“South Florida by the numbers” is a web feature that catalogs the most notable, quirky and surprising real estate statistics.
In the first month of 2015, my Realtor said to me…
As we gear up for this week’s blowout South Florida by the Numbers holiday office party, we pause to reflect on another fascinating year in Miami and South Florida real estate. For this year-in-review, we’ll look back at the most critical and impactful number from each month’s collection of statistics — and even provide a few updates! The past twelve months have been a bit of a roller coaster ride, as general unbridled optimism has given way to cautious “brake pumping” among the area’s top developers and analysts — just in time for the Fed’s first rate hike in nearly a decade. If the past is any indication of the future, let’s toast to 2016 and gain some much-needed perspective with this “2015 Look Back” edition of South Florida By The Numbers.
January – Year Ahead:
6,400: Estimated number of new condominium units (east of I-95) expected to be completed in South Florida over the next twelve months. This represents a fivefold increase in the number of completed units delivered since the current cycle began in 2011. (5,400 of these units will be completed in Miami alone in 2015.) [Miami Herald]
Update:
8: Percentage of new condo units announced for this cycle that have been completed, as the market enters its fifth year of this cycle. As analyst Peter Zalewski reports, “…the possibility is growing that some of the announced new condo projects in the South Florida pipeline might not actually get built during this cycle.” [Miami Herald]
February — Focus on South Beach
$50 Million: Price for four-floor penthouse at the Continuum South Beach 2, one of several new Miami Beach penthouses at or around that remarkable price point. While the Ian Bruce Eichner-owned apartment was built in 2002, its price tag reflects an optional $5 million restoration by noted Miami interior designer Steven G. [Forbes]
March — Focus on Little Havana
140: Acreage of an East Little Havana area which was recently approved for “upzoning”, with the intent of encouraging redevelopment. The approval has drawn media attention due to the significantly increased property values which would result from the new zoning, and the politically-connected owners who would benefit. [WLRN]
April — Focus on Miami’s Health District
$1.9 billion: According to Andrew Hellinger, CEO of the River Landing Development (considered to be the catalyst for development in the Health District), this figure represents the employment payroll within a one-mile radius of the project. The 8.14-acre center will total 2 million square feet, provide 426,000 square feet of retail and restaurant space, 475 market-rate apartments, and a linear waterfront park on the Miami River. [Globe Street]
May — Focus on Miami’s Megalistings
$75 Million: Little is known about this Star Island estate, listed by Daniel Bortunk of Wide Bay Luxury. Its description is quite sparse compared to its competitors, and it has not generated much news coverage. It is, however, the most expensive current listing in Miami, according to Realtor.com. [Realtor.com]
Update:
$67 million: The Star Island estate has been taken off the market, and Miami’s most expensive current listing on Realtor.com is 1 Casuarina Concourse, the estate owned by Miami auto magnate Alan Potamkin. [Realtor.com]
June — Focus on Miami Fathers:
$2 Million: Net worth of Jeb Bush in 1998, when he was elected Governor of Florida. As Mr. Bush attempts to follow in his father’s (and brother’s) footsteps by announcing his candidacy for the 2016 presidential election, some of the Miami resident’s past business dealings have come under scrutiny. [New York Times]
Update:
$4.5 billion: According to Forbes, current “real time” net worth of Donald Trump, the front runner for the Republican Party’s presidential nomination — a spot many assumed would belong to Gov. Bush. [Forbes]
July — Focus on Miami Social Media:
58: Percent of Master Brokers Forum members who use Facebook for business in 2015 — an increase of 33 percent over the previous six years. In addition, 49 percent of Master Brokers find social media “somewhat useful” as a sales and marketing tool, and another 11 percent find it “very useful.” [The Real Deal]
August — Focus on Miami Brazil real estate connection:
1: Brazil’s ranking among foreign countries searching for South Florida real estate online, according to the Miami Association of Realtors. Over the past 18 months, Brazil has dominated these rankings for all but three months. [TheRealDeal]
September — Focus on Sunny Isles Beach:
45,000: Number of square feet at Villa Acqualina, an amenities complex to be available at the Estates at Acqualina; the third phase of Eddie and Jules Trump’s luxury condo project. It will include a spa and fitness center, restaurant, and the “Circus Maximus” section, featuring an ice skating rink, bowling lanes, movie theater, and “Wall Street Trader’s Club” room, where residents will have access to ticker tape, computers and a board room. [SFBJ]
October — Focus on China-Miami Connection:
45,000: Estimated number of Asians currently living in Miami, according to the latest U.S. Census data. However, the director of Miami-Dade’s Asian-American Advisory Board believes the actual number is between 200,000 to 250,000, with Chinese-Americans being one of the largest groups. While the Chinese and Asian populations are growing dramatically, and Miami offers promise of becoming a Latin American hub for Chinese investors, skeptics point out the need for more infrastructure, such as a Chinese consulate and bank. [Miami Today]
November — Focus on Traffic and Transportation:
7 and 12: Miami’s ranking on two U.S. indexes for worst traffic congestion. Unfortunately, our city has one of the least-developed mass transit systems among the world’s major metropolitan areas. [Business Insider]
This column is produced by the Master Brokers Forum, a network of South Florida’s elite real estate professionals where membership is by invitation only and based on outstanding production, as well as ethical and professional behavior.