miami dade county real estate study 2016

Transcription

MIAMI DADE COUNTY
REAL ESTATE STUDY 2016
Firm Background
BENDIXEN & AMANDI INTERNATIONAL - MIAMI RESIDENTIAL REAL ESTATE STUDY 2016
Firm Background
Bendixen & Amandi International (B&A) is a full-service public opinion research and
communications consulting firm headquartered in Miami, Florida. There are few firms
with the depth of experience B&A brings to the table with regard to issues surrounding
topical issues and current affairs in Florida and none with greater expertise in Miami
Dade County.
B&A’s research capabilities include conducting executive interviews, traditional landline
telephone polling, cell phone polling, exit polling, focus groups, door-to-door
interviewing, multilingual research in more than 30 languages as well as economic impact
studies. Though renowned for our opinion research work, above all B&A seeks to
understand the social currents that are changing societies and countries and to help all
types of organizations and individuals master emerging issues and implement innovative
strategies. The company specializes in analyzing changes in today's diverse socio-political
and economic environments and offers all of its client’s comprehensive qualitative and
quantitative research analysis that helps them achieve their specific goals.
3
Project Description
A survey of the Miami Real Estate market from the
perspective of the top industry professionals.
Project overview

Miami’s real estate market has historically been a significant driver of the
local economy whose impact cannot be understated. This project was conceived as a
deep dive into the ‘State of Real Estate’ from the perspective of real estate
professionals throughout Miami Dade county.

Our approach was to capture the perspective of 100 of the Top Brokers/Agents and
industry experts in Miami Dade County to gain their insights into the county-wide
market. The interviews were anonymous, providing a forum through which industry
professionals could speak freely and candidly about what they were seeing both
positive and negative.

The Miami Herald is the traditional community conversation starter and as such we
believed was the natural partner for this type of project. The results of the
survey research will be the focus of a feature story in the June 6th publication of
Business Monday.
5
Methodology
Sample
Dates of Interviews
100 in-depth, executive
interviews with ‘industry
leaders’ in the Miami Dade
County Residential Real
Estate Market
March 16 – May 5, 2016
Language of Interviews English
6
Real Estate Industry Insiders
Lourdes Alatriste
Thomas Bartelmo
Tere Bernace
Sarkis Anac
Anthony Askowitz
Sonia Blair
Mauricio Barba
Eduardo Blanco
Jim Brinker
Andre Brown
Jill Casuso
Alicia Cervera
7
Eleonora De Palma
John Dohm
Ines Flax
Patricia Delinois
Aaron Drucker
Marco Fonseca
Doug DeWitt
Neil Fairman
Robert Fournier
Eddie Diaz
Michael Fink
Pedro Garcia
8
Mayor
Oliver Gilbert
Nelson Gonzalez
Carlos Gutierrez
Robert Given
Anthony “Tony” Graziano
Rex Hamilton
Claudia Gonzalez
Vanessa Grout
William Hardin
Ginnette Gonzalez
Jorge Guerra
Gary Hennes
9
Hillary Hertzberg
Jill Hertzberg
Aaron Hollub
Neisen Kasdin
Nick Inamdar
Ezra Katz
James Hoffman
Avra Jain
Commissioner
Patricia Keon
Jerome Hollo
Kobi Karp
Carolina Lara
10
Irma Larancuente
Jack McCabe
Lourdes Maestres
Liza Mendez
Daniel Lebensohn
Patricia Mellerson
Jack Lowell
Denise Madan
Fernando Martinez
Finlay Matheson
Jonathan Miller
Miriam Mizrahi
11
Allen Morris
Luis Padilla
Don Pingaro
Nitin Motwani
Jay Parker
Monica Posada
Michael Neal
Roman Pavlik
Dora Puig
Steve Owens
Daniela Pellicciotti
Ivan Ramirez
12
Michele Redlich
Melissa Rubin
Ryan Shear
Alyce Robertson
Gloria Salom
Joshua Shemtov
Jaime V. Rodriguez
Marc Sarnoff
Nicole Shiman
Marc Schmulian
Masoud Shojaee
Madeleine Romanello
13
Ron Shuffield
Michael Smith
Evelina
Tsigelnitskaya
Yuliya Sidorevskaya
Riley Smith
Rafael Velasquez
Michelle Silva
Jay Steinman
Walid Wahab
Craig Studnicky
Jack Winston
Jeannett Slesnick
14
Louis Wolfson III
Bill Worrall
Peter Zalewski
Bernard Zyscovich
AnthonyWilliams
ProjectCoordinator
15
Current State
of the
Miami Dade
Real Estate Market
Thinking about your area of specialization, what is your opinion of the
current market inventory in terms of quantity?
16%
19%
26%
14%
High
Inventory
9%
55%
58%
Low
Inventory
Stable
Inventory
DK/NA
17
16%
High inventory
Stable
Low inventory
Don’t know/No answer
2015
2016
55%
58%
16%
26%
3%
19%
14%
9%
18
Representative Quotes
• “There is a lot of inventory.” Male, Construction (Midtown, Doral)
•
“Ample quantity of condos and upper quality homes, but the market is lacking affordable housing.”
Male, Architect, (Miami Beach, Downtown)
• “There has been a 20-30% increase of quantity in the last year.” Male, Real Estate Agent (South Beach)
•
“Quantity is increasing. It is a healthy, balanced market.” Male, Real Estate Agent (Miami Beach)
• “There is a crazy amount of inventory and too much high-end product.” Male, Real Estate Agent
(Miami Dade)
• “We are reaching the point of saturation.” Male, Architect (Downtown)
19
•
“In need of lower-end inventory, as in $200,000.” Female, Real Estate Agent (Coral Gables)
•
“Inventory is healthy and stable in single family houses, but overbuilt in the condo market.” Male, Developer
(Miami Dade)
•
“Supply is recovering to the point of outstretching demand.” Female, Real Estate Agent (Downtown)
•
“There is a good amount of inventory that is indirectly affected by global economy.” Female, Real Estate Broker
(Coral Gables, Aventura)
•
“We are seeing an increase in quantity and less coming off the market.” Male, Real Estate Agent (Coral Gables)
20
current market inventory in terms of quality?
13%
16%
Excellent
10%
56%
5%
Good
Poor
Depends
DK/NA/Other
21
2015
Excellent
Good
Poor
Depends
Don’t know/No answer/Other
2016
60%
56%
9%
9%
16%
6%
5%
16%
13%
10%
22
16%
•
“Quality has definitely improved from last year.” Male, Real Estate Agent (Coconut Grove)
•
“Miami has some of the most exciting inventory in the nation.” Female, Real Estate Agent (Miami Dade)
•
“We’re looking at next-level quality. Top of the line inventory for high-net worth clients.” Male, Real Estate Agent
(Miami Dade)
•
“Competition is high among sellers, so quality is increasing.” Male, Real Estate Broker, (Brickell, Miami Beach)
•
“We are seeing the best quality in recent times (4-5 yrs.)” Male, Real Estate Agent (North Miami Dade)
•
“Quality is not too standard, low because of recession consequences.” Male, Commercial Attorney (Miami Dade)
23
16%
•
“Quality is very good; buyers have many choices.” Female, Real Estate Agent (Miami Beach, Downtown)
•
“Superior as it has improved from last cycle.” Male, Real Estate Developer (Miami Beach)
•
“There are limited high quality homes, but condo quality is increasing.” Male, Real Estate Developer (Miami Beach)
•
“Extraordinary. Market is constantly reaching newer and higher levels of product.” Male, Real Estate Agent (Miami Dade)
•
“Quality varies by product type and price range; more vibrant under $1 million.” Male, Real Estate Broker (Miami Dade)
•
“Abundance of overpriced junky homes” Male, Real Estate Broker (Coral Gables)
•
“Quality is hard to come by.” Male, Real Estate Agent (Kendall)
24
current market inventory in terms of value?
3%
12%
11%
11%
24%
24%
Increased Value
42%
63%
10%
Flat Value
Poor Value
Varies by neighborhood
Other
25
24%
Increased Value
Flat Value
Poor Value 24%
Varies by neighborhood 10%
Other
2015
42%
10%
24%
24%
-
42%
2016
63%
11%
12%
3%
11%
26
• “Prices are high but lately sellers are realizing that appreciation is not sustainable; it is a buyer’s market.”
Male, Real Estate Agent (North Miami Dade)
• “Where there is water, there is higher value.” Male, Real Estate Developer (East Miami Dade)
• “Value is good, but still lower than the expectation of sellers.” Male, Real Estate Agent (Miami Beach)
•
“Fair market price. There are not many deals, but fair prices.” Male, Real Estate Agent (Downtown)
• “Value is pushing higher, but it is flat going forward.” Male, Industry Expert (Brickell)
27
• “Value has gone down a little; last year was the peak of the market.” Male, Real Estate
Developer (Aventura, Doral)
• “Prices have peaked and value has diminished.” Male, Real Estate Developer (Miami Beach)
• “Good but on the edge of being overvalued.” Male, Real Estate Broker (Miami Dade)
• “There is not much affordable housing being developed.” Male, Real Estate Agent
(Wynwood, Miami Beach)
28
What is the hottest area in Miami Dade right now?
29
What is the hottest area in Miami Dade right now?
2015 Results
1. Miami Beach
2. Brickell
3. Downtown
2016 Results
1. Miami Beach
2. Brickell
3. Downtown
30
What is the most overvalued neighborhood in Miami Dade?
31
2015 Results
1. Miami Beach
2. Brickell
3. Sunny Isles
2016 Results
1. Miami Beach
2. Brickell
3. Downtown
32
• “New construction in Miami Beach is overpriced and does not support resale.” Female, Real Estate Broker
(Miami Beach)
• “Neighborhood traffic, sea-level rise and the constant flow of tourists make Miami Beach extremely
overvalued.” Male, Real Estate Agent (Miami Dade)
• “The old homes in Miami Beach do not warrant the price.” Female, Real Estate Agent (Miami Beach)
•
“Downtown does not provide quality living for the price.” Female, Real Estate Agent (Miami Dade)
•
“Brickell is very dense, hard to get in and out, and overbuilt.” Male, Architect (Design District, Miami Beach)
33
• “Brickell is severely oversaturated.” Male, Real Estate Agent (Brickell, Downtown)
•
“Edgewater is still not an established neighborhood; their apartments do not make sense for the price.”
Female, Real Estate Agent (Miami Beach)
• “Downtown is as expensive as the beach. It really does not make sense to pay that much if it is not
an oceanfront property.” Female, Real Estate Agent (North Miami Beach)
• “In Miami Beach the new products are at a price point too high for what you are getting.” Male,
Industry Expert (Miami Dade)
34
What is the most undervalued neighborhood in Miami Dade?
35
2015 Results
1. Downtown
2. Coral Gables
3. Midtown/Wynwood
1.
2.
2.
2.
2016 Results
Little Havana
Downtown
Coconut Grove
Coral Gables
36
• “Little Havana is great because of its proximity to an urban area, and public transportation is a quick and
direct commute. It is ready for gentrification.” Male, Real Estate Developer (Downtown)
• “East Little Havana is very close to downtown and it is on the cheaper end.” Male, Commercial Attorney
(Miami Dade)
• “Downtown because it is geographically easy to get in and out, and there is an array of cultural offerings
and things to do.” Male, Real Estate Developer (Downtown, Doral)
37
• “Nothing beats the Grove. It has a great location, great schools, and accessibility.” Female, Real Estate Agent
(Coral Gables, Coconut Grove)
• “Downtown truly offers a new kind of living, very young oriented.” Male, Real Estate Developer (Downtown)
• “The river is hot!” Female, Real Estate Agent (Miami Beach, Downtown)
• “Little Haiti is close to Downtown with little commute.” Male, Real Estate Agent (Miami Dade)
38
Is now the time to buy or sell?
47%
50%
45%
40%
38%
35%
30%
30%
34%
25%
15%
25%
20%
15%
3%
5%
10%
5%
0%
Buy
Sell
Both
Neither
DK/NA
39
Buy 38%
34%
Sell
Both
Neither
2015
2016
38%
47%
34%
25%
25%
3%
-
30%
15%
3%
5%
40
RepresentativeQuotes
•
“Time to BUY condos and SELL homes.” Male, Real Estate Agent (Miami Dade)
•
“Both. But it is not the time to buy with the intention of flipping.” Male, Real Estate Agent (Brickell, Downtown)
•
“Dependent on seller’s motivation; expecting uptick in sales in 2017- short down cycle.” Male, Real Estate Agent
(Miami Dade)
•
“Now is the time to sell. We are anticipating a correction in the market.” Female, Real Estate Broker (Coral Gables)
•
“Both. It is time to be more conservative.” Female, Real Estate Developer (Little Havana)
41
Is now the time to rent or own?
64%
70%
68%
60%
50%
28%
40%
30%
2%
20%
1%
5%
10%
0%
Own
Rent
Both
Neither
Depends
42
68%
Own
Rent
Both
Neither
Depends
2015
2016
68%
64%
22%
7%
3%
28%
2%
1%
5%
-
43
• “It is always time to own if you are able to.” Female, Real Estate Developer (Miami Dade)
•
“Own since interest rates are still at historical lows.” Male, Real Estate Agent (Miami Beach)
• “Own because it is less expensive.” Male, Real Estate Agent (Miami Beach)
•
“It is always the time to own due to tax benefits and appreciation.” Male, Real Estate Agent (Miami Dade)
•
“If you can afford it, own but have cash available.” Male, Real Estate Developer (North Miami Dade)
•
“Own because rents are high and limited.” Female, Real Estate Broker (Coconut Grove)
• “Banks want more money down so time to own if they have the cash.” Female, Real Estate Agent (Coral Gables,
Coconut Grove)
44
Are you seeing a shift in buying vs. renting?
4%
32%
Yes
64%
No
DK/NA
45
Yes
No
DK/NA
2015 2016
63% 64%
29% 32%
8%
4%
46
If so, in which direction?
[VA
45%
LUE
]
55%
46%
More Buying
More Renting
47
If so, in which direction?
More buying [VA
LUE
More renting
]
2015
46%
46%
2016
54%
45%
55%
48
• “There is a shift towards buying as millennials are starting to save now.” Male, Real Estate Agent (Miami Beach)
• “Prices are coming down, therefore people are buying.” Female, Real Estate Agent (Miami Beach, Downtown)
•
“There is a sheep mentality; condo market is lowering; rental market is growing.” Male, Real Estate Developer
(North Miami Dade)
49
What is the best neighborhood for young professionals?
50
2016 Results
1. Brickell
2. Downtown
3. Midtown
2015 Results
1. Brickell
2. Downtown
3. Midtown/Wynwood
51
• “The neighborhood you can afford. Brickell is the most desired area around. Jackson, Midtown excellent,
Edgewater.” Male, Industry Expert (Miami Dade)
• “Brickell and Downtown for those who can afford.” Male, Real Estate Agent (Miami Beach, Downtown)
• “Downtown for walkability.” Female, Real Estate Broker (Downtown, Miami Beach)
•
“Brickell and Downtown because they are close to offices.” Male, Real Estate Broker (Miami Dade)
• “Downtown has transit options.” Female, Real Estate Agent (Miami Beach)
52
What is the best neighborhood for families with children?
53
What is the best neighborhood for families with children?
2015 Results
1. Coral Gables
2. Pinecrest
3. Coconut Grove
2016 Results
1. Coral Gables
2. Pinecrest
3. Coconut Grove
54
What is the best neighborhood for empty nesters or ‘DINKS’?
55
What is the best neighborhood for empty nesters or ‘DINKS’?
2015 Results
1. Miami Beach
2. Coconut Grove
3. Coral Gables
2016 Results
1. Miami Beach
2. Coconut Grove
3. Coral Gables
56
What is the best neighborhood for retirees?
57
What is the best neighborhood for retirees?
2016 Results
1. Miami Beach
2. Coral Gables
3. Coconut Grove
2015 Results
1. Miami Beach
2. Coral Gables
3. Aventura
58
What is the neighborhood amenity that buyers are
most interested in and willing to pay to get?
DK/NA
Something else 6%
13%
Quality Schools
34%
Walkability
21%
Neighborhood Safety
Shopping/Dining
12%
11%
Cultural Offerings
3%
59
What is the neighborhood amenity that buyers are
most interested in and willing to pay to get?
Quality schools
Walkability
Neighborhood safety
Shopping/Dining
Cultural offerings
Something else
2015
29%
23%
16%
21%
4%
7%
-
2016
34%
21%
12%
11%
3%
13%
6%
60
If you were in the market for a single family home
where would you buy right now?
61
If you were in the market for a single family home
2015 Results
1. Coral Gables
2. Miami Beach
3. Pinecrest
2015 Results
1. Coral Gables
2. Coconut Grove
3. Miami Beach
62
If you were in the market for a condo
63
If you were in the market for a condo
2015 Results
1. Miami Beach
2. Brickell
3. Downtown
2016 Results
1. Miami Beach
2. Brickell
3. Coconut Grove
64
What areas would you avoid buying in altogether?
65
2016 Results
1. Brickell
2. Miami Beach
3. Edgewater
2015 Results
1. Brickell
2. Miami Beach
3. Midtown/Wynwood
66
• “Brickell because prices will go down soon.” Male, Real Estate Agent (Miami Beach, Downtown)
•
“Right now, Brickell. But it will correct itself eventually.” Female, Real Estate Agent (Tamiami area)
• “There is a ripple effect from Miami Beach.” Male, Real Estate Agent (Miami Beach)
• “Too much interest in Miami Beach. Much higher than actual value.” Male, Mortgage Broker
(Miami Dade)
• “Sellers in Miami Beach are over-reaching.” Male, Real Estate Broker (Little Havana)
67
Are there more foreign buyers, out of town buyers or local buyers in the residential market?
DK/NA
3%
Local
11%
Combination
Combination
17%
21%
Local
Out ofTown
16%
23%
Foreign
33%
Foreign
Out of Town
20% 56%
68
Are there more foreign buyers, out of town buyers or local buyers in the residential market?
Combination
17%
Foreign
Local
Local 11%
Combination
Out ofTown
Out-of-town
16%
2015
2016
56%
33%
11%
23%
Foreign 21%
17%
16%
56% 20%
3%
69
Where are the out of town buyers coming from?
2015 Result
New York
70
Where are the foreign buyers coming from?
Europe
11%
Europe
12%
Other
15%
Argentina
Venezuela
21% 15%
Other Latin
Brazi
America
l
22%
Argentina
28% 10%
Brazil
Colombia
14%
26%
71
Where are the foreign buyers coming from?
Brazil
Other Latin America
Venezuela
Colombia
Europe
Argentina
Other
2015
2016
28%
26%
20%
14%
11%
21%
6%
22%
15%
12%
10%
15%
72
Is the political and financial instability around the world in places like
Latin America and Europe currently having a significant impact in the
Miami Dade residential market?
8%
Yes
92%
No
73
Is the political and financial instability around the world in places like Latin
America and Europe currently having a significant impact in the Miami Dade
Yes
residential market?
No
Yes
80%
No
20%
2015 2016
97% 92%
3%
8%
74
How is instability around the world having an impact on the Miami Dade residential market?
• “People with money are escaping regimes as they are afraid of keeping their money in an unstable
government.” Male, Real Estate Broker (Coral Gables, Coconut Grove)
• “The weakened purchasing power of foreign economies has directly affected the residential real estate
market in Dade.” Male, Commercial Attorney (Miami Dade)
• “People are investing for safety purposes. They want to get their money out of the reach of corrupt
governments who try to take it away.” Male, Real Estate Broker (Downtown, Miami Dade)
•
“There is always a demand because of the economic and political instability around the world.” Male,
Real Estate Broker (Miami Beach, Downtown)
75
How is instability around the world having an impact on the Miami Dade residential market?
•
“We are a safe financial investment for people.” Male, Government Official (Miami Gardens)
•
“There is a stronger U.S. dollar, therefore the local market is not affordable. Others are taking losses for gains.”
Male, Real Estate Agent (Miami Beach)
•
“Investors see us as safe. It does not stop the investor flow.” Male, Real Estate Broker (Miami Dade)
•
“A lot of flight capital coming to Miami market. As soon as they have money they’re coming over. Safety is their main
priority.” Male, Real Estate Broker (Miami Dade)
•
“The dollar is strong, South Florida is a refuge and an investment haven.” Female, Real Estate Agent (Miami Beach)
•
“All economies in Latin America are shaky.” Male, Real Estate Agent (Kendall)
76
How are most people financing their purchases?
2%
14%
13%
27%
68%
58%
Cash
Mortgage
Both
DK/NA
77
How are most people financing their purchases?
14%2015
2016
68%
Cash
68% 58%
Mortgage 14% 27%
Both
18% 13%
DK/NA
2%
78
Future Projections
of the
Miami Dade
Real Estate Market
Generally speaking, over the next 12 months do you expect residential home values in
Miami Dade County to appreciate, depreciate or remain flat?
48%
50%
45%
33%
40%
35%
19%
30%
25%
20%
15%
10%
5%
0%
Appreciate
Depreciate
Remain Flat
80
Generally speaking, over the next 12 months do you expect residential home values in
Miami Dade County to appreciate, depreciate or remain flat?
2015
Appreciate 69%
Depreciate
9%
Remain Flat 22%
2016
33%
19%
48%
81
In your opinion, are we currently in the midst of another real estate bubble?
1%
No
75%
72%
Yes
24%
28%
Yes
No
DK/NA
82
In your opinion, are we currently in the midst of another real estate bubble?
Yes
No
DK/NA
2015 2016
28% 24%
72% 75%
1%
83
If you were advising an investor looking to make a good return on investment
5 years down the road, where is the next emerging market?
84
If you were advising an investor looking to make a good return on investment
5 years down the road, where is the next emerging market?
2015 Results
1. Miami Beach
2. Downtown
3. North Miami
1.
2.
3.
3.
2016 Results
Downtown
Coconut Grove
Brickell
Miami Beach
85
Are you concerned about the potential impact of global climate change
and sea level rise on the local market?
1%
No
56%
34%
Yes
44%
65%
Yes
No
DK/NA
86
Are you concerned about the potential impact of global climate change
and sea level rise on the local market?
Yes
No
DK/NA
2015 2016
44% 65%
56% 34%
1%
87
Have your clients mentioned global climate change and sea level rise as an issue?
No
78%
80%
Yes
20%
22%
Yes
No
88
Have your clients mentioned global climate change and sea level rise as an issue?
No
Yes
80%
No
Yes
20%
2015 2016
20% 22%
80% 78%
89
Common Mistakes
to Avoid in
Real Estate
What is the biggest mistake you typically see made by buyers?
Not working with experienced real estate professionals
18%
Acting on impulse and emotion
16%
Not taking the time to understand the process
16%
Making a financially irresponsible purchase/Too expensive
Too cautious
Limited understanding of market timing
Speculating instead of buying for the long term
Buying in the wrong location
Other
Don’t know/No Answer
13%
9%
8%
5%
5%
5%
5%
91
2015
2016
11%
18%
8%
16%
Not taking the time to understand the process
41%
16%
Making a financially irresponsible purchase/Too expensive
Too cautious
Speculating instead of buying for the long term
Buying in the wrong location
Other
Don’t know/No Answer
17%
2%
6%
2%
-
13%
9%
8%
5%
5%
5%
5%
Not working with an experienced real estate professional
Acting on impulse and emotion
92
• “Under education of area and over paying at the fault of the agent.” Male, Real Estate Agent (Aventura)
• “Ignoring good school districts.” Male, Real Estate Agent (Downtown, Brickell)
• “Not being educated with real market values is a big disconnect.” Female, Real Estate Agent (Tamiami)
• “There is a lack of due diligence.” Male, Real Estate Agent (Miami Dade)
• “Working with the wrong agents.” Female, Real Estate Agent (Miami Dade)
• “Buying based on momentum, expecting that momentum to continue.” Male, Real Estate Agent (East Miami)
93
• “Buying what they cannot afford to buy.” Female, Real Estate Agent (Miami Dade)
• “Being too emotional and analytical therefore losing an opportunity.” Female, Real Estate Agent (Miami Lakes, Hialeah)
• “Buying as an investment based on emotion instead of properly looking at the numbers.” Female, Real Estate Agent
(Downtown, Miami Beach)
• “Too short of an outlook on the future which stops them from coming up on price.” Male, Real Estate Broker (Miami Dade)
• “Attracted to media advertisement, headline driven, without checking facts.” Male, Real Estate Developer (Downtown)
94
What is the biggest mistake you typically see made by sellers?
Overpricing/Unrealistic Expectations
47%
Sell too late/Sell too early
Trust unreliable sources/Not enough research
Not hiring a qualified real estate professional
Feeling pressured to make a deal/Underpricing
Underestimating buyers
Overemphasizing positives/Hiding negatives
Selling and not buying something else
Other
12%
10%
9%
6%
2%
2%
2%
1%
5%
4%
95
2015
2016
Overpricing/Unrealistic Expectations
59%
47%
Sell too late/Sell too early
Trust unreliable sources/Not enough research
Not hiring a qualified real estate professional
Feeling pressured to make a deal/Underpricing
Underestimating buyers
Overemphasizing positives/Hiding negatives
Selling and not buying something else
Other
6%
10%
3%
1%
11%
12%
10%
9%
6%
2%
2%
2%
1%
5%
4%
96
• “They are ill-informed. They throw out high numbers and end up having to sell at below market prices.”
Male, Real Estate Agent (Aventura, South Beach)
• “They assume their idea of value is relevant.” Male, Real Estate Agent (Miami Beach)
• “They do not listen to realtors and overprice their property.” Female, Real Estate Agent (Waterfront
properties Miami Dade)
• “They miss opportunities because they always want more.” Female, Real Estate Agent (Coral Gables)
97
• “Over emphasizing positives while hiding negatives of the property.” Male, Real Estate Analyst (Miami Dade)
• “They overplay their strengths and are resistant to change causing them to wait too long.” Male, Industry Expert
(Miami Beach, Miami Dade)
• “Pricing, pricing, and pricing.” Male, Real Estate Agent (Coconut Grove, Coral Gables)
• “They have a set value that may not be realistic.” Male, Real Estate Broker (Miami Beach, Brickell)
• “Some need realistic goals with pricing.” Male, Real Estate Agent (Miami Dade)
98
What is the biggest mistake you typically see made by agents?
2016
Being Unqualified/Unprofessional
Poor customer service
Bad judgement/Bad advice
Only care about commission
Listing at the wrong price
Over confident
Other
33%
18%
12%
8%
7%
3%
6%
13%
99
2015
2016
Being Unqualified/Unprofessional
31%
33%
Poor customer service
Bad judgement/Bad advice
Only care about commission
Listing at the wrong price
Over confident
Other
27%
1%
9%
13%
8%
11%
18%
12%
8%
7%
3%
6%
13%
100
• “They are a disorganized mess.” Male, Real Estate Agent (Miami Beach)
• “They do not do their research.” Male, Real Estate Agent (Downtown, Brickell)
• “They need to be more knowledgeable about different types of products and projects on the market.” Male,
Real Estate Developer (Miami Dade)
• “They over promise on price and expectations. They ill advise their clients.” Male, Real Estate Developer
(Miami Dade)
101
• “There are too many of us and some are not professional. Others are not making a
career just a commission.” Female, Real Estate Broker (Bal Harbour, Aventura)
• “There is a lack of service.” Male, Real Estate Broker (South Miami Dade)
• “Lack of communication between them and the client.” Female, Real Estate Agent
(Golden Beach, Coral Gables)
102
• “Looking out only for themselves and not working in the interests of the client.” Male, Real Estate Developer
(Aventura, Downtown)
• “They think the market will be easy, no proper training.” Male, Construction (Miami Beach, Downtown)
• “Uneducated agents are spreading misleading information.” Male, Industry Expert (Miami Dade)
103
What is the biggest mistake that you ever made?
Didn’t Invest/Buy/Sell at the right time
Business Strategy/Operations Mistakes
Poor client management
Trying to make money too fast
No Regrets
Underpricing
No Answer
Other
39%
31%
9%
3%
2%
1%
5%
10%
104
Didn’t Invest/Buy/Sell at the right time
Business Strategy/Operations Mistakes
Poor client management
Trying to make money too fast
No Regrets
Underpricing
No Answer
Other
2015
2016
33%
39%
24%
19%
3%
3%
3%
7%
7%
31%
9%
3%
2%
1%
5%
10%
105
• “Not being aggressive during certain market periods.” Male, Real Estate Agent (Aventura)
• “Floating around neighborhoods of specialization. Too spread out.” Male, Real Estate Broker
(Coconut Grove, Coral Gables)
• “Settling for overpriced properties.” Female, Real Estate Broker (Miami Beach)
• “Not buying enough real estate.”Female, Real Estate Agent (Miami Dade)
• “Working with the wrong people and not listening to my own advice.” Male, Real Estate Broker
(Miami Dade)
106
• “Not being assertive enough and letting sellers and buyers pass up an opportunity.”
Female, Real Estate Agent (Coco Plum, Coral Gables)
• “Not investing enough after the last real estate bubble.” Male, Real Estate Agent
(Miami Beach)
• “Letting emotion influence decision.” Male, Commercial Attorney (Miami Dade)
• “Not buying as many Fisher Island units in the 90’s.” Male, Real Estate Broker
(Waterfront properties Miami Dade)
107
Miami Residential
Real Estate
“Best of the Best”
What is your most trusted news source for the best information on what’s
happening in the local residential market?
2015
2016
110
1. Miami Herald
2. Real Deal
3. Miami Association of Realtors
111
If you were selling your own home, and you couldn’t use your own company
who is the brokerage that you would hire?
2015
112
who is the brokerage that you would hire?
2016
113
who is the one realtor that you would hire?
Jill Hertzberg
2015
114
who is the one realtor that you would hire?
Jill Hertzberg
2016
115
Thinking about the Miami Dade residential real estate market as a whole
including agents, brokers, lawyers, developers, etc. who in your opinion is the
single most knowledgeable person in the industry?
Jorge Perez
Related Group
2015
116
Thinking about the Miami Dade residential real estate market as a whole
including agents, brokers, lawyers, developers, etc. who in your opinion is the
single most knowledgeable person in the industry?
Jorge Perez
Related Group
2016
117
Potential
Obstacles
How do factors such as property taxes and windstorm insurance
influence buyer decisions in Miami Dade County?
Other
11%
DK/NA
3%
6%
24%
No influence
24%
54% 10%
Marginal
Significant
16%
52%
119
How do factors such as property taxes and windstorm insurance
influence buyer decisions in Miami Dade County?
6%
Significant 24%
No influence
Marginal
16%
Other
2015
2016
54%
52%
24%
16%
6%
24%
10%
11%
3%
54%
120
How do factors such as property taxes and windstorm insurance influence
buyer decisions in Miami Dade County?
• “Significantly, especially for coastal communities.” Male, Real Estate Broker (Coconut Grove, Coral Gables)
• “It influences where they buy and age of the home. Both drive costs.” Male, Real Estate Agent (NW Miami Dade)
• “It does influence; insurance cost is factored in how much they can afford.” Male, Real Estate Agent (Miami Dade)
• “Not a huge impact, no state income tax. Some people think its high but it has improved.” Male, Real Estate Developer
(Downtown)
121
How do factors such as property taxes and windstorm insurance influence
buyer decisions in Miami Dade County?
• “The bottom line comes down to if they can afford monthly payments.”
Male, Developer (Miami Dade)
• “Property taxes have cost me deals, especially for my foreign buyers who
are not accustomed to such high figures.” Female, Real Estate Agent
(Aventura, South Beach)
122
How does traffic congestion influence decisions regarding real estate in
Miami Dade County?
Other
Very little
12%
15%
Somewhat
6%
A lot
67%
123
Miami Dade County?
A lot
Very little
Somewhat
Other
2015
2016
74%
67%
14%
12%
-
15%
6%
12%
124
Miami Dade County?
14%
• “They prefer no traffic, but because of pricing they have to compromise.” Male, Real Estate Agent (Kendall)
12%
• “It makes them more likely to move close to work, usually Downtown.” Male, Real Estate Agent (NW Miami Dade)
74%
• “A lack of public infrastructure is a negative.” Male, Developer (Miami Dade)
• “Traffic has caused people to live closer to their jobs or a commuter rail more than ever before.” Male, Real Estate Broker
(Miami Dade)
• “If they find the right house they suck it up.” Female, Real Estate Agent (Tamiami)
125
Miami Dade County?
14%
• “Traffic is getting worse and worse and worse every single day. It is influencing
12%
74%
buyers’ decisions and it has become a pressing issue today.” Male, Real Estate Agent
(Miami Beach)
• “It influences where people work rather than where they live.” Male, Industry
Expert (Miami Dade)
• “Proximity to expressways and walkability is important.”Female, Real Estate Broker
(Brickell, Downtown)
126
Is local government a facilitator or an obstacle to doing
business in the residential market?
19%
5% 3%
15%
Facilitator
42%
39%
39%
38%
Obstacle
Both
Neither
DK/NA
127
Is local government a facilitator or an obstacle to doing
business in the residential market?
19%
Facilitator
Obstacle
39%
Both
Neither
2015
2016
42% 42% 39%
39%
19%
-
38%
15%
5%
3%
128
Examples of local government being an obstacle:
• “Problematic in building and zoning; not organized and efficient so projects take longer.”
Male, Real Estate Agent (Miami Beach, Downtown)
• “County uses ‘certificate of use inspection report’, it’s a scam to make money by county.”
Male, Real Estate Agent (Miami Beach)
• “Quantity of permits required on local and state level overlap and make it very difficult.”
Male, Developer (Miami Dade)
“ Politicians forget length of time can kill deals.” Male, Real Estate Broker (Downtown, Doral)
129
Examples of local government being an obstacle:
• “The process of getting site plan approval and permits is very difficult.” Male, Construction
(Midtown, Doral)
• “Down zoning and stealing property rights.” Female, Real Estate Broker (Miami Beach)
• “The city of Miami is downsizing what you can build on, a lot in Little Havana. It’s going to hurt
business and promote a housing crisis.” Female, Real Estate Broker (Coral Gables, Aventura)
• “It depends on the commissioner; they are consumed with politics, they don’t understand the
industry, and act on emotion and not logic.” Male, Real Estate Agent (Miami Dade)
• “Too much regulation and zoning permits on development.” Male, Real Estate Analyst (Miami Dade)
130
On a scale of 1-10, how important is it to the health
of the residential real estate market for Miami Dade
County government to play a leadership role in
protecting and enhancing property values?
131
On a scale of 1-10, how important is it to the health of the residential real estate
market for Miami Dade County government to play a leadership role in protecting and
enhancing property values?
2015 Result
Aggregate Average: 8.1
Aggregate Average
132
Do you believe Miami Dade County government is currently
taking a leadership role in protecting and enhancing property values?
2%
10%
[CATEG
ORY
NAME]
[VALUE]
[CAT 45%
43%
EG…
Yes
No
Maybe
DK/NA
133
Do you believe Miami Dade County government is currently taking a
leadership role in protecting and enhancing property values?
No
Yes
80%
No
Maybe
DK/NA
Yes
20% 2016
2015
42%
58%
-
45%
43%
10%
2%
134
Fernand R. Amandi, Principal
3250 Mary Street
Miami, FL 33133
305.529.9916
[email protected]
Jane Wooldridge, Editor
Miami Herald Media Company
305.376.3629
[email protected]
135

miami dade county real estate study 2016

Transcription

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