worldwide 1q15 market report

MIAMI BEACH MARKET REPORTJanuary–March 2015

Worldwide Properties is a full-service residential and commercial brokerage firm located in South Beach’s

chic South of Fifth neighborhood. Our world-class sales and marketing teams of brokers and associates

represent the most elegant and luxurious private homes, condominiums and commercial projects in South

Florida and the Caribbean.

Our vast international network of contacts and clients in the United States, Caribbean, Europe, Asia and

South America can depend upon our highly experienced, multi-lingual sales teams to plan and execute

strategic acquisitions of the most exclusive and exquisite real estate worldwide.

BRINGING THE WORLD TO MIAMI AND MIAMI TO THE WORLD

The mission of Worldwide Properties and Worldwide Development Services is to deliver unparalleled value

to our clients, agents and brokers through engaged excellence in service; a vast international network of

buyers and brokers; multilingual agents who are integrated into the communities where they work and live;

and through turnkey solutions for portfolio and property management throughout the lifecycle of a property

and its buyers, sellers and investors.

Our Mission

With their fingers firmly on the multinational pulse of Miami and

Miami Beach, J. Eddy Martinez and Roland Ortiz have turned

Worldwide Properties into a highly successful real estate practice

with a strong international footprint. As avid admirers of art, interior

design, architecture and culture, Eddy and Roland have a keen

sense for bringing together inspiring lives with inspired properties.

Worldwide Properties is dedicated to marketing and selling the most

unique and exceptional real estate worldwide, and to bringing a

new level of experience and style to international listings.

Through their brokerage’s global reach, Eddy and Roland have

closed several hundred million dollars in global real estate

transactions, both residential and commercial, including multimillion-

dollar bulk transactions and record-breaking dollar-per-square-foot

sales. The firm also offers residential property management services

with turnkey solutions for both individual owners and institutional

investors with large real estate holdings. With their expert insights

and affable personalities, Eddy and Roland have become noted –

and quotable – media resources on real estate trends, and have

been featured in such publications as The Wall Street Journal, The

New York Times, The Miami Herald, Miami Today, Florida Investor

and many more.

J. “Eddy” MartinezFounder, Broker & CEO

Roland OrtizCo-Founder & Director of Sales

Miami Beach is a Manhattan-shaped barrier island just across Biscayne Bay from Downtown Miami

and fronting the Atlantic Ocean. It is world-famous for its historic Art Deco district, miles of white sand

beaches, iconic lifeguard stands, beautiful people and 24/7 international atmosphere.

The area draws travelers and seasonal residents from around the globe – especially Europe and

South America – and is also home to a vibrant year-round community of locals. Today, it’s a thriving

center of outdoor culture, nightlife, retail, dining and a powerhouse of luxury real estate. At the south

end of Miami Beach is South Beach. From the tip of South Pointe Park at South Pointe Drive to 22nd

Street, you’ll find sensational condominiums, luxury townhouses, historic Art Deco apartments, hidden

estates, and world-class hotels and resorts.

A world of contrasts and intrigue, everyone on Miami Beach coexists comfortably – Ferraris sharing

space with cyclists, retirees and weekend warriors, plus everyone in between all lured together

by the island’s magnetic appeal and electric sunshine.

A Glimpse of Miami Beach

Miami BeachOctober 2014 – March 2015

All property types, $500,000+

Number of Residences on the Market

Date

For Sale

New Listing

Sold

Pended

Months of Inventory (Closed Sales)

Months of Inventory (Pended Sales)

Absorption Rate (Closed Sales) %

Absorption Rate (Pended Sales) %

Avg. Active Price (1,000)

Avg. Sold Price (1,000)

Avg. Sq. Ft. Price

Sold/List Diff. %

Sold/Orig LP Diff. %

Days on Market

Median

1061 1098 1111 1174 1186 1244

220 187 208 277 261 273

78 78 112 98 116 130

13.6 14.1 9.9 12 10.2 9.6

7.4 7.1 10.1 8.3 9.8 10.5

1704 1845 2354 1395 1856 1903

92 93 94 93 93 89

129 133 157 117 154 101

79 63 102 86 66 90

13.4 17.4 10.9 13.7 18 13.8

7.4 5.7 9.2 7.3 5.6 7.2

2853 2818 2977 2975 2951 3046

865 948 1109 765 911 971

92 90 94 90 91 86

1100 880 965 890 1323 877

Oct. 14 Nov. 14 Dec. 14 Jan. 15 Feb. 15 Mar. 15

For Sale

Sold

Pended

For Sale

Sold

Pended

Avg. Sq. Ft. Price ($)


Mar. 15 Feb. 15 % Change Mar. 15 Oct. 14 % Change

1244 1186 4.9% 1244 1061 17.2%

130 116 12.1% 130 78 66.7%

90 66 36.4% 90 79 13.9%

970.8 911 6.6% 970.8 865.1 12.2%

13.8 18 -23.4% 13.8 13.4 3%

Current vs. Prev Month Current vs. 6 Months Ago

1061

OCT NOV DEC JAN FEB MAR

79 78 78

11298

116

130

102 86

66

90

1098

1111

1174

1186

1244

63

All data courtesy of Trendgraphix, 10/1/14 - 3/31/15.


Average Price Per Square Foot ($)

OCT

OCT

NOV

NOV

DEC

DEC

JAN

JAN

FEB

FEB

MAR

MAR

13.4

865

17.4

948

10.9

1109

13.7

765

911

18

13.8

971

The luxury market in Miami Beach showed a tremendous amount of growth, with 811 sales at $500,000+ over the first quarter of 2015 compared to 615 sales at $500,000+ in the 4th quarter of 2014, a 28% increase during Q1. 220 residences sold or were under contract for sale in March 2015, with average listing prices at $3.05 million, higher than any month during the previous two quarters. Although average listing prices were higher in Q1 2015 over Q4 2014, the average price per square foot for sold residences was higher in Q4 ($988) than Q1 ($881) by $107 per square foot.

South of FifthCondominiumsOctober 2014 – March 2015

Number of Residences on the Market

Date

For Sale

New Listing

Sold

Pended


Months of Inventory (Pended Sales)

Absorption Rate (Closed Sales) %

Absorption Rate (Pended Sales) %

Avg. Active Price (1,000)

Avg. Sold Price (1,000)

Avg. Sq. Ft. Price

Sold/List Diff. %

Sold/Orig LP Diff. %

Days on Market

Median

81 85 85 92 86 94

21 19 15 21 19 21

5 9 5 9 7 6

16.2 9.4 17 10.2 12.3 15.7

6.2 10.6 5.9 9.8 8.1 7.4

1931 859 4546 1901 1930 3064

91 94 92 94 95 86

137 163 151 96 145 114

9 4 9 6 7 7

9 21.3 9.4 15.3 12.3 13.4

11.1 4.7 10.6 6.5 8.1 7.4

4040 4223 4070 3803 3728 3651

1105 701 2063 1252 1286 1320

89 93 92 90 92 80

1450 809 1080 1575 2069 1650

Oct. 14 Nov. 14 Dec. 14 Jan. 15 Feb. 15 Mar. 15

For Sale

Sold

Pended

For Sale

Sold

Pended

Avg. Sq. Ft. Price ($)


Mar. 15 Feb. 15 % Change Mar. 15 Feb. 15 % Change

94 86 9.3% 94 81 16%

6 7 -14.3% 6 5 20%

7 7 0 7 9 -22.2%

1319.8 1286.4 2.6% 1319.8 1104.9 19.4%

13.4 12.3 9% 13.4 9 48.9%

Current vs. Prev Month Current vs. 6 Months Ago

81

OCT NOV DEC JAN FEB MAR

9

5

9

5

9

76

67

85 85

92

86

94

4

Continuum I & II, Cosmopolitan, Icon, Murano at Portofino, Murano Grande, Portofino Towers, South Pointe Towers, The Courts at South Beach, Yacht Club at Portofino All property types, $500,000+

97

All data courtesy of Trendgraphix, 10/1/14 - 3/31/15.


Average Price Per Square Foot ($)

OCT

OCT

NOV

NOV

DEC

DEC

JAN

JAN

FEB

FEB

MAR

MAR

9

1105

21.3

701

9.4

2063

15.3

1252

1286

12.3

13.4

1320

Over the first quarter of 2015, condominium activity South of Fifth was at its highest in March, with the average condo residence for sale at over $3 million, and selling prices at $1,320/sq. ft. The average time spent on the market from listing to sale was 119.5 days in Q1 2015, compared to 147.5 days in Q4 2014, meaning that residences sold a full 28 days less during Q1. Inventory remained fairly steady over the past two quarters, with anywhere from 15-21 new listings appearing on the market each month, while anywhere from 13-15 condos sold per month during this same period.

PREMIER SOUTH BEACH LUXURY CONDOMINIUMSActivity & Analysis - Q1 2015

Continuum (North Tower)

Continuum is a two-tower complex on some of the most coveted Miami Beach property. It occupies

the oceanfront space overlooking South Pointe Park and boasts a 37-story North Tower home to 203

residences. The South Tower offers 318 luxury condos in a variety of floor plans. The complex is a

hangout for celebrities and international elite, with spectacular pools, gardens, tennis courts, walking

paths, 1,000 feet of white sand beach, world-class spa and fitness center.

50 South Pointe Drive, Miami Beach, FL 33139Built in 2007

To view a list of currently available inventory, click here.

PendingSales 1905

513

There were two residences under contract for sale at the end of March, a two-bedroom unit and studio, selling for $1,914 and $1,380/sq. ft., respectively.

5/29/14

1/28/15

2

0

2.5

1

1,698

699

3,250,000

965,000

3,250,000

965,000

1,914.02

1,380.54

ActiveSales

ClosedSales

There were 26 active sales at the close of the first quarter of 2015, with prices ranging from $1,200-$3,472/sq. ft., although most residences were available for purchase between $1,400-$2,200/sq. ft. Prices varied due to size and floor level, with availability ranging from poolside cabanas to a six-bedroom, 7,200 sq. ft. residence.

Four sales closed during the first quarter of 2015, ranging in price from $935,000 to $6.3 million, with an overall average of $1,964/sq.ft. Overall prices for units sold ranged from $1,345 to $2,400/sq. ft., with residences averaging nearly 78 days to move from listing to close.

801

3502

1101/8

1402/3

2401

2704

2803

TWN1

2603

TH-3

1504

1007

2008

1507

704

603

LOFT 4

2404

CAB10+

607

601

501

CAB9

612

512

505

12/31/14

11/7/14

11/21/14

7/22/14

7/3/14

9/17/14

6/30/14

3/14/15

10/29/14

4/16/14

2/6/15

8/5/14

2/16/15

3/10/15

1/23/15

1/10/15

6/30/14

2/15/15

2/12/15

6/30/14

8/5/14

2/25/15

7/23/14

2/2/15

7/16/14

3/23/15

6

3

4

4

3

3

3

2

2

2

2

2

2

2

2

2

1

1

0

0

1

1

0

1

0

1

6.2

3.5

4

4

4.5

3.5

3.5

3.5

2.5

3.5

2.5

2.5

2.5

2.5

2.5

2

1.5

1

2

1

1

1

1

1

1

1

7,200

3,030

3,497

3,497

2,872

2,306

2,306

2,556

1,862

2,556

1,443

1,443

1,443

1,443

1,491

1,266

1,667

1,412

870

747

742

790

435

747

747

695

27,800,000

10,450,000

9,950,000

13,900,000

9,500,000

8,900,000

6,000,000

6,000,000

5,400,000

4,500,000

3,200,000

3,175,000

3,150,000

2,950,000

2,800,000

2,800,000

2,199,000

2,350,000

2,200,000

895,000

1,195,000

1,175,000

1,100,000

1,050,000

952,875

835,000

25,000,000

10,450,000

9,950,000

9,935,000

9,500,000

8,900,000

6,000,000

6,000,000

5,400,000

4,600,000

3,200,000

3,175,000

3,150,000

2,950,000

2,800,000

2,700,000

2,400,000

2,350,000

2,200,000

1,300,000

1,195,000

1,175,000

1,100,000

1,050,000

952,875

835,000

3,472.22

3,448.84

2,845.30

2,841.01

3,307.80

3,859.50

2,601.91

2,347.42

2,900.11

1,799.69

2,217.60

2,200.28

2,182.95

2,044.35

1,877.93

2,132.70

1,439.71

1,664.31

2,528.74

1,740.29

1,610.51

1,487.34

2,528.74

1,405.62

1,275.60

1,201.44

2801 3/17/15 3 3.5 2,621 6,500,000 6,500,000 6,300,000 96.9% 91 2,403.66

707 2/9/15 2 2.5 1,443 2,750,000 2,749,000 2,570,000 93.5% 121 1,781.01

604 1/27/15 1 1 742 1,100,000 1,100,000 1,000,000 90.9% 85 1,347.71

614 3/10/15 0 1 695 955,000 955,000 935,000 97.9% 14 1,345.32

Continuum (South Tower)

Continuum is a two-tower complex on some of the most coveted Miami Beach property. It occupies

the oceanfront space overlooking South Pointe Park and boasts a 37-story North Tower home to 203

residences. The South Tower offers 318 luxury condos in a variety of floor plans. The complex is a

hangout for celebrities and international elite, with spectacular pools, gardens, tennis courts, walking

paths, 1,000 feet of white sand beach, world-class spa and fitness center.



PendingSales

Two residences were under contract for sale at the end of the first quarter, both 3-bedroom residences. The prices varied drastically due to size, floor level and views from the residence.

3204 3/27/15 3 3.5 2,508 8,499,000 8,499,000 3,388.76

1610 3/24/15 3 3 2,122 4,499,000 4,299,000 2,025.92

ActiveSales

ClosedSales

Inventory was slightly lower at Continuum South when compared to its North counterpart, with only 20 listings for sale at the close of March 2015. Although prices ranged as high as $5,571/sq. ft., nearly all available units were for sale between $2,000-$2,750/sq. ft.

Just like at Continuum North, four sales closed between New Year’s and the end of March. The highlight of these sales includes the closing of 1804/05, a combined two-unit sale that closed for $11 million after 73 days on the market - the quickest sale this quarter. The average price per square foot for units sold during the first quarter was $2,050.84.

3003 1/31/13 3 3.5 3,500 19,500,000 19,500,000 5,571.43

2405 10/9/14 3 3 2,847 9,995,000 8,900,000 3,126.10

906 1/16/15 3 3.5 2,508 7,995,000 7,995,000 3,187.80

2008 4/9/14 3 3 3,353 9,000,000 7,950,000 2,371.01

TH-6 4/10/15 3 4.5 2,365 6,500,000 6,500,000 2,748.41

1004 3/18/15 2 2 2,292 5,895,000 5,895,000 2,571.99

2703 3/26/15 2 2.5 1,791 4,950,000 4,950,000 2,763.82

510 6/4/14 3 3 2,122 4,950,000 4,850,000 2,285.58

704 2/2/15 2 2.5 2,292 4,995,000 4,795,000 2,092.06

810 12/10/14 3 3.5 2,122 4,600,000 4,600,000 2,167.77

707 1/31/15 2 2.5 1,870 4,500,000 4,500,000 2,406.42

1005 3/12/15 2 2.5 1,869 4,800,000 4,500,000 2,407.70

905 11/18/14 2 2.5 1,869 4,250,000 3,950,000 2,113.43

1507 3/20/15 2 2.5 1,870 3,950,000 3,950,000 2,112.30

1801 12/17/14 2 2.5 1,591 3,579,000 3,579,000 2,249.53

701 10/23/14 2 2.5 1,591 3,200,000 3,200,000 2,011.31

1209 2/20/15 2 2.5 1,595 3,200,000 3,200,000 2,006.27

501 4/2/15 2 2.5 1,591 3,195,000 3,195,000 2,008.17

CAB12 3/30/15 1 1 n/a 1,395,000 1,395,000 n/a

408 2/26/15 1 1 n/a 799,000 799,000 n/a

1804/05 1/9/15 4 5.5 5,161 12,700,000 12,700,000 11,000,000 86.6% 73 2,131.37

3106 3/20/15 2 2.5 2,048 5,100,000 4,600,000 4,475,000 87.7% 112 2,185.06

3101 1/6/15 2 2.5 1,940 4,850,000 4,250,000 4,187,500 86.3% 127 2,158.51

703 2/24/15 1 1.5 1,365 1,950,000 1,950,000 1,900,000 97.4% 103 1,391.94

Portofino Tower

Portofino Tower Miami Beach is the tallest building in South Beach and one of the first major luxury towers

to hit the area, making it an iconic South of Fifth structure. Features and services come in equal measure

at Portofino Tower, with extravagant penthouses, flourishing landscapes, a mammoth four-story lobby,

swimming pools, tennis courts, fully equipped spa and 206 units with outdoor terraces and nine-foot ceilings.



PendingSales

One residence was under contract for sale at the end of March - a three-bedroom unit originally offered at $2.495 million.

ActiveSales

Of the 20 units currently for sale, 18 of them are offered between $1,025-$1,965/sq. ft. Only one residence is available at less than $1,000/sq. ft. Not surprisingly, the most expensive available residence is one of the penthouses - a 4-bedroom, 5.5-bath unit with 5,680 sq. ft. of living. This is more than 1,500 sq. ft. larger than the next largest unit.

PH-3 5/13/14 4 5.5 5,680 14,900,000 13,750,000 2,420.77

LP4004 12/24/14 4 4 4,100 10,000,000 8,390,000 2,046.34

3105 7/16/13 3 4.5 5,450 7,100,000 5,500,000 1,009.17

305 3/16/15 3 2.5 2,400 4,700,000 4,700,000 1,958.33

1505 3/4/14 3 2.5 2,340 4,350,000 4,600,000 1,965.81

1803 4/3/15 3 2.5 2,340 4,395,000 4,395,000 1,878.21

1501 2/14/15 3 2.5 2,340 4,100,000 4,100,000 1,752.14

2003 2/8/15 3 2.5 2,340 4,300,000 3,950,000 1,688.03

2005 5/6/14 3 2.5 2,340 3,900,000 3,890,000 1,662.39

3604 2/16/15 2 2.5 1,960 3,495,000 3,495,000 1,783.16

2102 1/9/15 2 2.5 2,040 3,400,000 3,400,000 1,666.67

2101 10/15/14 3 2.5 2,340 3,500,000 3,375,000 1,442.31

1202 1/14/15 2 2.5 2,040 3,150,000 3,250,000 1,593.14

2004 12/22/14 2 2.5 2,040 3,150,000 3,150,000 1,544.12

2506 11/17/14 2 2.5 2,040 2,725,000 2,525,000 1,237.75

402 5/19/14 2 2 1,500 1,550,000 1,550,000 1,033.33

904 3/30/15 2 1.5 1,160 1,190,000 1,190,000 1,025.86

704 8/4/14 1 1.5 1,160 975,000 965,000 831.90

2304 3/23/15 3 2.5 2,040 2,495,000 2,495,000 1,223.04

ClosedSales No closed sales in Q1

Apogee

With a beautiful Asian-inspired architectural design, Apogee is one of the most luxurious condominiums in

the South of Fifth neighborhood. Rising 22 stories and comprised of only 67 residences, units here boast

spacious layouts and oversized balconies, allowing for incredible amounts of living space. Residents

enjoy lavish amenities throughout, including designer common areas, smart panel technology, state-of-

the-art fitness center and spa, infinity-edge swimming pool and much more.



ActiveSales

Apogee South Beach is one of the boutique buildings South of Fifth, but it is by far one of the most exclusive in Miami Beach. Only four residences were available at the end of March, ranging in price from approximately $2,800-$3,900/sq. ft.

2001 6/8/14 4 3.5 4,154 16,250,000 16,250,000 3,911.89

1201 8/27/14 4 3.5 4,154 14,995,000 14,995,000 3,609.77

603 10/1/14 3 3 3,103 8,700,000 8,700,000 2,803.74

1203 12/4/14 3 3.5 3,103 8,950,000 8,700,000 2,803.74

ClosedSales No closed sales in Q1

Murano at Portofino

Murano at Portofino is an affluent, 37-story waterfront residential development in Miami Beach, and a

pioneering tower in what has become the ultra-trendy South of Fifth (SoFi) district. Built in 2001, Murano at

Portofino is located directly on Biscayne Bay adjacent to the Miami Beach Marina. The complex has three

tiers spread over 4.5 acres and 600 feet of bayfront.



PendingSales

Only one unit, 3702, was under contract for sale by the end of March, with a list price of just under $5 million.

Two units closed during the first quarter of 2015, with both receiving just over 90% of the original asking price. An average closing price per square foot of $1,298.24 indicates that these units fell on the lower end of the price spectrum when compared to available inventory.

ActiveSales

ClosedSales

There were 10 residences for sale at Murano at Portofino, with nearly all units available for purchase between $1,280-$2000/sq. ft.

3501 5/23/12 3 3.5 3,365 8,000,000 7,100,000 2,109.96

TH-M4 4/10/15 3 4.5 3,100 6,995,000 6,995,000 2,256.45

2601 4/1/15 3 3.5 3,365 6,700,000 6,700,000 1,991.08

1802 3/19/15 3 3.5 2,618 4,500,000 4,500,000 1,718.87

2602 11/1/14 3 3.5 2,618 4,700,000 4,490,000 1,715.05

2604 2/6/15 3 3 2,190 4,250,000 4,250,000 1,940.64

2402 10/10/14 3 3.5 2,618 4,299,000 3,950,000 1,508.79

1107 2/27/15 2 2.5 1,390 2,495,000 2,300,000 1,654.68

808 11/3/14 2 2.5 1,791 2,295,000 2,295,000 1,281.41

506 1/21/14 1 1.5 1,008 1,095,000 885,000 877.98

3702 3/22/15 3 3.5 2,618 5,450,000 4,995,000 1,907.94

1204 2/20/15 3 3 2,190 3,100,000 2,999,999 2,800,000 90.3% 63 1,278.54

703 2/13/15 2 2.5 2,008 2,925,000 2,650,000 2,650,000 90.6% 417 1,319.72

Murano at Portofino

Murano Grande is a large complex of three connected towers containing 270 residences and penthouses

in a variety of floor plans. The waterfront building towers over the South of Fifth neighborhood, providing

residents with magnificent views of the ocean and the city. Units are modern and ultra-luxurious, with

gourmet-style kitchens, indulgent baths, spacious living areas and designer fittings throughout.



Murano Grande





400 Alton Road, Miami Beach, FL 33139Built in 2003


PendingSales

Two residences were under contract for sale, a 2-bedroom and 3-bedroom unit, selling around $1,000 and $1,185/SF, respectively.

ActiveSales

ClosedSales

There were 14 residences available for sale at the Murano Grande by the close of the first quarter, each offering at least two bedrooms and 1,400 sq. ft. of living space. The least expensive residence is offered at $1.1 million. More than half of available residences can be purchased between $765-$1,295/sq. ft.

Eight sales closed at Murano Grande within the first three months of 2015, making it the most active building analyzed in this report. All but one unit received at least 90% of the original asking price, and prices ranged from $1.32 to $8.5 million. The average price per square foot for closed sales was $1,392.

2501 11/20/14 4 4.5 3,979 8,900,000 8,900,000 2,236.74

3104 3/15/15 3 3 2,974 7,900,000 7,900,000 2,656.36

LPH3 4/2/14 3 3.5 3,284 5,900,000 5,900,000 1,796.59

2804 12/10/14 3 3.5 2,974 5,750,000 4,995,000 1,679.56

2206 3/2/15 2 2.5 2,024 4,195,000 4,195,000 2,072.63

2004 2/13/15 2 2 1,425 2,799,000 2,799,000 1,964.21

701 12/5/14 2 2.5 2,003 2,595,000 2,595,000 1,295.56

604 10/29/14 2 2.5 1,425 1,595,000 1,595,000 1,119.30

2407 5/27/14 2 2 1,658 1,595,000 1,535,000 925.81

505 12/19/14 2 2 1,400 1,495,000 1,495,000 1,067.86

1007 11/25/14 2 2 1,658 1,475,000 1,395,000 841.38

1709 1/1/15 2 2 1,437 1,349,000 1,349,000 938.76

1009 3/24/15 2 2 1,437 1,275,000 1,275,000 887.27

709 10/13/14 2 2 1,437 1,199,000 1,100,000 765.48

1803 4/9/14 3 3.5 3,058 3,625,000 3,625,000 1,185.42

1010 3/18/15 2 2.5 1,548 1,599,000 1,549,000 1,000.65

PH-B 3/31/15 3 3 4,379 12,900,000 10,950,000 8,500,000 65.9% 158 1,941.08

2101 3/31/15 4 4.5 3,990 5,995,000 5,995,000 5,600,000 93.4% 136 1,403.51

2306 3/2/15 2 2 2,024 3,250,000 3,250,000 2,950,000 90.8% 91 1,457.51

1106 1/23/15 2 3 2,024 2,650,000 2,650,000 2,500,000 94.3% 2 1,235.18

1404 2/12/15 2 2.5 1,425 2,245,000 2,245,000 2,069,000 92.2% 65 1,451.93

2607 3/26/15 2 2 1,759 1,825,000 1,699,000 1,650,000 90.4% 135 938.03

1810 2/20/15 2 2.5 1,548 1,699,000 1,699,000 1,570,000 92.4% 37 1,014.21

811 1/20/15 2 2 1,649 1,397,000 1,349,000 1,325,000 94.8% 363 803.52





Icon South Beach

ICON South Beach is a 40-story high-rise perched over Biscayne Bay, greeting you as you enter South

Beach from the MacArthur Causeway. The beautiful tower was created by Philippe Starck and the Related

Group, and delivers a lavish lifestyle for 290 condos, all of which include luxurious features such as walk-in

closets, European cabinetry, high ceilings and large terraces.

450 Alton Road, Miami Beach, FL 33139Built in 2005

To view a list of currently available inventory, click here.To view a list of currently available inventory, click here.

ActiveSales

Icon South Beach was one of the more active buildings analyzed in this report, with 32 residences for sale by the end of March 2015. The average price per square foot at Icon was $1,438, although the vast majority of available residences ranged between $1,000 and $1,800 per sq/ ft.

1901-2 12/2/14 3 4.5 4,078 9,800,000 8,800,000 2,157.92

1801-3 4/3/14 4 4.5 4,303 6,300,000 6,300,000 1,464.09

3301 1/28/15 3 3.5 2,145 4,975,000 4,975,000 2,319.35

3503 n/a 3 3 2,158 3,700,000 3,700,000 1,714.55

2803 2/11/15 3 3 2,158 3,595,000 3,595,000 1,665.89

2202 9/19/12 2 2.5 1,933 2,189,000 3,589,000 1,856.70

2302 3/11/15 2 2.5 1,933 3,200,000 3,200,000 1,655.46

1603 1/29/15 3 3 2,158 3,100,000 3,100,000 1,436.52

1903 7/15/14 3 3 2,158 3,300,000 3,000,000 1,390.18

2902 11/17/14 2 2.5 1,933 2,995,000 2,995,000 1,549.41

3207 4/22/14 2 2.5 1,815 2,985,000 2,985,000 1,644.63

2702 11/25/14 2 2.5 1,933 3,000,000 2,875,000 1,487.33

2002 4/19/14 2 2.5 1,933 2,699,000 2,750,000 1,422.66

2102 7/8/14 2 2.5 1,933 2,950,000 2,675,000 1,383.86

903 1/5/15 3 3 2,158 2,695,000 2,559,000 1,185.82

3410 8/20/14 2 2 1,370 2,250,000 2,250,000 1,642.34

3004 5/14/14 2 2 1,536 1,800,000 2,100,000 1,367.19

705 11/11/14 3 2.5 1,750 2,100,000 1,980,000 1,131.43

902 12/30/14 2 2.5 1,933 2,100,000 1,895,000 980.34

1506 10/1/13 2 2 1,452 1,300,000 1,700,000 1,170.80

3206 2/17/14 2 2 1,452 1,600,000 1,700,000 1,170.80

2804 1/8/15 2 2 1,536 1,700,000 1,700,000 1,106.77

2006 5/2/14 2 2 1,452 1,690,000 1,690,000 1,163.91

3204 1/27/15 2 2 1,536 1,685,000 1,685,000 1,097.01

3504 n/a 2 2 1,536 2,050,000 1,649,500 1,073.89

1810 9/29/14 2 2 1,370 1,750,000 1,600,000 1,167.88

1410 1/21/15 2 2 1,370 1,800,000 1,600,000 1,167.88

806 11/10/14 2 2 1,452 1,375,000 1,299,000 894.63

2208 1/17/14 1 1.5 851 659,000 699,000 821.39

1508 8/26/14 1 1.5 851 695,000 685,000 804.94

1608 9/12/14 1 1.5 851 695,000 660,000 775.56

ClosedSales

Although there were quite a few residences for sale, only two sales actually closed during the first quarter of 2015. Both residenceswere two-bedroom units that closed for around 90% of asking price, indicating that the buyers had some wiggle room to negotiate.

1207 2/12/15 2 2.5 1,815 2,290,000 2,290,000 2,050,000 89.5% 189 1,129.48

1706 3/31/15 2 2 1,452 1,450,000 1,250,000 1,325,000 91.4% 35 912.53

Ocean House

One of South Beach’s most exclusive properties, Ocean House is a magnificent revamp of the historic

Walburne Hotel. Located in the chic South of Fifth district, the complex comprises only 28 units: nine lofts, 10

condominiums, three penthouses, three cabanas and three two-story beach houses. All of the tower residences

feature stunning, unobstructed ocean views, private elevator and spacious floor plans from 1,300 to 6,200

square feet.

125 Ocean Drive, Miami Beach, FL 33139 Built in 2008


ActiveSales

ClosedSales

As a boutique building, ownership opportunities at Ocean House are rarely available. At the end of March, just three units were on the market. Prices were relatively steady, ranging from $1,747-$2,104/sq, ft. for available residences.

Three units closed at Ocean House during the first quarter of 2015. Unit L0104 closed in the shortest amount of time (64 days) and received 98.6% of its original asking price. The other two units, BH203 and 302, sold for $12.15 and $9 million, respectively. Both units received approximately 81% of the original asking price, and both spent quite some time on the market before closing.

U-0204 7/8/14 3 2.2 2,800 5,900,000 5,750,000 2,053.57

L-0101 1/13/15 2 2 1,497 3,150,000 3,150,000 2,104.21

F-201 3/16/15 2 2.5 1,657 2,895,000 2,895,000 1,747.13

BH203 3/6/15 5 7.5 6,600 15,000,000 15,000,000 12,150,000 81.0% 357 1,840.91

302 3/25/15 5 5.5 4,178 11,000,000 11,000,000 9,000,000 81.8% 170 2,154.14

L0104 3/18/15 2 2.5 1,644 2,790,000 2,790,000 2,750,000 98.6% 64 1,672.75

Murano at Portofino







Il Villaggio

Il Villaggio is an ultra-luxury Miami Beach condo set right on the water, featuring a stunning collection of

residences that come standard with floor-to-ceiling windows, large terraces, marble floors, Miele kitchen

appliances, luxurious bathrooms and more. Residents also enjoy concierge, valet, 24-hour security,

a sauna, private beach and heated infinity-edge pool, plus panoramic views and a quiet, lushly

landscaped setting.

1455 Ocean Drive, Miami Beach, FL 33139Built in 1999


PendingSales

Two units were under contract for sale at the end of the first quarter, listed for $1,711 and $1,397/sq. ft., respectively.

ActiveSales

ClosedSales

There were four active sales at Il Villaggio at the close of March: three one-bedroom units and one three-bedroom unit. Prices ranged from nearly $1,100-$1,666/sq. ft. for the available inventory.

Two units closed at Il Villaggio during the first quarter of this year. Both of them were 2-bedroom, 2.5-bath residences. Unit 1608 closed after only 32 days on the market and fetched more than 98% of its asking price. Unit 1110 spent 282 days on the market and received 86% of what it listed for.

609 12/20/14 3 3.5 2,250 3,900,000 3,750,000 1,666.67

1511 9/19/14 1 2 1,370 1,750,000 1,750,000 1,277.37

1611 6/30/14 1 2 1,370 1,650,000 1,650,000 1,204.38

811 9/22/14 1 2 1,370 1,500,000 1,500,000 1,094.89

709 2/24/15 3 3.5 2,250 4,299,000 3,850,000 1,711.11

606 2/19/15 1 2 1,270 1,850,000 1,775,000 1,397.64

1608 2/6/15 2 2.5 2,820 5,250,000 5,250,000 5,150,000 98.1% 32 1,826.24

1110 3/4/15 2 2.5 1,450 2,199,000 2,199,000 1,900,000 86.4% 282 1,310.34

Murano at Portofino







The Setai

Soaring 40 stories tall, the Setai Miami Beach was built in 2004 and defines posh living. It contains 163

modern residencves with spectacular panoramic views, as well as a five-star hotel. The hotel portion

consists of an eight-story building with 88 guestrooms and some of the region’s most acclaimed

cuisine. The residences come in floor plans, from one to five bedrooms, with deep private terraces and

breathtaking views of the Atlantic Ocean.

101 20th Street, Miami Beach, FL 33139Built in 2004


PendingSales

Two residences were under contract for sale, including Unit 3307, a 4-bedroom, 4.5-bathroom unit with 5,400 sq. ft. of living space currently listed for $22.5 million.

ActiveSales

ClosedSales

One of the more exclusive buildings on South Beach, The Setai had 21 residences available at the end of March 2015. Prices ranged from $2,600 to nearly $6,000/sq. ft., although most residences were available for purchase between $2,600-$4,300/sq. ft.

The most notable closing at The Setai in 2015 has been the sale of Penthouse D. This 3-bedroom, 3-bath residence sold for 95% of its asking price after only 14 days on the market. Three other closings occurred during the first three months, with closing prices between 68-84.5% of asking price, indicating that buyers were in a position to negotiate the final price. The average price per square foot for residences sold during the first quarter was $3,600, which was the highest of any building analyzed in this report.

TH-A 10/20/14 4 4 3,627 17,900,000 16,900,000 4,659.50

3609 9/26/14 3 3 2,521 15,000,000 15,000,000 5,950.02

PH-B 3/2/15 3 3 2,521 13,750,000 13,750,000 5,454.18

2308 4/21/14 3 3.5 2,558 10,500,000 10,500,000 4,104.77

3501 12/3/12 4 4 2,411 8,000,000 9,800,000 4,064.70

2802 12/29/14 4 3.5 2,354 7,950,000 7,950,000 3,377.23

1908 10/14/14 2 2 1,279 6,500,000 6,500,000 5,082.10

3506 8/15/14 2 2 1,316 6,495,000 5,600,000 4,255.32

TH-E 2/20/15 2 2 1,565 5,350,000 5,350,000 3,418.53

2607 9/19/14 2 2 1,279 6,000,000 5,250,000 4,104.77

2108 10/15/14 2 2 1,242 5,950,000 5,250,000 4,227.05

2706 8/1/14 2 2 1,316 5,250,000 4,500,000 3,419.45

3101 2/23/15 2 2 1,198 4,350,000 4,350,000 3,631.05

2204 n/a 2 2 1,247 4,200,000 4,199,000 3,367.28

1801 11/6/14 2 2 1,198 4,290,000 3,490,000 2,913.19

1901 3/26/15 2 2 1,198 3,400,000 3,400,000 2,838.06

3202 5/10/14 2 2 1,213 3,500,000 3,350,000 2,761.75

2602 4/30/14 2 2 1,213 3,200,000 3,200,000 2,638.09

2503 12/16/14 1 1 767 2,490,000 2,490,000 3,246.41

2505 1/9/15 1 1.5 821 2,690,000 2,490,000 3,032.89

1803 8/25/14 1 1.5 767 2,990,000 1,989,000 2,593.22

3307 3/23/15 4 4.2 5,400 25,000,000 22,500,000 4,166.67

2304 2/23/15 2 2 1,141 2,950,000 2,950,000 2,585.45

PH D 3/23/15 3 3 1,746 6,990,000 6,990,000 6,650,000 95.1% 14 3,808.71

3603 3/2/15 3 3 1,588 7,500,000 7,500,000 6,000,000 80.0% 126 3,778.34

3606 3/6/15 2 2 1,316 5,500,000 5,500,000 4,650,000 84.5% 134 3,533.43

1905 2/23/15 1 1.5 821 3,500,000 3,500,000 2,400,000 68.6% 39 2,923.26

W Hotel & Residences

Set oceanfront, adjacent to Collins Park, the W South Beach Hotel & Residences puts you right in the

middle of the excitement. Every private residence at this stunning tower is fully finished and designed to

meet your every need. Owners can choose from a range of floor plans – including to-die-for penthouses

– and enjoy full access to the world of W luxury, with concierge services, beach club membership, tennis,

basketball, spa and gym, fine restaurants and more.

2201 Collins Avenue, Miami Beach, FL 33139Built in 2008


PendingSales 711 3/19/15 2 2.5 1,121 3,350,000 2,350,000 1,914.02

One unit was under contract for sale at the W at the close of March, a 2-bedroom residence offered at just over $2,000/SF.

ActiveSales P26/28 7/16/14 4 5 3,595 18,000,000 19,900,000 5,535.47

PH28 7/16/14 3 4 2,960 17,999,000 17,900,000 6,047.30

UPH02 1/2/15 3 3.5 2,647 12,500,000 12,500,000 4,722.33

1628 5/23/14 3 3.5 2,960 9,250,000 9,250,000 3,125.00

1428 2/10/15 3 3.5 2,960 8,950,000 8,950,000 3,023.65

828 6/17/14 2 2.5 1,906 5,995,000 5,750,000 3,016.79

1804 10/14/14 2 2 1,543 5,400,000 5,400,000 3,499.68

BUNG 3 2/6/15 2 2.5 1,282 4,900,000 4,999,000 3,899.38

1204 3/6/15 3 2 1,453 4,300,000 4,300,000 2,959.39

804 1/20/15 2 2 1,543 4,100,000 4,100,000 2,657.16

1428 2/10/15 2 2 1,350 3,950,000 3,950,000 2,925.93

928 3/6/15 2 2 1,350 3,850,000 3,850,000 2,851.85

1411 3/11/15 2 2.5 1,287 2,550,000 2,550,000 1,981.35

1022 10/31/14 1 1.5 1,026 2,400,000 2,400,000 2,339.18

1614 2/25/15 1 1.5 1,157 2,300,000 2,300,000 1,987.90

1014 5/8/14 1 2 1,026 2,350,000 2,299,000 2,240.74

PH26 7/16/14 1 1 635 2,000,000 2,000,000 3,149.61

1015 4/12/14 1 1.5 1,026 1,899,000 1,899,000 1,850.88

329 2/20/13 1 1 948 2,050,000 1,825,000 1,925.11

1615 1/5/15 2 1.5 1,151 1,949,000 1,825,000 1,585.58

1019 7/17/14 1 1.5 1,151 1,900,000 1,799,000 1,562.99

815 10/20/14 1 2 1,026 1,900,000 1,699,000 1,655.95

1109 1/29/15 1 1.5 836 1,699,000 1,699,000 2,032.30

810 5/3/13 1 1 643 1,500,000 1,500,000 2,332.81

1626 5/23/14 0 1 635 1,500,000 1,500,000 2,362.20

1726 12/2/14 0 1 635 1,595,000 1,495,000 2,354.33

(Continued on Next Page)

W Hotel & Residences (cont’d)

Set oceanfront, adjacent to Collins Park, the W South Beach Hotel & Residences puts you right in the

middle of the excitement. Every private residence at this stunning tower is fully finished and designed to

meet your every need. Owners can choose from a range of floor plans – including to-die-for penthouses

– and enjoy full access to the world of W luxury, with concierge services, beach club membership, tennis,

basketball, spa and gym, fine restaurants and more.

2201 Collins Avenue, Miami Beach, FL 33139Built in 2008


ActiveSales(cont’d)

1126 10/11/14 0 1 635 1,490,000 1,399,000 2,203.15

1627 3/22/15 0 1 574 1,295,000 1,295,000 2,256.10

1220 1/15/15 0 1 490 1,290,000 1,290,000 2,632.65

1507 10/14/14 0 1 490 1,200,000 1,200,000 2,448.98

1807 10/14/14 0 1 490 1,200,000 1,200,000 2,448.98

1503 8/1/14 0 1 490 1,150,000 1,150,000 2,346.94

527 3/13/15 0 1 491 1,150,000 1,150,000 2,342.16

1113 7/28/14 0 1 493 1,125,000 1,125,000 2,281.95

723 8/11/14 0 1 574 1,105,000 1,105,000 1,925.09

336 9/20/13 1 1 793 1,100,000 1,100,000 1,387.14

803 12/25/14 0 1 574 1,100,000 1,100,000 1,916.38

523 11/17/14 1 1.5 490 999,999 999,999 2,040.81

330 2/20/13 0 1 574 1,199,000 945,000 1,646.34

308 2/12/15 0 1 574 930,000 930,000 1,620.21

327 2/20/13 0 1 574 975,000 835,000 1,454.70

ClosedSales

Only two residences closed during the first three months of 2015 - a studio and a one-bedroom unit. Both received over 91% of the original list price. The average price per square foot for both units sold was $1,640, which is toward the lower end of available listings.

The W South Beach was the most active building analyzed in this report, with 41 residences available at the close of March 2015. Of the available listings, the average price per square foot was $3,071, although most units were available for purchase between $1,600-$3,000/sq. ft.

1219 2/12/15 1 1.5 1,151 1,975,000 1,885,000 1,847,820 93.6% 364 1,605.40

403 2/25/15 0 1 490 925,000 925,000 845,000 91.4% 37 1,724.49

South of Fifth (HQ)225 Collins AvenueSuite 101Miami Beach, FL 33139 USA

South Beach Branch1500 Bay RoadSuite 1, LobbyMiami Beach, FL 33139 USA

T: +1 305-531-3100 | F: +1 305-532-7935www.worldwideproperties.com

© 2015 Worldwide Properties I, Inc. The property information herein is derived from various sources that may include, but are not limited to, county records and the Multiple Listing Service, and it may include approximations. Although the information is believed to be accurate, it is not warranted and you should not rely upon it without personal verification. Not intended as a solicitation if your property is already listed with another broker. Worldwide Properties fully supports the principals of the Fair Housing Act and Equal Opportunity Act..

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