales, achieve efficiency and make data driven decisions for their projects. We are offering a product that has proven itself with over 80,000 units sold on the platform and we continue to innovate to meet industry needs. Through targeted education of the product, and exposure from marquee projects looking to adopt the platform, we believe Blackline will soon become the industry standard for new development sales, not only in Miami but globally.

Rewind: Michael T. Fay Tom Wood and Jacques Bessoudo Discuss COVID-19 Impact On Commercial Real Estate in South Florida Webinar

On April 3, 2020, PROFILEmiami hosted a webinar conversation with over 350 viewers on the impact that COVID-19 has, and will have, on the commercial real estate industry in South Florida. If you missed us live, or just want to revisit some of the insight our panelists had to offer, we have now posted the full webinar for you to sit back and rewind! Hear from some of Florida's leading real estate professionals about how they are reacting to the crisis, navigating the uncertain circumstances and preparing for future opportunities that may arise from the economic fallout.

Speakers:

• Michael T. Fay, Principal and Managing Director, Avison Young

• Jacques Bessoudo, Managing Partner, Galium Capital

• Thomas D. Wood, President, Thomas D. Wood & Company

• Moderator: Demetri Demascus, Co-Founder & CEO, PROFILEmiami

Topics:

• What effects have we seen on valuations, leasing and sales velocity, construction, availability of capital, and tenants in the South Florida real estate market so far?

• As a landlord, how are you managing your tenants right now?

• In the face of negativity there is always opportunity. Where do you think we will see opportunity open up?

• What is the current state of financing - are deals falling out of contract? Bank vs. non-bank sources of capital - who’s willing to lend?

• How are you working with your teams remotely? 

• How is the current economic crisis due to COVID-19 different from that of 2008?

• How will different types of lenders and loan products give different flexibility to the borrowers?

• What advise do you have for those that currently have financing on their properties?

• What is loan forbearance and how is it handled?

Link: https://youtu.be/OofUMQIa8EU

Join Us For a Webinar: COVID-19 Impact On Commercial Real Estate in South Florida

Webinar Link: https://us04web.zoom.us/webinar/register/6215856217249/WN_obbwfc2LROmhcaJkQMedVg

PROFILEmiami presents a conversation around the impact that COVID-19 has, and will have, on the commercial real estate industry in South Florida. Hear first hand from some of Florida's leading real estate professionals about how they are reacting to the crisis, navigating the uncertain circumstances and preparing for future opportunities that may arise from the economic fallout.

Where: Once you register, Zoom will send you a link to the webinar.

When: Friday, April 3, 2020 | 3-4 PM

Speakers:

• Michael T. Fay, Principal and Managing Director, Avison Young

• Jacques Bessoudo, Managing Partner, Galium Capital

• Thomas D. Wood, President, Thomas D. Wood & Company

Topics:

• What effects have we seen on valuations, leasing and sales velocity, construction, availability of capital, and tenants in the South Florida real estate market so far?

• As a landlord, how are you managing your tenants right now?

• In the face of negativity there is always opportunity. Where do you think we will see opportunity open up?

• What is the current state of financing - are deals falling out of contract? Bank vs. non-bank sources of capital - who’s willing to lend?

• How are you working with your teams remotely? 

Can’t tune in live? Sign up below now and we will share a recording after the webinar.

Webinar Link: https://us04web.zoom.us/webinar/register/6215856217249/WN_obbwfc2LROmhcaJkQMedVg

Investment Spotlight: Reinvigorating Miami’s Real Estate with Opportunity Zones

The opportunity zone program is a little-known provision of the Tax Cuts and Jobs Act that could be a powerful economic development tool for designated low-income communities. The program provides tax incentives to developers who invest in these areas, including 427 tracts of land in Florida, 68 of which are in Miami-Dade County. From a policy perspective, it was designed to connect new sources of capital to neighborhoods that haven’t realized economic growth in years.

The provision allows unrealized capital gains from prior investments - including other asset classes like stocks and securities - to be rolled into an opportunity fund to defer taxation. An opportunity fund is created in the private sector and is the first community investment tax incentive vehicle introduced since the Clinton Administration. The notion behind opportunity zones is that the longer the investment is held, the lower the tax burden is. So long as 90% of the investment remains in the community, the capital gains tax is reduced by:

• 10% if the investment is held for five years, or

• 15% if the investment is held for seven years

• Fully exempt if the investment is held for at least ten years

This is an innovative advance for investors to redirect their capital to support low-income communities like Little Haiti with underappreciated value. It’s a generous incentive compared to previous economic development programs because there is no government intermediary to approve projects. Now the question of intent remains: will investment spillover enough into these neighborhoods or will this just be a chance for developers and investors to cash in?

Germaine Smith-Baugh, CEO and President of Broward County’s Urban League, worries that despite the potential for growth, with investment comes a pattern of gentrification. As property values, rents, and taxes rise, longtime residents can get priced out. “I’m right here on Sistrunk Boulevard,” an economically distressed neighborhood in Fort Lauderdale, said Smith-Baugh. “Folks are buying left and right. The foreign dollars coming in to purchase here — it’s unreal.”

Smith-Baugh hopes the program doesn’t displace local business and residents, and says the solution is to attract the right kind of impact investors, or people who will work with the neighborhoods to create workforce housing and transit. “We would like to see organizations that can aggregate potential projects and make the residents and businesses feel as though they are part of the process,” she said.

In order to qualify, the real estate asset would need to be built or be converted with improvements totaling at least the purchase price of the property. It must also be an active conduct business, meaning the asset can’t simply be a home that appreciates in value over time.

The opportunity zone program is an attractive vehicle for moving capital of scale into low-income neighborhoods with enough parameters to ensure it is being deployed toward economically productive investments that ultimately create jobs and businesses.

Article by: Katya Demina

Douglas Elliman Releases Q3 2017 Market Report, South Florida Markets Show Slight Stall After Hurricane Irma

Douglas Elliman has released their Q3 2017 South Florida Market Reports for Miami Mainland, Miami Beach, Boca Raton, Fort Lauderdale, Palm Beach, Wellington, Delray, and Jupiter/Palm Beach Gardens. The data was compiled in partnership with Miller Samuel, who is a leading independent appraisal firm. Reports reflect price and sales trends along with current market conditions and emerging market trends. The data through Q3 2017 reflects the continued strong growth of South Florida real estate as price trends indicators continue to push higher despite a decline in sales due to disruptions in closings in the aftermath of Hurricane Irma. 

MIAMI BEACH/BARRIER ISLANDS HIGHLIGHTS

Key Trend Metrics (compared to same year ago period)
OVERALL MARKET
- Median sales price rose 4.2% to $400,000
- Average sales price was unchanged at $868,404
- Number of sales declined 11.8% to 690
- Days on market was 139, up from 120
- Listing discount was 8.9%, unchanged
- Listing inventory increased 1.4% to 5,895

LUXURY CONDO
- Median sales price increased 15.5% to $2,425,000
- Days on market was 196, up from 126
- Listing discount was 8.8%, down from 8.9%
- Listing inventory fell 8.5% to 1,130 units
- Entry threshold began at $1,590,000

LUXURY SINGLE FAMILY
- Median sales price shifted down 39.3% to $5,100,000
- Days on market was 265, up from 141
- Listing discount was 12.7%, down from 12.9%
- Listing inventory rose 33.9% to 217 units
- Entry threshold began at $4,350,000

____________________________________________________________________________
MIAMI COASTAL MAINLAND HIGHLIGHTS

Key Trend Metrics (compared to same year ago period)
OVERALL MARKET
- Median sales price increased 5.4% to $300,500
- Average sales price rose 4.2% to $408,405
- Number of sales fell 11.8% to 3,482
- Days on market was 76 down from 103
- Listing discount was 5.4%, up from 5.2%
- Listing inventory rose 12.4% to 12,194 units

LUXURY CONDO
- Median sales price fell 5.4% to $691,500
- Days on market was 176 days, down from 187
- Listing discount was 7.5%, down from 7.9%
- Listing inventory rose 25.6% to 3,115
- Entry threshold began at $472,000

LUXURY SINGLE FAMILY
- Median sales price jumped 13.6% to $1,325,000
- Days on market was 174 days up from 213
- Listing discount was 7.7%, up from 7.6%
- Listing inventory declined 20.9% to 987 units
- Entry threshold began at $877,000

____________________________________________________________________________
FORT LAUDERDALE HIGHLIGHTS

Key Trend Metrics (compared to same year ago period)
LUXURY CONDO
- Median sales price was unchanged at $1,100,000
- Days on market was 46, up from 31
- Listing discount was 6.5%, up from 6.3%
- Listing inventory increased 8.7% to 350
- Entry threshold began at $765,000

LUXURY SINGLE FAMILY
- Median sales price slipped 2.4% to $2,000,000
- Days on market was 205, down from 273
- Listing discount was 9.8%, down from 12.9%
- Listing inventory increased 0.6% to 347 units
- Entry threshold began at $1,200,000

____________________________________________________________________________
BOCA RATON HIGHLIGHTS

Key Trend Metrics (compared to same year ago period)
LUXURY CONDO
- Median sales price rose 12.5% to $900,000
- Days on market was 139 days, up from 98 days
- Listing discount was 10.7%, up from 8.9%
- Listing inventory fell 9.6% to 292
- Entry threshold began at $550,000

LUXURY SINGLE FAMILY
- Median sales price declined 11% to $1,380,000
- Days on market was 164 days, up from 153
- Listing discount was 7.8%, down from 11.3%
- Listing inventory rose 7.1% to 470
- Entry threshold began at $935,000

____________________________________________________________________________
DELRAY BEACH HIGHLIGHTS

Key Trend Metrics (compared to same year ago period)
LUXURY SINGLE FAMILY
- Median sales price rose 15.6% to $1,775,000
- Days on market was 124, up from 103
- Listing discount was 18%, up from 8.8%
- Entry threshold began at $1,188,000

LUXURY CONDO
- Median sales price slipped 4.5% to $563,500
- Days on market was 123, up from 118
- Listing discount was 6%, up from 4.1%
- Entry threshold began at $355,000

____________________________________________________________________________
WELLINGTON HIGHLIGHTS

Key Trend Metrics (compared to same year ago period)
LUXURY SINGLE FAMILY
- Median sales price declined 38% to $829,000
- Average sales square footage dropped 26.4% to 3,940
- Days on market was 110, down from 295
- Listing discount was 8.2%, down from 10.1%
- Listing inventory rose 29.7% to 275
- Entry threshold began at $640,000

LUXURY CONDO
- Median sales price jumped 65.6% to $525,000
- Days on market was 211, up from 128
- Listing discount was 7.6%, up from 3.4%
- Listing inventory declined 45.5% to 30
- Entry threshold began at $400,000

____________________________________________________________________________
PALM BEACH HIGHLIGHTS

Key Trend Metrics (compared to same year ago period)
LUXURY CONDO AND SINGLE FAMILY
- Median sales price declined 21.2% to $7,700,000
- Days on market was 252, down from 254
- Listing discount was 13.4%, down from 15.2%
- Listing inventory rose 4.4% to 95
- Entry threshold began at $4,865,000

____________________________________________________________________________
JUPITER / PALM BEACH GARDENS HIGHLIGHTS

Key Trend Metrics (compared to same year ago period)
JUPITER SINGLE FAMILY
- Median sales price increased 10.4% to $510,000
- Days on market was 68, up from 64
- Listing discount was 6.8%, up from 5.7%
- Listing inventory declined 12.9% to 392

JUPITER CONDO
- Median sales price increased 3.6% to $285,000
- Days on market was 59, up from 53
- Listing discount was 5.2%, up from 4.4%
- Listing inventory surged 71.3% to 257

PALM BEACH GARDENS SINGLE FAMILY
- Median sales price increased 11.4% to $479,000
- Days on market was 77, down from 86
- Listing discount was 6.7%, up from 6.3%

PALM BEACH GARDENS CONDO
- Median sales price rose 7.9% to $232,000
- Days on market was 55, down from 56
- Listing discount was 3.8%, down from 4.3%

Colombia Tops Foreign Investment List as Miami Sees Surge of New Interest Amongst Brazilian Buyers

2017 has seen a surge of new interest amongst Brazilian buyers after they pulled back in 2015 and 2016, while also seen continued strength from Colombian buyers. Miami has long been a common home for South American flight capital, as wealthy South Americans seek to move their assets out of their countries due to crime and political instability. Colombia has seen an increase in flight capital and Miami has seen a spike in interest from their wealthy buyers over the past several years as their government formally ratified a peace deal with FARC, a guerrilla activist group,  after it was rejected by voters (On June 27, 2017, FARC officially demilitarized and handed over their weaponry to the UN). Brazilians have seen a volatile economy, crime and political turmoil effect their country. Unfortunately these same political factors, along with a strengthening Brazilian Real against the dollar put a slowdown on Brazilian buyers in Miami over the past 2 years (2015, '16). Now amid further uncertainty, many wealthy Brazilians have once again set their sites on moving their assets to the United States via Miami.

According to the MIAMI Association of REALTORS, Colombia leads all foreign countries in searches for Miami real estate, followed by Venezuela and Brazil. Colombia and Venezuela remained unchanged year over year as Brazil moved up from 5th, passing the United Kingdom and Argentina. According to Mansions Global, Turnberry Ocean Club is reporting that 21% of their international buyers have been Brazilian and One Thousand Museum is reporting that over 20% of their pre-construction buyers are Brazilian. Three Hundred Collins has seen 25% of their current pre-construction sales go under contract to Brazilian buyers and the building is over 80% sold.

“As Miami evolved from a tourist city to a global metropolis, we’ve seen more diversified foreign home buyers search and buy properties here. It’s no longer just South America. It is home buyers in India, China, Turkey, France and other countries who want to live the Miami lifestyle,” said Christopher Zoller, 2017 MIAMI Chairman of the Board. 

Top 10 Countries Visiting Miamire.com in March 2017:

1. Colombia
2. Venezuela
3. Brazil
4. Argentina
5. India
6. Canada
7. Philippines
8. Dominican Republic
9. France
10. Spain

Douglas Elliman Releases Q1 2017 Market Reports, Shows Continued Strong Growth Across South Florida

Douglas Elliman has released their Q1 2017 South Florida Market Reports for Miami Mainland, Miami Beach, Boca Raton, Fort Lauderdale, Palm Beach, Wellington, Delray, and Jupiter/Palm Beach Gardens. The data was compiled in partnership with Miller Samuel, who is a leading independent appraisal firm. Reports reflect price and sales trends along with current market conditions and emerging market trends. The data through Q1 2017 reflects the continued strong growth of South Florida real estate as it continues to be a destination from flight capital from both northern states and International buyers.

MIAMI BEACH/BARRIER ISLANDS HIGHLIGHTS

Key Trend Metrics (compared to same year ago period)
OVERALL MARKET
- Median sales price slipped 5.8% to $385,000
- Average sales price jumped 10.4% to $999,241
- Number of sales rose 0.6% to 815
- Days on market was 143, up from 97
- Listing discount was 12.1%, up from 8.8%
- Listing inventory increased 6.4% to 6,166

LUXURY CONDO
- Median sales price increased 14.2% to $3,025,000
- Days on market was 207, up from 119
- Listing discount was 13.1%, up from 10.1%
- Listing inventory increased 11.8% to 1,188 units
- Entry threshold began at $1,600,000

LUXURY SINGLE FAMILY
- Median sales price surged 56.5% to $11,425,000
- Days on market was 261, down from 352
- Listing discount was 20.4%, up from 12.8%
- Listing inventory fell 14.5% to 165 units
- Entry threshold began at $6,250,000

____________________________________________________________________________
MIAMI COASTAL MAINLAND HIGHLIGHTS

Key Trend Metrics (compared to same year ago period)
OVERALL MARKET
- Median sales price increased 12.5% to $292,500
- Average sales price rose 0.3% to $405,266
- Number of sales fell 2.7% to 3,487
- Days on market was 81 up from 76
- Listing discount was 5.6%, unchanged
- Listing inventory fell 19.9% to 10,186 units

LUXURY CONDO
- Median sales price fell 27.5% to $785,000
- Days on market was 154 days, up from 110
- Listing discount was 7.8%, down from 8.4%
- Listing inventory slipped 8% to 2,535
- Entry threshold began at $520,000

LUXURY SINGLE FAMILY
- Median sales price declined 12.8% to $1,200,000
- Days on market was 138 days up from 113
- Listing discount was 7.7%, up from 7%
- Listing inventory declined 15.9% to 924 units
- Entry threshold began at $825,000

____________________________________________________________________________
FORT LAUDERDALE HIGHLIGHTS

Key Trend Metrics (compared to same year ago period)
LUXURY CONDO
- Median sales price increased 5.1% to $1,112,500
- Days on market was 48, up from 45
- Listing discount was 6.8%, down from 4.3%
- Listing inventory increased 6.2% to 344
- Entry threshold began at $785,000

LUXURY SINGLE FAMILY
- Median sales price increased 13.3% to $1,950,000
- Days on market was 189, up from 150
- Listing discount was 11.2%, down from 13.6%
- Listing inventory increased 3.8% to 359 units
- Entry threshold began at $1,200,000

____________________________________________________________________________
BOCA RATON HIGHLIGHTS

Key Trend Metrics (compared to same year ago period)
LUXURY CONDO
- Median sales price slipped 3.7% to $780,000
- Days on market was 73 days, up from 101 days
- Listing discount was 7.3%, down from 7.5%
- Listing inventory increased 27.6% to 305
- Entry threshold began at $485,000

LUXURY SINGLE FAMILY
- Median sales price jumped 18.4% to $2,365,000
- Days on market was 162 days, down from 165
- Listing discount was 9.5%, up from 15%
- Listing inventory jumped 39.2% to 565
- Entry threshold began at $1,272,500

____________________________________________________________________________
DELRAY BEACH HIGHLIGHTS

Key Trend Metrics (compared to same year ago period)
LUXURY SINGLE FAMILY
- Median sales price declined 12% to $1,399,000
- Days on market was 100, down from 136
- Listing discount was 7%, down from 13.5%
- Entry threshold began at $1,125,000

LUXURY CONDO
- Median sales price jumped 19.6% to $580,000
- Days on market was 103, up from 78
- Listing discount was 5.1%, down from 5.7%
- Entry threshold began at $400,000

____________________________________________________________________________
WELLINGTON HIGHLIGHTS

Key Trend Metrics (compared to same year ago period)
LUXURY SINGLE FAMILY
- Median sales price declined 33.3% to $1,000,000
- Days on market was 146, down from 160
- Listing discount was 15.5%, up from 12.2%
- Listing inventory increased 13.4% to 271
- Entry threshold began at $625,000

LUXURY CONDO
- Median sales price declined 28.1% to $345,000
- Days on market was 132, up from 99
- Listing discount was 5.5%, down from 6.1%
- Listing inventory declined 22% to 46
- Entry threshold began at $330,000

____________________________________________________________________________
PALM BEACH HIGHLIGHTS

Key Trend Metrics (compared to same year ago period)
LUXURY CONDO AND SINGLE FAMILY
- Median sales price dropped 29.1% to $7,475,000
- Days on market was 239, up from 74
- Listing discount was 13.2%, up from 14.4%
- Listing inventory surged 38.7% to 86
- Entry threshold began at $5,400,000

____________________________________________________________________________
JUPITER / PALM BEACH GARDENS HIGHLIGHTS

Key Trend Metrics (compared to same year ago period)
JUPITER SINGLE FAMILY
- Median sales price declined 5.9% to $447,000
- Days on market was 73, up from 74
- Listing discount was 5.1%, up from 6.1%
- Listing inventory increased 4.2% to 499

JUPITER CONDO
- Median sales price increased 17.7% to $282,500
- Days on market was 210, up from 201
- Listing discount was 5%, down from 5.7%
- Listing inventory increased 81.7% to 318

PALM BEACH GARDENS SINGLE FAMILY
- Median sales price increased 16% to $479,000
- Days on market was 91, up from 79
- Listing discount was 6.6%, up from 6.4%

PALM BEACH GARDENS CONDO
- Median sales price increased 4.3% to $220,000
- Days on market was 59, down from 60
- Listing discount was 5%, down from 5.3%

About Douglas Elliman:

Douglas Elliman was established in 1911 and has grown to become the largest regional and the nation's fourth largest real estate company. Douglas Elliman has a current network of more than 6,000 agents in over 80 offices throughout Manhattan, Brooklyn, Queens, Long Island (including the Hamptons and North Fork), Westchester and Putnam Counties, as well as South Florida, California, Connecticut, Colorado and New Jersey. In addition, through a strategic partnership with Knight Frank Residential, Douglas Elliman's powerful network extends to 488 offices in 59 countries. Read our PROFILE Exclusive Interview with Douglas Elliman CEO, Florida Brokerage Jay Parker. 

Miami Leads U.S. Cities in Mortgage Denial Rate at 19.4%

Miami has the highest mortgage denial rate amongst U.S. cities according to Case-Shiller with a 19.4% denial rate. Miami is followed by Tampa Bay, New York and Las Vegas at 12.6%, 12.3% and 11.6% respectively. In Miami 15,887 homebuyers sought a mortgage and 3,086 were denied. These numbers do not include deals in which the mortgage was not actually closed, but merely approved. According to Miami Agent Mag the actual rate of approved and funded mortgages is closer to 61.6%, meaning a denial rate around 38.4%. This looks to stand to get worse as inventory levels and prices rise. Parts of Miami are also still effected by the mortgage market collapse of 2007, and many of these properties do not meet standards for mortgage underwriting. Additionally many residents carry too much debt and/or lack collateral to qualify for a mortgage. In the condo market, a shockingly mere 13 of 9,307 condo buildings in Miami-Dade and Broward counties were approved for FHA loans. 

PROFILE Exclusive: Market Update with Demetri Demascus, REALTOR® & Founder of The Demascus Group X SRG

PROFILEmiami had the exclusive opportunity to sit down with Demetri Demascus, a top-producing REALTOR at Spectrum Realty Group as well as an investor and developer in the Miami market, to get his opinion on the fast movement that the Miami real estate market has seen over the last year as well as how to how to navigate uncertain market conditions. 

PM: What have you seen over the last year in the Miami real estate market?

DD: The market has been grinding to a halt. Anyone who says it isn't just really is not looking at the data. Yes there are still new projects selling, but even developers topping off their buildings are feeling the pressure from buyers still needing to close on the final 50% or so of their purchase. There are less buyers pulling the trigger; thus, less offers which is starting to pull prices down.   

PM: What factors are influencing this?

DD: The world is very different than it was five years ago and many of the economic and political shifts have effected Miami's real estate market. Miami is a haven for a lot of flight capital, meaning as soon a foreign family has money, they are coming to the United States. Safety is their main priority as people escaping foreign countries are looking for safer, more stable investments. They are afraid of keeping their money in unstable economies or in countries with corrupt, unstable governments and politics. 

The weakened purchasing power of foreign economies has also directly negatively affected the residential real estate market in Miami-Dade as well as the stronger U.S. dollar, which is making local markets unaffordable. Some investors are also adversely effecting real estate values as they profit off of currency fluctuation and lock in what appear to be losses in real estate for gains in currency. 

PM: How do you recommend people navigate the uncertainty?

DD: With crisis comes opportunity. Yes lots of people are worried and upset about the values of their properties, which means they may be feeling the squeeze to sell. What most real estate shoppers do not realize, is that a "buyers market" is actually a bad market. You want to buy when real estate is at its lowest and sell when it is at its highest. Why not take advantage of the low pricing and some of the opportunities that are out there. People who are scared of the "market crash" or who have been effected by unstable foreign markets will sometimes sell their home quick and below market value, giving you the opportunity to cash in on deals that would not otherwise be available. Buy some properties while their value is weak so that you can profit when their value is high. 

PM: Are there any neighborhoods that are exciting to work-in as the rest of the market seems to pull back?

DD: Yes, there is always excitement no matter how the economy is. Right now there is a lot going on in Park West and Coconut Grove. Park West is a fairly new neighborhood which is second after Fisher Island when it comes to average monthly rent. It is the area where Museum Park is and includes Marquis Residences, Ten Museum, 900 Biscayne and Marina Blue. This is a young, vibrant group of buildings and residents as well as will only improve as One Thousand Museum and Paramount World Center race towards completion. 

Also Coconut Grove is night-to-day. This area has always had pockets of luxury, but the neighborhood got lost in time as Brickell and Miami Beach have cannibalized a lot of the market over the past twenty years. Slowly parts that have ben known as "the hood" have seen many sales close to $1 million and new construction has completely transformed the neighborhood. New restaurants, stores and high-end luxury-condo buildings have . This is surely an area that will continue to grow as it truly is one of the most lush, beautiful, neighborly communities in South Florida. 

PM: Do you think South Florida and Miami real estate will continue to grow?

DD: When people look at the market right now they see two major driving factors. One is the weather and landscape. Miami is beautiful because you have the sun, sand, beach, bay, etc. There will always be a desire to live in a major city that offers such an outdoor lifestyle. The second is the attractive cost of prime real estate. No where else in the world right now can you buy such prime real estate for such discounted prices, at times near $400 SF. That is attractive to any investor no matter who you are.

Read our 2017 Market Outlook with Demetri Demascus from July 2016. 

Office location: 4141 NE 2nd Ave, STE 106-B Miami FL 33137

About Demetri Demascus & The Demascus Group X SRG:
The Demascus Group X SRG was founded in 2016 to provide our clients with modern, full-service real estate experience. The Demascus Group X SRG provides each client an individualized program tailored to their needs matched with with unprecedented support. Our services range includes sales and brokerage services, investments, property management and portfolio management. We cultivate and maintain strong partnerships with the top real estate attorneys, title companies, contractors, architects, banks and mortgage brokers and give our clients full access to our network to help them succeed. Demetri Demascus has over 8 years of experience in real estate across various markets as a residential and commercial broker, real-estate developer, manager and investor. He has set record prices in Miami working with his clients. Demetri Demascus is a member of the Miami Association of REALTORS and has knowledge in the South Florida Real-Estate Market. He is also the managing partner of Trilogy Partners, a real estate investment firm. Visit Demetri & The Demascus Group X SRG at www.demetridemascusmiami.com.

Miami Falls to 10th in Average 1 Bedroom Rental Prices Amongst U.S. Cities

Miami has fallen to tenth amongst U.S. cities when it comes to most expensive one bedroom rental prices according to Zumper. According to their study Miami has an average rent of $1,800, down .6% from last month and down 3.7% from the same time last year. Two bedrooms have remained stable at $2,500 both year over year and month over month. Seattle passed Miami to 9th after seeing major growth and San Francisco ($3,380), New York ($3,000), and Boston ($2,250) remained the top three although rents in those three cities were down across the board.