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

CONTINUUM Reveals New Multi-Million Dollar ArquitectonicaGEO-Designed Grounds Renovation

South Florida’s award-winning architectural and branding firm, ArquitectonicaGEO, has been appointed to spearhead a multi-million dollar renovation project for the grounds of Continuum on South Beach, starting in May and anticipated to last between 18 and 24 months. This is the first renovation undertaken by Continuum since it was built 19 years ago. ArquitectonicaGEO will redesign the exterior of the property, from the South of Fifth public roadway leading to the entrance of the property, through to the Upper Rotunda situated between the two towers. The design incorporates the latest in local Florida plant life, trees, landscaping and water fixtures to further embellish the pedestrian neighborhood in and around the South Pointe corner.

“We are very excited to open the next chapter in our progressive journey to establish a new and improved identity,” says Rishi Idnani, Managing Director of Continuum On South Beach. “For almost two decades Continuum On South Beach has become established as the crown jewel in South of Fifth. The brand has grown to become recognized on an international scale, well beyond Miami Beach. We therefore thought it necessary to reflect this growth and reputation in our logo and corporate identity. We are also pleased to be working with one of today’s leading brand architects, ArquitectonicaGEO, for the outdoor renovation and transformation of our grounds that will ultimately mark a new beginning for the entire aesthetic of the Continuum and its surrounding neighborhood.”

ArquitectonicaGEO designed the exterior renovation around the theme of “Infinite Wellbeing” in-line with the resort-style philosophy of the property. The brief was to transform and embellish the outdoor space at the Continuum so residents and visitors utilize it to its maximum potential over time. Tree species currently being selected for the project include the Autograph Tree, Pigeon Plum, Green Buttonwood and Gumbo Limbo. The existing water fountain fixture in the Lower Rotunda will be replaced with a “Specimen Tree” to establish a more interesting and statuesque aesthetic during the arrival experience. The large water fountain within the Upper Rotunda will be replaced with a smaller, more tranquil water fixture, together with green foliage and plants that will encourage pedestrians to sit around. Multiple pathways will also be formed through the center of the rotunda, creating a walkway that does not interfere with arriving vehicles or valet.

“Our aim is to entice homeowners and their guests to be outside as much as possible,” says Michelle Cintron, Vice President of ArquitectonicaGEO. “If we increase the lushness for the pedestrian and bring them closer to nature, they are more likely to use their grounds and even arrive by foot instead of by car. This can be achieved by introducing some tropical plants and trees that are native to Florida and more recognizable to everyone. The end goal of this transformation is also functionality, performance and to establish long-term maintenance of the property as a whole. Part of the project will naturally result in beautifying the surrounding neighborhood to make it more pedestrian friendly,” adds Cintron. “This will potentially activate the nearby retail area to a larger extent.”

Other changes at Continuum include a name change as the building, formerly known over the last 19 years as “Continuum on South Beach,” has decided to change the corporate identity of the luxury property to now be simply known as “Continuum.” Fully established and recognized across the country by global homeowners, Continuum is re-positioning itself as an international property, owned by international residents.

“For more than 18 years, the Continuum has enjoyed widespread recognition as one of the nation’s market leaders in elite luxury living,” says Keith Marks, Board President and Chairman for the Continuum On South Beach Master Association. “To strengthen our position as pioneering among residents looking for the preeminent lifestyle offered, we thought it necessary to open a new chapter for the identity and aura of the property, that will ultimately enhance our unique appeal in contemporary design and serenity.”

Two Roads Development Unveils New Waterfront Sales Gallery For Elysee In Edgewater

Two Roads Development has unveiled the brand new Jean-Louis Deniot-designed sales gallery for the under-construction Elysee Miami condominium in Edgewater. The waterfront sales gallery, located directly on Biscayne Bay at the developer’s neighboring luxury high-rise Biscayne Beach, gives buyers and brokers a taste of what luxury living will look like in the heart of the Miami at Elysee. Notable guests at the elegant cocktail reception included Two Roads Development’s Reid Boren, Taylor Collins and Jim Harpel, as well as members of Douglas Elliman’s executive leadership team including CEO Jay Parker and EVP/Managing Director Cathy Strafaci. The 57-story luxury tower’s famed interior designer, Jean-Louis Deniot, was in town from Paris to celebrate at the event.

Elysee was designed by world-renowned architect Bernardo Fort-Brescia of Arquitectonica and interiors created by France’s top designer Jean-Louis Deniot. When complete the 57-story waterfront tower will be home to 100 half-floor and full-floor residences priced from about $1.5 million to $10 million upon its completion in 2020.

Photos via World Red Eye

For more information about Elysee Miami, private showings or purchasing/ leasing information please fill out the form below:

Terra Launches Leasing For Their Newest Rental Community, Pines Garden at City Center In Pembroke Pines

Terra has launched leasing at its newest luxury rental development, Pines Garden at City Center, ahead of opening to residents this month. The 387-unit residential community is part of Pines City Center, a 47-acre master-planned village rising within the city of Pembroke Pines. Located just off Pines Boulevard, the two phases of Pines City Center will comprise approximately 300,000 total square feet of lifestyle-oriented retail, entertainment and restaurant space alongside residential apartments. Monthly rents at Pines Garden begin at $1,645 for a one-bedroom apartment; $1,795 for a two-bedroom apartment; and $2,256 for a three-bedroom apartment. Two- and three-bedroom townhouses range from $2,475 to $2,845 per month. Apartments at Pines Garden at City Center are ready for occupancy as of April 2019.

“Pines City Center is a good example of how underutilized land can be brought to life through carefully-planned development that contemplates the right mix of uses,” said David Martin, president of Terra. “In this case, our team created a master plan comprising of high-end rental homes and lifestyle-centered retail that services the community’s tenants as well as surrounding residents. The result is a condensed area of development that is introducing a new amenity for Pembroke Pines and maximizing value for the neighborhood.”

Pines Garden has been designed to be distinctively different from typical residential destinations with a stunning tropical ambience highlighted by lush mature landscaping and contemporary, plantation-influenced architecture. Modern-designed residences will be equipped with stainless steel appliances and quartz countertops, and protected by hurricane-grade, impact-resistant windows. High ceilings, extra-wide baseboards, custom cabinetry and designer fixtures exhibit an attention to detail usually reserved for custom-built homes.

Amenities include a two-story Pines Garden Clubhouse, the social center of the neighborhood, which features a state-of-the-art fitness center, children’s playroom and game room, resort-style pool, co-working lounge and coffee bar, outdoor cooking area and other recreational options. There’s a gazebo, a life-size chess board, a dog park, and play spaces that include an enclosed tot-lot area. Gated for privacy and security, Pines Garden will offer the beauty and serenity of a nature preserve within walking distance of the urban conveniences of Pines City Center.

Images via Terra

13th Floor Investments & Adler Group Break Ground On The Transit Oriented Link at Douglas

13th Floor Investments and Adler Group have broken ground on one of Miami’s most anticipated transit oriented development, Link at Douglas. The development team is beginning site work this month and vertical construction of the development’s first phase is expected to begin this summer (2019). The 7- acre development will redevelop Miami’s Douglas Road Metrorail station and will be comprised of rental units (including workforce housing), retail and office space, and a public plaza. The project will deliver privately-funded infrastructure upgrades at a critical connection point within the County’s transit system and is expected to generate $500 million in new revenue for Miami-Dade County. The development team has also pledged over $17 million in public infrastructure improvements including $1 million for The Underline linear park.

Link at Douglas is set to be built in phases over the next five years and will include 1,500 residential units including a workforce housing component, 25,000 SF of retail space, a 250,000 SF office building, and a public plaza that connects with The Underline, a 10-mile-long linear park running from Downtown Miami through neighborhoods to the south. The development’s first tower, designed by Corwil Architects and comprising 312 apartment units and 6,000 SF of retail in 22-stories, will break ground in July. The development of tower two, a 36-story building designed by Arquitectonica including 421 apartment units and 17,000 SF of retail, will begin in October. Approximately 100 of the 733 units will be designated as workforce housing units.

“As Miami-Dade’s population experiences rapid growth, we need to come up with forward thinking ways to reduce road congestion and that begins with connecting people with alternative forms of transit,” said Arnaud Karsenti, Managing Principal of 13th Floor Investments. “Link at Douglas will set a new standard for urban living in this part of Miami-Dade County, improving access to jobs, attainable housing opportunities, everyday amenities, retail and office space for our residents and neighbors.”

“We are thrilled to partner with Miami Dade County in further enhancing the community through this pedestrian and transit-oriented development,” said Michael M. Adler, CEO of Adler Group. “By focusing on design, public spaces and the connection to transit we feel that this project will enrich all of Miami Dade County.”

Link at Douglas marks the second transit-oriented development spearheaded by 13th Floor Investments and Adler Group. Motion at Dadeland, a 294-unit rental community adjacent to the Dadeland North Metrorail station, opened to residents in April 2019.

MSC Cruises Reveals Supersized Arquitectonica-Designed Cruise Terminal In PortMiami

MSC Cruises has revealed a new supersized Arquitectonica-designed cruise ship terminal coming to PortMiami. The terminal will be the largest in PortMiami at 350,000 SF, nearly double Royal Caribbean’s 170,000 SF Crown of Miami Terminal. The MSC Cruises terminal will be able to host 2 ships at a time and will be able to process 28,000 passengers per day. The terminal will also house its own parking with 2,000 parking spaces within the structure. Arquitectonica designed the terminal by drawing inspiration from Italian yachts, paying homage to MSC’s Italian heritage. Construction is expected to start in early 2020 with completion estimated for late 2022.

Four Seasons Hotel & Private Residences Fort Lauderdale Tabs Coastal Construction As General Contractor

Following the announcement that Four Seasons Hotel and Private Residences Fort Lauderdale is more than 50% sold, Miami-based development company Fort Partners celebrated the success and progress of the luxury development at an exclusive luncheon announcing their selection of Florida-based construction company Coastal Construction as the general contractor for the project with premier construction management company Lehrer Cumming overseeing construction of the luxury tower. Fort Lauderdale Mayor Dean Trantalis also addressed the audience, speaking to the state of the city’s real estate market, highlighting the growth and transformation of Fort Lauderdale into an international destination. Upon completion, Four Seasons Fort Lauderdale will be one of Fort Partners’ iconic properties within the Four Seasons portfolio and Fort Lauderdale’s first true five-star destination.

“Four Seasons Hotel and Private Residences Fort Lauderdale is making incredible strides to help redefine this city as an international destination, and we are pleased to celebrate our recent success as we progress towards completion,” said Nadim Ashi, Founder of Fort Partners. “We’ve selected the best industry leaders to oversee this monumental development throughout each stage of development, and are thrilled to welcome both Coastal Construction and Lehrer Cumming to our team.”

Coastal Construction is one of the Southeast’s preeminent construction companies and is ranked in the top 100 construction management companies in the country. The firm has a distinguished roster of clients including Fort Partner’s distinguished development, The Surf Club in Miami, as well as Porsche Design Tower and Miami Beach’s Faena District. Led by Chairman and CEO Thomas P. Murphy, Jr., Coastal Construction was founded in 1988 and has been under the Murphy family’s leadership for four generations.

“Coastal Construction is honored to have been selected by Fort Partners as the general contractor of record for Four Seasons Hotel and Private Residences Fort Lauderdale. It is a privilege to once again work with the Fort Partners development team, on this transformative tower which is setting a new benchmark for luxury living in Fort Lauderdale,” said Thomas P. Murphy, Jr., Chairman and CEO of Coastal Construction.

The 22-story hotel and condominium development will offer 130 guest rooms and 90 residences ranging in size from one- to four-bedrooms, with each residence offering sprawling living spaces and generous outdoor terraces with unparalleled views of the Atlantic Ocean and Intracoastal Waterway. Residents will receive special courtesies at Fort Partner’s premier portfolio, including Four Seasons Hotel and Residences at The Surf Club in Surfside, Four Seasons Resort Palm Beach, and Norman’s Cay, an exclusive island in the Bahamas. Four Seasons Fort Lauderdale broke ground in spring 2018 and construction remains on schedule. Pricing for two- to four-bedroom private residences begins at $3.795 million.

For more information about Four Seasons Hotel & Private Residences Fort Lauderdale, private showings, availability or purchasing/ leasing information please fill out the form below:

Inside Amrit Ocean Resort & Residences Newly Launched Penthouse Collection On Palm Beach's Singer Island

Amrit Ocean Resort & Residences, located on Palm Beach County’s Singer Island, has launched their well-being penthouse collection offering 11 oceanfront residences. Already Happiness Penthouse 2 and Happiness Penthouse 3 have sold for $3.375 million and $3.795 million respectively. Just 8 remain on the market. Currently available penthouses start at $1.93 million for a 2,055 SF unit in the Happiness Collection and $2,040,500 for a 1,990 SF residence in the Peace Collection. Pricing ranges up to $2.616 million for the Happiness Collection and $3,549,600 for the Peace Collection.

Amrit Ocean Resort & Residences is fully programmed as a premier health and wellness facility complete with a personal wellness assistant and amenities which include Halotherapy (aka a salt room), an Infusion Zone featuring vitamin IV therapy administered by a professional nurse, digital detox capabilities, Hydro-reflexology path, replenishment pools, a chill room, a relaxation lounge, an effusion shower, a restful ritual bath butler, a Hammam, a Spa Zone, a Beauty Zone, and a Wellness Zone. Wellness Zone offering complimentary practitioners, naturopaths, nutritionists, acupuncturists, sound/light therapists, osteopaths and more. Amrit will also offer yoga, pilates and mediation programming. The building is capped off with a fitness center, resort style pool and oceanfront dining.

For more information about Amrit Ocean Resort & Residences, private showings, availability or purchasing/ leasing information please fill out the form below:

CIM Group & One Real Estate Investments Lock Down Construction Financing For Wynwood Square

CIM Group and One Real Estate Investments has locked down construction financing for Wynwood Square as the project gears up to break ground. The loan is for $71.2 million and was provided by Sumitomo Mitsui Banking Corporation. The developers have applied for construction permits after getting the green light for water and sewer connection to the property. Wynwood Square was designed by Stantec and will feature 257 apartments, 54,000 SF of office space, 25,000 SF of retail and 481 parking spaces.

Luma At Miami Worldcenter Locks Down $143 Million Construction Loan, Groundbreaking Imminent

Luma at Miami Worldcenter has locked down a $143 million construction loan as the developers gear up to break ground on the 43-story tower. The loan was provided by Moinian Capital Partners with a 60% equity piece valued at $23.7 million. The tower is being developed by ZOM Living after the developer acquired the lot from Miami Worldcenter Associates. When complete Luma will feature 434 rental apartments which range from 566 SF to 1,808 SF. The building is designed to take advantage of the waterfront views of Biscayne Bay. Luma will offer over 45,000 SF of amenities including a fitness center, spa with sauna and treatment rooms, speakeasy, dog salon, classroom, residents lounge and a resort-style pool. Luma is expected to be completed in 2021.