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Home My WebLink AboutSubmittal-Presentation-Cervera Real EstateNew Development Projects Rele-sed in the City of Miami Released in 2011 & 2012 and Significantly Sold Out Proposed Proposed Name of Project (#Tower/s) Address Area Floors Units Percentage Sold Brickell House (One Tower) 1300 Brickell Bay Drive Brickell 46 374 95% MyBrickell (One Tower) 30 SE 6th Street Brickell 28 192 100% 23 Biscayne Tower (One Tower) 601 NE 23rd Street Downtown Miami 18 96 100% Millecento (One Tower) 1100 South Miami Avenue Brickell 42 382 100% ICON Bay (One Tower) 450 NE 28 Street Downtown Miami 43 300 97% Combined, the five buildings are 98% sold -out. / 3 - oo.2(, - , T/cz. / - Cer- ve i-- Rea I t S-tQte Submitted into the public record in connection with item DI.3 on 03-14-13 Todd B. Hannon City Clerk CERVERA REAL ESTATE•1969 Pricing for New Development Projects Under Construction Project sales prices for BrickellHouse, ICON Bay, MyBrickell 23 Biscayne Bay and Millecento have steadily increased 8-17% since the initial sales launch. All three projects were launched in the third and fourth quarters of 2011 and the first quarter of 2012. All currently under construction with the exception of 23 Biscayne Bay which is completed and occupied, BrickellHouse MyBrickell 14 ICON Bay 1100 Milllecento Price Per Square Foot at Sales Launch vs. Current Price Per Square Foot $600 $500 $400 $300 $200 $100 $o $515 $450 $477 $389 BrickellHouse $350 $290 $260$290 $530 $450 ICON Bay MyBrickell 23 Biscayne Millecento Bay Price at Sales Launch Current Sales Prices trevelopment Increase Since oject _Launch BrickellHouse 14% ICON Bay 8% MyBrickell 17% 23 Biscayne Bay 1 2% Millecento 1 8% Submitted into the public record in connection with item DI.3 on 03-14-13 Todd B. Hannon City Clerk 23 Biscayne Bay CERVERA REAL ESTATE•1969 New Development Projects Release Schedule in the City of Miami New Development Project Summary arse Date # of Projects Units 2012 4 2013 4 812 1,058 Pending Release 4 2,174 Planning Stage 8 Total 20 Released in 2012 • 1100 Millecento • Grove at Grand Bay • Habitat at II • ICON Bay Released in 2013 • SLS Brickell • 1080 Brickell Avenue • 1000 Biscayne • Parc at Brickell 3,486 7,180 Pending Release • 1010 Brickell Avenue • Brickell Citicentre • Panorama Tower Centro Planning Stage • Coconut Grove Bank site • Palm Court • Villa Magna • 1400 Biscayne Bouleved • One Bayfront Plaza • Resorts World Miami • Six Midtown Miami • Three Midtown Miami Submitted into the public record in connection with item DI.3 on 03-14-13 Todd B. Hannon City Clerk CERVERA REAL ESTATC•1969 New Development Project Financing Tiered Deposit Structures Finance the Majority of Hard Construction Costs The majority of buyers purchasing pre -construction condominium units are doing so through a tiered deposit structure. In this structure, buyers are required to put down 50-80% in deposits which are used for hard construction costs. • Buyers pay deposits during different phases of the construction process, commonly during: initial reservation, at contract, groundbreaking, at unit floor and building top -off. The balance is paid at closing. • International buyers, specifically Central and South Americans who make up a very significant percentage of buyers, are accustomed to this deposit structure. As a result, the model has been widely accepted. At inception developers were requesting up to 80% deposits, currently developers are generally requesting 50% deposits. Construction Loans are Slowly, but Surely Returning to Our Marketplace In February 2013 the Wall Street Journal reported that the first time since the real estate crash, financing has come through for a major construction loan for a Miami condominium project. • A group of lenders led by a Birmingham, Ala. -based corporation called Regions Financial will lend $160 million to the developers of the Mansions at Acqualina. • Millecento in Brickell received a $25 million dollar construction loan from Regions Financial. • Other projects are currently in the process of obtaining construction loans, several outside of the City of Miami. • This indicates a favorable outlook for the Miami real estate market as lenders are showing confidence in the stability of our marketplace. Submitted into the public record in connection with item DI.3 on 03-14-13 Todd B. Hannon City Clerk ir CERVERP REAL ESTATE•1969 Existing Condos Built After 2000 Average Closed Price Per Square Foot $499 $494 $491 $493 $493 $493 469 $339 $366 $389 $315 $289 $314 $333 $296 $271.; .5 $304 $255 274 $247 $250 $239,_. $224 $244 $23 $230 $245 $246 $248 $248 $254 8 $220 $226 $242 $228223 Downtown Miami Brickell 2006 2006 2006 2006 2007 2007 2007 2007 2008 2008 2008 2008 2009 2009 2009 2009 2010 2010 2010 2010 2011 2011 2011 2011 2012 2012 2012 2012 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 From the bottom of the market in the second quarter of 2009 to the fourth quarter in 2012, prices increased $171 psf in Brickell and $115 psf in Downtown Miami. Submitted into the public record in connection with item DI.3 on 03-14-13 Todd B. Hannon City Clerk CERVERA REAL ESTATE•1969 A Closer Look at Existing Condos Sales Average PSF 2011 vs. 2012 $271 $255 $246 $248 2011 Q1 2011 Q2 $2 $314 $315 Downtown Miami Brickell 2011 Q3 2011 Q4 $339 2012 Q1 2012 Q2 Submarket 2011 Average PSF 2012 Average PSF Increase in Price PSF Year Over Year Brickell $282 $352 25% Downtown Miami $249 $389 $366 $333 04 2012 Q3 2012 Q4 $301 21%'- Submitted into the public i, record in connection with C E RVE R A item DI.3 on 03-14-13 REAL ESTATE•1969 Todd B. Hannon City Clerk Resale, Non -Developer Inventory for the City of Miami Condominiums in the City of Miami Status .GIs of Units Active (Current) 2,989 Pending Sale (Current) 1,578 Closed Sales 2011 5,457 Closed Sales 2012 5,694 Closed Sales 2013 (through 3/12/13) 841 Single Family Homes in the City of Miami Status # of Units 4111111111Mi Active (Current) 902 Pending Sale (Current) 793 Closed Sales 2011 2,040 Closed Sales 2012 2,144 Closed Sales 2013 (through 3/12/13) 341 CITY OF MIAMI COMMISSION DISTRICTS & ZIP CODES Honorable Mayor Tomas Regalado • Citywide Gemn11•1.111.1141•011Cannimslarnifil Hanle Mao -Mhp.al Submitted into the public record in connection with item DI.3 on 03-14-13 Todd B. Hannon City Clerk CERVERA REAL ESTATE•1969