The aggregate median price per square foot of condominiums built after 2004 (resale data only) was $387 in March of 2016, exactly as it was in March of 2015 for the area including: Brickell, Downtown, Omni, Edgewater & Midtown (See Map Below). While the re-sale market seems to be holding in price, we are however seeing a decrease in quantity of sales. March of 2015 had a total of 115 condo sales while March of 2016 had 89 sales; A 23% drop in quantity of closings. See the chart at Gridics.com.
At a macro level it seems that the condo market in Miami CBD areas peaked in July of 2015 with a median price per square foot of $485 (Full Chart Here). This number surpasses the previous high point of $470 per square foot in December of 2006 (Although adjusted for inflation/CPI the pricing in 2006 was higher than today’s with $470 in 2006 being equal to $554 today). Looking at these macro trends in the booming (and now not-so-booming) areas of Miami show that the alleged “downturn” in the real estate market is not yet quite as severe as many will have you think.
In the Design District, Craig Robins, head of Dacra Development, which is redeveloping blocks and blocks of the neighborhood into a luxury outdoor pedestrian mall, is king. Joint venture partners RedSky Capital and JZ Capital Partners, however, have been snapping up buildings bigtime in the western half of the Design District, about a block away from Robins’s developments, over the last year, ammassing an arsenal worth $233 million.
Continue reading “Design District Mega-Landowners Who Aren’t Named Craig Robins Scoop Up Another $128 Million in Properties”
Akerman, the largest law firm in Florida, is taking possession of the top seven floors, or 80 percent, of the twelve story Three Brickell City Centre at 98 SW 7th Street, which has just received its temporary certificate of occupancy. This officially makes Three Brickell City Centre the first completed section of the Brickell City Centre megaproject.
Continue reading “First Part of Brickell City Centre is Finished, and Florida’s Largest Law Firm is Moving In”
Some Miami gallerists and even artists are bucking the traditional pattern of art district gentrification, where artists and galleries find big, cheap places to rent, move in, jazz up a neighborhood, then move out when their rent is inevitably increased beyond affordability. These people are now buying their next spaces. Three of Miami’s leading galleries, Emerson Dorsch, Gallery Diet, and &gallery purchased spaces along one street, NW 2nd Avenue in Little River/Little Haiti, and are transforming that drag into a new and permanent arts neighborhood.
Continue reading “Sick of Rising Rents, Gentrification, Some Miami Art Galleries Are Buying Their Own Spaces”