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

Event Announcement: People to Watch Leaders in South Florida Real Estate

PROFILEmiami, South Florida’s leading real estate news and events platform, is pleased to present People To Watch: Leaders in South Florida Real Estate for a night of networking, drinks and panel discussions with South Florida’s up-and-coming generation of real estate luminaries.

Commercial real estate is demanding, determined by a variety of external factors, and is a relationship-oriented business, so join us to learn firsthand from South Florida’s real estate leaders about how they are shaping the industry, what innovative strategies they’re employing and how they got to where they are today. We hope to engage, inspire and connect the next generation of real estate leaders. Lock in early bird pricing and get your tickets today!

Panelists:

Ryan Shear, Managing Partner, PMG

Peggy Olin, CEO, One World Properties

Joe Furst, Principal, Place Projects

Moderator: Philip C. Rosen, Shareholder, Becker

We will be exploring topics such as:

• What new projects are emerging real estate leaders working on? ( Exclusive Special Announcement from one of our Panelists)

• How did they get to where they are and what was their first significant project?

• What industry trends or concerns are top of mind today?

• How will the South Florida CRE landscape change over the next cycle?

• What is the best way to position yourself for success?

• Plus time for Q&A from the audience

Event Page: http://profilemiamire.com/profilemiami-presents-people-to-watch-leaders-in-south-florida-real-estate-x-miami

Date: Thursday, March 5th | 7-9:30pm

Location: X Miami, common area upstairs

About PROFILEmiami:

PROFILEmiami, a subsidiary of PROFILEmedia, was launched in 2016 to be your one stop destination for South Florida real estate news, events and content. We provide original coverage of the residential, commercial, development, construction, design and brokerage worlds, with a focus on the latest new developments, market trends, local happenings and events, and luxury homes.

In addition to the online publication, PROFILEmiami also hosts industry events, bringing together the top real estate professionals in South Florida to engage, connect and educate our readers. We curate an all-star lineup of panelists, in addition to providing turn-key event production and execution, concept development and vendor securement for our partners. At PROFILEmiami we collaborate with some of the most influential players in the South Florida real estate industry to keep you on the market’s cutting edge.

PROFILEmiamire.com

@profilemiami

Douglas Elliman Releases Q1 2019 Market Reports For South Florida

Douglas Elliman released their Q1 2019 Market Reports in South Florida.The South Florida Market reports showed price trends generally edging higher, although sales slipped and inventory slightly increased this quarter. The markets included Miami Beach and Barrier Islands,Fort Lauderdale , Boca Raton, Highland Beach, Delray Beach, Wellington, Palm Beach, Jupiter, and Palm Beach Gardens.

Miami Beach/Barrier Islands

Overview:

• Overall price trend indicators increased than year ago levels

• Marketing time jumped as older inventory was sold

• Condo median sales price remained unchanged

• All single family price trend indicators increased as sales decreased

• Luxury condo inventory slipped

• Luxury single family price trend indicators surged

Key Trend Metrics(Year to Year):

Overall:

• Median sales price rose 2.3% to $440,000

• Average sales price increased 11.6% to $1,129,317

• Number of sales slipped 2% to 772

• Days on market was 145, up from 80

• Listing discount was 10.6%, up from 10.4%

• Listing inventory slipped 0.3% to 6,726

Luxury Condo:

• Median sales price rose 12.7% to $3,225,000

• Average price per square foot decreased 11% to $1,299

• Days on market was 70, down from 72

• Listing discount was 12.7%, up from 11.5%

• Listing inventory declined 6.6% to 1,006 units

• Entry threshold began at $1,864,000, up from 1,750,000

Luxury Single Family:

• Median sales price surged 61% to $10,100,000

• Average price per square foot rose 2.6% to $1,524

• Days on market was 352 up from 141

• Listing discount was 12.1%, down from 17.9%

• Listing inventory fell 38.5% to 152 units

• Entry threshold began at $7,250,000, up 70.6%

Miami Coastal Mainland

Overview:

• Median sales price rose year over year for the eighteenth consecutive quarter

• Sales declined annually for the first time in three quarters

• Listing inventory trended higher for the fourth straight quarter

• Luxury condo listing inventory declined annually for the fourth consecutive quarter

• Luxury condo price trend indicators were mixed year over year as marketing time expanded

• Luxury single family price trend indicators slipped as marketing time expanded

Key Trend Metrics(Year to Year):

Overall:

• Median sales price increased 0.6% to $320,000

• Average sales price slipped 2.2% to $425,740

• Number of sales declined 7.5% to 3,104

• Days on market was 91 up from 51

• Listing discount was 5.7%, down from 5.9%

• Listing inventory rose 6.9% to 12,247 units

Luxury Condo:

• Median sales price slipped 6.9% to $780,000

• Average price per square foot rose 4.9% to $468

• Days on market was 160 days, down from 167

• Listing discount was 7.2%, down from 7.4%

• Listing inventory declined 0.3% to 2,759

• Entry threshold began at $580,000, up 9.4%

Luxury Single Family:

• Median sales price slipped 0.5% to $1,407,500

• Average price per square foot slipped 0.9% to $439

• Days on market was 133 days up from 76

• Listing discount was 8.9%, up from 8.8%

• Listing inventory rose 14.7% to 1,223 units

• Entry threshold began at $880,000, down 4.6%

Fort Lauderdale

Overview:

• Condo price trend indicators slid year over year with decline in average sales size

• Condo sales declined annually for the first time in five quarters

• Single-family price trend indicators were mixed as inventory expanded annually for the fifth straight quarter

• Luxury condo pending sales signed in the quarter surged

• Single family luxury median and average sales price moved higher as marketing time stabilized

Key Trend Metrics(Year to Year):

Luxury Condo:

• Median sales price decreased 6.2% to $1,226,000

• Average price per square foot rose 0.5% to $619

• Days on market was 52, down 8.8%

• Listing discount was 7.6%, up from 6.7%

• Listing inventory rose 20.4% to 348 units

• Entry threshold began at $875,000 down 7.9%

Luxury Single Family:

• Median sales price rose 8% to $2,240,000

• Average price per square foot slipped 2.6% to $530

• Days on market was 163, unchanged

• Listing discount was 14.9%, up from 8.1%

• Listing inventory rose 19.6% to 396 units

• Entry threshold began at $1,365,000, down 6.5%

Boca Raton/Highland Beach

Overview:

• Condo & single family price trend indicators rose year over as sales slipped for the first time in three quarters

• Condo & single family price trend indicators saw larger growth at the higher end of the market

• Condo listing inventory fell annually for the second straight quarter

• Luxury condo price trends surged year over year partially due to jump in average sales size

Key Trend Metrics(Year to Year):

Luxury Condo:

• Median sales price jumped 48.3% to $1,175,000

• Average price per square foot rose 39.2% to $522

• Days on market was 146 days, up from 116

• Listing discount was 8.2%, up from 7.3%

• Listing inventory declined 21.4% to 313

• Entry threshold began at $665,000, up 26.7%

Luxury Single Family:

• Median sales price declined 14.9% to $1,830,000

• Average price per square foot rose 9.1% to $455

• Days on market was 136 days, up from 134

• Listing discount was 9.4%, down from 9.4%

Delray Beach

Overview:

• Single family sales slipped for the first time in six quarters as listing inventory expanded for four quarters

• Condo price trend indicators haven’t declined in thirteen straight quarters

• Luxury single family price trend indicators skewed lower by decline in average sales size

Key Trend Metrics(Year to Year)

Luxury Condo:

• Median sales price declined 26.8% to $510,000

• Days on market was 111, up from 88

• Listing discount was 5.4%, down from 6.6%

• Entry threshold began at $385,000, unchanged

Luxury Single Family:

• Median sales price declined 1.4% to $2,045,250

• Days on market was 143, up from 126

• Listing discount was 9.7%, up from 8.7%

• Entry threshold began at $1,298,000, down 1.6%

Wellington

Overview:

• Condo median sales price increased annually for the tenth straight quarter

• Condo inventory expanded year over year for the fourth consecutive quarter

• Single-family price trend indicators all rose year over year for the fourth consecutive quarter

• Single-family sales declined annually for the fourth time in the past five quarters

• Luxury condo and single-family price trend indicators surged due to significant shift to larger average sales size

Key Trend Metrics(Year to Year)

Luxury Condo:

• Median sales price surged 58.5% to $598,500

• Average square footage jumped 14.6% to 2,288

• Days on market was 154, down from 157

• Listing discount was 1.8%, down from 3.7%

• Listing inventory fell 46.8% to 33

• Entry threshold began at $415,000, up 22.1%

Luxury Single Family:

• Median sales price jumped 79.9% to $2,752,500

• Average square footage surged 42.7% to 5,717

• Days on market was 184, down from 262

• Listing discount was 14.2%, up from 9.5%

• Listing inventory declined 6.3% to 236

• Entry threshold began at $885,000 down 1.1%

Palm Beach

Overview:

• Condos sales rose annually for the fifth consecutive quarter to the second highest market share recorded

• Most first quarter condo sales in four years while inventory increase annual for the fourth time in five quarters

• Single family price trends showed mixed results as sales fell to their lowest first quarter total in seven years

• Luxury average sales size fell sharply as the luxury price threshold fell annually for the fourth straight quarter

Key Trend Metrics(Year to Year)

Luxury Condo and Single Family:

• Median sales price declined 29.2% to $7,100,000

• Average sales size dropped 25.1% to 4,915 square feet

• Average price per square foot fell 21.1% to $1,641

• Days on market was 106, down from 122

• Listing discount was 8.1%, down from 14.6%

• Listing inventory jumped 27% to 127

• Entry threshold began at $5,100,000, down 6%

Jupiter/Palm Beach Gardens

Jupiter Overview:

• Single-family median sales price moved higher for the second straight month

• Condo sales rose year over year for the third consecutive quarter

Palm Beach Gardens Overview:

• Single-family sales slipped for the third time in four quarters as all price indicators rose

• Condo median price slipped year over year for the first time in 27 quarters

Key Trend Metrics(Year to Year)

Jupiter Luxury Condo:

• Median sales price rose 7% to $305,000

• Days on market was 65, up from 46

• Listing discount was 5.3%, up from 5.1%

• Listing inventory rose 3.1% to 328

Jupiter Single Family:

• Median sales price increase 6% to $530,000

• Days on market was 71, down from 77

• Listing discount was 5.4%, up from 6.5%

• Listing inventory rose 11.1% to 481

Palm Beach Gardens Luxury Condo:

• Median sales price slipped 2.1% to $235,000

• Days on market was 71, up from 49

• Listing discount was 4.1%, down from 4.5%

Listing inventory jumped 16.9% to 277

• Palm Beach Gardens Single Family:

• Median sales price increased 8.2% to $499,500

• Days on market was 89, up from 83

• Listing discount was 6.9%, down from 7.9%

• Listing inventory rose 3% to 556

Article by Stephanie Warren

Douglas Elliman Releases Q4 Market Reports For South Florida

Douglas Elliman has released their Q4 Market Reports for South Florida, produced in conjunction with Miller Samuel a leading independent appraisal firm. The South Florida Market continued to show power in prices, continuing to increase in both the luxury and overall markets across nearly all markets including Miami Beach and Barrier Islands, Fort Lauderdale, Boca Raton, DelRay Beach, Wellington, Palm Beach, Jupiter and Palm Beach Gardens.

MIAMI BEACH/BARRIER ISLANDS

Key Trend Metrics(Year Over Year)

Overview:

• Single family sales surged as condo sales declined after a large burst of activity on the prior quarter

• Condo price trend indicators declined from year ago levels, consistent with drop in average sales size

• Luxury condo price trend indicators declined at same rate as average sales size

• Luxury single-family sales size rose sharply driving price trend indicators higher

• Luxury condo inventory increased as luxury single family inventory declined

• Marketing time expanded as older listings were absorbed as negotiability expanded

Key Trend Metrics(Year Over Year)

Overall

• Median sales price slipped 6.7% to $378,750

• Average sales price increased 0.3% to $888,424

• Number of sales slipped 10.4% to 678

• Days on market was 146, up from 73

• Listing discount was 10.9%, up from 810%

• Listing inventory increased 3.8% to 6,668

Luxury Condo

• Median sales price declined to $2,200,000

• Average price per square foot decreased 13.5% to $1,047

• Days on market was 222, up from 92

• Listing discount was 12.6%, up from 11.3%

• Listing inventory rose 20.5% to 1,459 units

• Entry threshold began at $1,305,000

Luxury Single Family

• Median sales price surged 33.3% to $8,000,000

• Average price per square foot jumped 40.3% to $1,494

• Days on market was 349, up from 170

• Listing discount was 16.7%, up from 16.4%

• Listing inventory fell 6.2% to 183 units

• Entry threshold began at $5,900,000, up from 15.7%

MIAMI COASTAL MAINLAND

Overview:

• Overall price trend indicators and the number of sales continued to rise year over year

• Overall sales and all price trend indicators were above the level seen in 2017

• Listing inventory trended higher for the fourth consecutive month

• Market share of purchases with conventional financing was the highest in the five years

• Nearly all luxury condo and single-family price trend indicators continued to rise greater year over year

• Luxury condo inventory declined as luxury single family inventory expanded

Key Trend Metrics(Year Over Year)

Overall:

• Median sales price increased 5.9% to $320,000

• Average sales price rose 7.2% to $445,007

• Number of sales rose 10.6% to 3,518

• Days on market was 81 up from 44

• Listing discount was 5.6%, down from 5.7%

• Listing inventory rose 20.9% to 12,071 units

Luxury Condo

• Median sales price slipped 3.8% to $812,500

• Average price per square foot rose 4% to $470

• Days on market was 178 days, up from 155

• Listing discount was 7.8%, down from 8.1%

• Listing inventory declined 18.9% to 2,505

• Entry threshold began at $610,000, up 27.1%

Luxury Single Family

• Median sales price rose 6.7% to $1,387,500

• Average price per square foot jumped 16.8% to $479

• Days on market was 130 days up from 67

• Listing discount was 8.5%, up from 8.4%

• Listing inventory rose 12.6% to 1,111 units

• Entry threshold began at $890,000, up 3.5%

Fort Lauderdale

Overview:

• Condo sales rose above for the fourth consecutive quarter

• Condo listing inventory rose for the first time in six quarters

• Single family price trend indicators were mixed as condos moved higher

• Condo luxury price trend indicators surged

• Single family luxury price trend indicators showed mixed results as average sales size declined

Key Trend Metrics(Year Over Year)

Overall:

Luxury Condo

• Median sales price increased 25.8% to $1,550,000

• Average price per square foot rose 21.1% to $619

• Days on market was 131, down 34.5%

• Listing discount was 5.6%, down from 7.7%

• Listing inventory fell 28.7% to 256 units

• Entry threshold began at $1,095,000 up 41.3%

Luxury Single Family

• Median sales price rose 7.4% to $2,125,000

• Average price per square foot slipped 4% to $572

• Days on market was 176, down from 190

• Listing discount was 9.5%, down from 16.4%

• Listing inventory declined 7.4% to 338 units

• Entry threshold began at $1,500,000, up 22%

BOCA RATON

Overview:

• Condo median sales price hasn’t seen a year over year decline in ten quarters

• Sales for condos and single-families have increased year over year for two consecutive quarters

• Luxury condo and luxury single family price trends moved higher, consistent with rise in sales size

Key Trend Metrics(Year Over Year)

Overall:

Luxury Condo

• Median sales price rose 9.4% to $902,500

• Average price per square foot rose 32.8% to $466

• Days on market was 108 days, up from 101

• Listing discount was 6.7%, down from 8.9%

• Listing inventory declined 13.7% to 308

• Entry threshold began at $590,000, up 9.6%

Luxury Single Family

• Median sales price rose 5.6% to $2,112,500

• Average price per square foot rose 5.8% to $402

• Days on market was 187 days, down from 217

• Listing discount was 9.7%, down from 12.5%

• Listing inventory edged up 1.7% to 408

• Entry threshold began at $1,286,200 up 0.7%

DELRAY BEACH

Overview:

• Single-family sales and median sales price have been rising year over year for four consecutive quarters

• Condo median sales price showed twelve consecutive quarters without a year over year decline

• Luxury single family price per square foot moved higher as the other indicators were pulled down sharply by drop in sales size

Key Trend Metrics (Year Over Year)

Luxury Condo

• Median sales price rose 14.5% to $537,500

• Days on market was 102, up from 66

• Listing discount was 6.9%, up from 4.9%

• Entry threshold began at $325,000, down 1.5%

Luxury Single Family

• Median sales price declined 10.9% to $1,741,250

• Days on market was 156, up from 104

• Listing discount was 5.9%, down from 10.4%

• Entry threshold began at $1,150,000, down 3.4%

WELLINGTON

Overview:

• Condo median sales price year over year for the tenth consecutive quarter

• Condo sales rose annual for three of the last four quarters

• All single-family price trend indicators increased year over year for the third consecutive quarter

• Luxury condo price trend indicators pulled lower by sharp decline in average sales size while the opposite occurred for luxury single-family price trends

Key Trend Metrics(Year Over Year)

Luxury Condo

• Median sales price slipped 1.8% to $665,000

• Average square footage declined 18.3% to 1,878

• Days on market was 77, down from 148

• Listing discount was 4.5%, down from 8.2%

• Listing inventory jumped 52.2% to 35

• Entry threshold began at $435,000, down 17.9%

Luxury Single Family

• Median sales price jumped 88.2% to $2,000,000

• Average square footage rose 1.7% to 4,662

• Days on market was 195, up from 115

• Listing discount was 8.9%, up from 7.7%

• Listing inventory declined 33.6% to 186

• Entry threshold began at $1,010,000 up 47.4%

Palm Beach

Overview:

• Condos continued to dominate with the highest sales share

• Single family and luxury price trend indicators skewed significantly lower by the sharp decline in average sales size

• Majority fourth quarter market wide sales in 5 years

• Luxury inventory returned to more modest levels after limited availability over the past two years

Key Trend Metrics (Year Over Year)

Luxury Family And Single Condo

• Median sales price declined 57.8% to $6,426,750

• Average price per square foot fell 22.5% to $1,443

• Average sales size dropped 52.1% to 4,515 square feet

• Days on market was 100, down from 496

• Listing discount was 9.1%, down from 18.3%

• Listing inventory jumped 104.1% to 100

• Entry threshold began at $4,250,000, down 59.9%

JUPITER / PALM BEACH GARDENS

Jupiter Overview:

• Single family price trend indicators and sales moved higher

• Condo sales and price trend indicators all rose for the third consecutive quarter

Palm Beach Gardens Overview:

• Single-family price trend indicators showed double-digit gains as sales decreased

• Condo sales slipped again as price trend indicators continued to rise

Key Trend Metrics (Year Over Year)

Jupiter Single Family                                                                              

• Median sales price jumped 15.4% to $525,000

• Days on market was 70, up from 62

• Listing discount was 5.8%, up from 5.6%

• Listing inventory declined 5.7% to 413

Jupiter Condo

• Median sales price rose 11.3% to $310,000

• Days on market was 60, up from 59

• Listing discount was 4.1%, down from 5.2%

• Listing inventory rose 5.2% to 304

Palm Beach Gardens Single Family

• Median sales price increased 10.6% to $470,000

• Days on market was 82, unchanged

• Listing discount was 7.8%, up from 6.6%

• Listing inventory rose 5.2% to 527

Palm Beach Gardens Condo

• Median sales price rose 2.1% to $240,000

• Days on market was 52, up from 48

• Listing discount was 3.9%, down from 4.6%

• Listing inventory jumped 41.7% to 299

Article by Stephanie Warren

AirBNB Reports $204 Million Of Host Income In Miami-Dade In 2018, Up 52% Year-Over-Year

AirBNB has reported that hosts in Miami-Dade took in a whopping $204 million in 2018, up 52% from the $134.6 million in 2017. The county led all of Florida, followed by Osceola County and Broward County at $82.6 million and $80.3 million respectively. AirBNB hosts in Florida took in $810 million in 2018, which was an 80% increase from 2017 when host income was $450 million and almost three times the $273 million first reported in 2016. Of the $810 million, over $315 million, 38%, was reported by the counties that make up South Florida with over 1.47 million guests as Palm Beach County also brought in $30.6 million. AirBNB also reported that over 45,000 Florida hosts share their homes on the platform with an average of $6,500 in annual supplemental income.

AirBNB recently sued the City of Miami Beach over the newly instituted ordinance regulating short-term rentals which requires short-term rental platforms, such as AirBNB, to regulate the posted listings and only offer properties that have provided proof of registration with the city. AirBNB recently took down all illegal Miami Beach listings from the site. AirBNB is also planning an IPO in late 2020 and has been valued at over $31 billion.

For more information about short term rental opportunities, management or purchasing/ leasing information please fill out the form below:

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

Nukondo: Capturing the International Buyers Market in Miami

South Florida has and continues to be a hotbed for international buyers, according to the 2017 Survey conducted by the Miami Association of REALTORS. Foreign buyers purchased 15,400 residential units (between August 2016 - July 2017), totaling over $7.2 billion in sales in the Miami-Dade, Broward, Palm Beach, and Martin counties.

A new real estate tech company called Nukondo is attempting to capitalize on this market segment. Their app provides a platform for real estate developers and new construction brokers to stay informed on the latest luxury projects. It standardizes and distributes this information globally, so that buyers and their agents can decide which condominium is most suited for their needs.

After three months of beta-testing, Nukondo has successfully on-boarded 72 of the most prominent projects in Miami such as One Thousand Museum, Missoni Baia, and Turnberry Ocean Club, with over 10,000+ units in inventory. “Our app helps developers expose their projects globally 24/7, allowing them to speed up sales and cut marketing costs,” says founder Jorge Brugo. “Be informed when you’re searching for that special new condominium and make sound buying decisions.”

Nukondo exposes international buyers to the Miami and Florida markets and directs them to a condominium sales team. In Miami, these international buyers are primarily coming from:

1. Argentina: 15%

2. Venezuela: 11%

3. Canada: 11%

4. Colombia: 9%

5. Brazil: 8%

The company will move into its full release once user feedback and content curation have been finalized. The company plans to scale beyond its pilot market of Miami, into other major U.S. and international metropolitan cities.

Article by: Katya Demina & Stephanie Warren

Douglas Elliman Releases Q2 Market Reports For South Florida As Pricing Continues To Rise

Douglas Elliman has released their Q2 Market Reports for South Florida, produced in conjunction with Miller Samuel, a leading independent appraisal firm. Despite the constant rumblings of a bubble or a crash, the South Florida market continued to show strength and prices continuing to push higher in both the luxury and overall markets across nearly all markets including Miami Beach, Miami coastal mainland, Fort Lauderdale, Boca Raton, Delray Beach and Jupiter. The quarter also reflected the most sales in 3 years in both Miami Beach and Delray Beach. The general health of the market should remain strong as South Florida continues to be a haven for flight capital and population growth, matched with fast-growing world-class cities, a high quality of life and no state income tax. 

Miami Beach & Barrier Islands

• Price trend indicators posted strong gains across the overall and luxury markets
• Number of sales and pending sales moved up from year ago levels
• Although listing inventory has been rising for more than four years the rate of growth has eased considerably in past year
• Overall days on market and listing discount expanded as older listing inventory was cleared from the market
• Most second quarter sales in three years
• Luxury condo average sales size surged and pending sales posted strong gains
• Luxury listing inventory slipped

Key Trend Metrics (Year Over Year)

Overall:

• Median sales price rose 7% to $438,000
• Average sales price increased 15.8% to $1,098,024
• Number of sales increased 10.7% to 1,025
• Days on market was 148, up from 139
• Listing discount was 11%, up from 9.7%
• Listing inventory increased 3.9% to 6,319

Luxury Condo:

• Median sales price surged 47.6% to $3,370,000
• Days on market was 196, up from 194
• Listing discount was 12.7%, up from 11.4%
• Listing inventory fell 20.3% to 959 units
• Entry threshold began at $1,900,000

Luxury Single Family:

• Median sales price jumped 34.5% to $10,760,000
• Days on market was 262, down from 292
• Listing discount was 16.5%, up from 14.5%
• Listing inventory jumped 32.3% to 209 units
• Entry threshold began at $4,950,000

Miami Coastal Mainland

• Overall conditions reflect rising prices, stable sales and modest inventory gains
• Median sales price increased year over year for the 15th consecutive quarter
• Highest market share of conventional financing in more than five years of recording
• One in four single family sales and half of  condo sales were purchased with cash
• Number of sales well above the 5-year quarterly average
• Listing inventory edged higher for second quarter after six consecutive quarters of year over year declines

Key Trend Metrics (Year Over Year)

Overall:

• Median sales price increased 6.7% to $320,000
• Average sales price rose 8.8% to $456,591
• Number of sales fell 0.3% to 4,191
• Days on market was 86 up from 79
• Listing discount was 5.6%, up from 5.5%
• Listing inventory rose 2.7% to 11,184 units

Luxury Condo:

• Median sales price rose 6.4% to $814,951
• Days on market was 176 days, up from 169
• Listing discount was 8.1%, up from 7.7%
• Listing inventory declined 6.3% to 2,537
• Entry threshold began at $580,000

Luxury Single Family:

• Median sales price rose 6.7% to $1,600,000
• Days on market was 125 days down from 133
• Listing discount was 7.9%, up from 7.7%
• Listing inventory slipped 1.1% to 1,012 units
• Entry threshold began at $960,000

Fort Lauderdale

• Sharp price gains in the overall condo and single family markets
• All condo price indicators set new records
• Overall condo market showed a large burst in year over year sales in last two quarters
• Large gain in conventional financial market share for both property types
• Luxury listing inventory fell sharply across property types

Key Trend Metrics (Year over Year)

Luxury Condo:

• Median sales price increased 9.8% to $1,281,600
• Days on market was 81, up from 68
• Listing discount was 6.8%, up from 5.6%
• Listing inventory fell 31.8% to 255 units
• Entry threshold began at $975,000

Luxury Single Family:

• Median sales price rose 35% to $2,265,000
• Days on market was 167, up from 155
• Listing discount was 9.2%, up from 8.2%
• Listing inventory declined 15.6% to 298 units
• Entry threshold began at $1,500,000

Boca Raton

• Overall price trends for both condos and single families increased year over year
• Sales slipped an inventory edged higher for both property types from the year ago quarter
• Share rise in average sales size and price trend indicators for luxury condos
• Unlike overall market, listing inventory for luxury properties declined
• Luxury pending sales are up year over year

Key Trend Metrics (Year Over Year)

Luxury Condo:

• Median sales price rose 24.8% to $1,051,250
• Average sales price surged 31.3% to $1,394,111
• Days on market was 128 days, up 14.3%
• Listing discount was 8.3%, unchanged
• Listing inventory fell 21.1% to 243
• Entry threshold began at $645,000

Luxury Single Family:

• Median sales price declined 4.8% to $1,900,000
• Average sales price rose 1.8% to $2,605,203
• Days on market was 142 days, down from 165
• Listing discount was 9.6%, up from 9.5%
• Listing inventory declined 25.8% to 419
• Entry threshold began at $1,250,000

Delray Beach

• Most price trend indicators for the overall market by condo and single family moved higher
• The number of sales for condos and single families market wide increased
• Marketing time fell across the overall market
• The negotiability of luxury single family and condos tightened

Key Trend Metrics (Year Over Year)

Luxury Single Family:

• Median sales price surged 12.3% to $1,737,500
• Days on market was 148, up from 118
• Listing discount was 8.7%, down from 11%
• Entry threshold began at $1,260,000

Luxury Condo:

• Median sales price declined 10% to $575,750
• Days on market was 80, down from 116
• Listing discount was 5.5%, down from 5.8%
• Entry threshold began at $390,000

Wellington

• Overall market price trend indicators moved higher over both property types
• Listing inventory and sales were up slightly across most segments of the market
• Luxury single family prices and sales size were up sharply
• Smaller luxury condo sales size skewed most price indicators lower

Key Trend Metrics (Year Over Year)

Luxury Condo:

• Median sales price fell 23.2% to $437,500
• Average square footage fell 11.9% to 2,034
• Days on market was 182, up from 160
• Listing discount was 5.9%, unchanged
• Listing inventory rose 8.3% to 52
• Entry threshold began at $350,000

Luxury Single Family:

• Median sales price jumped 34.4% to $2,150,000
• Average square footage rose 17.3% to 4,877
• Days on market was 176, up from 167
• Listing discount was 14.9%, up from 14.4%
• Listing inventory rose 4.3% to 218
• Entry threshold began at $845,000

Palm Beach

• Highest combined number of condo and single family sales in three years
• Listing inventory fell across the market by property type
• Condo price trends declined, skewed by shift to smaller sized sales
• Luxury inventory and days on market expanded

Key Trend Metrics (Year Over Year)

Luxury Condo & Single Family:

• Median sales price declined 20.8% to $12,537,970
• Days on market was 148, down from 140
• Listing discount was 17.7%, up from 15.3%
• Listing inventory rose 30.2% to 69
• Entry threshold began at $6,786,250

Jupiter/ Palm Beach Gardens

Jupiter:

• Single family price trend indicators increased as sales and inventory declined
• Condo price trend indicators rose sharply as sales declined

Palm Beach Gardens:

• Single family price trend indicators were mixed as sales and inventory declined
• Condo price trend indicators for the overall markets continued to rise

Key Trend Metrics (Year Over Year)

Jupiter Single Family:

• Median sales price increased 7.3% to $515,000
• Days on market was 60, down from 69
• Listing discount was 5.2%, down from 6.5%
• Listing inventory declined 8% to 402

Jupiter Condo:

• Median sales price rose 12.9% to $315,000
• Days on market was 65, up from 62
• Listing discount was 4.6%, down from 4.9%
• Listing inventory rose 11.7% to 277

Palm Beach Gardens Single Family:

• Median sales price increased 4.8% to $492,500
• Days on market was 77, down from 86
• Listing discount was 6.9%, down from 7.6%
• Listing inventory declined 2.5% to 516

Palm Beach Gardens Condo:

• Median sales price rose 3% to $242,000
• Days on market was 52, down from 62
• Listing discount was 4.4%, down from 4.6%
• Listing inventory jumped 21% to 236

ISG Report Finds New Construction Condos In Miami East Of I-95 Are 83% Sold Out

Craig Studnicky's ISG World Miami Report has reported that new construction condos in Miami east of I-95 are 83% sold out. The report includes condos that are either proposed, under construction, pre-sold and recently delivered. As developers have scaled back on launching new projects, the falling inventory levels have resulted in prices being pressured upwards. Only 5 buildings will break ground this year, followed by another 3 in 2019 and 3 in 2020. Since mid-2011, 20,008 new condo units have been built and only 3,294 remain unsold. Of those, only 875 are available pre-construction. The report finds that condos built since 1993 have averaged 229% appreciation, 9% annually; and, that closed sales for condos averaged $913,492 in 2017. The report also found low inventory of housing available in Miami-Dade with only 3.13% of total inventory available for sale or rent.     

Check-out PROFILEmiami's PROFILE Exclusive Interview with founder of ISG World Report Craig Studnicky

Fisher Island Has Been Named The Highest Earning ZIP Code in The United States

The detrimental effects of continued and increasing state tax in high tax northern states such as New York and Connecticut is beginning to show its effects and fast. Connecticut and Manhattan were once home to numerous Wall Street big wigs and high income earners, yet residents have either fled to states such as Florida where the state is funded off of property tax and sales tax amongst others. While Greenwich, CT is still in the top 20, as is its Riverside neighborhood, Manhattan failed to crack the top 20 with any neighborhood.

Taking the cake, Miami’s ultra-luxe, hyper-private, ferry accessible Fisher Island 33109. Ask where the new residents are moving from and you will hear what you would expect, New York, Connecticut and New Jersey. Fisher Island has always attracted the rich and private, but in just a short timeframe they neighborhood has catapulted itself to a lead of over $1 million more of annual income per household at an astonishing $2.5 million per year.

Fishr Island has a fascinating history, named after South Florida pioneer and founder of Miami Beach Carl G. Fisher who purchased the island from Dana A. Dorsey, Florida’s first African American millionaire. Fisher later traded the island for William Vanderbilt’s yacht. The development that transformed the island into its current form began in the 1980’s and although there are now just over 220 properties on the island, by modern standards the island is just as exclusive only accessible by boat, ferry or helicopter.

Fisher Island’s 33109 is followed by Silicon Valley’s Atherton, CA (94027); Palm Beach, FL (33480); Palo Alto, CA (94301); Harrison, NY (10577); Gladwyne, PA (19035); Los Angeles, CA (90067); Kenilworth, IL (60043); Weston, MA (02493); San Francisco, CA (94111); Far Hills, NJ (07931); Boston, MA 02110); Portola Valley, CA (94028); Moose Wilson Road, WY (83014); Naples, FL (34102); Medina, WA (98039); Riverside, CT 06878); Old Westbury, NY (11568);  Glencoe, IL (60022), and in twentieth, Greenwich, CT (06831), according to a Bloomberg study of IRS data.