Who`s Buying South Florida Real Estate?

Who`s Buying South Florida Real Estate?

Who’s Buying
South Florida
Real Estate?
Copyright 2015 Miami Association of Realtors
Also …
Market Update (Wednesday)
New International Reports
4 Record-­‐Breaking Years Highest Number of Sales: 2011 – 2012 – 2013 Another record year for single family – 2014 2nd highest year ever for total sales (only .03% from record) _______________
Prices are sFll at 2004 Levels May 2015 Sales Prices Single Family Median $282,000 +12.8% Condos $207,250 +11.1% % Increase over 1 year ago Condominium Sale Prices 47 Months of increases Single-­‐Family Sale Prices 41 Months of increases Prices s(ll equal to 11 years ago -­‐ 2004 Sales Prices
Peak 2007
$380,000 for SF
$272,000 for Condos
Bottom 2011
------------May 2015
$282,000 SF
$207,250 Condos
= 2004 Prices
$245,000 Single Family
$189,000 Condos
Active
Listing
Inventory
43,000 in August 2008
18,141 in May 2015
SF = 5.1 Months of
Inventory
Condos = 9.1 months
MIAMI Real Estate Market is Strong …
% of List Price
(LP)
Single Family 95% LP
Condos
94.1% LP
Days on Market
(DOM)
47 DOM
57 DOM
Cash Sales
National
24% Cash Sales
Miami
Apx. 49.5% Cash Sales
Miami has double
the % of cash sales
33.2% Single Family
63.9% Condos
_____________
New Construction 90%
Traditional Sales Increasing
Over Distressed Sales
Miami-Dade
U.S.
May 2015
May 2015
75% Traditional
25% Distressed
90% Traditional
10% Distressed
6.3% Short Sales
18.8% Foreclosures
Peter Zalewski & Cranespotters.com
215 towers with 31,530 units have been announced since 2011
in Miami-Dade East of I-95 –
• 
• 
• 
Selling now: 103 projects with 119 towers/17,199 units
71 percent of units already sold
The mean price per square foot: $949
($952 last month)
International
Data
126 Global
Partnerships
Worldwide
New
International
Report
Just
Released
By NAR
10%
Less
Sales
____
13%
More
Dollar
Volume
5 Countries = 51%
Of Int’l Purchases
1.  China
2.  Canada
3.  Mexico
4.  India
5.  U. K.
4 States = 50% Of all Int’l Sales Florida 21% California 16% Texas 8% Arizona 5% Florida 21%
California 16%
Texas 8%
Arizona 5%
Florida 21%
California 16%
Texas 8%
Arizona 5%
China
1. China
2. Canada
3. Mexico
4. India
5. U. K.
2014 Survey of International Home Purchases
Conducted by NAR Research for MIAMI Association of REALTORS®
Teresa King Kinney, Chief Executive Officer
Lynda Fernandez, SVP Public Relations and International
Released
April 2015
Lawrence Yun, Senior Vice President, NAR
Jed Smith, Managing Director, Quantitative Research, NAR
Gay Cororaton, Economist, NAR
Data Gathered September/October 2014
68 Percent of International Buyers Came from Latin America
Origin of International Buyers in Miami-Dade-Broward
9%
3%
Latin America/Carribean
11%
North America(Canada)
Asia
3%
Western Europe
6%
Other
68%
Eastern/Central Europe
Top Tier Countries of International Buyers in Miami-Dade-Broward
18%
16%
14%
12%
10%
8%
6%
4%
2%
0%
Venezuela
Argentina
Brazil
Colombia
Canada
France
Mexico
Italy
Ecuador
Peru
2011
15%
11%
11%
8%
10%
5%
5%
4%
3%
3%
2012
15%
13%
12%
8%
9%
4%
4%
3%
3%
3%
2013
14%
11%
11%
8%
8%
5%
4%
4%
2%
3%
2014
16%
12%
11%
8%
7%
5%
4%
3%
3%
3%
Argentina
2
Brazil
3
Colombia
4
Canada
5
France
6
Mexico
7
Ecuador
8
Peru
Venezuela
1
Italy
Second Tier Countries of International Buyers in Miami-Dade-Broward
4%
4%
3%
3%
2%
2%
1%
1%
0%
Spain
Dominican Republic
Chile
Russia
China, People's
Republic
United Kingdom
Germany
Nicaragua
Costa Rica
India
Honduras
Panama
2011
4%
3%
2%
2%
1%
3%
2%
1%
1%
1%
2%
1%
2012
3%
3%
2%
2%
1%
1%
2%
1%
0%
1%
1%
0%
2013
3%
3%
2%
3%
2%
2%
2%
1%
1%
1%
1%
1%
2014
3%
2%
2%
2%
2%
2%
2%
1%
1%
1%
1%
1%
Tied: DR – Chile – Russia – China – UK – Germany
Tied: Nicaragua – Costa Rica – India – Honduras - Panama
2015
YTD
Source:
SEFMLS
Region of Origin of Top International Customers
Latin America/Carribean
80%
72%
North America(Canada)
Asia
Western Europe
Miami-Dade
Other
Eastern/Central Europe
Broward
70%
60%
56%
50%
40%
30%
20%
20%
10%
13%
2%
3%
13%
7%
4%
5%
6%
1%
0%
Miami-Dade
72% Latin America 13% Western Europe
Broward
56% Latin America
20% Western Europe 13% Canada
Our International Customers: Significant Number of High-End Buyers
Purchase Price of the Properties Purchased by Typical International Client
from Miami-Dade-Broward REALTORS® 2014 Survey
25%
20%
20%
21%
28% over $500,000
15%
15%
12%
12%
9%
10%
7%
5%
$1,000,001 or
more
$750,001 to
$1,000,000
$500,001 to
$750,000
$400,001 to
$500,000
$300,001 to
$400,000
$200,001 to
$300,000
$100,001 to
$200,000
0%
$100,000 or less
5%
Average Purchase Price of MIAMI Top International Buyers
$444,052
Mean Purchase Price of International Customers Purchasing in Miami-Dade-Broward
$600,000
$494,531
$500,000
$420,000
$400,000
$444,052
$424,000
$378,214
$371,930
$310,484
$300,000
$200,000
$100,000
$Argentina
Brazil
Canada
Colombia
France
Venezuela
All
Share of All Cash Sales of Top International Buyers
81% Compared to 31% Nationally
Percent of International Sales in Miami-Dade-Broward That are All-Cash, By Major Buyer
100%
90%
96%
88%
80%
84%
84%
81%
77%
70%
65%
60%
50%
40%
30%
20%
10%
0%
Argentina
Brazil
Canada
Colombia
France
Venezuela
All
72 Percent of International Customers Purchased Condos, and Townhomes
2014
Single Family
T.H.
Condos
C/I
2013
2012
2011
2010
0%
Detached single-family
Townhouse/row house
Condo/apt
Time-share
Commercial Property
Other
10%
2010
22%
10%
62%
0%
6%
20%
30%
2011
16%
9%
71%
0%
5%
40%
50%
2012
20%
12%
64%
0%
5%
60%
70%
2013
23%
9%
64%
0%
4%
80%
90%
2014
22%
7%
65%
0%
4%
3%
100%
Most Important Reason Influencing A Purchase in Miami-Dade-Broward
Most Important Factor Influencing International Customer's Decision to Purchase Real Estate in Miami-Dade-Broward, FL
100%
6%
5%
5%
3%
3%
31%
31%
90%
20%
80%
29%
34%
Other, please specify.
70%
60%
20%
35%
50%
34%
40%
38%
36%
a desirable location (for vacation,
visits, etc.)
a profitable investment (income gr.)
30%
20%
45%
40%
10%
27%
28%
31%
2012
2013
2014
a secure investment (safety
reasons)
0%
2010
2011
"Other" includes responses related to conditions in origin coutry and education in U.S. universities.
"Other" includes responses related to conditions in origin country and pursuit of education in U.S. universities.
72 Percent of REALTORS*® have 1 to 5 International Customers
13 Percent Have More than 10 Customers
Average Number of International Customers of Miami-Dade-Broward REALTORS®
Number of International Customers of
Miami-Dade-Broward REALTORS®
(Percent Distribution)
1 to 5
100%
90%
80%
6 to 10
6%
3%
5%
11 to 15
5%
3%
4%
16 to 20
6%
3%
7%
5%
3%
5%
22%
70%
6
16%
18%
20%
More than 20
6
60%
50%
40%
30%
66%
71%
5
5
72%
62%
20%
10%
0%
2011
2012
2013
* Among those who had an international client
2014
2011
2012
2013
2014
Our Market/Professionals are More International …
74 Percent of MIAMI Realtors Speak Language Other Than English
and 63 Percent Were Born Outside the U.S.
Are You Fluent In A Language Other Than English?
Were You Born in the U.S.?
No
25%
Yes
37%
Yes
75%
No
63%
Quick
Int’l
Facts
Beacon
Council
2015
Who’s looking at
Miami properties…
Indicators of Future/
PotenFal Business Where are Global Buyers Searching in the US? Top 10 U.S. CiFes Searched by InternaFonal Consumers: 1. Los Angeles, CA 2. New York, NY 3. Miami, FL 4. Orlando, FL 5. Las Vegas, NV 6. Fort Lauderdale, FL 7. San Francisco, CA 8. Houston, TX 9. San Diego, CA 10. Chicago, IL Stats from Realtor.com April 2015
3 of 10 are Florida! Where are Global Buyers Searching in the US? 14 of 20 Realtor.com Posted monthly On Realtor.org April 2015 1. Canada: Los Angeles, Las Vegas, Fort Lauderdale, Miami, Orlando 2. United Kingdom: Los Angeles, Miami, New York, Orlando, Kissimmee 3. Australia: New York, Los Angeles, Las Vegas, San Francisco, Beverly Hills 4. Germany: Los Angeles, New York, San Antonio, Miami, Colorado Springs 5. Brazil: Orlando, Miami, New York, Los Angeles, Fort Lauderdale 6. Mexico: San Diego, San Antonio, El Paso, Miami, Laredo 7. France: Miami, Los Angeles, New York, Miami Beach, San Francisco 8. India: New York, Los Angeles, San Jose, Dallas, Chicago 9. Italy: New York, Miami Beach, Miami, Los Angeles, Fort Lauderdale 10. Japan: San Diego, Honolulu, Los Angeles, Las Vegas, Jacksonville 11. Russian FederaFon: Los Angeles, New York, Miami, San Francisco, Orlando 12. Switzerland: Miami, New York, Los Angeles, Miami Beach, Naples 13. Netherlands: Los Angeles, New York, Miami, Las Vegas, Houston 14. South Korea: Los Angeles, New York, Las Vegas, Irvine, AusFn 15. Spain: Miami, New York, Los Angeles, Boca Raton, Orlando 16. Sweden: Los Angeles, New York, Jupiter (FL), Miami, Fort Lauderdale 17. Philippines: Los Angeles, Las Vegas, New York, Orlando, Houston 18. South Africa: New York, Los Angeles, Caroline (VA), Miami, San Francisco 19. Ireland: Los Angeles, New York, Orlando, San Francisco, San Diego 20. Finland: New York, Parkland (FL), Los Angeles, Miami, Lake Worth (FL) Who’s Looking at our Properties?
Top 10 Visitors by Country
on Miamire.com
April 2015
1. 
2. 
3. 
4. 
5. 
6. 
7. 
8. 
9. 
10. 
Brazil
Colombia
Canada
Venezuela
Argentina
India
France
Puerto Rico
Philippines
Ecuador
Which International Markets
are Writing About Miami Real Estate
Top countries covering the MIAMI Market
through our Association’s News Releases
According to PR Web – April 2015
1.  China
2.  U.K.
3.  Brazil
4.  New Zealand
5.  Canada
6.  Guam
7.  Italy
8.  India
9.  Argentina & Spain
Top 10 Visitors by STATE on Miamire.com January 2015
1.  California 2.  Texas 3.  Georgia 4.  New York 5.  Illinois 6.  Michigan 7.  Tennessee 8.  Pennsylvania 9.  North Carolina 10.  Louisiana Who is WriFng about the Miami Real Estate Market … 1.  Florida 2.  Connecticut
3.  California
4.  New York
5.  Texas
6.  Illinois
7.  Nebraska/New Hampshire
8.  Louisiana
9.  Georgia
SFMarketIntel.com
MIAMI Association
Site for Market Data
New York and
Miami …
are the Top U.S.
Global Cities
… In 10 years?
2025 Projection
for UHNWI …
Most Important
Cities in the World
1. NY
Non-stop Flights
Key to Tourism, Business
And Real Estate
141 Non-stop
Destinations
Miami International Airport
CANADA (2)
Montreal (Dorval) (YUL)
AA,AC
Toronto (YYZ)
AA,AC,WS
SOUTH AMERICA (30)
Asuncion, Paraguay (ASU)
Barcelona, Venezuela (BLA)
Barranquilla, Colombia (BAQ)
Belem, Brazil (BEL)
Belo Horizonte, Brazil (CNF)
Bogota, Colombia (BOG)
Brasilia, Brazil (BSB)
Buenos Aires, Argentina (EZE)
Cali, Colombia (CLO)
Caracas, Venezuela (CCS)
Cartagena, Colombia (CTG)
Curitiba, Brazil (CWB)
Fortaleza, Brazil (FOR)
Georgetown, Guyana (GEO)
Guayaquil, Ecuador (GYE)
AA
9V
AV
JJ
AA,JJ
AA,AV,4C
AA,JJ
4M,AA,AR
AA,AV
AA,LA,S3
AV
AA
JJ
PY
AA
La Paz, Bolivia (LPB)
Lima, Peru (LIM)
Manaus, Brazil (MAO)
Maracaibo, Venezuela (MAR)
Medellin, Colombia (MDE)
Montevideo, Uruguay (MVD)
Paramaribo, Surinam (PBM)
Quito, Ecuador (UIO)
Recife, Brazil (REC)
Rio de Janeiro, Brazil (GIG)
Salvador, Brazil (SSA)
Santa Cruz, Bolivia (VVI)
Santiago, Chile (SCL)
Sao Paulo, Brazil (GRU)
Sao Paulo, Brazil (VCP)
AA
AA,AV,LA*
AA,G3,JJ
AA
AA,AV
AA
PY
AA,XL
AA
AA,JJ
AA
OB
AA,LA
AA,JJ
AA,G3
SERVES 149 CITIES NON-STOP
FIRST QUARTER 2015
CENTRAL AMERICA (10)
Belize City, Belize (BZE)
Guatemala City, Guatemala (GUA)
Liberia, Costa Rica (LIR)
Managua, Nicaragua (MGA)
Panama City, Panama (PTY)
AA
AA,AV
AA
AA,TA
AA,CM,OB
Roatan, Honduras (RTB)
San Jose, Costa Rica (SJO)
San Pedro Sula, Honduras (SAP)
San Salvador, El Salvador (SAL)
Tegucigalpa, Honduras (TGU)
AA
AA
AA,AV
AA,AV
AA
MEXICO (4)
Cancun (CUN)
Cozumel (CZM)
4O,AA
AA
Merida (MID)
Mexico City (MEX)
AM
4O,AA,AM
CARIBBEAN & BAHAMAS (32)
Antigua, West Indies (ANU)
Aruba, Neth. Antilles (AUA)
Barbados, West Indies (BGI)
Bermuda (BDA)
Cap Haitien, Haiti (CAP)
Cayman Brac, West Indies (CYB)
Curacao, Neth. Antilles (CUR)
Fort de France, Martinique (FDF)
Freeport, Bahamas (FPO)
George Town, Bahamas (GGT)
Grand Cayman, West Indies (GCM)
Grenada, Windward Islands (GND)
Kingston, Jamaica (KIN)
La Romana, Dom. Republic (LRM)
Marsh Harbour, Bahamas (MHH)
Montego Bay, Jamaica (MBJ)
AA
8I,AA,PY
AA
AA
AA,II
KX
7I,AA
AA
AA
AA
AA,KX
AA
AA
AA
AA
AA
Nassau (Int'l) Bahamas (NAS)
North Eleuthera, Bahamas (ELH)
Pointe a Pitre, Guadeloupe (PTP)
Port Au Prince, Haiti (PAP)
Port of Spain, Trinidad & Tobago (POS)
Providenciales, Turks & Caicos (PLS)
Puerto Plata, Dom. Republic (POP)
Punta Cana, Dom. Republic (PUJ)
San Juan, Puerto Rico (SJU)
Santiago, Dom. Republic (STI)
Santo Domingo, Dom. Republic (SDQ)
St. Croix, Virgin Islands (STX)
St. Kitts, Leeward Islands (SKB)
St. Lucia, West Indies (UVF)
St. Maarten, Netherlands Antilles (SXM)
St. Thomas, Virgin Islands (STT)
AA,UP
AA
AA
AA,AF
AA,BW
AA
AA
4M,AA, LA
AA
AA
AA,G3
AA
AA
AA
AA
AA
EUROPE/MIDDLE EAST (18)
Amsterdam, Netherlands (AMS)
Barcelona, Spain (BCN)
Berlin, Germany (TXL)
Brussels, Belgium (BRU)
Doha, Qatar (DOH)
Dusseldorf, Germany (DUS)
Frankfurt, Germany (FRA)
Helsinki, Finland (HEL)
Lisbon, Portugal (LIS)
OR
AA
AB
TB
QR
AB
LH
AY
TP
London (Heathrow) (LHR)
Madrid, Spain (MAD)
Milan, Italy (MXP)
Moscow (Domodedevo), Russia (DME)
Moscow (Sheremetyevo), Russia (SVO)
Munich, Germany (MUC)
Paris (Charles de Gaulle) (CDG)
Rome, Italy (FCO)
Zurich, Switzerland (ZRH)
New: Thomas Cook Airlines announced direct service
linking Miami and Manchester, England, starting in May
AA,BA,VS
AA,IB,UX
AA
UN
SU
LH
AA,AF
AZ
LX
MIA TOP MARKETS & TOTAL PASSENGERS YEAR 2013
DOMESTIC
New York, New York
Atlanta, Georgia
Dallas/Ft. Worth, Texas
Los Angeles, California
Washington, DC
Chicago, Illinois
Orlando, Florida
San Juan, Puerto Rico
Boston, Massachusetts
Charlotte, North Carolina
Houston, Texas
Philadelphia, Pennsylvania
Tampa, Florida
Las Vegas, Nevada
San Francisco, California
Detroit, Michigan
St. Thomas, U.S. Virgin Islands
New Orleans, Louisiana
Raleigh / Durham, North Carolina
Baltimore, Maryland
Denver, Colorado
Minneapolis, Minnesota
St. Louis, Missouri
Jacksonville, Florida
Key West, Florida
INTERNATIONAL
3,139,328
1,491,606
1,103,819
1,069,126
1,051,076
1,039,223
978,909
784,305
755,185
753,566
688,220
560,323
499,111
396,255
376,696
329,888
324,724
294,563
264,177
250,562
220,079
219,064
194,164
157,126
141,857
Brazil
Colombia
Mexico
Venezuela
Dominican Republic
United Kingdom
Canada
Argentina
Peru
Panama
Cuba
Ecuador
Germany
The Bahamas
Spain
Jamaica
Haiti
Costa Rica
Chile
France
Trinidad and Tobago
Nicaragua
Cayman Islands
Honduras
Curacao
1,963,718
1,258,184
1,249,545
1,080,738
1,049,061
974,569
840,020
764,569
688,334
678,181
672,123
592,096
579,959
566,422
562,155
551,642
510,866
496,054
411,848
402,538
342,924
339,942
335,148
324,229
319,187
126 Global
Partnerships
Worldwide
Posted at
MiamiRE.com/Market
Teresa King Kinney, CEO
[email protected]
305-468-7010
Lynda Fernandez, SVP
[email protected]
305-468-7040