Douglas Elliman Releases Q3 2020 Florida Regions Market Reports For South Florida

Douglas Elliman has just released their Q3 2020 Market Reports for Florida regions, which were prepared in conjunction with Jonathan Miller of Miller Samuel INC. The reports revealed that sales rose sharply higher year over year, rebounding quickly from the restraint of spring market activity at the onset of the COVID-19 crisis. Palm Beach has been one of the hottest markets in the United States as flight capital continues to pour in from the high-tax states such as New York and Connecticut. All three condo price trend indicators increased year over year for the fifth straight quarter in Palm Beach while single family sales nearly tripled from the year-ago quarter as listing inventory fell sharply. Coral Gables and Miami Beach also surged as sales and prices saw 5 year highs across much of South Florida.

BOCA RATON/HIGHLAND BEACH

Overview:

• In a rebound from the prior quarter, condo and single family sales saw their largest annual rise in seven years

• All single family price trend indicators rose year over year as sales saw its largest jump in nearly nine years

• All luxury condo price trend indicators showed a substantial year over year increase

Key Trend Metrics (Year to Year)

Luxury Condo:

• Median sales price rose 28.6% to $868,000

• Average price per square foot increased by 12.2% to $414

• Number of sales rose 14.3% to 88

• Listing inventory declined by 1.5% to 405 units

Luxury Single Family:

• Median sales price rose 14.3% to $2,550,000

• Average price per square foot increased by 4.5% to $421

• Number of sales rose 25.4% to 89

• Listing inventory declined by 22% to 266 units

MIAMI BEACH/BARRIER ISLANDS

Overview:

• Condo price trend indicators increased as sales and listing inventory edged higher

• Overall single family price trend indicators set new records as sales surged year over year

• Luxury condo price trend indicators jumped year over year, aided by a shift to larger sized sales

Key Trend Metrics (Year to Year)

Luxury Condo:

• Median sales price rose 29.3% to $2,975,000

• Average price per square foot increased by 18.9% to $1,262

• Number of sales remained flat at 77

• Listing inventory declined by 15.1% to 993 units

Luxury Single Family:

• Median sales price rose 13.9% to $14,806,950

• Average price per square foot increased by 12% to $1,787

• Number of sales rose 63.6% to 18

• Listing inventory declined by 27.1% to 102 units

MIAMI COASTAL MAINLAND

Overview:

• Condo price trend indicators and sales moved higher as listing inventory slipped to a three-year low

• Single family price trend indicators set new records as sales rose to their highest level in more than five years

• Luxury condo price trend indicators increased year over year as listing inventory declined annually for the second time in three quarters 

Key Trend Metrics (Year to Year)

Luxury Condo:

• Median sales price rose 9.9% to $852,500

• Average price per square foot increased by 6.9% to $508

• Number of sales rose 1% to 200

• Listing inventory declined by 15.1% to 2,398 units

Luxury Single Family:

• Median sales price rose 31.1% to $1,940,000

• Average price per square foot increased by 29.3% to $600

• Number of sales rose 9.5% to 230

• Listing inventory declined by 32.1% to 694 units

CORAL GABLES

Overview:

• Single family sales surged and listing inventory fell from the prior year quarter as the lockdown ended

• Condo listing inventory declined annually for the fifth consecutive quarter

• Luxury single family listing inventory declined sharply year over year for five straight quarters

Key Trend Metrics (Year to Year)

Luxury Condo:

• Median sales price fell 41.4% to $962,500

• Average price per square foot decreased by 28.7% to $407

• Number of sales slipped 11.1% to 8

• Listing inventory inclined by 125% to 72 units

Luxury Single Family:

• Median sales price rose 26.9% to $4,500,000

• Average price per square foot decreased by 6.4% to $989

• Number of sales rose 53.3% to 23

• Listing inventory declined by 21.1% to 101

DELRAY BEACH

Overview:

•  Single family sales increased at their highest year over year rate in five years

• Condo sales reached their highest third-quarter total in twenty-two years of tracking

• Both single family and condo luxury listing inventory fell sharply from the prior year total

Key Trend Metrics (Year to Year)

Luxury Condo:

• Median sales price rose 41.1% to $604,500

• Average price per square foot increased by 21.4% to $409

• Number of sales rose 14.3% to 72

• Listing inventory declined by 25.2% to 169 units

Luxury Single Family:

• Median sales price rose 40.8% to $2,500,000

• Average price per square foot increased by 5.7% to $515

• Number of sales rose 22.9% to 43

• Listing inventory declined by 45.6% to 99 units

FORT LAUDERDALE

Overview:

•  All condo price trend indicators rose year over year as the number of sales jumped 

• Single family sales surged, and listing inventory fell sharply from the prior-year quarter

• Single family median sales price increased annually for the eighth consecutive quarter

Key Trend Metrics (Year to Year)

Luxury Condo:

• Median sales price rose 0.9% to $1,155,000

• Average price per square foot increased by 1.4% to $509

• Number of sales rose 7.8% to 55

• Listing inventory declined by 0.5% to 379 units

Luxury Single Family:

• Median sales price rose 7.7% to $2,275,000

• Average price per square foot remained flat at $580

• Number of sales rose 17.6% to 60

• Listing inventory declined by 21.5% to 256 units

JUPITER/PALM BEACH GARDENS

Jupiter Overview:

•  Single family sales jumped year over year as listing inventory dropped sharply

• The most third-quarter condo sales in fifteen years

Palm Beach Gardens Overview:

• The most third quarter single family sales in fifteen years

• Condo listing inventory declined annually for the sixth straight quarter

Key Trend Metrics (Year to Year)

Luxury Condo:

• Median sales price fell 7.1% to $657,500

• Average price per square foot decreased by 16.4% to $320

• Number of sales rose 27.3% to 28

• Listing inventory inclined by 26.3% to 72 units

Luxury Single Family:

• Median sales price rose 121% to $3,550,000

• Average price per square foot increased by 37% to $678

• Number of sales rose 14.7% to 39

• Listing inventory declined by 38.7% to 76 units

PALM BEACH

Overview:

• All three condo price trend indicators increased year over year for the fifth straight quarter

• Single family sales nearly tripled from the year-ago quarter as listing inventory fell sharply

• Luxury listing inventory fell significantly year over year for the third consecutive quarter 

Key Trend Metrics (Year to Year)

Luxury Condo + Single Family:

• Median sales price declined 39.3% to $10,000,000

• Average price per square foot increased by 20% to $1,906

• Number of sales rose 87.5% to 15

• Listing inventory declined by 65.3% to 26 units

WELLINGTON

Overview:

• Condo sales surged annually at their highest rate in eleven years as listing inventory edged higher for the second straight quarter

• Single family median sales price rose annually for the twelfth straight quarter as listing inventory dropped sharply

• Luxury condo median sales price more than doubled year over year as listing inventory saw a significant annual decline  

Key Trend Metrics (Year to Year)

Luxury Condo:

• Median sales price rose 102.4% to $840,000

• Average price per square foot increased by 61.1% to $427

• Number of sales rose 28.6% to 9

• Listing inventory declined by 42.1% to 22 units

Luxury Single Family:

• Median sales price rose 28.1% to $1.825,000

• Average price per square foot increased by 13.1% to $553

• Number of sales rose 20.7% to 35

• Listing inventory declined by 9.3% to 194 units

WEST PALM BEACH

Overview:

• Condo median sales price has risen each quarter on a year over year for more than nine years

• Single family listing inventory has fallen at a rising year over year rate for five consecutive quarters

• Luxury condo listing inventory has posted large annual gains for three of the past four quarters

Key Trend Metrics (Year to Year)

Luxury Condo:

• Median sales price declined 49.1% to $407,500

• Average price per square foot decreased by 62% to $452

• Number of sales rose 7.5% to 72

• Listing inventory inclined by 85.5% to 308 units

Luxury Single Family:

• Median sales price rose 48.7% to $1,297,250

• Average price per square foot increased by 32.1% to $412

• Number of sales rose 28% to 64

• Listing inventory declined by 14.3% to 132 units

Check Out Laszlo Fazekas of LF Homes’ Personal Residence Complete With Mini Golf And Night Tennis

16121 Aberdeen Way in Miami Lakes, the personal home of LF Development CEO Laszlo Fazekas, hits the market for $4.495 million with Douglas Elliman. The home is a unique contemporary glass dome complete with exterior sporting activities. Miami Lakes attracts many famous home owners as this property once belonged to Florida Senator, Bob Graham.

The home is 6,391 sq.ft. built pavilion style, with a glass ceiling ‘bringing the outdoors in,’ and features 5 bedrooms, 5 bathrooms and 1 half bath. The entrance to the home is greeted by two 12-foot faux Cherry Blossom trees that were imported from South East Asia, along with two salt water fish tanks ranging between 600-700 gallons. The entrance in itself is exquisitely unique, but that is not all the home has to offer. You will also notice details such as the Canadian walnut doors, Cromie Polvere Porcelain tiles and Miele kitchen appliances. The home also contains a ten person media room, home office, breakfast lounge, fireplace sitting room, sun parlor and gourmet kitchen by Italkraft.

The estate also offers a range of sporting activities. You will find a custom 6-home mini golf course, hardcourt tennis court with LED lights for the night, a pool and lastly a 14 Car Motorcourt. Views from the exterior overlook Don Shula’s famous golf course adding to the exclusivity of the estate. 16121 Aberdeen Way is listed with Luis Dominguez of Douglas Elliman.

Triple Five Group Completes Land Swap For Final Portion of 174 Acre Assemblage Needed To Develop American Dream Miami

American Dream Miami has moved closer to its expected 2021 groundbreaking after Triple Five Group completed a land swap with Graham Companies for the final 25 acre needed to develop the mega mall. The land is located south of NW 178th Street and east of 97th Avenue in unincorporated northwest Miami-Dade County, just west of Miami Gardens and Miami Lakes. The land will be incorporated in a 336-acre plan to build 2,000 apartment units, retail and office space.

The two parcels acquired by Triple Five Group were valued at $12.7 million while the three parcels acquired by Graham were also valued at $12.7 million. No money was exchanged as part of the deal but CIBC Bank USA reportedly increased its mortgage on Triple Five Group’s holdings from $15.35 million to $19.65 million.

First proposed in 2015, American Dream Miami would be the biggest mall in the United States when completed. The malls is expected to span over 5 million SF and will feature a retail component with an entertainment component consisting of a theme park, indoor ski complex, ice skating complex, aquarium and a submarine lake. The mall would cost between $4.5 billion to $5 billion with completion expected in 2025.

The Miami-Dade City Commission approved zoning changes in May 2018 and the developers and city will need to work together to build a highway interchange between the Ronald Raegan Turnpike, I-75 and NW 170th St. required to make the project possible. American Dream Miami will also require a $15 million sewer extension. Triple Five Worldwide plans to submit a final design by the end of 2020 and the group is currently reviewing the site to finalize the mix of entertainment and retail.