The Canopy In The Grove Answers The Call For More Luxury Boutique Office Space Posted on April 19, 2024April 21, 2024 by Sarah Elles Boggs The ongoing renaissance of Coconut Grove is continuing, with new restaurant, hotel and luxury residential developments popping up all around the waterfront downtown area, and now the circle is becoming complete with new commercial office space. After all, the elite new Grovites will also need a place to nurture their careers. To answer this call, many of the Coconut Grove office spaces have undergone restorations in order to offer the amenities that today’s professionals have come to expect. The newest addition to this lineup is The Canopy in the Grove, which offers move-in-ready office spaces and flex spaces at 2982 Grand Avenue. Rendering of The Canopy in the Grove The Canopy in the Grove Staying true to Coconut Grove’s boutique feel, The Canopy in the Grove offers an intimate atmosphere with ground-level retail, a second floor with over 16,500 square feet of leasable space and a third floor with just over 5,000 square feet of space that includes a rooftop terrace overlooking CocoWalk and the historic Peacock Park on over to the Biscayne Bay and various marinas. Office configurations are available anywhere from 2,500 square feet up to 21,650 square feet with marquee office signage. Inside the development, professionals will enjoy a choice of elevators or escalators when traveling between the floors, a dramatic glass-enclosed lobby and onsite coffee bar near the FedEx location. The offices themselves feel spacious and airy with standard ceiling heights at 14 feet and new impact glass for added street noise insulation. This type of move-in-ready flex space is answering the need for small startup firms to global empires as well. Just last year, Banco Santander added to their already immense Miami offices with a Coconut Grove tech hub in… you guessed it. They chose a Downtown Grove flex space that is walking distance to everything The Grove has to offer entertainment-wise. Rendering of The Canopy in the Grove Rendering of The Canopy in the Grove Cafe The Canopy in the Grove Location Just as in residential real estate, commercial real estate centers around the universal selling feature. Location, location, location. Taking this to heart, Miami is not a city of office warehouses located on the outskirts of civilization. Rather, our offices are intimate and nestled in culturally significant enclaves within the heart of the city. The Canopy in the Grove’s location at 2982 Grand Avenue is just across the street from practically anything a modern, thriving professional could want. There are plenty of chic hotels for traveling guests including Mr. C Miami and the Ritz-Carlton Coconut Grove as well as The Mayfair House. Those professionals who have families with school-age children will be pleased to see world-class institutions nearby including Coconut Grove Elementary as well as Ransom Everglades, Sacred Heart and Vanguard School. Foodies will be impressed with the culinary offerings including a list of Michelin starred-outposts and a variety of cuisines to choose from. Rendering of The Canopy in the Grove Carrot Express Within the development, the ever-popular healthy cafe Carrot Express is taking residence in the ground level with an indoor/outdoor restaurant that serves many as a daily lunch haunt. The Future of Downtown Coconut Grove We are so pleased to see the recent growth of Coconut Grove. As Groveites ourselves, Jaimee and I are proud to be a part of the positive changes in the area, experiencing the new and luxurious feel without sacrificing the character that Coconut Grove is famous for. In the coming years, this renaissance will no doubt continue with the addition of Ugo Colombo’s Four Seasons Residences in Coconut Grove, Vita at Grove Isle and filled in with more culinary options that add to Coconut Grove’s allure and new status as a destination community. If you are interested in learning more about life in Coconut Grove, please contact Michael Light, Grove resident as well as Broker and Executive Director of Luxury Sales at Douglas Elliman Real Estate. We would love to have you as a neighbor. Coconut Grove Marina Aerial Coconut Grove Downtown Condos Coconut Grove Aerial
2024 Coconut Grove Real Estate Values | Year-Over-Year Numbers Posted on March 7, 2024March 7, 2024 by Michael Light I am pleased to share with you my annual Coconut Grove statistics report highlighting that, yet again, Coconut Grove has outpaced a cooling national real estate market by setting new, all-time records across multiple categories! Herein, I have compiled and analyzed the 2023 statistics, per MLS data, by hand-calculating the stats to ensure they are accurate for our readers. This information allows you to see for yourself the market trends in our community. I would also like to note the reason I have been so passionate and adamant about publishing the Coconut Grove sales analytics annually for the past 10 years is that I am a Groveite through and through. I truly care about the health of our community and helping my neighbors, and future neighbors, fully understand where the Grove housing market has been and the direction it is headed. Further, the Grove holds a dear place in my heart for an array of reasons…I met my wife in the Grove 15 years ago, we got married at St. Hugh with our reception held at the historic Villa Woodbine, I am currently the Executive Director of luxury Sales at Douglas Elliman Real Estate in our Two CocoWalk office, my wife and I have lived in Coconut Grove together for 13 years and are raising our daughter and 2 rescue dogs in our home in North Grove. The overall market in South Florida exploded in 2021 and continued in 2022 due to an enormous influx of buyers from New York, Chicago and L.A. because of our favorable tax rates, Covid and “the way that Florida is being run” – (that last one being the most popular answer when asking buyers “why Florida?”). Then, in 2023, our neighborhood shattered all previous years. Many people believed we had truly hit the “top” of the market in 2022 and it would be impossible to continue…well, those people were wrong. The Coconut Grove real estate market had increased year-over-year for 9 consecutive years until it exploded during the Covid bounce of 2020-2022…and then topped those numbers in 2023 by most metrics. Here are some takeaways from the 2023 numbers: Number of sales dropped 22.6% over last year, but total sales volume in ALL of the Grove went up slightly to $858,164,400; because… The average sales price in ALL of the Grove set another new, all-time high at $2,364,089, a 30% jump over 2022 and a whopping jump of 144.2% from $968,237 in 2019 (pre-Covid). The average sales price per square foot in ALL of the Grove also set another new, all-time high at $929.79, a 14.3% jump over 2022 and a ridiculous 115.3% jump over the pre-Covid 2019 high of $431.92. South Grove was the first neighborhood to EVER have both the average ($1,195.04) and median ($1,130.42) price per sq/ft over $1,100 in 2023! The average sale price in NORTH Grove jumped 37.8% year-over-year, one of the highest jumps ever recorded. Coconut Grove Real Estate – Months of Supply (February 2024) Months of supply means how long it would take for the market to absorb all real estate, if no additional real estate came to market. This stat determines whether it is a Buyer’s Market or Seller’s Market. When looking at statistics, having a 6-month supply or less favors sellers while more than 6 months favors buyers. Any supply that is 6-9 months is considered a stable market. Single-Family Homes: 8.5-Month Supply (Buyer’s Market) 92 Currently Available 65 Sold in Past 6 Months Condos: 8.9-Month Supply (Buyer’s Market) 104 Currently Available 70 Sold in Past 6 Months Townhomes: 6.5-Month Supply (Balanced Market) 24 Currently Available 22 Sold in Past 6 Months Below, I have laid out all of the 2023 Coconut Grove real estate statistics and then a year-over-year comparison of 2023 versus 2022. 2023 Coconut Grove Real Estate Sales by the Numbers: Total Number of Sales: 363 Total Sales Volume: $858,164,400 Average List Price: $2,567,773 Median List Price: $1,649,900 Average Sales Price: $2,364,089 (92.1% of List Price) Median Sales Price: $1,530,000 (92.7% of List Price) Average Sales Price Per SQ/FT: $929.79 Median Sales Price Per SQ/FT: $810.81 Days on Market: 71 Average / 36 Median Highest Priced Sale of 2023: Grove at Grand Bay LPH-S Closed on 08/31/2023 @ $19,250,000 ($2,023.55 per sq/ft) Lowest Priced Sale of 2023: 3245 Virginia St. #18 Closed on 06/26/2023 @ $255,000 ($496.11 per sq/ft) Download: 2023 ALL Coconut Grove Real Estate Sales Data 2023 vs. 2022 ALL Coconut Grove Sales Year-Over-Year Numbers: Total Number of Sales: DOWN 106 (-22.6%) | 363 in 2023 vs. 469 in 2022 (800 in 2021) Total Sales Volume: UP $2,393,354 (+0.3%) | $858,164,400 in 2023 vs. $855,771,046 in 2022 ($1,452,047,154 in 2021) Average List Price: UP $670,891 (+35.4%) | $2,567,773 in 2023 vs. $1,896,882 in 2022 ($1,913,996 in 2021) Median List Price: UP $250,900 (+17.9%) | $1,649,900 in 2023 vs. $1,399,000 in 2022 ($1,172,500 in 2021) Average Sales Price: UP $539,417 (+30.0%) | $2,364,089 in 2023 vs. $1,824,672 in 2022 ($1,815,059 in 2021) Median Sales Price: UP $180,000 (+22.7%) | $1,530,000 in 2023 vs. $1,350,000 in 2022 ($1,100,000 in 2021) Average Sales Price Per SQ/FT: UP $176.65 (+14.3%) | $929.79 in 2023 vs. $813.28 in 2022 ($636.63 in 2021) Median Sales Price Per SQ/FT: UP $155.80 (+14.5%) | $810.81 in 2023 vs. $708.44 in 2022 ($552.64 in 2021) Coconut Grove Neighborhoods Map To local Groveites looking to sell, and buyers purchasing property in Coconut Grove, I have broken down the statistics of the different areas of the Grove. Coconut Grove is locally referred to in parts, i.e. North, South, Center and West (for example, CocoWalk and Mr. C Hotel are both located in Center Grove and Kennedy Park is located in North Grove). 2023 vs. 2022 NORTH Coconut Grove Sales by the Numbers: Total Number of Sales: 125 in 2023 | 155 in 2022 (281 in 2021) Average List Price: $3,438,991 in 2023 | $2,368,218 in 2022 ($2,080,521 in 2021) Median List Price: $2,300,000 in 2023 | $1,975,000 in 2022 ($1,349,000 in 2021) Average Sales Price: (+37.8%) $3,109,000 in 2023 | $2,255,965 in 2022 ($1,954,750 in 2021) Median Sales Price: (+14.6%) $2,100,000 in 2023 | $1,833,000 in 2022 ($1,300,000 in 2021) Average Sales Price Per SQ/FT: (+14.6%) $996.95 in 2023 | $869.96 in 2022 ($649.80 in 2021) Median Sales Price Per SQ/FT: (+6.4%) $863.42 in 2023 | $811.79 in 2022 ($596.97 in 2021) Days on Market: 90 Average | 54 Median in 2023 (50 Average | 30 Median in 2022) Highest Priced Sale of 2023: Grove at Grand Bay LPH-S Closed on 08/31/2023 @ $19,250,000 ($2,023.55 per sq/ft) Lowest Priced Sale of 2023: 2539 S. Bayshore Dr. #228E Closed on 10/18/2023 @ $265,000 ($815.38 per sq/ft) 2023 vs. 2022 SOUTH Coconut Grove Sales by the Numbers: Total Number of Sales: 31 in 2023 | 40 in 2022 (112 in 2021) Average List Price: $5,042,430 in 2023 | $4,239,297 in 2022 ($3,792,882 in 2021) Median List Price: $3,175,000 in 2023 | $3,172,500 in 2022 ($2,287,450 in 2021) Average Sales Price: (+8.4%) $4,409,871 in 2023 | $4,069,500 in 2022 ($3,602,096 in 2021) Median Sales Price: (+3.8%) $3,010,000 in 2023 | $2,900,000 in 2022 ($2,286,060 in 2021) Average Sales Price Per SQ/FT: (+14.6%) $1,195.04 in 2023 | $1,042.48 in 2022 ($764.06 in 2021) Median Sales Price Per SQ/FT: (+16.1%) $1,130.42 in 2023 | $973.45 in 2022 ($671.69 in 2021) Days on Market: 126 Average | 99 Median in 2023 (40 Average | 21 Median in 2022) Highest Priced Sale of 2023: 3323 Poinciana Ave. Closed on 10/19/2023 @ $18,000,000 (LAND SALE) Lowest Priced Sale of 2023: 4145 Bonita Ave. Closed on 04/10/2023 @ $1,120,000 ($1,258.43) 2023 vs. 2022 CENTER Coconut Grove Sales by the Numbers: Total Number of Sales: 157 in 2023 | 201 in 2022 (289 in 2021) Average List Price: $1,546,931 in 2023 | $1,209,295 in 2022 ($1,239,859 in 2021) Median List Price: $1,079,500 in 2023 | $850,000 in 2022 ($729,000 in 2021) Average Sales Price: (+25.9%) $1,477,797 in 2023 | $1,173,432 in 2022 ($1,184,823 in 2021) Median Sales Price: (+28.6%) $1,050,000 in 2023 | $816,563 in 2022 ($700,000 in 2021) Average Sales Price Per SQ/FT: (+18.2%) $884.52 in 2023 | $748.28 in 2022 ($614.85 in 2021) Median Sales Price Per SQ/FT: (+21.8%) $767.86 in 2023 | $630.58 in 2022 ($499.68 in 2021) Days on Market: 49 Average | 20 Median in 2023 (48 Average | 18 Median in 2022) Highest Priced Sale of 2023: Two Park Grove #UPH-A Closed on 07/13/2023 @ $17,500,000 ($2,526.35 per sq/ft) Lowest Priced Sale of 2023: 3245 Virginia St. #18 Closed on 06/26/2023 @ $255,000 ($496.11 per sq/ft) 2023 vs. 2022 WEST Coconut Grove Sales by the Numbers: Total Number of Sales: 49 in 2023 | 75 in 2022 (119 in 2021) Average List Price: $2,160,277 in 2023 | $1,630,657 in 2022 ($1,384,312 in 2021) Median List Price: $1,499,000 in 2023 | $1,237,562 in 2022 ($1,200,000 in 2021) Average Sales Price: (+30.1%) $2,049,373 in 2023 | $1,575,181 in 2022 ($1,329,108 in 2021) Median Sales Price: (+12.2%) $1,375,000 in 2023 | $1,225,000 in 2022 ($1,140,000 in 2021) Average Sales Price Per SQ/FT: (+6.6%) $784.52 in 2023 | $736.28 in 2022 ($540.77 in 2021) Median Sales Price Per SQ/FT: (-0.4%) $684.37 in 2023 | $686.81 in 2022 ($494.14 in 2021) Days on Market: 58 Average | 40 Median in 2023 (50 Average | 31 Median in 2022) Highest Priced Sale of 2023: 3258 Bird Ave. Closed on 06/30/2023 @ $16,000,000 (BULK SALE – 8 TOWNHOMES) Lowest Priced Sale of 2023: 3741 Thomas Ave. Closed on 10/30/2023 @ $575,000 ($735.29 per sq/ft) If you, or someone you know, would like to purchase or sell real estate in Coconut Grove, please contact me, Michael Light, Founder/Owner of the Light Group at Douglas Elliman Real Estate. I am a resident of Coconut Grove and have direct knowledge of the Coconut Grove real estate market. You may reach me directly at my CocoWalk office at 786-566-1700 or via email at michael@miamiluxuryhomes.com. Looking for past Coconut Grove market statistic articles? Here they are: 2022 Coconut Grove Market Report 2021 Coconut Grove Market Report 2020 Coconut Grove Market Report 2019 Coconut Grove Market Report 2018 Coconut Grove Market Report 2017 Coconut Grove Market Report 2016 Coconut Grove Market Report 2015 Coconut Grove Market Report 2014 Coconut Grove Market Report Disclaimer: The statistics referenced herein were retrieved from the Multiple Listing Service (MLS) on February 28, 2024. Any closed sales not listed in the MLS are not included in the statistics referenced herein. The MLS search criteria used was 33133 zip code + map outline + city not equal to “Coral Gables.” The statistics separated into North, South, Center and West Grove were separated according to the map shown above and may not be accurate. In addition, the information contained herein is for informative purposes only and should not be relied upon.
The 2024 Douglas Elliman | Knight Frank Wealth Report Is Here – Tides Are Changing In Miami Posted on March 6, 2024March 8, 2024 by Sarah Elles Boggs The Douglas Elliman | Knight Frank Wealth Report is here again for the 18th year, and there is some very special news about the Miami luxury and ultra-luxury market. In the 2024 report, we see that Miami has hit an unmistakable inflection point. Change is upon us and there is no going back. So where are we headed? To browse the 2024 Douglas Elliman | Knight Frank Wealth Report in its entirety, you may click here for a free copy to download immediately. Out With The Old – Miami Has Changed It used to be that mentions of Miami Beach conjured up thoughts of Cocaine Cowboys and wild Spring Breakers. This is no longer the case. The Cocaine Cowboys days are now just a Netflix novelty and w hile the Spring Breakers are still interested in Miami, the sentiment is not shared. This shift has been in the works for years, with locals calling for a stop to the unhinged lawlessness. After a particularly wild season in 2023, Miami Beach introduced strict new guidelines for peak weekends in order to quell the interest. There was even a cute PSA that was released, letting Spring Breakers know that we are breaking up with them. The PSA and hefty guidelines seem to have been effective. According to Google Trends, Miami was the #1 searched city for Spring Break destinations in most of the United States, yet the season has been extremely peaceful this year. You can see on this live walking tour of the beach today, the sand is clean and everybody is relaxing. Now that we have made our point about having outgrown our past, we can embrace the future of Miami and Miami Beach. Luxury Competition The Miami Beach luxury real estate market has been on an upward trajectory for a few year (since COVID to be exact), but we are now entering into uncharted territory. Even billionaires now struggle to get a slice of the South Florida waterfront, according to the Wealth Report. Developers have been working tirelessly to keep up with the demand for sophisticated boutique developments in prime locations. While Miami Beach and Miami have long been havens for vacation properties, one of the main differences we are seeing is that buyers are searching for full-time residences. The world has learned that Jeff Bezos saved $600 million for relocating his home base to Indian Creek Island in Miami Beach. This is not an uncommon phenomenan. Kenneth Griffin relocated both his personal and professional headquarters to Mainland Miami, bringing thousands of hungry financiers with him. The Wealth Report indicates that driver’s license changes are up 78% in the first 9 months of 2023, an indicator of the volume of new Miamians we are gaining. Rendering of the Ritz Carlton/Sagamore South Beach Growing Pains The unprecedented growth of the Magic City has not come without pain. The single family market has cooled as buyers began to pull back from the demands of sellers, although growth was still pronounced. Our local infrastructure is also hustling to keep up with the demands. We brushed on this yesterday for 305 Day, speaking about the increased competition for a limited number of private school spots. In the meantime, UHNW parents are bringing their New York A-game in order to win a coveted spot for their students. Another growing pain is one that we cannot get around. Miami has only so much land, and what we do have is largely built-out. The only solution is vertical construction. This lack of supply will protect current pricing and force it to continue upward in the coming years. Future-Focused Strategy Because we are still early in the migration cycle, it is incredibly possible to reserve a property in the preconstruction phase and sell it once the development comes to fruition. Multiple investors have undertaken this strategy, whether they could not decide which project is a better fit or if they were strictly looking at the transaction for the upside potential in a trophy asset, and it pays. Griffin’s Citadel has not even completed the build-out of their temporary office space in the Brickell Financial District and we are still waiting for the first renderings of their permanent headquarters on Brickell Bay Drive. We like to use Citadel as an example as they are the largest and most public example of the financial migration, but there are dozens of similar companies that are coming along with them. Considering we have already experienced the growth that is well-documented in the Douglas Elliman | Knight Frank Wealth Report, this inflection point is a permanent trajectory toward a higher level of luxury and wealth in Miami. The Perigon Miami Beach Penthouse West Kitchen | Image Courtesy of MAST Capital To browse the 2024 Douglas Elliman | Knight Frank Wealth Report in its entirety, you may click here for a free copy to download immediately. If you, or someone you know, are interested in purchasing luxury real estate in Miami and/or Miami Beach, please contact Broker Michael Light, Founder/Owner of the Miami Luxury Homes Group at Douglas Elliman Real Estate, Global Ambassador for Knight Frank, Executive Director of Luxury Sales at Douglas Elliman and a member of its elite Sports & Entertainment Division. Michael has over 15 years of experience working with influential buyers from all over the world and is an expert on educating buyers on market statistics and trends. You may reach Michael directly on his cell phone at (786) 566-1700 or via email at michael@miamiluxuryhomes.com.
For 305 Day, Let’s Discuss Miami Truth And Miami Hype Posted on March 5, 2024March 7, 2024 by Sarah Elles Boggs Today is 305 Day. Miami’s official hype day. For those who are new to The 305, this is the unofficial Miami Day named after our signature area code. Miami actually became The 305 back in 1947 along with the rest of Florida, but over the years it became a Miami thing as population grew. Those were the days. As Miamians, we love finding reasons to celebrate, even if we are celebrating an area code. As proof, there are endless ways to celebrate 305 Day. Budget-friendly travelers can purchase flights from Miami International for $30.50. Axios Miami embraces things we love about our city (and things that annoy us too). If you do not find a 305 Cafecito at 3:05 on 3/05, I really don’t know what to tell you. Your loyalty to the city will be in question. We are our own best hype men (and women). Kenneth Griffin’s Gift One of the newer Miami hype men in town, Citadel’s Kenneth Griffin, made a very generous $50 million gift to the University of Miami. The funds will go toward research and cancer treatments for Sylvester Comprehensive Cancer Center and the gift is among the 10 largest health-related philanthropic gifts over the last decade in Florida, according to UM. During the 305 Day ceremony Griffin said, “I was born in Florida, I will die in Florida. This will be my home. I will do everything I can to help make this truly one of the greatest cities in the world.” He also expressed pride in having a 305 phone number and politely declined the offer to be named Mr. 305. Miami-Dade County Mayor Daniella Levine Cava bestowed the honor to him, however he stated that Puerto Rican rapper Pitbull will always be Mr. 305. Ken Griffin Miami How Is Miami Really Doing? The fanfare for 305 Day is indeed fun, but there have been some very real concerns voiced recently when the topic of the Magic City is brought up. Is there truth behind our hype, with regard to our luxury real estate market? Let’s have a look at the truth behind the comments from some of our critics. Miami Is Overpriced. This comment has been around since the beginning of time, but the fact of the matter is very simple. The market determines the price. Developers do not determine pricing from thin air. The properties are priced at the amount they will sell for. Since our market is thriving, inventory is being absorbed quickly, that is a clear indicator that the inventory is priced correctly. Granted, there are some listings that lag on the market. These are the listings that are either priced incorrectly or they need a specific type of buyer (i.e. a buyer who is willing to take the time and effort to renovate). Turnkey properties that are well priced are being absorbed incredibly quickly. Miami is Not Affordable. I will not argue with some folks who have been around Miami for many years that prices have increased substantially. There was a time not so long ago where it was unheard of to charge $500/square foot in Brickell. According to the 2024 Douglas Elliman | Knight Frank Wealth Report, which is released tomorrow, the average price in Miami is currently over $1,500 per square foot. Prices rose 6.5% in the last year alone, with no sign of retreat and no matter what happens with interest rates. While this is a steep jump, it is also a realistic one. Both the neighborhoods and the real estate products that are offered today are far more elevated compared to what was offered 15 years ago. Once COVID cleared and people were no longer tied geographically to particular areas, a mass migration began and has not stopped. Miami simply offers the climate, culture, financial climate, and lifestyle to attract the global elite. Despite the increases, Miami is still far more affordable than leading global cities. Miami is in a bubble. I can see where skeptics would claim that we are in a bubble, except that this rapid and dramatic growth is sustainable. The Citadel effect is market-changing from an evolutionary standpoint. Their company motto is Citadel – Identifying the Highest and Best Uses of Capital. Their move was highly calculated and they are laying deep roots in the community. Citadel founder Ken Griffin even said as stated above, “I was born in Florida, I will die in Florida. This will be my home. I will do everything I can to help make this truly one of the greatest cities in the world.” Those are not the words of a company chief who is relocating just for a tax break, only to relocate again when the political climate changes. Their temporary office space is not even complete and the entire tri-county area is waiting for renderings of their new $1B waterfront headquarters that will soon be built at 1201 Brickell Bay Drive in the Financial District. Citadel is here to stay along with their ancillary companies and all of the brilliant minds that keep that machine going. The only aspect of the new market that is showing signs of strain is the infrastructure Miami is working with at the moment. We were not equipped for such an influx of luxury buyers. Private schools are at capacity for instance, creating a highly competitive arena and causing some moves to be delayed. This is getting rectified as quickly as possible, but it is a small growing pain that we are experiencing. Miami has an oversupply of new luxury condo developments. I do agree that there is a lot of product to choose from, and it can be overwhelming to the untrained eye. There are so many beautiful projects with exclusive amenities, but to those of us who live and breathe Miami condos, there are distinct differences. We can help you to sort through the projects to identify the view you have in mind as well as the layout and amenity mix that fits your expection. While there is a lot of supply, that does not mean oversupply. The projects are selling quickly and people are migrating from all over. The city is still very affordable compared to other elite cities and so remains very much in demand. With the finance and tech sectors booming, we will continue to see our population increase. Rendering of Bentley Residences Dezervator Sunny Isles Miami | Image Courtesy of Dezer Properties Gil Dezer, the developer behind super-luxury towers in Sunny Isles Beach, addresses these issues specifically with The Real Deal. Even Californians are relocating to Miami. Dezer is behind such towers as Porsche Design Tower, Bentley Residences Sunny Isles and Armani/Casa. Bentley Residences broke ground last week. It is currently over 50% sold with prices starting in the $5 million range. He expects delivery in 2027. Truth or Hype? Miamians love hype. We love to hype our city. 305 till we die! While you will never be at a loss for hype in Miami, this time there is a mountain of truth behind the hype. Happy 305 Day! Dale! If you, or someone you know, would like to purchase or sell real estate in Miami or Miami Beach, please contact me, Michael Light, Founder/Owner of the Light Group at Douglas Elliman Real Estate. I am a resident of Coconut Grove and have direct knowledge of the local real estate market including insider/unreleased tips. You may reach me directly at my CocoWalk office at 305-350-9842, on my cell phone at 786-566-1700 or via email at michael@miamiluxuryhomes.com.
Douglas Elliman’s Q4 2023 Miami Mainland, Coral Gables & Miami Beach Market Reports Posted on January 27, 2024 by Michael Light Douglas Elliman has released the 4th quarter 2023 Elliman Reports for Miami Coastal Mainland, Coral Gables and Miami Beach & Barrier Islands. Produced in conjunction with Miller Samuel to provide you with the most comprehensive and objective market insight available, the Douglas Elliman Reports are recognized as the industry standard for providing the state of the residential real estate market, which includes an extensive suite of tools to help readers objectively identify and measure market trends, provide historical context to current information and provide comprehensive analysis of the results. Download Douglas Elliman’s Q4 2023 Market Reports: Douglas Elliman’s Q4 2023 Miami Coastal Mainland Market Report Douglas Elliman’s Q4 2023 Coral Gables Market Report Douglas Elliman’s Q4 2023 Miami Beach & Barrier Islands Market Report Miami Coastal Mainland Q4 2023 Sales Overall Highlights “Price trend indicators pressed higher across the market.” +10% Median Sales Price – Median sales price remained at a record high for the 3rd time. -9% Closed Sales – Sales declined annually for the 7th straight quarter. +9.1% Total Inventory – Listing inventory rose year over year for the 5th time in 6 quarters. Aventura All price trend indicators showed mixed year-over-year results. Listing inventory increased annually for the 5th time. Brickell Median sales price increased year over year. Listing inventory increased annually for the 2nd time. Coconut Grove Condo price trend indicators surged annually. Condo listing inventory increased annually for the 1st time in 3 quarters. Single family price trend indicators showed mixed annual results. Single family listing inventory increased annually for the 2nd time in 3 quarters. Downtown Miami Condo price trend indicators increased annually. Condo listing inventory increased annually for the 5th time. Single family price trend indicators reached record highs. Single family listing inventory declined annually for the 3rd time. Palmetto Bay Price trend indicators increased annually. Listing inventory declined annually for the 3rd time. Pinecrest Price trend indicators showed mixed annual results. Listing inventory declined annually for the 2nd time. South Miami Price trend indicators surged year over year. Listing inventory declined annually for the 3rd time. DOWNLOAD: Douglas Elliman’s Q4 2023 Miami Coastal Mainland Market Report Highlights *Please note that Miami Coastal Mainland includes Aventura, Brickell, Coconut Grove, Downtown Miami, Palmetto Bay, Pinecrest and South Miami. Coral Gables Q4 2023 Sales Overall Highlights “Listing inventory expanded across most submarkets but remained sharply below pre-pandemic levels.” Coral Gables Single Family Year Over Year +26.6% Median Sales Price +1.6% Closed Sales -18.1% Total Inventory +3 Days of Marketing Time Single family listing inventory fell annually for the 2nd time in 6 quarters. Coral Gables Condos Year Over Year +12% Median Sales Price +12.2% Closed Sales +73.3% Total Inventory -3 Days of Marketing Time Condo median sales rose for the 2nd time in 3 quarters. DOWNLOAD: Douglas Elliman’s Q4 2023 Coral Gables Market Report Highlights *Please note that this only includes the City of Coral Gables. Miami Beach & Barrier Islands Q4 2023 Sales Overall Highlights “While listing inventory increased, it remains far below pre-pandemic levels.” +13% Median Sales Price – All price trend indicators increased collectively year over year for the 2nd time. +3 Months of Supply -12.5% Closed Sales – Sales declined annually for the 7th straight quarter +12.6% Total Inventory – Listing inventory rose year over year for the 5th consecutive quarter. +15 Days of Marketing Time 6.7% Discount Off List Price Sunny Isles Beach Median sales price increased year over year for the 5th time. Listing inventory rose annually for the 5th straight quarter. Bal Harbour Median sales price increased year over year for the 6th time in 7 quarters. Listing inventory rose annually for the 4th straight quarter. Bay Harbor Islands All price trend indicators surged year over year. Listing inventory rose annually for the 5th straight quarter. Surfside Condo sales increased year over year for the 1st time in 5 quarters. Condo listing inventory rose year over year for the 5th straight quarter. Single family median sales price increased year over year for the 1st time in 3 quarters. Single family listing inventory was unchanged year over year. North Bay Village Median sales price increased year over year for the 1st time in 3 quarters. Listing inventory declined annually for the 1st time in 5 quarters. Miami Beach Islands Median sales price increased year over year for the 5th time. Listing inventory rose annually for the 5th straight quarter. North Beach Median sales price increased year over year for the 4th time. Listing inventory rose annually for the 4th straight quarter. Mid-Beach Median sales price increased year over year for the 4th time. Listing inventory rose annually for the 4th straight quarter. South Beach Median sales price increased year over year for the 2nd time. Listing inventory rose annually for the 3rd time in 4 quarters. Key Biscayne Condo sales increased year over year for the 1st time in 8 quarters. Condo listing inventory increased annually for the 1st time in 8 quarters. Single family price trend indicators increased year over year. Single family sales stabilized annually for the 1st time in 9 quarters. Fisher Island Price trend indicators declined year over year. Listing inventory expanded year over year for the 2nd time. DOWNLOAD: Douglas Elliman’s Q4 2023 Miami Beach & Barrier Islands Market Report Highlights *Please note that Miami Beach & Barrier Islands includes Bal Harbour, Bay Harbor Islands, Fisher Island, Key Biscayne, Miami Beach Islands, Mid-Beach, North Bay Village, North Beach, South Beach, Sunny Isles Beach and Surfside. If you, or someone you know, are interested in purchasing and/or selling real estate in Miami, Coral Gables or Miami Beach or simply would like to learn more about the real estate market in South Florida, please contact Michael Light, Broker Associate and Executive Director of Luxury Sales at Douglas Elliman Real Estate as well as Founder/Owner of The Light Group. You may reach Michael directly at his office at (305) 350-9842, on his cell at (786) 566-1700 or via email at michael@miamiluxuryhomes.com. If you are interested in the Delray Beach, Palm Beach, Naples, Sarasota, Tampa and/or St. Augustine market reports, CLICK HERE.
Douglas Elliman Q3 2023 Market Reports – Sales Shrink Slightly, Yet Prices Continue Upward Posted on November 7, 2023 by Sarah Elles Boggs While the market in the third quarter of 2023 has slowed a bit, prices continue to rise, according to the Douglas Elliman Market Reports that are compiled quarterly by consulting group Miller Samuel. Some of this change is to be expected, as the end of the summer (the third quarter) is historically the slowest time of year for Miami real estate. The kids are starting back to school, we are still in the midst of the balmy ending of hurricane season and high season doesn’t start until the temperatures begin to drop in early October. Other aspects of the change are specific to the post-pandemic market conditions. We are still seeing low inventory due to the droves of northerners flocking to the sunshine state in effort to hide from cold temperatures and high taxes. Additionally, mortgage rates are still quite high, which slows things down a bit. The Fed’s pause on rate increases has helped to garner additional traffic in the marketplace from those who are looking to leverage their purchases, but we do not expect to see any decreases to the interest rates for at least a few more quarters. Despite these rates, the demand and lack of inventory continues to push prices northward. Douglas Elliman Market Report Miami Costal Mainland Single Family Sales 2023 Q3 In the single family home market, inventory decreased 17% to 1,839 listings by the end of the third quarter, with sales also falling 5% to 1,600 closings. The average sale price held relatively steady at $786,443, which is up slightly from $749,347 from the third quarter of 2022. With just 4.5 months’ of supply, we are still firmly in a seller’s market even though inventory is up just a titch. Douglas Elliman Market Report Miami Costal Mainland Condo Q3 2023 Condominium resales also took a dip. The sales volume fell 16% to 1,861 transactions at a median price of $440,000. The median price from this time last year was $408,250 which represents an 8% difference. With an increased marketing time of 65 days on market, we are currently sitting with 5.4 months of supply. This is closer to a balanced market and undoubtedly if you factor in the developer inventory, we would be in a balanced market. These figures are representative of the macro area along the Coastal Mainland Miami, which includes everything from the Upper Eastside all the way down to Pinecrest including Edgewater, the Design District, Midtown Miami, Downtown Miami, Brickell, the Miami River area, Coconut Grove, Coral Gables, Key Biscayne and Pinecrest/South Miami. If you would like to see the individual matrixes for your area, you may find it in the full market report below. Download the Q3 2023 Douglas Elliman Market Report in its entirety here. Something important to make note of with the market reports is that they measure only those deals that are entered into the MLS (Multiple Listing Service). This excludes off-market transactions and most developer sales as developers rarely keep up-to-date listings of their inventory in the MLS. If you need or want to move in the Miami area, or if you are searching for a real estate investment, please contact Michael Light, Broker and Executive Director of Luxury Sales at Douglas Elliman, to discuss pre-qualification requirements. You may reach Michael directly at (786) 566-1700 or via email at michael@miamiluxuryhomes.com. Image Credit: The Elser Hotel Downtown Miami
Florida’s Real Estate Market Surpasses New York, Becoming The Second Most Valuable Market In The US Posted on September 29, 2023 by Sarah Elles Boggs The mass exodus from New York to Florida is showing in newly-released market reports conducted by Zillow. Florida has now surpassed New York to take the second place spot of Most Valuable Residential Real Estate Markets in the United States, trailing only behind California. Florida’s uptick in value has been credited with the population surge that began after the pandemic in 2021. New residents flocked in from metro areas including New York and Chicago. We have also seen a migration of new residents from the Connecticut area as savvy residents escape mounting taxes and search for a warmer climate. In order to offer housing for the new Floridians, the construction industry has been full-steam ahead with new condo towers being announced nearly every week. The value of Florida’s residential real estate now tops $3.62 Trillion in December 2022, ahead of New York’s $3.32 Trillion. In December of 2021, Florida’s real estate was valued at $3.01 Trillion and the number is continually growing. A Jump In Value While most of this value comes from the Miami market, eight of the top ten fastest growing metro areas in the United States were in Florida. The boom is statewide. Miami/Fort Lauderdale’s market value grew from $942 Billion in 2021, to $1.2 Trillion in December of 2022, a 23% increase year over year. Lakeland had the largest percentage of increase in the United States with a 25.3% growth. Their values came in at $82 Billion in December 2022. Top 10 States For Value In Residential Real Estate Markets | Image Credit: Zillow Declining States While California still holds the title of the most valuable real estate market with $9.52 Trillion in property values, they are also quickly losing momentum. Obviously, there is a long way to go for Florida to catch up. The California market is valued at close to the Florida, New York and Texas markets combined. With this being said, California’s recent policies that are not friendly to luxury real estate holdings and investors are scaring many of these purchasers out of the state. Even the Hollywood elite is relocating to places like Miami, Austin and Memphis. What’s To Come While it is predicted that home price appreciation is set to stagnate over the next year, this is on a national scale and is a response from the market to the rising interest rates and inflation. It is not predicted that Miami’s real estate market will stagnate as we are still experiencing “The Citadel Effect,” an influx of new executive-level residents from Chicago that are in the process of relocating to the Magic City. Ken Griffin’s move to Coconut Grove and subsequent commercial purchases in Brickell have also led to a contagion of tech firms and other financial institutions following suit. As construction has not even begun on Citadel’s new headquarters at 1201 Brickell Bay Drive, The Citadel Effect is anticipated to positively affect Miami’s real estate market for some time in the future, particularly in the Brickell/Downtown Miami/Coconut Grove areas. Top 10 Metro Areas For Percentage Of Growth In Residential Real Estate Values | Image Credit: Zillow If you need or want to move in the Miami area, or if you are searching for a real estate investment, please contact Michael Light, Broker and Executive Director of Luxury Sales at Douglas Elliman, to discuss pre-qualification requirements. You may reach Michael directly at (786) 566-1700 or via email at michael@miamiluxuryhomes.com. Image Credit: InterMiami CF
Which Views Are The Best In Miami? A Case For Choosing A West-Facing View Posted on September 7, 2023 by Sarah Elles Boggs It is no secret that the availability of inventory of Miami’s real estate market is very low thanks to the Citadel Migration and migration from New York, and it is very natural for clients to automatically request an ocean view when they begin their home search. But what about the West-facing view? Is it also not beautiful? Here are my thoughts about why the West-facing view could even be superior to the ocean view when shopping for Miami condos. The Night View This is something that I always bring up to people. Naturally, the first thing that people ask for when moving to Miami is an ocean view. But what you don’t realize is the ocean view isn’t really all that interesting at night. On the West side of the tower, there are glittering lights and pedestrians and all sorts of things to observe. The Sunsets Miami offers some incredibly colorful and breathtaking sunsets. Watching the sun go down and all of the colors that are offered from your terrace in the evening is incredibly spectacular. And after the sun has set, you revert back to the glittering lights of the night view. If you are on Miami Beach you will see the Biscayne Bay, so there is still a water view with the lights of the Downtown Miami skyline in the background. If you are on mainland Miami in the Downtown or Brickell area, or even Coconut Grove, it is possible that you could see all the way to the Everglades. Watching the late flights arrive and depart from Miami International Airport is also interesting. Sunlight The morning sun is noticeably stronger than the afternoon sun. It is brighter and creates a glare on television screens and computer screens if you are working from home. Blackout shades are a must. There can also be a case made for those of us who maybe hold odd hours. A night owl is not going to want the sun beating down on them first thing in the morning. Maybe night owls prefer a calmer light at the end of the day. The Terrace I touched on this a bit before, but the terrace is so pleasant at the end of the day. The temperatures are cooler, there is plenty to observe and talk about and on Miami Beach, the streets with bay views tend to be more calm and secluded from tourists. Which One To Choose? Naturally every person has their own preferences regarding what they look at from their terrace, how much light comes in and how they like to live. A happy medium would be to find a building that offers north or south views. In this case, you will receive more sunlight on the south side of the building and softer light on the north side. Of course facing toward the ocean is a very marketable feature, but there is also something to be said for looking at the Biscayne Bay or the vibrant neighborhood that you choose. If you are interested in a new home or real estate investment, please contact Michael Light, Broker and Executive Director of Luxury Sales at Douglas Elliman. You may reach Michael directly at (786) 566-1700 or via email at michael@miamiluxuryhomes.com.