South Miami, FL 33143 - South Miami MF Submarket
330,542 SF Class A Apartments Condominium Built in 2004 Condominium for sale at $2,075,000 ($271.03/SF)
CBRE, as exclusive marketing advisor, is pleased to offer 6 luxury condominiums units at Valencia in the highly desirable South Miami market. The units are fully rented totaling $17,260 per month. This provides a new investor the opportunity
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Mary Jo Eaton has accepted a new position at CBRE, meaning the largest commercial real estate brokerage in Florida needs a new leader.
CBRE named Eaton president of Florida and Latin America operations in September 2015. She was previously executive managing director for CBRE in Florida.
Eaton is now listed on CBRE’s website as global president of asset services, with over 2.9 billion square feet of commercial property, and valuation and advisory services, with nearly 150,000 valuation assignments annually around the world.
CBRE spokesman Daniel Jimenez said Eaton will continue to lead Florida while the brokerage seeks a new president. CBRE announced the promotion in a corporate release in June.
On the Business Journal’ s list of top Commercial Real Estate Brokerages in South Florida, CBRE ranked No. 1 with $4.65 billion in sales and leases in 2014. It also ranked No. 1 on the Commercial Property Management Firms list with 18.2 million square feet under management in 2015.
CBRE has 18 offices and four affiliate offices in Florida, Latin America and the Caribbean.
Industry experts say Miami’s hotel market could be reaching its peak in 2016 as revenues and occupancy rates begin to level out.
Last year was solid for the individual hotels that make up Miami’s leisure industry: more than 44 million travelers passed through the Miami International Airport, a bevy of new hotel developments opened their doors and room rates saw steady gains compared to 2014.
Occupancy rates hovered around 78 percent, mostly flat from the previous year, and hotel owners’ average revenue per room grew to nearly $153 — about a 6 percent jump, according to year-end data from STR.
“On one hand there’s a story about what’s going on at the property level, and then there’s a separate story about how buyers and sellers and lenders are acting right now and how the transaction market has been,” Max Comess of brokerage HFF said. “The stories have been a little disconnected.”
Comess said turmoil in global markets has started to put a damper on activity from certain investment groups and lenders as their strategies become more cautious. Plunging stock markets hurt real estate investment trusts in particular, he said, whose share prices “fell precipitously” compared to the highs seen earlier in 2015. One example of that early-year bravado was the $278 million sale of the former James Royal Palm in South Beach to the Chesapeake Lodging Trust.
That closing came in February, which also saw the $230 million sale of the Miami Beach EDITION to the Abu Dhabi Investment Authority “The REITs for the most part have exited the market,” Comess said. “They were really driving South Beach, downtown Miami; a lot of the resort markets throughout the state.”
Another factor playing into the market right now is a strong U.S. dollar shrinking the appetite of foreign travelers and investors, he said.
Less purchasing power for tourists abroad roughly equates to fewer hotel rooms booked. South American countries in particular are facing harrowing economic conditions, which Comess said is troubling because Miami is such a hub for that continent.
However, Comess said these trouble spots don’t mean Miami’s hotel sector is in bad health. If anything, it’s “bouncing off the top” as it starts aging into its golden years. Wendy Kallergis, president and CEO of the Greater Miami and the Beaches Hotel Association, would agree.
“It’s going to even out because we had so much growth in 2015,” she said. Hotels this year got a slow start, she said, at least partially because the northern states enjoyed warmer holidays than usual. But she expects business to return to normal during the spring, especially with big-ticket events like the annual Ultra Music Festival bringing in travelers.
She also said occupancy leveling out is a byproduct of more hotels opening their doors as opposed to a decrease in demand. Miami Beach alone saw the opening of the Edition, Faena Hotel, Nautilus, Aloft, Hyatt Centric, Hampton Inn Miami South Beach and 1 Hotel South beach, altogether bringing just under 2,000 rooms online in a single year. That trend will likely continue as the EAST Hotel at Brickell City Centre, Langford Miami in the downtown area and the Surfside Residence Inn all open this year.
And while the market maturing usually means a return to stability, the year will not be without its trials, experts say. “We expect this year to be challenging. The Miami Beach Convention Center is closed; several hotels are already reporting that this is leading to a loss of business,” Paul Weimer, vice president of brokerage CBRE’s hotel division, said .
[The convention center is not fully closed as events like Art Basel will still take place there, but it is taking no new reservations while renovations are underway.] “The dollar has remained strong, making it more expensive for international travelers. Many of our feeder markets continue to experience economic issues… I think we will be very lucky if RevPar ends unchanged year over year.”
Sales of apartment properties totaled a record $2.8 billion in South Florida last year, according to CBRE’s multifamily market update, as new residents flocked to the area and people continued to shift from homeownership to rentals.
Developers and other real estate professionals think the trend will continue for now, though things could get overheated in the future, especially at the top end of the market. “There’s been a lot of chatter about a bubble, but for the next two years things look fine,” Don Ginsburg, CEO of Realty Master Advisors in Fort Lauderdale, said.
As for the population numbers, South Florida’s population rose by 361,000, or 6.5 percent in the last five years. And Nielsen estimates the population will increase another 377,670, or 6.4 percent, over the next five years. Meanwhile, the national homeownership rate slid to 63.7 percent in the third quarter of 2015, near a 30-year low. “Those factors are fueling demand,” Ginsburg said.
But that doesn’t mean it’s a slam dunk for everyone, says Nader Salour, a principal at Cypress Realty of Florida, a multifamily developer based in Jupiter. “Developers need to be very careful both where they build and building a project with the right style,” he said.
Cypress just opened the first phase of its $120 million Loftin Place apartment project at 805 North Olive Avenue in West Palm Beach. “The quality of finishes and amenities are very different at Loftin and nicer than rental projects even 10 years ago,” Salour said. That’s what people demand from a project on the northern edge of downtown West Palm Beach, he said.
The good news for multifamily developers is that people of all ages are interested in apartments — from millennials who can’t afford to buy a home yet to empty-nest baby boomers who are looking to return to urban areas. “We have people of all ages in Loftin, not just 25 to 35,” Salour said. “The universe of potential users is far greater than the last 10 to 20 years.”
Jack McCabe, CEO of McCabe Research & Consulting in Deerfield Beach, sees risk on the horizon. “If rental rates get so high that the vast majority of the population can’t afford available units, there is a chance we’re getting into bubble territory,” he said. Effective rents rose 5.8 percent in Miami-Dade County last year, following a 4.8 percent increase in 2014, leaving the average rent at $1,197 a month, or $1.44 per square foot, according to CBRE.
“Probably 35 percent of renters in South Florida are paying more than 50 percent of their income, and 28 percent is a good number,” McCabe said. “The vast majority of new units are Class A. Maybe 5 percent are affordable units.” So the top end may be turning into a bubble, he said. “Low-priced units if anything are underdeveloped.”
Costs are a problem, McCabe and others say. Land costs, construction material costs and labor costs are soaring, they say. That makes developers reluctant to take on affordable housing projects. Salour feels the problem first hand. “Usually the rule of the jungle applies, and developers won’t overpay” for a property, he said. “If developers do overpay, then they are forced to build expensive projects, and the market may not be there for that price.”