1 Hotel & Homes Reports Strong First Half of 2017 With $23 Million in Sales

July 14, 2017

1 Hotel & Homes is reporting a strong first half of 2017 with over $23 million in sales. While many projects have had to readjust their pricing, South Beach has seen some strong closings including a 3 bedroom unit in the Setai which recently closed for $5.5 million and a 3 bedroom penthouse at W South Beach which recently closed for $10.2 million. Notable sales from 1 Hotel & Homes over the period include the closing of Penthouse 1717, a 4 bedroom, 3.5 bathroom residence spread over 3,278 SF of interior living space and 1,907 SF of outdoor space. The unit closed for $6.975 million just five days after hitting the market. Additionally, Penthouse 1706, a 2,552 SF, 3 bedroom and 3.5 bathroom penthouse closed for $5.45 million in June; as well as Penthouse 1604, a 1,907 SF, 3 bedroom and 3.5 bathroom penthouse, which sold for $3.4 million.

1 Hotel & Homes is located on 600' of pristine beachfront and an entire city block of Collins Avenue. 1 Hotel & Homes South Beach features 155 private residences atop a 425-key luxury resort. 1 Hotel & Homes South Beach is a unique, eco-friendly, LEED-Certified oceanfront property inspired by nature and crafted from sustainable materials. Residences feature interior design by award-winning Brazilian architect Debora Aguiar, and the penthouses at 1 Homes feature top-of-the-line Artefacto furnishings. The interiors boast custom Italkraft kitchens with imported Italian silver travertine, white quartz countertops, Wolf appliances, Dornbracht faucets and trash, composting and recycling bins. Owners at 1 Hotel & Homes South Beach can enjoy an array of 5-star amenities including 4 oceanfront swimming pools, private residence entrance staffed with 24-hour concierge services and valet parking, beach club, a Tesla house car service; pre-arrival kitchen and pantry stocking with a local, organic option; in-home natural care botanical service and eco-conscious housekeeping and linen service, access to three restaurants and bars from award-winning chef Tom Colicchio, including Beachcraft, and a rooftop pool and restaurant-bar with panoramic views of the Atlantic Ocean and Miami skyline. Remaining inventory ranges in size from 1,694 square feet to 4,207 square feet and is priced from $3.8 million with exclusive sales and marketing by Douglas Elliman Development Marketing.

“Discerning buyers from across the globe continue to be attracted to the eco-conscious healthy lifestyle one can only find here,” said Richard LeFrak, LeFrak Chairman & CEO. “1 Hotel & Homes combines stunning fully-designed, turn-key residences with five-star resort amenities that include the Bamford Haybarn Spa, the Spartan gym, exquisite dining, aqua-blue beaches and the most beautiful panoramic views of the city and the Atlantic Ocean. 1 Hotel & Homes rewards the discriminating buyer.”

Tour the Newly Unveiled Penthouse 1612 of 1 Hotel & Homes Designed by Artefacto

Colombia Tops Foreign Investment List as Miami Sees Surge of New Interest Amongst Brazilian Buyers

July 8, 2017

2017 has seen a surge of new interest amongst Brazilian buyers after they pulled back in 2015 and 2016, while also seen continued strength from Colombian buyers. Miami has long been a common home for South American flight capital, as wealthy South Americans seek to move their assets out of their countries due to crime and political instability. Colombia has seen an increase in flight capital and Miami has seen a spike in interest from their wealthy buyers over the past several years as their government formally ratified a peace deal with FARC, a guerrilla activist group, after it was rejected by voters (On June 27, 2017, FARC officially demilitarized and handed over their weaponry to the UN). Brazilians have seen a volatile economy, crime and political turmoil effect their country. Unfortunately these same political factors, along with a strengthening Brazilian Real against the dollar put a slowdown on Brazilian buyers in Miami over the past 2 years (2015, '16). Now amid further uncertainty, many wealthy Brazilians have once again set their sites on moving their assets to the United States via Miami.

According to the MIAMI Association of REALTORS, Colombia leads all foreign countries in searches for Miami real estate, followed by Venezuela and Brazil. Colombia and Venezuela remained unchanged year over year as Brazil moved up from 5th, passing the United Kingdom and Argentina. According to Mansions Global, Turnberry Ocean Club is reporting that 21% of their international buyers have been Brazilian and One Thousand Museum is reporting that over 20% of their pre-construction buyers are Brazilian. Three Hundred Collins has seen 25% of their current pre-construction sales go under contract to Brazilian buyers and the building is over 80% sold.

“As Miami evolved from a tourist city to a global metropolis, we’ve seen more diversified foreign home buyers search and buy properties here. It’s no longer just South America. It is home buyers in India, China, Turkey, France and other countries who want to live the Miami lifestyle,” said Christopher Zoller, 2017 MIAMI Chairman of the Board.

Top 10 Countries Visiting Miamire.com in March 2017:

Colombia
Venezuela
Brazil
Argentina
India
Canada
Philippines
Dominican Republic
France
Spain

Miami is Second-Fastest Growing Major City in America in 2016

June 4, 2017

According to Census data, Miami was the second-fastest growing major U.S. city in 2016. Miami's population grew 2.9% from July 1, 2015 to July 1, 2016. The city added 12,715 people which led to population growth to 453,579 from 440,864. Since 2010 Miami's population has grown 13.5%. Seattle was the country's fastest growing city at 3.1%. The Miami Metropolitan area has an estimated 5,400 people moving into South Florida per month. Miami is the 4th most densely populated major city following New York, San Francisco and Boston.

5446 North Bay Road, Miami Beach. Listed for $29 Million by Brett Harris of Douglas Elliman.

Douglas Elliman Releases Q1 2017 Market Reports, Shows Continued Strong Growth Across South Florida

April 24, 2017

Douglas Elliman has released their Q1 2017 South Florida Market Reports for Miami Mainland, Miami Beach, Boca Raton, Fort Lauderdale, Palm Beach, Wellington, Delray, and Jupiter/Palm Beach Gardens. The data was compiled in partnership with Miller Samuel, who is a leading independent appraisal firm. Reports reflect price and sales trends along with current market conditions and emerging market trends. The data through Q1 2017 reflects the continued strong growth of South Florida real estate as it continues to be a destination from flight capital from both northern states and International buyers.

MIAMI BEACH/BARRIER ISLANDS HIGHLIGHTS

Key Trend Metrics (compared to same year ago period)
OVERALL MARKET
- Median sales price slipped 5.8% to $385,000
- Average sales price jumped 10.4% to $999,241
- Number of sales rose 0.6% to 815
- Days on market was 143, up from 97
- Listing discount was 12.1%, up from 8.8%
- Listing inventory increased 6.4% to 6,166

LUXURY CONDO
- Median sales price increased 14.2% to $3,025,000
- Days on market was 207, up from 119
- Listing discount was 13.1%, up from 10.1%
- Listing inventory increased 11.8% to 1,188 units
- Entry threshold began at $1,600,000

LUXURY SINGLE FAMILY
- Median sales price surged 56.5% to $11,425,000
- Days on market was 261, down from 352
- Listing discount was 20.4%, up from 12.8%
- Listing inventory fell 14.5% to 165 units
- Entry threshold began at $6,250,000

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MIAMI COASTAL MAINLAND HIGHLIGHTS

Key Trend Metrics (compared to same year ago period)
OVERALL MARKET
- Median sales price increased 12.5% to $292,500
- Average sales price rose 0.3% to $405,266
- Number of sales fell 2.7% to 3,487
- Days on market was 81 up from 76
- Listing discount was 5.6%, unchanged
- Listing inventory fell 19.9% to 10,186 units

LUXURY CONDO
- Median sales price fell 27.5% to $785,000
- Days on market was 154 days, up from 110
- Listing discount was 7.8%, down from 8.4%
- Listing inventory slipped 8% to 2,535
- Entry threshold began at $520,000

LUXURY SINGLE FAMILY
- Median sales price declined 12.8% to $1,200,000
- Days on market was 138 days up from 113
- Listing discount was 7.7%, up from 7%
- Listing inventory declined 15.9% to 924 units
- Entry threshold began at $825,000

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FORT LAUDERDALE HIGHLIGHTS

Key Trend Metrics (compared to same year ago period)
LUXURY CONDO
- Median sales price increased 5.1% to $1,112,500
- Days on market was 48, up from 45
- Listing discount was 6.8%, down from 4.3%
- Listing inventory increased 6.2% to 344
- Entry threshold began at $785,000

LUXURY SINGLE FAMILY
- Median sales price increased 13.3% to $1,950,000
- Days on market was 189, up from 150
- Listing discount was 11.2%, down from 13.6%
- Listing inventory increased 3.8% to 359 units
- Entry threshold began at $1,200,000

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BOCA RATON HIGHLIGHTS

Key Trend Metrics (compared to same year ago period)
LUXURY CONDO
- Median sales price slipped 3.7% to $780,000
- Days on market was 73 days, up from 101 days
- Listing discount was 7.3%, down from 7.5%
- Listing inventory increased 27.6% to 305
- Entry threshold began at $485,000

LUXURY SINGLE FAMILY
- Median sales price jumped 18.4% to $2,365,000
- Days on market was 162 days, down from 165
- Listing discount was 9.5%, up from 15%
- Listing inventory jumped 39.2% to 565
- Entry threshold began at $1,272,500

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DELRAY BEACH HIGHLIGHTS

Key Trend Metrics (compared to same year ago period)
LUXURY SINGLE FAMILY
- Median sales price declined 12% to $1,399,000
- Days on market was 100, down from 136
- Listing discount was 7%, down from 13.5%
- Entry threshold began at $1,125,000

LUXURY CONDO
- Median sales price jumped 19.6% to $580,000
- Days on market was 103, up from 78
- Listing discount was 5.1%, down from 5.7%
- Entry threshold began at $400,000

Grand Opening of the Douglas Elliman Delray Beach Office

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WELLINGTON HIGHLIGHTS

Key Trend Metrics (compared to same year ago period)
LUXURY SINGLE FAMILY
- Median sales price declined 33.3% to $1,000,000
- Days on market was 146, down from 160
- Listing discount was 15.5%, up from 12.2%
- Listing inventory increased 13.4% to 271
- Entry threshold began at $625,000

LUXURY CONDO
- Median sales price declined 28.1% to $345,000
- Days on market was 132, up from 99
- Listing discount was 5.5%, down from 6.1%
- Listing inventory declined 22% to 46
- Entry threshold began at $330,000

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PALM BEACH HIGHLIGHTS

Key Trend Metrics (compared to same year ago period)
LUXURY CONDO AND SINGLE FAMILY
- Median sales price dropped 29.1% to $7,475,000
- Days on market was 239, up from 74
- Listing discount was 13.2%, up from 14.4%
- Listing inventory surged 38.7% to 86
- Entry threshold began at $5,400,000

Hammock House at 3503 Banyan Circle, Coconut Grove Listed for $5.95 Million with Michael Light and Rafael Montejo of Douglas Elliman.

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JUPITER / PALM BEACH GARDENS HIGHLIGHTS

Key Trend Metrics (compared to same year ago period)
JUPITER SINGLE FAMILY
- Median sales price declined 5.9% to $447,000
- Days on market was 73, up from 74
- Listing discount was 5.1%, up from 6.1%
- Listing inventory increased 4.2% to 499

JUPITER CONDO
- Median sales price increased 17.7% to $282,500
- Days on market was 210, up from 201
- Listing discount was 5%, down from 5.7%
- Listing inventory increased 81.7% to 318

PALM BEACH GARDENS SINGLE FAMILY
- Median sales price increased 16% to $479,000
- Days on market was 91, up from 79
- Listing discount was 6.6%, up from 6.4%

PALM BEACH GARDENS CONDO
- Median sales price increased 4.3% to $220,000
- Days on market was 59, down from 60
- Listing discount was 5%, down from 5.3%

About Douglas Elliman:

Douglas Elliman was established in 1911 and has grown to become the largest regional and the nation's fourth largest real estate company. Douglas Elliman has a current network of more than 6,000 agents in over 80 offices throughout Manhattan, Brooklyn, Queens, Long Island (including the Hamptons and North Fork), Westchester and Putnam Counties, as well as South Florida, California, Connecticut, Colorado and New Jersey. In addition, through a strategic partnership with Knight Frank Residential, Douglas Elliman's powerful network extends to 488 offices in 59 countries. Read our PROFILE Exclusive Interview with Douglas Elliman CEO, Florida Brokerage Jay Parker.