REAL ESTATE MARKET REPORT

Transcription

1 REAL ESTATE MARKET REPORT 2015

2 TRENDS Market Report Tree Hundred Collins, Sout Beac 300Collins.com For assistance wit your real estate needs, please contact: William Brown, PA Estate Agent ONE Soteby s International Realty William.Brown@SotebysRealty.com Alix Aranza Estate Agent ONE Soteby s International Realty Alix.Aranza@SotebysRealty.com For more information, please visit: AlixandBilly.com

3 ONE Soteby s International Realty 3 Looking back on ONE Soteby s International Realty s seven years of operation, it s telling to ear ow te Sout Florida real estate market conversation now takes place wit a drastically different tone. In te very first TRENDS market report publised in, it is stated tat te general mood at te time was a sense of cautious optimism. Fast-forward to 2015, te year-to-year improvement of te market as led Sout Florida to become one of te most sougt-after residential destinations in te world. Miami was ranked te appiest city to work in by Forbes Magazine and is now considered one of te top ten cities tat matter to ultra-ig-net-wort investors. By te same token, Fort Lauderdale, a prime destination for yact owners and boating connoisseurs, is experiencing great demand due to its many canals and waterfront living options. An ever-evolving real estate market must be analyzed in ever-evolving ways: tis year s report was prepared in conjunction wit Integra Realty Resources (IRR) Miami\Palm Beac, one of te nation s leading real estate consulting firms. Tis joint publication is a new venture meant to provide insigt into residential markets in Miami-Dade and Broward Counties. Our two firms collaborated to provide tis annual report to foster furter dialogue regarding emerging market conditions at te submarket level. We endeavored to provide actionable insigt into te direction of tese various submarkets witout te typical yperbole or marketing fanfare. IRR Miami was aided by interviews wit ONE Soteby s International Realty associates and oters in te marketplace, wo provided important insigt into te drivers in tese various submarkets. To provide a consistent format for comparison, te team revised te metodology for quantifying te condominium value canges (see Metodology on page 5) and developed comparative statistics for te single-family, waterfront and non-waterfront markets. Te information contained erein is general to te market and sould not be construed to represent advice on a specific property. We strongly encourage interaction wit ONE Soteby s International Realty agents to provide relevant, property-specific advice. Tis report is meant to provide an overview of te major markets and submarkets for comparative purposes only and to frame some reasonable dimension of market activity and direction in te year to come. We ope you find te report useful and even insigtful, as you explore one of te most dynamic ousing markets in te United States today. We stand ready to assist wit furter questions and comments and ope your feedback will improve future annual and quarterly reports. Daniel de la Vega President & Managing Partner ONE Soteby s International Realty Antony M. Graziano, MAI, CRE Senior Managing Director Integra Realty Resources

4 TRENDS Market Report Western Suburbs Soutwest Rances start on Plantation Sunrise Weston Parkland Broward Nort End Lauderdale-by-te-Sea start on Hillsboro Beac Ligtouse Point Bay Colony Sea Ranc Te Landings Coral Ridge / C.R. Country Club East Fort Lauderdale Las Olas Isles start on Harbor Beac Fort Lauderdale Beac Rio Vista Victoria Park & Colee Hammock Sunrise Key Broward Sout End Hollywood Beac Hallandale Beac Miami Nort End Aventura Golden Beac Bal Harbour Surfside Sunny Isles Te Islands Bay Harbor Islands Indian Creek Normandy Isles La Gorce Sunset Islands Venetian Islands Palm/Hibiscus/Star Islands Fiser Island Key Biscayne Miami Beac Sout Beac Mid Beac Nort Beac Downtown Miami Midtown Edgewater Downtown Miami Brickell Miami Sout End Coconut Grove Coral Gables Pinecrest Palmetto Bay CocoPlum Gables Estates Snapper Creek Lakes Ponce-Davis & Hig Pines Old Cutler Bay start on start on start on start on start on SF Homes page 8 SF Homes page 10 SF Homes Condos page 14 page 22 SF Homes Condos page 18 page 23 SF Homes Condos page 26 page 42 SF Homes Condos page 28 page 44 SF Homes Condos page 32 page 46 Condos start on page 48 SF Homes Condos page 36 page 54 Broward County Miami-Dade County

5 ONE Soteby s International Realty 5 Louver House, Sout Beac LouverHouse.com Metodology Tis report differs from prior ONE Soteby s International Realty market reports in te analytics models developed in conjunction wit IRR Miami. Te report cannot be compared to prior annual or quarterly reports due to canges in te manner in wic te metrics were developed for singlefamily and condo developments. Prior reports on single-family pricing relied on price averages wic excluded certain classes of assets based on price tresolds. Te current model abandons te variable minimum price tresold view so tat averages over time are not skewed by elimination of transactions beyond a tresold and canges in market conditions do not skew te directionality of te market averages. Te most significant cange in metodology is te development of te condominium index. Te difficulty in comparing existing condominium project average pricing is tat te pricing averages ave no control over pentouse units, waterview versus waterfront or age and market position of te product. ONE Soteby s International Realty and IRR Miami developed an index of relevant condominium towers tat comprise wat we consider to be a representative sample of te luxury projects witin eac submarket. Te inclusion of eac project was vetted by brokerage and appraisal staff from te respective firms and te sampling reflects te center of te luxury market as it relates to te specific submarket. Average pricing data was ten calculated for eac of te relevant years by submarket and unique units were excluded from te sample to avoid skewing te average price indicators. Te implementation of project samples also elped control te variability brougt about by merely averaging all condo projects witin a specific submarket, wic wen comparing multiple years was less reflective of canging market conditions. Wile tis metodology only reflects a sample of te condo market, te number of projects and number of units in te sample are considered representative of te market. Te sample pool of projects does not include pre-construction projects. Terefore, te averages and indicators reflect contemporary existing peers and are not meant to reflect pricing of te newest projects coming to market. Tis metodology will also allow us future analytical capability to project floor premiums, view premiums and pentouse premiums since te data will be isolated for direct and discrete comparison on tese function points. We ope tis will clarify directionality of te market and allow for deeper analysis in future reports. Tis report is not meant to replace property analysis by a qualified broker and sould not be applied to specific properties witout consultation wit a professional. Te report is meant to inform on broader trends and to facilitate comparison and forecasting at te macro market level.

6 TRENDS Market Report Broward Single-Family Homes General Statistics Waterfront, Single-Family Homes Unlike its soutern neigbor Miami, Broward County tends to represent a more traditional, domestic buyer pool and, as a generalization, te wealt belt in Broward tends to concentrate along te Coast, tending to be ome-grown wit far less foreign (non US-based) influence. Te county serves as te bedroom community to large employers wo desire a Sout Florida presence, but demand a lower cost of living and more suburban development pattern. # For Sale b # Sold b PPSF b PPSF Trendline b 5, $197 4, $198 4, $189 4, $213 5, $230 Over te past few years, tere as been a silent migration nortward as Miami omeowners discover te cost-of-living gap between Miami and Broward. Tis will probably continue, as ousing costs approac 30% to 40% discounts in Broward s submarkets versus comparable alternatives in Miami-Dade. Tis migration is also fueled by te fact tat Miami s road infrastructure turns increasingly burdensome as iger density developments are creating unsustainable increases in traffic levels and commute times. Today, locations in soutwest Broward wit connectivity to I-75 are actually closer in travel time to employment centers tan some locations in Sout Miami. # For Sale b # Sold b PPSF b PPSF Trendline b Non-Waterfront, Single-Family Homes 10,339 1,109 $137 8,890 1,293 $130 7,003 1,687 $137 7,731 2,306 $130 11,438 2,608 $157 Ft. Lauderdale: Troug a Global Lense Te luxury markets in Broward are comparable in terms of average ome pricing in te luxury category ($1M $5M and $5M $10M), yet wit fewer transactions tan in Miami-Dade. Tere are very few ultra-luxury $10M+ trades in Broward. Tis is due to a combination of te domestic buyer pool and te fact tat Broward does not possess a large bayfront market or multiple islands witin its boundary. Anoter significant trend is a slow-moving single-family market. Te U.S. is experiencing a stagnation of te new ousing market and Broward is no exception. Wile tis affects te sub-luxury markets, all boats lift in te rising tide of te resale market, wic will probably be te year s igligt in Broward County. Hig-End Property in Fort Lauderdale Outperforms Rest of te Market - Financial Times (September ) Ft. Lauderdale is in te Downtown Ft. Lauderdale Among Midst of a Comeback Top 10 Downtowns in U.S. - Dow Jones Business Review - Livability.com (Marc ) Ft. Lauderdale Boat Sow Ft. Lauderdale s Srinking Attendance Higest Since 2006 Acreage Increasingly Hig End - Sun Sentinel - Ocean Drive Magazine

7 ONE Soteby s International Realty 7 Luxury Spotligt $1M to $5M Transactions Average Home Price $5M to $10M Transactions Average Home Price $10M+ Transactions Average Home Price Avg. Home Price Trendline Avg. Home Price Trendline Avg. Home Price Trendline $1,873,000 $1,805,000 $1,609,000 $1,644,000 $1,835,000 $7,150,000 $6,680,000 $6,200,000 $6,100,000 $6,580,000 $10,800,000 N/A $10,000,000 $13,000,000 $15,500, # Sold # Sold # Sold ,376 2,098 # For Sale 2,029 2,209 2, # For Sale # For Sale E. Lake Drive, Fort Lauderdale

8 TRENDS Market Report Western Suburbs Non-Waterfront, Single-Family Homes Average Price per Square Foot Soutwest Rances Plantation Parkland Ft. Lauderdale Sunrise Weston Miami $0 $50 $100 $150 $200 $250 $191 $97 $129 $168 $144 Wile te majority of tis study focuses on te luxury markets located east of I-95, tere are five submarkets tat ave been competing wit te eastern markets for buyers of luxury omes. In many cases, tese markets ave drawn buyers by offering comparatively lower prices, newer omes, larger lot sizes and/or $178 $89 $121 $165 $146 gated communities. For te Western Suburbs market area, we include te neigboroods of Soutwest Rances, Plantation, Sunrise Weston and Parkland. Te average pricing overall in tese submarkets generally tracks 10% to 50% less tan similar-sized omes in comparable eastern neigboroods. $176 $92 $121 $165 $149 Te market leader in terms of average pricing in te Western Suburbs is Soutwest Rances, ending te five-year period at an average of $200 per square foot, wic was 3% greater tan te second igest neigborood and 60% iger tan te lowest priced. Soutwest Rances offers larger lot sizes tan is typical $207 $109 $138 $188 $158 for any oter submarkets, wit omes built on five-acre sites being relatively common. Percentage Cange $200 $125 Soutwest Rances: 3.4% Sunrise: g 14.7% $151 Plantation: g 9.4% $194 Weston: g 3.2% $171 Parkland: g 8.2% Omissions due to low transaction numbers or absence of market: None

9 ONE Soteby s International Realty 9 single-family omes Bella Ranc Lane, Soutwest Rances Tis feature typically results in a iger price per square foot of building area, as te pricing overall is pused iger because of te site size, wile ome size # Transactions is not proportionately larger. Te Soutwest Rances neigborood, known for its equestrian lifestyle, also tracks last in terms of transactional volume, in large part as well due to te large site area typical for most residences, wic results in lower development density. Soutwest Rances Sunrise Plantation Weston Parkland 175 Pricing per square foot as increased over levels in all neigboroods analyzed, toug average appreciation gains are muc lower tan oter submarkets. Price appreciation over levels for te Western Suburbs ranged from 4.7% for Soutwest Rances and Weston neigboroods, to 18.8% for Parkland, to 28.9% for te Sunrise neigborood Spotligt: Luxury Residence Transactions * Our Luxury Spotligt leader is, far and beyond, Soutwest Rances at an average ome price of $1,659,045, double te amount of second-ranked Weston. Te semi-rural area is very muc protected to maintain teir farm-like lifestyle. Te town as laws tat keep omes from being built on lots of less tan one acre and generally stop streetligts and sidewalks from being constructed. To support its equestrian nature, Soutwest Rances as developed miles of multi-use trails. People can be often be seen riding orses or bicycles trougout te town. Soutwest Rances Sunrise Plantation Weston Parkland Avg. Home Price # Transactions $1,659, $262, $599, $820, $786, * Te top 50% of eac market, by average price.

10 TRENDS Market Report Broward Nort End Non-Waterfront, Single-Family Homes Average Price per Square Foot Lauderdale-by-te-Sea Ligtouse Point Coral Ridge / C.R. Country Club Western Suburbs Ft. Lauderdale Broward s Sout End $0 $50 $100 $150 $200 $250 $300 $215 $152 $303 $199 $146 $219 Te Broward Nort End market is comprised of Lauderdale-by-te-Sea, Hillsboro Beac, Ligtouse Point, Te Landings, Bay Colony, Coral Ridge & Coral Ridge Country Club and Sea Ranc, all located on te coast above Fort Lauderdale. As for non-waterfront, singlefamily omes, te most significant submarkets are Lauderdale-by-te-Sea, Ligtouse Point and Coral Ridge / C.R.C.C., wic are analyzed in tis section of te report. All tree submarkets saw an upward trend in pricing from to. Lauderdale-by-te- Sea, a carming beac village nicknamed te Sore Diving Capital of Florida because of its $226 $158 $199 unique snorkel trail, experienced te igest average pricing by a small margin at $262 per square foot (te tree submarkets are trading witin te low to mid $200s per square foot). In terms of growt, Coral Ridge / C.R.C.C. saw te biggest increase from at 22.4%. Coral Ridge is a ig-end community offering estate $256 $181 $201 omes, condos and townomes, many wit pools and large lots. Percentage Cange $262 $210 $246 Lauderdale-by-te-Sea: g 2.3% Ligtouse Point: g 16.0% Coral Ridge/C.R.C.C.: g 22.4% Omissions due to low transaction numbers or absence of market: Hillsboro Beac, Te Landings, Bay Colony and Sea Ranc

11 ONE Soteby s International Realty 11 single-family omes Riva, Fort Lauderdale Riva-Condo.com Ligtouse Point non-waterfront, single-family ome pricing increased 16% from to and crossed te $200-per-square-foot line for te first time in te five years analyzed. Bordered by te Intracoastal and te ocean, Ligtouse Point as manicured parks ideal for joggers and bikers of all ages. Te small town offers residents a peaceful atmospere in a predominantly-single-family-ome market, as tese properties make up 80% of te area and line Ligtouse Point s 18 sprawling miles of waterways and canals. All tree neigboroods experienced a sligt dip in pricing from to. Altoug Coral Ridge / C.R.C.C. as yet to reac te average pricing it reaced during, it as been steadily increasing over te past two years. Lauderdale-by-te-Sea and Ligtouse Point not only bounced back during, but are now at te igest average pricing tey ave experienced in all five years analyzed. Tese are considered very reliable trends due to te ig transactional volume displayed for te tree submarkets over te past few years. # Transactions Laud. by te Sea Ligtouse Point Coral Ridge / C.R.C.C Spotligt: Luxury Residence Transactions * Lauderdale-by-te-Sea Ligtouse Point Coral Ridge / C.R.C.C. Avg. Home Price # Transactions $626, $624, $977, Coral Ridge / C.R.C.C., te souternmost neigborood in tis area, leads te luxury spotligt. Te Coral Ridge Country Club is a focal point selling at a sligt premium over te general Coral Ridge area. Residents enjoy yact dockage, a classically designed golf course, tennis courts, a junior, Olympic-sized pool and great dining options. * Te top 50% of eac market, by average price.

12 TRENDS Market Report Broward Nort End Waterfront, Single-Family Homes Average Price per Square Foot Lauderdale-by-te-Sea Hillsboro Beac Ligtouse Point Te Landings Bay Colony Sea Ranc Coral Ridge / C.R. Country Club Western Suburbs Ft. Lauderdale Broward s Sout End $0 $200 $400 $600 $800 $1,000 $1,200 $1,400 $1,600 $331 $742 $284 $287 $355 $326 $306 As stated on page 10, Broward s Nort End market is comprised of Lauderdale-by-te- Sea, Hillsboro Beac, Ligtouse Point, Te Landings, Bay Colony, Coral Ridge & Coral Ridge Country Club and Sea Ranc, all located on te coast directly above Fort Lauderdale. no transactions no transactions no transactions $391 N/A $284 $303 $379 $307 $297 $332 N/A $294 $329 $336 $334 $321 $370 N/A $337 $305 $439 $386 $325 All neigboroods analyzed reaced a iger average price per square foot during tan tey did in, wit te biggest growt seen in Hillsboro Beac at 88.8%. Hillsboro Beac is a igly exclusive market wit very few annual transactions. In te past five years, only a total of four waterfront, single-family omes ave been traded in te area. Tree neigboroods closed in te $400 range per square foot (Lauderdale-by-te-Sea, Coral Ridge / C.R.C.C. and Sea Ranc) wile te remaining tree traded in te mid to ig $300s per square foot (Ligtouse Point, Te Landings and Bay Colony). Percentage Cange $443 $1,401 $381 $360 $369 $423 $466 Lauderdale-by-te-Sea: g 19.7% Hillsboro Beac: N/A Ligtouse Point: g 13.1% Te Landings: g 18.0% Bay Colony: 15.9% Coral Ridge / C.R.C.C.: g 9.6% Sea Ranc: g 43.4% Omissions due to low transaction numbers or absence of market: None

13 ONE Soteby s International Realty 13 single-family omes 3140 NE 23 Avenue, Ligtouse Point Sea Ranc Lakes, a small area surrounded by te Lauderdaleby-te-Sea neigborood, presents te largest year-to-year # Transactions growt at an average $466 per square foot during, 43.4% iger tan it was in. A good amount of Sea Ranc s Laud. by te Sea Hillboro Beac Ligtouse Point Te Landings Bay Colony Coral Ridge / C.R.C.C. Sea Ranc omes are waterfront, facing eiter te Intracoastal or one of its two inner lakes: Lake Cayuga and Lake Seneca. Like Hillsboro Beac, tis submarket presents just a few transactions in te five-year period analyzed, giving an indication of te market witout providing robust statistics wit wic to detect a real trend. Te majority of te Sea Ranc Lakes village is a gated community (wit a buyer wait list), wit te remainder being a sopping plaza and a private beac club for village residents Spotligt: Luxury Residence Transactions * Lauderdale by te Sea Hillsboro Beac Ligtouse Point Te Landings Bay Colony Coral Ridge / C.R.C.C. Sea Ranc Avg. Home Price # Transactions $2,798,000 5 $13,025,000 2 $2,248, $1,339, $2,366,667 3 $2,736,141 $3,827, In terms of luxury residences in Broward s Nort End, te undisputed leader in waterfront, single-family ome pricing is Hillsboro Beac at $13,025,000, altoug its low transactional volume is not reliable enoug to portray a trend. Hillsboro Beac real estate offers some of te most prestigious properties in Sout Florida based on its geograpy alone. Residences sit on troug-water lots along tis secluded neigborood spanning 3.2 miles. To give an idea of te intimacy and proximity to nature, te area s greatest widt is 900 feet. Residences tend to ave been custom-designed to teir owners request. * Te top 50% of eac market, by average price.

14 TRENDS Market Report East Fort Lauderdale Non-Waterfront, Single-Family Homes Average Price per Square Foot Las Olas Isles Harbor Beac Ft. Lauderdale Beac Rio Vista Victoria Park & Colee Hammock Broward s Nort End Western Suburbs Broward s Sout End Miami $0 $100 $200 $300 $400 $500 $303 $211 $234 $256 $234 $308 $274 $284 $259 $228 In, all analyzed Greater Fort Lauderdale coastal submarkets east of I-95 reaced te igest average price per square foot in te five years presented. Oter tan Las Olas Isles and Fort Lauderdale Beac, tese luxury submarkets are all trading in te low to mid $300-per-square-foot range for nonwaterfront omes. In most of tese areas, averages are considered reliable indicators of market trends due to teir relatively strong transaction numbers. Tese submarkets will likely experience strong gains in 2015, as te non-waterfront product appears underpriced relative to counterparts in Miami-Dade County. $295 $253 $327 $273 $259 $391 $268 $403 $315 $297 Broward County emerged from te recession 12 to 18 monts slower tan Miami-Dade did. Terefore, we expect 2015 to bring continued strong performance witin te submarkets. Wit te only exception of te Victoria Park & Colee Hammock market, transaction volume was sustained or greater tan it was during, indicating probable continued upward momentum in pricing for single-family omes. Percentage Cange $457 $312 $415 $341 $326 Las Olas Isles: g 16.9% Harbor Beac: g 16.4% Ft. Lauderdale Beac: g 3.0% Rio Vista: g 8.3% Victoria Park & Colee Hammock: g 9.8% Omissions due to low transaction numbers or absence of market: Sunrise Key

15 ONE Soteby s International Realty 15 single-family omes 2612 Aurelia Place, Fort Lauderdale Las Olas Isles and Fort Lauderdale Beac presented te igest average price per square foot consistently from to. Tis alludes to great value in te non-waterfront, single-family ome segment of a primarily waterfront market, someting to consider wen making an investment on a Fort Lauderdale ome. Rio Vista, an old-fasioned neigborood wit approximately 1,000 omes is often compared to Miami s Coral Gables for its Mediterranean Revival style and old-growt trees tat keep residents cool even in te dead of summer. Rio Vista comes in tird for igest average price per square foot in, at $341. # Transactions Las Olas Isles Harbor Beac Ft. Laud. Beac Rio Vista Victoria P. & Colee H Te East Fort Lauderdale area s non-waterfront, single-family segment is one of Broward s best-performing markets today, as it continues to draw demand due to its proximity to te water and Fort Lauderdale s many amenities. Spotligt: Luxury Residence Transactions * Las Olas Isles is East Fort Lauderdale s leader wen it comes to ig-end, nonwaterfront residences. Its low number of transactions is directly related to te size of te market, as Las Olas Isles is primarily a waterfront neigborood, wit just a few non-waterfront, single-family omes trading eac year. It fans out along bot sides of a stretc on East Las Olas Boulevard from te Intracoastal to its western canal, separating te istoric torougfare s commercial and residential districts beginning at Sout Gordon Road. Las Olas Isles Harbor Beac Ft. Lauderdale Beac Rio Vista Victoria P. & Colee H. Avg. Home Price # Transactions $2,045,000 2 $1,459,286 7 $1,988,500 5 $1,060, $789, * Te top 50% of eac market, by average price.

16 TRENDS Market Report East Fort Lauderdale Waterfront, Single-Family Homes Average Price per Square Foot Las Olas Isles Harbor Beac Ft. Lauderdale Beac Rio Vista Victoria Park & Colee Hammock Sunrise Key Broward s Nort End Western Suburbs Broward s Sout End Miami $0 $200 $400 $600 $800 $1,000 $1,200 $496 $472 $1,000 $441 $492 $485 $428 $491 $733 $377 $557 $318 $463 $534 $200 $440 $514 $307 $550 $835 $634 $551 $460 $490 Te East Fort Lauderdale single-family ome market includes te neigboroods of Las Olas Isles, Harbor Beac, Fort Lauderdale Beac, Rio Vista, Victoria Park & Colee Hammock and Sunrise Key. Tis market area is located east of US-1 and spans from Harbor Inlet to te sout and Sunrise Boulevard to te nort. East Fort Lauderdale s waterfront market is usually in ig demand, especially by boating entusiasts and tose looking for large lots wit extraordinary views. Altoug statistics are somewat volatile due to low transaction numbers in some areas, prices leveled off in and most neigborood averages are witin $500 to $700 per square foot. In, Harbor Beac pricing closed 18.3% lower tan it did in, altoug it still took te top spot in te East Fort Lauderdale area at $682 per square foot its second igest average in five years. Percentage Cange $539 $682 $642 $552 $413 $567 Las Olas Isles: 2.0% Harbor Beac: 18.3% Ft. Lauderdale Beac: g 1.3% Rio Vista: g 0.2% Victoria Park & Colee Hammock: 10.2% Sunrise Key: g 15.7% Omissions due to low transaction numbers or absence of market: None

17 ONE Soteby s International Realty 17 single-family omes 1600 Ponce de Leon Drive, Fort Lauderdale Harbor Beac will always remain one of Fort Lauderdale s most desirable neigboroods. Large lots, wide canals and ocean access along wit a # Transactions private beac club offer residents an unparalleled location to call ome. Brian Hero, ONE Soteby s International Realty Las Olas Isles Harbor Beac Ft. Laud. Beac Rio Vista Victoria P. & Colee H. Sunrise Key In terms of percentage increase from to, Sunrise Key tops te list at 15.7%, closing te year at an average $567 per square foot Originally developed in te 1950 s, Sunrise Key, a community wit well under 100 omes, saw some redevelopment in te late 1990s and into tis decade. A good amount of te original omes ave been redesigned and updated, wic as likely been an important factor in its value increase over te last few years Spotligt: Luxury Residence Transactions * Las Olas Isles Harbor Beac Ft. Lauderdale Beac Rio Vista Victoria P. & Colee H. Sunrise Key Avg. Home Price # Transactions $3,454, $7,911,875 8 $3,056,250 4 $3,055,938 8 $982,500 2 $4,356,923 3 East Fort Lauderdale s luxury segment is mainly a waterfront market, since most of its single-family omes are set on small isles facing te area s popular canals. Wit 300 feet of private beac for residents, Harbor Beac is a clear category leader at an average ome price of $7,911,875. Harbor Beac waterfront properties usually include deep-water dockage and gorgeous dry lots. Harbor Beac Surf Club, a members-only organization dedicated to preserving te beac, also offers a small, private marina wit 16 docks. * Te top 50% of eac market, by average price.

18 TRENDS Market Report Broward Sout End Non-Waterfront, Single-Family Homes Average Price per Square Foot Hollywood Beac Hallandale Beac Ft. Lauderdale Broward s Nort End Miami Western Suburbs $0 $50 $100 $150 $200 $250 $300 $165 $186 $170 $208 $253 $226 Te number of single-family ome sales in Hollywood Beac averages about four times as many as te Hallandale Beac market sales, altoug wit sligtly lower average pricing. Hollywood Beac ended te five-year period at $219 per square foot, up 10.6% from levels and 33% over levels. Te number of transactions fluctuates sligtly between 84 and 114 sales per year. Hallandale Beac ended te period at an average of $267 per square foot, up 8.5% from levels and 44% over. $198 $246 Percentage Cange $219 $267 Hollywood Beac: g 10.6% Hallandale Beac: g 8.5% # Transactions Spotligt: Luxury Residence Transactions * Hollywood Beac Hallandale Beac Hollywood Beac Hallandale Beac Hollywood Higligts: - Seven miles of pristine beaces - Lively, 2.5-mile boardwalk - Abundant parks and coral reefs - Multi-million-dollar estates Avg. Home Price $635, $1,105, Hallandale Higligts: # Transactions - Premiere parks and race tracks - Vibrant, beacfront community - Retail, dining and water sports - World-class, waterfront omes Te top alf of te Hallandale Beac market outperforms te top alf of te Hollywood Beac market by almost double te average ome price. Hollywood Beac, owever, is still a more active market at 27 sales in. As Broward County s Sout End, Hallandale and Hollywood are ideal locations wit easy access to Fort Lauderdale and Miami. Omissions due to low transaction numbers or absence of market: None * Te top 50% of eac market, by average price.

19 ONE Soteby s International Realty 19 Broward Sout End Waterfront, Single-Family Homes single-family omes Average Price per Square Foot Hollywood Beac Hallandale Beac Ft. Lauderdale Broward s Nort End Miami Western Suburbs $0 $50 $100 $150 $200 $250 $300 $350 $400 $253 $286 $304 $298 $185 $355 Te Hallandale Beac neigborood as a nearly equal number of waterfront and nonwaterfront transactions, wit muc stronger average prices tan Hollywood Beac. Bot neigboroods increased 33% to 35% over levels, wit Hallandale Beac ending te period at an average of $387 per square foot, as compared to Hollywood Beac at an average of $338 per square foot. Overall, waterfront omes traded at 40% to 80% greater average pricing per square foot tan its non-waterfront counterparts. $277 $366 Percentage Cange $338 $387 Hollywood Beac: g 22.0% Hallandale Beac: g 5.7% # Transactions Spotligt: Luxury Residence Transactions * Hollywood Beac Hallandale Beac Avg. Home Price # Transactions Hollywood Beac $1,412,400 8 Hallandale Beac $1,909, Hollywood Beac For luxury, waterfront omes, Hallandale Beac overpowers Hollywood Beac in terms of bot average pricing and number of transactions. Bot areas are experiencing an increase in new construction wit developments suc as Beacwalk in Hallandale and Apogee Beac Hallandale Beac in Hollywood, wic are projected to enance teir respective real estate markets. Omissions due to low transaction numbers or absence of market: None * Te top 50% of eac market, by average price.

20 TRENDS Market Report Broward Condos General Statistics Waterfront Condos Te Soutern Broward County luxury condo market is primarily concentrated on te Fort Lauderdale, Hallandale and Hollywood Beac submarkets, wit nearly all of te product on te waterfront. Te Broward market as a larger sare of its condo market directly on te sand, as opposed to locations on a waterway, or locations wit water views. However, muc of te on te sand product is older, so te pre-construction inventory available today tends to be smaller, wit more exclusive, boutique buildings being proposed. Tese pre-construction developments are reportedly selling very well because of a lack of new beacfront alternatives. # For Sale b # Sold b PPSF b PPSF Trendline b 13,522 1,009 $175 10,373 1,169 $170 9,128 1,430 $191 Non-Waterfront Condos 9,200 1,733 $201 11,202 1,690 $202 A review of te Broward condo market data sows tat markets across te board ave been experiencing double-digit appreciation since. Bot waterfront and nonwaterfront condos closed at iger average pricing per square foot tan tey did any of te previous four years. Te county s oceanfront real estate markets are dominated by iger-density condominium developments and, as most of te currentlyunder-construction inventory gets delivered to market in 2015 and 2016, tis newer product is igly likely to continue to pull up resale pricing even furter. Like te single-family market, condos in Fort Lauderdale and Broward s Sout End tend to attract a large percentage of teir buyer pool from Norteastern U.S. and Canada. Te city of Fort Lauderdale as quickly evolved to offer great amenities and a variety of employment options, attracting young professionals as well. Following two back-to-back brutal winter seasons trougout te U.S. and Canada, Broward is likely to see significant demand in 2015 and be te primary beneficiary of a wave of buyers from tese nortern markets, provided interest rates remain low. # For Sale b # Sold b PPSF b PPSF Trendline b 12, $95 9,136 1,243 $91 8,074 1,614 $95 9,563 2,157 $116 Ft. Lauderdale: A Triving City Second Largest Increase in Metropolitan Employment in te U.S. from to - Bureau of Labor Statistics One of America s 10 Most Exciting Mid-Sized Cities - Movoto National Real Estate One of te Best U.S. Cities for Global Trade - Global Trade Magazine 13,249 2,134 $129 One of America s 10 Greenest Mid-Sized Cities - MyLife.com Development, Retail Sales Lifting Fort Lauderdale-Area Economy - Sun Sentinel

21 ONE Soteby s International Realty 21 Luxury Spotligt $1M to $5M Transactions Average Home Price Te Broward condo market as not ad any transactions over $5 million in te five years analyzed in tis report. Most of its luxury condo market is in Fort Lauderdale s coastal areas, wic are experiencing new development. One significant factor in Fort Lauderdale s lack of an ultra-luxury condo market is te age of te real estate product. Te city s current situation, owever, migt cange any minute wit some of te proposed, new development. $1,358,000 $1,466,000 $1,312,000 $1,395,000 $1,451,000 In general, real estate prices in Fort Lauderdale are muc more competitive tan tey are in Condominium towers suc as Auberge Beac Residences & Spa, an oceanfront project to Miami. Wile bot markets are experiencing begin construction during 2015, plan on asking Avg. Home Price Trendline 16 1, Sold 51 For Sale substantial growt, luxury pentouses in Fort Lauderdale are usually in te $3-million to $4-million range. Tis pricing range represents te top tier of te city s existing condominium inventory, wic usually comes wit worldclass amenities and spectacular water views. Altoug condo sales do not typically exceed $5 million, we project some transactions may inc up to $6 million sometime during 2015 due to te current growt of te Fort Lauderdale market. Susan Rindley, ONE Soteby s International Realty well over $5 million for te top-level inventory a price Fort Lauderdale buyers may be willing to pay due to te quality and size of te product combined wit its beacfront location, someting tat is only attainable at a muc iger premium in oter areas. Fort Lauderdale s new development wave will also offer some of te iger-level pricing te city is now used to seeing wit projects suc as RIVA, a 100-residence building wit luxury pentouses starting at under $3 million. La Rive 715 Baysore Drive, #401, Fort Lauderdale

22 TRENDS Market Report East Fort Lauderdale Condo Market Index For te purposes of tis report, te Fort Lauderdale condo market excludes te non-waterfront segment. Fort Lauderdale is known as te yacting capital of te world and its atmospere certainly supports tat claim. Wit dozens of bars and restaurants, it as become increasingly attractive for young professionals, families and retirees alike. Broward s Nort End Western Suburbs Broward s Sout End Miami East Fort Lauderdale Waterfront % of Sample Traded 6% 6% Avg. Sales Price Avg. S.F. Avg. Price/S.F. Year/Year % Cange on Price/Square Foot $894,641 2,391 $ $846,146 2,142 $395 g 5.3% 10% $929,408 2,243 $414 g 4.7% 12% $1,089,908 2,409 $452 g 8.4% 9% $1,097,663 2,171 $506 g 10.5% Te New River tat runs trougout Las Olas and Fort Lauderdale is one of te primary reasons for te absence of non-waterfront condominium towers in te area. In addition to te river, tere are a number of canals and waterways wic weave teir way troug Fort Lauderdale s Downtown area. Te area is seeing an influx of young professionals due to its many financial companies and law offices, its discounted pricing as compared to Miami-Dade and its access to Broward, Palm Beac and Miami-Dade. Las Olas gets its name from te main street tat runs troug its eart, Las Olas Boulevard. Tis street runs parallel to Broward Boulevard and serves as an arts-and-leisure based twin to Downtown Fort Lauderdale. Las Olas is defined by te tremendous walkability and waterfront caracter. Tis is also te center for young professionals in Broward County, wic is reflected in te large number of restaurants and bars. Te area is also walkable to Fort Lauderdale s Riverwalk, anoter central concentration of bars, clubs and restaurants. Las Olas Waterfront % of Sample Traded 10% 7% Avg. Sales Price Avg. S.F. Avg. Price/S.F. Year/Year % Cange on Price/Square Foot $779,103 2,431 $ $778,120 2,329 $334 g 4.1% 12% $906,913 2,483 $365 g 8.5% 16% $940,986 2,318 $406 g 10.0% 16% $1,100,938 2,381 $462 g 12.2% Omissions due to low transaction numbers or absence of market: Nortern Beaces and Western Suburbs

23 ONE Soteby s International Realty 23 Broward Sout End Condo Market Index condominiums Te area called Broward Sout End is so-named because, relative to te city of Fort Lauderdale, tese cities are found to te sout. Tis submarket is comprised of te condo towers located on te barrier island in Hallandale Beac and Hollywood Beac and does not include any non-waterfront product outside te beaces. Ft. Lauderdale Broward s Nort End Miami Western Suburbs Hollywood Beac Waterfront % of Sample Traded 8% 21% Avg. Sales Price Avg. S.F. Avg. Price/S.F. Year/Year % Cange on Price/Square Foot $1,116,829 2,733 $ $1,224,866 2,742 $447 g 8.5% 18% $1,494,735 2,959 $505 g 11.6% 14% $1,309,166 2,680 $ % 9% $1,397,349 2,575 $543 g 10.0% Hollywood as a number of restaurants and venues all located just off te beac, wic is really te focal point of te area. Of note is te fact tat Hollywood is also te 12 t largest city in Florida, as it stretces far to te west. Te pricing in te graps and carts reflects only tose condo towers found on te barrier island, all of wic are waterfront. Wile Hollywood does ave a andful of Downtown condos, tese towers are miles away from te ocean and command pricing tat is far more modest and outside of te realm of true luxury. Hallandale, a otspot for redevelopment, is te first city over te border into Broward County. Hallandale Beac features condo towers all along A1A overlooking te Intracoastal and Atlantic Ocean. Gulfstream Park and Casino is located in te eart of Hallandale Beac and serves as a major demand driver for vacation rentals and full-time residences. In addition to its entertainment options, Hallandale is also conveniently situated, providing its residents wit relatively easy access to te entirety of Broward and Miami-Dade Counties. Hallandale Beac Waterfront % of Sample Traded 8% 11% Avg. Sales Price Avg. S.F. Avg. Price/S.F. Year/Year % Cange on Price/Square Foot $459,376 1,554 $ $491,510 1,610 $305 g 3.1% 11% $557,194 1,573 $354 g 13.8% 15% $705,130 1,626 $434 g 18.3% 12% $729,977 1,613 $453 g 4.2% Condo submarkets do not contain a Luxury Spotligt, since te product sample is already representative of te ig-end market. For details on metodology, please refer to page 5.

24 TRENDS Market Report Miami-Dade Single-Family Homes General Statistics Waterfront, Single-Family Homes Te Miami-Dade ousing market offers a broad variety of single-family, attaced and condo real estate options. Te general market as experienced a significant recovery since, wic dramatically increased troug. # For Sale b # Sold b PPSF b 3, $314 2, $495 2, $412 2, $463 2, $519 Te recent Case-Sciller index lists Miami as one of te top two fastest growing ousing markets in terms of te CS value cange index, nearly double te national average. Tis trend is expected to continue in 2015 due to a lack of new, single-family omebuilding oter tan spot-lot redevelopment, wic will add major inventory to level off pricing. Tese canges are occurring across every value spectrum, but none more dramatically tan in te luxury ousing market segment. Tere is very little developable land in Miami and essentially no vacant land witin te luxury markets east of I-95. Tis is giving rise to teardown and redevelopment and is accelerating te value appreciation witin tese markets. Te existing, single-family ousing stock will likely outperform te Florida ousing market. Observers lament tat tese rapid increases in pricing are leading to an affordability gap, were new residents cannot afford to own a single-family ome. Tis urts Miami s ability to attract major employers and increases cost of living, bot of wic could negatively affect employment growt. Luxury markets, owever, are decoupled from employment growt. PPSF Trendline b # For Sale b # Sold b PPSF b PPSF Trendline b Non-Waterfront, Single-Family Homes 15,366 1,091 $171 12,527 1,325 $168 10,687 1,850 $174 Miami: Troug a Global Lense Te Strongest Housing Market in te U.S. - Te National Law Review 12,116 2,420 $198 15,535 2,626 $204 We project te luxury, single-family market will remain strong. Wile global economic conditions are sifting, wic may extend market times, te level of demand for luxury, single-family far outweigs current supply. Second Biggest Banking Hub In te U.S. (after New York City) - Business Insider Second U.S. City Tat Matters Most to UHNW * Individuals - Knigt Frank In, te dominant trend was continued price increases wit fewer transactions. We Happiest U.S. City To Work In One of te Top Five New Tec Hubs expect tis will continue into Forbes.com * Ultra-Hig-Net-Wort - NBC News

25 ONE Soteby s International Realty 25 Luxury Spotligt $1M to $5M Transactions Average Home Price $5M to $10M Transactions Average Home Price $10M+ Transactions Average Home Price Avg. Home Price Trendline Avg. Home Price Trendline Avg. Home Price Trendline $1,856,000 $1,878,000 $1,849,000 $1,871,000 $1,883,000 $6,750,000 $6,435,000 $5,923,000 $6,628,000 $6,817,000 N/A $17,120,000 $14,486,000 $15,184,000 $18,274, # Sold # Sold # Sold ,036 3,228 # For Sale 2,856 3,046 3, # For Sale # For Sale Old Cutler Lane, Coral Gables

26 TRENDS Market Report Miami Nort End Non-Waterfront, Single-Family Homes Average Price per Square Foot Aventura Golden Beac Bal Harbour Surfside Broward s Sout End Ft. Lauderdale Downtown Miami Beac $0 $100 $200 $300 $400 $500 $600 $700 $800 $900 $194 $226 $479 $200 $208 $221 $401 $193 $235 $298 $473 $226 All neigboroods in Miami s Nort End sow increased pricing over te five-year period analyzed. Pricing in Bal Harbour sowed te most volatility wit a 70% increase from to and a 20% decline from to. Tis is not surprising given te limited number of transactions (under 25 total transactions over five years). Te strongest increase over te five-year period took place in Golden Beac, wic went up 90% from $226 per square foot in to $429 per square foot in. $262 $417 $812 $270 Percentage Cange $273 $429 $647 $290 Aventura: g 4.2% Golden Beac: g 2.9% Bal Harbour: 20.3% Surfside: g 7.4% # Transactions Spotligt: Luxury Residence Transactions * Aventura Golden Beac Bal Harbour Surfside Aventura Golden Beac Bal Harbour Surfside Avg. Home Price $1,201,000 5 $1,798,900 5 $3,887,500 2 $664, # Trans. Te most attractive luxury growt opportunity in Miami s Nort End is in te usually sleepy Surfside non-waterfront inventory, wic is trading actively and at a notable discount to area neigboroods, making it one of Miami s markets to keep an eye on for tose looking Aventura is tis section s only market witin te Miami mainland. Oters are located on barrier islands. to invest in property. Bal Harbour ranks #1 for igest average ome pricing. Omissions due to low transaction numbers or absence of market: Sunny Isles * Te top 50% of eac market, by average price.

27 ONE Soteby s International Realty 27 Miami Nort End Waterfront, Single-Family Homes single-family omes Average Price per Square Foot Aventura Golden Beac Bal Harbour Surfside Broward s Sout End Ft. Lauderdale Downtown Miami Beac $0 $200 $400 $600 $800 $1,000 $1,200 $1,400 no transactions $273 $629 $885 $285 $256 $552 N/A $353 $300 $791 $796 $338 Pricing volatility in te waterfront category for tis market area is again dominated by te Bal Harbour neigborood, wit te top average price of $1,287 per square foot in, 48% iger tan te next igest neigborood for any time period analyzed. Bal Harbour sales volume for waterfront omes as averaged one annual sale, limiting te reliability of te analysis for tis area. But for tose listing a Bal Harbour waterfront ome, te market price point will probably start at $1,200 per SF. $327 $745 $1,287 $713 Percentage Cange no transactions $356 $867 N/A $607 Aventura: g 8.9% Golden Beac: g 16.4% Bal Harbour: N/A Surfside: 14.9% # Transactions Spotligt: Luxury Residence Transactions * Aventura Golden Beac Bal Harbour Surfside Aventura Golden Beac Bal Harbour Surfside Avg. Home Price $881,429 7 $9,400,000 2 N/A 0 $3,550,000 3 # Trans. Located on a barrier island separating te Intracoastal Waterway from te ocean, te ig-end Golden Beac community offers one of te only on te sand, single-family ome markets in Miami-Dade County, taking te #1 spot in Miami s Nort End Luxury Spotligt by Aventura is tis section s only market witin te Miami mainland. Oters are located on barrier islands. a wide margin at an average $9,400,000. Bal Harbour ad no transactions during. Omissions due to low transaction numbers or absence of market: Sunny Isles * Te top 50% of eac market, by average price.

28 TRENDS Market Report Te Islands Non-Waterfront, Single-Family Homes Average Price per Square Foot Key Biscayne Palm/Hibiscus/Star Venetian Islands Sunset Islands La Gorce Island Bay Harbor Islands Normandy Isles Miami s Nort End Ft. Lauderdale Miami s Sout End Downtown $0 $100 $200 $300 $400 $500 $600 $700 $800 $900 $506 $380 $256 $464 $382 $219 $174 $547 $383 $385 $428 $532 $256 $154 $612 $413 $454 $497 $538 $331 $179 $748 $379 $484 $552 $469 $308 $223 Te neigboroods classified as Te Islands are categorized primarily by being surrounded by water as te name suggests. Stretcing from Key Biscayne sout to Bay Harbor Islands nort, tese submarkets are separated from te adjacent mainland by waterways or canals and are accessible via causeways. Average pricing can vary widely from Key Biscayne at $795 per square foot for a nonwaterfront ome to sub-$300 per square foot in Normandy Isles. Te Islands market area includes te neigboroods of Key Biscayne, Palm/Hibiscus/Star Islands, Venetian Islands, Sunset Island, La Gorce Island, Bay Harbor Islands, Normandy Isle and Indian Creek. Te Village of Key Biscayne was, by far, te strongest performer on price per square foot, wit average pricing up 6.0% over levels, and 30% iger tan te next igest neigborood (La Gorce Island). La Gorce and Venetian Islands were almost even at $613 and $611 respectively for. Percentage Cange $795 $499 $611 $589 $613 $379 $247 Key Biscayne: g 6.3% Palm/Hibiscus/Star: g 31.7% Venetian Islands: g 26.2% Sunset Islands: g 6.7% La Gorce: g 30.7% Bay Harbor Islands: g 23.1% Normandy Isles: g 10.8% Omissions due to low transaction numbers or absence of market: Indian Creek and Fiser Island

29 single-family omes 531 S. Masta Drive, Key Biscayne Te igest percentage gain in te non-waterfront category for Te Islands goes to Palm/Hibiscus/Star Islands wit 31.7% appreciation over figures. Te Venetian Islands sowed te strongest cumulative gain over te five-year period, wit average pricing up 139% over levels. # Transactions Key Biscayne Palm/ Hib./Star 59 4 Venetian Islands Sunset Islands La Gorce Island Bay Harbor Islands Normandy Isles Normandy Isles is to Te Islands wat Palmetto Bay is to Miami s Sout End. Te sleepier neigborood wit te largest upside relative to its peers, Normandy Isles looks attractively priced. Some of tis pricing differential is embedded in te older ousing stock, but te spread ($247 versus competitive island peers at $500+ PSF) is too great to be ignored Spotligt: Luxury Residence Transactions * Key Biscayne Palm/Hibiscus/Star Venetian Islands Sunset Islands La Gorce Island Bay Harbor Islands Normandy Isles Avg. Home Price # Transactions $3,310, $1,595,000 2 $2,193,889 9 $2,716,250 4 $6,500,000 1 $1,362,188 8 $627, Te only non-waterfront inventory in te Palm/Hibiscus/Star cain is located on Palm and Star Islands. Tese very few non-waterfront properties are wat some migt consider tear-downs at $1.25 million $1.4 million, making teir average pricing a great deal lower tan it would normally be. La Gorce and Key Biscayne old te #1 and #2 spots in luxury average pricing. La Gorce is a very lus, gated community, making it one of te most private neigboroods in Miami. Key Biscayne, located furter sout, is a 1.5-square-mile village surrounded by acres of parks and beaces. Pricing in tis exclusive island usually remains ig due to its low supply of omes and developable land. * Te top 50% of eac market, by average price.

30 TRENDS Market Report Te Islands Waterfront, Single-Family Homes Average Price per Square Foot Key Biscayne Palm/Hibiscus/Star Venetian Islands Sunset Islands La Gorce Island Indian Creek Bay Harbor Isl. Normandy Isles Miami s Nort End Ft. Lauderdale Miami s Sout End Downtown $0 $500 $1,000 $1,500 $2,000 $2,500 no transactions no transactions $1,178 $841 $566 $398 $880 $1,179 $356 $280 $1,747 $922 $653 $924 $909 N/A $488 $437 $1,278 $1,195 $855 $967 $908 $1,986 $781 $352 $1,688 $1,041 $972 $1,029 $1,658 N/A $642 $415 $1,419 $1,244 $1,122 $1,463 $2,190 $998 $720 $531 Key Biscayne s waterfront omes reaced te igest pricing in te market in and, at $1,178 and $1,747 respectively. Te next tree years failed to reac te mark set in and Key Biscayne pricing ended at $1,419 per square foot, up 20% from levels but down 15.9% from. Te overall top performer in terms of average pricing and percentage gain is La Gorce, wit average pricing up 150% over te average of $880 and 32% over figures, ending te period at an average $2,190 per square foot. Sunset Islands took te second spot in at $1,463 sligtly above Key Biscayne at $1,419. Notably, te average number of transactions per submarket (2 to 19) leaves tese prices and annual appreciation gains subject to wide swings, wic are eavily dependent upon specific transactions. However, te numbers are relevant considering te limited amount of omes available, wic drives average pricing over $1,000 per square foot consistently. Percentage Cange Key Biscayne: 15.9% Palm/Hibiscus/Star: g 19.5% Venetian Islands: g 15.4% Sunset Islands: g 42.2% La Gorce: g 32.1% Indian Creek: N/A Bay Harbor Islands: g 12.1% Normandy Isles: g 28.0% Omissions due to low transaction numbers or absence of market: Fiser Island

31 ONE Soteby s International Realty 31 single-family omes 9 Harbor Point, Key Biscayne Unlike most of te oter markets studied in tis report, wic sowed price appreciation between # Transactions wit a decline in te total number of transactions, almost all of tese submarkets ad Key Biscayne Palm/ Hib./Star Venetian Islands Sunset Islands La Gorce Island Indian Creek Bay Harbor Islands Normandy Isles more total transactions in tan in, wit te exception of Sunset Islands and Normandy Isles. Tis could be a sign tat appreciation rates are expected to continue in te near future, since it seems increased pricing is not slowing velocity. Te demand for Te Islands will remain ig, as teir luxurious lifestyle and amenities coupled wit teir unparalleled privacy are igly desirable Spotligt: Luxury Residence Transactions * Key Biscayne Palm/Hibiscus/Star Venetian Islands Sunset Islands La Gorce Island Indian Creek Bay Harbor Islands Normandy Isles Avg. Home Price # Trans. $9,417,500 4 $17,638,830 5 $7,015,000 5 $13,814,000 4 $14,250,000 2 $21,200,000 2 $4,333,333 3 $1,383,000 6 Te waterfront Islands submarket represents te absolute top of te entire Miami- Dade luxury market. Indian Creek and Palm/Hibiscus/Star old te #1 and #2 spot in te igest overall luxury pricing. Indian Creek s main price driver is te fact tat tere is little to no ousing supply, as some years go by witout seeing a single transaction. To put tese numbers in perspective, Indian Creek s 86 residents net wort is estimated at over $37 billion (most of wic comes from a single uber-investor), wic is greater tan te gross domestic product of alf te world s nations. In, ONE Soteby s International Realty represented te buyer in a $47 million transaction in Indian Creek, breaking te county record at te time. * Te top 50% of eac market, by average price.

32 TRENDS Market Report Miami Beac Non-Waterfront, Single-Family Homes Average Price per Square Foot Mid Beac Nort Bay Road Pine Tree Drive La Gorce Subdiv. - Alton Rd. La Gorce Subdiv. - La Gorce Dr. Miami s Nort End Ft. Lauderdale Miami s Sout End Downtown $0 $100 $200 $300 $400 $500 $600 $253 $358 $292 $233 $219 $272 $335 $298 $379 $319 $304 $349 $308 $318 $324 Witin Mid Beac, tere are tree areas were omes usually outperform te general market by a wide margin, wic is wy we extracted tem and igligted teir statistics in tis section. Tese areas are La Gorce Subdivision wit La Gorce Drive and a segment of Alton Road; two roads wit luxury, non-waterfront omes usually facing La Gorce Golf Course, Nort Bay Road and Pine Tree Drive. Single-family pricing in Mid Beac as trended steadily upward wit a 77.1% increase over te past five years. Of its analyzed submarkets, La Gorce Drive experienced te most significant growt from numbers at 35.7%, reacing an average of $578 per square foot. In, all areas performed at double-digit increases compared to te previous year and, altoug tis level of appreciation is not realistically repeatable year-over-year, continued doubledigit gains are expected during 2015 provided interest rates remain low. $370 $406 $445 $293 $426 Percentage Cange $448 $502 $522 $335 $578 Mid Beac: g 21.1% Nort Bay Road: g 23.6% Pine Tree Drive: g 17.3% L.G.S. - Alton Road: g 14.3% L.G.S. - La Gorce Drive: g 35.7% Omissions due to low transaction numbers or absence of market: Sout Beac and Nort Beac

33 ONE Soteby s International Realty 33 single-family omes 6222 Alton Road, Miami Beac # Transactions A member of La Gorce Country Club will certainly find a price premium worty if te residence sits on La Gorce Golf Course. Te club as been known to extend Mid Beac N. Bay Road Pine Tree Drive L.G.S. Alton Rd. L.G.S. La Gorce Dr. te privilege of providing golf cart access directly from omes to te golf course, a feature tat ultimately proves to be a weiging factor on potential buyers Dina Goldentayer, ONE Soteby s International Realty Pine Tree Drive and Nort Bay Road are mostly known for teir waterfront product, but non-waterfront omes for bot areas are in te $500-per-square-foot range, outperforming te general Mid Beac market by 12% and 18% respectively. Alton Road in La Gorce is te only analyzed submarket tat didn t reac Mid Beac s average pricing during, most likely due to te price boost experienced by te remaining submarkets and, ultimately, te general area. Spotligt: Luxury Residence Transactions * Avg. Home Price # Trans. Mid Beac N. Bay Road Pine Tree Drive L.G.S. - Alton Road L.G.S. - La Gorce Drive $1,960, $2,355,000 5 $2,632,143 7 $1,589,167 6 $2,395,180 5 Our Luxury Spotligt stars are Nort Bay Road, Pine Tree Drive and La Gorce Drive, all tree around te $2 million mark for non-waterfront omes. Tese streets are te setting for many ultra-luxury, single-family omes, attracting igprofile buyers from around te world. Tese properties also ave a walkability advantage over similarly priced omes in some of te islands, as tey re closer to a pletora of entertainment options offered in Mid Beac and Sout Beac. La Gorce Subdivision, Nort Bay Road and Pine Tree Drive are subsections of te Mid Beac market area. * Te top 50% of eac market, by average price.

34 TRENDS Market Report Miami Beac Waterfront, Single-Family Homes Average Price per Square Foot Mid Beac Nort Bay Road Pine Tree Drive Miami s Nort End Ft. Lauderdale Miami s Sout End Downtown $0 $200 $400 $600 $800 $1,000 $1,200 $1,400 $608 $813 $506 Witin te Miami Beac non-waterfront, singlefamily omes section, four Mid Beac areas were extracted in order to igligt its top performing markets. La Gorce Subdivision s Alton Road and La Gorce Drive do not include waterfront residences and were terefore excluded from tis section. $628 $775 $566 $598 $964 $589 $786 $976 $758 Waterfront residences analyzed trade at an average pricing 1.8 to 2.2 times te nonwaterfront average pricing. Price appreciation was slower between and, primarily because values did not decline as steeply in tese submarkets during te downturn. Te limited supply available in tese areas, owever, supports continued strengt, even as pricing stabilizes in oter submarkets. Wile Mid Beac area pricing increased 21.8% from to, its prominent Nort Bay Road and Pine Tree Drive markets experienced larger gains at 43.0% and 28.1% respectively. Miami Beac s single-family market is usually in very ig demand and numbers prove to be no exception. Percentage Cange $957 $1,396 $971 Mid Beac: g 21.8% Nort Bay Road: g 43.0% Pine Tree Drive: g 28.1% Omissions due to low transaction numbers or absence of market: La Gorce Subdivision (Alton Road and La Gorce Drive), Sout Beac and Nort Beac

35 ONE Soteby s International Realty 35 single-family omes 528 Lakeview Court, Miami Beac # Transactions Mid Beac N. Bay Road Pine Tree Drive Mid Beac contains some of Sout Florida s most spectacular omes, many of tem set on te spotligt areas of Nort Bay Road and Pine Tree Drive. Tese streets ave garnered a great deal of attention due to te ig profile of some of teir residents, wic undoubtedly increases te demand for teir exclusive properties. Mid Beac is also te setting for many new developments suc as Te Residences at Ritz-Carlton, a 111-residence luxury project featuring 15 exclusive villas directly on Surprise Lake. Te Piero- Lissoni-designed development is one of te most awaited new buildings because of te Ritz- Carlton brand s legendary service and quality standard. We expect te Mid Beac waterfront market to continue drawing great demand, as new developments and an already strong, existing ousing market make te neigborood one of te most exciting living options in te city. Spotligt: Luxury Residence Transactions * Mid Beac N. Bay Road Pine Tree Dr. Avg. Home Price # Trans. $10,485, $17,275,000 4 $6,400,000 3 Nort Bay Road is far and beyond te most ig-end waterfront market in Miami Beac. Waterfront omes in tis area come wit unbeatable views of Biscayne Bay and te Downtown Miami skyline. Nort Bay Road omes also ave an edge wen it comes to buyers looking for te latest tecnology and contemporary arcitecture. Nort Bay Road and Pine Tree Drive are subsections of te Mid Beac market area. Pine Tree Drive, running troug eastern Mid Beac and providing canalfront residences, closed at $6,400,000 for its luxury segment. Wile muc lower tan Mid Beac in general, Pine Tree Drive ad te lowest transactional volume and is terefore subject to price volatility. * Te top 50% of eac market, by average price.

36 TRENDS Market Report Miami Sout End Non-Waterfront, Single-Family Homes Average Price per Square Foot Coconut Grove Coral Gables Pinecrest Palmetto Bay CocoPlum Snapper Creek Lakes Ponce-Davis & Hig Pines Downtown Miami Beac Ft. Lauderdale $0 $100 $200 $300 $400 $500 $600 $233 $183 $223 $138 $334 $407 $289 $244 $252 $222 $136 $346 $412 $318 $260 $263 $235 $142 $319 $368 $310 $322 $304 $256 $164 $413 $467 $373 For te purposes of tis study, we categorize Miami s Sout End as all neigboroods East of US-1, spanning from Coconut Grove nort to Palmetto Bay sout. CocoPlum and Snapper Creek Lakes are subsections of te Coral Gables market area. All neigboroods in tis market sowed gains over pricing, wit Pinecrest sowing te strongest percentage increase over performance. In terms of pricing, Snapper Creek Lakes is well aead wit pricing at $524 per square foot. Notably, Snapper Creek Lakes is a gated community of just 124 omes, wit pricing as muc a function of its limited supply as of its expansive sites and custom-built, luxury residences. Palmetto Bay, located furtest from Downtown Miami, as te lowest average pricing per square foot, altoug pricing as been positive eac of te last five years. Of note for te area is ow well omes in te Ponce-Davis & Hig Pines submarket compete in pricing wit te top of Miami s Sout End. Percentage Cange $362 $330 $292 $180 $447 $524 $401 Coconut Grove: g 12.4% Coral Gables: g 8.6% Pinecrest: g 14.1% Palmetto Bay: g 9.8% CocoPlum: g 8.2% Snapper Creek Lakes: g 12.2% Ponce Davis & Hig Pines: g 7.5% Omissions due to low transaction numbers or absence of market: Gables Estates, Old Cutler Bay and Deering Bay

37 ONE Soteby s International Realty 37 single-family omes 8645 SW 54 Avenue, Ponce-Davis Ponce-Davis & Hig Pines is te only unincorporated area in tis market tat encompasses approximately one square mile. It ranked tird out of seven analyzed submarkets in terms of average pricing per square foot, altoug growt came in last of all at just 7.5% appreciation over figures. # Transactions Coconut Grove Coral Gables Pinecrest Palmetto Bay CocoPlum Snapper Creek L. P. Davis & H. Pines Wit te exception of Palmetto Bay, tese neigboroods ave very limited availability of land for new ousing. Markets of infill non-waterfront are trading well over $300 per square foot wit te exception of Palmetto Bay and Pinecrest. All of Miami s Sout End submarkets benefit from strong, local public and private scools in te neigborood Spotligt: Luxury Residence Transactions * Coconut Grove Coral Gables Pinecrest Palmetto Bay CocoPlum Snapper Creek Lakes P. Davis & Hig Pines Avg. Home Price # Transactions $1,638, $1,511, $2,374, $650, $2,762,500 6 $5,308,237 3 $2,932, Despite Pinecrest s #4 ranking in our Luxury Spotligt, te market as a large dimension and range in pricing. Nort Pinecrest (nort of SW 120 t St.) and East Pinecrest (east of Ludlam Rd.) are te strongest neigboroods. Given te level of redevelopment, te Luxury Spotligt generally reflects te Norteast Pinecrest market. Pinecrest is undergoing a major transformation wit 1960 s and 1970 s omes being purcased for demolition/redevelopment, giving rise to lower average pricing. We expect te Pinecrest submarket will outperform in 2015 as more tear-downs renew te age of te ousing stock. CocoPlum and Snapper Creek Lakes are subsections of Coral Gables. * Te top 50% of eac market, by average price.

38 TRENDS Market Report Miami Sout End Waterfront, Single-Family Homes Average Price per Square Foot Coconut Grove Coral Gables Palmetto Bay CocoPlum Gables Estates Old Cutler Bay Downtown Miami Beac Ft. Lauderdale $0 $200 $400 $600 $800 $1,000 $1,200 $1,400 $593 $480 $162 $515 $659 $723 $551 $459 $164 $551 $987 $599 $518 $553 $188 $533 $1,095 $693 $483 $531 $191 $564 $806 $671 For te purposes of tis study, we categorize Miami s Sout End as all neigboroods East of US-1, spanning from Coconut Grove nort to Palmetto Bay sout. CocoPlum, Gables Estates and Old Cutler Bay are located witin te municipal boundaries of te City of Coral Gables, but are considered separately by market participants and are presented as suc in tis study. Te neigborood wit te igest pricing per square foot of building area in tis waterfront market is Gables Estates, wit pricing at an average $1,329 per square foot, up an impacting 64.9% over levels. Tis gated community only offers waterfront, singlefamily omes, ideal for families and boating entusiasts alike. Gables Estates is followed by Old Cutler Bay, anoter exclusive, gated community in Coral Gables, at an average $698 per square foot, up 4.0% from levels. Tis is a more stable submarket, only fluctuating witin a little over $100 in five years. Percentage Cange $690 $657 $203 $656 $1,329 $698 Coconut Grove: g 42.9% Coral Gables: g 23.7% Palmetto Bay: g 6.3% CocoPlum: g 16.3% Gables Estates: g 64.9% Old Cutler Bay: g 4.0% Omissions due to low transaction numbers or absence of market: Pinecrest, Snapper Creek Lakes, Ponce-Davis & Hig Pines and Deering Bay

39 ONE Soteby s International Realty 39 single-family omes 935 Bella Vista Avenue, Coral Gables Te general Coral Gables market as remained stable trougout te past five years. In, owever, it reaced an average of $657 per square foot, over $100 over figures. Of note is te sligt, yearover-year decline in pricing for Coconut Grove waterfront residences from troug, totaling an 18.54% drop, only to come back in at an average $690 per square foot, 42.9% iger tan figures. All analyzed neigboroods except for Old Cutler Bay are at teir igest average price per square foot in all five years analyzed. # Transactions Coconut Grove Coral Gables Palmetto Bay CocoPlum Gables Estates Old Cutler Wen looking at neigboroods wit waterfront and non-waterfront omes, waterfront residences trade at an average 1.5 to 2.0 times te average pricing of non-waterfront residences in te same submarket Spotligt: Luxury Residence Transactions * Coconut Grove Coral Gables Palmetto Bay CocoPlum Gables Estates Old Cutler Bay Avg. Home Price # Transactions $5,396,250 4 $6,452, $3,970,000 5 $5,216,667 3 $9,250,000 4 $4,125,000 4 Taking te #1 spot by a wide margin wit average ome pricing at $9,250,000, Gables Estates is considered te Beverly Hills of Miami s Sout End. Even more impressive is tat Gables Estates is part of Coral Gables, te second-ranked market. Miami s Sout End luxury submarkets are strengtened by teir renowned private scools, wic tend to be key deciding factors for ome-buying families. CocoPlum, Gables Estates and Old Cutler Bay are subsections of Coral Gables. * Te top 50% of eac market, by average price.

40 TRENDS Market Report Miami-Dade Condos General Statistics Waterfront Condos Te Miami-Dade condo market is as diverse and mature as its single-family market. Its recovery as been aided by an influx of foreign buyers in nearly every submarket trougout te county over te past four years. Te pricing recovery as been very dramatic and, despite some observers claims tat te market would take a decade or more to recover from te Great Recession ( ), by late, new development was underway again. Wit te exception of New York City, it is te most active construction market in te U.S. today. # For Sale b # Sold b PPSF b PPSF Trendline b 22, $356 18,558 1,323 $391 15,756 1,737 $407 Non-Waterfront Condos 16,946 2,078 $441 20,607 1,895 $503 Te market for condominiums in tis cycle as been geared almost exclusively to te luxury ($1M $5M) and ultra-luxury ($10M+) buyer pool. Witout exception, Miami Beac s Sout Beac (wit Sout of Fift) and Miami s Nort End submarkets are te strongest in pricing and pre-construction availability. In terms of amenities, tere is noting more prized tan an oceanfront unit, and Miami Beac and te Nort End are te two submarkets tat can deliver unobstructed, ocean views. In terms of non-oceanfront product, Downtown Miami is one of te largest markets for new development. Te condo market in Miami is strongly linked to foreign demand, so canges in te currency excange rates and emerging weakness in te global economy will be key factors tat may affect te demand side of te condo market in Conversely, Miami brokers convey a sense of optimism by noting tat wen foreign economies perform poorly, Miami tends to attract more capital, not less. Te biggest trends affecting Miami s condo supply are te rapid land appreciation and te recent spikes in construction cost. Tese two factors will likely slow new development tis year, wic signals a potentially ealty correction for a market tat as experienced feveris building for te past tree years. # For Sale b # Sold b PPSF b PPSF Trendline b 13, $159 New Construction Units: 15,000+ (Over 60% Sold) Port of Miami: #1 Cruise Terminal in te World 9,785 1,007 $157 8,342 1,392 $174 12,017 1,978 $196 Miami: A Triving City Top U.S. Market for All-Cas Transactions - Bloomberg.com (July ) 17,751 2,093 $212 $5 Billion of Planned Development in Downtown Miami only MIA: Leading Intl. Airport wit 40M Annual Travelers

41 ONE Soteby s International Realty 41 Luxury Spotligt $1M to $5M Transactions Average Home Price $5M to $10M Transactions Average Home Price $10M+ Transactions Average Home Price Avg. Home Price Trendline Avg. Home Price Trendline Avg. Home Price Trendline $1,673,000 $1,906,000 $1,699,000 $1,705,000 $1,827,000 $6,538,000 $6,634,000 $6,042,000 $6,080,000 $6,371,000 N/A $11,500,000 $27,000,000 $12,050,000 $10,975, # Sold # Sold # Sold ,588 3,866 # For Sale 3,822 3,924 4, # For Sale # For Sale Asia 900 Brickell Key Boulevard, #3401, Brickell Key

42 TRENDS Market Report Miami Nort End Condo Market Index Te Nort End of Miami includes te nortern-most tip of Miami Beac (Surfside and Bal Harbour) as well as Aventura and Sunny Isles, wic sit on te border wit Broward County. Tese areas are known for teir affluence, accessibility to bot Miami s and Broward s beaces and ig concentration of European residents. Broward s Sout End Ft. Lauderdale Downtown Miami Beac Aventura Waterfront % of Sample Traded 7% 13% Avg. Sales Price Avg. S.F. Avg. Price/S.F. Year/Year % Cange on Price/Square Foot $739,169 2,764 $ $746,419 2,513 $297 g 9.9% 12% $867,531 2,741 $316 g 6.1% 11% $1,105,983 2,788 $397 g 20.2% 10% $1,022,262 2,522 $405 g 2.2% Referred to as Turnberry until 1995, Aventura is ome to te Aventura Mall (te 5 t largest in te nation) and several retail strip centers, as well as a number of office parks. Te area was primarily developed during te 1980s and 1990s and acieved critical mass by Wit accessibility to I-95 and Miami Beac, Aventura is a igly desirable location wit condo towers situated rigt on te Intracoastal canals. Bal Harbour as long been considered te luxury epicenter for Miami- Dade County. Te Bal Harbour Mall is located across te street from most of Bal Harbour s condo towers, all of wic sit on private beaces facing te Atlantic Ocean. Bal Harbour as bot very ig pricing on a per-square-foot basis and above-average-sizing of condo units. Te area as seen sky-rocketing growt since. Bal Harbour Waterfront % of Sample Traded 3% 6% Avg. Sales Price Avg. S.F. Avg. Price/S.F. Year/Year % Cange on Price/Square Foot $1,825,675 2,718 $ $2,499,032 2,701 $925 g 27.4% 18% $3,475,337 2,586 $1,344 g 31.2% 13% $3,312,535 2,433 $1,362 g 1.3% 25% $3,391,048 1,402 $2,419 g 43.7% Omissions due to low transaction numbers or absence of market: Golden Beac

43 ONE Soteby s International Realty 43 Surfside Waterfront % of Sample Traded 9% 6% Avg. Sales Price Avg. S.F. Avg. Price/S.F. Year/Year % Cange on Price/Square Foot $582,619 1,497 $ $535,422 1,575 $ % condominiums 10% $748,474 1,711 $437 g 22.3% 10% $547,207 1,385 $ % 8% $1,094,621 1,692 $647 g 38.9% Surfside is located just sout of Bal Harbour on te Miami Beac barrier island. Surfside is aptly named as it as te appearance and feel of a quiet surf town one migt find along te California coast. However, tis area as recently become te site of some of te most notable ultra-luxury developments, including te Fendi Cateau Surfside, te first condo tower wit Fendi branding. Luxury condos, new construction and, on a global scale, wellpriced real estate are factors in te driving force beind te success of Sunny Isles Beac. Pre-construction condos range from $1,300 to $2,500 per square foot wile premier luxury condo towers may still be purcased from $800 to $1,300 per square foot. Te Atlantic Ocean and resident amenities offer an all-inclusive lifestyle central to bot FTL and MIA airports wit an additional draw on its proximity to great scools, golf, restaurants, retail and nigtlife. Aston Coleman, ONE Soteby s International Realty Jade Ocean Collins Avenue, #PH4408, Sunny Isles Beac Sunny Isles Waterfront # Transactions * 10% 11% Avg. Sales Price Avg. S.F. Avg. Price/S.F. Year/Year % Cange on Price/Square Foot $1,187,642 1,980 $ $1,247,431 1,909 $653 g 8.2% 11% $1,199,104 1,675 $716 g 8.7% 12% $1,433,762 1,727 $830 g 13.8% 9% $1,786,935 1,815 $985 g 15.7% Condo submarkets do not contain a Luxury Spotligt, since te product sample is already representative of te ig-end market. For details on metodology, please refer to page 5.

44 TRENDS Market Report Te Islands Condo Market Index Tis submarket is comprised of tree islands in Miami-Dade County, wic are typically not included in te Miami Beac submarkets. Tese islands are Key Biscayne, accessible only by te Rickenbacker Causeway; Bay Harbor Islands, wic are just west of Bal Harbour on te nort end of Miami Beac; and Fiser Island, wic is accessible only by ferry (or elicopter). Ft. Lauderdale Miami s Nort End Miami s Sout End Downtown Key Biscayne Waterfront % of Sample Traded 3% 7% Avg. Sales Price Avg. S.F. Avg. Price/S.F. Year/Year % Cange on Price/Square Foot $1,809,554 2,927 $ $1,469,158 2,496 $ % 7% $1,565,008 2,375 $659 g 10.6% 11% $2,119,043 2,388 $887 g 25.8% 7% $1,637,652 2,050 $ % Key Biscayne is mostly beaces, nature reserves and parks, but te Village of Key Biscayne as long been considered one of te most exclusive real estate markets in Sout Florida. Pricing was consistent even during te financial crisis. Today, pricing reflects te fact tat tere is little to no space on Key Biscayne for development or redevelopment, wit remaining sites regulated and politically difficult to develop. Condos on te Bay Harbor Islands trade at a steep discount compared to Key Biscayne and Fiser Island. saw a significant downturn in pricing, following a big jump between and. Tis is likely attributed to te significant level of redevelopment occurring on te Bay Harbor Islands on a small scale. Typically, tese new projects are boutique developments wit less tan 20 units. Bay Harbor Islands Waterfront % of Sample Traded 5% 10% Avg. Sales Price Avg. S.F. Avg. Price/S.F. Year/Year % Cange on Price/Square Foot $117,286 1,213 $97-0+ $173,995 1,395 $125 g 22.4% 6% $213,857 1,515 $141 g 11.7% 9% $316,417 1,412 $224 g 37.0% 13% $257,833 1,421 $ % Omissions due to low transaction numbers or absence of market: Palm/Hibiscus/Star Islands, Venetian Islands, Sunset Islands, La Gorce Island, Indian Creek and Normandy Isles

45 ONE Soteby s International Realty 45 Fiser Island Waterfront % of Sample Traded 5% 7% Avg. Sales Price Avg. S.F. Avg. Price/S.F. Year/Year % Cange on Price/Square Foot $3,081,500 4,468 $ $3,568,014 4,520 $789 g 12.6% condominiums 8% $3,775,000 4,254 $887 g 11.1% 10% $3,612,727 4,028 $897 g 1.1% 6% $5,423,750 4,910 $1,105 g 18.8% Fiser Island is te epitome of luxury, as te island is inaccessible by car. Tese condos cater solely to te extremely wealty and vacationers. Pricing on Fiser Island is well over $1,000 per square foot despite te units being some of te largest in Miami-Dade County. Fiser Island as recently been te subject of some litigation as developers pus for additional construction in te tiny island. Te first new condominium tower is under construction on Fiser Island, and is likely to be delivered in early Fiser Island remains one of te jewels of Miami, offering golf, tennis, marina, a spa and a private beac along wit unbeatable privacy. Tis exclusivity comes wit a iger cost of operation, but te value of a Fiser Island residence is one of te absolute igest in Miami. Oceanside 7463 Fiser Island Drive, #7463, Fiser Island Condo submarkets do not contain a Luxury Spotligt, since te product sample is already representative of te ig-end market. For details on metodology, please refer to page 5.

46 TRENDS Market Report Miami Beac Condo Market Index Miami Beac as long been te iconic image of Miami for tourists and non-locals. Te barrier island is broken into four different submarkets: Sout Beac, Mid Beac, Nort Beac and Nort Bay Village, wic is really comprised of two islands west of Mid Beac. Miami s Nort End Ft. Lauderdale Miami s Sout End Downtown Sout Beac Waterfront % of Sample Traded 8% 10% Avg. Sales Price Avg. S.F. Avg. Price/S.F. Year/Year % Cange on Price/Square Foot $1,982,480 2,170 $ $2,021,046 1,964 $1,029 g 11.2% 13% $1,887,818 2,005 $ % 14% $2,368,176 1,967 $1,204 g 21.8% 12% $2,655,743 1,960 $1,355 g 11.2% Sout of Fift Spotligt: Statistics Apogee Continuum Sout Continuum Nort Murano Portofino Portofino Tower Murano Grande Icon Sout Beac Transactions b 1 Avg. Price b $7.24M Transactions b 16 Avg. Price b $4.93M Transactions b 15 Avg. Price b $2.57M Transactions b 6 Avg. Price b $2.65M Transactions b 8 Avg. Price b $2.00M Transactions b 23 Avg. Price b $2.41M Transactions b 20 Avg. Price b $2.59M Avg. PPSF b $2,333 g 0.6% since g 81.4% since Avg. PPSF b $2,003 g 38.0% since g 137.9% since Avg. PPSF b $1,651 g 18.6% since g 60.3% since Avg. PPSF b $1,354 g 15.1% since g 79.0% since Avg. PPSF b $1,036 g 6.5% since g 82.4% since Avg. PPSF b $1,113 g 21.8% since g 92.9% since Avg. PPSF b $1,061 g 21.2% since g 105.3% since Mid Beac Waterfront % of Sample Traded 9% 10% Avg. Sales Price Avg. S.F. Avg. Price/S.F. Year/Year % Cange on Price/Square Foot $900,175 1,425 $ $778,117 1,422 $ % 8% $958,858 1,404 $683 g 19.9% 11% $1,122,798 1,436 $782 g 12.7% 11% $1,191,585 1,334 $893 g 12.4% Omissions due to low transaction numbers or absence of market: None

47 ONE Soteby s International Realty 47 Nort Beac Waterfront % of Sample Traded 7% 12% Avg. Sales Price Avg. S.F. Avg. Price/S.F. Year/Year % Cange on Price/Square Foot $860,658 1,530 $ $1,009,603 1,584 $638 g 11.7% condominiums 18% $1,170,994 1,685 $695 g 8.3% 15% $1,349,918 1,565 $862 g 19.4% 9% $1,530,266 1,436 $1,066 g 19.1% Sout Beac is known for its ig-end restaurants, condo towers and breattaking views of Biscayne Bay, Downtown Miami and te Atlantic Ocean. Since te 1990s, tis area as been te entertainment otspot for tourists and locals alike. As for te condo market, Mid Beac and Nort Beac are sligtly less densely developed tan Sout Beac, as tey also feature a single-family ome market. Mid Beac is ome to two of te most istoric and wellknown resorts in Miami Beac, te Eden Roc and te Fontainebleau. Te nortern section of Sout Beac includes Lincoln Road and is considered by some to be te cultural center of Miami Beac. Tere are countless boutique otels, resorts and condo towers lining te beaces on te east side of Collins Avenue. Tis area also contains te New World Sympony, te United States only full-time orcestral academy. Te soutern section of Sout Beac offers te exclusive SoFi (Sout of Fift) pocket, a small concentration of luxury condo developments. Sout of Fift is considered te most ig-end condo market in Miami Beac, providing residents wit a quieter lifestyle tan tat of te nortern Sout Beac section. Sout of Fift is also ome to Sout Pointe Park, a resident favorite featuring te new, 450-foot Sout Pointe Pier, ample walkways and stunning views of Fiser Island and te cruise sips leaving Miami troug Government Cut. Pricing on Miami Beac is driven largely by te level of exclusivity perceived by buyers in eac market. For tis reason, Sout Beac as always commanded te igest pricing per square foot in almost all of Miami-Dade County, wit Mid Beac and Nort Beac rigt beind it. Nort Bay Village, by contrast, is priced at a significant discount, but as been experiencing ig appreciation over te past years; a growt tat is projected to continue. Overall, te Miami Beac condo and single-family markets were driven by lack of inventory. For example, in te ig-end waterfront ome sector, te average price per square foot jumped 16% from to. Days on market (DOM) dropped from 241 in to 193 in. Kevin Tomlinson, ONE Soteby s International Realty Nort Bay Village Waterfront % of Sample Traded 7% 10% Avg. Sales Price Avg. S.F. Avg. Price/S.F. Year/Year % Cange on Price/Square Foot $214,784 1,270 $ $209,133 1,275 $ % 10% $239,580 1,287 $186 g 11.9% 12% $286,235 1,264 $227 g 17.8% 19% $343,582 1,249 $275 g 17.7% Condo submarkets do not contain a Luxury Spotligt, since te product sample is already representative of te ig-end market. For details on metodology, please refer to page 5.

48 TRENDS Market Report Edgewater & Midtown Condo Market Index Te Edgewater/Midtown submarket is comprised of East Edgewater and te Midtown district just west of Biscayne Boulevard and West Edgewater. Edgewater is located on te eastern strip of coastal land immediately nort of Downtown Miami (aka te CBD), wit Midtown found on te west side of te Florida East Coast Railway. Miami s Nort End Ft. Lauderdale Downtown Brickell Miami s Sout End Edgewater Waterfront % of Sample Traded 1% 1% Avg. Sales Price Avg. S.F. Avg. Price/S.F. Year/Year % Cange on Price/Square Foot $167,000 1,128 $ $1,100,000 2,353 $467 g 68.3% 2% $1,104,386 3,216 $ % 3% $1,071,458 3,303 $ % 1% $1,353,857 3,378 $401 g 19.1% Edgewater ad been overlooked for over a decade leading up to, wen Jorge Pérez of te Related Group announced tat e would be developing a four-tower residential/resort project witin te Edgewater submarket known as te Paraiso Bay master development. Related s plan called for about 1,400 residential units, luxury amenities and an elaborate, bayfront walkway witin te two-acre development site. Paraiso Bay was just te first of various residential and mixed-use developments to be announced in te neigborood later on. Tere are now over 1,500 condo units currently under construction wit more tan 2,000 more units in te planning pipeline. Muc of te carm and appeal of te Biscayne Corridor area is te easy accessibility to te Miami CBD, te interstate igways and Miami Beac. Additionally, te area is significantly less congested tan te Central Business District and condo residences are typically muc larger and more affordable tan tey are in comparable developments elsewere in te Greater Downtown Miami market. Edgewater Non-Waterfront % of Sample Traded 8% 9% Avg. Sales Price Avg. S.F. Avg. Price/S.F. Year/Year % Cange on Price/Square Foot $278,485 1,152 $ $364,299 1,100 $331 g 27.0% 10% $310,387 1,142 $ % 17% $384,652 1,156 $333 g 18.3% 11% $379,903 1,106 $344 g 3.2% Omissions due to low transaction numbers or absence of market: None

49 ONE Soteby s International Realty 49 Midtown Non-Waterfront % of Sample Traded 3% 4% Avg. Sales Price Avg. S.F. Avg. Price/S.F. Year/Year % Cange on Price/Square Foot $208,328 1,014 $ $385,160 1,172 $329 g 37.5% condominiums 17% $342,413 1,072 $ % 23% $419,365 1,089 $385 g 17.1% 23% $430,701 1,125 $ % Midtown as seen a resurgence of development interest following te creation of te Sops at Midtown and te Midtown condo projects, developed during te last cycle ( ). Te area is seen as an alternative to te density of Brickell and CBD for entertainment and living, and offers lifestyle proximity to te edgy and very trendy Wynwood Art District and up-and-coming neigbor, Design District. Edgewater and Midtown are trading at a significant discount versus oter Downtown Miami area submarkets. Waterfront properties can be purcased for about $400 per square foot and non-waterfront for just $344 per square foot, wit Midtown priced somewere in between. A project creating key linkage between te Design District, Midtown and Edgewater at a pedestrian level would be ideal for tis growing market. Paramount Bay 2020 N. Baysore Drive, #2710, Edgewater Condo submarkets do not contain a Luxury Spotligt, since te product sample is already representative of te ig-end market. For details on metodology, please refer to page 5.

50 TRENDS Market Report Downtown Miami Condo Market Index Te Downtown submarket as been known for its ig concentration of office space, wic is exemplified by its oter name, te CBD (Central Business District). Downtown Miami is generally delineated by te Miami River to te sout, NE 17 Street to te nort and I-95 and te Florida East Coast Railway to te west wit Biscayne Bay to te east. Midtown Miami s Nort End Brickell Miami s Sout End Downtown Miami Waterfront % of Sample Traded 11% 17% Avg. Sales Price Avg. S.F. Avg. Price/S.F. Year/Year % Cange on Price/Square Foot $452,547 1,204 $ $474,699 1,177 $403 g 6.8% 11% $523,679 1,224 $428 g 5.8% 12% $518,318 1,139 $455 g 5.9% 11% $586,810 1,134 $518 g 12.1% Recently, te CBD as seen an uptick in te level of residential and mixed-use development activity. Two of te major drivers for te future of Downtown Miami are te pending developments of te All Aboard Florida transit project, wic will include a central station in Downtown and te Miami World Center project, wic will comprise over 700,000 square feet of retail, residential and office space. Wit many young professionals being priced out of te Miami Beac rental market, te Downtown Miami submarkets ave become attractive alternatives. Te area also includes te Arts and Entertainment (A&E) district of Downtown Miami, wic is ome to te Pérez Art Museum (PAMM) and te future Patricia and Pillip Frost Museum of Science, as well as te Adrienne Arst Center for te Performing Arts. Downtown Miami Non-Waterfront % of Sample Traded 8% 10% Avg. Sales Price Avg. S.F. Avg. Price/S.F. Year/Year % Cange on Price/Square Foot $487,648 1,469 $ $511,621 1,423 $359 g 7.6% 14% $535,433 1,180 $454 g 20.8% 20% $486,804 1,092 $ % 10% $560,377 1,197 $468 g 4.8% Omissions due to low transaction numbers or absence of market: None

51 ONE Soteby s International Realty 51 As for pricing, Downtown Miami as largely mirrored te appreciation rates experienced in te Brickell submarket, wit waterfront properties acieving almost $520 per square foot and te non-waterfront properties not far beind at $468 per square foot. Pricing is comparable to Brickell but includes a greater variety of product types, from more affordable to ultra-luxury. As was previously mentioned, te Downtown Miami submarket includes te Arts and Entertainment District, ome to several luxury projects. Wit te increasing profile of te neigboring Edgewater/Midtown submarket and te new development success in Brickell, te CBD and A&E submarkets are likely to experience a beneficial spill-over of successful infill projects. New Cultural Development Microsoft Innovation Center Frost Museum of Science First MIC to be set in te U.S. Designed by Grimsaw Arcitects condominiums Two key factors inibiting future inventory entering te pipeline are quickly-escalating land prices and spiking construction costs. Tese factors are expected to slow te new construction in te coming year and may stall some of te secondary CBD projects in Miami World Center $2 Billion, Ten-Block Mega-Project Pérez Art Museum Miami Designed by Herzog & de Meuron Downtown Miami Condo submarkets do not contain a Luxury Spotligt, since te product sample is already representative of te ig-end market. For details on metodology, please refer to page 5.

52 TRENDS Market Report Brickell Condo Market Index Brickell was solely known as a banking ub up until Now, it is known as te ome of Brickellites urban professionals wo live, work and play in teir neigborood. Residents ave te igest income and education levels in te downtown Miami area and tourists now ave reason to explore Miami outside of te beac. Wit te addition of Brickell City Centre, Brickell is becoming te epicenter of Miami. Selia Gasson, ONE Soteby s International Realty Downtown Midtown Miami s Nort End Miami s Sout End Brickell Waterfront % of Sample Traded 26% 27% Avg. Sales Price Avg. S.F. Avg. Price/S.F. Year/Year % Cange on Price/Square Foot $459,376 1,153 $ $506,243 1,177 $430 g 7.4% 8% $798,965 1,556 $513 g 16.2% 12% $771,402 1,405 $549 g 6.5% 8% $884,786 1,471 $602 g 8.7% Brickell as found itself becoming te cultural and social ub of Downtown Miami, as more young professionals opt for tis submarket over Miami Beac. Te sift as been rapid and reflects te amount of nigtlife and restaurants available to coose from witin te Brickell area. Wile pricing as been increasing at a rapid pace, it is still a bargain compared to Miami Beac. Brickell is also ome to te largest amount of current development, including Brickell City Centre, wic will bring even more retail, residential and office density to te area. Brickell is usually delineated as running from I-95 on te west to te bay on te east, and te Miami River on te nort to te Rickenbacker Causeway on te sout. Also included in te Brickell market analysis is Brickell Key, wic is a small island only accessible from Brickell Avenue. Brickell Key as a number of condominium towers and some Class-A office and retail space. Brickell Non-Waterfront % of Sample Traded 10% 10% Avg. Sales Price Avg. S.F. Avg. Price/S.F. Year/Year % Cange on Price/Square Foot $287, $ $313, $326 g 4.0% 18% $341, $343 g 5.1% 14% $414, $422 g 18.7% 8% $432, $438 g 3.6% Omissions due to low transaction numbers or absence of market: None

53 ONE Soteby s International Realty 53 Brickell Key Waterfront % of Sample Traded 6% 6% Avg. Sales Price Avg. S.F. Avg. Price/S.F. Year/Year % Cange on Price/Square Foot $721,518 1,682 $ $775,255 1,607 $482 g 11.1% condominiums 10% $810,305 1,629 $498 g 3.0% 13% $974,464 1,680 $580 g 14.3% 10% $996,759 1,676 $595 g 2.4% Bristol Tower 2127 Brickell Avenue, #703, Brickell Brickell s waterfront condo towers ave been appreciating at a rate of almost 10% on an annual basis since te beginning of te recovery from te economic crisis in. Today, waterfront condo units in Brickell ave averaged over $600 per square foot. Te non-waterfront towers ave appreciated at a similar, albeit sligtly slower, pace over tis time and are currently priced just under $450 per square foot. Brickell Key, probably due to te exclusive nature of its location and water frontages, commands pricing wic is comparable to Brickell s waterfront condos despite te island s older buildings. An interesting fact is te size of te units in tis area. Brickell Key s units are te largest in te market, followed by Brickell waterfront condos. However, te non-waterfront condos in Brickell are significantly smaller (about 33%). Condo submarkets do not contain a Luxury Spotligt, since te product sample is already representative of te ig-end market. For details on metodology, please refer to page 5.

54 TRENDS Market Report Miami Sout End Condo Market Index Miami s Sout End condo market is comprised of Coconut Grove, Coral Gables and Deering Bay, all of wic lay immediately sout of te Greater Downtown area. Tese markets are caracterized by a more suburban feel and are near te University of Miami, Baptist Hospital system and te commercial centers of Dadeland and Coral Gables. Downtown Miami Beac Ft. Lauderdale Coconut Grove Non-Waterfront % of Sample Traded 5% 9% Avg. Sales Price Avg. S.F. Avg. Price/S.F. Year/Year % Cange on Price/Square Foot $1,382,192 2,547 $ $619,650 1,546 $ % 10% $962,723 1,853 $519 g 22.9% 15% $1,074,381 1,907 $563 g 7.8% 12% $1,118,639 1,630 $686 g 17.9% Coconut Grove is one of te oldest and most istoric neigboroods in Miami-Dade County, dating back to More recently, te area as been enjoying renewed attention and redevelopment of older buildings into boutique townouse and condo developments. Te Grove is also notable for its variety of local restaurants and bars providing great walkability, in addition to te Baysore waterfront and Peacock Park. Pricing in tis area as been steadily increasing for te last tree years. Coral Gables is te location of te University of Miami and Miracle Mile, bot of wic drive te pricing and desirability of tis submarket. Coral Gables, also known as te City Beautiful, is mostly comprised of single-family omes, wic gives it a suburban atmospere. Te wide streets wit gigantic trees lining te avenues add to tis feeling. Coral Gables is also known for aving a strong and stable educational base in comparison to oter areas of Miami-Dade County. Coral Gables Non-Waterfront % of Sample Traded 4% 6% Avg. Sales Price Avg. S.F. Avg. Price/S.F. Year/Year % Cange on Price/Square Foot $315,267 1,096 $ $243,964 1,098 $ % 9% $259,695 1,147 $226 g 1.9% 12% $388,602 1,200 $324 g 30.1% 13% $395,530 1,135 $348 g 7.0% Omissions due to low transaction numbers or absence of market: Pinecrest, Palmetto Bay, CocoPlum, Gables Estates, Snapper Creek Lakes, P. Davis & Hig Pines and Old Cutler Bay

55 ONE Soteby s International Realty 55 Deering Bay Waterfront % of Sample Traded 5% 2% Avg. Sales Price Avg. S.F. Avg. Price/S.F. Year/Year % Cange on Price/Square Foot $924,667 3,046 $ $1,100,000 2,353 $467 g 35.0% condominiums 8% $1,104,386 3,216 $ % 12% $1,071,458 3,303 $ % 6% $1,353,857 3,378 $401 g 19.1% Deering Bay is an exclusive area located witin Coral Gables. It is known for its country club ambiance and manicured landscaping. Deering Bay s condos are muc larger tan teir counterparts in Coconut Grove and Coral Gables, wic may be a reason for te more moderate pricing on a per-square-foot basis. All of te condos in Deering Bay are located directly on te Intracoastal Waterway. Grovenor House 2627 S. Baysore Drive, #3002, Coconut Grove Condo submarkets do not contain a Luxury Spotligt, since te product sample is already representative of te ig-end market. For details on metodology, please refer to page 5.