Holliday Fenoglio Fowler – South Florida CFO 2012 – Feb 9th, 2012
1450 Brickell, 34th Floor (Unfinished)
When I heard at the beggining of the year that the Downtown Miami condo market had gone from a supply of 20,000+ units to only 2,000+ units, I thought it was just developer hype. However, after speaking with the folks at CBRE and Peter Zalewski at Condo Vultures, I believe that this may be true.
At HFF’s CMO last week, I got the following data from Manny de Zarraga:
- 12 year supply ended in 4 years – Down to 8% of the +22,000 CBD Units.
- Q2 2011 – CBD average per month equal 250 condo sales and 375 leases.
- CBD Condo prices up 30% from trough.
- Proposed Condos – Brickell to sell at $350 and $850 psf in sunny Isles.
- Capital Markets curious and dipping toes back in.
- Only 5 rental only buildings in CBD all with =95% occupancy
- Rental rates at top equal to $2.20PSF with 6.8% growth expected for 2012 – top tier in US.
- New Rental development projected at sub-6% return on cost.
- Who is the #1 salesperson for condos in Miami? Hugo Chavez!
See these related links
MIAMI TODAY http://www.miamitodaynews.com/news/120209/story7.shtml
COHEN ON REAL ESTATE 
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