isg world miami report feb. 2013
DESCRIPTION
ISG provides Miami’s most comprehensive and in-depth analysis of South Florida’s New Condominium Inventory | REAL ESTATE NEWSTRANSCRIPT
2 | ISG MIAMI REPORT
TABLE OF CONTENTS
Welcome Letter
Standing Inventory
MLS Inventory
New Construction Inventory
The Myth Debunked
Report From the Ground
South American Market Report
In The News
In Their Words...
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5
12
16
20
22
23
24
25
MIAMI REPORTFEBRUARY 2013
ISG MIAMI REPORT | 3ISGWORLD.COM
FROM THE ISG PRINCIPALSFEBRUARY 2013
Welcome to the 4 Year Anniversary Edition of ISG’s Miami Report. From inception, our goal has been to deliver accurate and interesting data regarding the state of The South Florida Real Estate Marketplace. We have monitored the “oversupply” of inventory that remained from the last development boom. We have debunked the myth of gloom and doom while identifying opportunities for the ambitious and entrepreneurial.
Business, as we knew it, is not the same. That is reason to rejoice. The old business model was not sustainable. We needed to create a NEW PARADIGM while selling the remaining condo units of standing inventory. We needed to establish a method of doing business that would allow the introduction of new construction in the absence of conventional financing.
The ISG Miami Report has always told the story in a clear and concise manner. Today we discuss THE NEW PARADIGM.
With the Related Group, ISG sold out the first new construction project to lead our industry into the new future. We successfully introduced the “Latin Sales Model” which requires the buyers to pay a substantial portion of the purchase price during actual period of construction. In our first endeavors, we secured 80% of the price during construction. Now the formula has settled at between 50% to 60%.
This NEW PARADIGM is how business will be done going forward: only the strongest and most trustworthy developers will be selected to do business this way. Many will try but who will succeed?
Today’s market is a “Brave New World” inhabited by the best and the brightest. ISG will continue to chronicle the evolution of The New Miami.
Thank you for the outpouring of interest and support in our Report.
“BUSINESS, AS WE KNEW IT, IS
NOT THE SAME. THAT IS REASON
TO REJOICE.”
Craig Studnicky & Philip SpiegelmanISG Principals
4 | ISG MIAMI REPORT
While ISG strived to make the information in this Report as timely and accurate as possible, third party sources were used and ISG therefore makes no claims, promises, or guarantees about the accuracy, completeness, or adequacy of the contents of this report and expressly disclaims liability for errors and omissions in its contents.
May 2005
AS OF NOW: ONLY 794 CONDO UNITS REMAIN
AS OF MAY 2005:62,000 condo units
were proposed to be built in Downtown Miami and Brickell.
IN REALITY:Only 17,502 condo units were built and finished.
ISGWORLD.COM ISG MIAMI REPORT | 5
standing inventoryAS OF DECEMBER 2012
ISGWORLD.COM
6 | ISG MIAMI REPORT
1. 500 Brickell East − 500 Brickell Ave2. 500 Brickell West − 55 SE 6 St3. 1060 Brickell −1050 Brickell Ave4. 1050 Brickell −1060 Brickell Ave5. Asia Brickell Key − 900 Brickell Key Blvd6. Axis South − 79 SW 12 St7. Axis North −1111 SW 1st Ave8. Brickell on the River North − 31 SE 5th St9. Brickell on the River South − 41 SE 5th St10. Brickell Station Villas − 100 SW 10th St11. Brickell View West − 1723 Sw 2nd Ave12. Habitat One − 1701 SW 2nd Ave13. Icon Brickell Tower I − 465 & 475 Brickell Ave
14. Icon Brickell Tower II −495 Brickell Ave15. Infinity on Brickell Condo − 60 SW 13th St16. Latitude on the River − 185 SW 7th St17. Lofts on Brickell I −1528 Brickell Ave18. Lofts on Brickell II − 1650 Biscayne Blvd19. Los Suenos De Brickell − 145 SW 11th St20. Neo Vertika − 690 SW 1st Ct21. One Plaza West Brickell − 145 SW 11th St22. Park View Tower − 115 SW 11 St23. Plaza on Brickell North − 950 Brickell Bay Dr24. Plaza on Brickell South − 951 Brickell Bay Ave25. Solaris Condo Brickell Miami − 186 SE 12th Ter26. The Emerald Condo Brickell − 218 SE 14th St 27. The Sail on Brickell − 170 SE 14th St 28. Viceroy Icon Brickell − 485 Brickell Ave
29. 50 Biscayne − 50 Biscayne Blvd30. Capital Lofts − 117 NE 2nd St31. Epic West − 200 Biscayne Way32. Vizcayne South −253 NE 2nd St33. Vizcayne North − 244 Biscayne Blvd34. Flagler First Condo − 101 E Flagler St35. Ivy Miami Condo − 90 SW 3rd St36. Met One Condo − 300 S Biscayne Blvd37. Mint Condo − 92 SW 3rd St 38. The Loft Downtown II − 133 NE 2nd Ave39. Wind by Neo − 350 S Miami Ave40. City 24 − 350 NE 24th St
brickell central business district
13
9
17
2625
203 4
18
29
21 22
15
6 737
34
23
5 36
24
27
32 33
16
30
19
101112
35
39
38
81
312814
2
*Representing Buildings Built From Mid 2005 through Dec. 31, 2009. While ISG strived to make the information in this Report as timely and accurate as possible, third party sources were used and ISG therefore makes no claims, promises, or guarantees about the accuracy, completeness, or adequacy of the contents of this Report and expressly disclaims liability for errors and omissions in its contents.
ISG MIAMI REPORT | 7ISGWORLD.COM
41. Opera Tower − 1750 N Bayshore Dr42. 900 Biscayne − 900 Biscayne Blvd
43. Marina Blue − 888 Biscayne Blvd44. Marquis Condo − 1100 Biscayne Blvd45. Ten Museum Park − 1040 Biscayne Blvd
media & entertainment
parkwest
wynwood - edgewater
46. Cynergi − 2700 N Miami Ave47. Edgewater Lofts − 2200 NE 4th Ave48. Gallery Art − 333 NE 25th St49. Midblock −3250 NE 1st St
50. Midtown II (Mid-rise) −3451 NE 1st Ave51. Midtown II (Mews) − 3449 NE 1st Ave52. Midtown II (High-rise) − 3470 E Coast Ave53. Midtown IV − 3301 NE 1st Ave54. Moon bay − 520 NE 29th St55. New Wave − 725 NE 22nd St56. Onyx on the Bay − 665 NE 25th St57. Palermo − 425 NE 30th St58. Paramount Bay − 2066 N Bayshore Dr59. Platinum − 480 NE 30 St60. Quantum on the Bay − 1900 N Bayshore Dr61. Star Lofts on the Bay 712 NE 25th St62. The 1800 Club − 1800 Bayshore Dr
DOWNTOWN MIAMI & BRICKELL BUILDING BY BUILDING
THE REALITY IS: 62 BUILDINGS. 96% SOLD. ONLY 794 UNITS REMAIN.
43
44
4740 41
51 52 54
60 61
62
48
55
46
57
53
58
50
56 59
49
42
45
UNDER 49% SOLD OUT
RENTAL
100% SOLD OUT
75-99% SOLD OUT
50- 74% SOLD OUT
*Representing Buildings Built From Mid 2005 through Dec. 31, 2009. While ISG strived to make the information in this Report as timely and accurate as possible, third party sources were used and ISG therefore makes no claims, promises, or guarantees about the accuracy, completeness, or adequacy of the contents of this Report and expressly disclaims liability for errors and omissions in its contents.
8 | ISG MIAMI REPORT
REMAININGAS OF JANUARY
2012
REMAININGAS OF JANUARY
2009
TOTALINVENTORY BUILT
SINCE 2005 REMAININGAS OF JANUARY
2013
Total Available Developer Inventory for New Condos Built From 2005-2010
I N T R O D U C I N G
eaSt paLm BeaChEAST PALM BEACH 2,938
2,076
687389
3,899
1,681
950
352
8 | ISG MIAMI REPORT
ISG MIAMI REPORT | 9ISGWORLD.COM
I N T R O D U C I N G
eaSt paLm BeaChEAST PALM BEACHDAYTONA BEACH Total Available Developer Inventory for New Condos Built From 2004-2010
2,938
2,076
687389
REMAININGAS OF JANUARY
2012
REMAININGAS OF JANUARY
2009
TOTALINVENTORY BUILT
SINCE 2004
REMAININGAS OF JANUARY
2013
GREATER FORT LAUDERDALE
5,135
1,681
142
REMAININGAS OF JANUARY
2012
REMAININGAS OF JANUARY
2009
TOTALINVENTORY BUILT
SINCE 2005
REMAININGAS OF JANUARY
2013
SOLD OUT
Total Available Developer Inventory for New Condos Built From 2005-2010
ISG MIAMI REPORT | 9ISGWORLD.COM
10 | ISG MIAMI REPORT
Standing inventory
SUmmary
THE MIAMI BEACHESTotal Available Developer Inventory for New
Condos Built From 2005-2010
REMAININGAS OF JANUARY
2012
REMAININGAS OF JANUARY
2009
TOTALINVENTORY BUILT
SINCE 2005
REMAININGAS OF JANUARY
2013
10,001
5,009
1,020234
17,502
10,130
2,497794
REMAININGAS OF JANUARY
2012
REMAININGAS OF JANUARY
2009
TOTALINVENTORY BUILT
SINCE 2005
REMAININGAS OF JANUARY
2013
DOWNTOWN MIAMI & BRICKELL
Total Available Developer Inventory for New Condos Built From 2005-2010
10 | ISG MIAMI REPORT
ISG MIAMI REPORT | 11ISGWORLD.COM
REMAININGAS OF JANUARY
2012
REMAININGAS OF JANUARY
2009
TOTALINVENTORY BUILT
SINCE 2005
REMAININGAS OF JANUARY
2013
Total Available Developer Inventory for New Condos Built From 2005-2010 (Downtown Miami/ Brickell, The Miami Beaches, Greater Fort Lauderdale and East Palm Beach)
Standing inventory
SUmmary
36,537
18,501
4,6091,380
ISG MIAMI REPORT | 11ISGWORLD.COM
12 | ISG MIAMI REPORT
mls Shadow inventory
AS OF DECEMBER 2012
12 | ISG MIAMI REPORT
ISG MIAMI REPORT | 13ISGWORLD.COM
mls Shadow inventory
THE MIAMI BEACHES
DOWNTOWN MIAMI & BRICKELL
New Condos Built Since 2006 & Available for Sale 18 Months Ago, 12 Months Ago, 6 Months Ago and Currently Active
ISG MIAMI REPORT | 13
$0
$125
$250
$375
$500
18 Months Ago 12 Months Ago 6 Months Ago Currently Active0
325
650
975
1,300
1,235 1,161 1,058 728
Price PSF Active Listings
$340 $352 $387$428
New Condos Built Since 2006 & Available for Sale 18 Months Ago, 12 Months Ago, 6 Months Ago and Currently Active
$0
$200
$400
$600
$800
18 Months Ago 12 Months Ago 6 Months Ago Currently Active0
1,000
2,000
3,000
4,000
3,154 2,112 991 733
Price PSF Active Listings
$618 $641 $657$781
ISGWORLD.COM
14 | ISG MIAMI REPORT
EAST PALM BEACH
GREATER FORT LAUDERDALE New Condos Built Since 2006 & Available for Sale 18 Months Ago, 12 Months Ago, 6 Months Ago and Currently Active
$0
$125
$250
$375
$500
18 Months Ago 12 Months Ago 6 Months Ago Currently Active0
200
400
600
800
768 484 288 160
Price PSF Active Listings
$256 $289$356
$420
New Condos Built Since 2006 & Available for Sale 18 Months Ago, 12 Months Ago, 6 Months Ago and Currently Active
14 | ISG MIAMI REPORT
$0
$75
$150
$225
$300
18 Months Ago 12 Months Ago 6 Months Ago Currently Active0
125
250
375
500
408 339 179 91
Price PSF Active Listings
$188 $189 $204
$263
ISG MIAMI REPORT | 15ISGWORLD.COM
dayS on marKet(dom)
MLS ANALYSIS FOR CLOSED SALES IN 2011 & 2012
0 75 150 225 300
Downtown Miami & Brickell
The Miami Beaches
Greater Fort Lauderdale
East Palm Beach
2011 Avg DOM 2012 Avg DOM
0 75 150 225 300
Downtown Miami & Brickell
The Miami Beaches
Greater Fort Lauderdale
East Palm Beach
2011 Avg DOM 2012 Avg DOM
180
112
174
147
35
55
42
30
16 | ISG MIAMI REPORT
new construction inventory
AS OF DECEMBER 2012
16 | ISG MIAMI REPORT
ISG MIAMI REPORT | 17ISGWORLD.COM
DOWNTOWN MIAMI & BRICKELL TOTAL NEW CONSTRUCTION CONDO UNITS AVAILABLE FOR SALE
new construction inventory
AVENTURA
DOWNTOWN MIAMI
DOWNTOWN MIAMI
BRICKELL
BRICKELL
BRICKELL
96 UNITS
300 UNITS
374 UNITS
382 UNITS
192 UNITS
1,344 UNITS TOTAL - 99% SOLD
100% SOLD
95% SOLD
99% SOLD
100% SOLD
100% SOLD
260 UNITS TOTAL - 49% SOLD
70 UNITS
190 UNITS
51% SOLD
48% SOLD
Developer Units Sold Developer Units Unsold
TOTAL NEW CONSTRUCTION CONDO UNITS AVAILABLE FOR SALE
*The Villages- Currently Being Redesigned
THE MIAMI BEACHESTOTAL NEW CONSTRUCTION CONDO UNITS AVAILABLE FOR SALE
MIAMI BEACH
MIAMI BEACH
SUNNY ISLES
SUNNY ISLES
MIAMI BEACH
SUNNY ISLES
SUNNY ISLES
SUNNY ISLES
HOLLYWOOD BEACH
HOLLYWOOD BEACH
79 UNITS
132 UNITS
230 UNITS
49 UNITS
24 UNITS
48% SOLD
90% SOLD
56% SOLD
70% SOLD
87% SOLD
21 UNITS
50 UNITS
114 UNITS
84 UNITS
39 UNITS
50% SOLD
80% SOLD
59% SOLD
100% SOLD
25% SOLD
Developer Units Sold Developer Units Unsold
822 UNITS TOTAL - 70% SOLD
18 | ISG MIAMI REPORT
ISG MIAMI REPORT | 19ISGWORLD.COM
NORTH MIAMI, KEY BISCAYNE & COCONUT GROVE
TOTAL NEW CONSTRUCTION CONDO UNITS TO BE BUILT, SOLD AND CURRENTLY AVAILABLE FOR SALE IN DOWNTOWN MIAMI/BRICKELL, THE MIAMI BEACHES, AVENTURA, NORTH MIAMI & COCONUT GROVE/KEY BISCAYNE
NEW CONSTRUCTION SUMMARY
230 UNITS
TOTAL NEW CONSTRUCTION CONDO UNITS AVAILABLE FOR SALE
483 UNITS TOTAL - 64% SOLD
234 UNITS
154 UNITS
95 UNITS
NORTH MIAMI
KEY BISCAYNE
COCONUT GROVE
36% SOLD
96% SOLD
80% SOLD
*Marina Palms - Tower I Only [Tower II Currently Unavailable]
ISG MIAMI REPORT | 19
Developer Units Sold
Developer Units Unsold
Project Units [Total]
2,909
2,338
571
SALES MADE IN THE LAST 18 MONTHS
ISGWORLD.COM
THE MYTH:DEBUNKED
Recent rumors and articles are comparing Miami today to Miami in 2005, sighting another boom and a slate of new inventory entering the market…but the numbers are telling another story.
20 | ISG MIAMI REPORT
ISGWORLD.COM
MYTH: SUPPLY IS ON THE RISE
THE REALITY:
Number of new condo units built in Downtown/Brickell, the Miami Beaches, Greater Fort Lauderdale and East Palm Beach from 2005-2008: 36,537 condo units
Number of condo units remaining for sale from the above boom: 1,380 condo units
Number of new construction condo units in Downtown/Brickell, the Miami Beaches, Greater Fort Lauderdale and East Palm Beach currently listed for sale today: 2,909 condo units
Number of condo units from the above sub-markets remaining for sale: 571 condo units
VV
ISG MIAMI REPORT | 21
Total number of condo units remaining for sale from previous boom + total number of new construction condo units for sale today: 1,951 condo units
CONCLUSION: THERE IS NO CURRENT THREAT OF OVER SUPPLY
ISGWORLD.COM
MIAM
I REPORT | TH
E MYTH
DEBU
NK
ED
22 | ISG MIAMI REPORT FEBRUARY 2013
Report from the GroundTHE NEW PARAD IGM
From the General Realty point of view, what is The New Paradigm?
22 | ISG MIAMI REPORT
The real estate bust and subsequent financing changes resulted in an almost four year gap in new construction, creating a New Paradigm of inventory flow. We explain to our clients that in today’s market, you have to move fast—South Florida developer existing and new-construction inventory is much less than everyone realizes; in fact we may face a supply shortage.
Q:A:
We are mostly affected by the misconception of buyers believing that there is still an abundance of inventory and a plethora of new inventory on the way. However, the amount of South Florida’s developer existing inventory is smaller than everyone believes; it has nearly dried up completely.
How does this affect your clients and agents on a daily basis?
MARKET FACT:AVERAGE DAYS ON THE MARKET FOR LISTINGS 40 DAYS
Deborah GoldenManaging Director of Sales & OperationsRelatedISG International Realty We advise our sellers to take advantage of this prime moment
in real estate—now is the time to sell. We encourage our agents to always have a pipeline of well qualified buyers. Furthermore, agents simply must return to the basics of the real estate business; they need to rely less on technology and much more on the resources that they may not realize are right under their noses. Things like picking up the phone and having a meaningful conversation with someone, going through old client lists (remember the Rolodex?), and “hitting the pavement” to gather information that can’t necessarily be found on the internet are just a few resourceful ways to master our ever-changing market. It is imperative for any agent to be aware of what properties are available, pending and sold on a daily basis because that is how fast our market is changing.
How do you overcome the misconception that there is a surplus of inventory?
Q:A:
Q:A:
ISGWORLD.COM
Real Estate in Miami has dynamically changed in the last four years. This change allows us to predict the future in a much more exciting way than the recent past.
During the boom years, from 2002 to 2007, we saw an international market that was dominated by two countries. The two main sources of sales in the condominium sales business were Venezuela and Colombia. Mexico was also performing but in a distant third place.We didn’t find that Brazilians or Argentinians were buying, which was logical since they were recovering from a recession that started in Brazil in 1999 and another that started in Argentina in 2001. After 2009 as a result of political unrest and growing economic over heating, we started seeing changes in the behavior of the Latin market. Argentines, Brazilians and the traditional markets of Venezuela, Colombia and Mexico started buying again. In addition, markets that were not traditional such as Ecuador, Uruguay and Peru began entering the mix.
We can say today that this is the first time that all of the Latin American markets are performing at the same time. With housing prices skyrocketing above those of both disappearing standing inventory and new construction offerings in South Florida, it is no wonder that we are experiencing a resurgence of activity in the Paradise that we call home. When we analyze these new purchasers, we find that they are not speculators but instead are second-home buyers and long term investors that want to park their wealth in a city with a unique sophistication and want to be closer to home.
Along with excellent choices in architecture and location, new purchasers from Latin America find a city that is safe to enjoy their success and raise their families.
ISG reaches these markets and develops long-term relationships to maximize sales for its Developer clients.
SOUTH AMERICAN MARKET REPORTSERGIO PINTOSExecutive Vice President, Latin American Specialist - ISG World
“We can say today that this is the first time that all of the Latin American markets are performing at the same time.”
ISG MIAMI REPORT | 23
“The downtown area, of course, is the most unique recovery story given the fact that the majority of existing residential inventory was built during the last development cycle with recovery driven by an international buyer market unique to Miami and the corresponding availability of housing and urban lifestyle environment attracting young working-age households employed in the downtown area as well as college and graduate students.”
“A Look Ahead At Miami’s Residential Market” • Posted 12/11/2012, miamiherald.com
FORBES • 1/29/2013
Housing Recovery Firming, But Don’t
Expect A Return To Pre-Crisis Growth...
Miami Market Races into 2013
Miami Association of Realtors • 1/12/2013
Miami Pending Sales Rise 52 Percent In November
Miami Realtor Association | miamire.com • 1/14/2013
New York Times • 9/13/2012Argentines Turn Cash Into Condos in Miami
24 | ISG MIAMI REPORT
I N THE NEWS
ISG MIAMI REPORT | 25ISGWORLD.COM
Miami Association of Realtors • 1/12/2013
Miami Realtor Association | miamire.com • 1/14/2013
Argentines Turn Cash Into Condos in Miami
“Over the last year, Miami-Dade County has seen improvements in its economy. We have seen an increase in the
number of companies that have shown interest in Miami as a place of business. Recent expansion announcements include Univision and Sapient.
In 2012,The Beacon Council assisted about 27 companies who decided to expand or establish operations in Miami-Dade County, creating about 2,000 new jobs. Although many
employees will be hired locally, some of the international companies will bring staff to Miami, thus creating the
need for housing.”
JAAP DONATH, PH.D.Senior Vice PresidentResearch & Strategic PlanningThe Beacon Council
Q: When you came into your current position, downtown’s condos were ghost towers, and
real estate soothsayers predicted it would take years for them to fill. Now the place is buzzing. What caused the change?
A: “We owe our thanks to the private sector that had the foresight to build vertically and create the level of urban development we have today. More than $13 billion was invested in
housing and commercial development during the real estate boom. Many criticized Miami for its overbuilding but the old adage of ‘if you build it, they will come’ certainly rang true.... Today, [condo
occupancy] stands at more than 95 percent, with more new construction underway in the urban core
than anywhere else in South Florida.”
ALYCE ROBERTSONExecutive DirectorDowntown Miami Development Authority (DDA)
I N THE IR WORDS. . .IN THE NEWS
*Excerpt from the Miami Herald | DDA’s Alyce Robertson: Promoting downtown Miami
26 | ISG MIAMI REPORT
Celebrating4Years
miami report
ISG MIAMI REPORT | 27ISGWORLD.COM
2875 NE 191st Street, suite 200 | Aventura, FL 33180 | 305.931.6511 | www.isgworld.com
miami report
MAY 2012
An in-depth AnAlysis of south fl oridA’s new developer Condominium inventory
u p d A t e d t h r o u g h A p r i l 3 o t h 2 0 1 2
Also: dAys on the mArKet fACts
SHaDoW A LOOK
At WHAt’S LEFt iNVeNtorY
MIAMI’S
2875 NE 191st Street, suite 200 | Aventura, FL 33180 | 305.931.6511 | www.isgworld.com
miami report
JANUARY 2012
AN IN-DEPTH ANALYSIS OF SOUTH FL ORIDA’S NEW DEVELOPER CONDOMINIUM INVENTORY
U P D A T E D T H R O U G H D E C E M B E R 3 1 S T 2 0 1 1
ALSO: PRE-CONSTRUCTION SALES ARE BACK (PG 10)
HoW A LOOK AT HOW
MIAMI PRICES MEASURE UP DoeS it
Compare?SAO PAULO
BUENOSAIRES
TORONTO
MIAMI
RIO DE JANEIRO
BOGOTÁ
PRINT EDITION
MIAMI REPORT
®
The Real Estate Recovery
Quarterly Update, April 2010
2875 NE 191st Street, suite 200 | Aventura, FL 33180 | 305.931.6511 | www.isgworld.com
miami report
JUNE 2011 | isgworld.com
An in-depth AnAlysis of south fl oridA’s new developer Condominium inventory
updAted through mAy 31 , 2011
the NeXt ChAPteR BeGINS
An in-depth analysis and presentation of facts, prepared by:
MYTH VS REALITYTHE SOUTH FLORIDA CONDO MARKET
AS OF SEPTEMBER 2010.
2875 NE 191st Street, suite 200 | Aventura, FL 33180 | 305.931.6511 | www.isgworld.com
miami report
OCTOBER 2011
A n i n - d E p T h A n A lys i s O f s O u T h f l O R i dA’s n E w d E v E lO p E R CO n d O m i n i u m i n v E n TO Ry
miami 2020A l O O K A T T h E
f u T u R E O f
d O w n T O w n m i A m i
miami 2020
A L O O K A t t H E
F U t U R E O F
D O W N t O W N M I A M I
u p d A T E d T h R O u g h s E p T E m B E R 3 0 T h 2 0 1 1
i n T R O d u C i n g dAy TO n A B E AC h
Today at noon,
everyone downtown will be
looking up here.2875 NE 191st Street, suite 200 | Aventura, FL 33180 | 305.931.6511 | www.isgworld.com2875 NE 191st Street, suite 200 | Aventura, FL 33180 | 305.931.6511 | www.isgworld.com
the isg miami report
JANUARY 2011 | ISGWORLD.COM
AN IN-DEPTH ANALYSIS OF SOUTH FLORIDA’S NEW DEVELOPER CONDOMINIUM INVENTORYUPDATED THROUGH DECEMBER 31, 2010
MiaMi RepoRt
The Real Estate Recovery
January 20102875 Ne 191st stReet, suite 200 | aveNtuRa, FL 33180 | 305.931.6511 | www.isgwoRLd.coM
ISG provides Miami’s most comprehensive and in-depth analysis of South Florida’s New Condominium Inventory
MiaMi RepoRt
perception vs. Reality
September 2009
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28 | ISG MIAMI REPORT
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