Douglas Elliman Releases Q2 2020 South Florida Market Reports

Douglas Elliman has just released their Q2 2020 Market Reports for South Florida, which were prepared by Miller Samuel, a leading independent appraisal firm. The reports, which cover the areas such as Boca Raton, Delray Beach, Fort Lauderdale, Miami Beach, and the Miami Coastal Mainland, have revealed that the COVID-19 market shutdown during much of the second quarter caused sales to fall sharply in South Florida, despite the strength of the market in the first quarter.

Miami Beach/Barrier Islands

Overview:

• Condo price trend indicators moved higher as the number of sales dropped during the shutdown

• Single-family price trend indicators continued to decline along with sales and listing inventory year over year

• Luxury condo price trend indicators pressed higher as listing inventory showed a slight gain

Key Trend Metrics (Year to Year)

Overall:

• Median sales price rose 10.3% to $480,000

• Average price per square foot edged up 6.1% to $659

• Number of sales dropped 34.9% to 501 

• Listing inventory decreased by 0.5% to 6,393 units

Luxury Condo:

• Median sales price increased by 11.6% to $2,850,000

• Average price per square foot rose 4.8% to $1,231

• Number of sales fell 37.7% to 43

• Listing inventory slipped 3.0% to 1,095 units

Luxury Single Family: 

• Median sales price decreased by 22.6% to $7,200,000

• Average price per square foot jumped 17.2% to $1,388

• Number of sales had no change at 9 

• Listing inventory increased by 25.4% to 173 units

Miami Coastal Mainland

Overview:

• Condo listing inventory and number of sales declined, median sales price reached a new record

• Single-family median sales price rose to a new record as both sales and listing inventory fell sharply

• Luxury condo price trend indicators showed mixed results as the number of sales saw a significant decline 

Key Trend Metrics (Year to Year)

Overall:

• Median sales price rose 4.4% to $355,000

• Average price per square foot increased by 5.1% to $289

• Number of sales dropped 20.1% to 2,672

• Listing inventory declined by 7.8% to 9,699 units 

Luxury Condo:

• Median sales price fell 14.0% to $805,000

• Average price per square foot dropped 0.6% to $489

• Number of sales declined by 33.5% to 115

• Listing inventory increased by 13.4% to 2,508 units

Luxury Single Family:

• Median sales price fell 11.9% to $1,410,000

• Average price per square foot rose 25.5% to $557

• Number of sales decreased by 6.1% to 153

• Listing inventory dropped 1.1% to 915 units

Fort Lauderdale

Overview:

• Condo sales dropped at the highest rate in more than thirteen years as all price trend indicators rose annually

• Single-family sales fell at the largest rate since 2007 as median sales price stabilized

• Luxury condo price trend indicators increased above year-ago levels at their most robust rate in six quarters

Key Trend Metrics (Year to Year)

Luxury Condo:

• Median sales price rose 6.0% to $1,282,330

• Average price per square foot increased by 5.2% to $587

• Number of sales slipped 27.5% to 37

• Listing inventory declined by 16.5% to 283 units

Luxury Single Family:

• Median sales price dropped 22.5% to $2,500,000

• Average price per square foot decreased by 23.9% to $596

• Number of sales fell 20.5% to 35 

• Listing inventory declined by 12.5% to 259 units

Boca Raton/Highland Beach

Overall:

• Condo sales declined year over year at its highest rate in 13 years as median sales price increased

• Single-family sales declined year over year at its highest rate in 13 years as median sales price surged

• Luxury condo median sales price declined while luxury single-family median sales price rose

Key Trend Metrics (Year to Year)

Luxury Condo:

• Median sales price fell 23.0% to $885,000

• Average price per square foot slipped 13.0% to $461

• Number of sales declined by 21.2% to 52

• Listing inventory surged 11.2% to 328 

Luxury Single Family:

• Median sales price dropped 13.1% to $2,215,000

• Average price per square foot decreased by 12.6% to $382 

• Number of sales slipped 12.1% to 51

• Listing inventory declined by 0.3% to 304 units

Delray Beach 

Overview:

• Single-family sales declined at the largest year over year rate in over thirteen years as the market paused

• Condo median sales price was unchanged year over year, the eighteenth straight quarter without a decline

• Luxury single-family listing inventory declined annually as luxury condo listing inventory saw a large gain

Key Trend Metrics (Year to Year)

Luxury Condo:

• Median sales price decreased by 6.7% to $810,500

• Average price per square foot rose 6.7% to $445

• Number of sales slipped 24.6% to 46

• Listing inventory surged 20.9% to 208 units

Luxury Single Family: 

• Median sales price dropped 0.6% to $2,087,500

• Average price per square foot fell 13.7% to $504

• Number of sales declined by 15.2% to 28

• Listing inventory increased by 5.7% to 130

Wellington

Overview:

• Condo sales declined sharply as median sales price increased year over year for the fifteenth straight quarter

• Single-family listing inventory and sales showed sharp declines from prior year levels

• Luxury listing inventory across both property types jumped from prior year

Key Trend Metrics (Year to Year)

Luxury Condo: 

• Median sales price fell 19.9% to $585,000

• Average price per square foot dropped 10.1% to $313

• Number of sales increased by 16.7% to 7

• Listing inventory rose 72.2% to 62 units

Luxury Single Family:

• Median sales price declined 24.3% to $1,135,000

• Average price per square foot slipped 34.9% to $426

• Number of sales jumped 15.0% to 23

• Listing inventory increased by 9.2% to 226 units

Palm Beach

Overview:

• Condo price trend indicators jumped as the largest average sales size in two years skewed them higher

• Single-family listing inventory fell by the largest rate in seven years of tracking

• Luxury listing inventory showed a substantial drop as price trend indicators surged year over year 

Key Trend Metrics (Year to Year)

Luxury Condo and Single Family:

• Median sales price surged 33.1% to $14,000,000

• Average price per square foot rose 18.4% to $2,180

• Number of sales dropped 30.8% to 9

• Listing inventory declined by 65.6% to 22 units 

Jupiter/Palm Beach Gardens

Jupiter Overview:

• Single-family sales price trend indicators and sales continued to show substantial year over year growth

• Condo price trend indicators rose year over year for the fourth straight quarter

Palm Beach Gardens Overview:

• Single-family sales fell at their most significant rate in fourteen years

• Condo price trend indicators rose year over year for the third consecutive quarter

Key Trend Metrics (Year to Year)

Jupiter Luxury Condo:

• Median sales price decreased by 19.9% to $733,000

• Average price per square foot dropped 10.6% to $404

• Number of sales fell 13.6% to 19

• Listing inventory increased by 16.7% to 63 units

Jupiter Luxury Single Family:

• Median sales price declined by 11.5% to $2,300,000

• Average price per square foot decreased by 2.9% to $647

• Number of sales fell 7.4% to 25

• Listing inventory dropped 15.3% to 111 units

Palm Beach Gardens Luxury Condo:

• Median sales price fell 26.7% to $440,000

• Average price per square foot dropped 24.1% to $239

• Number of sales declined by 19.0% to 17

• Listing inventory surged 67.4% to 72 units

Palm Beach Gardens Luxury Single Family:

• Median sales price jumped 21.2% to $2,347,500

• Average price per square foot rose 8.7% to $501

• Number of sales decreased by 23.1% to 20

• Listing inventory dropped 27.5% to 95 units

By Isabella Zimmermann 

Luxury Home Builder Frank McKinney Sells His Final Direct Oceanfront Palm Beach Spec Home

Luxury home builder and award winning author Frank McKinney has sold his final direct oceanfront Palm Beach spec home which was completed in 2019 for $10.1 million, a record price-per-square-foot of $1,867. Located at 3492 South Ocean, the modern beachfront estate was unveiled with a lavish party which featured a stunt in which McKinney repelled from a helicopter onto the tropical modern home, see the video below for the footage. The buyer was Vernon Hill who was the founder, former chairman, president and CEO of Commerce Bancorp in Cherry Hill, New Jersey. McKinney first purchased the property in 2016 for $3 million and initially listed the home for $17.5 million in May 2019 before later dropping the price to $13.9 million in December 2019. Both the buyer and seller were represented by Steven Presson of The Corcoran Group.

3492 South Ocean features 5 bedrooms and 6 bathrooms spread over 7,850 square feet. The lavish beachfront mansion features some of the finest finishes including an oceanfront gourmet kitchen with 11,000 year-old Azure-Blue Lava Kitchen Countertops from France, a master-suite with direct ocean views, a 3-Story ocean-view glass elevator encased in a glass wine room, a cascading water wall & reflecting pool with a “Walk over Water” feature and an indoor jellyfish sphere with touch tank which is the only one in a private home.

3492 South Ocean is located directly on the Atlantic Ocean with direct beach access and the outdoors offers the best of South Florida including a 50′ disappearing-edge resort-style pool, lush landscaping and a rooftop lounge with ocean views.

Inside El Solano, John Lennon And Yoko Ono's Recently Listed Palm Beach Estate Asking $47.5 Million

Beatles and music icon John Lennon and his wife Yoko Ono purchased the oceanfront estate on Palm Beach’s billionaire’s row known as El Solano for $725,000 in 1980. That same estate is now back on the market for $47.5 million. El Solano was built in 1925 by iconic South Florida architect Addison Mizner before he sold it to Harold K. Vanderbilt. It traded hands several times before Lenon and Ono purchased it less than one year before Lenon was murdered in New York City. Ono sold the property in 1986 for $3.15 million and it last sold for roughly $23 million to John Sites of Wexford Capital.

El Solano is located on South Ocean Boulevard, spanning 14,000 square feet split between a 10,500 square foot main house with 7 bedrooms, 9 bathrooms, a 2-story pool house with a guest suite. The home features many of the original ornate architectural details which were a classic Mizner touch including hand-stenciled wood ceilings, stone carved fireplaces and a stone staircase. El Solano features a massive master suite with a sitting room, private office and ocean views. The grand living room was built for Vanderbilt and also overlooks the Atlantic. The home also features a grand dining room, library, family room, living room,

Outside features 1.3 acres of lush, opulently landscaped grounds complete with a tennis court and pavilion, 2 swimming pools so you are always in the sun, and 180’ of ocean frontage. The beach is located across South Ocean Boulevard where there is a private beach cabana.

El Solano is currently listed for $47,500,000 with Christian Angle of Christian Angle Real Estate.

TimeEquities Launches Leasing For Resort-Style Development CasaMara In West Palm Beach

Global real estate firm Time Equities, Inc. (TEI) has officially launched leasing at CasaMara, a mixed-use, resort-style development located in the heart of the El Cid neighborhood and the Antique Row District in West Palm Beach, Florida. The project features a total of six low-rise buildings made up of 300 class-A apartments, a 16,000-square-foot clubhouse, as well as an additional 16,000 square feet of retail shops called The Plaza at CasaMara, all of which will spread out over 10 acres of land.

Construction is well underway at 3111 South Dixie Highway and is slated to deliver completed homes in three phases. The first 100 units along with the clubhouse, which houses many of the amenities offered at CasaMara, will be completed by early fall 2020. The following two phases will be completed in winter 2020 and spring 2021, respectively.

MSA Architects are responsible for both the site planning and the distinct Spanish-Eclectic style architecture of the development. ID and Design International designed clean, stylish home interiors with modern finishes such as bright kitchens, large balconies, smart home features, and full-size washers and dryers. Kitchens have been furnished to have white quartz countertops, white subway tiles backsplashes, and stainless-steel Samsung appliances. Other home features include oversized showers and windows, elevators in buildings, access-controlled building systems, and best-in-class acoustics designed with noise reduction.

Units range from studios to three-bedrooms, with pricing starting at $1,726. Lincoln Property Company, the second-largest multifamily management company, is handling CasaMara’s leasing and marketing.

“We currently have over 700 prospective renters on our VIP list thus far, and we are very excited about the incredible interest we’re seeing in the project,” said Stefane Spano of Lincoln. “This development offers an unmatched amenities package for the marketplace and is located in an exceptional, convenient area that is minutes away from Downtown West Palm Beach.”

CasaMara’s amenities, also designed by ID and Design International, were created to give tenants a luxury lifestyle experience. These include a resort-style pool with private cabanas, a pool pavilion building with grilling stations and a 60-foot water wall, a Jacuzzi with therapeutic jets, a co-working lounge with private offices and complimentary WiFi, a state-of-the-art fitness center, a bark park, a game room with billiards and Wii Stations, a club room with art lounge and fireplace, dining facilities for private parties. There is also a full suite of children’s amenities including a kids pool, an air-conditioned playroom, and an outdoor playground.

“CasaMara presents an opportunity for residents to have everything at their fingertips – resort-style amenities, shops, and restaurants, all steps from their front door,” said Robert Singer, Director of Development at Time Equities. “We are offering an all-inclusive, unparalleled living experience in an area that continues to evolve with exciting cultural additions and modern retail and office complexes.”

The Plaza will provide an inviting environment for the community and shoppers alike with its on-street parking, wide sidewalks with shade trees, lush landscaping, outdoor seating, and a corner park with fountains. Avison Young will be handling the retail leasing and marketing for The Plaza, which is set to open in spring 2021.

CasaMara is conveniently located approximately 1.5 miles south of Downtown West Palm Beach and offers easy access to I-95, Palm Beach International Airport, and all the other splendors Palm Beach and Palm Beach County has to offer.

By Isabella Zimmermann

Former Top Silverstein Exec Launches Hyperion, A New Investment And Development Firm

Rob Vecsler, a former Silverstein Properties executive, has announced that after leaving Silverstein he is re-launching Hyperion Group, a South Florida and New York based real estate investment and development firm. Rob Vecsler spent the past six years at Silverstein Properties in New York, where he served as President of Residential Development and Head of Acquisitions, overseeing in excess of $4 billion dollars in development and acquisitions, while also serving on the company’s investment committee. Vecsler has reconstituted the core team at Hyperion that developed several large-scale projects together in Miami.

To coincide with the re-launch of Hyperion Group, the firm has formed a partnership with Winter Properties to co-invest in investment opportunities in South Florida, New York and other select markets. Hyperion will serve as the developer for the venture’s projects. 

“We are delighted to have Winter as a venture and capital partner,” said Rob Vecsler, Principal and CEO of Hyperion. “Our combined investment and development capabilities, together with substantial investment capital, allows us to be bold, nimble, and competitive wherever we see opportunity,” 

The partnership just closed on their first deal, a development site in West Palm Beach and plans to develop a 300-unit multi-family property. The West Palm Beach site has flexible as-of-right zoning allowing for a mixed-use development, which will include over 300 multi-family residences. Managing through recent market conditions, Hyperion worked with the seller to negotiate and close the transaction at a basis that maximizes the new venture’s development program optionality. The venture is pursuing additional sites and monitoring the market to acquire assets presenting further value opportunities.

“We are pleased to have co-invested in the first of what we expect will be many deals with Rob and Hyperion, as we are committed to investing in and growing this venture together,” said David Winter, Co-CEO of Standard Industries. “We hope to play a key role in Hyperion’s growth as a leading real estate development and investment platform.” 

“We’re excited about this development project and the overall venture as it exemplifies Winter’s focus on relationships with companies like Hyperion that have strong leadership and compelling growth strategies,” said Rick Singer, President of Winter Properties.

Douglas Elliman Releases June 2020 New Signed Contracts Report for Florida

Douglas Elliman in conjunction with Miller Samuel, a leading independent appraisal firm, has released its second monthly recurring report for June 2020. The report focuses on the new contracts signed and new listings that entered the rapidly changing market in Douglas Elliman’s Florida regions of Miami-Dade, Broward, Palm Beach, Pinellas, and Hillsborough. Overall, there was a surge in new signed contracts far exceeding year-ago levels, with excess demand coming from the Northeast. However, new inventory level gains have not kept pace with the growth in new contracts.

New contracts and new listings for each property type have been broken out by eight price tranches depending on regional pricing, on a year to year basis. Douglas Elliman will release a similar report to this one once again during the first week of August to disclose data regarding the number of new contracts signed and new listings during the month of July.

Palm Beach County

Key Trend Metrics (Year to Year)

Single Family:

• Number of new signed contracts soared 71.3% to 4,261 contracts

• Listing inventory dropped 19.9% to 1,604 units

• 642 single family homes priced above $1M went into contract, a 114.7% increase from last year

Condo:

• Number of new signed contracts jumped 76.0% to 2,626 contracts

• Listing inventory surged 4.2% to 1,175 units

• Condos priced between $200K and $299K saw a 107.6% incline in the number of signed contracts for a total of 467 

Broward County

Key Trend Metrics (Year to Year)

Single Family:

• Number of new signed contracts rose 76.1% to 4,336 contracts

• Listing inventory decreased by 27.0% to 1,622 units

• There was a 123.2% increase in the number of signed contracts for homes priced between $600K and $799K 

Condo:

• Number of new signed contracts surged 61.4% to 3,154 contracts

• Listing inventory fell 14.2% to 1,403 units

• 78 condos priced between $500K and $599K went into contract, a 116.7% jump from last year

Miami-Dade County

Key Trend Metrics (Year to Year)

Single Family:

• Number of new signed contracts edged up 74.3% to 3,955 contracts

• Listing inventory dropped 25.0% to 1,426 units

• There were 172 homes priced between $800K and $99K that went into contract, a 123.4% increase from last year for similarly priced homes

Condo:

• Number of new signed contracts climbed 54.6% to 4,093 contracts

• Listing inventory slipped 4.0% to 1,918 units

• 643 condos priced between $200K and $299K went into contract compared to last year’s 344

Pinellas County

Key Trend Metrics (Year to Year)

Single Family:

• Number of new signed contracts surged 95.9% to 2,897 contracts

•  Listing inventory decreased by 26.9% to 1,031 units

• There was a 148.8% rise in homes priced between $500K and $599K that went into contract

Condo:

• Number of new signed contracts increased by 93.4% to 1,408 contracts

• Listing inventory fell 12.0% to 512 units

• 28 condos priced between $800K and $999K went into contract, a 250.0% surge from last year’s 8

Hillsborough County

Key Trend Metrics (Year to Year)

Single Family: 

• Number of new signed contracts rose 98.2% to 4,524 contracts

• Listing inventory declined 32.1% to 1,550 units

• There was a 223.9% jump in the number of new signed contracts for homes priced at or above $1M

Condo:

• Number of new signed contracts grew 124.0% to 616 contracts

• Listing inventory declined 18.9% to 223 units

• Condos priced at or above $1M saw a drastic increase of 1633.3% in the number of new signed contracts for a total of 52

by Isabella Zimmermann

Tour Bamboo Hill, Lars Bolander And Nadine Kalachnikoff Kips Bay Decorator Show House in Palm Beach

Bamboo Hill, designed by and the personal residence of one of America's leading interior designers and tastemakers Lars Bolander and wife Nadine Kalachnikoff, has hit the market for $5,900,000. The home was built in 2007 as the Kips Bay Decorator Show House in Palm Beach and showcases the work of 19 of the most celebrated world renowned interior designers. This residence is Dutch and South African inspired design spanning 8,751 SF with 6 bedrooms and 7.5 baths. The main house is 5,868 SF with 4 bedrooms and 5.5 bathrooms with 2 guest casitas also on the property.

Similar to the showrooms Lars Bolander maintains in New York's Meatpacking District his Palm Beach home favors a mix of 19th-century antiques, painted furniture, contemporary art and sculpture, and decorative objects picked up in the Far East and Morocco. The exterior of the home is a mix of architectural ideas that inspired Bolander from around the world. The door is Dutch South African style and the stone dogs are reproductions purchased in Spain.

Outside, the homes gardens were designed by Mario Nievera, he replicated a Persian motif he spotted at a fountain at the Taj Mahal to redefine the garden and guide seating plantings and spiritual paths. The lush backyard also features a pool with cabana and 2 guest casitas.

Bamboo Hill is located at 260 Palmetto Ln, West Palm Beach, FL and is currently listed for $5,900,000 with Gary Goodwin and Gloria Rodriguez-Allsup of Douglas Elliman.

Images via Douglas Elliman

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

Douglas Elliman Releases May 2020 New Signed Contracts Report for Florida

Douglas Elliman in conjunction with Miller Samuel, a leading independent appraisal firm, has just released its May 2020 New Signed Contracts Report, which reveals that the number of newly signed contracts across property types in Florida was at a high last month, despite there being lower levels of new listing inventory coming online. The Florida report includes the five counties of Miami-Dade, Broward, Palm Beach, Pinellas, and Hillsborough, focusing on the new contracts signed and new listings that entered the Florida Market during the entire month. The regions are broken up by two property types: single family and condo, as well as county, borough, or area. New contracts and new listings for each property type have been broken out by eight price tranches depending on regional pricing, on a year to year basis. Douglas Elliman will be producing a monthly recurring report similar to this one during the first week of each month to cover the prior month’s number of new contracts signed and new listings to provide a data-driven picture of the rapidly changing market.

Palm Beach County

Overview:

• Despite lower levels of new listing inventory coming online, the number of new signed contracts across property types pressed higher

Key Trend Metrics (Year to Year)

Single Family:

• Number of new signed contracts for homes jumped 27.7% to 3,444 contracts 

• Listing inventory dropped 37.9% to 1,381 units

• There was a 49.3% decline in the number of new listings for homes priced below $200K

Condo: 

• Number of new signed contracts for condos increased by 16.6% to 2,033 contracts

• Listing inventory declined 28.7% to 906 units

• 111 condos priced above $1M went into contract, a 40.5% increase from the number of condos that went into contract in May 2019

Broward County

Overview: 

• There was a larger rise in overall single family new signed contracts than for overall condo new signed contracts

Key Trend Metrics (Year to Year)

Single Family:

• Number of new signed contracts rose 33.4% to 3,499 contracts

• Listing inventory slipped 42.3% to 1,389 units

• Listing inventory dropped by 66.4% for homes priced below $200K to 48 units

Condo:

• Number of new signed contracts increased by 19.2% to 2,491 contracts

• Listing inventory dropped 35.1% to 1,108 units 

• 89 condos priced at or above $1M went into contract, a 50.8% increase from last year  

Miami-Dade County

Overview:

• Despite the significant drop in single family and condo new listings during the spring, a noticeable uptick began in May

Key Trend Metrics (Year to Year)

Single Family:

• Number of new signed contracts rose 36.2% to 3,284 contracts

• Listing inventory declined 40.7% to 1,232 units

• Listing inventory for homes priced below $200K saw a 60.6% decline

Condo:

• Number of new signed contracts edged up 4.1% to 3,058 contracts

• Listing inventory dropped 42.6% to 1,386 units

• There were 91 new listings for condos priced between $600K to $799K, a 52.4% drop from last year’s 191 new listings for similarly priced condos  

Pinellas County

Overview:

• Along with the atypical drop in new listings introduced to the market this spring, new contract signings surged for both single families and condos

Key Trend Metrics (Year to Year)

Single Family:

• Number of new signed contracts surged 45.3% to 2,519 contracts

• Listing inventory decreased by 33.4% to 974 units

• Homes priced at or above $1M saw a 100.0% surge in the number of new signed contracts for a total of 132

Condo:

• Number of new signed contracts rose 32.3% to 1,143 contracts

• Listing inventory fell 34.9% to 443 units

• 25 condos priced between $800K to $999K went into contract, a 108.3% increase from last year

Hillsborough County

Overview:

• There was a significant surge in new signed contracts for both single family and condo properties as listing inventory remained slow to enter the spring market

Key Metrics (Year to Year)

Single Family:

• Number of new signed contracts increased by 66.6% to 4,266 contracts

• Listing inventory slipped 37.5% to 1,594 units 

• 200 homes priced between $600K to $799K went into contract, a jump of 124.7% from last year 

Condo: 

• Number of new signed contracts rose 53.2% to 521 contracts

• Listing inventory fell 25.0% to 216 units

• There was a 425.0% rise in homes priced at or above $1M that went into contract

By Isabella Zimmermann

Ken Griffin Locks Down $49 Million Mortgage For $350 Million Palm Beach Assemblage

The multi-billionaire hedge fund magnate Ken Griffin, who founded the Chicago-based Citadel Securities, has locked down a $49 million mortgage from Citibank at 60 Blossom Way in Palm Beach. The loan was arranged by Providencia Partners. Griffin originally purchased the 18,452 SF mansion, which was built in 2008 and sits on 3.6 acres, in September 2019 in cash for $99 million from real estate investor Frank McCourt.

Griffin first entered the Palm Beach market in 2012 when he purchased a four property, 6.5 acre Blossom Way assemblage for $130 million. In July 2015 he expanded his holdings with the $15.2 million purchase of 70 Blossom Way and in 2016 received approval from the town to build a 33,500 SF single story tropical beach house complete with a 22,300 SF service basement, 2 pools and 875’ of beachfront. The plans were scrapped and Griffin continued to expand his assemblage with the purchase of the 4.18 acre 1290 S. Ocean Blvd. in January 2017 for $85 million. Griffin would scrap construction again in early 2018 after contractors bids came in too high and the buying would continue with the purchase of 10 Blossom Way for $20.25 million adding yet another 2 acres to his assemblage. In September 2019, soon after the closing of 1925 S. Ocean Blvd, Griffin added 60 Blossom Way, 3.6 more acres for $99 million.

Douglas Elliman Releases Q1 2020 South Florida Market Reports

Douglas Elliman in conjunction with Miller Samuel, a leading independent appraisal firm, has just released their Q1 2020 Market Reports for South Florida. It reveals noticeably stronger results for listing inventory growth in the first two and a half months of the quarter until market awareness of COVID-19 occurred in mid-March, which slowed growth across South Florida in areas such as Boca Raton, Delray Beach, Fort Lauderdale, Miami Beach, and the Miami Coastal Mainland. The report reflects pre-pandemic strengths in the South Florida market and even an increase in some areas’ average sales price and number of sales compared to the previous quarter, especially in Palm Beach, which saw a 46.7% rise in number of closed condo sales and had the most significant year over year increase in single-family sales in six years.

“The same fundamentals that have made Florida attractive, and have supported the relatively long-term stability in our markets over the past few years, all remained in place during the first quarter as much as they will once we get past this pandemic. Overall Q1 reflected the pre-pandemic strengths we have been enjoying, with most markets realizing steady sales volume and pricing. As we come out of this global crisis, I believe that the desirability for Florida’s lifestyle coupled with tax reform, and the maturation of our markets, will continue to support the trajectory the markets were on prior to COVID-19,” said Jay Phillip Parker, CEO of Douglas Elliman Florida brokerage.

Miami Beach/Barrier Islands

Overview:

·      Overall listing inventory declined year over year for condos and single-family properties

·      Condo price trend indicators declined from the year-ago quarter

·      Single-family price trend indicators declined annually, partially skewed by the decline in average sales size

·      A sharp drop in average sales size for both luxury condos and luxury single-family properties skewed price trend indicators lower

Key Trend Metrics (Year to Year)

Overall:

·      Median sales price slipped 1.1% to $435,000

·      Average price per square foot decreased by 12.4% to $621

·      Number of sales slipped by 0.4% to 769

·      Listing inventory decreased by 4.5% to 6,425 

Luxury Condo:

·      Median sales price fell 20.8% to $2,553,000

·      Average price per square foot decreased by 9.5% to $1,175

·      Listing inventory rose 12.2% to 1,129 units

·      Average square footage declined 13.8% to 3,429

Luxury Single Family:

·      Median sales price fell 32.9% to $9,766,667

·      Average price per square foot decreased by 22.3% to $1,184

·      Listing inventory dropped 19.1% to 169 units

·      Average square footage declined 13.6% to 8,249

Miami Coastal Mainland

Overview: 

·      Overall listing inventory declined sharply on a year over year basis for both condos and single-family properties

·      Condo sales rose annually for the fourth straight quarter as price trend indicators pressed higher

·      Single-family price trend indicators rose annually, and sales extended its year over year growth streak to the fourth straight quarter

·      A significant decline in listing inventory on a year over year basis for both luxury condos and luxury single-family properties

Key Trend Metrics (Year to Year)

Overall: 

·      Median sales price rose 9% to $340,000

·      Average sales price increased by 7.6% to $458,287

·      Number of sales rose 7.7% to 3,343

·      Listing inventory fell 14.1% to 10,519 units

Luxury Condo

·      Median sales price increased by 20% to $1,195,545

·      Average price per square foot rose 5.1% to $492

·      Listing inventory declined 19.8% to 2,212 units

·      Average square footage increased by 12.9% to 2,430

Luxury Single Family

·      Median sales price rose 13.7% to $1,600,000

·      Average price per square foot edged up 1.1% to $444

·      Listing inventory fell 24.4% to 925 units

·      Average square footage slipped 3.3% to 4,037

Fort Lauderdale

Overview:

·      Condo price trend indicators pressed higher as sales slipped year over year

·      Single-family sales and price trend indicators posted large annual gains

·      Luxury condo price trend indicators showed mixed year over year results

·      Luxury single-family price trend indicators surged, skewed by large increase in average sales size

Key Trend Metrics (Year to Year)

Luxury Condo:

·      Median sales price slipped 1.3% to $1,210,000

·      Average price per square foot edged up 1.3% to $558

·      Listing inventory decreased by 2.6% to 339 units

·      Average square footage declined 3.6% to 2,604

Luxury Single Family:

·      Median sales price jumped 44% to $3,225,000

·      Average price per square foot rose 47.7% to $783

·      Listing inventory fell 25.3% to 296 units

·      Average square footage rose 17% to 5,778

Boca Raton/Highland Beach 

Overall:

·      Condo listing inventory fell year over year for sixth straight quarters with the most significant decline in the current quarter

·      Single-family listing inventory declined annually over the past four quarters at a rising rate

·      Luxury condo and luxury single-family inventory fell short of year-ago levels

Key Trend Metrics (Year to Year)

Luxury Condo: 

·      Median sales price slipped 0.3% to $900,000 

·      Average price per square foot decreased by 0.2% to $465

·      Listing inventory fell 15.6% to 260 units

·      Average square footage declined by 4.8% to 2,666

Luxury Single Family

·      Median sales price fell 10.3% to $1,895,000

·      Average price per square foot rose 1.2% to $407

·      Listing inventory fell 16.9% to 339 units

·      Average square footage declined 0.4% to 7,267

Delray Beach

Overview:

·      Single-family median sales price hasn’t shown a year over year decline in four quarters 

·      Condo listings fell annually for four straight quarters 

·      Luxury single-family price trend indicators showed mixed results

·      Luxury condo price trend indicators showed substantial annual gains, partially aided by the increase in sales size 

Key Trend Metrics (Year to Year)

Luxury Condo:

·      Median sales price jumped 40.3% to $754,000

·      Average price per square foot rose 48.9% to $530

·      Listing inventory fell 36.3% to 163 units

·      Average square footage increased by 2.4% to 1,827

Luxury Single Family:

·      Median sales price fell 19.6% to $1,400,000

·      Average price per square foot rose 5.5% to $439

·      Listing inventory declined 7.1% to 91 units

·      Average square footage declined 1.8% to 4,781

Wellington 

Overview:

·      Condo price trend indicators and sales rose as listing inventory declined from the prior year

·      Single-family sales and price trend indicators moved higher year over year as listing inventory dropped sharply

·      Luxury price trend indicators for both property types showed mixed results

Key Trend Metrics (Year to Year)

Luxury Condo:

·      Median sales price rose 22% to $730,000

·      Average price per square foot decreased by 3.3% to $348

·      Listing inventory increased by 9.1% to 36 units

·      Average square footage declined 10.9% to 2,038

Luxury Single Family: 

·      Median sales price fell 45.5% to $1,500,000

·      Average price per square foot rose 18.1% to $654

·      Listing inventory declined 12.3% to 207 units

·      Average square footage declined 21.9% to 4,465

Palm Beach

Overview: 

·      Listing inventory for condos, single-family properties and luxury fell sharply from year-ago levels

·      All three condo price trend indicators rose year over year for the third straight quarter

·      The most significant year over year increase in single-family sales in six years

·      All three price trend indicators for the luxury market were skewed higher year over year by the surge in average sales size

Key Trend Metrics (Year to Year)

Luxury Condo and Single Family: 

·      Median sales price surged 48.1% to $10,517,500

·      Average price per square foot rose 12.2% to $1,841

·      Listing inventory dropped 49.6% to 64 units

·      Average square footage surged 49.4% to 7,344

Jupiter/Palm Beach Gardens

Jupiter Overview:

·      Single-family sales price trend indicators and sales showed substantial annual gains

·      Condo sales declined as price trend indicators press higher from year-ago levels

Palm Beach Gardens Overview:

·      Single-family sales price trend indicators were mixed as sales jumped year over year

·      Condo sales and price trend indicators showed robust annual increases

Key Trend Metrics (Year to Year)

Jupiter Luxury Condo:

·      Median sales price slipped 5.4% to $915,000

·      Average price per square foot rose 2.7% to $452

·      Listing inventory rose 17.4% to 54 units

·      Average square footage edged up 0.3% to 2,378

Jupiter Luxury Single Family:

·      Median sales price rose 8.5% to $2,600,000

·      Average price per square foot increased by 9.2% to $666

·      Listing inventory rose 7.4% to 131 units

·      Average square footage increased by 17.1% to 5,699 

Palm Beach Gardens Luxury Condo:

·      Median sales price surged 39.5% to $600,000

·      Average price per square foot rose 46.5% to $315

·      Listing inventory fell 44.2% to 43 units

·      Average square footage increased by 18.6% to 2,588

Palm Beach Gardens Luxury Single Family:

·      Median sales price fell 22.6% to $1,937,500

·      Average price per square foot decreased by 1.5% to $461

·      Listing inventory declined 12.1% to 131 units

·      Average square footage declined 18.5% to 4,837

Article by Isabella Zimmermann