The Metropolitan Center at Florida International University metropolitan.fiu.edu Presentation Title South Florida Real Estate: BOOM or BUST!!

The Metropolitan Center at Florida International University metropolitan.fiu.edu Methodology Various data sources are combined to produce meaningful indexes, which are then used to conduct trend analyses of various types Property Tax data have been merged with Spatial data We can also enhance these data with up-to-date Employment data and Voting Records - identifying gaps in any individual data sets This type of data manipulation provides information necessary to minimize uncertainty in markets

The Metropolitan Center at Florida International University metropolitan.fiu.edu Supply & Demand Supply Analysis –Using property records to obtain amount of completed units per annum –Permits pulled to obtain number of future units –Using property records in order to determine historic trends –Pricing Demand Analysis –Demographic analysis –Income analysis –Job market

The Metropolitan Center at Florida International University metropolitan.fiu.edu Sustainability Analysis Who is moving in? –Percentage of Homestead exemptions using property records For example Four Seasons Condos only 4% have homestead exemptions In sharp contrast NEO Lofts over 30% have homestead exemptions –Percentage of Registered voters using voting records to determine stability of residents Four Seasons Condos, only 6% are registered to vote in City of Miami NEO Lofts, 46% are registered to vote in the City of Miami

The Metropolitan Center at Florida International University metropolitan.fiu.edu Residential Construction, Miami-Dade

The Metropolitan Center at Florida International University metropolitan.fiu.edu Residential Construction, City of Miami All Residential Construction

The Metropolitan Center at Florida International University metropolitan.fiu.edu Demographic Shifts Miami has experienced a significant increase in its population before the new housing inventory is finished Between 2000 and 2003 the City of Miami’s population grew from 362,470 to 382,959. This compares with a very modest 3,685 between However, during the same period Miami’s African American population declined form 80,858 (22.3%) to 68,817 (18%). This compare with 11,000 decline in the African-American population between

The Metropolitan Center at Florida International University metropolitan.fiu.edu Profile of Buyers: Properties over $300,000 In the City of Miami, residential real estate sales valued over $300,000 since 1990 have four types of potential buyers Those buying these properties are: –Persons/firms choosing condominiums over the single-family structures. –Persons/firms purchasing single-family homes but not as a primary residence –Persons/firms receiving Homestead Exemptions on single-family structures. –Persons/firms receiving Homestead Exemptions on purchased condominiums

The Metropolitan Center at Florida International University metropolitan.fiu.edu Comparison of all Miami Residential Real Estate NHE = No Homestead Ex. WHE = With Homestead Ex.

The Metropolitan Center at Florida International University metropolitan.fiu.edu Profile of Buyers Over $300,000 (Single-Family Homes) Single Family Homes (HE) over 300,000 sold since 1990 Total CasesMedian ValueMean Average 1,519445,000576,649 Total CasesMedian ValueMean Average ,000722,564 Single Family Homes (WHE) 300,000 sold since 1990

The Metropolitan Center at Florida International University metropolitan.fiu.edu Profile of Buyers over $300,000 (Condominiums) Condominiums (HE) over 300,000 sold since 1990 Total CasesMedian ValueMean Average 1,085400,000479,891 Total CasesMedian ValueMean Average 2,783461,0001,052,527 Condominiums (WHE) over 300,000 sold since 1990

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